Share Market Highlights 27 July 2023: Sensex falls 440 pts, Nifty tests 19,650; Cipla spurts 10%

Equity benchmark indices ​Sensex​ and ​Nifty​ buckled under heavy selling pressure on ​Thursday as investors pared exposure to bellwether stocks HDFC Bank, M&M, Nestle and Reliance Industries amid a mixed trend in global markets​.

Besides, the interest rate hike by the US Fed failed to boost sentiments in the domestic market, which saw a steep decline led by banking and auto stocks, traders said.

After opening with gains of over 125 points, BSE Sensex plunged 440.38 points or 0.66 per cent to settle at 66,266.82, while Nifty declined 118.40 points or 0.60 per cent to close at 19,659.90.

M&M was the biggest loser in the Sensex chart, falling 6.39 per cent, followed by Tech Mahindra, Nestle India, Bajaj Finance, Axis Bank, ITC, JSW Steel, HDFC Bank and RIL. On the other hand, Sun Pharma, Tata Motors, Bharti Airtel, L&T and Infosys were among the winners, rising up to 2.10 per cent.

Gold price jumped Rs 250 to Rs 60,600 per 10 grams in the national capital on Thursday amid strong global cues, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 60,350 per 10 grams.

Silver also zoomed Rs 900 to Rs 77,900 per kilogramme.

Gold advanced on Thursday, with spot gold prices in the Delhi markets trading at Rs 60,600/10 grams, up by Rs 250 per 10 grams, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Ujjivan Small Finance Bank on Thursday posted a 60 per cent rise in net profit at Rs 324 crore in the June quarter, helped by a decline in bad loans.

The bank had posted a net profit of Rs 203 crore in the year-ago period.

Total income in the first quarter of the current fiscal rose to Rs 1,464 crore as against Rs 1,030 crore, Ujjivan Small Finance Bank said in a regulatory filing.

The lender’s interest income also increased to Rs 1,287 crore from Rs 905 crore in the same quarter a year ago.

The bank’s Net Interest Income (NII) grew 32 per cent to Rs 793 crore, it said.

The rupee gained 7 paise to close at 81.94 (provisional) against the U.S. dollar on Thursday, tracking the weakness of the American currency in the overseas market after the US Fed raised interest rates on expected lines.

However, weak domestic markets and a surge in crude oil prices capped sharp gains.

At the interbank foreign exchange market, the local unit opened at 81.92 against the U.S. dollar and moved in a range of 81.91 to 82.03 in the day trade.

Indian Bank’s net profit grows 41% YoY at ₹1709 crore in Q1 of this fiscal when compared with ₹1213 crore in the year-ago period. Operating Profit grows by 16% YoY at ₹4135 crore, (₹3564 crore a year-ago)

Net interest income increased by 26% YoY to ₹5703 crore from ₹4534 crore.

GNPA decreased by 266 bps YoY to 5.47% in Jun’23 from 8.13% in Jun’22, NNPA reduced by 142 bps YoY to 0.70% from 2.12% in Jun’22.

Lupin Ltd has announced that it has received correspondence from the US FDA that it has now addressed the concerns raised in the warning letter for its facilities in Goa and Pithampur Unit-2, Indore.

The stock surged by 4.05% on the NSE, traded at ₹979.50.

Nippon Life India Asset Management: Consolidated net profit for the quarter ended June 30, 2023, is reported at ₹235.72 crore against ₹114.08 crore in the previous year.

The stock inched up by 0.90% on the NSE, and traded at ₹315.

Blue Dart Express’ consolidated net profit for the quarter ended June 30, 2023, is ₹61.28 crore against ₹118.79 crore in the previous year.

The company’s stock declined by 1.15% on the NSE, traded at ₹7,199.05.

On Thursday, domestic markets experienced volatility and closed in the red due to the expiry of July contracts at the NSE. At 3.30 pm, the Sensex ended at 66,266.82, down by 440.38 points, while Nifty fell 118.40 points to reach 19,659.90. Top gainers were Pharma and Healthcare stocks, which received a further boost from strong quarterly results.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 2.48 times as of 3:06 pm on July 27. The QIB portion has been subscribed 0.28 times; NII portion 4.40 times; and retail 2.89 times. The issue closes on July 28.

Laurus Lab’s net profit declined 90 per cent at Rs 25 crore in the first quarter ended June 30,2023 compared to Rs 251 crore in the corresponding quarter of the previous financial year. Total revenue at Rs 1,182 Cr declined 23 percent impacted by particularly strong CDMO-Synthesis revenues in base year, along with quarter-to-quarter variability in API and FDF revenues.

Major gainers:

Cipla (9.43%); Sun Pharma (1.87%); Divi’s Laboratories (1.41%); Apollo Hospitals (0.89%); Dr Reddy’s (0.69%)

Major losers:

M&M (-6.40%); Tech Mahindra (-3.62%); Tata Consumers (-2.68%); BPCL (-2.52%); Britannia (-2.25%)

Stocks advanced on BSE at 3 pm on July 27 were 1,590 against 1,928 stocks that declined. Total stocks traded were 3,671. The number of stocks that recorded a 52-week high was 248, and those that hit a 52-week low was 28.

Vinod TP, Research analyst at Geojit Financial Services.

Despite muted Q1 results in the IT sector, optimism is slowly arising after the FOMC’s recent rate hike. The U.S. Fed hinted at a soft landing of the economy as against the earlier expectation of a recession. Moving forward, the Fed indicated a reduced likelihood of another rate hike this year due to expectations of easing inflation. Conversely, the diminished recession concerns are likely to boost client confidence, leading to the release of deferred IT projects and enhancing revenue visibility in the Indian IT firm. Moreover, higher deal wins and demand for cloud computing, digitalisation, AI, and cybersecurity will support growth in the future. Although industry valuations have corrected significantly, limiting downside risks, this presents a favourable opportunity for long-term investors to accumulate IT stocks.

The IPO of Netweb Technologies is off to a good start with the stock listing at an 88 per cent premium at ₹942.50 as compared to IPO price of ₹500. This is not surprising, given the buoyant market sentiment.

