Share Market Highlights 26 June 2024: Sensex-Nifty hit all-time high as trading session closes in green ; Reliance Industries, Bharti Airtel, Ultratech Cement, Grasim among top gainers

The rupee depreciated 17 paise against the US dollar and settled at 83.60 (provisional) on Wednesday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.

BSE Sensex climbed 620.73 pts or 0.80 per cent to close at 78,674.25 on Wednesday, and Nifty 50 was up 147.50 pts or 0.62 per cent to close at 23,868.80.

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The board of Hindustan Aeronautics (HAL) on Wednesday recommended an increase in authorised share capital of the company from ₹600 crore to ₹700 crore. The same is subject to shareholders approval.

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ITD Cementation India Limited has secured a marine contract worth ₹1,082 crore, including taxes and duties.

Read more here.

A total of 3,998 stocks were actively traded, 1,858 advanced, while 2,011 declined and 129 stocks remained unchanged where 294 stocks hit a 52 week high and 24 stocks hit a 52 week low at 3.24 pm on Wednesday on the BSE.

The preferential issue pertains to 2,89,85,503 equity shares of face value ₹10 each at an issue price of ₹138 per share inclusive of a premium of ₹128 per share, aggregating up to ₹400 crore to non promoter entities; and upto 4,48,27,582 convertible warrants, each carrying a right to subscribe to one share of face value ₹10 each at a price of ₹145 per warrant inclusive of premium of ₹135 per equity share for each convertible warrant.

Shares declined by 1.36 per cent on the NSE to trade at ₹169.54 as of 2.29 pm.

Tantia Constructions Limited secured a contract worth ₹7.39 crore from the Government of Tripura for constructing residential quarters for judicial officers in Kailashahar, Tripura. 

The contract covers multiple construction aspects including water supply, sanitation, drainage, and electrification, with completion expected in 540 days. The stock trades at ₹56.10 down by 5% on the BSE.

Dharni Capital Services Limited approved the acquisition of 49.28% shares in Dhanayu Finance Private Limited for ₹6.11 crore in cash and appointed Bagrodia & Co. as its new internal auditor, pending RBI approval for the new entity’s operations. The stock trades at ₹47 up by 4.44% on the BSE.

Indag Rubber Limited disclosed receiving a Show Cause Notice from the Assistant Commissioner of State Tax, Raipur, Chhattisgarh, demanding ₹29.19 lakh for GST discrepancies in the financial year 2020-21. The company intends to respond within the stipulated timeline. The stock trades at ₹187 up by 0.97% on the BSE.

Vijaya Diagnostic Centre Limited and Medinova Diagnostic Services Limited approved their merger, aiming to integrate diagnostic services and create synergies. VDCL, holding a majority stake in MDSL, plans to issue 1 equity share for every 22 held in MDSL upon merger completion, subject to regulatory approvals.

The move aims to enhance operational efficiencies and maximize shareholder value through combined resources. The stock trades at ₹756.50 down by 1.85% on the BSE.

State Bank of India raised ₹10,000 crore through its fifth infrastructure bond issuance, oversubscribed by 4 times with bids totaling ₹19,884 crore. The funds will bolster infrastructure and affordable housing financing. The shares were up by 0.59% to ₹846.85 on the BSE.

Bajaj Auto’s subsidiary started commercial production at its new manufacturing plant in Manaus, Brazil, with an annual capacity of 20,000 units. The facility includes engine and vehicle assembly along with testing capabilities. The shares were down by 1.69% to ₹9,499.45 on the BSE.

Godrej Consumer Products (₹1,410): The stock, which has been on a decline over the past few weeks, seems to have ended the correction phase. It has been gaining this week on the back of the support at ₹1,350, where the 20-day moving average coincided.

The price action on the daily chart shows that the broader trend is bullish. The upswing so far this week indicates that the stock has resumed its upward trajectory. In the short term, the stock of Godrej Consumer Products can appreciate to ₹1,500.

Nazara Technologies Ltd.’s publishing partner, nCore Games announced the release of FAU-G: Domination, expanding the FAU-G franchise with military aesthetics and Indian characters. Pre-registrations for the game to open on Google Play and App Store later in 2024. The stock trades at Rs 842 down by 1.16% on the BSE.

Nazara Technologies Ltd.’s publishing partner, nCore Games announced the release of FAU-G: Domination, expanding the FAU-G franchise with military aesthetics and Indian characters. Pre-registrations for the game to open on Google Play and App Store later in 2024. The stock trades at Rs 842 down by 1.16% on the BSE.

Kirloskar Oil Engines Ltd announced relocation of Farm Mechanization operations to Rajkot and closure of Kagal unit, aiming for operational efficiency by August 31, 2024, impacting 1.82% of turnover. Additionally, Kagal Plant II’s operations will merge with the main plant, affecting 1.3% of turnover. The stock trades at Rs 1,400 up by 1.89% on the BSE.

