Share Market Highlights 4 July 2024: Sensex closes above 80,000, Nifty at 24,302; pharma and auto stocks shine

The rupee pared its initial losses and settled for the day on an almost flat note at 83.50 (provisional) against the US dollar on Thursday, resisting pressure from elevated crude oil prices.

Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels, and significant foreign fund inflows supported the rupee and restricted the fall.

At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.48 and a low of 83.56 against the American currency during the session.

It finally settled at 83.50 (provisional) against the dollar, 1 paisa lower than its previous close. - Reuters

RVNL has signed MoU with Delhi Metro Rail Corporation Limited (DMRC) for participation in the upcoming projects in India and abroad as Project Service Provider for Metro/ Railways/ High Speed Rail/ Highways/ MegaBridges/ Tunnels/ Institutional Buildings/ Workshops or Depots/ S&T works/ Railway Electrification.

Top gainers on the NSE: 

Tata Motors (2.75%), HCL Tech (2.63%), ICICI Bank (2.53%), Sun Pharma (1.83%), TCS (1.38%) 

Top losers: 

HDFC Bank (-2.30%), Bajaj Finance (-2.06%), Adani Enterprises (-1.47%), Wipro (-1.25%), Tech Mahindra (-1.20%)

Life Insurance Corporation of India has increased its shareholding in equity shares of IDFC First Bank Limited from 1,42,01,484 to 20,02,36,384, on preferential basis, i.e., 0.20% of the pre-issue paid-up capital to 2.68% of the post issue paid-up capital of the said Company.

Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., has appointed P. B. Sunil Kumar as its new Executive Director & Chief Executive Officer effective July 3, 2024

Dredging Corporation of India Limited (DCIL) has been awarded the annual maintenance dredging contract by the Cochin Port Authority. The contract, valued at ₹156.50 Crore, for the year 2024-25 with a provision to extend for another one year. 

DCIL stock rose 5% on the NSE, trading at ₹1,340.05.

Top gainers: HCL Tech (2.80%), ICICI Bank (2.63%), Sun Pharma (1.69%), Infosys (1.47%), TCS (1.44%)

Top losers: HDFC Bank (-2.19%), Bajaj Finance (-2.09%), Tech Mahindra (-1.68%), Wipro (-1.67%), Adani Enterprises (-1.37%)

Stocks advanced on BSE at 3 pm on July 4, 2024, were 2,163 against 1,742 stocks that declined; 101 stocks remain unchanged. Total stocks traded were 4,006. The number of stocks that recorded a 52-week high was 362, and those that hit a 52-week low was 15. 

In addition, 403 stocks traded in upper circuit, while 192 hit the lower circuit.

Tara Chand InfraLogistic Solutions Limited has received the delivery of fully loaded crawler crane of 800MT capacity from Zoomlion India.

Tara Chand InfraLogistic Solutions stock surges 4.99% on the NSE, trading at ₹483.55

Chief Justice of India D Y Chandrachud on Thursday advised market regulator SEBI and the Securities Appellate Tribunal (SAT) to exercise caution amid a significant surge in equity markets and pitched for more tribunal benches to ensure that the “backbone is stable”.

Read more here.

Zydus Lifesciences has received tentative approval from USFDA for Azilsartan Medoxomil Tablets, 40 mg and 80 mg.

Stock surges 3.56% on the NSE, trading at ₹1,134.20.

TD Power Systems has declared a partial lock-out for 36 workmen (out of a total workforce of 1511), effective today until further orders, due to non-cooperation, refusal to work. The Company has taken necessary steps to ensure no production loss. 

Stock trades at ₹386.10 on the NSE, up 0.23%.

AstraZeneca Pharma has received an order from the Commissioner of Income-tax (Appeals) (“CIT(A)”) issued under section 250 of the Income Tax Act, 1961 (“the Act”) for the assessment year 2018-19, on July 3, 2024. 

The estimated favorable tax impact on account of the captioned CIT(A) order would be ₹2.28 crore (approx.). 

Stock rallies 11.83% on the NSE, trading at ₹7,155.

Star Health and Allied Insurance Company Limited hasannounced the availability of its Home Health Care services in over 50 cities across India. 