Asian Paints Ltd’s shares went down by 0.22 per cent after the company announced the revenue for the period ending on June 30, 2023, amounted to ₹9,182.31 crore, compared to ₹8,606.94 crore for the same period in the previous year. This represents a 7.78 per cent increase in revenue.

IEX: Consolidated net profit stood at ₹75.829 crore against ₹69.128 crore in the previous year. The stock of Indian Energy Exchange declines by 1.89% on the NSE, trading at ₹122.05.

Saregama India: Consolidated net profit for the quarter ended June 30, 2023, is ₹43.32 crore against ₹41.89 crore in the previous year. The stock jumps by 3.09% on the NSE, trading at ₹409.25.

​Ujjivan Small Finance Bank ​stock rises by 1.88% on the NSE, trading at ₹43.45. The net profit of the bank for the quarter ended June 30, 2023, is ₹324.07 crore against ₹202.94 crore in the previous year.

Zinc prices have risen back sharply after a sharp but short-lived fall on Monday. The Zinc Futures contract on the Multi Commodity Exchange (MCX) fell to a low of ₹210.65 per kg on Monday had recovered very well from there. The contract is currently trading at ₹219 per kg.

SEL Manufacturing Company reported its consolidated net loss for the quarter ended June 30, 2023, at ₹61.914 crore against the loss of ₹50.849 crore in the previous year. However, the company’s stock rises by 1.89% on the NSE, trading at ₹105.

IIFL Finance: Consolidated net profit for the quarter ended June 30, 2023, is ₹472.86 crore against ₹329.72 crore in the previous year. The company’s stock inches up by 0.32% on the NSE, trading at ₹581.30.

Indian Bank’s standalone net profit for the quarter ended June 30, 2023, is ₹1,708.83 crore, against ₹1,213.44 crore in the previous year. The bank’s stock rises by 1.11% on the NSE, trading at ₹331.95.

Major gainers:

Vesuvius (20%); Texmaco Rail

(11.66%); Godfrey Phillips India (11.42%); Cipla (10%); REC (8.36%)

Major losers: Johnson Controls-Hitachi Air Conditioning India (-7.84%); Arvind (-7.22%); M&M (-6.20%); Fine Organic (-5.05%); ION Exchange (-4.52%)

Coromandel International’s consolidated net profit for the year ended June 30, 2023, stood at ₹494.03 crore against ₹499.08 crore in the previous year. The company’s stock inches up by 0.94% on the NSE, trading at ₹1,002.15.

Welspun Specialty Solutions stock jumps by 4.94% on the NSE, trading at ₹32.70. The company reported a net profit of ₹11.14 crore for the quarter ended June 30, 2023, against the loss of ₹7.96 crore in the previous year.

Veranda Learning Solutions shares went up by 0.61 per cent after the company announced a partnership with Six Phrase, a skill development and career development enterprise that operates in south India.

The public-listed education company Veranda signed a share purchase agreement on May 22, 2023, to solidify the collaboration.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 1.97 times as of 1:30 pm on July 27. The QIB portion has been subscribed 0.26 times; NII portion 3.38 times; and retail 2.33 times. The issue closes on July 28.

​Shriram Finance​ reported its consolidated net profit for the quarter ended June 30, 2023, at ₹1,711.14 crore against ₹1,350.37 crore in the previous year. However, the company’s stock declines by 0.73% on the NSE, trading at ₹1,805.85.

​Hindustan Media Ventures​ reported a consolidated net profit of ₹6.36 crore for the quarter ended June 30, 2023, against a loss of ₹21.05 crore in the previous year. The company’s stock rises by 1.97% on the NSE, trading at ₹69.95.

Shares of ​REC Ltd​ surge by 8.04% on the NSE, trading at ₹187.50.

The stock of Birlasoft rises by 6.25% on the NSE, trading at ₹403. The company’s consolidated net profit for the period ended June 30, 2023, is at ₹137.54 crore against ₹120.72 crore in the previous year.

The stock of ​Colgate-Palmolive​ (India) trades at ₹2011.25, up by 6.79% on the BSE. The company’s net profit for the quarter ended June 30, 2023, is ₹273.68 crore against ₹209.67 crore in the previous year.

US futures are trading flat to up, while the Dow futures are up by 10 bps and Nasdaq futures are up by 90 bps, bouyed by better than expected results from Meta Platforms post market close yesterday.

Stock of Symphony trades at ₹880, up by 0.62% on the NSE. The company reported its net profit for the quarter ended June 30, 2023, at ₹24 crore against ₹29 crore in the previous year.

Colgate Palmolive (India) Ltd.’s shares went up by 6.80 per cent after the company reported its Q1 FY24 performance. The quarter ended June 30, 2023, saw a significant increase in revenue and net profit; the company’s revenue from operations for the quarter was ₹1,314.7 crore, which is a 10.8 per cent growth compared to the same quarter last year when it was ₹1,186.5 crore.

Europe markets open flat to up following Fed rate increase and outlook commentary in line with market expectations. Key indices across Germany, UK, France and Italy were trading flat to up 40 bps on open. Asian markets broadly reacted positively to the FOMC outcome with most markets trading in the green except India and China

Shares of Bharat Heavy Electricals rise by 1.09% on the NSE, trading at ₹102.30.

Fedbank Financial Services files DRHP for IPO with SEBI. FedFina to raise up to ₹750 cr via fresh issue with an OFS of up to 7.03 cr shares

CG Power and Industrial Solutions: Consolidated net profit for the quarter ended June 30, 2023, is ₹203.84 crore against ₹129.93 crore in the previous year. The company’s stock trades at ₹403.75, up by 0.82% on the NSE.

Gold opens higher in the spot market. 22-karat gold, used for jewellery ruled at ₹5,830 per 10 gm against ₹5,826 last evening. Gold (999) was quoted at ₹5,974 per 10 gm compared with ₹5,969.

Shares of Can Fin Homes decline by 2.92% on the NSE, trading at ₹748.70

Pudumjee Paper Products Ltd reported its net profit for the quarter ended June 30, 2023, at ₹11.24 crore against ₹17.79 crore in the previous year. The company’s stock trades at ₹41.80, up by 0.48% on the NSE.

