Share Market Highlights June 13, 2024: Sensex gains 204 pts, Nifty nears 23,400

The rupee consolidated in a narrow range and settled for the day lower by 7 paise at 83.55 (provisional) against the US dollar on Thursday even as both the domestic equity benchmark indices touched all-time high levels.

Forex traders said rupee was seen resilient against the dollar, even after volatility witnessed in the dollar index, due to CPI data and US Fed’s policy decision.

At the interbank foreign exchange, the local unit opened at 83.52 and finally settled for the day lower by 7 paise at 83.55 (provisional) against the American currency.

India’s equity benchmarks BSE Sensex and NSE Nifty ended in green on Thursday. While the Sensex gained 204.33 points, or 0.27%, to 76,810.90, Nifty50 closed 75.95 points, or 0.33%, higher at 23,398.90, show provisional data on the exchanges.

Among the sectoral indices, media, FMCG and bank indices declined. Nifty realty was up 2.24 per cent to close at 1,119.90, Nifty consumer durables was at 37,529.90 (up by 1.73 per cent), and Nifty IT was at 34,902.05 (up by 1.03 per cent).

292 stocks hit 52-week high and 16 stocks hit 52-week low on the BSE

Major gainers:

Shri Ram finance (4.68%), HDFC life insurance company (3.70%), Divis Laboratories (3.26%), Mahindra and Mahindra (2.80%), and Titan (2.68%).

Major losers:

industan Unilever (-1.63%), Axis Bank (-1.17%), ICICI Bank (-1.09%), Britannia industries (-1.01%), and Power Grid corporation of India (-0.92%).

Shares of Thomas Cook rose a little over 1 per cent on Thursday after CRISIL upgraded its outlook on the bank loan facilities and corporate credit rating (CCR) ‘positive’ from ‘stable’

Thomas Cook stock was up 1.01 per cent to trade at ₹219.50 on the NSE as of 2.34 pm.

“The decision by the US Fed to keep the policy rate intact for the seventh consecutive time comes as per the industry expectations. Although the inflation has cooled down, it has still not come under the Fed’s expected range, thereby deferring the possibility of three rate cuts, which we could have possibly seen during this calender year. As per the forecast by Fed, it has hinted that it may start slashing rates from next year onwards wherein a rate cut of 100bps is in focus. However, we will have to wait and watch how the inflation numbers play out, which will further decide the possibility of rate cuts next year. 

Gold prices saw some softness post Fed’s announcement in domestic market. Since Q2 of financial year is usually a dull phase due to monsoon and shraadh, we expect the prices to remain dampened during this period. Nevertheless, we hope for the demand to see a gradual uptick at the onset of festivals and remain buoyant till the end of FY25.”

Mini Diamonds Limited approved the incorporation of ‘Namra Jewels Private Limited’ as a wholly owned subsidiary, targeting the lab-grown diamond jewellery market. The shares were up by 1.99% to Rs 81.88 on the BSE.

BSE Sensex gained 238.18 ppts or 0.31% to 76,844.75 and NSE Nifty rose 81.05 pts or 0.35% to 23,404.00.

Bank of Maharashtra announced revisions to its Marginal Cost of Funds Based Lending Rate (MCLR) across different time periods. The changes include an increase of 0.10% to 0.20% in the interest rates. The shares were down by 0.95% to Rs 66.64 on the BSE.

PTC India Financial Services Ltd has informed that Dr Rajib Kumar Mishra is to cease as Chairman and Non-Executive Director.

Sobha Ltd witnessed a surge in its share prices, reaching an all-time high, following the approval from the company’s board for the issuance of equity shares worth Rs 2,000 crore through a rights issue. Sobha shares soared by 7.5% to Rs 2219 compared to the previous closing price of Rs 2063.90 on the BSE. This development propelled the market capitalization of the firm to Rs 20,423.63 crore.

Sai Silks Limited announced the opening of its 61st store, Kanchipuram Varamahalakshmi Silks, in Salem, Tamil Nadu. The shares were down 1.30% to Rs 178.55 on the BSE.

​Finance Minister Nirmala Sitharaman​ will chair the GST Council meeting on June 22. This will be the first meeting of the Council after the General Election and after October 7 last year.

“The 53rd meeting of the GST Council will be held on June 22, 2024 at New Delhi,” GST Council said in a social media post on X. Rule says that the Council should meet once every three months. However, because of the Parliament election and some of the State Assembly elections, the meeting could not take place.

L&T’s Hydrocarbon division secured an offshore order from ONGC for the Daman Upside Development Project. The project encompasses engineering, procurement, construction, and installation of wellhead platforms and pipelines off India’s west coast. The shares were up by 2.25% to Rs 3710.95 on the BSE.

BSE Sensex rose by 290.34 pts or 0.38 per cent to trade at 76,896.91, and Nifty 50 traded at 23,409.25, up by 86.30 pts or 0.37 per cent as of 12.30 pm.

