Share Market Highlighs 12th July 2023: Indices closed with positive bias; PSBs hog limelight

The Sensex has fallen 223.94 points to settle at 65,393.90; the Nifty has declined 55.10 points to 19,384.30.

The stock of Zensar Technologies continues to be positive. It has gained 2.63 per cent on the BSE, and is trading at ₹398.

The Hilton Metal Forging stock has risen by 0.90 per cent on the BSE, and is trading at ₹168.20. The company had entered into an MoU with the Arab Organization for Industrialization (AOI), a state-owned company in Egypt.

Sudhir Kumar Bhartia has resigned as an independent director from Hindcon Chemicals with immediate effect. The company’s stock has declined by 0.84 per cent on the NSE, and is trading at ₹88.25.

Anil Agarwal, Chairman of the Vedanta group, has said the company will foray into chip & display fabrication this year. This will open a new avenue of rapid growth for the company in the strategic sector, he said at the AGM.

The stock of Reliance Power rises 3.26% on BSE, trading at ₹15.86.

Minda Corp says Madras HC vacates interim injunction granted earlier w.r.t Pricol stake buy. HC vacates interim injunction w.r.t adjudication of its application by CCI

Minda Corp had sought CCI’s nod to raise stake in Pricol to 24.5% from 15.7%.

Major gainers:

• ONGC (1.79%)
• JSW Steel (1.71%)
• Eicher Motors (1.21%)
• Grasim (0.84%)
• Nestle India (0.78%)

Major losers:

• Ultratech Cement (-1.37%)
• Adani Enterprises (-1-29%)
• BPCL (-1.15%)
• Tata Motors (-0.95%)
• Infosys (-0.92%)

The stock of Indian Oil Corporation declines by 0.10% on NSE, trading at ₹98.

Stocks advanced on BSE at 3 pm were 1,806 against 1,626 stocks that declined. Total stocks traded were 3,579. The number of stocks that recorded a 52-week high was 201, and those that hit a 52-week low was 37.

The stock of Ashok Leyland rises by 2.10%, trading at ₹169.90.

Lupin’s stock gained 2.9% for the day following news of the Pithampur unit receiving EIR from the USFDA.

Two more facilities, Tarapur and Manideep, await clearance currently. Even marginal improvement in remediation costs will aid in margin recovery for Lupin which has high targets for FY24 of almost 400 bps margin improvement.

The stock of Dhanlaxmi Bank rises by 14.70 per cent on NSE, trading at ₹21.85.

Shares of Wanbury rise by 3.08%, trading at ₹53.55 on the NSE. The company’s board had approved the issue of Unlisted, Secured Redeemable, Non-Convertible Debentures up to ₹100 crore.

Deep Industries has acquired a 74% equity stake in Breitling Drilling Pvt Ltd. Consequently, it becomes a unit of the company.

India Ratings and Research (Ind-Ra) has assigned “AAA (Credit Enhancement)/Stable” on Mahanagar Telephone Nigam Limited’s (MTNL) proposed non-convertible debentures (NCDs) issuance aggregating ₹6,661 crore.

The credit rating agency said the ratings continue to factor in MTNL’s strong legal and operational linkages with MTNL’s parent, the Government of India (GoI; 56.25 per cent stake).

The rating reflects the absolute, unconditional, and irrevocable pre-default guarantee extended by the GoI for the timely repayment of principal and interest on the rated NCDs.

The stock of Kothari Petrochemicals jumps 17.72%, trading at ₹93.35 on the NSE.

The stock of 3i Infotech rises by 0.76% on NSE, trading at ₹33.30. The company had been awarded a contract by Bajaj Electricals.

The stock of Kinetic Engineering rises by 4.99% on BSE, trading at ₹124.20.

The company had earlier approved the raising over ₹54 crores from various available sources, including promoters & sale of its non-core assets.