The stock of Schaeffler India declines by 2.75% on the NSE, trading at ₹3,100. The company reported net profit for the quarter ended June 30, 2023, at ₹237.28 crore as against ₹225.75 crore in the previous year.

As of 12:30 pm, BSE Sensex records a decline of 180.63 points, trading at 66,526.57, while NSE Nifty falls 43.95 points to reach 19,734.35.

The stock of Rail Vikas Nigam declines by 4.25% on the NSE, trading at ₹128.55. Government had announced the offer for sale of the company’s 5.36% stake.

Shares of Manappuram Finance rise by 3.15% on the NSE, trading at ₹139.35.

CERC has allowed Hindustan Power Exchange (HPX) to introduce High Price contracts in the High Price Day Ahead Market (HP-DAM), High Price Term Ahead Market (HP-TAM), and High Price Contingency Contracts (HP-Contingency) segments.The stock of IEX will be in focus.

On NCDEX, the spice complex turned cool. Dhaniya (coriander) October contracts declined by ₹154 to ₹7,694 a quintal. Jeera (cumin) September contracts slid by ₹415 to ₹59,125 a quintal. Turmeric December futures dropped by ₹298 to ₹15,150 a quintal.

Zydus Lifescience: Company Signs Agreement to Amend Certain Clauses of JVA with Bayer (South East Asia) Pte Limited, One of the Companies of the Bayer Group

Rajapalayam Mills Ltd, a part of the Ramco Group, will spend ₹400 crore in capex in the current financial year mainly on looms expansion and establishment of a new fabric processing unit. Both projects are expected to be commissioned during Q2 of the current fiscal.

Embassy Office Park REIT, the country’s largest real estate investment trust, is looking at a 20 per cent increase in leasing space to 6 million sq. ft. for FY24 on the back of improved conditions in its key market, Bengaluru, and stability in interest rates.

Major gainers:

Cipla (9.18%); Sun Pharma (2.02%); Dr Reddy’s Laboratories (1.82%); Divi’s Laboratories (1.78%); Bajaj Finserv (1.26%)

Major losers:

M&M (-5.75%); Britannia (-2.97%); Nestle India (-2.34%); Tata Consumer (-2.32%); Tech Mahindra (-2.03%)

Stocks advanced on BSE at 12 noon on July 27 were 1,824 against 1,554 stocks that declined. Total stocks traded were 3,537. The number of stocks that recorded a 52-week high was 229, and those that hit a 52-week low was 20.

Gold rules near a two-month high and silver near $25 an ounce. In Asian trade, gold was quoted at $1,974.80 an ounce. Silver ruled at $24.95 an ounce.

On MCX, gold August contracts were up ₹79 at ₹59,540 per 10 gm. Silver futures expiring in September gained ₹396 at ₹75,720 a kg.

The stock of Netweb Technologies now trades at ₹912.05 on the BSE, issue listed at ₹942.50.

Sagar Cements scrip loses 0.88 percent on the BSE on Thursday and is trading at Rs 201.80. The cement-maker will announce Q1 numbers today

PM Modi launches new Urea Gold, a sulphur coated urea bag, which may help fertiliser companies to increase sales and revenue.

Prime Minister Narendra Modi facilitates transfer of Rs 17,000 crore to 8.5 crore farmers under PM Kisan, which may boost rural consumption of FMCG products.

Radhika Gupta, MD & CEO, Edelweiss MF said the Federal Reserve’s statement keeps the door open for future rate hikes, but prioritizes data-driven decisions.

The US and Indian markets showed resilience to the expected actions, and no immediate negative triggers threatened global equity markets. Vigilance towards inflation risks remains a key focus for the rate-setting committee, she said.

The stock of Tata Teleservices (Maharashtra) trades at ₹82.25, down by 0.24%. The company reported a net loss of ₹301.18 crore for the quarter ended June 30, 2023, against ₹295.10 crore loss in the previous year.

Tech Mahindra’s shares went down by 4.37 per cent as the company’s Q1FY24 performance raised concerns among investors. The company reported a significant decline in its consolidated net profit for the April–June quarter of fiscal year 2023–24.

The stock of Poonawalla Fincorp declines by 1.55% on the NSE, trading at ₹372.50. The company had received a post-tax consideration of ₹3,004 crore, following the consummation of its controlling stake sale in its housing finance subsidiary Poonawalla Housing Finance Ltd (PHFL) to Perseus SG Pte. Ltd., an entity affiliated to TPG Global LLC.

Axis Bank has approved the appointment of N. S. Vishwanathan, independent director as the non-executive (part-time) Chairman of the Bank, for a period of three years. The stock trades at ₹969.75, down by 0.72% on the NSE.

EaseMyTrip.com has appointed Varun Mehta as the Global Vice President for Revenue and Growth. The company’s stock declines by 1.56% on the NSE, trading at ₹41.05.

Global crude steel production declined by 0.1 per cent in June to 158.8 million tonnes (mt) against 159.1 mt in the year-ago period

According to the World Steel Association (worldsteel), top producer China produced 91.1 mt, up 0.4 per cent compared with the year-ago period.

Indian IT firms are increasing the utilisation levels quarter by quarter and are seeing the metric as a margin lever. Human resource experts note that reduction in headcount, lack of demand visibility and the changing nature of deals are the reasons behind the surge in rates.

Tata Consumer Products Ltd. witnessed a decline by 1.16 per cent in its stocks despite the company reporting strong financial results for Q1 FY24 in its domestic business segment.

The stock of Vodafone Idea declines by 1.14% on the NSE, trading at ₹8.65.

Genus Power Infrastructures incorporated a wholly-owned subsidiary, Genus Mizoram SPV Private Limited, on July 26, 2023. The company’s stock jumps by 4.90% on the NSE, trading at ₹184.

Nestle India Q2 results : Total sales up 15 per cent to Rs 4619.50 crore ..Net profit at Rs 698.34 crore up 37 per cent.

Suresh Narayanan, Chairman and Managing Director, Nestlé India said, “..we have, yet again, delivered robust performance, with all product groups registering double digit growth. This is the fifth quarter in a row of double-digit growth across ALL product groups. Domestic sales growth is broad based and grew by 14.6%, on the back of prudent pricing and supported by mix and volume with targeted brand support. Key brands continued to perform well, led by KITKAT, NESCAFÉ and MAGGI among others.”

