Share Market Highlights 20 June 2024: Sensex rises 141 pts; Nifty settles above 23,550; Hindalco, Grasim top gainers

Benchmark equity indices Sensex and Nifty soared to new lifetime highs on Thursday, fuelled by robust buying in market heavyweights Reliance, ICICI Bank and HDFC Bank amid a recent surge in foreign capital inflows.

Rallying for the sixth straight session, the 30-share BSE Sensex climbed 141.34 points or 0.18 per cent to settle at a new closing peak of 77,478.93. During the day, it surged 305.5 points or 0.39 per cent to 77,643.09.

The NSE Nifty rose 51 points or 0.22 per cent to settle at its fresh closing high of 23,567. Intra-day, it soared 108 points or 0.45 per cent to 23,624.

The rupee plunged 17 paise to settle at over two-month low level of 83.61 (provisional) against the US dollar on Thursday amid surging crude oil prices due to renewed geopolitical tensions in the Middle East, even though the domestic equity markets hit fresh peaks.

According to forex traders, inflow of foreign capital and positive momentum in domestic equity markets failed to support the local unit which gave in to the pressure due to a firm American currency against major rivals overseas.

Jindal Stainless has supplied stainless steel to manufacture 100 ‘Made in India’ freight wagons, being exported to Mozambique. 

These wagons, made up of grade IRSM 44 stainless steel specially developed by Jindal Stainless for Indian Railways freight stock, were exported from Gujarat’s Deendayal Port to South Africa’s Mozambique’s Port of Nacala with the support of the Ministry of Ports, Shipping and Waterways, Government of India.

Jindal Stainless stock rose 1.79% on the NSE, trading at ₹808.

Brigade Enterprises stock rose 1.54% on the NSE, trading at ₹1,338.20. 

Brigade Group had announced that it would develop a third tower of the World Trade Center (WTC) at Infopark Kochi

Top gainers on the NSE at 3 pm:

Hindalco (2.11%), Grasim (2%), BPCL (1.64%), JSW Steel (1.62%), Adani Ports (1.47%)

Top losers:

Hero Motocorp (-2.48%), Sun Pharma (-2.20%), M&M (-1.98%), NTPC (-1.19%), Wipro (-1.09%)

Stocks advanced on BSE at 3 pm on June 20, 2024, were 2,276 against 1,552 stocks that declined; 132 stocks remain unchanged. Total stocks traded were 3,960. The number of stocks that recorded a 52-week high was 272, and those that hit a 52-week low was 12. 

In addition, 292 stocks traded in upper circuit, while 180 hit the lower circuit

Indian Oil Corporation stock rose 1.07% on the NSE, trading at ₹168.54 following a joint venture agreement with GPS Renewables Private Limited

Brahmaputra Infrastructure announced the execution of contract of rehabilitation and up-gradation of road from design Km 25.250 to Km 36.460 (Total Length: 11.210 Km) of Kailashahar - Kurti Bridge section of NH-208A to two lane with paved shoulder in the State of Tripura on EPC mode (Package III) have signed the agreement with office of Executive Director – National Highway & Infrastructure Development Corporation of India for an total amount ₹59.84 Crore. 

Brahmaputra Infrastructure stock trades at ₹83 on the BSE, down by 0.60.

Jupiter Electric Mobility Private Limited, a subsidiary of Jupiter Wagons Limited (JWL), in partnership with Log9 Materials Private Limited, announced the development and certification of Lithium-Ion Phosphate (LFP) battery technology for rail transport in India.

JWL stock inches up 0.99% on the NSE, trading at ₹681.10.

Bharat Electronics Limited has appointed Manoj Jain as Chairman & Managing Director of the company w.e.f. Jun 20, 2024

Sun Pharmaceuticals has received a warning letter from the United States Food and Drug Administration for its Dadra facility.

Sun shares were down 1.90 per cent at ₹1,475.50 on the BSE on Thursday (12.27 pm).

Railtel Corporation Of India has received the work order from South Central Railway for telecomminucation works for provision of IP-MPLS in 523RKM of Secunderabad division amounting to ₹20.22 crore.

Stock trades at ₹423.40 on the NSE, down by 0.80%.

AKME Fintrade (India) IPO has been subscribed 6.61 times as of 12.51 pm on June 20, 2024. The QIB portion has been subscribed 0.03 times, NII 11.36 times, retail 9.19 times, and those reserved for employees 0.93 times. The issue closes tomorrow

DEE Development Engineers IPO has been subscribed 5.15 times as of 12.51 pm on June 20, 2024. The QIB portion has been subscribed 0.04 times, NII 11.12 times, retail 5.40 times, and those reserved for employees 11.59 times. The issue closes tomorrow

Asian Granito India has incorporated wholly-owned subsidiary in Thailand named Harmony Surfaces. 

Stock trades at ₹77.49 on the NSE, down by 0.53%

Diamond Power Infrastructure board approved appointment of Pawan Lohiya as the Deputy Chief Financial Officer

Dhanlaxmi Bank informed that Ajith Kumar K.K has taken charge as Managing Director & CEO of the Bank

Gensol Engineering hits upper band at ₹1,066.65 on the NSE, higher by 5%. Company received the second tranche under greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for standalone Battery Energy Storage Systems (BESS) project to reach 500 MW / 1000 MWh.