Star Health and Allied Insurance Company stock rose 1.80% on the NSE, trading at ₹586.65.

Suraj Estate has entered into a definitive agreement with the Clearing Corporation of India to sell an additional area comprising the seventh, eighth and ninth (part) floors to be constructed over the existing building known as CCIL Bhavan.

Suraj Estate Developers stock trades at ₹617.50 on the NSE, higher by 7.31%.

Philogen S.p.A. and Sun Pharmaceutical Industries Ltd said on June 20 the European Medicines Agency (EMA) had validated the submission of the Marketing Authorisation Application (MAA) for Nidlegy. Sun Pharma stock rose 1.34% on the NSE, trading at ₹1,554.50

Nazara Technologies (NAZARA IN)

Rating: HOLD | CMP: Rs913 | TP:Rs878

Event Update – Nodwin expands into developed markets

Quick Pointers:

§ Nodwin to increase stake in Freaks 4U Gaming (Freaks) from 13.5% to 100% in tranches via a share swap valued at Euro30.3mn. 

We increase our EBITDA estimates by 4.5%/6.0% for FY25E/FY26E taking into consideration the acquisition of Freaks and downgrade Nazara to HOLD with a revised TP of Rs878 (earlier Rs806) amid 31% appreciation in stock price since our last update. We believe the acquisition not only paves the way for Nodwin to access developed markets where Esports has better penetration, but also lends expertise in PC-based games. The buyout has also re-ignited growth prospects of the Esports segment, which has been facing some challenges off late due to deferment in media rights deals. Post consolidation, we expect revenue/EBITDA CAGR of 23.7%/45.1% over FY24-FY26E. Given sharp appreciation in stock price we downgrade to a HOLD and believe re-rating from hereon will hinge on capital allocation decisions, as Nazara has a cash balance of Rs14.5bn.

Lloyds Metals and Energy board has approved issue of convertible warrants aggregating to ₹2,960 crore via preferential allotment. 

Stock surges 5.77% on the NSE, trading at ₹781.20.

Major gainers: HCL Technologies (2.72%), TCS (1.92%), ICICI Bank (1.86%), Infosys (1.67%), M&M (1.07%)

Top losers: HDFC Bank (-2.16%), Bajaj Finance (-1.17%), Adani Enterprises (-1.03%), IndusInd (-0.95%), Ultratech Cement (-0.91%)

Of a total of 3,906 stocks traded on the BSE at 12 noon on July 4, 2024, 2.189 advanced against 1,600 stocks that declined; 117 stocks remained unchanged. While 307 stocks recorded a 52-week high, 11 hit a 52-week low. 

In addition, 314 stocks traded in upper circuit, while 159 hit the lower circuit.

SBI Contra Fund, the first contra-oriented mutual fund in India, will complete 25 years on July 5. A monthly SIP of Rs 10,000 in the scheme since inception (Rs 30 lakhs invested) would be worth Rs 7.19 crore as on June 30, delivering returns of 21 per cent CAGR.

ICRA expects cement volumes in June quarter to be muted at 2-3 per cent YoY due to a slowdown in construction activity because of the General Elections.

However, the volume growth in FY’25 expected to rise 7-8 per cent YoY, driven by sustained healthy demand from the infrastructure and housing sectors on the back of the Government’s focus on infrastructure projects, sanction of additional houses under the Pradhan Mantri Awas Yojana and the industrial capex.

Zinc futures (July contract) on the Multi Commodity Exchange (MCX) stopped the downswing a month ago on the back of support at ₹250. After moving sideways for some time, the contract started to appreciate.