Intellect Design Arena Ltd secured top positions in global categories at IBS Sales League Table 2024: Retail Core Banking (6th year), Transaction Banking (5th year), and Retail Lending (3rd year), alongside rankings in 8 fintech categories. The stock trades at Rs 1,053 down by 2.16% on the BSE.

A total of 3,884 stocks were actively traded, 2,065 advanced, while 1,669 declined and 150 stocks remained unchanged where 261 stocks hit a 52 week high and 20 stocks hit a 52 week low at 12.23 pm on Wednesday on the BSE.

Major gainers on the NSE at 12.20 pm include- Ultratech cement (3.34%), Reliance industries (2.12%), Maruti Suzuki (1.30%), Bharat petroleum corporation (1.25%), Kotak Bank (1.22%)

Major losers include- Apollo Hospitals (-1.63%), Bajaj Auto (-1.30%), Hindalco industries (-1.25%), Tata Steel (-1.18%), Cipla (-0.75%)

Waaree Renewable Technologies Limited, a subsidiary of Waaree Energies Limited, secured a Letter of Award for a 1.090 MWp DC solar power project on a turnkey basis, valued at approximately Rs 4.122 crore, scheduled for completion in FY 2024-25, from a domestic entity. The shares were down by 1.36% to Rs 1,959 on the BSE.

Virtualsoft Systems Limited announced the acquisition of Empyrean Spirits Private Limited through a share swap, making ESPL its wholly owned subsidiary. Additionally, the company plans to raise funds by issuing equity shares and fully convertible warrants. The stock trades flat on the BSE.

DEE Development Engineers, a leader in the specialized process piping solutions industry, witnessed a remarkable stock market debut, exceeding pre-listing expectations. The company is listed at Rs. 339 per share, a staggering 67% premium over its issue price of Rs. 203. This impressive performance surpasses the anticipated strong listing, fueled by the overwhelming investor response during the IPO.

DEE’s strong competitive edge, established clientele, diverse product portfolio, robust order book, and consistent financial performance likely fueled investor enthusiasm. DEE’s exceptional listing performance signifies strong investor confidence in the company’s future prospects. However, it’s crucial to maintain a balanced perspective now. Though we have a long-term view for this company, a stop-loss level of 300 could be maintained.

Shares of non-banking finance company Akme Fintrade (India) Ltd listed nearly 6 per cent higher on Wednesday against the issue price of Rs 120.

The stock began the trade at Rs 125.70, reflecting a jump of 4.75 per cent from the issue price on the BSE. It later climbed 9.95 per cent to Rs 131.95.

At the NSE, shares of the company listed at Rs 127, up 5.83 per cent.

The company’s market valuation stood at Rs 563.10 crore.

Bank Nifty began today’s session higher at 52,653 versus yesterday’s close of 52,606. But, it declined after opening and is currently hovering around 52,420, down 0.3 per cent.

The advance/decline ratio gives a bearish undertone for the index as it stands at 3/9. Bandhan Bank, up 1.8 per cent, is the top performer whereas HDFC Bank, down 0.9 per cent, is the top loser.

Nifty is trading lower. It is currently trading at 23,694, down 0.14 per cent. The advances/declines ratio is at 23:27. It will have to be seen if this ratio is turning in favour of the advances during the day. If that happens, then we can Nifty moving higher again today.

Crude oil futures traded higher on Wednesday morning despite industry data showing increase in inventories in the US.

At 9.54 am on Wednesday, September Brent oil futures were at $84.61, up by 0.46 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $81.22, up by 0.48 per cent.

The shares were down by 0.79% to ₹1,697.40 on the BSE, while on the NSE, the stock traded at ₹1,697.60, down by 0.80%.

Radico Khaitan launched the Jaisalmer Indian Craft Gin ‘Gold Edition,’ featuring saffron and gold filtration for the luxury gin market in India. It is priced between ₹4,000 and ₹7,000 and will debut in Uttar Pradesh and expand to Delhi, Rajasthan, Maharashtra, and Karnataka in July. The shares were up by 0.01% to ₹1,818

Meghna Infracon Infrastructure Limited has launched a new residential project, “Rivaan,” in Goregaon West, Mumbai, covering 1 lakh square feet. The project offers 1 and 2 BHK residences along with commercial units on the first floor. The shares surged 11.72% to ₹439.55 on the BSE.

Samvardhana Motherson International Limited’s subsidiary, SMRC Automotive Holdings Netherlands B.V., plans to issue US dollar-denominated senior secured guaranteed notes under Rule 144A of the U.S. Securities Act of 1933. The shares were up by 0.34% to Rs 193.40 on the BSE

Top gainers on the NSE at 9.30 am include - Ultratech cement (2.19%), icici bank (1.01%), Ltimindtree (0.92%), Larsen and toubro (0.90%), Bharat petroleum corporation (0.78%)

Top losers include- Apollo Hospitals (-1.56%), Hindalco industries (-1.25%), Mahindra and Mahindra (-1.14%) Tata Steel (-1.01%), Hero Motocorp (-0.98%)

Crude oil futures traded higher on Wednesday morning despite the industry data showing increase in inventories in the US. At 9.33 am on Wednesday, September Brent oil futures were at $84.62, up by 0.47 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $81.25, up by 0.52 per cent. July crude oil futures were trading at ₹6782 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday morning against the previous close of ₹6771, up by 0.16 per cent, and August futures were trading at ₹6737 against the previous close of ₹6736, up by 0.01 per cent.