Tata Communications has launched its Unified/ Single-Vendor Hosted Secure Access Service Edge (SASE) for global enterprises. In partnership with Versa Networks, a leader in AI-powered Unified SASE, Tata Communications Hosted SASE converges software-defined wide area networks (SD-WAN) and secure service edge (SSE) capabilities in a single pass technology.

Goa Carbon Ltd has announced the launch of its first branded product, gcarb+, aimed at revolutionising the recarburiser & carbon additive markets.

Remsons Industries has purchased a Commercial Property bearing Unit at Village Chakala, Andheri – Kurla Road, Andheri (East), Mumbai from Daystar Enterprises Private Limited by way of execution of a deed of transfer (₹15.41 crore).

Top gainers on the NSE at 12 noon:

Hindalco (2.39%), Kotak Bank (1.53%), JSW Steel(1.51%), BPCL(1.46%), Adani Ports (1.18%)

Top losers:

Sun Pharma (-1.73%), M&M (-1.55%), Titan (-1.05%), Hero Motocorp (-1.03%), HDFC Life (-0.97%)

Total stocks traded were 3,845. The number of stocks that recorded a 52-week high was 237, and those that hit a 52-week low was 10. 

In addition, 233 stocks traded in upper circuit, while 161 hit the lower circuit.

Ajooni Biotech Limited Engages partnership with Avalon Energy Group LLC, the US, and Avalon Bioenergy Private Limited.

Top gainers on the BSE at 11 am:

May My India (16.87%), Best Agro (14.10%), NFL (13.54%), RCF (11.98%), Polyplex Corporation (8.30%)

Top losers:

PNB Housing (-4.61%), Medanta (-3.50%), Pricol (-2.95%), Home First (-4.61%), PFC (-2.75%)

Tata Communications has secured a five-year $250 million sustainability-linked loan (SLL) from ANZ, DBS Bank and Export Development Canada (EDC). ANZ acted as the Lead Sustainability Coordinator for the loan, while DBS Bank and EDC were the Joint Sustainability Coordinators. 

Bank Nifty futures (June contract) began today’s session with a gap-up at 51,631 versus yesterday’s close of 51,353. It is now trading at 51,430, up 0.15 per cent.

The contract sustains above the 51,000-mark and so, the probability of a rally from here is high. We expect Bank Nifty futures to hit 52,000 soon. Resistance above 52,000 is at 52,500.

The June futures of the Nifty 50 opened higher at 23,526 versus yesterday’s close of 23,504. It is now trading at 23,515.

The contract has trendline support at 23,480. Subsequent support is at 23,430. We expect an intraday rally on the back of these bases. This potential upmove can lift Nifty futures to 23,650.

The Nifty 50 ended its 5-day winning streak due to profit booking at higher levels, closing at 23,516, down 42 points or 0.18 percent. With most positives already factored in, the market’s attention has shifted to policy announcements and the upcoming Budget to break its range-bound trend.

Key Resistance - 23800 - 24000

Key Support - 23200 - 23400

Target - 23800

Stop-Loss - 23400

Strategy: Buy on dips

Shradha Infraprojects (19.99%)

Inox Green (10%)

Cosmo First (9.44%)

HCC (7.81%)

Ashoka Buildcon (5.47%)

The rupee fell 4 paise to 83.48 against the US dollar on Thursday due to a firm American currency and an upward trend in crude oil prices overseas.

The local unit resisted the fall amid the unabated inflow of foreign capital, but gave in to the pressure due to a muted trend in the domestic equity markets, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.43 and lost further to 83.48 against the greenback, registering a fall of 4 paise from its previous close. Read more

The Securities and Exchange Board of India has asked Religare Enterprises (REL) to seek statutory approvals necessary for an open offer by the Burman family by July 12. This comes after the Burman group alleged that the Religare board and its Chairperson Rashmi Saluja were blocking the open offer, while Saluja had complained that the Burman family was not ‘fit and proper’ for the acquisition.

“The exercise of said right by the shareholders cannot be held hostage to the designs of the existing management of the target company, especially in such cases where the existing management is apparently hostile to the acquirers and faces a conflict of interest in facilitating the acquisition of shares /control by the acquirers in an open offer, due to a proposed change in control,” said SEBI.

Som Distilleries & Breweries had issued clarification that no action whatsoever has been taken by any department on it. 

“In our earlier response dated 17th June, 2024 we had also clarified that the child labour issues reported in the media relate to other Private Limited Company which deals in country liquor primarily and runs under a different management,” the company said.

Nazara Technologies: Nodwin has made further investments in Nodwin Gaming International Pte. Ltd. (Nodwin Singapore), a wholly owned subsidiary of Nodwin and a step down subsidiary of the Company, by subscribing to 18,386 ordinary shares for an aggregate consideration of $ 3,499,775.10 in cash.

KEI Industries disclosed about stoppage of production at two of its units, estimated to lose ₹8 crore worth of production per day.

Gokaldas Exports (GEX) has agreed to invest in BRFL Textiles Private Limited (BTPL) by subscribing through Optionally Convertible Debentures (OCD). In its first tranche, GEX will subscribe for ₹50 crore, with the remaining OCDs worth up to ₹300 crore to be subscribed subsequently in multiple tranches, depending on the funding requirements.

