Share Market Highlights 5th July 2023: Indices end flat; market capitalisation of Indian cos crosses ₹300 lakh crore for the first time

Coal India Ltd has commissioned several Manufactured Sand (M-Sand) producing plants in eastern and central parts of India. The largest such plant at Gondegaon Coal Mine near Nagpur produces 2,500 cubic metres of sand per day at half the market price.

DGCA and EASA enter into MoU for collaboration on Unmanned Aircraft Systems and Innovative Air Mobility

BSE Sensex fell 33.01 points, or 0.05%, to 65,446.04, while NSE index gained 16.35 points, or 0.08%, to 19,405.35, as investors booked profit at near-record high levels amid concerns of a trade conflict between the United States and China, as per Reuters.

Market capitalisation of Indian companies has hit record high, crosses ₹300 lakh crore for the first time on the BSE.

Nifty 50/ Sensex are the best performers amongst major indices globally so far today, with key indices across Australia, China, Japan, UK, Germany trading/closed in the red today. Hong Kong’s Hang Seng is the worst performer, down 1.57 per cent for the day.

Shares of Bajaj Auto have gone up by 5.83%, trading at 4,895 per share on the NSE.

Senco Gold IPO subscription status as of 3 pm on July 5:

Total – 1.82 times

QIB – 0.12

NIIS – 1.86times

Retail – 2.77times

Thursday (July 6) is the last day for public investors to subscribe to Senco Gold IPO.

Top gainers on the NSE at 3 pm: Bajaj Auto (5.51%); Divi’s Laboratories (5.07%); Hero Motocorp (4.25%); HDFC Life Insurance (3.51%); Maruti Suzuki (3.38%).

Top losers: HDFC; HDFC Bank; Eicher Motors; Tata Consumer Products; Bajaj Finserv.

Stocks advanced on BSE at 3 pm were 1,920 against 1,538 stocks that declined. Total stocks traded were 3,599. The number of stocks that recorded a 52-week high was 203 and those that hit a 52-week low was 34.

Shares of ​Bharat Heavy Electricals​ rise by 6.27%, trading at ₹92.35 per share.

The company has extended its gas turbines tech agreement with General Electric Tech GmbH Switzerland.

Shares of ​PNB​ rise by 1.93% trading at ₹58.15 per share on NSE.

Shares of Maruti Suzuki gained 2.79% trading at ₹9,917 on the NSE. The company has launched the Invicto premium MPV.

FSN E-Commerce: Rs 156.45 crore NSE Block Trade; for 10940731 shares, at Rs 143.

Netweb Technologies Limited raises Rs 51 crore in Pre-IPO placement.

Jindal steel: Co-promoter group release pledge of 43m shares or 4.23% on July 4.

Stocks advanced on BSE on Wednesday were 1,935 against 1,482 stocks that declined. Total stocks traded were 3,551.

The number of stocks that recorded a 52-week high was 194 and those that hit a 52-week low was 33.

TechM has touched 52-week high of Rs 1,184.85. Trading at Rs 1,171.25, up by 2%.

Shares of Pro Fin Capital Services decline by 1.87% on BSE trading at ₹1.05 per share. The company’s board has earlier approved a proposal to raise funds of up to ₹50 crore by way of a preference / rights issue.

Coffee producer CCL Products gains 1.61 pc, trading at Rs 687. Touched a 52-week high of Rs 688.25 through the day.

Tata Motors has said JLR sales in June in the UK came in at 6,100 units versus 5,305 units (YOY)

TVS Motor Company along with Apollo Tyres has set a new Indian National Speed Endurance Record on the TVS Apache RR 310 motorcycle shod with Apollo Alpha H1 tyres. As part of the 24-hour speed endurance challenge, a milestone of 3,657.92 km was achieved at NATRAX, Indore – Asia’s longest high-speed track, as certified by FMSCI.

The shares of TVS Motor trade at ₹1,304, up by 0.02 per cent on the NSE.

Top gainers on the NSE at 1:30 pm on Thursday: Divi’s Laboratories (4.01 per cent); HDFC Life Insurance (3.46 per cent); Hero Motocorp (2.98 per cent); Tech Mahindra (2.74 per cent); Bajaj Auto (2.50 per cent)

Top losers: HDFC; HDFC Bank; Tata Consumer Products; Eicher Motors; Hindalco

Volume growth to drive the performance in the FMCG sector, with a gradual revival in rural demand helping, too: CRISIL Ratings

Natural gas futures (continuous contract) on the Multi Commodity Exchange (MCX), which rebounded from ₹190 in mid-June, is now struggling to extend the upswing. Currently, the contract is trading between ₹215 and ₹240.