Polycab India has allotted 43,657 equity shares of face value ₹10 each to eligible employees who had exercised their options under ESOP Scheme. The company’s stock trades at ₹4,676.35, up by 0.05% on the NSE.

Major gainers:

Vesuvius (20%); Godfrey Phillips India (12%); Cipla (8.64%); Morepen Laboratories (7.46%); MMTC (7.42%)

Major losers: Johnson Controls-Hitachi Air Conditioning India (-7.59%); M&M (-6.14%); Fine Organic (-4.70%); RVNL (-4.35%); ION Exchange (-4.09%)

Bank Nifty index is trading higher. The index is currently at 46,248, up 0.4 per cent. The advance/decline ratio at 12:0 indicates broader bullishness in the index. Among the stocks, Bank of Baroda is up over 2 per cent and IDFC First Bank is up 1.12 per cent.

Life Insurance Corporation of India has announced the launch of its new product - LIC’s Jeevan Kiran. The stock trades at ₹630.35, up by 0.38% on the NSE.

Yatharth Hospital & Trauma Care Services IPO has been subscribed 1.76 times as of 12:20 pm on July 27. The QIB portion has been subscribed 0.26 times; NII portion 2.96 times; and retail 2.09 times. The issue closes on July 28.

TTK Healthcare admits failure of its voluntary delisting offer. Against the total offer size of 35.94-lakh shares, the company received only 17.02-lakh shares at the end of buy back offer deadline on Wednesday. The company announced that it will release back the shares tendered/ offered during the buyback offer to respective shareholders’ demat account.

Nifty 50 and Sensex are trading higher but have given back some of their early gains. Sensex is trading at 66,781, up 0.12 per cent and Nifty at 19,812 is up 0.17 per cent.

Axis Bank Ltd.’s share price went up by 0.12 per cent after the company announced the bank’s quarterly net profit surge to ₹5,797 crore, exhibiting a remarkable turnaround of 201.2 per cent q-o-q and 40.5 per cent y-o-y.

Here are the key intraday supports and resistances to watch out for Nifty Futures, RIL, ONGC, TCS, Infosys, HDFC Bank, SBI, and ITC

The upmove in RBL Bank is gaining strength. The stock surged over 7 per cent on Wednesday after a tight consolidation between ₹210 and ₹230. The rise indicates the beginning of a new leg of upmove.

The stock of ​Raj Oil Mills​ jumps by 9.92% on the NSE, trading at ₹53.20.

M&M: Stock fell by more than 6 per cent following news of buying stake in RBL Bank. On the NSE, Multiple Block Deal seen at Rs. 1449

Perspective by Mr. Colin Shah on Gold price outlook post-Fed rate hike

“The US Fed hiking rates by 25 bps were on expected lines, the street is expecting one more hike from here on. As inflation is showing signs of control an impending fear of recession will limit Fed’s ability to hike rates further. We may expect an easing of policy rates by next year. The expectation of policy easing has led to a fall in the dollar index and thereby strength to the yellow metal. The rally in the past couple of days is expected to continue albeit at a slower pace.

Globally, the prices are expected to touch the $2000/oz level. Domestically, the rate may touch its previous high of over 62,000/10gm. The movement of the yellow metal will largely be guided by the economic data in the west, and the magnitude of the recession in the US.”

NTPC has declared COD of second unit of 660 MW capacity of Barh Super Thermal Power Station, Stage-I (3x660 MW); on commercial operation with effect from August 1, 2023. The company’s stock trades at ₹201.10, down by 0.25% on the NSE.

Investing across market capitalisations could be a reasonable diversification strategy for better risk-adjusted returns over the long term. And multi-cap funds allow you to do just that with the market regulator SEBI mandating a minimum 25 per cent allocation to each of large, mid, and small-cap stocks for schemes in the category.

Bajaj Finance’s consolidated net profit for Q1FY24 rose 32 per cent year-on-year to ₹3,437 crore. Adjusted for reversal of deferred tax liability of ₹73 crore, profit after tax was up 30 per cent.

The NBFC saw the highest-ever loans booked of 99.4 lakh during the quarter, up 34 per cent y-o-y. The customer franchise too saw a record increase of 38.4 lakh taking the total to 7.3 crore customers as of June 30, up 21 per cent y-o-y. The company said it expects to add 1.2-1.3 crore new customers in FY24.

Equity benchmark indices Sensex and Nifty continued their upward movement in early trade on Thursday, aided by sustained buying by foreign institutional investors and value-buying in bellwether stocks.

Indices are expected to stay in the positive territory after the US Federal Reserve’s move on interest rate hike came in on expected lines, traders said.

BSE Sensex climbed 188.56 points or 0.28 per cent to 66,895.76. The broader NSE Nifty advanced 69.35 points or 0.35 per cent to 19,847.65.

Ultramarine & Pigments has commissioned the specialty chemical project set up at Naidupet, SPSR Nellore, Andhra Pradesh. The plant has a capacity of 1800 MT. The company’s stock trades at ₹356 on the BSE, up by 0.35%.

The stock of Vesuvius India jumps 20% on the NSE, trading at ₹3,215. The company recorded its net profit at ₹52.24 crore for the quarter ended June 30, 2023, against ₹29.43 crore in the previous year.

“The market witnessed another strong listing with Netweb Technologies IPO, The stock listed on the stock exchanges today at ₹947 per share, a premium of around 89% over the upper end of the price band of ₹500. The strong listing was in line with expectations, as the company has a strong track record of growth and its financial performance has been improving in recent years.

Netweb Technologies is well-positioned to benefit from the growth of the high-end computing market in India, as it has a strong focus on the niche business segment of high-end computing solutions.

After listing at such a level, we will suggest to hold as of now with a Stoploss at around 850. However, aggressive investors can still choose to buy during any subsequent dip.”

Shares of Netweb Technologies now trades at ₹903.30 on the BSE, listed at ₹942.50. The company’s shares were listed today and admitted to dealings on the Exchange in the list of ‘‘B’‘ Group Securities. The IPO received a strong response from all categories of investors.