Sectoral indices of media, FMCG, metal and PSU bank declined. Nifty realty increased 2.21 per cent to 1,119.60 as of 12.26 pm. Nifty IT rose 1.04 per cent to 34,906.95.

The top gainers were HDFC Life Insurance (3.42%), Divi’s Lab (3.34%) Shriram Finance (3.04%), L&T (1.86%), and LTIMindtree (1.84%). While, Hindustan Unilever (-1.26%), Eicher Motors (-1.18%), Tata Consumer Products (-1.12%), Britannia (-0.73%), and Power Grid (-0.60%) were top losers.

H.G. Infra Engineering Limited incorporates H.G. Sanchore Solar Project Private Limited as its step-down subsidiary. It aims to operate in the solar power industry in Rajasthan, India, as a 100% owned subsidiary of H.G. Solar Projects Private Limited. Stock trades at Rs 1731.90 down by 2.14% on the BSE.

Mahindra Financial services Ltd announced a partnership with Kotak Life to offer life insurance solutions to over 10 million customers pan India. The collaboration aims to extend financial security and personalized insurance products leveraging Mahindra’s customer reach. The shares were up by 1.41% to Rs 294 on the BSE.

Maithan Alloys Limited disclosed acquisition of 0.01% shareholding in Bharat Electronics Limited, valuing at Rs 20.04 crore. The shares were up by 1.82% to Rs 1226 on the BSE.

Thomas Cook India reported a CRISIL upgrade, maintaining ratings at CRISIL AA-/Positive & CRISIL A1+. The company said that the boost follows a 44% operating performance surge in FY24, driven by revenue growth and cost reductions. The shares were up by 0.18% to Rs 218.55 on the BSE.

Computer Age Management Services Limited’s wholly-owned subsidiary, CAMSRep launched Bima Central, an insurance portfolio management platform. The shares were up by 0.34% to Rs 3634 on the BSE.

A total of 3,843 stocks were actively traded, 2,201 advanced, while 1,519 declined and 123 stocks remained unchanged where 247 stocks hit a 52 week high and 12 stocks hit a 52 week low on the BSE.

Major gainers on the BSE at 12 pm include- HDFC life (4.23%), Divis laboratories (3.51%), Shri Ram finance (3.43%), Ltimindtree (1.85%), Larsen and Toubro (1.80%)

Major losers include - Eicher Motors (-1.25%), Hindustan Unilever (-1.21%), Tata consumer (-1.13%), Power grid corporation (-0.77%), Britannia industries (-0.76%)

Copper futures have been on a downtrend for about three weeks. The June expiry contract on the Multi Commodity Exchange (MCX) marked a high of ₹953.45 on May 21 and then started to decline. The chart shows that ₹950 acted as a resistance and blocked the bulls.

That said, the current chart setup shows that the bears have lost some traction and copper futures are likely to consolidate for a while. 

GPT Infraprojects Limited reported that its subsidiary GPT Concrete Products South Africa (Pty) Limited, secured a contract worth Rs 26 crore from Transnet Freight Rail, South Africa, for supplying concrete sleepers. The shares were up by 0.40% to Rs 252.50 on the BSE.

Shares of Venus Remedies surged about 6 per cent on the NSE following the receipt of tender from UNICEF for its antibiotic drug Ceftriaxone 1 mg.

According to Venus Remedies’ stock exchange disclosure, this follows the receipt of GMP (Good Manufacturing Practices) approval from UNICEF.

Bank Nifty opened today’s session higher at 50,179 versus yesterday’s close of 49,895. However, it started falling soon after the opening and is now hovering around 49,950.

Thus, the index, which opened above the upper boundary of a range, has now fallen back to the price band. That said, the advance/decline ratio, at 9/3, is giving a positive bias to the index.

Dr. Vikas V. Gupta, CEO & Chief Investment Strategist, OmniScience Capital

Not surprisingly, the Federal Reserve kept the rates unchanged. However, with the core PCE inflation now at 2.8%, closer to their target of 2%, the Fed is focused on estimating the future rate of decrease in core PCE to calibrate their rate cuts.

To do this, the Fed is closely monitoring the unemployment rate and the domestic demand index in the GDP data. They would like to see a significant drop in GDP. Although GDP growth has slowed to 1.3%, the domestic demand index, excluding government spending and corporate investments, remains robust at 2.8%, which is uncomfortably high for the Fed. Additionally, the unemployment rate is at 4%, still lower than the Fed’s comfort level.

The latest projections show the Fed being conservative in its 2024 numbers, projecting current levels into next year. While it is likely that actual numbers at the end of 2024 will be closer to the Fed’s comfort levels, they prefer to take a conservative stance for now. Forecasting rate cuts will depend on actual data.

