Share Market Highlights June 10, 2024: Sensex, Nifty settle lower after hitting record high levels in early trade

High Energy Batteries (India) Ltd is expanding its product range to include fuel cells and flow batteries (particularly Vanadium Redox Flow Batteries), which will be used in power generation using hydrogen and bulk energy storage applications.

The company will focus on value-added products, including battery and power pack system integration, to strengthen its position in both defence and non-defence markets in India.

The rupee settled for the day lower by 10 paise at 83.50 (provisional) against the US dollar on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities.

Forex traders said the downside in the rupee was restricted by easing political uncertainties as Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term.

Aluminium futures on the Multi Commodity Exchange (MCX) has been declining for nearly two weeks. The June futures, which fell after facing a resistance at ₹250, has now slipped below the 50-day moving average support. This gives the contract a bearish bias.

However, currently hovering around ₹235, the copper futures has a support at ₹232. So, there is a chance for a recovery. That said, for the bulls to gather good momentum, the contract ought to get past the resistance at ₹250.

Benchmark equity indices Sensex and Nifty ended lower on Monday after hitting their all-time high levels in early trade amid selling in blue-chip IT stocks and HDFC Bank. After breaching the 77,000-mark during the early trade, the 30-share BSE Sensex came under selling pressure at the fag-end of the session and ended 203.28 points or 0.27 per cent lower at 76,490.08. During the day, the benchmark jumped 385.68 points or 0.50 per cent to hit a new record of 77,079.04.

BSE Sensex was down by 0.21% or 166 points to 76,519, while the NSE Nifty was at 23,279 down by 0.07% or 16.75 points at 3.13 pm on Monday

A total of 4,112 stocks were actively traded, 2,654 advanced, while 1,328 declined and 130 stocks remained unchanged where 310 stocks hit a 52 week high and 31 stocks hit a 52 week low on the BSE

Major gainers on the NSE at 3.10 pm include- Ultratech cement (3.64%), Grasim industries (2.79%), Hero Motocorp (2.60%), Cipla (2.52%), Power grid corporation of India (2.25%)

Major losers include- Tech Mahindra (-2.60%), Infosys (-2.14%), Wipro (-1.79%), Mahindra and Mahindra (-1.70%), Ltimindtree (-1.47%)

GAIL intends to set up a 1500 KTA Ethane Cracker Project in Ashta, Madhya Pradesh, with a product slate of various ethylene derivatives. The project, requiring an investment of approximately Rs. 60,000 Crore, is aimed at business growth. GAIL has submitted a request to the Madhya Pradesh government for suitable enablers. The shares were down by 1.76% to Rs 209 on the BSE

Gujarat Natural Resources Limited announced plans to raise funds through a rights issue and increase its authorized share capital. The company will co-locate certain facilities between brands to optimize costs. The shares were down by 0.67% to Rs 14.87 on the BSE

Landmark Cars Limited, plans to optimise costs by co-locating certain facilities between brands. The company will share space between Renault and Jeep workshops and showrooms in Navi Mumbai and Turbhe, MIDC, respectively. Additionally, Landmark Cars will shut down its Renault Juhu showroom, along with the workshop and showroom at Nerul and Vashi, respectively. This move is aimed at reducing operating costs for both brands. the shares were down by 3.22% to Rs 696.95 on the BSE

R R Kabel Limited launched Firex LS0H-EBXL, a halogen-free and high-temperature resistant house wire solution. The product unveiled at an event in Cochin, is designed with technology to withstand temperatures up to 900°C. the shares were up by 2.90% to Rs 1749 on the BSE

HCLTech launched Enterprise AI Foundry to simplify and scale enterprise AI journeys, focusing on Generative AI (GenAI)-led transformation across business value chains. The suite integrates data engineering and AI with cognitive infrastructure, tailored for AWS, Azure, GCP, and on-prem infrastructure, aiming to empower IT leaders. The shares were down by 1.09% to ₹ 1,415.45 at 2.41 pm on the BSE.