Seedlings India Private Limited, a wholly owned subsidiary of Best Agrolife, has been granted licence for indigenous manufacture of Chlorantraniliprole 4.5%, Novaluron 11.5%, and Emamectin Benzoate 1.5% SE u/s 9(3) by Central Insecticides Board & Registration Committee. 

Action Construction Equipment Limited and Kato Works, a Japanese global construction equipment manufacturer of mobile cranes, excavators and other equipment (hereinafter referred to as KATO), are in discussions to establish a joint venture in India, and the two companies plan to sign a formal contract as soon as they reach an agreement on the terms.

Adani Wilmar has received order from the Office of the Additional Commissioner (Appeals), West Bengal Goods & Services Tax 2017, a demand order under section 73 of the CGST Act,2017 wherein GST credit of ₹47,76,570 has been disallowed and penalty amounting to ₹4,77,658 has been imposed.

Biocon has received an intimation from the Superintendent, Office of the Commissioner of Central Tax, Bengaluru, South Commissionerate (Preventive Unit). 

The Department alleged that the Company has not paid GST under reverse charge for taxable services received from “Local Authority” during the period from FY 2017-18 to FY 2021-22, for security and traffic management services.

Post checking the veracity of the intimation/ letter, and in order to settle the matter, the Company has paid the penalty of Rs. 47,645/- on voluntary basis on June 19, 2024.

At 9.31 am on Thursday, August Brent oil futures were at $85.08, up by 0.01 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $80.48, down by 0.20 per cent. July crude oil futures were trading at ₹6720 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6733, down by 0.19 per cent, and August futures were trading at ₹6690 against the previous close of ₹6701, down by 0.16 per cent.

Top gainers on the NSE at 9.30 am:

Kotak (1.63%), Hindalco (1.16%), Tata Motors (0.90%), HDFC Bank (0.62%), SBI Life (0.61%)

Top losers:

Sun Pharma (-1.81%), HDFC Life (-1.29%), Bajaj Finance (-1.20%), Bajaj Finserv (-1.12%), Power Grid (-1.04%)

Domestic benchmark indices opened marginally higher on Thursday. Within the Sensex pack, Kotak Mahindra Bank, Bharti Airtel and HDFC Bank were among the top gainers, while Sun Pharma was the major laggard.

Sapphire Foods India has approved sub-division/split of existing equity shares from 1 equity share having face value of Rs. 10/- each, into 5 equity shares having face value of Rs. 2/- each, subject to the approval of shareholders at the forthcoming 15th Annual General Meeting of the Company.

Dividend

20-Jun-24

BNRSEC: Dividend - Rs. - 1.50

LT: Final Dividend - Rs. - 28.00

ACGL: Final Dividend - Rs. - 15.00

PRIMESECU: Final Dividend - Rs. - 1.00

EMUDHRA: Final Dividend - Rs. - 1.25

21-Jun-24

TATASTEEL: Final Dividend - Rs. - 3.60

SOLIMAC: Final Dividend - Rs. - 1.75

KANSAINER: Final Dividend - Rs. - 3.75

PNB: Dividend - Rs. - 1.50

CARERATING: Final Dividend - Rs. - 11.00

BEPL: Final Dividend - Rs. - 1.00

CYIENT: Final Dividend - Rs. - 18.00

DHANROTO: Final Dividend - Rs. - 1.50

CONCORDBIO: Dividend - Rs. - 8.75

BAJFINANCE: Final Dividend - Rs. - 36.00

SUPREMEIND: Final Dividend - Rs. - 22.00

HDFCLIFE: Final Dividend - Rs. - 2.00

GREENLAM: Final Dividend - Rs. - 1.65

TORNTPHARM: Final Dividend - Rs. - 6.00

ACI: Final Dividend - Rs. - 1.00

CEENIK: Interim Dividend - Rs. - 1.00

BAJAJFINSV: Final Dividend - Rs. - 1.00

MISHTANN: Final Dividend - Rs. - 0.0010

24-Jun-24

OBEROIRLTY: Final Dividend - Rs. - 2.00

IPO

DEE Development Engineers: 19-Jun-24; Close: 21-Jun-24

Akme Fintrade India: 19-Jun-24; Close: 21-Jun-24

Stanley Lifestyles: 21-Jun-24; Close: 25-Jun-24

Buyback

---

Bonus

PVV Infra: Bonus Issue 1:5; Ex-Date: 21-Jun-24

Hindustan Petroleum Corp: Bonus Issue 1:2; Ex-Date: 21-Jun-24

Bharat Petroleum Corp: Bonus Issue 1:1; Ex-Date: 21-Jun-24

Aurionpro Solutions: Bonus Issue 1:1; Ex-Date: 27-Jun-24

MM Forgings: Bonus Issue 1:1; Ex-Date: 16-Jul-24

Siddhika Coatings: Bonus Issue 1:1; Ex-Date: 19-Jul-24

EIH Associated Hotels : Bonus Issue 1:1; Ex-Date: 29-Jul-24

Stock Split

Premier Explosives: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 21-Jun-24

Share India Securities: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 27-Jun-24

Remsons Industries: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 05-Jul-24