On Wednesday, it closed at ₹272.80. Given the current momentum, there is a good chance for zinc futures to extend the rally, probably to ₹300 in the near-term. Read more

Nifty continues to rise after opening the day with a gap-up. It is currently trading at 24,385, up 0.41 per cent. The advance-decline ratio is at 33:17, indicating positive sentiment Read more

Bandhan Bank has reported a 21.8 per cent year-on-year (yoy) growth in loans and advances and 22.8 per cent yoy growth in total deposits in the first quarter (Q1) of FY25. Read more

Major gainers: Sunflag Iron Steel (12.59%), Inox Wind (11.49%), Greaves Cotton (8.92%), Cochin Shipyard (7.61%), Voltas (7.34%)

Top losers: ITD Cementation (-7.75%), Aavas Financiers (-2.91%), ACC (-2.78%), JP Power (-2.49%), Ambuja Cements (-2.49%)

Kotak Institutional Equities has asked investors to be cautious about oil PSUs In a note titled ‘The curious case of rising capex among O&G PSUs’, the broker said:

O&G PSUs’ capex has increased at a rapid pace, and was up over 3X during FY2019-24 (versus FY2005-09). However, returns have been weak. In upstream, despite large capex, oil/gas production and reserves are declining. 

In refining, there is surplus capacity, and creation of new capacity is questionable. Petchem is a new focus area for PSUs, but their track-record has been dismal. High capex has led to low FCF relative to PAT for PSUs. 

Recently, PSUs have benefited from higher realizations, yet FCF remains weak. The market seems to be giving generous multiples to near-term elevated earnings and ignoring large capex with likely weak returns. Maintain cautious view on oil PSUs.

Dalmia Cement (Bharat) Limited, wholly owned subsidiary of Dalmia Bharat, has commenced commercial production of 1.0 MTPA, at new cement mill installed at its existing cement plant at Kadapa, Andhra Pradesh. 

Dalmia Bharat stock trades at ₹1,841.20 on the NSE, down by 0.79%.

Intellect Design Arena Ltd has announced the launch of open API-based public procurement platform- iGPX (Government Procurement eXchange). 

Intellect Design Arena stock trades at ₹1,088.45 on the NSE, down by 0.42%.

NBCC (India) has received a contract from National Institute of Technology, Patna, worth ₹36 crore, PMC for Supervision of Construction & Development of incubation Centre at NIT Patna (Bihar Campus), Patna.

Stock rises 2.26% on the NSE, trading at ₹172.85.

Crude oil futures traded lower on Thursday morning as data showed economic growth is losing momentum in the US. 

At 9.55 am on Thursday, September Brent oil futures were at $86.86, down by 0.55 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $83.33, down by 0.66 per cent. Read more

Find hereHUDCO share price updates for the day.

Indiabulls Housing Finance Ltd’s name has been changed to Sammaan Capital Ltd, following its transformation into a board-run and diversely-held financial institution, from being a promoter-led and promoter-driven lender. Read more

KFin Technologies Ltd has entered into definitive agreements for the disinvestment of the entire stake of 20.95% of the total issued and paid-up share capital of Fintech Products and Solutions (India) Private Limited held by it. KFin Technologies stock trades at ₹750.10 on the NSE, down by 1.53%

Carysil board has approved allotment of 15,70, 351 Equity Shares to qualified institutional buyers at the issue price of ₹796 per equity share, i.e., at a premium of ₹ 794 per equity share (which includes a discount of ₹ 41.89 per Equity Share i.e. 5% of the floor price, as determined in terms of the SEBI ICDR Regulations) aggregating to approximately ₹125 crore, pursuant to the Issue. 

Carysil shares trade at ₹850 on the NSE, up 0.42%

The Maharashtra lndustries, Energy, Labour and Mining Department has conferred ‘Ultra Mega Project’ on Privi Speciality Chemicals Ltd’s proposed expansion project for manufacture of synthetic aroma chemicals used in flavour and fragrance industries in Raigad district. The Privi Speciality stock trades at ₹1,563.10 on the NSE, up 1.91%.

Top gainers: Tata Motors (2.01%), ICICI Bank (1.62%), Infosys (1.47%), Hindalco (1.38%), HCL Tech (1.35%)

Top losers: HDFC Bank (-1.31%), Cipla (-0.80%), Dr Reddy’s (-0.79%), Adani Enterprises (-0.63%), Apollo Hospitals (-0.49%)

Nifty outlook: Yesterday’s upside paused just short of fully achieving our day’s objective of 24330, but bargain buying encouraged an uptrend to continue which should prompt a positive opening today. Favoured view however sees more signals that a vicious turn lower is approaching in a few days. For now, expect upside bias to persist aiming 24330-400 initially or seek extension to 24500, but visibility past the same is low. Downside markers are placed at 24240 and 24030. 