The Tata Consultancy Services stock rose 0.37 per cent at ₹3,320.95 on NSE trading. In a stock exchange filing on Wednesday, the company said it had been recognised as a ‘Leader in IDC MarketScape for Asia-Pacific Oracle Application Implementation Services’

The Senco Gold IPO has been subscribed 1.49 times as of 1:09 pm on Wednesday (July 5). The NIIS portion has been subscribed 1.52 times and the retail portion 2.32 times.

Thursday (July 6) is the last day for public investors to subscribe to the IPO.

The market cap categorisation for the second half of 2023 is out. The changes in the Large, Mid and Small cap are in line with expectations. The list is prepared on a half-yearly basis and the current AMFI List will be valid for the August 2023 to January 2024 period.

The market cap cut-off for the large cap is at Rs 49,700 crore, whereas the mid-cap cut-off came in at Rs 17,400 crore.

Of the Total MCap, large cap stocks (Top 100) attributed 68.3 per cent versus 69.4 per cent (Jan Review), Mid caps (101-250) attributed 16.6 per cent versus 16 per cent (Jan Review) and Small caps (251 and beyond) attributed 15.1 per cent versus 14.6 per cent (Jan Review).

In the steepest decline of unsold inventory among the top seven cities, NCR went from approximately 1,41,250 units by Q2 2022-end to approximately 1,10,990 units by Q2 2023-end.

Mid-segment homes (priced between Rs 40-80 lakh) saw the highest yearly decline of 25 per cent – from approximately 47,160 units by Q2 2022-end to approximately 35,450 units by Q2 2023-end.

Affordable housing (priced less than Rs 40 lakh) inventory declined 24 per cent annually, from approximately 51,680 units by Q2 2022-end to approximately 39,400 units by Q2 2023-end.

Premium homes (priced between Rs 80 lakh to Rs 1.5 crore) saw inventory decline 23 per cent yearly; luxury homes (priced between Rs 1.5-2.5 crore) saw inventory drop by 19 per cent y-o-y

LTI Mindtree’s stock gained 0.16% on NSE trading at ₹5258.95. The company will replace HDFC in the Nifty-50 index on July 13.

Stocks that gained on BSE at 1 pm on Thursday are Aegis Logistics (7.54%); Bombay Dying & Mfg (6.62% change); Mangalore Refinery & Petrochemicals (12.89%); Chennai Petroleum (8.90%; and Thirumalai Chemicals (8.70%).

The top losers include HDFC Bank; Can Fin Homes; Safari Industries; and Suzlon Energy.

Ahead of the July 8 board meeting on fundraising, shares of smallcap brewer, SOM Distilleries, are up over 3℅ in trade at ₹302 apiece.

On July 8, the company board will consider and approve to issue of Convertible Equity Warrants to the Promoters / Promoters Group and/or other prospective Investors on a Preferential Basis towards the capex and working capital requirement(s) of the company.

The stock, which trades at 37 times trailing 12-month earnings, is ruling at 52-week highs after massive gains in the last year.

European markets have opened down for the day with key indices across Germany, UK, France and Italy down by around 20-50 bps. US futures are also trading in the red at the moment in the range of 20-40 bps.

Shares of State Bank of India (SBI) rise by 0.20% on BSE, trading at ₹590.40.

Loans and advances of ​IDFC First Bank ​have grown from ₹1,37,663 crore as of June 30,2022, to ₹1,71,420 crore as of June 30, 2023, registering a growth of 24.5 per cent YoY.

Shares of Engineer’s India are up by 2.95% trading at ₹117.05. Rights issue announcement by Oil Marketing Companies might have triggered the rally.

The Directorate General of Trade Remedies (DGTR) has initiated a probe into allegations of rising imports of low ash metallurgical coke (also called met coke). The investigation into initiating safeguard duties follow after five companies submitted a complaint claiming that rising imports of low ash met coke was impacting domestic producers.

Shares of Genus Power Infrastructures have surged by 18.45% trading at ₹166.90 on NSE. Singapore’s sovereign wealth fund GIC will acquire a 74 per cent stake in Genus Power & Infrastructure’s new smart metering solutions venture for $2 billion (more than ₹16,000 crore).