The rupee gained 10 paise to 81.91 against the US dollar in early trade on Thursday tracking the weakness of the American currency in the overseas market, after the US Fed raised interest rates on expected lines.

Forex traders said a positive trend in domestic equities and foreign fund inflows also aided the local unit.

However, a surge in crude oil prices capped sharp gains for the local unit, they said. Read more.

Shares of​ Laurus Labs​ gain 1.41 percent in early trade on BSE on Thursday and are trading at Rs 346.15. The drug-maker will announce its Q1 numbers today.

The stock of ​Marico ​rises by 1.84% on the NSE, trading at ₹542.50. The company had acquired a 58% stake in Direct-To-Consumer (D2C) Satiya Nutraceuticals Pvt Ltd and its wholly owned subsidiary Juizo Advisory Pvt Ltd that owns the brand ‘The Plant Fix-Plix’.

Today, Nifty Pharma crosses the high point reached two years back in Oct-21. The index was helped by recovery in all the major stocks in the sector.

Major gainers

Cipla (7.74%); Hindalco (2.12%); Bajaj Finserv (1.35%); Apollo Hospitals (1.23%); Sun Pharma (1.21%)

Major losers:

Mahindra & Mahindra (-4.38%); Tech Mahindra (-4.33%); Tata Consumer (-1%); Dr Reddy’s (-0.54%); Hindustan Unilever (-0.38%)

As grain-based ethanol plants searching for feedstock to survive, sugar mills see an opportunity to fill the space, ready to ramp up ethanol capacity to help achieve 20% blending target.

Max Healthcare Institute has filed an appeal before the High Court of Judicature at Bombay, against the order passed by sole arbitrator, Justice S.J. Kathawalla, Retired Justice of the Bombay High Court, declining grant of the interim relief sought by the company against Touch Healthcare Private Limited, Quality Care India Limited, and Evercare Group Management Limited.

Crude oil futures traded higher on Thursday morning due to the tighter supply outlook in the coming months. At 9.22 am on Thursday, October Brent oil futures were at $83.86, up by 0.97 per cent; and September crude oil futures on WTI (West Texas Intermediate) were at $79.69, up by 1.16 per cent. August crude oil futures were trading at ₹6530 on Multi Commodity Exchange (MCX) in the initial trading hour of Thursday morning against the previous close of ₹6473, up by 0.88 per cent; and September futures were trading at ₹6524 as against the previous close of ₹6472, up by 0.80 per cent.

Aegis net profit was up at Rs 116 crore against Rs 103 crore while revenue dipped Rs 2101 crore against Rs 2235 crore YoY

Johnson Controls net loss at Rs 41 crore against Rs 1.9 crore, Revenue dips to Rs 567 crore against Rs 1010 crore YoY

Gold gained as the US housing market continues to struggle as fewer consumers than expected are buying new homes. The Fed raised interest rates by a quarter-of-a-percentage point, setting the benchmark overnight interest rate in the 5.25 per cent-5.50 per cent range, and highlighting that another 25 bps hike could be possibly at the September meeting based on a wide range of data, said Kedia Commodities. Fed Chair Jerome Powell also flagged that the economy still needed to slow and the labour market to weaken for inflation to “credibly” return to the US central bank’s 2 per cent target, yet were no longer forecasting a US recession.

Gold price trades positively to approach testing the key resistance 59600 per 10 grams and consolidating below this level keeps the expected bearish trend scenario active for today, it said.

On Thursday, the domestic markets started strongly with a positive bias. The Sensex opened at 66,961, up over 250 points, while the Nifty rose 79 points to reach 19,857. Cipa, Hindalco, and SBI Life showed gains, whereas Tech Mahindra and M&M were the top losers. Analysts predict volatility in the market due to the expiry of July contracts at the NSE. They believe that the expected 25 basis points hike by the US Federal Reserve will have only a minor impact.

While the overall market is performing well, however, companies coming out with results continue to react with volatility and July series monthly expiry. In the short term, the Nifty could remain in the 19650-19920 range.

Market positive sentiment and momentum continues on good corporate earnings.

Om Mehra, Equity Research Analyst, Choice Broking

Kalpataru Projects International has received new orders worth Rs 2,261 crore. The stock of the company jumps by 4.57% on the NSE, trading at ₹629.30.

IT services company Tech Mahindra Ltd. reported a weak performance in Q1FY24. This was on account of uncertainty in the global economy and the IT sector. We expect some moderation in its new deal wins over the next few quarters. We believe that the management needs to focus on its execution to improve its revenue growth and profitability going ahead, especially with the outlook remaining cloudy for its key geographies and verticals.

Weak execution on all fronts – orderbook, revenue growth and margins – warrants derating; reiterate SELL. In our IT sector coverage universe, TechM reported the weakest set of numbers for Q1FY24 with: a) orderbook at USD 359mn being down 40% QoQ / 55% YoY, b) USD revenue decline of 4% QoQ and 2% YoY due to 9% QoQ decline in its largest vertical (communications), and c) lowest EBIT margin (since Dec’04) at 6.8% (8.2% after adjusting for a one-time provision of USD 23mn related to client bankruptcy). We reiterate our SELL rating on the stock with a revised 12-month target price of INR 910, implying 20% potential downside.