Right Issue

Mitcon Consultancy & Engineering: Ex-Date: 20-Jun-24

VSF Projects: 05-Jun-24; Close: 20-Jun-24

IFL Enterprises: 27-May-24; Close: 25-Jun-24

Integra Essentia: 11-Jun-24; Close: 25-Jun-24

Sobha: 28-Jun-24; Close: 04-Jul-24

Gujarat Toolroom: 14-Jun-24; Close: 12-Jul-24

Spright Agro: 24-Jun-24; Close: 12-Jul-24

Bhandari Hosiery Exports: 08-Jul-24; Close: 22-Jul-24

Mitcon Consultancy & Engineering: 28-Jun-24; Close: 26-Jul-24

GS on Tata Technologies

Initiate Sell, TP Rs 900

See downside as

1) Proprietary analysis with Global autos / aerospace colleagues indicates OEMs growing mechanical R&D budgets (TATE is over-indexed) at +5% CAGR (3yr fwd) vs CASE software budgets growing at +20% CAGR

2) Tata Motors & JLR relationships (30% of sales), could make broadening Luxury Automaker customer base harder in future

3) Ongoing normalization in engineering rev from VinFast 

Trades at fwd P/E of 50x

GS on CE Info Systems

Initiate buy, TP Rs 2800

Well-poised to benefit from early leadership position in fast-growth end-markets including auto navigation, mapping devices, connected vehicles, telematics & govt digitisation

Co enjoys 80%+mkt share in Auto OEM Navigation Software

Forecast 38% FY24-FY27E rev CAGR & steady EBITDA margin in 38-41% range

Catalysts

1) Pickup from Hyundai/Kia contract win

2) pickup in faster-growth IoT biz

3) increase in EV led N-CASE adoption

Trades at fwd P/E of 53x

GS on Uno Minda

Initiate Buy, TP Rs 1350

Well positioned for growth in India’s auto components industry where select businesses are benefiting from ongoing premiumization 

CO currently enjoys 50%+ share in auto switches, 40%+ in 4W alloy wheels & sub-25% in Lighting/Seating

Catalysts: (1) Korean OEM oppty; (2) EV powertrain / motor supply optionality; (3) Upcoming capacity in Alloy wheels / Lighting.

Risks: Peak switches share, autos demand slowdown, growth focus over FCF

CLSA on Tata Motors

O-P, TP Rs 1181

JLR Investor day

Co highlighted it will invest £18bn over next 4 yrs for its electrification journey

Management guided for a ≥8.5% Ebit margin in FY25 & expects 10% Ebit margin in FY26

Co plans to launch Range Rover electric & New JLR in FY25

Macquarie on Financials

Upgrade: KMB (TP raised to Rs 2025), SBI Life(TP raised to Rs 1750)to O/P

Downgrades: SBI, BAF (TP cut to Rs 6600), CIFC, MMFS (TP cut to Rs 250)to U/P

Private banks at attractive vals & expected to report 16-18% ROE over next couple of yrs

Would stay away from PSU banks, Insurance, and Fintechs owing to regulations, declining fundamentals, and/or unfavourable risk-reward.

Top picks... Banks: Axis, IIB

Top Picks... NBFCs: SHFL, LICHF.

MOSL on PSUs

Preferred Ideas: SBI, Coal India, GAIL, HPCL, & Bank of Baroda.

Back with a vengeance!

Earnings momentum fueling outperformance!

Strong business narratives and growing order book driving a rerating

Healthy outlook to continue!

➝ Akme Fintrade India Ltd IPO (MainBoard)

IPO Date: 19- 21 June, 2024

Listing Date: 25 June, 2024

GMP: 40%-

➝ Falcon Technoprojects India Limited (SME)

IPO Date: 19- 21 June, 2024

Listing Date: 26 June, 2024

GMP: 25%-

➝ Durlax Top Surface Limited (SME)

IPO Date: 19- 21 June, 2024

Listing Date: 26 June, 2024

GMP: 58%

➝ DEE Development Engineers Limited (MainBaord)

IPO Date: 19- 21 June, 2024

Listing Date: 26 June, 2024

GMP: 40%

➝ GEM Enviro Management Limited (SME)

IPO Date: 19- 21 June, 2024

Listing Date: 26 June, 2024

GMP: 94%

➝ Winny Immigration and Education Services (SME)

IPO Date: 20- 24 June, 2024

Listing Date: 27 June, 2024

GMP: 35%

➝ Dindigul Farm Product Limited (SME)

IPO Date: 20- 24 June, 2024

Listing Date: 27 June, 2024

GMP: 130%

➝ Stanley Lifestyles Limited IPO (MainBoard)

IPO Date: 21- 25 June, 2024

Listing Date: 28 June, 2024

GMP: 40%

Macquarie: India Financials | Stick with private sector banks; avoid PSUs, NBFCs, insurance, fintechs

Private sector banks: steady power of compounding story.

PSU banks, NBFCs, Insurance face regulations, declining fundamentals

Banks: We upgrade KMB (Kotak Bank) and CUBK (City Union Bank) from Neutral to Outperform.