The Bank Nifty index, after gaining for five consecutive sessions in a row, appears to have lost some upward momentum on Wednesday. It opened with a gap-down at 45,170 versus yesterday’s close of 45,301, and is now trading around 45,250.

Shares of BSE are up 0.77 per cent at ₹678 on the NSE as its board meets for a buyback proposal.

The top gainers on the NSE at 12:05 pm are Bajaj Auto (3.17%); Divi’s Laboratories (2.62%); ITC (2.55%) HDFC Life Insurance (2.53%); and Hero Motocorp (2.38%).

The top losers are HDFC; HDFC Bank; Tata Consumer Product; Eicher Motors; and Apollo Hospitals.

eMudhra, the largest player in the licensed digital certifying authority space in India, is one of the top performers today. Stock trading at ₹ 462, up by a little over 12 per cent for the day.

TTK Healthcare shares rallied around 6 per cent in the early trading session after the company revised upwards the floor price for voluntary delisting of its shares from exchanges. Shares of the Chennai-based company touched an intraday high of ₹1,329.8 on NSE, 6 per cent higher than Tuesday’s closing price.

HDFC Bank has acquired 84.44 lakh shares of Hindustan Oil Exploration, thus buying a 6.39 per cent stake in the company

Shares of Samvardhana Motherson International Ltd have rised 6.99% on NSE trading at ₹91.10. The company, on Tuesday, said it will acquire 81% stake in the four-wheeler business of Yachiyo Industry, a Honda Motor subsidiary.

The major stocks that gained on BSE at 11:38 am on Thursday are Bombay Dying & Mfg (6.90% change); Mangalore Refinery & Petrochemicals (10.96%); Bharat Bijlee (6.83%); Shivalik Bimetal Controls (8.95%); and Samvardhana Motherson International (6.93%).

Epsilon Carbon, a manufacturer of coal tar pitch derivatives, has signed an agreement with South32, a global mining and metals company, to export liquid coal tar pitch to South32’s South Africa and Mozambique operational locations.

Motilal Oswal Research expects systemic loan growth to remain healthy in the June quarter with credit growth of 15 per cent YoY driven by continued traction in the retail and SME segments. The Corporate segment has remained sluggish, dragging down overall loan growth, it said. Home, Vehicle, Unsecured, and Small Business segments continue to do well, while demand for commercial vehicles remains healthy. The Credit card business is seeing strong momentum, with robust growth in both spends and the number of cards, it said.

Indian Oil Corporation stock rises 0.36% trading at ₹94.95 on BSE. The company’s board will meet on July 7 to consider a rights issue. The fund raising is to meet its capital expenditure plan, the PSU oil major said in a disclosure to the exchanges.

Coffee producer firm, CCL Products, has touched 52-week high of ₹684.10. Trading at ₹678.20, up by 0.31 per cent.

Shares of Sundaram Finance have rised by 0.76 per cent trading at ₹2,640 on NSE.

The stock of Precision Camshafts is up by 2 per cent on NSE trading at ₹186.35. The company earlier announced that its 15 MWp Captive Solar Power Plant installed at Mangalwedha, Solapur, is now in operation.

Suzlon Energy has locked in at 5 per cent lower circuit, after seven days of continuous gains. The counter saw several large deals in the early trades.

The top gainers on NSE at 11 am are HDFC Life Insurance (2.71%); Divi’s Laboratories (2.47%); Induslnd Bank (2.39%; Hero Motocorp (2.32%); and ICICI Bank (1.73%).

The top losers on NSE are HDFC (-3.40%); HDFC Bank (-3.31%); Tata Consumer Product (-1.23); Hindalco Industries (-0.82); and Bajaj Finserv (-0.68).

Akshar Spintex Ltd, in a stock exchange filing on Thursday, said that its Company Secretary (CS) and Key Managerial Personnel (KMP), Pratik M Makwana, has tendered his resignation due to personal reasons. The company’s stock lost 1.19 per cent trading at ₹66.55 on NSE.

Shares of Venus Remedies gained 1.79% at ₹256 on NSE. The company’s stock exchange filing said that it has further consolidated its position in the Gulf Cooperation Council (GCC), Association of South East Asian Nations (ASEAN), Balkan and Caribbean regions with marketing approvals from Oman, Malaysia, Bosnia and Trinidad & Tobago for key chemotherapy drugs.