Buy, TP Rs 1490

Management meeting takeaways 

Mid to high teens growth in FY25 

Competitive intensity high, but Co to continue discounting discipline 

BIS certification-related supply chain disruption unlikely 

Fila brand re-positioning to accelerate from FY26

Buy, TP Rs 870

Recent capacity expansion across categories (switch gears, transformers and motors) will ramp up its export revenue, and CG Power is targeting newer geographies in upcoming years.

Downgrade to Neutral,TP Rs 1750 

Strong narrative; upside Ltd 

Potential beneficiary of govt schemes 

Priced in fragmented competition but still making dent 

Believe there is risk to consensus earnings expectation but given strong narrative,multiples may hold

Extra emphasis is on EAF is leading to rise in scrap prices which Iron ore can also rise in coming months

Pellet premiums to remain high in long run 

Like Iron ore miners & pellet makers 

NMDC remains top pick

Prefer Godrej and Prestige based on their FY24/25 pre-sales growth momentum and cheaper valuations.

Lack of launches will mean muted 1QFY25 for industry. 

On a relative basis, expect DLF, Oberoi and Godrej to see stronger 1Q sales.

EW, TP Rs 280

CFO Vivek Karve, has tendered his resignation 

He will be with Co till Oct 31 until declaration of 2QF25 results 

Management also highlighted that it is in process of identifying a suitable candidate for succession

EW, TP Rs 750

May spending market share rose 27bps MoM, to 16.0%. 

Its YoY growth at 11% was higher sequentially (+1% YoY in April), but remains below 17% for the industry, reflecting impact of RBI’s recent notification on corporate card spending 

OW, TP Rs 1115

JLR’s retails in May outperformed luxury peers’ in US, EU & China 

Inventories in China have declined on a sequential basis. 

Stock could re-rate over medium term as its b/s strengthens & EPS volatility reduces 

Buy, TP Raised to Rs 240

Gold LTVs lowest in four years; even a modest increase can grow its book by 10% 

Raise gold loan growth estimates but cautious of MFI 

Buy, TP Rs 1350 

BK seeing healthy deposit growth & opex is in check 

Bank’s 20% deposit growth in FY24 is among best of large banks, its LDR is at lower end of peers & opex growth slowed to 13% (core) in 4Q. 

These can help deliver healthy earnings growth 

Expect an eventful 2H, likely marked by several +ves

1) Tariff hikes 

2) Potential 5G monetisation 

3) VI capex revival & granularity on its tower addition plans 

4) Dividend resumption by Indus & possible corp action 

5) Progress on AGR case 

Bharti Airtel - Buy, TP Rs 1520 

Indus Tower - Buy, TP Rs 450 

Voda Idea - Neutral, TP Rs 15 (bull case TP Rs 25) 

U.S. stocks closed mixed on Tuesday after a rebound in Nvidia Corp. shares helped the S&P 500 and Nasdaq Composite break their three-day losing streak while the Dow Jones Industrial Average suffered its worst day in nearly a month. Stocks outside of the tech sector fell broadly, with eight of the 11 sectors in the S&P 500 finishing in the red.

US Federal Reserve Governor Michelle Bowman said she sees a number of upside risks to the inflation outlook. Her colleague Lisa Cook said it will be appropriate to reduce rates “at some point,” adding that she expects inflation to improve gradually this year.

Investors are likely to keep buying into US stocks at the sign of any pullback as the Fed edges closer to reducing interest rates, according to Societe Generale SA, which anticipates the easing cycle will begin in early 2025.

India’s external debt ratio improved to the best level in 13 years in FY24, declining to 18.7 percent of the GDP from 19 percent in the previous year, according to data released by the Reserve Bank of India on June 25. India’s debt servicing improved during this period, rising to 6.7 percent from 5.3 percent in the previous year. The country’s foreign exchange to debt ratio improved to 97.4 percent in FY24 from 92.7 percent in the previous year.

US consumer confidence fell slightly in June and reflected the ongoing uncertainty among Americans about the future of the economy. The consumer-confidence index slipped to 100.4 this month from a revised 101.3 in May. Economists polled by the Wall Street Journal had forecast the index to register 100 in June.

Stocks in Asia were muted on Wednesday as Federal Reserve officials said they wanted more evidence of cooling inflation before lowering interest rates.

A rally in the banking stocks pushed Nifty to hit another record - 34th time this year though a host of other sectors ended in the negative. At close, Nifty was up 0.78% or 183.5 points at 23.721.3. Nifty broke out upwards and formed a long bull candle on June 25. It made a new high and closed near the intra day high. Nifty could now head towards 23960 while 23350 could offer support in the near term.