The economy seems quite robust, and unemployment rates are unlikely to increase significantly. However, as wage increases moderate, inflation should start easing faster, potentially forcing the Fed to cut rates sooner than their dot plot projections suggest.”

Nifty 50 has come down sharply after opening with a wide gap-up at 23,480.95. The index made a high of 23,481.05 and has come off giving back all the opening gains. It is currently trading at 23,400, up 0.33 per cent. The advances/declines ratio is at 34:16. This leaves the bias positive.

Not surprisingly, the Federal Reserve kept the rates unchanged. However, with the core PCE inflation now at 2.8%, closer to their target of 2%, the Fed is focused on estimating the future rate of decrease in core PCE to calibrate their rate cuts.

To do this, the Fed is closely monitoring the unemployment rate and the domestic demand index in the GDP data. They would like to see a significant drop in GDP. Although GDP growth has slowed to 1.3%, the domestic demand index, excluding government spending and corporate investments, remains robust at 2.8%, which is uncomfortably high for the Fed. Additionally, the unemployment rate is at 4%, still lower than the Fed’s comfort level.

The latest projections show the Fed being conservative in its 2024 numbers, projecting current levels into next year. While it is likely that actual numbers at the end of 2024 will be closer to the Fed’s comfort levels, they prefer to take a conservative stance for now. Forecasting rate cuts will depend on actual data.

The economy seems quite robust, and unemployment rates are unlikely to increase significantly. However, as wage increases moderate, inflation should start easing faster, potentially forcing the Fed to cut rates sooner than their dot plot projections suggest.”

Dr. Vikas V. Gupta, CEO & Chief Investment Strategist, OmniScience Capital

Shares of Sobha Ltd are making headlines following the board’s approval of a rights issue to offer and issue equity shares worth ₹2,000 crore. The price of the rights issue has been fixed at ₹1,651 per equity share, a discount of 25 percent, the firm said. The issue will open on June 28 and will close on July 4. The company reported that the trading window for Sobha’s securities is closed until June 14, 2024, in accordance with insider trading regulations. The shares were up by 5.85% to ₹2,184.65 on the BSE and by 6.08% to ₹2,187.80 on the NSE at 10.41 a.m.

Manish Jain, Director of the Institutional Business (Equity & FI) Division at Mirae Asset Capital Markets

- A practical approach taken by the Fed today by maintaining policy rates at 5.25-5.50%. If it sounds hawkish, then it is. Fed is trying to balance the economy with maximum employment, stable demand & supply. Fed still finds inflation rate too high and doesn’t want to ease too early and face the risk of inflation coming back. Until inflation sustainably moves towards 2%, we can’t expect any easing. At the most, we can expect only one cut during this year, not more. Fed will be totally data dependent until inflation is well anchored. 

Manish Chowdhury, Head of Research, StoxBox

- On expected lines, the Federal Reserve kept its key interest rate unchanged at 5.25% to 5.5% at the end of the two-day policy meeting on Wednesday. The rhetoric of any change in monetary policy outcome being driven by incoming economic data, especially consumer price inflation and labour market data, still holds true. Though the Fed’s dot plot now forecasts just one rate cut in 2024 compared to three cuts projected in March, the economic data in the recent past has shown early signs of moderation. We believe that the Fed has shown a tinge of dovishness in its commentary, with the reaction to incoming data expected to be much quicker than earlier. This should keep risk on assets such as equities supported at least in the near term. With no indication on the timing of a rate cut yesterday, our sense is that the chatter surrounding a rate cut in September is still not off the table, given yesterday’s softness in consumer price inflation.

Paytm stock has surged following two major announcements. The company has received IRDAI’s approval to withdraw its application to register as a general insurance company.

It has also announced a partnership with Samsung, integrating Samsung wallet into the Paytm app.

Paytm stock has surged following two major announcements. The company has received IRDAI’s approval to withdraw its application to register as a general insurance company.

It has also announced a partnership with Samsung, integrating Samsung wallet into the Paytm app.

Since its inception in December 2020, HDFC Dividend Yield fund has outperformed the broader markets convincingly

HDFC Life reported that it accepted IRDAI’s reforms outlined in the Master Circular on Life Insurance products, aiming to simplify processes and enhance customer benefits. The shares were up by 2.59% to ₹587.20 on the BSE.

Top gainers on the NSE at 9.30 am include - Divis laboratories (2.55%), Ltimindtree (2.52%), HDFC Bank (2.44%), Wipro (1.46%), Shri Ram finance (1.42%)

Top losers include- Hindustan Unilever (-1.37%), Britannia (-1.30%), Tata consumer (-1%), Cipla (-0.76%), Coal India (-0.72%)

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. 

US Fed maintain the policy rate unchanged, the CORE CPI YoY, has dropped to 3.4% for the month of May 2024 [3.6% April 2024] against the expectation of 3.8%. The inflation reported for May 2024 is at 3.3%, however still far away from the expected rate at 2%.