Fischer Medical Ventures Ltd and BluSim Tech Pte Ltd joined forces for services in the elderly care sector globally. BluSim Tech’s Ballistocardiography technology enables contactless vital monitoring for the elderly, including heart rate and respiration rate, without the need for wearables. This collaboration aims to enhance Fischer MVL’s healthcare portfolio, offering solutions for medical imaging and diagnostics. The shares of Fischer Chemic Ltd. went up by 4.99% to Rs 652.95 on the BSE.

Bajel Projects Limited disclosed an update on material litigation against Scolia Co. Ltd., originally involving Bajaj Electricals Limited, now proceeding against Bajel Projects after demerger. The dispute, settled with a payment of ₹1.92 lakhs has been disposed of by the Small Causes Court in Kisumu, Kenya, with no financial impact on Bajel Projects. The shares were down by 0.21% to ₹264.15 at 1.11 pm on the BSE.

Havells India Ltd partnered with Jumbo Group in UAE. The collaboration will feature Havells’ energy-efficient products on Jumbo’s e-commerce platform, with plans for retail store distribution and expansion to include juicers and air fryers. Jumbo will also facilitate distribution to retailers in the Middle East and Africa. The shares were up by 0.55% to Rs 1864.60 at 1.10 pm on the BSE.

Ahluwalia Contracts (India) Limited secured a project worth Rs 482.78 crore from Birla Arnaa LLP for civil, structural, architectural, and MEP work in Bengaluru and Bhubaneshwar. The project includes Birla Trimaya Phase-1, 2 in Devanahalli and an Enterprises Computing and Cybersecurity Training Institute. The contract is domestic, with execution periods ranging from 15 to 39 months. The shares were up by 3.25% to Rs 1207.40 at 12.56 pm on the BSE.

Inflows into the equity schemes of mutual funds increased 83 per cent last month to Rs 34,697 crore against Rs 18,917 crore in April largely boosted by new fund offer of HDFC Mutual Fund and investors using the volatility in the market to pump in more money.

The thematic HDFC Manufacturing fund had collected Rs 9,563 crore through NFO last month. 

Among equity schemes, small and mid cap schemes attracted the maximum flows of Rs 2,724 crore (Rs 2,208 crore) and Rs 2,605 crore (Rs 1,793 crore).

Multi-cap inflows was down at Rs 2,644 crore (Rs 2,723 crore) while that of large ad mid-cap was down at Rs 2,396 crore (Rs 2,638 crore). Large cap inflows was up at Rs 663 crore (Rs 357 crore).

The Goss SIP contribution increased three per cent to Rs 20,904 crore (Rs 20,371 crore) while net SIP jumped 7 per cent to Rs 9,226 crore (Rs 8,660 crore).

Venkat Chalasani, CEO, Association of Mutual Fund of India said few investors have complained for not getting the same day net asset value on transactions initiated through UPI before 2.30 pm on June 4 market crash.

“We have forwarded it to respective AMCs. What time investors initiated the transaction does not matter but the money hitting AMC bank account before 3 pm is the criteria for same day NAV allotment,” he said.

However, mutual funds are working along with service providers to ensure that these incidents occur again, he added.

Overall, MF asset under management was up at Rs 58.91 lakh crore (Rs 57.26 lakh crore) in May.

A total of 3,997 stocks were actively traded, 2,655 advanced, while 1,193 declined and 149 stocks remained unchanged where 277 stocks hit a 52 week high and 30 stocks hit a 52 week low on the BSE.

Kronox Lab Sciences, a prominent player in the specialty fine chemicals sector, witnessed a decent listing on the stock exchanges. The company debuted at Rs. 165 per share, translating to a 21% gain over its issue price of Rs. 136. While this marks a positive performance, it falls short of pre-listing expectations fueled by the initially high grey market premium (GMP) that had declined steadily in the days leading up to the listing.

The company enjoys a strong position within the specialty fine chemicals sector, with a diverse product portfolio and competitive advantages due to high entry and exit barriers.