NBFCs: Downgrade BAF (Bajaj Finance), CIFC (Chola Finance), MMFS (Mahindra Finance) from Neutral to Underperform

Insurance: Upgrade SBI Life to Outperform from Neutral

Domestic markets are expected to open on a flat note on Thursday. While bulls are tired, bears are afraid to take fresh short positions, said a Chennai-based market veteran. Gift Nifty at 23,525 against the Nifty future value of 23,503 at NSE, signals a flat opening with positive bias.

The focus has now shifted to upcoming General Budget and other policy announcements of the new government, said experts. However, the undertone will remain positive, given the strong macros, they added.

Asia Opportunities Fund and General Atlantic are likely to sell 4.2 per cent stake in PNB Housing Finance via block deals, say reports. The floor price has been fixed at ₹773 per share, a discount of 8 per cent to Wednesday’s closing price, the reports added. The deal size is said to be worth nearly ₹830 crore. 

Tata Motors announced that it will increase the price of its commercial vehicles up to 2 per cent. The price increase is to offset the impact of rising commodity prices. It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant. Besides, the company’s JLR and Chery have signed a letter of intent to strengthen CJLR’s product offer for the next era of electrification in China. The new model of collaboration leverages fully both parties’ complementary strengths—with Chery holding a leading automotive market position in China while JLR has unrivalled heritage and design strength—creating mutually beneficial prospects for the future.

Aditya Birla Digital Fashion Ventures Limited (ABDFVL), a wholly owned subsidiary of the Aditya Birla Fashion & Retail, has executed a binding offer letter with Universal Sportsbiz Private Limited for a minority investment with an option for a path to majority stake acquisition in USPL, comprising of manufacturing and distribution of fashion apparels, footwear and accessories, under the brand ‘Wrogn’ .

Indian Oil has entered into a joint venture agreement with GPS Renewables Private Limited, one of the leading biofuels companies in the country. This association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.

Gensol Engineering has received the second tranche under greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for standalone Battery Energy Storage Systems (BESS) project to reach 500 MW / 1000 MWh. The project, including first and second tranche, will generate a total revenue of INR ₹2,685 crore over the 12-year battery energy storage purchase agreement tenure.

Kato Works has partnered with Action Construction Equipment to penetrate the Indian construction equipment market. The collaboration aims to leverage Kato’s advanced technology and ACE’s local market expertise.

Blue Dart, South Asia’s leading courier and integrated express package distribution company, has successfully launched drone deliveries in collaboration with Skye Air, a leader in drone technology. This move marks a significant advancement towards cleaner and more efficient delivery solutions. Building on their pioneering VLOS trials in Vikarabad, Hyderabad, in September 2021, and BVLOS trials under the Telangana government’s ‘Medicine from the Sky’ initiative, Blue Dart continues to lead in utilising drone technology for logistics.

Allcheckdeals India Pvt. Ltd, a wholly owned subsidiary of Info Edge (India) Ltd has agreed to invest an amount of ₹1 crore in its wholly owned subsidiary—NewInc Internet Services Private Limited, a step down wholly owned subsidiary that is engaged in the business of providing all kinds and types of internet, computer and electronics data processing services.

The Madhya Pradesh government on Wednesday suspended the licence of Som Distilleries after child labourers were rescued from its unit in Raisen district. Som Distilleries manufactures and distributes beer, India-made foreign liquor and ready-to-drink beverages.

Brigade Group has announced that it would develop a third tower of the World Trade Center (WTC) at Infopark Kochi. The ₹150-crore project will be developed by Brigade Group. The new tower will be 16 storeys high with a car-park of six decks. It will come up on the non-SEZ plot with a built-up space of 2.6-lakh-square feet. This new tower of WTC will generate around 2,700 direct jobs and the project is expected to complete in three years.

An FIR registered by Central Bureau of Investigation (CBI) under various sections of Prevention of Corruption Act against four officials of the PNC Infratech. All the operations of the company, including its core operations at construction sites all over India, are functioning without any impediment and continue to remain fluent, per a statement. However, it is not possible for the company at this stage to assess the inpact of the aforesaid matter, if any, the statement added.

Godrej Group has received approval of the Competition Commission of India for family arrangement. The proposed combination relates to realignment of interests, legal ownership, and management of various entities within the Godrej group pursuant to an inter-se arrangement between the members of the family branches viz., Adi Godrej and family (ABG Family), Nadir Godrej and family (NBG Family), Jamshyd Godrej and family (JNG Family) and SmitaCrishna and family (SVC Family). GILAC Group Entities include: (a) Godrej Industries Limited (b) Godrej Consumer Products Limited (c) Godrej Properties Limited (d) Godrej Agrovet Limited (e) Godrej Seeds & Genetics Limited (f) Innovia Multiventures Private Limited (g) Astec LifeSciences Limited and (h) Anamudi Real Estates LLP. G&B Group Entities include (a) Godrej & Boyce Manufacturing Company Limited; (b) Godrej Holdings Private Limited; (c) Godrej Infotech Limited; and (d) RKN Enterprises.

Sun Pharmaceuticals has received Warning Letter from USFDA for its Dadra facility. The Warning Letter summarises violations with respect to Current Good Manufacturing Practice (cGMP) regulations. The contents of the Warning Letter will be made public by the USFDA in due course.