Accordingly, the board approved the issue of 22.85 Lakh equity shares on preferential basis, to promoters & promoter group companies totaling ₹26.27 crore at a price of ₹115 per share (including a premium of ₹105 per share).

Elara analysed the Annual Report of Tata Motors (TTMT IN) and Jaguar Land Rover (JLR) for FY23.

Key factors improving FY23 performance were:

1. the highest-ever topline historically for PV/CV business
2. improved mix/pricing for the CV business
3. favorable mix driving JLR’s margin.

Key factors marring FY23 performance were:

1. chip shortage-led production constraints
2. supply chain challenges due to adverse geo-political environment
3. commodity cost inflation

The stock of Tata Consultancy Services rises by 0.33%, trading at ₹3,283.15. The company had been positioned as a leader in the IDC MarketScape for Worldwide Finance and Accounting Business Process Services in Cloud1.

• CarTrade Tech Ltd has announced the signing of an agreement to acquire the operations of OLX in India from OLX India BV (OIBV).
• The deal includes acquisition of 100% stake of Sobek Auto India Private Limited, consisting of the OLX Autos transaction businesses and the OLX classifieds platform for a cash consideration of ₹537.43 crore.
• The acquisition is expected to be completed within the next few weeks, the company said a stock exchange filing.
• CarTrade Tech’s shares drop by 3.13% on NSE, trading at ₹538.55 per share.

The stock of Hindustan Oil Exploration Company rises by 0.14% on NSE, trading at ₹212.30. The company’s subsidiary had acquired the balance 50% stake in Geoenpro Petroleum Limited (Geoenpro).

Stock of Kotak Mahindra Bank rises by 1.20% on NSE, trading at ₹1,889.05.

The board of Poonawalla Fincorp Ltd is scheduled to meet on July 24, inter alia, to consider and approve Quarterly Financial Results and a proposal for buyback of Non- Convertible Debentures.

• The passenger vehicles industry is likely to record moderate volume growth of around 7-9 per cent in FY’24 as the pent-up demand levels off amid hike in vehicle prices.
• High-interest rate, erratic monsoon expectation given the El Nino effect and subdued exports volume are expected to restrict volume growth.
• However, strong order book, improvement in supply chain and semi-conductor supplies, robust demand for new model launches, and increasing demand in the sports utility vehicle (SUV) segment are expected to keep the sales momentum rolling, as per a CareEdge report.

Administrator of Reliance Capital Limited has filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 for submission of resolution plan of IndusInd International Holdings Limited as approved by the Committee of Creditors of Reliance Capital Limited, with the Adjudicating Authority i.e. NCLT, stock exchange notification.

The stock of Usha Martin rises by 3.50% on BSE, trading at ₹304.95. Usha Martin International Limited (UMIL) has incorporated a wholly-owned subsidiary, Usha Martin Espana, SL, in Spain.

Mirae Asset Mutual Fund has launched Mirae Asset Nifty Bank ETF, an open-ended scheme replicating/tracking Nifty Bank TRI.

The New Fund Offer closes on July 18 and the scheme reopens for continuous sale and repurchase on July 21. The listing of ETF units on BSE and NSE will be done in 5 days from the date of allotment. The minimum investment during the NFO will be ₹5,000.

“PVR, INOX were already charging GST at 5% on all food and beverage sold at the cinemas and the clarification issued by GST Council would not lead to change in the tax position of the company,” it said in a stock exchange filing. The stock declined by 0.19% on NSE, trading at ₹1,423.70.

Shares of Radico Khaitan Limited (RKL), one of the oldest largest manufacturers of Indian Made Foreign Liquor, rise by 3.3 per cent and are trading at ₹1379 apiece on BSE (1:15 pm IST). The stock has been on an uptrend for the past few sessions on the back of factors such as the launch of semi-premium gin and recent liquor price hike by the Telangana government.

The stock has gained 50% in last 12 months and trades 83.5 times 12-m trailing earnings.