“In yesterday’s trade, Nifty surged to a new all-time high at 23,754.15, boosted by improved risk-on sentiments, while Bank Nifty also performed impressively. RBI Governor Shaktikanta Das is confident of India’s growth reaching 7.2% this fiscal year. Nifty’s key support is at 23,591, with resistance at the 24,000 mark. The 5G spectrum auction saw bids worth ₹11,000 crore on the first day. Upcoming US catalysts include the May PCE Price Index and March quarter GDP figures. Recommended trades include buying Nifty and Bank Nifty at current levels with specified targets and stop losses. HDFC AMC is a top stock pick, with a buy recommendation at CMP and targets of 4,203/4,351, citing momentum play.”

Shrikant Chouhan, Head Equity Research, Kotak Securities:

On Tuesday, the benchmark indices hit a new all-time high of 23754.15/78164.71. Nifty closed 183 points higher, while Sensex was up 712 points. Among sectors, banking and financial indices performed well, gaining over 1 per cent, while the Realty index saw a decline of nearly 2 per cent. From a technical perspective, the market maintained positive momentum throughout the day after a strong opening.

A bullish candle on the daily chart and a higher bottom formation on the intraday chart indicate a continuation of the uptrend. For the market, 23600-23500/77500-77300 will be a crucial support zone for deciding the trend. As long as the index is trading above 23500/77300, the positive sentiment is likely to continue. On the higher side, 23835-23900-24000/78500-78700-79000 would be the immediate resistance levels. However, a drop below 23500/77300 could weaken the uptrend, possibly leading to a retest of 23400-23350/76900-76800.

Buying around 23630/23600 levels is advisable with a stop loss below 23500.

The Bank-Nifty surged above the level of 52000 and closed at the day’s highest point. Buying is advisable if it corrects back to 52000/52100 levels. On the higher side, it could move towards 53000/53200 levels.

Today, Indian benchmark indices Sensex and Nifty opened slightly lower, trading near their all-time highs. Financial stocks are drawing attention following their recent rally and favourable valuations. In early trading, the 30-share BSE Sensex declined by 70.12 points to reach 57,983.41, while the NSE Nifty dropped 23.15 points to 23,698.15.

Financials and private banks, which have been underperforming since the beginning of 2023, saw an upturn in June, with each rising about 8 per cent, compared to a 5 per cent gain in the Nifty 50.

Analysts have stated that the market momentum remains positive with money flowing into heavy-weight banking stocks, where valuations and earnings outlook are relatively attractive.

According to exchange data, foreign investors made a significant move in the market on Tuesday by buying Indian shares and adding ₹1,176 crore. On the other hand, domestic investors sold shares worth ₹149 crore, indicating differing market sentiment.

While Asian markets remained subdued, semiconductor and related stocks surged following an overnight rally in the shares of AI chipmaker Nvidia on U.S. markets.

Silver prices dipped, reaching six-week lows and followed weakness in other precious metals as caution prevailed ahead of US PCE inflation data this week, which might impact the Federal Reserve’s monetary policy outlook. Precious metals have recently been under pressure due to increased uncertainty about the outlook for interest rate cuts, with the US Federal Reserve unlikely to cut rates as aggressively as markets had anticipated. San Francisco Fed President Mary Daly stated that the central bank should not lower interest rates until it is convinced that inflation will reach 2%, but more policymakers are recognising mounting economic threats. Softer demand in the leading silver consumer China also weighed on mood, as overcapacity in solar panel manufacturing is projected to reduce industrial demand for the metal.

Gold sank to about $2,310 as markets digested further aggressive comments from Federal Reserve officials regarding the prospects for interest rate cuts. Fed Governor Lisa Cook remarked that a rate decrease will be appropriate at some time, although the timing is unknown, while Fed Governor Bowman stated that she does not expect any rate cuts this year. This comes on top of robust US business activity statistics from last week, which reached a 26-month high in June, adding to hawkish pressure. 

Ahead of the first full budget of the Modi 3.0 government, Corporate India has once again strongly advocated for the removal of the Buy-back Tax (BBT) imposed on listed shares repurchased by a company through open market transactions on recognized stock exchanges.

This recommendation has been conveyed to the Finance Ministry in the recent pre-budget consultations and also in the pre-budget memorandum submitted to the Government, sources said.

The Production Linked Incentive (PLI) scheme for the textile sector may be expanded to all garments, including those made of cotton, to enable the labour-intensive sector fully benefit from it, Textiles Minister Giriraj Singh has indicated.

“We are considering to review the PLI scheme,” Singh said at the India International Garment Fair on Tuesday. He added that the government was also considering inclusion of the garments sector in the scheme.

Competition Commission of India (CCI) has approved combination proposal involving acquisition of majority shareholding of Cigniti Technologies by Coforge Limited (Coforge).

“Commission approves acquisition of certain equity shares (majority shareholding) of Cigniti Technologies Limited by Coforge Limited,” said a CCI post in platform ‘X’.