Derivative outlook:

Nifty weekly contract has highest open interest at 25000 for Calls and 24000 for Puts while monthly contracts have highest open interest at 24000 for Calls and 24000 for Puts. Highest new OI addition was seen at 24300 for Calls and 24200 for Puts in weekly and at 24300 for Calls and 24200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 6.18%, decreased future index shorts by 4.57% and in index options by 12.68% decrease in Call longs, 5.54% decrease in Call short, 26.55% decrease in Put longs and 14.03% decrease in Put shorts. 

FX Monitor: 

INR:The rupee depreciated 4 paise to settle at 83.52 against the US dollar on Wednesday, weighed down by elevated crude oil prices. Despite this, a firm tone in domestic markets and favourable macroeconomic data cushioned the downside.

USD: The dollar weakened on Thursday following U.S. economic data pointing to slowing growth, while the yen remained near a 38-year low. The dollar index was flat at 105.28 after briefly hitting its lowest since June 13 at 105.04. Weaker-than-expected U.S. services and employment data depicted a slowing economy -

“In the near-term, the bullish undercurrent of the market has the potential to outweigh the high valuations. The rally is now being led by the private largecap banking stocks whose valuations are fair even after the recent run up. The big FII buying of Rs 5484 crores yesterday is largely due to the massive delivery based buying in banking stocks led by HDFC Bank. This delivery based buying may sustain for a few more days imparting resilience to the market. The FIIs with 3.78 lakh long contracts have taken a ‘u’ turn in their market approach from the big short contracts in early June. Decline in the US 10-year bond yield to 4.35 % and the dollar index declining to 105.29 are positives for fund inflows.

Market will start responding to the Q1 results which will start flowing in from next week. Financials are set to post good numbers. Credit growth of Bajaj Finance is excellent and this augurs well for the stock.”

Crude oil futures traded lower on Thursday morning as data showed economic growth is losing momentum in the US. At 9.11 am on Thursday, September Brent oil futures were at $86.87, down by 0.54 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $83.36, down by 0.62 per cent. July crude oil futures were trading at ₹6960 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6951, up by 0.13 per cent, and August futures were trading at ₹6912 against the previous close of ₹6902, up by 0.14 per cent.

Anand Mahindra, Chairman of Mahindra & Mahindra Ltd, has urged the automobile industry to increase private investment. Stating that the work requirement among young people is soaring, he said private investment is key to capitalising our demographic dividend. Read more

The benchmark indices registered a new all-time high of 24309/80074 on Wednesday. Nifty closed 162 points higher while Sensex was up 545 points. Almost all major sectoral indices were trading in the positive zone, with the private bank index recording a gain of over 2 per cent.

We believe the uptrend is likely to continue as long as the index is trading above 24200/79600, which is the lowest point of the previous day. Above 24200/79600, the market may rise to 24400-24500/80200-80500. However, below 24200/79600, its structure may change and fall to the next support zone, 24000/79000 levels.

Bank-Nifty sustained above 53000, which may help the index to move towards 53500 levels. Support for Bank-Nifty is present at 52700-52600 levels

FOMC Minutes reveal members acknowledging that the US economy is cooling and “price pressures are easing. In yesterday’s trade, Sensex hit a new all-time high at 80,074.30, Nifty reached 24,307.25, and Bank Nifty climbed to 53,256.70. Nifty Bulls are in control, aiming for 24,500 with aggressive targets of 25,000, as markets bet on a US soft landing. The upcoming Union Budget on 24th July and the US Nonfarm Payrolls report on Friday are key events. Preferred trades include buying Nifty at 24,287 with targets of 24,500-25,500, and Bank Nifty at 53,089 with targets of 53,500-55,500. HDFC AMC, COAL INDIA, and RBL BANK are bullish picks, with HDFC AMC recommended for an interweek strategy at CMP 4,125, targeting 4,187-4,500.