With this, the company has secured 503 marketing approvals for its oncology products across 75 countries.

India’s service sector growth weakened to a three-month low but remained resilient in June amid strong demand, according to a private business survey on Wednesday, despite prices rising at their quickest pace in nearly six years.

Sustained growth in the sector, which accounts for around 60% of overall output, indicates Asia’s third-largest economy will continue to outpace many of its major peers over the coming quarters, said a Reuters report.

The following are the latest category-wise subscripton details

• Total – 1.00 times
• QIB – NIL
• NIIS – 0.97 times
• Retail – 1.67 times

Thursday (July 6) is the last day for public investors to subscribe to Senco Gold IPO.

The share price of Aurobindo Pharma rose 1.10% to ₹720.50 on NSE. The company had announced that the breast cancer biosimilar product, BP02 (Trastuzumab or biosimilar to Herceptin), met its primary endpoint in a Phase-3 clinical trial. The product was developed by its wholly-owned subsidiary, Curateq Biologics Pvt Ltd.

The Nifty 50 July Futures (19,445) is down marginally by 0.06 per cent. The immediate outlook is mixed. 19,350-19,500 can be the broad trading range. A breakout on either side of this range will determine the next move.

Traders can stay out of the market and wait for the range breakout to give clarity on the next direction of move.

• LIC Housing Finance: The company will replace HDFC in Nifty Financial Services
• Jindal Steel & Power: The company will replace HDFC in the Nifty 100
• Ambuja Cements: The company will replace HDFC in the Nifty High Beta 50.
• Brigade Enterprises: The company will replace HDFC in Nifty Core Housing
• Phoenix Mills: The company will replace HDFC in Nifty Housing
• LTIMindree: The company will replace HDFC Ltd. in the Nifty 50 after the HDFC-HDFC Bank merger. It will move from Nifty Next 50 to Nifty 50. The replacement will come into effect on July 13. The replacement will also be applicable to the Nifty50 Equal Weight index
• Mankind Pharma: The company will replace HDFC in the Nifty 500, Nifty 200, Nifty Large Midcap 250, and Nifty Total Market

AU Small Finance Bank’s Q1 FY24 deposits were up 27% at Rs 69,315 cr Vs Rs 54,631 cr (YoY)

Manali Petrochemicals has inked two captive power agreements with two separate units of First Energy for the procurement of wind power and solar power for a total consideration of Rs 3.56 crore.

Despite a series of buy reports, both HDFC and HDFC Bank are down by 2.6% today. Portfolio rebalancing overhang could be causing this.

Post merger, MFs are not allowed to own more than 10% of a scheme in HDFC Bank. The merger takes effect on July 13.

Care Ratings has enhanced the credit rating for the short term bank facilities of HFCL to CARE A1 (A One) from CARE A2+ (A Two Plus).

Reliance Industries stock gains 0.17%, trading at ₹2,593.05 on NSE.

The rupee depreciated 7 paise to 82.08 against the US dollar in early trade on Wednesday, weighed down by the strength of the American currency in the overseas market amid an increased demand for the dollar from importers.

Sustained foreign fund inflows supported the local unit and contained the fall.

At the interbank foreign exchange, the domestic unit opened at 82.05, then fell to 82.08, registering a decline of 7 paise over its last close.

Poonawalla Fincorp shares rise by 0.84%, trading at ₹361.75 on NSE. According to the company’s stock exchange filing, its total disbursements in Q1 FY24 were up 143% y-o-y to ₹7,050 crore compared to disbursements of ₹2,901 crore in Q1 FY23 and ₹6,371 crore in Q4 FY23. The company’s assets under management grew 41% y-o-y.

IDFC shares rise 4.09%, trading at ₹115.75, while IDFC First Bank gained 3.3% at Rs 81.26 on BSE.

Maruti Suzuki India is launching Invicto multi purpose vehicle (MPV). The company is entering into Rs. 20-lakh-plus category with this MPV made at Toyota’s factory and will be competing with Innova in the same category.

Vedant Asset Limited has entered into a Memorandum of Understanding with Medyseva Technologies Private Limited for providing telemedicine services, establishing Vedant Medyseva brand to open medical points in rural areas for tele-consultation, diagnostic and telemedicine services.