The current market volatility might have contributed to a more tempered listing performance compared to expectations.

Kronox Lab Sciences’ listing, while not quite reaching the heights anticipated based on the initial GMP, signifies a decent debut with strong investor interest. However, the lower-than-expected premium and ongoing market volatility highlight the need for a cautious approach. Investors are suggested to hold their position with a stop-loss level of 150.

Major gainers on the NSE at 12.10 pm include- Ultratech cement (3.75%), Hero Motocorp (3.26%), Grasim industries (3.16%), Power grid corporation of India (3.01%), Nestle India (2.22%)

Major losers include- Tech Mahindra (-2.65%), Infosys (-2.03%), Wipro (-1.56%), Ltimindtree (-1.45%), Mahindra and Mahindra (-1.28%)

BigBloc Construction Ltd’s shares were up by 6.71% to ₹237.90 at 11.44 pm on the BSE. The company’s joint venture with Thailand’s SCG International, SIAM Cement BigBloc Construction Technologies Pvt Ltd, inaugurated AAC Wall Plant in Kheda, Gujarat. The ₹65 crore investment aims to produce 2.5 lakh cubic meters annually, introducing large format AAC Wall products and AAC blocks to the Indian market

Shares of Kronox Lab Sciences were listed on Monday at a premium of over 21 per cent against the issue price of Rs 136.

The stock started the trade at Rs 165, up 21.32 per cent on the BSE from the issue price.

On the NSE, it listed at Rs 164.95, marking a jump of 21.28 per cent.

The company’s market valuation stood at Rs 597.37 crore.

Bank Nifty opened today’s session on a flat note at 49,808 as against yesterday’s close of 49,803. It then inched up and is currently hovering around 49,865, up 0.15 per cent.

Bank of Baroda is the top gainer by rising about 2 per cent so far today. On the other hand, AU Small Bank, down 2.5 per cent, is the top loser.

Nifty 50 has been slightly volatile since the opening. After opening the day at 23,319 it touched a high of 23,411 and has come down from there giving back most of the gains. It is currently trading at 23,246, up 0.23 per cent. The advances/declines ratio is at 32:18. This could keep the bias positive.

HMT Limited appointed Sameena Kohli, General Manager at Bharat Heavy Electricals Limited, as the Director (Finance) for one year or until a permanent appointment is made. The shares were up by 4.74% to ₹57 on the BSE.

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Knowledge Marine & Engineering Works Ltd. received a Letter of Award from the V.O. Chidambaranar Port, authority for the Supply, Manning, Operation and Maintenance of one number High Speed Patrol Boat of 20 knots speed or more on hire basis for a period of five years. This contract is valued at ₹5.86 crore. The vessel will be built with the life of 20 years, the work is set to commence within 180 days from the receipt of the order. The shares were up by 3.29% to Rs 1365.95 on the BSE.

Nifty 50 has been slightly volatile since the opening. After opening the day at 23,319 it touched a high of 23,411 and has come down from there giving back most of the gains. It is currently trading at 23,246, up 0.23 per cent. The advances/declines ratio is at 32:18. This could keep the bias positive.

Castrol India Limited introduced a new line of performance lubricants within the Castrol EDGE range, designed for SUVs, hybrids, and European vehicles. The EDGE range will be available at Castrol workshops and retail outlets across India. The shares were up by 3.05% to ₹200.90 on the BSE

JSW Steel reported that its consolidated crude steel production for May, 2024 reached 20.98 lakh tonnes, reflecting a 4% year-on-year decrease due to a maintenance shutdown at its Dolvi plant. The plant’s blast furnace resumed operations in the first week of June 2024, with Indian operations running at 86% capacity. The shares were down by 0.64% to ₹906.45 on the BSE.

Axiscades Technologies Ltd commenced the delivery of Man Portable Counter Drone Systems to the Indian Army under a landmark ₹100 crore order. These systems are designed to detect and jam drones within a 5-kilometer range. The shares were up by 7.35% to ₹514 on the BSE.