Wall Street traders pulled stocks higher as bond yields fell after a series of weaker-than-estimated economic reports strengthened the case for the Federal Reserve to start cutting rates this year. The S&P 500 rose to new highs in Wednesday’s shortened trading session as investors appeared to ignore sluggish economic data. The exchanges in the US will be shut on Thursday for Independence Day.

The U.S. ISM measure of services activity surprised by sliding to its lowest since mid-2020, with employment notably weak ahead of the June payrolls report due on Friday. Private companies added 150,000 jobs in June, below the upwardly revised 157,000 in May and the Dow Jones consensus estimate for 160,000. 

First-time applications for U.S. unemployment benefits increased last week (to 2.38 lakhs), while the number of people on jobless rolls rose further to a 2-1/2-year high towards the end of June, reflecting a gradual cooling in the labor market.

Minutes from the Fed’s June policy meeting showed officials were awaiting further evidence that inflation is cooling and were divided on how long to keep rates elevated. Federal Reserve officials at their June meeting indicated that inflation is moving in the right direction but not quickly enough for them to lower interest rates, minutes released Wednesday showed. The FOMC “dot plot” showed one quarter percentage point cut by the end of 2024, down from the three indicated following the last update in March.

Investors will now keep a close eye on Friday’s US jobs report. Economists anticipate a 190,000 gain in June nonfarm payrolls — less than the previous month — with the unemployment rate holding at 4%.

India has asked power companies to order equipment worth $33 billion this year to fast track capacity additions of coal-fired power in the years ahead, as it struggles to meet growing electricity demand, two government officials said.

Stocks in Asia rose Thursday to 27 month highs after US shares touched a fresh peak as economic data supported the case for Federal Reserve interest-rate cuts.

Nifty ended higher on July 3 with Nifty above 24,250 amid buying across the sectors. At close, Nifty was up 0.67% or 162.7 points at 24286.5. Nifty rose again on July 03 forming a long legged doji type pattern. A breach of the low of the day i.e. 24207 could bring in more weakness while 24380 could offer resistance on upmoves in the near term.

GE T&D India: Company has received of order from Grid Solutions SAS, France, Broad consideration or size of the orders 64 million Euros. 

L&T FH: Retail disbursements for Q1FY25 is estimated at Rs 14,830 crores, a growth of 33% on a Y-o-Y basis. 

Suryoday Small Finance: The disbursements in Q1 FY25 stood at around Rs. 1,740 Crores, a growth of 46% on a Y-o-Y basis 

Brigade Enterprises: Company signs joint development agreement for 1.2 million square foot residential project in Bengaluru. 

Taneja Aerospace: Company gets order worth 144.8m rupees 

NHPC: Jakson Green signs first power purchase agreement with NHPC for 400-megawatt solar project in Rajasthan. 

Marico: Company partners with Kaya to handle sales of its science-based personal care products

Coal India: Coal production from captive and commercial coal growth at 35% in first quarter of FY25: Government

Star Health: Company said that set a target to double its gross written premium to about ₹30,000 crore over the next four years

Bajaj Finance: AUM Up 31% At ₹3.54 Lk Cr Vs ₹2.70 Lk Cr (YoY). 

HUDCO: India Likely To Hike Rural Housing Subsidies To Over Usd 6.5b For 2024/25, From Nearly Usd 4b In 2023/24: Media sources 

Orient Cement: Ultratech Cement in advanced stages of acquisition 

Yatharth Hospitals: ICICI PRUDENTIAL bought 20lk shares at Rs 405.00 per share 

Indiabulls Real Estate: Changes name to EquinoxIndia Developments effective July 8 following approvals from stock exchanges 

ITD Cementation: Promoter, Italian Thai Development Public Co, exploring potential divestment of its investment in the company.

Cochin Shipyard: Government appoints Jose VJ as Director of Finance of Company for 3 years

Asian Paints: Company to subscribe to additional 4.79 crore shares of unit Asian Paints International for approximately Rs 200 crore. 

Aditya vision: Company says sub-division 1 share into 10 shares

Vedanta: Company says mined metal production in q1 up 2% YoY, aluminum production up 3% YoY in Q1, oil & gas gross production down 17% YoY in Q1. 