Nifty pivot has shifted to 23350 levels, the buy zone for Nifty spot is trading in the range of 23185 to 23230, the extreme low buy shall be at 23000 levels. The sell zone is trading in the range of 23415 to 23460, GiftNifty indicates it may open in the sell zone, any breakout above this zone it is likely to test higher levels of 23610. However as per the options data the max pain is trading at 23200, which shows Nifty shall not sustain at higher levels any intraday correction towards the max pain should be an opportunity to build long positions in Nifty on the weekly expiry day.

Gensol Engineering Ltd has emerged as a successful bidder for 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam Limited (GUVNL) worth ₹1,340 crore.

The project will supply electricity on an “On-Demand” basis to Gujarat State’s DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling Energy Storage Purchase Obligations, and enhancing grid resilience.

RateGain Travel Technologies announced that Green Motion International selected the company as it’s preferred revenue management partner for it’s franchisee network spread in 73 countries. The shares were up by 0.93% to ₹748.05 on the BSE.

The Sensex and Nifty opened strongly on Thursday, driven by positive industrial production (IIP) numbers and encouraging economic data. The 30-share BSE Sensex surged 387.06 points to reach 76,993.63 during early trading, while the NSE Nifty advanced by 117.40 points to 23,440.35. This optimism was fueled by India’s CPI inflation in May 2024 easing to a 12-month low of 4.75%, and a 5% growth in industrial production in April, supported by a 6.7% rise in mining and a 10.2% increase in electricity production.

Issue Open - 28-Jun-24

Issue Close - 04-Jul-24 

Right issue Size: Rs. 2,000 Crs (1.21 Crs Shares)

Stock Price – 2063.90/-

Right issue Price: Rs. 1,651/-

Payment Terms: Rs. 1,651/- (Rs 825.50 has to be paid on application and remaining amount will be called in two subsequrnt calls on or before December 31, 2025)

Rights Entitlement Ratio: 6 Rights Equity Share for every 47 shares held (Effectively 0.13 for every 1 share held).

Last Trade date (Cum Right): 18 Jun 2024

Ex-Right Trading date: 19 Jun 2024

Record Date: 19 Jun 2024

Right Entitlement (RE) Trading Period:- 28 Jun 2024 to 01 Jul 2024

Last day of Renunciation of Rights Entitlements: 01 Jul 2024

Date of Allotment (on or about): 12 Jul 2024

Date of listing (on or about): 16 Jul 2024

Effective Discount Per share – Rs. 46.74

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

“The US Fed decided to hold benchmark rate in 5.25-5.50% target range (for a 6th consecutive meeting), unlike European Central Bank which became the fourth major central bank to cut its policy rate after Switzerland, Sweden and Canada last week. Up until now, market priced for 1-2 rate cuts by December however, the Fed recommended 2-3 cuts back in March meet via their ‘dot plot’. To the surprise of many, Fed indicated a big hawkish stance by suggesting just one rate cut coming this year vs. 3 in March — cementing higher for longer rates for the markets. Mr. Powell categorically stated that pre-pandemic ultra low rate world may not return. Markets being myopic may rejoice cooler than expected CPI data along with clarity of dot plot this year.”

Crude oil futures traded lower on Thursday morning as the official data showed an increase in inventories in the US. At 9.06 am on Thursday, August Brent oil futures were at $82.31, down by 0.35 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $78.23, down by 0.34 per cent. June crude oil futures were trading at ₹6540 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6577, down by 0.56 per cent, and July futures were trading at ₹6525 against the previous close of ₹6561, down by 0.55 per cent.

With the Fed on hold as expected, markets’ attention was on signals from the updated FOMC projections and Chair Powell’s presser. The updated dots were a bit more hawkish than expected, with the median showing only one cut this year (down from three in March). That said, a plurality of participants still expect two cuts. The median dot did not surprise hawkishly for the out years – four cuts in 2025 and 2026 (vs three each in March). This implies a total of nine cuts in the cycle, same as the March dots, with a later start and a faster catch up. The June policy statement has also cut out the May statement’s discussion of changes in QT – the balance sheet reduction plan. On macro projections, no change was seen in this year’s GDP and unemployment, with a mild uptick in 2024 inflation.

■ Powell acknowledged that yesterday’s US CPI data represented a welcome improvement, but stressed that it is just one report and that the committee will need to see more “good data” to gain confidence that inflation is sustainably returning to target (particularly in light of the hot Q1 readings). He described the labor market as having returned to its pre-pandemic state, but emphasized that the FOMC will be closely watching for signs of unexpected weakening (to prompt cuts).