In May this year, the Board of Directors of Coforge approved the acquisition of 54 percent equity stake in Cigniti Technologies at a per share price of ₹ 1,415. Coforge had also announced that it expects the acquisition process to be completed July-September 2024 quarter. 

Biocon: Kiran Mazumdar ShawChairperson and MD, Chairperson and MD

India Global Forum: Pharma Decoded, Globalization & Future Of India’s Pharma | Kiran Mazumdar Shaw

Route Mobile: Milind Pathak, Chief Business Officer

Route Mobile: Signs A Pact With Billeasy To Enable Metro-Ticketing Via WhatsApp | Milind Pathak

skygold: Mangesh Chauhan, MD and CFO

Sky Gold: Recent Acquisitions & Synergies | Focus On B2C Business, Capex Plans | Mangesh Chauhan

Adani Wilmar Ltd: Angshu Mallick, CEO

Food & FMCG Basket Will Continue To Grow Above 20%; Margin To Improve YoY: Adani Wilmar

Ami Organics: Naresh Patel, ED

Will Be Using The Funds Raised For CMO In The Healthcare Solutions Segment: Ami Organics

BLS International Services : Shikhar Aggarwal, Joint Managing Director

BLS International Added In Nifty India Tourism Index, Acquisitions & Tourism Boom

Gokaldas Export: Sivaramkrishnan Ganapathi, MD

Upswing In India’s Textile Exports + Strategic Acqns Can Double Rev In 3-5 Years: Gokaldas Exports

Gravita India: Navin Sharma, CEO

Gravita India: Stock Soars 65%+ In A Month, Market Share & Expansion Strategies

Happiest Minds: Venkatraman Narayanan, MD CFO

Have Set Up Gen AI As A Separate Business Unit With Over A Hundred People: Happiest Minds

Saksoft: Niraj Ganeriwal, CFO

Saksoft Acquires Augmento Labs, Reason Behind It & Synergies?

Events today…

Results today…

Ex/record dividend: Welspun Living, Aegis Logistics. 

Ex/record AGM: Welspun Living. 

Moved out short-term Framework: Omaxe, Vardhman Holdings. 

Moved in short-term Framework: Bajaj Hindusthan Sugar, IIFL Securities, Marine Electricals (India), Praj Industries.

Paisalo Digital: Promoter Equilibrated Venture Cflow bought 31.18 lakh shares on June 25. 

Tide Water Oil: Promoter Standard Greases & Specialities sold 2.47 lakh shares on June 24. 

Sterling and Wilson Renewable Energy: Promoter Rohiqa Cyrus Mistry sold 32,938 shares on June 20.

Gravita India: Promoter Rajat Agrawal sold 14 lakh shares on June 21. 

Happiest Minds Technologies: Ashok Soota sold 91.36 lakh shares (6%) at Rs 834.87 apiece. On the other hand, Mansi Share & Stock Advisors bought 9.3 lakh shares (0.61%) at Rs 837.57 apiece and PRB Securities bought 9.1 lakh shares (0.59%) at Rs 843.6 apiece.

Moschip Technologies: Naveed Ahmed Sherwani sold 17.69 lakh shares (0.97%) at Rs 303.32 apiece. 

Restaurant Brands Asia: Goldman Sachs Funds - Goldman Sachs India Equity Portfolio sold 47.97 lakh shares (0.96%) at Rs 104.05 apiece. 

DCB Bank: DSP Mutual Fund sold 17 lakh shares (0.54%) at Rs 140.15 apiece, while India First Life Insurance Company Limited bought 20.23 lakh shares (0.64%) at Rs 140.15 apiece. 

Dodla Dairy: Mylktree Consultants LLP sold 7.36 lakh shares (1.23%) at Rs 1,000 apiece, while Pinebridge Inv Asia Limited A/C Pb Global Funds-Pinebridge India EQ Fund bought 8.25 lakh shares (1.38%) at Rs 1,000 apiece. 

Jupiter Wagons: Copthall Mauritius Investment Ltd bought 32.79 lakh shares (0.82%) at Rs 652 apiece. 

Le Travenues Technology: Steadview Capital Master Fund bought 20.13 lakh shares (0.52%) at Rs 163.83 apiece. 

Tourism Finance Corporation of India: Giriraj Ratan Damani bought 5 lakh shares (0.55%) at Rs 200.54 apiece. 

Dhani Services: Societe Generale bought 1 crore shares (1.63%) at Rs 52.08 apiece, while Bofa Securities Europe SA sold 100 lakh shares (1.63%) at Rs 52.08 apiece. 

Ramkrishna Forgings: Societe Generale bought 31.17 lakh shares (1.94%) at Rs 920.75 apiece, while Bofa Securities Europe SA sold 31.17 lakh shares (1.94%) at Rs 920.75 apiece. 