JSW Energy announced the development of a commercial-scale green hydrogen project, including a green hydrogen supply agreement with JSW Steel Ltd. The company also initiated construction on a 1.0 GWh Battery Energy Storage Project, with commissioning expected by June, 2025. The shares were up by 1.38% to ₹634 on the BSE.

Crude oil futures traded higher on Monday morning as the market turned cautious over the outcome of the meeting of the US Federal Reserve later this week

Indian stock indices continued their uptrend from the past week and opened at fresh record highs at the opening bell on Monday, a day after Prime Minister Narendra Modi and his Union Council of Ministers took oath to office

Gold prices steadied on Monday, following a slide below the key $2,300 level in the previous session, on stronger-than-expected U.S. jobs data, that doused expectations, for an early interest rate cut this year.

The rupee depreciated 10 paise to 83.50 against the US dollar in early trade on Monday, largely due to the rise in the dollar index and US yields.

Forex traders said uncertainty among market players was down as Narendra Modi was sworn in as Prime Minister on Sunday for a record-equalling third term. However, the strength of the American currency in the international market weighed on the local unit.

JSW Energy announced on Monday that it has initiated the construction activities for its Battery Energy Storage Project (BESS), thus marking its foray into energy storage services business.

Battery storage, or battery energy storage systems (BESS), are devices that enable energy from renewables, like solar and wind, to be stored and then released when the power is needed most.

Major gainers on the NSE at 9.30 am include- Power Grid corporation of India (3.35%), Cipla (2.12%), Axis Bank (1.95%), Adani ports and special economic zone (1.75%), State Bank of India (1.42%)

Major losers include- Tech Mahindra (-1.34%), Infosys (-1.10%), Ltimindtree (-0.97%), Wipro (-0.77%), HCl technologies (-0.77%

Crude oil futures traded higher on Monday morning as the market expressed caution over the outcome of the meeting of the US Federal Reserve later this week. At 9.31 am on Monday, August Brent oil futures were at $79.88, up by 0.33 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $75.77, up by 0.32 per cent. June crude oil futures were trading at ₹6333 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6323, up by 0.16 per cent, and July futures were trading at ₹6325 against the previous close of ₹6321, up by 0.06 per cent.

Integrated margins are tracking 20-30% above midcycle & should lead to re-start of earnings upgrade cycle esp. into upcoming qtry earnings

Refining margins are recovering as well

Potential re-start of daily pricing mechanism provides multiple upside

Neutral, TP Rs 2820

According to management, this would be led by a strong network push, better dealer profitability, and product innovation

Maintains that >25% of its revenue will come from exports in FY26E (19% in FY24)

Neutral, TP Rs 2870

Despite rising competitive intensity on sector, APNT is not unduly worried

Wider foray into affordable paints segment with Neo Bharat Latex is off to an encouraging start

Home décor foray is strategic & will help widen reach & brand loyalty

OW, TP Rs 3845

Revenue target of US$1bn by F28e; 75% to be accounted by core EMS.

Margins are industry leading, to further expand by 100bps in F25e.

OW, TP Rs 1517

Kolkata port: O&M contract win

Large hinterland and regular service calls from some South East Asian ports.

APSEZ sees synergies with its ports assets at Colombo and Vizhinjam

BoFA Sec on MGL

Buy, TP Rs 1670

FY25 vol guidance of +6-7% YoY growth retained

Co to add 90 CNG stations(including 30 in UEPL)

CNG CV promotional schemes & alleviating concerns regarding range, pricing, model options to boost overall CNG vols

UBS on MGL

Buy, TP Rs 1600

Analyst meet takeaways

Investing in infrastructure to drive volume growth

To benefit from potential inclusion of natural gas in GST

LNG in transportation could scale up in coming years

Foraying into electric mobility

MOSL On MGL

Buy, TP Rs 1565

Management reiterated

1)overall 6-7% vol growth target, with atleast 10% vol growth from recently acquired UEPL

2)Current APM gas allocation stands at 70% & shortfall is being compensated by additional HPHT vols

3)Rs10b capex guided for FY25

Pavna Industries Limited acquired a 4335 sq. meter land parcel in Pantnagar, Uttarakhand, for a new greenfield plant focused on die cast components. Stock trades at ₹551.30 up by 0.60% on the BSE.