Buy Rating

Target Rs 3,700

Volumes & Margin Drive Earnings Growth

Double-digit volume & single-digit revenue growth in decorative biz

Four years of double-digit CAGR in decorative volumes

Optimistic demand outlook supported by easing commodity prices

Management Maintains FY24 EBITDA Margin In The Range Of 18- 20%

Equal-weight Rating

Target Rs 25,000

Reported Standalone Revenue 13% Ahead Of Est & 8% Above Consensus Est

Co Has Approved `7,000 Cr Capex Plan For Adding Clinker Capacity FY25 End

Co Will Look To Diversify To RMC, Planning To Set Up 5 Units This Year

Reduce Rating

Target Rs 20,400

Stronger Realisation Growth Than Industry A Big Positive

Next Phase Of Capacity Expansion Announced

Unitary EBITDA Was Down Just 5% YoY Against 14% YoY Decline For Industry

Shree’s Reported EBITDA/Tonne Was Largely In-line With Estimate

Hold Rating

Target Rs 4,800

Q1 Performance Was Broadly In-line With Our Expectations

Mgmt Commentary On Mobile Biz Vol Ramp-up Implies Acceleration In Rev Growth

Overweight Rating

Target Rs 611

Acquires Digital-first Brand Plix

Acqn Will Help Expand Into Value-added Wellness Foods & Nutrition Segment

Brand Will Be An Addition To Co’s Digital-first Portfolio

Brand Will Help Support Meeting Its FY24 Exit Revenue Run-rate Of `400 Cr

Co Has A Target Of Scaling Up Its Foods, Digital-first & Prem Personal Care Portfolios

Downgrade To Reduce Rating

Target Rs 2,141

Risk-reward Unfavourable

Replacement Demand Recovery To Remain Slow, Commodity Tailwinds Factored In

Q1 EBITDA Margin Ahead Of Forecasts Led By Gross Margin

Overweight Rating

Target Rs 863

Q1 Earnings Broadly In-line With A Slight Beat On Margin

Strong Growth Trends In Salt & Sampann Businesses Are A Positive

Market Share Loss In Tea Business Is A Negative

Distribution And Innovation Focus Continues

JPM on Colgate

Neutral, TP Raised to Rs 2040

Posted an all-round Q1 beat led by strong double-digit rev growth for domestic toothpaste portfolio & sharp sequential gross margin & operating margin expansion

Share price performance should benefit from

a) Improving volume growth & competitive positioning

b) Gross margin recovery

c) Premiumization trends gathering pace

d) Val at 41x/38x FY24/25E P/E

Jefferies on Colgate

Buy, TP raised to Rs 2180

A low base helped as domestic toothpaste volume growth grew to c7% YoY (decline in exports & flat toothbrush vol.) in 1QFY24

Margin recovery was highlight, with GM near pre-inflation level

Despite step-up in A&P, Ebitda margin expanded smartly reflecting strong pricing power

This drives up EPS ests by 7-8% - Colgate offers good earning visibility in near-term though would like to see aggression on growth in medium term.

Jefferies on Bajaj Fin

Buy, TP raised to Rs 8830

1Q profit rise of 32% YY strong & ahead of est.

Delivering strong & broad-based AUM growth of 32%

Fall in NIM on expected lines

Some pressure on asset quality, led by rural mkts, lead to 10-15bps hike in credit cost guidance

JPM om Bajaj Fin

OW, TP Rs 9000

1Q earnings 2% ahead of JPMe, aided by small drawdown of Rs 1.2bn from contingent reserves

Loan growth continues to remain strong with 1Q core AUM +32% & co guiding to 29-31% full year growth for FY24 - higher vs earlier 25% JPMe

Overweight Rating

Target Rs 1,000

PAT Was 2% Ahead Of Est Driven By Lower Provisions, Core PPoP Was A Miss

Sequentially, Core NIMs Compressed Driven By Deposit Re-pricing

Loan Growth Was Modest At 2% QoQ

Asset Quality Saw Some Normalisation With Slippages, Credit Cost At 50 bps

Treasury Gains Helped The Bank To Print RoA At 1.8%

Jefferies on Axis Bank

Overweight Rating

Target Rs 1,200

Profit Of Was Up 41% YoY, Tad Ahead Of Est With Higher NII & Lower Credit Costs

NIM Better With Fall In Core NIM & Est That Incremental Rise In COD May Be Manageable

Growth Trends In Balancesheet Were Weaker But Asset Quality Held Up

See 16% CAGR In Earnings With RoE Of 18%

Favorable Risk-reward At 1.8x 12-month Forward Adjusted PB

CLSA on Axis

Buy, TP Rs 1200

Adjusted for Citi, core performance muted

Its core PPOP missed by 5% partly due to integration costs, which will last for 18 months till 1HFY25CL.

Retail deposit momentum picked up vs no growth in FY23CL

Cut est. 1%-2%

JPMorgan on Dr Reddy’s

Underweight Rating

Target Raised To Rs 4,450

Strong US Sales Led By Revlimid, Growth Ahead Gets Challenged On High Base

Rev/EBITDA Beat Est By 8%/45% Driven By A Strong Showing In the US

As Per Mgmt, US Growth Was Driven By Increase In Base Business, New Launches

Believe A Large Part Of Beat Was Driven By Higher Contribution Of Revlimid

Jefferies n Dr. Reddy’s

Buy Rating

Target Raised To Rs 6,330 From Rs 5,600

PAT Beat Est By 22% Mainly Due To Better Growth In US & Russia

In A Favourable Pricing Environment, US Sales For Near-term Should Remain Steady

Increase FY24-26 EPS Estimate By 9-11%

Strong Outlook For The US In Near-term & Steady Growth In Base Business

MS on Tech Mahindra

Equal-weight Rating

Target Rs 1,060

Believe Q1 Will Rebase Consensus Est For FY24 With Downside Risk To FY25

Investors Will Not Give Up Hope Of Margin Recovery With New Mgmt In Place

Lowering FY24 EPS Estimate By 19% Owing To 37% Q1 Earnings Miss

Cut FY25/26 EPS Estimate By Just 3.3%/4.1%

See Better Risk Reward In HCL Tech

Nomura on Tech Mah

Buy Rating

Target Rs 1,316

Q1FY24 Was A Big Miss But Is Likely The Bottom

Demand Moderation To Weigh On Growth In FY24

Q1FY24 Revenue Misses Estimate Due To Sharp Weakness In Telecom Vertical

Recovery In Telecom Vertical To Be Gradual, H2FY24 Likely To See Better Growth

Margin Miss Driven By Provisioning, Salary Hikes, And Revenue Decline

Revise FY24-25 EPS Estimate By 3-10%

Jefferies on Tech Mah

Underperform Rating

Target Cut To Rs 900

Rev down 4% QoQ, 440 bps Fall In EBIT Margin & 39% QoQ Decline In Deal Bookings

Sharp 9% QoQ Decline In CME Vertical & Single-digit Margin Were Key Negative Surprises

Continued Pressure In CME Vertical And Headcount Decline Does Not Bode Well For Growth

Cut FY24-26 Earnings Estimates By 4-20% On Lower Growth & Margin

CITI on TechM

Sell, TP Cut to Rs 900

Reported significantly below peer performance on all metrics – growth, margins & deal TCV.