Tilaknagar Industries: Societe Generale bought 35.3 lakh shares (1.84%) at Rs 255.45 apiece, while Bofa Securities Europe SA sold 35.3 lakh shares (1.84%) at Rs 255.45 apiece. 

*Alkem Laboratories:*Seema Singh sold 3.58 lakh shares (0.3%) at Rs 4956 apiece, while ICICI Prudential Mutual Fund bought 1.92 lakh shares (0.15%) at Rs 4956 apiece. Morgan Stanley Asia Singapore Pte bought 0.98 lakh shares (0.08%) at Rs 4956 apiece and Aditya Birla Sun Life Mutual Fund bought 0.7 lakh shares (0.05%) at Rs 4956 apiece.

Sanghi Industries: Promoter Ambuja Cements and Ravi Sanghi to sell up to 3.52% stake via OFS. Ambuja Cements is to sell up to 2.36% of the of the stake via OFS, and Ravi Sanghi is to offload up to 1.16%. The floor price of OFS has been set at Rs 90 per share. OFS is to open on June 26 for non-retail investors and on June 27 for retail investors. 

NTPC: The company is to hold a board meeting on June 29 to consider raising funds up to Rs 12,000 crore via NCDs, subject to the approval of shareholders. 

Zee Entertainment Enterprises: The NCLT permits the withdrawal of the implementation application filed for the Sony India merger.

Mindspace Business Parks REIT: The company raised Rs 650 crores from International Finance Corp. via the issuance of sustainability-linked bonds. 

Popular Vehicles And Services: The company’s unit gets a show cause notice from the Tamil Nadu Pollution Control Board for violation of water pollution regulations.

Borosil Ltd: The company raised Rs 150 crore via QIP and allotted 47.2 lakh shares at Rs 318 per share, which indicates a discount of 4.14% to the floor price.

IDBI Bank: Arun Bansal resigned as Executive Director and Head of Treasury (on contract) effective June 25. 

Vishnu Prakash R. Punglia: The company received a Rs 273.11 crore order from Uttar Pradesh Jal Nigam. 

Time Technoplast: The company received an additional order worth Rs 55 crore from Indian Oil Corporation for the supply of composite cylinders. 

Gulshan Polyols: The company has started commercial operations of ethanol at their 250 KLPD capacity grain-based ethanol plant in Goalpara, Distt. Assam. 

Yes Bank: The bank will consider raising funds via debt securities on August 23, 2024. 

Mahindra and Mahindra Financial Services: Vivek Karve resigned as CFO effective October 31. 

Mazagon Dock Shipbuilders: The Department of Public Enterprises approves the proposal for the grant of Navratna status to the company. 

Rattanindia Enterprises: Vijay Nehra resigned as COO effective June 24.

DSP Mutual Fund expects manufacturing sector to register substantial growth over the next decade with its contribution to GDP to increase three-fold to $1.66 trillion by FY34 against $459 billion logged last fiscal .

The manufacturing sector’s contribution to the GDP is expected to rise to 21 per cent by FY34 against 14 per cent in FY24. Moreover, the sector will be bolstered by lower logistics costs and improved infrastructure. 

Investments in infrastructure are set to climb to 36 per cent of GDP by FY29 against 33 per cent in FY24 sparking a ripple effect on the economy. 

Asian stocks fell on Wednesday after Federal Reserve officials indicated the need for more evidence of cooling inflation before considering interest rate cuts.

The benchmark Nikkei 225 index rose 0.41%, or 162.43 points, to 39,335.58 in early trade, while the broader Topix index edged up 0.02%, or 0.63 points, to 2,788. South Korea’s KOSPI traded almost flat, up 0.14%, or 3.94 points, to 2,778.33. Australia’s S&P/ASX 200 dropped 0.66%, or 51.40 points, to 7,787.40.

Overnight, the Nasdaq rallied 1.3% on Tuesday, driven by gains in Nvidia and other tech megacaps, while the Dow slipped as retailers struggled and investors awaited crucial inflation data due this week.

AI chip firm Nvidia surged 6.8%, rebounding after a three-session sell-off, and the broader chip sector performed well, with the Philadelphia Semiconductor index adding 1.8%.

The Dow Jones Industrial Average fell 299.05 points, or 0.76%, to 39,112.16, the S&P 500 gained 21.43 points, or 0.39%, to 5,469.30, and the Nasdaq Composite rose 220.84 points, or 1.26%, to 17,717.65.

We met with the top management team of ICICI Bank, represented by Sandeep Bakhshi, MD & CEO, Abhinek Bhargava, Head-IR, and select business heads to discuss the bank’s business outlook and other key focus areas. 

ICICI Bank is well positioned to deliver a superior performance characterised by healthy loan growth, strong asset quality and industry-leading return ratios. With a focus on building a diversified and granular portfolio, ICICI Bank reported a about 17 per cent CAGR in loans over FY22-24. The bank has adopted data analytics-driven processes for onboarding, credit assessment, and customer monitoring. 

Over the last five years, Ajanta Pharma’s ROE has improved by about 400-500bps led by buybacks. Combined, the company has concluded buyback of ₹1,100 crore during this period. 