SpiceJet shares tank 11 per cent at ₹26.50 on ‘enhanced surveillance’ by DGCA. However, it recovered partly at ₹28.83, down 4 per cent over the previous day’s close.

ICRA has maintained its domestic tyre demand growth forecast for FY2024 at 6-8 per cent y-o-y on the back of favourable demand from the original equipment manufacturer segment and expected revival in replacements.

An improved product mix and range-bound input costs are expected to enhance the margins by 200-300 bps in this fiscal, it said. Tyre exports continue to be under pressure amid global economic slowdown and inflationary pressure, it added.

The stock of Ashoka Metcast Ltd rises by 19.99%, trading at ₹24.07 on the BSE.

EV smart battery manufacturer Neuron Energy has raised ₹20 crore in their Pre-Series A Round.

The investment was led by Equanimity Investments and the Rajiv Dadlani Group and also saw participation from Chona Family Office (Havmor Group) and Kayenne Ventures, along with reputed Family Offices and HNI investors.

Major gainers:

• Bharat Bijlee (8.01%)
• J B Chemicals & Pharmaceuticals (7.46%)
• Lloyds Metals & Energy (8.27%)
• Elgi Equipments (9.98%)

Major losers:

• Swan Energy (-5.87%)
• PCBL (-2.82%)
• Cyient (-2.91%)
• Delta Corp (-21.72%)

Sterlite Power has secured multiple new orders worth ₹1,400 crore across its ‘Solutions’ business.

These new orders, which were won across domestic and international markets, have strengthened the company’s total order book for the business unit to ₹5,200 crore.

• Europe markets open in the green with key indices across Germany, UK, France and Italy trading up in the range of 10-40 bps.
• Asian markets were mixed
• Japan’s Nikkei 225, China’s SSE Composite both down by around 80 bps
• Hong Kong’s Hang Seng is up by nearly 1 per cent
• US futures are trading flat at the moment
• Markets are awaiting the CPI inflation data in the US for June to be released today and will provide the cue for the upcoming Fed meet

The stock of Cyient DLM rises by 7.33% on NSE, trading at ₹529.35.

So far, farmers have covered 47% of the land available against 72.42% in the year-ago period.

State Agriculture Department data show farmers are preferring soyabean, cotton, and pigeon pea (tur) over black matpe (urad) and green gram (moong).

Steel Strips Wheels’ Q4 standalone net profit stood at ₹47.4 crore against ₹48.1 crore in the corresponding quarter last year.

The stock of Delta Corp declines by 21.10% on NSE, trading at ₹194.65.

• Company wins first international order worth ₹25 crore
• MCAP: ₹400 crore

• Stock jumps over 10 per cent at ₹229

The stock of PVR Inox declines by 0.17% trading at ₹1,424 on the NSE. The GST Council has reduced the tax on food and beverages served in cinema halls from 18% to 5%.

The stock of Wipro Ltd drops by 0.05% on NSE, trading at ₹391.85.

Just Dial shares are up by 4 per cent, trading at ₹786 after UBS gave a buy rating on the stock following progress in multiple operating metrics and scope for margin expansion.

The stock is up 31 per cent YTD.

• Turmeric October contracts have increased to ₹11,390 a quintal.
• Jeera August contracts just short of ₹60,000/quintal at ₹59,890.
• Dhaniya (Coriander) September contracts set to top ₹7,000/quintal at ₹7,052.

MCX cotton August contracts are ruling at ₹56,800. On NCDEX, kapas (raw cotton) April futures are ruling at ₹1,489 a maund (20 kg).

According to Motilal Oswal Asset Management Company (MOAMC)’s Global Market Snapshot report:

• Nifty Smallcap 250 and Nifty Midcap 150 outperformed all major indexes, gaining 6.36% and 6.16%, respectively in June
• Nifty Smallcap 250 and Nifty 150 rose to 19.99% and 18.05% respectively in Q1FY24.
• The NIFTY 50 reached a new milestone, surging past the 19,000-level to set a fresh all-time high surpassing its previous peak in December 2022.