Cello World: Company to raise up to Rs 730 cr via QIP, indicative price ₹852/sh: Media sources. 

Larsen & Toubro: Fitch Ratings said it has affirmed a ‘BBB+’ rating with a stable outlook on Larsen & Toubro

Dharmaj Crop: Elara India sold 2 lakh shares at Rs 305.24/share

Tata Steel: NCLT Pronounced The Order Approving And Sanctioning The Scheme Of Amalgamation Of Co And Angul Energy Limited.

HDFC Bank: MUFG’s Negotiations For A Minority Stake In HDFC Bank’s Consumer Lending Unit Are Stalling. 

Bandhan Bank: Loans & Advances Up 0.7% QoQ & Up 21.8%. Total Deposits Down 1.5% QoQ & Up 22.8% YoY 

Jaiprakash Associates: Lenders reject debt-ridden group’s offer for a higher upfront payment and sale of its cement assets.

Aavas Financier: Promoters Kedaara, Partners Group exploring full exit

-> SPX +0.51%, Nasdaq +0.88%

-> UST 10y yield lost 7 bps to 4.36%

-> Dollar Index -0.395 to 105.31

-> US ISM services dropped substantially in June

-> Weak ISM services isn’t necessarily good for stocks, but prospects of Fed cuts are

-> Brent Oil up 1.1% to $87.19/bbl

-> Tonight: US markets will be closed due to holiday (Independence Day)

Bajaj Finance: The company reported new loans grew by 10% year-on-year to 10.97 million, AUM grew by 31% year-on-year to 3.54 lakh crore, and deposit book at up 26% year-on-year at 62,750 crores for the end of Q1 FY25. 

Vedanta: The company reported aluminum production up 3% year-on-year at 596 kt, while Saleable zinc production up 1% year-on-year at 262 kt, Saleable steel production up 10% year-on-year at 356 kt, YoY, Overall power sales at 4,791 MU, up 13% YoY for the end of Q1 FY25. 

Brigade Enterprises: The company signed a joint development agreement for a 1.2 million sq ft residential project in Bengaluru. The project is to be spread over 8 acres, with a Gross Development Value of Rs 1,100 crore. 

L&T Finance: The company reported Portfolio realisation at 95%, Retail disbursements up 33% year-on-year at Rs 14,830 crore, and Retail loan book up 31% year-on-year at Rs 84,440 crore. 

Suryoday Small Finance Bank: The bank reported gross advances up 42% year-on-year at Rs 9,037 crore, deposits up 42% year-on-year at Rs 8,137 crore, CASA ratio at 17.7% vs 20.1% QoQ, while GNPA at 2.67% vs 2.80% QoQ. 

Tata Steel: The company received NCLT’s nod for the merger of Angul Energy into itself. 

Bandhan Bank: The bank reported loans and advances at Rs up 21.8% year-on-year at Rs 1.03 lakh crore, deposits at Rs up 22.8% year-on-year at Rs 1.08 lakh crore, While CASA ratio at 36.0% vs 37.1% QoQ for the end of Q1 FY25.

GE T&D: The company received a €64 million order from France’s Grid Solutions for the supply of high-voltage products. 

Cochin Shipyard: The government appointed Jose VJ as Director of Finance for 3 years. 

Persistent Systems: The company acquired a 100% stake in US-based software company Starfish Associates for $20.7 million.

Marico: The company partnered with Kaya to handle sales of its science-based personal care products. 

ITD Cementation: Promoter Italian Thai Development Public Company is exploring the potential divestment of its investment in the company. 

Indiabulls Real Estate: The company changed its name to Equinox India Developments effective from July 8 following approvals from stock exchanges. 

Carysil: The company raised Rs 125 crore via QIP and allotted 15.7 lakh shares at Rs 796 per share. 

Zee Media Corporation: The Ministry of Corporate Affairs approved the incorporation of a new subsidiary called Pinews Digital. Pinews to carry out business of mainstream media, through Hyper Local App, driven by AI.

IPO Offering 

Emcure Pharmaceuticals: The public issue was subscribed to 1.32 times on day 1. The bids were led by institutional investors (0.07 times), non-institutional investors (2.71 times), retail investors (1.39 times). 