First-to-market products remain a key driver of India growth. Nearly 50 per cent of the 300+ products that Ajanta has, are FTM. This is one of the key drivers of Ajanta’s outperformance vs IPM. During the year, Ajanta launched 15 new products, including four first-to-market.

The initial public offering of the Bengaluru-based Stanley Lifestyles was subscribed 96.98 times, thanks mainly to qualified institutional buyers and non-institutional investors (HNIs).

The ₹537-crore IPO came out with a price band of ₹351-369. With a face value of ₹2, the offer consisted of a fresh issue of ₹200 crore and an offer for sale of up to 91,33,454 shares by promoters and other selling shareholders.

The ₹1,500 crore initial public offering of Allied Blenders & Distillers Ltd. was subscribed 0.51 times or 55 per cent on Day 1 of opening on Tuesday. The IPO, which consists of a fresh issue of ₹1,000 crore and an offer for sale (OFS) of up to ₹500 crore by promoters, has a price band of ₹267-281. It closes on June 27.

Investors can bid for a minimum of 53 equity shares and multiples of 53 equity shares thereafter.

The ₹171-crore initial public offering from the Raipur-based Vraj Iron and Steel will open today and close on June 28 (Friday). The company has pegged the price band at ₹195-207. The issue is entirely fresh. The lot size is 72 equity shares and in multiples of 72 thereafter.

The company will use the IPO proceeds for expansion projects at the Bilaspur facility and general corporate purposes.

Vraj Iron and Steel has set aside a 15 per cent of the issue to non-institutional institutional investors (NII), up to 50 per cent to qualified institutional buyers (QIB), and 35 per cent to retail investors.

Shares of Dee Development Engineers will be listed at the bourses on Wednesday. The ₹418-crore IPO saw a blockbuster response from all category investors. The company has fixed the IPO price as ₹203, at the upper end of the price band.

The IPO was subscribed 99.47 times. The IPO comprised a fresh issue of ₹325 crore and an offer-for-sale (OFS) of 45.82 lakh shares by the promoter, Krishan Lalit Bansal.

Shares of Akme Fintrade India, widely known as Aasaan Loans, will be listed today. The initial public offering was subscribed 55.12 times, and the company has fixed the price as ₹120. The ₹132-crore initial public offering had a price band of ₹114-120. The entire offer was a fresh issue of 1.1 crore shares from the NBFC.

Buzzing stocks: Zee, Sanghi Cement, Ambuja Cements, , UltraTech Cement, NTPC, CE Info Sys, Tech Mahindra, Coforge, Cigniti, Alkem La, Mindspace REIT, M&M Financial, Punjab & Sind Bank, Vishnu Prakash, Time Technoplast, Gulshan Polyols, Inventure Growth, RattanIndia Enterprises

Dhani Services Ltd - Buy - Societe Generale (10mn shrs @ 52.08)

Sell - Bofa Securities Europe Sa (10mn shrs @ 52.08) 

Grasim Industries Ltd - Buy - Bofa Securities Europe Sa (1.41mn shrs @ 2517)

Sell - Bofa Securities Europe Sa (1.41mn shrs @ 2517) 

Manappuram Finance Ltd - Buy - Societe Generale (3.85mn shrs @ 194.50)

Sell - Bofa Securities Europe Sa (3.85mn shrs @ 194.50) 

Ramkrishna Forgings Ltd - Buy - Societe Generale (3.12mn shrs @ 920.75)

Sell - Bofa Securities Europe Sa (3.12mn shrs @ 920.75) 

Tilaknagar Industries Ltd - Buy - Societe Generale (3.53mn shrs @ 255.45)

Sell - Bofa Securities Europe Sa (3.53mn shrs @ 255.45) 

Moschip Technologies Ltd - Sell - Naveed Ahmed Sherwani (1.77mn shrs @ 303.32) 

Restaurant Brands Asia Ltd - Sell - Goldman Sachs Funds - Goldman Sachs India Equity Portfolio (4.8mn shrs @ 104.05) 

Sejal Glass Ltd - Buy - Nitin Siddamsetty (248k shrs @ 325)

Sell - Chandrakant V Gogri (248k shrs @ 325) 

VJTF Eduservices Ltd - Buy - Vinay Dharamchand Jain (260k shrs @ 99.80)

Sell - Kalawati Prithviraj Kothari (160k shrs @ 99.80)

Happiest Minds Technologies Ltd - Sell - Ashok Soota (9.14mn shrs @ 834.87)

Alkem Laboratories Ltd - Buyers - Aditya Birla Sun Life Mutual Fund (70k shrs @ 4956),

Icici Prudential Life Insurance Company Ltd (20k shrs @ 4956),

Icici Prudential Mutual Fund (170k shrs @ 4956),

Morgan Stanley Asia Singapore Pte (98k shrs @ 4956)

Sell - Seema Singh (359k shrs @ 4956)