In Asian markets:

• Gold is currently ruling at $1,935.80 an ounce
• Silver is quoted at $23.21 an ounce.

On MCX:

• Gold August contracts are quoted at ₹58,780/10 gm
• Silver September futures are quoting at ₹71,306/kg

UV volumes grew to 5.47 lakh units in Q1 of this fiscal when compared with 4.65 lakh units, up 18%. Car sales rose marginally to 4.14 lakh units from 4.12 lakh units in Q1 of FY23, according to SIAM.

The ₹500-crore IPO of Utkarsh Small Finance Bank opened for public subscription today with a price band of ₹23-25.

Bank Nifty began today’s session with a gap-up at 44,873 versus Tuesday’s close of 44,745. The index is currently trading at around 44,830, up about 0.2 per cent.

Stocks advanced on BSE at 12 noon on July 12 were 1,695 against 1,584 stocks that declined. Total stocks traded were 3,446. The number of stocks that recorded a 52-week high was 175 and those that hit a 52-week low was 31.

Top gainers:

• ONGC (1.88%)
• Eicher Motors (1.35%)
• SBI (0.65%)
• JSW Steel (0.58%)
• Coal India (0.47%)

Top losers:

• Ultratech Cement (-1.76%)
• Hindustan Unilever (-1.33%)
• Infosys (-1.26%)
• Adani Enterprises (-1.22%)
• BPCL (-1.09%)

Excel Realty N Infra Ltd has announced the appointment of Rajesh Kumar Agrawal as its additional non-executive director. Agrawal is an alumnus of the Indian Air Force and a Management Professor who currently works with the Institute of Companies Secretaries of India- Centre for Corporate Governance, Research &Training as a Director and Campus Head.

The company’s stock rises by 14.29% on NSE, trading at ₹0.40.

Adani Transmission Limited (ATL) has won the ‘Golden Peacock Environment Management Award (GPEMA)’ in the ‘Power Transmission’ sector from ‘Institute of Directors (IOD), the company’s stock exchange filing revealed. However, the company’s stock declines 1.07% on NSE, trading at ₹746.

Maruti Suzuki has introduced S-CNG technology in its Sporty SUV FRONX at NEXA. The company in a stock exchange filing said it has sold over 1.4 million S-CNG vehicles in the country till FY22-23. The company’s stock trades at ₹9,900.25 on the NSE.

The stock of Sterlite Technologies rises 1.25% on NSE, trading at ₹150. The company had announced its partnership with Windstream, a privately held communications and software company, to support large-scale fiber expansion projects.

Marksans Pharma shares hit a record high today, jumping 8.3% at ₹101.16. The company earlier announced that it received USFDA’s approval for dual-action tablets.

The Utkarsh Small Finance Bank IPO has been subscribed 0.72 times as of 11:33 am on July 12. The NIIS has been subscribed 0.80 times, retail 2.82 times, and employee reserved 0.37 times. The issue closes on July 14.

Marathon Nextgen: Company says after the Q1 FY24 net debt stood at ₹830 crore, which is inline with its objective of reducing debt to a healthy level

Shares of luxury hotel chain EIH Limited, the flagship company of the Oberoi Group, has hit a new 52-week high of ₹222 today. The stock is up 4.8% at ₹221.9 at 11.30 am IST amid 5x volumes. The second biggest listed hotel stock by market value (₹13,900 crore) has seen its shares advance by 65% in last 12 months.

Marathon Nextgen Realty Ltd reported that its sales value stood at ₹323 crore, an increase of 154% y-o-y for the quarter ended June 30. The company’s stock gains 3.39%, trading at ₹336.90 on the NSE.

The stock of the State Bank of India (SBI) rises by 0.82% on BSE, trading at ₹593.30.

ONGC has hit a 15-month high at ₹169, reclaiming that level after two months. The stock is currently up 1.8% on the NSE.