TTK Prestige has signed an agreement with a globally reputed consultant to assist the company to redraw its blueprint for a 5-year long-term strategy and plan. The company will be spending in the range of around ₹12 crore over the next 6 months for this exercise.

Eimco Elecon (India) Limited has received an order of ₹33.11 crore (excluding GST) from The Singareni Collieries Company Limited for supply of coal mining equipment. The execution of the contract is to be done based on staggered delivery, on or before 28th February, 2025.

GSEDPL, subsidiary of the GMR Power and Urban Infra, has entered into a Definitive Agreement with BOSCH Global Software Technologies. As part of the arrangement, BGSW has executed definitive agreements with GSEDPL whereby it will be investing 10 per cent equity capital in each of the three project SPVs, with GSEDPL holding the balance 90 per cent of the equity capital of these SPVs. BGSW with its expertise in IoT and connected products will create a robust system architecture that connects these smart meters to cloud and IT infrastructure.

KEI Industries has said that operations of the plants situated at Rakholi and Chinchpada are partially affected due to stoppage of production, in view of strike announced by Labour w.e.f. 19th June, 2023. However, there is no strike at other plants.

MAS Financial Services is planning to raise up to ₹400 crore via QIP, with a green shoe option to increase the size to ₹500 crore, according to market buzz. Likely offer price is ₹286.25 

Aayush Wellness Ltd, erstwhile Aayush Food and Herbs Ltd, a leading organisation in the health and wellness solutions industry got approval from its Board of Directors for sub-division/split of its existing fully paid-up equity shares. This strategic move involves the sub-division of one share having a face value of ₹10 each into 10 equity shares with a face value of ₹1 each.

Stocks to Watch

Som Distilleries And Breweries: The Madhya Pradesh government suspended the license of Som Distilleries due to concerns about child labour. SDPL is part of the Som Group of companies, which also has Som Distilleries and Breweries Ltd., a listed firm, under its umbrella.

Indian Oil Corporation: The company entered a joint venture with GPS Renewables for

Sustainable Energy Solutions.

Sun Pharmaceutical Industries: The company received a warning letter from the US FDA for the Dadra facility. The US FDA warning letter summarises current good manufacturing practice regulations.

Eimco Elecon (India): The company received an order worth Rs 33.11 crore from The Singareni Collieries Company for the supply of coal mining equipment.

PNB Housing Finance: The company’s holders offer 1.08 crore shares at a floor price of Rs 773 apiece, as per Bloomberg.

Chemplast Sanmar: The board is to meet on June 24 to consider fundraising.

Kaynes Technology India: The company incorporated a wholly owned subsidiary named Kaynes Holding.

Godrej Industries: CCI approved the proposed family group re-alignment.

Avenue Supermarts: The company has opened a new store in Tamil Nadu today. The total number of stores as of date stands at 369.

PNC Infratech: The company’s MD and Director appeared before CBI. The company’s operations are functioning without any impediment. The company will cooperate with law enforcement agencies.

Sapphire Foods India: The board approved splitting each share into 5.

IPO Offering

DEE Development Engineers: The public issue was subscribed to 2.51 times on day 1. The bids were led by institutional investors (0.02 times), non-institutional investors (5.29 times), retail investors (2.68 times), and employees reserved (7.05 times).

Akme Fintrade India: The public issue was subscribed to 3.01 times on day 1. The bids were led by institutional investors (0.02 times), non-institutional investors (5.15 times), retail investors (4.17 times), and employees (0.56 times). 

Block Deals

Advanced Enzyme Technologies: Motilal Oswal Financial Services bought 1.1 crore shares (9.88%) at Rs 385 apiece, while Orbimed Asia Iii Mauritius sold 1.1 crore shares (9.88%) at Rs 385 apiece. 

Piramal Enterprises: Anutham Realty bought 1.08 crore shares (4.54%) at Rs 900.8 apiece, while The Srikrishna Trust sold 1.08 crore shares (4.54%) at Rs 900.8 apiece.

Sansera Engineering: Client Ebene Limited sold 50.3 lakh shares (9.43%) at Rs 1200 apiece, Cvcigp Ii Employee Ebene Limited sold 12.23 lakh shares (2.29%) at Rs 1,200 apiece, while Custody Bank Of Japan Ltd. Re Rb Amundi India Small Cap Equity Mother Fund bought 10.93 lakh shares (2.05%), DSP Mutual Fund bought 20.83 lakh shares (3.89%), Societe Generale bought 3.58 lakh shares (0.67%), SBI Mutual Fund bought 3.64 lakh shares (0.68%) and among others at Rs 1,200 apiece. 

Bulk Deals

AU Small Finance Bank: Westbridge Aif I sold 1.3 crore shares (1.94%) at Rs 650.08 apiece, while Goldman Sachs Investments Mauritius I Ltd. bought 43.34 lakh shares (0.64%) at Rs 650 apiece. 

BLS E-Services: Minerva Ventures Fund sold 4.70 lakh shares (0.52%) at Rs 281 apiece. 

Dhampur Sugar Mills: Goel Anil Kumar sold 3.5 lakh shares (0.52%) at Rs 243.02 apiece. 