■ Overall, Powell wasn’t as overtly dovish as he has been in recent meetings and didn’t push against the dot plot. He was careful not to show his hand, likely seeking to keep a range of easing options on the table without fueling market expectations for September. Post FOMC, the markets partially retraced some of the sizable downmoves seen post CPI data in UST yields and DXY Index (-0.5%).

■ The policy directive is moving exactly the way we expected in early 2024. We had argued if it is time to reassess our faith in central banks’ guidance post-pandemic and called for no rate cuts by the Fed early this year (and consequently the RBI). See Is it time to fight the Fed? Expectedly, market expectations of the start of a cut cycle have been a moving goalpost.

■ No Fed cuts in 2024, followed by a shallow cut cycle, are on their way to turn into a reality, as they struggle to get to the last mile of disinflation. This is already spilling over to EM CBs, including the RBI. But unless this is accompanied by immediate negative growth shocks, we don’t see a collapse in EM risk assets, and believe that the cherry-picking theme will work relatively well for India assets.

FOMC seems to be guided by strong job gains and inflation being at elevated levels along with modest progress towards the 2% inflation forecast, delivered a hawkish outcome despite lower CPI number for the month of May 2024. Core PCE for Q4 CY 2024 was revised higher from 2.6% to 2.8%. Market was expecting dot plots to indicate 50 bps rate cut in CY 2024 and retain CY 2025 rate cuts at 75 bps. However, FOMC dot plots now indicate 25 bps rate cut in 2024 and 100 bps in CY 2025. Neutral Fed Fund Rate has also been increased from 2.6% to 2.8%. We think Fed will continue to be data dependent and we could see 25-50 bps cut in CY 2024.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“There is good news on the inflation front, both in the US and in India. In US May CPI inflation has declined slightly less-than-expected to 3.3% with MoM inflation remaining flat. However the economy continues to remain strong and there are no clear signs of labour market loosening. Therefore, the Fed chief Jerome Powell has kept rates unchanged and has hinted at only 1 rate cut in 2024 and possibly 4 rate cuts in 2025.

In India May CPI inflation has declined to 4.75% and core inflation has come at only 3.1%. This paves the way for a rate cut by the MPC in October.

The takeaway from the inflation numbers is that the disinflation process is well on track. From the market perspective, this is positive news, particularly for banking stocks.”

The benchmark Sensex and Nifty indices are expected to open positive on June 13, following GIFT Nifty trends indicating a gain of 90 points for the broader index.

After a gap up Opening Nifty can find support at 23,300 followed by 23,200 and 23,150. On the higher side, 23,450 can be an immediate resistance, followed by 23,500 and 23,600.

The charts of Bank Nifty indicate that it may get support at 49,800, followed by 49,600 and 49,500. If the index advances further, 50,100 would be the initial key resistance, followed by 50,300 and 50,500.

The Foreign institutional investors (FIIs) turned net buyers on June 12 as they bought Indian equities worth Rs 426 crore , while domestic institutional investors bought equities worth Rs 233 crore on the same day.

INDIAVIX was negative yesterday by 2.56% and is currently trading at 14.3875.

Nifty yesterday closed at the all-time high levels at 23322.95 levels. Today Markets will react to the FOMC meet outcome US CPI data and Indian macro data as well. The US Federal Reserve held rates steady, indicating only one rate cut this year but a more aggressive rate cut path for next year. Traders holding long positions can hold with a stop loss of 23200 on a closing basis for the targets of 23500-23700 levels.

Route – Tender 

Buyback Price: 1,800/- 

Current Market Price: 1518.40/-

Market Cap: Rs 914 crore 

Buyback Size: Rs 31.50 Crs (Representing 6.52 % of the total paid-up equity share capital and free reserves) 

Buyback Size: 1,75,000 shares (Representing 2.91 % of O/s. shares) 

Retail Quota: 26,250 Shares 

Dividend of Rs. 5

Dividend Record Date: 14 June 2024

Last Cum Trading Date – 13 June 2024 (Today)

Ex-Date – 14 June 2024

Buyback Record Date: 14 June 2024

Buyback Schedule: Not Yet Announced

Route – Tender 

Buyback Price: 4,450/- 

Current Market Price: 3922.75/-

Market Cap: Rs 16,408 crore 

Buyback Size: Rs 164.65 Crs (Representing 24.14 % and 24.69 % of the total paidup equity share capital and free reserves) 

Buyback Size: 3,70,000 shares (Representing 0.88 % of O/s. shares) 

Retail Quota: 55,500 Shares 

Entitlement:

General Category - 3 Equity Share for every 392 Equity Shares held on the Record Date

Retail Category - 37 Equity Shares for every 483 Equity Shares held on the Record Date

Buyback Record Date: 03 June 2024

Tender Period:

Start Date - 07 June 2024 

Close Date - 13 June 2024 (Today)

Obligation Date - 20 June 2024 

Settlement Date - 21 June 2024

“The 3.3% CPI reading in May was the kind of positive reading that the Federal Reserve was pinning its hope on after a disappointing first quarter this year. The reading goes on to add more grist to Chair Jerome Powell’s belief that inflation is moving gradually towards the 2% target, even if it might be doing so on a somewhat bumpy path. A series of cooler-than-anticipated inflation readings coupled with moderating labour market conditions in the coming months will go on to bolster the Federal Reserve’s confidence that its soft landing goal is truly attainable, and within sight.