Indian benchmark indices, Sensex and Nifty, started the week flat-to-positive on Monday. Analysts noted that the formation of the new government and the presence of familiar faces in the Union Council of Ministers suggest the continuation of programs. The 30-share BSE Sensex rose by 320.25 points to 77,013.61 in early trading, while the NSE Nifty increased by 108.25 points to 23,398.40. 

Karthick Jonagadla, smallcase Manager and Founder Quantace Research, said: The government’s ongoing focus on economic reforms, infrastructure development, and digital transformation continues to create a favourable environment for growth. Enhanced government spending, especially on rural development and infrastructure, is expected to further support the economy.

Japan and Korean markets indicate a mixed signal, while some key markets, including China, are closed today.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services,said: After the huge volatility witnessed in the market in response to the election results (both exit polls and actual results) the market is slowly stabilising. An important point to consider is the high valuations of Indian stocks, particularly in the broader market. High valuations will attract further selling by FPIs, going forward.”

Manoj Purohit, Partner and leader - FS Tax, Tax and Regulatory Services, BDO India, said: Given recent announcements made by SEBI permitting NRIs, OCIs, and even RIs to invest up to 100% in FPIs based out of IFSC is a clear indication of the intention to create a compatible platform for foreign investors to give better returns on investments and with ease of doing business and compliances. “FPIs in India will continue to grow under stable government regime, conducive environment backed by inflation control, fiscal prudence and far-sighted vision for India to a make a global hub for capital markets.”

The focus has now shifted to the US Federal Reserve, which meets this week to determine the future course of action.

Ami Organics Limited

Co. has formed “ENCHEM AMI ORGANICS PRIVATE LIMITED” as a wholly owned subsidiary. The new entity will manufacture organic and inorganic chemicals, aligning with Ami Organics Electrolytes Private Limited’s business

Wall Street stocks ended slightly lower on Friday in volatile trading after stronger-than-expected U.S. jobs data pointed to a robust economy but provoked worries the Federal Reserve may wait longer to cut interest rates than many investors had hoped. The U.S. economy generated about 272,000 jobs in May, far more than the 185,000 analysts had forecast. The unemployment rate inched up to 4%. For the week, the S&P 500 gained 1.32%, Nasdaq rose 2.38%, and the Dow added 0.29%.

Traders now see a 56% chance of a September rate reduction, according to the CME’s FedWatch tool. Investors will eye U.S. inflation data next week and the Federal Reserve’s two-day policy meeting, which ends on June 12.

The U.S. economy expanded in the late spring, a Federal Reserve survey found, but persistent inflation, high interest rates and political uncertainty caused businesses to turn “somewhat more pessimistic.”

The latest findings in the Beige Book suggest the economy is unlikely to speed up until inflation slows further and the Fed is able to cut high U.S. interest rates. The 2024 presidential election also appears to be weighing on the economy, the survey indicated.

Moody’s Ratings has placed the long-term debt ratings of Old National Bancorp. and several other U.S. regional banks on review for downgrade amid concerns over commercial real-estate exposure.

U.S. technology stocks just posted their largest weekly inflows in nine weeks, with the sector seeing a comeback after its megacap-led rally lost steam by the end of May, strategists at BofA Global Research said Friday. Tech stocks saw inflows of nearly $1 billion in the week ending Wednesday, the highest in more than two months, after experiencing the same amount of outflows the previous week

U.S. household wealth rose to a record of more than $160 trillion in the first three months of 2024 led by the stock market’s record run and gains in real estate, Federal Reserve data showed on Friday. Household net worth rose 3.2%, or by $5.1 trillion, with the appreciation of equity holdings accounting for the lion’s share of the gain at $3.8 trillion.