TTK Healthcare’s board has recomputed the floor price of equity share to Rs 1,201.30. The board took the decision based on the views and observations received from the stock exchanges. Reference date has been fixed as the date of the board meeting i.e. 20th April, 2023, in which the de-listing proposal was considered and approved.

Taylormade Renewables’ board will meet on 10 July 2023 to consider, approve and recommend the migration of the company from BSE SME Platform of the BSE Limited to the Main Board of BSE, subject to the eligibility criteria prescribed by the BSE/SEBI.

The Executive Committee of the Central Board (ECCB) of SBI has accorded an approval for acquiring the entire stake held by SBICAPS in SVL by SBI, subject to receipt of all regulatory approvals.

HPCL’s Rajasthan Refinery executes a loan agreement under a consortium arrangement for Rs 48,625 crore

Bandhan Bank stock lost 3.76% at ₹222.55 on NSE on Wednesday. The bank on Tuesday announced that Sunail Samdani, CFO and KMP of the bank, had submitted his resignation, which will be effective on September 30, 2023.

The bank’s Q1 loans and advances were down 5.5% QoQ and up 6.7% YoY at Rs 1.03 lakh crore.

Elevation Capital VI FII Holdings has sold 12.96 lakh equity shares or 2.1 percent stake of TCNS Clothing.

Som Distillery board will meet on July 8 to approve issuance of convertible equity warrants to the promoters.

• Uncoated paper prices corrected from Rs 90-92/kg in Mar’23
• Coated paper prices fell from Rs 76-77/kg in Mar’23 to about Rs 69-70/kg at present
• Paperboard prices fell from Rs 77/kg in Mar’23 to Rs 69-70/kg at present
• Chinese BHKP prices appear to have bottomed out in May’23 (at $470/t)

MMTC has gained 5.30% to Rs 33.60 in early trade.

“The rise in cost of deposits will manifest in margin moderation across several banks though some banks may display stable margins in Q1 FY24. Margins will see pressure mainly from Q2 FY24 onwards in our view,” said Motilal Oswal in its latest insurance sector preview.

YES Bank stock up by 1.19% on NSE, trading at ₹17 per share. The bank earlier announced that its loans ands advances were 7.5% y-o-y at ₹2,00,201 crore, and deposits increased 13.5% y-o-y at ₹2,19,369 crore for the quarter ended June 30, 2023.

Top gainers on NSE: Induslnd Bank (2.14% change); ICICI Bank (1.73%); Asian Paints (1.39%); Divi’s Laboratories (1.27%); HDFC Life Insurance (1.27%)

Top losers: HDFC (-1.84%); HDFC Bank (-1.80%); Eicher Motors (-1.05%); Wipro (-0.54%)

The share price of Suzlon slumped 5 per cent at Rs 17.46 on fund raising plans. The company announced plans to raise new funds after market hours yesterday. It did not specify whether this would be through debt or equity. The company made a rights offer at Rs 5 in October 2022.

Agri inputs firm Rallis has gained 3.44% in early trade. It is trading at Rs 213.25.

The share price of HCL Tech gaind 0.74 per cent at Rs 1,199.10 in early trade.

Shares of LTIMindtree and LIC HF opened higher as they are set to enter Nifty50 and Nifty Next 50 indices, respectively, from July 13.

Crude oil futures traded lower on Wednesday morning as the markets waited for the release of the minutes of the June meeting of the US Federal Reserve later in the day. At 9.18 am on Wednesday, September Brent oil futures were at $75.78, down by 0.62per cent. July crude oil futures were trading at ₹5829 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹5850, down by 0.36 per cent; and August futures were trading at ₹5862 as against the previous close of ₹5880, down by 0.31 per cent.

SJS Enterprises Limited has completed the acquisition of 90.1% stake in Walter Pack Automotive Products India Private Limited (WPI) within the given timeline, for a total cash consideration of Rs 239.3 crore

Equity benchmarks BSE Sensex and NSE Nifty opened today’s session flat with a negative bias. Sensex is at 65,484, while Nifty is at 19,379. Divi’s Labs, IndusInd Bank are the top gainers, while HDFC twins are the top losers.

Please see below the morning view on the market from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The 15 % surge in Nifty from the low levels of March has given a bullish flavour to this rally; but it is difficult to describe this as a bull market since valuations do not permit a sustained rally and the evolving economic fundamentals do not warrant continuation of the rally much beyond the current levels.