As far as the economic projections are concerned, I would be cautious about putting too much weight on the expectation of just one rate cut this year. Chair Jerome Powell has pointed out that these projections come with “a slight element of conservatism” and are data-dependent, which is another way of saying that there could be more than one rate cut in the year, provided we have a string of positive, confidence-inducing inflation results.”

MS on Infosys: Maintain Overweight on Company, target price at Rs 1650/Sh (Positive) 

MS on VBL: Maintain Overweight on Company, target price at Rs 1701/Sh (Positive) 

MS on Tata Consumer: Maintain Overweight on Company, target price at Rs 1288/Sh (Positive) 

MS on Nykaa: Maintain Overweight on Company, target price at Rs 198/Sh (Positive) 

Jefferies on Nykaa: Maintain Buy on Company, target price at Rs 220/Sh (Positive) 

MOSL on Mankind: Initiate Buy on Company, target price at Rs 2650/Sh (Positive) 

Citi on SBI Life: Maintain Buy on Company, target price at Rs 1950/Sh (Positive) 

Citi on LIC: Maintain Buy on Company, target price at Rs 1255/Sh (Positive) 

Citi on HDFC Life: Maintain Buy on Company, target price at Rs 710/Sh (Positive) 

Citi on ICICI Pru Life: Maintain Buy on Company, target price at Rs 645/Sh (Positive) 

Emkay on SBI Life: Maintain Buy on Company, target price at Rs 1800/Sh (Positive) 

Emkay on LIC: Maintain Add on Company, target price at Rs 1200/Sh (Positive) 

Emkay on HDFC Life: Maintain Buy on Company, target price at Rs 725/Sh (Positive) 

Emkay on ICICI Pru Life: Maintain Buy on Company, target price at Rs 700/Sh (Positive) 

Incred on MTAR Tech: Initiate Buy on Company, target price at Rs 2644/Sh (Positive) 

B&K on Archean: Initiate Buy on Company, target price at Rs 864/Sh (Positive) 

B&K on Vinati Organics: Initiate Buy on Company, target price at Rs 2147/Sh (Positive) 

UBS on Gas Utilities: Vehicle additions remained higher YoY for IGL, MGL and Gujarat Gas (Positive) 

UBS on Insurance: Surrender payouts increase to impact profitability, SBI Life is preferred pick (Positive) 

JP Morgan on Havells: Maintain Neutral on Company, raise target price at Rs 1750/Sh (Neutral) 

Jefferies on IIFL FIn: Maintain Buy on Company, target price at Rs 465/Sh (Neutral) 

MS on Concor: Maintain Equal weight on Company, target price at Rs 1083/Sh Neutral) 

MS on Chola Fin: Maintain Equal weight on Company, target price at Rs 1350/Sh Neutral) 

MS on AB Capital: Maintain Equal weight on Company, target price at Rs 200/Sh Neutral) 

MS on HDFC AMC: Maintain Equal weight on Company, target price at Rs 3325/Sh Neutral) 

MS on M&M FIn: Maintain Equal weight on Company, target price at Rs 280/Sh Neutral) 

MS on Astral: Maintain Equal weight on Company, target price at Rs 2016/Sh Neutral) 

MS on Trent: Maintain Overweight on Company, target price at Rs 4812/Sh (Neutral)

Hold, TP Rs 465

RBI’s special audit concluded sooner than expected 

Await RBI’s response, but probability of earlier resolution of ban has increased. 

With gold loan book unwinding fast, portfolio rebuild after ban is lifted could take time. 

If ban is lifted by end-2Q, est. muted FY24-26 EPS CAGR & ROE of 13-14% (FY24e 20%). 

Liquidity concerns have eased post rights issue, & downside risk to valuation is lower; faster normalisation of biz. will be key to re-rating

Buy, TP Rs 250

Industry vol grow c4% MoM in May, adjusted for no of days 

On a MoM basis, Zomato’s order growth of 2.7% MoM lagged Swiggy (+4.4% MoM) in April. 

That said, Zomato’s YoY growth is still ahead at +30% YoY 

Est Zomato’s GMV QoQ growth for Q1FY25E at 8%.

F&B best way to play rural boost; HPC faces greater urban challenges

Upgrade Nestle to O-P, TP Raised to Rs 2798 

Maintain Buy on VBL & O-PF on ITC & Britannia 

High competitive intensity in HPC makes it unattractive. 