The Japanese economy shrank at almost the same pace as initially estimated in the January-March quarter due to slow spending by households and companies, revised government data showed Monday. Real gross domestic product contracted 1.8% on an annualized basis in the first quarter of 2024, compared with a 2.0% contraction recorded in the preliminary estimates released in mid-May. It shrank 0.5% from the previous quarter.

In France, President Emmanuel Macron on Sunday called snap legislative elections for later this month after he was beaten in the European Union vote by Marine Le Pen’s far-right party.

Asian stocks fell on Monday as traders heavily cut back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns. Australia, China, Hong Kong and Taiwan markets were closed for public holidays.

Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as the NDA government’s formation gets closer. One can maintain a bullish stance with a stop loss of 22780 level. Targets are 23800 – 24100 levels in the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week’s time in the band of 23338 to 21281. Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for further cues on the direction of the markets.

Ward wizard: Company gets order worth $1.29 billion from Beulah International Development Corporation to revolutionize Philippines public transport with electric vehicles

KEC Int: Company gets new orders worth Rs 1,061 crore across business verticals. 

Artson Engineering: Company gets Rs 126 crore order for engineering and construction at Guwahati International Airport

Vakrangee: Company Partners with Tax2Win for Offering Income Tax Return Filing Services, GST Registration / Return and other Value Added Services on Pan India Basis. 

*IDBI Bank: Gets income tax order determining Rs 2,701.6 crore refund for AY 2016-17. 

RVNL: Company emerges lowest bidder for a project of Southern Railways worth ₹156.47 crore 

Kotak Mahindra Bank: RBI green signal to Kotak Mahindra General Insurance for 70% stake sale to Zurich Insurance.

Raymond: Company to redevelop residential project in Bandra estimated to have revenue potential of over Rs 2,000 crore

Gulsha Polyols: Company Updated Regarding Successful Trail Run For Grain Based Ethanol Plant Of 250 Klpd Capacity At Goalpara, Distt. Assam. 

Sharda Motor: Company plans to buy back up to 10,27,777 fully paid-up equity shares at INR 1,800 per share. 

Lupin: Company signs business transfer agreement with arm Lupin Life Sciences for trade generics business in India. 

Adani Green: Company to set up two wind farms in SriLanka’s Mannar town and Pooneryn villages 

HDFC AMC: Company has approved the declaration of Interim Dividend of Rs. 70/- per equity share 

Railtel Corp: Company gets order worth Rs 81 crore from National Informatics Centre Services for ICT infra 

Samvardhana Motherson: Company and its subsidiary SMRP B.V have been upgraded to “Baa3 Stable / Investment Grade” ratings by Moody’s. 

Ami Organics: Company says the inspection has concluded successfully on June 7, 2024 without any critical/major observation 

EIH Associated Hotels: Board meeting on June 14 to consider issuing Bonus Shares

Godawari Power: Board to consider a buyback of equity shares on June 15.

Adani Enterprises: Adani Airports handles over one million tonnes of Cargo in financial year 2024 to capture a 30.1% market share

PFC: Maithan Alloys acquires shares worth Rs 101 crore of Power Finance Corp

Happy Forging: board gives in-principle approval for setting up solar power plant with investment of up to Rs 120 crore 

Thermax: Nalanda Capital sells 1.2% stake in company for Rs 765 cr 

Tata Motors: Company launched Altroz Racer, prices start from Rs 9.49 Lakh

Petronet LNG: Petroleum board draft regulations pose challenges for Petronet LNG pricing strategy.

HDFC Bank: Announces a reduction in its home loan rate for the 2-year tenure.

ICICI Bank: SEBI issues administrative warning to ICICI Bank on outreach for ICICI Securities delist. 

Borosil Renewables: Company board approves raising up to Rs 450 crore via rights issue of shares. 

Dalmia Bharat: Company has received reaffirmation in credit rating for bank facilities at CRISIL AA+; Stable / CRISIL A1+. 