Near-term outlook is challenging

CEO transition is another focus area

Lower FY24E/25E est by 18%/7%

OW, TP Rs 72

1Q net income below JPMe on higher than expected Opex

Core PPOP (Adj. for trading gains & pension provisions) up 4% y/y as loan growth & higher NIMs offset by higher opex on a/c of wage revisions

Asset quality continues to surprise +vely

Underweight Rating

Target Rs 55

PAT Missed Estimate, Employee Provisions Stayed Elevated

Credit Costs Were Higher Than Expected, But Helped Improve NPL Coverage

Impaired Loans Fell QoQ, Which Is A Positive

Gradual Recovery Remains On Track

Continue To See Better Risk-reward At Peer & Prefer BOB & BOI

Overweight Rating

Target Rs 425

Reported Core Earnings In Line

Outlook Has Gotten Better As Global Fuel Demand Has Improved

Balance sheet Net Debt Has Been More Than Halved

Expect Upside Risks From Lower Net Debt & Improved Refining Margin

Jefferies on Cipla

Upgrade To Buy Rating

Target Raised To Rs 1,210 From 900

Q1FY24 EBITDA Beat Estimate By 12% Despite An In-line Revenue

Superior Product Mix Amid Steady 12% Growth In India Led Margin Beat

US Growth Was Driven By Base Biz & Mgmt Commentary Had Positive Takeaways

Increase FY24-26 EPS Estimate By 12-20%

JPMorgan on Cipla

Overweight Rating

Target Raised To Rs 1,210

Strong US Drives Beat, Outlook For Key Markets Remains Robust

PAT Beat Est By 19% Primarily Driven By Strong Growth In US & India

Market-Beating Growth Outlook For India Biz Is A Positive

US Momentum To Be Sustained Driven By MS Share Ramp Up In Existing Products

Strong Pipeline Of Complex Assets To Drive Growth Beyond FY25 In US

Macquarie on Cipla

Outperform Rating

Target Rs 1,050

Q1 All-round Beat Driven By US Business

Co Guided For 22% EBITDA Margin In FY24

Believe There Could Be Upward Revision Of Margin Guidance For FY24.

Nomura on Cipla

Buy Rating

Target Raised To Rs 1,229

US, India Ahead Of Est, Mgmt Raises FY24 Margin Guidance To 23% From 22%

As Per Management, the Intensity Of Price Erosion In the US Declined

Raise FY24/25 EPS Estimate By 3%/17%

Ex-Dividend 28 July 2023 (Tomorrow)

Last date for Cum-Dividend Today

360 One Wam Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 513.1

Aarti Industries Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 464.15

Adani Ports And Special Economic Zone Ltd.

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 752.75

Amara Raja Batteries Ltd.

Dividend Per Share Rs.3.2

Previous day Closing Price – Rs. 632.9

Alembic Pharmaceuticals Ltd.

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 708.05

Arihant Capital Markets Ltd.

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 50.72

Bajaj Electricals Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 1274.65

Banswara Syntex Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 150.25

Bengal Tea & Fabrics Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 80.01

Cosmo First Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 640.2

Cravatex Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 403.8

DLF Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 487.3

Elgi Equipments Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 560.25

Equitas Small Finance Bank Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 97.07

Flex Foods Ltd.

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 90.29

Galaxy Surfactants Ltd

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 2653.3

Gandhi Special Tubes Ltd

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 653.95

Gloster Ltd

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 776.9

Godrej Agrovet Ltd

Dividend Per Share Rs.9.5

Previous day Closing Price – Rs. 489.65

GRP Ltd.

Dividend Per Share Rs.17

Previous day Closing Price – Rs. 3600

ICRA Ltd.

Special Dividend Per Share Rs. 90

Dividend Per Share Rs.40

Previous day Closing Price – Rs. 5507.45

Indian Energy Exchange Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 124.35

Indigo Paints Ltd

Dividend Per Share Rs.3.5

Previous day Closing Price – Rs. 1512.3

Indian Oil Corporation Ltd.

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 99.59

Joindre Capital Services Ltd.

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 36.01

Jtekt India Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 155.1

Kaycee Industries Ltd.

Dividend Per Share Rs.60

Previous day Closing Price – Rs. 12050.05

Mangalam Cement Ltd.

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 302.05

Mukand Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 137.25

Mukesh Babu Financial Services Ltd.

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 112

Info Edge (India) Ltd.

Dividend Per Share Rs.9

Previous day Closing Price – Rs. 4535.65

Nelcast Ltd.

Dividend Per Share Rs.0.4

Previous day Closing Price – Rs. 105.1

Nesco Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 630.9

Quick Heal Technologies Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 161.75

Rane Holdings Ltd.

Dividend Per Share Rs.17

Previous day Closing Price – Rs. 1023.5

Smruthi Organics Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 122.6

Sobha Limited

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 637.95

Sun Pharmaceutical Industries Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 1111.8

Tata Motors Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 640.6

Tata Motors Ltd - DVR

Dividend Per Share Rs.2.1

Previous day Closing Price – Rs. 419.45

TCI Express Ltd

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 1549.85

TCPL Packaging Ltd

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 1701.25

Transformers And Rectifiers (India) Ltd.

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 90.27

TVS Electronics Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 383.75

Ugar Sugar Works Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 132.25

Union Bank Of India

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 90.98

Voith Paper Fabrics India Ltd

Dividend Per Share Rs.7

Previous day Closing Price – Rs. 1577.05

WPIL Ltd.

Dividend Per Share Rs.20

Previous day Closing Price – Rs. 2821.55

Xchanging Solutions Ltd.

Dividend Per Share Rs.15

Previous day Closing Price – Rs. 119.65

Zydus Lifesciences Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 622.45

Private lender Axis Bank reported a decent performance in Q1FY24 across all the parameters barring the high provisioning. Also, we observed that the bank had some elevated operational costs on account of the amortisation of goodwill which was due to the acquisition of Citi’s consumer business which shall continue throughout FY24. We believe that the acquisition will strengthen the bank’s deposits and aid the bank in further increasing its disbursement and improving its net interest income. We feel that NIM compression is likely to slow down for the bank as its acquisition of Citi’s client will help in increasing the yield in the coming quarters. However, we’ll wait in the coming quarters to see whether the acquisition process is done smoothly and does not affect the bank’s asset quality and bottom line.