India’s power market, set many records in May 2024 with massive power demand growth of 15% YoY, albeit on flat base, with all-time high peak demand of 250GW on 30 May & thermal utilisation rates of 76%, +699bps YoY.

High thermal PLFs, which cannot go much higher, should drive demand for thermal & nuclear PPAs 

Believe structural turn in power sector favouring IPPs should benefit relatively inexpensive regulated utilities NTPC, NHPC & CESC.

Gensol Engineering: Company gets 250 MW battery energy storage project worth Rs 1,340 crore 

Bondada Engineering: Company receive an order worth Rs. 939.39 Crore from m/s. NLC India Limited.

Tata Power: Company Enabling E-Mobility Across 30+ Bus Depots For State Transport Corporations Like Dtc, Best, Bmtc, Jscl, Sscl, Brts-Ajl Through Oem Partnerships. 

IRCON: Company says the matter of dispute between Co and HCC Has Been Settled under the Scheme Notified by the Ministry of Finance, Govt of India

Dr Reddy: Company unit and ingenus pharmaceuticals, LLC have entered into license agreement company unit obtained exclusive rights to commercialize cyclophosphamide injection RTD in U.S. 

Sobha: Company board approves rights issue of up to ₹2,000 crore, issue price at ₹1,651/sh 

Glenmark Pharma: Company receives nod from U.S. FDA to market a generic medicine to treat heartburn. 

Whirlpool: Company enters into joint marketing agreement with Hindustan Unilever for 3 years 

Prestige: Company appoints JM Financial, JP Morgan & CLSA as bankers for Hospitality Business IPO. The company eyes valuation of ₹17,000-20,000cr for hospitality business: CNBC 

Arvind: Strike at Gandhinagar-based Santej plant called off by the workers. 

Sundaeam Fin: Sundaram Home Finance launches “emerging business” vertical aiming to disburse Rs 300 crore.

Dalmia Bharat: Blupine Energy tied up to set up 47-Mw Solar Power Plant in Karnataka

Amber Ent: Company Acquired Additional 4.6% Equity Stake in II Jin Electronics (India) 

BLS International: Company to acquire 99% in Balozi Liaison Services

Kalyani Cast Tech: Company receives order of Rs. 80 Crores 

PNB Housing: Company to Consider Proposal of Fund Raising Up To 100b Rupees by Issuance of Non-Convertible Debentures on Private Placement

TTK Prestige: Company Says Total Commitment Is Of Order of 150m Rupees of Compulsorily Convertible Debentures. 

PTC Financial: SEBI announces restrictions against former MD & CEO and chairman of PTC Financial 

Exide Ind: Company invested about 750m rupees via subscription in share capital of unit company invested via subscription in share capital of EXIDE energy solutions on rights basis.

Axis Bank: Company fined Rs 1.66 crore for failure to put in place detection and reporting mechanism for suspicious transactions, at one of its branches.

Nestle India: Company board approves continuation of royalty payment at current rate of 4.5% to parent company

Bharti Airtel: Company adds $30 billion to its market cap to become the biggest wealth creator.

L&T FH: Bain Capital, Other Funds to sell 1530 cr worth shares, Deal is likely in block window since the discount is only 1% to market price 

Patanjali Foods: Company clarifies on report of Patanjali Ayurved’s non-food business to be merged with company.

GMR Airports: NCLT approves merger of GMR Airports and GMR InfraDevelopers into GMR Airports Infrastructure 

PayTM: One97 Communications receives IRDAI nod for registration withdrawal application of general insurance business.

Saksoft: Company executed a share purchase agreement to acquire 100% equity Interest in Augmento Labs

Torrent Pharma: Receives 5 Form-483 observations from USFDA for Gujarat plant

The Indian rupee will be supported on Thursday by the lower-than-expected U.S. inflation print, while projections that the Federal Reserve will cut rates only once this year are expected to weigh.

Non-deliverable forwards indicate the rupee will open at 83.52-83.55 to the U.S. dollar, compared with its previous close at 83.5450.

“The relief on the U.S. inflation is not leading to much (for the rupee), which ordinarily means that (the dollar/rupee pair) wants to push higher,” a currency trader at a bank said.

One 97 Communications Ltd

Paytm withdraws application for registration as General Insurance Company, focuses on broadening insurance distribution with IRDAI approval.

Brigade Ent: Pavitra Shankar, ED

Chennai & Hyderabad Mkts Will Contribute More To Residential Sales In Next 5 Years: Brigade Ent

Embassy Office : Aravind Maiya, CEO

It Has Been A Very Educational Journey But Its Still Early Days For REITs In India: Embassy REIT

Gopal Snacks: Mukesh Kumar Shah, Chief Financial Officer

Gopal Snacks: Growth Targets, Future Business Outlook, New Launches Soon?