A sustained bull run needs low valuations and steadily improving growth and earnings prospects. Valuations are not favourable now and growth and earnings prospects, though good, are not very bright. For instance, the June auto sales numbers came below expectations and indicate that sluggish demand remains a problem, particularly for price sensitive mass consumption products. The economic recovery continues to be ‘K’ shaped as indicated by the resilient demand for premium products.

There is valuation comfort in financials, particularly the leading private sector banks. Leading PSU banks are attractively valued compared to their private sector peers. FY24 Q1 results of the banking majors will be good.

CG Power and Industrial Solutions, part of the Murugappa Group, intends to invest Rs 400 crore in capacity expansion across its units over the next two years as part of its three-pronged future growth strategy. The company has become debt-free and has resumed payment of dividends after a gap of 7 years. It has already made its first dividend payout since the recent change in ownership.

Paytm has shared the business update for Q1 FY24.

Paytm continues leadership position in merchant payments with 79 lakh devices

Paytm adds 11 lakh payment devices in Aprril-June (4 Lakh in June alone)

Paytm GMV crosses ₹4.05-lakh crore, up by 37% YoY

Paytm avg MTU for Q1 FY24 grows 23% YoY to 9.2 crore

Paytm distributed 1.28 crore loans in Q1, 51% YoY growth

Paytm’s loan disbursal value in April-June was ₹14,845 crore, 167% YoY growth

Macrotech Developers Q1 FY24 pre-sales were at Rs 3,353 crore, up 17% YoY. It added 5 new projects in the quarter with a revenue potential of Rs 12,000 crore.

Its Q1 FY24 collections were at Rs 2,403 crore and the company expects this to pick up in the remaining quarters of the year.

Its net debt has increased marginally by 3% to Rs 7,264 crore YoY primarilyon account of front-loaded business development investment.

The board of Pro Fin Capital Services has approved a proposal to raise funds of up to ₹50 crore by way of a preference / rights issue. The terms of the issue as well as mode of the issue will be decided by the board later.

Precision Camshafts has said the 15 MWp Captive Solar Power Plant installed at Mangalwedha, Solapur is now in operation. The plant will not only reduce the cost of electricity required for production, but also help the in generation of Green Energy and reducing the carbon footprint.

Bandhan Bank’s Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), Sunil Samdani, has submitted his resignation to “explore professional opportunities outside the bank”. His last working day would be September 30, 2023, the bank said in a notification to stock exchanges on Tuesday.

Samvardhana Motherson International Ltd on Tuesday said it will acquire an 81 per cent stake in the four-wheeler business of Yachiyo Industry, a Honda Motor subsidiary. The company has entered into a partnership with Honda Motor under which it will form an 81:19 strategic partnership with the latter, where both partners will drive the company towards a strong and sustainable future and be fully prepared for next-generation products and technologies, Samvardhana Motherson International Ltd (SMIL) said in a statement.

After Bharat Petroleum Corporation Ltd ( BPCL), the board of directors of Indian Oil Corporation will meet on July 7 to consider raising of capital through right issue of equity shares. The fund raising is to meet the capital expenditure plan for its projects, subject to statutory approvals as may be required, the PSU oil major said in a disclosure to the exchanges.

Shares of IOC closed at ₹94.61, down 0.81 per cent, against the previous day’s close of ₹95.38.

Last week, the board of BPCL approved a proposal for raising capital up to an amount not exceeding ₹18,000 crore by way of rights issue.

Stelis Biopharma Ltd (Stelis or Company), an emerging biopharmaceutical Contract Development and Manufacturing Organisation (CDMO) and the biologics arm of Strides Pharma Science Ltd has announced that it has entered into a binding term sheet with Syngene International Ltd to divest its multi-modal manufacturing facility at Bommasandra Industrial Area, Bengaluru, India (Unit 3 facility). Syngene will acquire Unit 3 on a slump sale basis for a gross value of ₹702 crore.

Singapore’s sovereign wealth fund GIC will acquire a 74 per cent stake in Genus Power & Infrastructure’s new smart metering solutions venture for $2 billion (over ₹16,000 crore). Jaipur-based Genus Power, a leading manufacturer of smart electricity meters, is part of the $400-million Kailash Group. It has two business divisions -- metering solutions and an EPC segment -- providing a complete range of services to the power sector.