MPhasis: BCP Topco IX Pte likely to sell 10.6% stake in Mphasis via block deals; base price at ₹2,350/share.

Dr Reddy: Company’s manufacturing unit in Andhra Pradesh gets 4 observations from US FDA. 

Jubilant Pharmova: U.S. FDA completes audit of contract manufacturing facility at Washington, issues 3 observations

Gland Pharma: Company appoints Srinivas Sadu as Executive Chairman & CEO of the company w.e.f. June 10, 2024. 

Suzlon: Independent director-Mark Desaedeeleer resigns citing corporate governance standards

Jindal Saw: Company has received reaffirmation in credit rating for non-convertible debentures of Rs 500 crore at CARE AA; Stable. 

IIFL Finance: RBI appointed auditor concludes audit in IIFL Finance case. 

Inox Wind: Company incorporates 4 wholly-owned subsidiaries

Elgi Equipment: Elgi USA in its Joint Venture G3 Industrial Solutions LLC, USA, was expected to be completed and closed by 31 May 2024.

Uco Bank: To hike MCLR on 3-month and 1-year tenures by 5 bps w.e.f. June 10

APL Apollo: Company’s promoter entity pares 1% stake for Rs 485 cr

Max Estate: Corporate Guarantee provided to Max Square (a Subsidiary Company) upto Rs 400crs 

PTC India: Net profit falls 30% to Rs 91 cr in Q4

Sudarshan Chemical

HDFC Mutual Fund Bought 10,28,000 Shares @ Rs 778.10/ Share

Promoter Rathi Ajay Balkrishna 

Sold 10,28,000 Shares @ Rs 778.10/ Share

Apeejay Surrendra Park Hotels Ltd

Co. to start new hotel ‘The Park’ in Amgarhi, Nainital.

A new hotel in the brand name ‘The Park’ in Amgarhi, Nainital, Uttarakhand (India) shall be started by the Company as a managed property by October’25.

Some brokers do not allow their clients to buy deep out-of-the-money (OTM) strikes but may allow them to short these strikes. A SEBI-mandated disclosure that you read and agree when you login to your trading account tells you that nine of 10 traders incur losses trading options.

Thanks to the strong rally last week, the short-term outlook turned positive for Wipro (₹484.55). However, the long-term outlook will turn positive only on a close above ₹603. Immediate supports are at ₹456 and ₹434.

F&O pointers: Wipro June futures closed at ₹485.40 against the spot price of ₹484.55. 

Crude oil extended the decline over the past week. Brent crude oil futures on the Intercontinental Exchange (ICE) was down 2.1 per cent as it closed at $79.6 per barrel, whereas crude oil futures on the MCX lost 2 per cent by ending the week at ₹6,323 a barrel.

Brent futures ($79.6)

Brent crude futures broke below the lower end of the range and depreciated to mark a low of $76.7. But it recouped some of its losses by recovering to $79.6.

Precious metals posted loss last week. Gold and silver lost 1.5 per cent and 3.9 per cent, as they ended at $2,293 and $29.2 per ounce, respectively.

Similarly, in the domestic market, gold futures lost 0.7 per cent to close at ₹71,353 (per 10 gram), whereas silver futures was down 2.7 per cent as it ended at ₹89,089 (per kg).

Nifty 50 (23,290) and Bank Nifty (49,803) gained 3.4 per cent and 1.7 per cent respectively last week despite facing unusually high volatility. Below is the analysis of futures and options (F&O) data of both indices.

Nifty 50

Nifty futures (June contract) (23,325) hit a record high of 23,844 last Monday, before witnessing a steep fall to 21,265. 

Symbol: KRONOX 

Series: Equity “T Group” 

BSE Code: 544187 

ISIN: INE0ATZ01017 

Face Value: Rs 10/- 

Issued Price: Rs 136/- per share

Orient Green Power, Wardwizard, Dalmia Cement, Godavari Power, Essar Shipping, KEC International, Jubilant Pharmova, Adani Enterprises, Dr Reddy’s Lab, Lupin, Railtel, IDBI Bank, Suzlon

Last date for Cum-Dividend Today

Asian Paints Ltd.