Piramal Enterprises Ltd - Buy - Anutham Realty Private Limited (10.3mn shrs @ 875)

Sell - The Srikrishna Trust (10.3mn shrs @ 875)

Dcb Bank Limited - Buy - India First Life Insurance Company Limited (2.02mn shrs @ 140.15)

Sell - Dsp Mutual Fund (1.7mn shrs @ 140.15)

Dodla Dairy Limited - Buy - Pinebridge Inv Asia Limited A/C Pb Global Funds-Pinebridge India Eq Fund (825k shrs @ 1000)

Sell - Mylktree Consultants Llp (736k shrs @ 1000)

Le Travenues Technology Ltd - Buy - Steadview Capital Master Fund Ltd (2.01mn shrs @ 163.83)

Jupiter Wagons Limited - Buy - Copthall Mauritius Investment Ltd (3.28mn shrs @ 652)

Tourism Finance Corp - Buy - Giriraj Ratan Damani (500k shrs @ 200.54)

Trigyn Technologies Ltd - Buy - Ramachandra Naidu Chereddi (180k shrs @ 139.18)

FIIS F & O : RS. CRS. : 

TOTAL NET BUY : +60437 😃 

INDEX FUT. : +2698 

INDEX OPT. : +55792

STOCK FUT. : +1118

STOCK OPT. : +828

🔹SEC. IN F&O BAN FOR, 25 June, 2024 :

1. GNFC 2. INDUSTOWER 3. PNB 4. SAIL

ADDITION : NIL

DELETION : BALRAMCHIN, CHAMBLFERT, GRANULES, PEL

🔹INSTL. INVEST. EQUITY CASH PROV. TRADES AS ON : 25-JUN-2024 :

FIIS : BUY +1,176 (17,332-16,156) 😃

DIIS : SELL -149 (13,519-13,668) ☺️

BSE SENSEX : +712 (78,053)🔼 

NSE NIFTY : +183 (23,721)🔼

BSE MIDCAP. : -118 (46,020)🔼

BSE SMLCAP. : -13 (52,064)🔽

B. CRUDE : $ 84.94 🔽🙂

GOLD: $ 2,327=INR 72,600(10gr)↔️😳

SILVER : RS. 89,000 (kg)🔽😩

FOREX : RS. $ 83.43 🔼 🙂

7.10% GOI ‘34 : 6.9858% (100.7850)🔼☺️

7.18% GOI ‘33: 7.0295%(100.99)🔼☺️

7.18% GOI ‘37: 7.0354% (101.2150)🔼☺️

1 GNFC

2 INDUSTOWER

3 PNB

4 SAIL

ADDITION : Nil,

DELETION : BALRAMCHIN, CHAMBLFERT,GRANULES,PEL

1. DEE DEV (MAIN BOARD)

2. AKME FIN(MAIN BOARD) (t 2 t)

3 GEM ENVIRO(BSE SME)

4. FALCON TECHNO (NSE SME)

5 DURLAX TOP(NSE SME)

Dingidual farm

bse sme

Winny immigration

nse sme

Turnover: (NSE + BSE)

Cash Volume: 125361.63 + 10477.75 Total: 135839.38

F&O Volume: 686532.17 + 167542.31 Total: 854074.48

Provisional Cash

FII/FPI: NET BUY: +1175.91 

(17331.84 - 16155.93) 

DII: NET SELL: -149.45 

(13519.21 - 13668.66)

Vande Bharat and Kavach are the two key drivers

Media articles indicate the government’s ambitious 100-day plan for railways. It has laid out a large capex programme over the next five years. We believe the measures could be broadly categorised into capacity augmentation, safety enhancement, comfort of travel and ease of use. This provides a large opportunity for electronics manufacturers geared towards Kavach (collision avoidance system) and modernisation (Vande Bharat) schemes. In our coverage, Amber, Kaynes and Syrma could see order inflows from these projects.

Adani Wilmar Limited (AWL) is the largest edible oil company in India. Backed by strong JV partners (Adani and Wilmar group), AWL has consistently grown ahead of category volume growth across its consumer-facing segments. While the long-term volume market share gain opportunity for AWL is compelling, the inherent volatile and low margin nature of the biz and the lack of significant medium-term upside basis our valuation framework (SoTP) underpins our rating on AWL. Initiate at HOLD.

Initiate with a HOLD: We value AWL on an SoTP basis giving a 12x EV/EBITDA for edible oils, 10x EV/EBITDA for industry essentials and 3x sales for FMCG basis FY26E estimates. Initiate with HOLD.

Here’s an interesting stock idea: The stock idea that we have for you today is Apollo Tyres. The stock had surged 4 per cent on Tuesday and has closed on a strong note. The momentum is strong and there is room for the share price to go up in the short-term.

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

The upmove in Apollo Tyres is gaining momentum. The stock rose 4 per cent on Tuesday and has closed on a strong note. This rise has taken the share price well above the psychological ₹500 mark. The broad region between ₹510 and ₹500 will now act as a good support zone.