Indus Towers: Vodafone Telecommunications India sold 26.56 crore shares (9.86%) between Rs 315.99 apiece and 325 apiece; Al-Amin Investments sold 2.08 crore shares (0.77%) at Rs 314.54 apiece; and Asian Telecommunication Investments (Mauritius) Limited sold 2.51 crore shares (0.93%) at Rs 311.4 apiece. Prime Metals Limited offloaded 5.6 crore shares (2.07%) at Rs 311.51 apiece and Mobilvest sold 4.29 crore shares (1.59%) at Rs 311.4 apiece. On the other hand, Authum Investment And Infrastructure Limited bought 1.49 crore shares (0.55%) at Rs 321.81 apiece, Bharti Airtel Limited bought 2.69 crore shares (0.99%) at Rs 320 apiece, Ghisallo Capital Management LLC bought 1.98 crore shares (0.73%) at Rs 311.4 apiece and SBI Mutual Fund bought 3.58 crore shares (1.32%) at Rs 311.4 apiece. 

Gland Pharma: Fosun Pharma Industrial sold 99 lakh shares (6.01%) at Rs 1,771.81 apiece, while Ubs Principal Capital Asia Limited bought 8.25 lakh shares (0.5%) at Rs 1771.05 apiece.

Insider Trades

Jindal Stainless: Promoter Sarika Jhunjhnuwala sold 15,000 shares on June 14. 

KNR Constructions: Promoter Kamidi Narsimha Reddy sold 55 lakh shares between June 14 and 19, and Promoter Kamidi Jalandhar Reddy sold 5 lakh shares on June 18. 

Amber Enterprises India: Promoter Kartar Singh sold 1.5 lakh shares on June 18. 

Redtape: Promoter Rashid Ahmed Mirza bought 32,500 shares on June 18. 

Trading Tweaks

Price band revised from 5% to 2%: Diamond Power Infrastructure. 

Ex/record Dividend: eMudhra, Larsen & Toubro. 

Ex/record AGM: Tejas Networks, Bajaj Hindustan Sugar, Orient Green Power, eMudhra. 

Moved into short-term framework: JNK India, Max Estates.

Shaily Engineering Plastics Ltd.

LIGHTHOUSE INDIA II| EQUITY INVESTORS LIMITED sold 20,20,105 at Rs. 675.03

MOTILAL OSWAL MUTUAL FUND bought 12,50,000 at Rs. 675.00

MOTILAL OSWAL MUTUAL FUND bought 7,13,9 58 at Rs. 675.00

Sansera Engineering Ltd.

Mathew’s Pacific Fund

Matthews India Fund bought 2,08,337 at Rs. 1,200.00 

Advanced Enzyme Technologies Ltd.

MOTILAL OSWAL FINANCIAL SERVICES LIMITED bought 1,10,53,245 at Rs. 385.00

AU Small Finance Bank Ltd.

GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD bought 43,34,080 at Rs. 650.00

* BALRAMPUR

* CHAMBAL

* HAL

* HINDCOPPER

* INDUSTOWER

* INDIACEM

* PEL

* SAIL

APIS, PARSWANATH

Accenture plc (Pre market) (Sector- Technology) 

Kroger Company (Pre market) (Sector- Miscellaneous) 

Darden Restaurants, Inc. (Pre market) (Sector- Hotels) 

Jabil Inc (Pre-market) (Sector- Technology)

06:45 CHINA 5-Y Loan Rate (Expected: 3.95% versus Previous: 3.95%) 

16:30 UK BOE Monetary Policy (Expected: 5.25% versus Previous: 5.25%) 

18:00 US Unemployment Claims (Expected: 240K versus Previous: 242K) 

18:00 US Building Permits (Expected: 1.46M versus Previous: 1.44M)

With this the stake of Axis entities in Max Life to increase to 19.99% from 19.02%.

PMAY: 

➝ From 2015-2024, disbursed Rs. 42000cr. 

FY25 Guidance:

➝ Disbursals at Rs. 75k cr 

➝ AUM +10% to 12% 

➝ NIMs at 2.7% to 2.9%

Private sector banks: steady power of compounding story.

PSU banks, NBFCs, Insurance face regulations, declining fundamentals

Banks: We upgrade KMB (Kotak Bank) and CUBK (City Union Bank) from Neutral to Outperform.

NBFCs: Downgrade BAF (Bajaj Finance), CIFC (Chola Finance), MMFS (Mahindra Finance) from Neutral to Underperform

Insurance: Upgrade SBI Life to Outperform from Neutral

Uno Minda (UNOI.BO) Switching the lights on in alloy wheels and EVs; initiate at Buy (12-m TP of Rs1,350 implies +28% upside)

C.E. Info Systems (CEIF.BO) Mapping India’s digital mobility journey; initiate at Buy (12-m TP of Rs2,800 implies +40% upside).

Tata Technologies (TATE.BO) Better entry points ahead; initiate at Sell (12-m TP of Rs900 implies -12% downside).