DLF eyes surplus cash as debt dips, collections improve. Debt at ₹57 cr, the lowest ever.

As widely expected, the Fed hiked 25bp, and the only notable change to the post-meeting statement was an upgrade of the description of economic growth to “moderate” from “modest” in June and still added a bias toward “additional policy firming.” While the statement had a hawkish bias, Chair Powell’s post-meeting press conference tilted a little toward the dovish side. While noting the FOMC is not committed to further action, he stated he saw encouraging signs on labor markets and inflation. Interestingly, he noted that the staff backed off its 2023 recession forecast later this year to a notable slowdown in growth.

The stock of Lemon Tree Hotels inches up by 0.83% on the NSE, trading at ₹91.50. The company had signed a License Agreement for an 80-room property in Zirakpur, Punjab. The property is expected to be operational by Q2 FY2027 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Ltd.

Reliance Industries, Poonawalla Fincorp, M&M, RBL Bank, March, PFC, Rail Vikas Nigam, TTK Healthcare, Motilal Oswal, ACC, Bajaj Finserv, Bajaj Holdings, BEL, Indian Bank, Intellect Design, Dr Lal Path, Greenlam, IEX, Latent View, Coromandel, NDTV, Railtel, Shriram Finance, Sundaram Fasteners, Ujjivan SFB, Nestle

ICICI Bank has sanctioned an additional Loan Facility of Rs. 2.92 crores to Star Housing Finance Limited.

The stock of Som Distilleries & Breweries rises by 2.44% on the NSE, trading at ₹321.15. The company had informed the exchanges that it captured 46% market share in the state of Madhya Pradesh in the month of June 2023. “The substantial surge in market share comes as a result of several strategic initiatives, relentless efforts, and a customer-centric approach,” the company said in a stock exchange filing.

The Board of Directors of Vesuvius India Limited has approved a proposal for a Capex of approx. INR 87.70 crore (to be funded through internal accruals) for setting up a new plant for manufacturing of Monolithics Refractory at Anakapalli (Visakhapatnam), Andhra Pradesh.

Non-retail date - 27 JULY

Retail bid date - 28 JULY

Floor Price : 119

Today’s close : 134.25 (11.36% Discount in OFS)

Base Size : 7,08,90,643 Shares

Greenshoe Option : 4,08,66,394 Shares

Retail Quota - 10% of OFS Size (No Discount)

Symbol: NEWEB

Series: Equity “B Group”

BSE Code: 543945

ISIN: INE0NT901020

Face Value: Rs 2/-

Issue Price: Rs. 500/- per share

ACC, Accelya Solutions, Andhra Cements, Ajanta Pharma, Anmol India, Arvind, Aztec Lifesciences, Bajaj Finserv, Bajaj Holdings, Bharat Electronics, BEML Land Assets, Blue Dart, Birlasoft, Canopy Fin, Chemfab Alkalies, Coromandel, Digispace, Dr Lal Path Labs, Foseco, Gangotri Textiles, Godwari Power & Ispat, Greenlam Ind, Hindustan Media Ventures, Home First, IEX, IIFL, Indian Hotel, Indian Bank, Indus Tower, Intellect Design Arena, JK Lakshmi Cement, Jyoti Resins, Kaya, Kiran Vyapar, Latent View, Laurus Lab, LGB Bros, Lodha, Man Credit, Mirza International, Motilal Oswal Financial, NACL Industries, Nippon Asset Management, NDTV, Nestle, Powergrid Invit, Radio City, Railtel, Saregama, Shiva Cement, Shree Digvijay Cement, Shriram Finance, Sona Comstar, Sterlite Tech, Sundaram Fasteners, Symphony, Trident, TTML, Ujjivan SFB and United Van Der Host.

The board of directors of Motilal Oswal Financial will meet today to consider apart from quarterly numbers, a proposal of Internal Restructuring within Group Entities by transferring Broking & Distribution Business of Motilal Oswal Financial Services Limited into one of the Wholly-Owned Subsidiary of the Company, demerger of Wealth Business from Motilal Oswal Wealth Limited, Wholly-Owned Subsidiary, into MOFSL and other related matters.

Mahindra & Mahindra Limited has picked up 3.53 per cent stake in RBL Bank as an investment at a cost of Rs ₹417 crore, the company informed the exchanges on Wednesday “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent,” it said.

Government will offload over 11 crore shares of its stake in Rail Vikas Nigam Limited (RVNL) through offer for sale (OFS). At the floor price, it is expected to earn over ₹1,329 crore. Floor price for the offer has been fixed at ₹119 which is over 11 per cent less than closing price of its share on Wednesday. The shares closed at Rs ₹134.35 on BSE. Offer for sale in RVNL opens tomorrow (Thursday) for non-retail investors. Retail investors can bid on Friday

The delisting offer of Chennai-based TTK Healthcare failed to draw enough interest from public shareholders till the last day of the offer. TTK Healthcare promoters hold 1.05 crore shares (74.56 per cent) of the total 1.41 crore equity shares. With 17.02-lakh shares tendered by the public shareholders, the total equity shareholding of the acquirers stands at 87 per cent, which is still below the 90 per cent delisting requirement. the floor price of the delisting to ₹1,201.30 per equity share. As the promoters are entitled to (but not obligated) to make a counter offer to public shareholders till July 28, the stock will remain in focus.

Domestic markets are expected to open on a positive note. According to analysts, since Thursday will see the expiry of July contacts at the NSE, the market will remain volatile. The expected 25 basis points hike by US Federal Reserve will only have a little impact, they added.

The US Federal Reserve raised the target range for its benchmark interest rate by 0.25 per cent on Wednesday and left the door open to more rate hikes. The hike brings the Fed’s policy rate, the federal funds rate, to a new range of 5.25 per cent and 5.5 per cent, the highest level since March 2001.