India Shelter F: Rupinder Singh, MD & CEO

Affordable Housing Scheme Benefits End-Use Customer: India Shelter Finance Corporation

Kama Jewellery: Colin Shah, MD

Directorate General Of Foreign Trade Has Imposed Curbs On Import Of Jewellery & Parts:Kama Jewellery

Manappuram Fin: VP Nandakumar, MD&CEO

We Are Confident Of Maintaining Targetted ROE Of 20% In FY25: Manappuram Finance

Raymond: Harmohan Sahni, CEO

What Are the Latest Developments and Future Plans for Raymond Realty’s Projects?

Torrent Pharma: Aman Mehta, Director

Commercialising Vonoprazan Drug In India Looks Promising: Torrent Pharma

Fusion Micro Finance: Devesh Sachdev, MD CEO

Fusion Finance’s Diversification Strategy; Opportunity In Affordable Housing, E-3Ws |

Jubilant Food: Sameer Khetarpal, MD & CEO

Delivery Like-For-Like (LFL) Growth In FY25 Will Be Positive Throughout The Year: Jubilant FoodWorks

Events today…

Results today…

Last date for Cum-Dividend Today

Acc Ltd.

Dividend Per Share Rs.7.5

Previous day Closing Price – Rs. 2623.75

Adani Enterprises Ltd.

Dividend Per Share Rs.1.3

Previous day Closing Price – Rs. 3215.65

Adani Ports And Special Economic Zone Ltd.

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1394.2

Ambuja Cements Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 668.5

Adani Total Gas Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 951.5

Bajaj Auto Ltd.

Dividend Per Share Rs.80

Previous day Closing Price – Rs. 9903.35

Bikaji Foods International Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 703.8

Canara Bank

Dividend Per Share Rs.3.22

Previous day Closing Price – Rs. 122.85

Cheviot Co.Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 1518.4

Eimco Elecon (India) Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 2085.6

Elecon Engineering Co.Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 1336.8

Happiest Minds Technologies Ltd

Dividend Per Share Rs.3.25

Previous day Closing Price – Rs. 890.6

Hindustan Unilever Ltd.

Dividend Per Share Rs.24

Previous day Closing Price – Rs. 2529

L&T Technology Services Ltd

Dividend Per Share Rs.33

Previous day Closing Price – Rs. 4887.45

M.M.Forgings Ltd.

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 1217.9

Sagarsoft (India) Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 205.4

Sona Blw Precision Forgings Ltd

Dividend Per Share Rs.1.53

Previous day Closing Price – Rs. 662.2

Torrent Power Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 1603.75

Visaka Industries Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 115.15

Vst Industries Ltd.

Dividend Per Share Rs.150

Previous day Closing Price – Rs. 4428.8

Xchanging Solutions Ltd.

Special Dividend Per Share Rs.2

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 121.9

* BALRAMPUR

* GMRINFRA

* HINDCOPPER

* INDIACEM

* SAIL

Adobe Inc. (Post market) (Sector- Technology)

14:30 EURO Industrial Production m/m (Expected: 0.1% versus Previous: 0.6%)

18:00 U.S. Unemployment Claims (Expected: 225k versus Previous: 229K)

18:00 U.S. PPI m/m (Expected: 0.1% versus Previous: 0.5%)

The domestic market is poised for a promising start on Thursday, buoyed by robust IIP numbers and healthy data. The Gift Nifty at 23,465 signals a potential gain of about 100 points, as Nifty futures closed at 23,355 on the NSE, instilling optimism for a positive opening.

Nish Bhatt, Founder & CEO of Millwood Kane International on CPI & IIP Data, said:India’s CPI inflation in May 2024 eased to a 12-month low of 4.75 per cent, though slightly higher than the 4.31 per cent recorded in the year-ago month of May 2023. India’s industrial production grew 5 per cent in April, riding on robust growth of 6.7 percent in mining and 10.2 percent in electricity, over the corresponding month in the previous year. With the government in place and the election anxiety subsiding, the favorable monsoon forecast and probable increase in Kharif output should help contain inflation, instilling confidence in the market.

Buzzing stocks: 360 One WAM, L&T Finance, Nestle, Lupin, Dr Reddy’s Lab, Torrent Pharma, Brigade Group, Sobha, Whirlpool, HUL, Exide Ind, PTC India, Saksoft, Bondada, Gensol, Automotive Axles, Kalyani Cast, BLS International

Balrampur Chini Mills is gearing up for a fresh rally. The stock had risen 3.6 per cent on Wednesday. This rise has made a bullish breakout above a key resistance at ₹410 which has been capping the upside since February this year. 

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

Here’s an interesting stock idea: The stock idea that we have for you today is Balrampur Chini Mills. This stock has made a bullish breakout and has closed on a strong note on Wednesday. The momentum is strong, and the share price can go up further in the coming days.