Bansal Wire Industries: The public issue was subscribed to times 1.76 on day 1. The bids were led by institutional investors (0.01 times), non-institutional investors (2.44 times), retail investors (2.47 times). 

Bulk Deals

Ideaforge Technology: Think India Opportunities Master Fund LP sold 2.23 lakh shares (0.52%) at Rs 796.6 apiece.

Yatharth Hospital & Trauma Care Services: Plutus Wealth Management sold 25 lakh shares (2.91%) at Rs 405.07 apiece, while ICICI Prudential Mutual Fund bought 20 lakh shares (2.32%) at Rs 405 apiece. 

Trading Tweaks 

Price band Changes from 10% to 5%: Zen Technologies.

Price band Changes from 20% to 10%: Allied Digital Services, GM Breweries. 

Ex/record Dividend: Tide Water Oil, Tata Power, Solar Industries, SKF India, Balaji Amines. 

Ex/record AGM: Vedanta, Laurus Labs, Solar Industries India, Balaji Amines. 

Ex/record Buyback: eClerx Services.

Moved in short-term Framework: DCX Systems, JK Paper, Nirman Agri Genetics. 

Moved out short-term Framework: Cellecor Gadgets, Exicom Tele-Systems, Omaxe.

F&O BAN

1\u0009HINDCOPPER 

2\u0009INDIACEM

The domestic markets will likely open higher on Thursday, in line with Asian peers, as softer US data boosted hopes for a rate cut in September.

The GIFT Nifty was trading at 24,460 as of 8:04 a.m. IST, indicating the Nifty 50 will open above Wednesday’s close of 24,286.50, which was an all-time closing high. Read more

Under a new collaboration, Marico will exclusively handle sales and marketing of Kaya’s range of 75-plus efficacious science-based personal care products outside of Kaya’s clinics. This collaboration will enhance the brand’s presence and accessibility across markets and channels. Read more

Unprecedented surge in international sales helped the services sector to perform well in June as Purchasing Managers’ Index (PMI) for services rose to 60.5 in June as against 60.2 of May. Another good news is that services firm increased their staffing level. Read more

The stock of Laurus Labs rebounded from the support at ₹425 this week. Although the stock has been witnessing higher volatility since April, the prevailing price action indicates a high probability of a rally from here. In the near term, Laurus Lab’s stock price is likely to hit ₹475. Read more

Sensex has touched yet another milestone by scaling 80,000 on July 3. It touched an intra-day high of 80,074.3. Earlier in the year, the Sensex had first scaled 75,000 on April 9. In 58 trading sessions since then, it has scaled 80,000. Given that the index is based on a free-float market cap, we analysed which companies contributed the most to this upside in the journey from 75,000 to 80,000. Read more

Gujarat Gas Ltd on Wednesday hiked the prices of industrial natural gas for the Morbi region in Gujarat, official sources said. Morbi houses India’s largest ceramic clusters, and the increased cost is expected to hit profits, said manufacturers. Read more

Fast-Moving Consumer Goods (FMCG) maker Marico announced its collaboration with Kaya Ltd to handle sales and marketing of Kaya’s personal care products. Read more

Indian Farmers Fertiliser Cooperative Limited (Iffco) has identified approximately 200 clusters, based on their urea sales, to introduce its nano products and drone spraying initiative. This first phase, starting in the current kharif season, aims to cover a total of 8 lakh acres over the next few years. Read more

Embattled edtech Byju’s has requested for 48 hours from the Bengaluru Bench of the National Company Law Tribunal (NCLT) to decide whether it should undertake not to pledge, sell or transfer its assets amid a dispute with investors. Read more

Mankind Pharma is learnt to be the front-runner in the bid to buy Bharat Vaccines and Serums from private equity firm Advent International, with an aggressive bid at the upper end of the deal size that is around $1.7-2 billion, sources said. Read more

Adani Group’s import of coal during the previous AIADMK dispensation has come under the scanner with the Tamil Nadu government giving its nod to the Directorate of Vigilance and Anti-Corruption (DVAC) to investigate allegations of serious irregularities in the tender conditions. Read more