Aurobindo Pharma Ltd (along with its subsidiaries, together referred to as “Aurobindo”) has announced that the breast cancer biosimilar product, BP02 (Trastuzumab or biosimilar to Herceptin), developed by its wholly-owned subsidiary, Curateq Biologics Pvt Ltd, has met its primary endpoint in a Phase-3 clinical trial. BP02 has shown equivalent efficacy to Herceptin in regard to its clinical response (overall response rate, ORR), in addition to demonstrating a comparable safety profile.

The Finance Minister Nirmala Sitharaman is scheduled to meet the chiefs of public sector banks (PSBs) on Thursday in what will be their first review meeting after the 2022-23 financial results.

From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way, to post a profit of Rs 1,04,649 crore in 2022-23. State Bank of India (SBI) accounted for nearly half the total earnings.

Public sector banks, BHEL, LTIMindtree, Aurobindo Pharma, Genus Power, Lodha, Samvardhana Motherson, IOC, Suzlon, Strides Pharma, Syngene International and Bandhan Bank are some of the stocks that will see action today.

Nomura Singapore has sold 4.66 lakh equity shares of HMA Agro

Bajaj Auto is teaming up with UK’s Triumph Motorcycles to introduce a new range of 400cc motorcycles.

RBL Bank’s total deposits in Q1 FY24 grew by 8 percent year-on-year to Rs 85,638 crore and gross advances increased by 20 percent to Rs 74,792 crore

The ₹405-crore initial public offering of Senco Gold subscribed 69 per cent as retail investors showed keen interest. The IPO, which closes on July 6, comes out with a price band of ₹301-317. Investors can bid for a minimum of 47 equity shares. The public issue received bids for 65.28 lakh shares as against 94.18 lakh shares on the offer

The Indian rupee is expected to struggle on Wednesday in the wake of Asian currencies declining on weak China data and ahead of the US Federal Reserve June meeting minutes, due later in the day.

According to a Reuters report, non-deliverable forwards indicate the rupee will open at around 82.04-82.06 to the US dollar compared with 82.02 in the previous session.

Europe-based financial services group Societe Generale has bought 17.28 lakh equity shares of Minda Corporation

IndusInd Bank’s Q1 net advances up 21% at ₹3.01-lakh crore against ₹3.47 lakh crore, while deposits rise 15 per cent y-o-y.

Lemon Tree has signed a licence pact for a 48-room property in Udaipur, Rajasthan.

The sixth largest IT company LTI Mindtree will replace HDFC in the Nifty-50 index on July 13. A decision to this effect was taken at the board meeting of Index Maintenance sub-committee (Equity) of NSE Indices on Tuesday, following the proposed merger of HDFC with HDFC Bank.

LTI Mindtree will see passive inflow of approximately $172 million on back of Nifty 50 entry and alongside $50 million outflow due to adjustment in Nifty Next 50. Thus, net inflow should be somewhere around $125-130 million, according to Abhilash Pagaria, Head, Nuvama Alternative & Quantitative Research.

Construction and development company, PKH Ventures has decided to withdraw its public issue on the final day of bidding, July 4, as the issue was undersubscribed. As both qualified institutional buyers and retail investors show lukewarm responses, the issue was subscribed by just 65 per cent.

Suzlon Energy announced plans to raise new funds after market hours yesterday. It did not specify whether this would be through debt or equity. The company made a rights offer at Rs 5 in October 2022. Another equity raise may dampen the stock which has been on a song recently.

Bharat Heavy Electricals has extended its gas turbines technology agreement with General Electric Technology GmbH Switzerland. Under this extension, BHEL has gained access and enhanced rights for existing, uprated and new gas turbine models.

The short-term outlook is bullish forBank of Baroda. The stock has surged over 6 per cent so far this week. This rise has taken the share price well above the key resistance level of ₹190.

Traders can go long now. Accumulate on dips at ₹194. Keep the stop-loss at ₹182. Trail the stop-loss up to ₹206 as soon as the stock moves up to ₹213.

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

BSE Sensex and NSE Nifty are expected to open on a flat note on Wednesday. NSE Connect futures at 19,508 at NSEIX indicates a flat opening as Nifty futures closed at 19,458 on Tuesday.

Analysts expect profit-taking to emerge in the later part of the day. However, continuous investments by foreign portfolio investors help market stay afloat.