--The MSP for Paddy has been set as Rs 2300/Quintal versus Rs 2183/Quintal

-- The MSP for Bajra has been set at Rs 2625/Quintal versus Rs 2500/Quintal

-- The MSP for Jowar has been set at Rs 3371/Quintal versus Rs 3180/Quintal

--The MSP for Raagi has been set at Rs 4290/Quintal versus Rs 3836/Quintal

--The MSP for Maize has been set at Rs 2225/Quintal versus Rs 2090/Quintal

-- The MSP for Medium Staple Cotton has been set at Rs 7121/Quintal versus Rs 6690/Quintal

--The MSP for Moong has been set at Rs 8682/Quintal versus Rs 8558/Quintal

--The MSP for Urad has been set at Rs 7400/Quintal versus Rs 6950/Quintal

--The MSP for Tur/Arhar has been set at Rs 7550/Quintal versus Rs 7000/Quintal

--The MSP for Niger Seed has been set at Rs 8717/Quintal versus Rs 7734/Quintal

--The MSP for Groundnut has been set at Rs 6783/Quintal versus Rs 6377/Quintal

--The MSP for Soybean has been set at Rs 4892/Quintal versus Rs 4600/Quintal

--The MSP for Sunflower Seed has been set at Rs 7280/Quintal versus Rs 6760/Quintal

--The MSP for Sesamum has been set at Rs 9267/Quintal versus Rs 8635/Quintal

Turnover: (NSE + BSE)

Cash Volume: 176830.13 + 13129.59 Total : 189959.72

F&O Volume: 739872.59 + 302535.46 Total : 1042408.05

Provisional Cash

FII/FPI: NET BUY: +7908.36 

(24852.22 - 16943.86) 

DII: NET BUY: +7107.8 

(22548.24 - 15440.44)

Muthoot Microfin Limited (MUTT.NS) | A differentiated MFI model with focus on underwriting

Muthoot Microfin (MUTHM) follows a differentiated microfinance model – independent credit manager at each branch, credit scorecard model for underwriting, natural catastrophe cover for its clients, separate collections team, high share of digital collections (26%) and a high penetration of its mobile APP (1.6mn downloads). The benefits are visible in its superior credit quality (among the lowest write-offs over FY21-24). It has further improved its business strength by diversifying geographically (largest state share declined from 36% as of Mar’18 to 26% as of Mar’24). It has delivered AUM CAGR of 23% in the last five years, with an avg RoA/RoE of 3.5%/15.7% over the past two years. Its top management has remained stable (~87% of top management has 5 years+ vintage). AUM growth is granular with client base growing at 16% 5Y CAGR. We forecast AUM CAGR of 24% and profitability (~18% RoE) over the next 3 years. Initiate at BUY with TP of Rs 350 (45% upside).

Recent Interview

AGS Transact Techno: Ravi B. Goyal, Founder and CMD

AGS Transact Technologies Ltd’s Strategic Shift: Digital Expansion and Debt Reduction Focus

https://www.youtube.com/watch?v=HvJiQaCVkRk

CenturyPlyboard: Keshav Bhajanka, ED

Expect The Thrust On Hsg From The Govt To Continue In The Budget: Century Plyboards

https://www.youtube.com/watch?v=uWtuPXlsogQ

LIC Housing Fin: Tribhuwan Adhikari, MD & CEO

24,000 Cr Was Announced For Urban Hsg, Expect Govt To Hike Number In Upcoming Budget: LIC Hsg Fin

https://www.youtube.com/watch?v=ST8P0rO_h3I

Mishra Dhatu Nigam: SK Jha, CMD

Exports Are Picking Up, Will Be 2x Of What The Company Did In FY24: Mishra Dhatu Nigam

https://www.youtube.com/watch?v=0lO4hn91B88

Titan Company: Ajoy Chawla, CEO-Jewellery Division

India’s Luxury Jewellery Market Grows At 30% CAGR While Zoya Grows 40% in Last 4 Years: Titan

https://www.youtube.com/watch?v=I9sCOykljqE

Aurionpro Sol: Ashish Rai, Vice Chairman

Our Orderbook Continues To Remain Strong And Demand Is Also Strong Currently: Aurionpro Solutions

https://www.youtube.com/watch?v=Bf-yWUNgKo0

Gravita India: Navin Sharma, CEO

Growth In Lithium-Ion Batteries & Steel Will Start Contributing In Bigger Way In 2027: Gravita India

https://www.youtube.com/watch?v=phBcyjh0zDY

IIFL Finance: Kapish Jain, CFO

Have Addressed All Of RBI’s Concerns; We Have Lost Biz In Gold Loans In The Short Term: IIFL Finance

https://www.youtube.com/watch?v=g7jIEdEPpx4

M&M: Dr. Anish Shah, MD & CEO

Looking At Leveraging The Mahindra Brand In The Real Estate Space Via Mahindra Lifespaces: M&M

https://www.youtube.com/watch?v=EBBygokAzRM

ZAGGLE PREPAID OCEAN SERVICES: Raj N, Founder & Executive Chairman

See Tremendous Tailwinds And 50% Growth For Next 2 To 3 Years: Zaggle Prepaid Ocean Services

https://www.youtube.com/watch?v=Brsx7e6JASw

Events today

https://www.researchbytes.com/Default.aspx?cc=event

Results today

https://www.researchbytes.com/Default.aspx?cc=result

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

The stock of Sun TV Network began its latest leg of uptrend in early April after taking support at ₹600.

The rally accelerated in June, surpassing resistance at ₹700 and ₹750. Although the stock has been staying sideways over the past few sessions, the chart shows that there is considerable room for the upside to appreciate. The nearest notable resistance can be spotted at ₹950.