Dividend Per Share Rs.28.15

Previous day Closing Price – Rs. 2928.7

Jindal Saw Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 555.15

Kriti Industries (India) Ltd.-$

Dividend Per Share Rs.0.2

Previous day Closing Price – Rs. 127.25

Kriti Nutrients Ltd

Dividend Per Share Rs.0.3

Previous day Closing Price – Rs. 103.85

Tata Motors Ltd.

Special Dividend Per Share Rs. 3

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 970.4

Tata Motors Ltd - DVR

Special Dividend Per Share Rs. 3.1

Dividend Per Share Rs.3.1

Previous day Closing Price – Rs. 651

Rs. CRS. :

FIIS : BUY +4,391 (19,944-15,553)

DIIS : SELL -1,290 (15,564-16,854)

We upgrade our rating from Neutral to Buy and raise our DCF-derived price target to 5,100p, offering 20% potential upside to the current share price. We use a terminal growth rate of 3%, in line with the level that we use for P&G and Colgate. Our weighted average cost of capital (WACC) is 7.4%. Our forecasts assume a 5.5% organic sales CAGR, a target EBIT margin of 21.2% and a ten-year EPS CAGR of 11.5%. Our DCF-derived price target valuation represents a forward P/E and EV/EBIT multiple of 20.9x/17.4x. Our valuation also includes €26.4bn of minorities, the lion’s share of which represents Unilever’s 61.9% stake in Hindustan Unilever.

China, Hong Kong, Taiwan @ Market Holiday

05:20 Japan Final GDP q/q (Expected: -2.0% versus Previous: -0.4%)

Here’s an interesting stock idea: The stock idea that we have for you today is Ashoka Buildcon. The stock has surged over 10 per cent on Friday and has closed on a strong note.

Investors with a two-to-three-year investment horizon can consider the stock of agrochemical maker PI Industries. The company is poised for good growth in the near to medium term on the back of new differentiated product launches in the overseas market, strong order pipeline in the custom synthesis business and recovery in the domestic business, aided by less competitive products.

At the current price of ₹3,646, the stock trades 32.8x its trailing 12-month earnings, implying a significant discount to peers such as Bharat Rasayan (30 per cent) and Sumitomo Chemical (50 per cent). 

The IPO of OTA (Online Travel Agency) company Le Travenues Technology, popularly known by the umbrella brand name ixigo, takes flight on June 10. With the company having a reasonably strong balance sheet (similar to other OTAs), the issue size of ₹740 crore is primarily an offer for sale of ₹620 crore by the founders and early private equity investors in the company. The balance is fresh issue of ₹120 crore, which will be utilised by the company for meeting working capital requirements, investments in technology and related aspects, strategic initiatives and general corporate purposes.

SEBI plans to change the selection criteria for entry and exit of stocks in the derivatives market to reflect current market conditions.

About two dozen of the 182 companies that are part of the F&O segment could see an exit if the new rules are implemented, according to Nuvama Alternative & Quantitative Research. These include Abbott India, Bata, Berger Paints, Gujarat Gas, Ipca Labs, Torrent Pharma and United Breweries. 

The Indian market witnessed an eventful week on the back of the announcement of results of the General Elections. After reflecting on the exit poll predictions and the actual outcome, the benchmark indices – Nifty 50 and Sensex – saw a record close on a weekly basis and posted a gain of over 3 per cent each. Nifty Bank, too, appreciated, but underperformed the benchmarks by posting a gain of 1.7 per cent.

The week gone by was action-packed for equity investors, with the markets touching all-time high on Monday, seeing a sharp reversal on Tuesday, and marching steadily upwards since then to close Friday on a high. The trailing 12-month PE (consolidated) of the Nifty now stands at 23 times, in line with the 10-year average but at a premium to longer-term averages. Stocks kissing new peaks, valuations not-so-cheap and a new coalition government at the Centre, how should investors approach the market now?