• Starhealth- ₹486.62 crore BSE block trade for ~79,44,855 shares, at ₹612.5 (Multiple blocks)

• Mahanagar Gas: ₹49.85 crore NSE Block Trade; for ~4,43,045 shares, at ₹1,125.25

Shares of ideaForge Technology rise by 0.98% on NSE, trading at ₹1,282.

The stock of Sun Pharmaceutical rises by 0.86% trading at ₹1,081.5 on the NSE.

Marksans Pharma Ltd announced USFDA approval of OTE equivalent of Advil dual action tablets

Major gainers:

• ONGC (+1.88%)
• Eicher Motors (+1.51%)
• NTPC (+1.20%)

Major losers:

• HUL (-1.26%)
• UltraTech Cement (-1.21%)
• Infosys (-0.91%)

The stock of Punjab & Sind Bank rises by 6.82% on NSE, trading at ₹35.25.

Shares of Premier Explosives surge by 20% trading at ₹708.65 on the NSE. The company had bagged two orders from the Ministry of Defence and the Indian Air Force.

Stay on the fence for now and go long if the resistance at 19,550 is breached. Place stop-loss at 19,480. When the contract touches 19,650, tighten the stop-loss to 19,600. Book profits at 19,700.

According to Motilal Oswal Asset Management Company (MOAMC)’s Global Market Snapshot report, Nifty Smallcap 250 and Nifty Midcap 150 outperformed all major indexes clocked gained 6.36% and 6.16%, respectively in June. As per MOAMC’s report Nifty Smallcap 250 and Nifty 150 rose to 19.99% and 18.05% respectively in Q1FY24.

The stock of Bharat Electronics rises by 0.31% on NSE, trading at ₹127.80.

Communication-Platform-as-a-Servive (CPaaS) solutions company, Tanla’s shares have gained 1.28 per cent in early trade. The shares are trading at ₹1,037.95.

Zen Tech shares are up by 15.81% to trade at ₹557 in early trade.

India Ratings and Research (Ind-Ra) has downgraded Artson Engineering Limited’s (AEL) long-term issuer rating to ‘IND A+’ from ‘IND AA-’. The Outlook is Negative. Shares of Artson, promoted by Tata Projects (TPL), are trading about 1% pc up at ₹84 on BSE.

The downgrade and Negative Outlook reflect the likelihood of AEL’s profitability remaining modest relative to TPL’s overall scale over the medium term, and the consequent bearing on its strategic importance to TPL. However, Ind-Ra continues to draws comfort from the operational support, in form of orders, and financial support, in form of interest free unsecured loan and working capital support, provided by TPL to AEL.

Defence Minister Rajnath Singh has inaugurated HAL’s regional office in Kuala Lempur to facilitate close defence, industrial collaboration between India and Malaysia.

IT major Wipro has announced the launch of Wipro ai360, a comprehensive, AI-first innovation ecosystem that builds on Wipro’s investments in artificial intelligence (AI) with the goal of integrating AI into every platform, tool, and solution used internally and offered to clients. Stock is flat at ₹391.70

The stock of Zensar Technologies rises 0.80% on NSE, trading at ₹391.

Brent crude oil futures headed towards $80 a barrel in early trade on Wednesday following signs of a drop in Russian crude oil output.

At 9.52 am on Wednesday, September Brent oil futures were at $79.45, up by 0.06 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $74.89, up by 0.08 per cent.

The rupee gained 16 paise to 82.25 against the US dollar in early trade on Wednesday as weakness of the American currency in the overseas market and steady foreign fund inflows supported investors’ sentiment.

However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said.

The stock of Nazara Technologies falls by 4.39% on the NSE, trading at ₹675.50.

The stock of OnMobile Global falls by 4.43% on BSE, trading at ₹75.87.

The stock of Delta Corp declines by 9.99% on the NSE, trading at ₹222.05. The GST Council has decided to levy a 28% GST on online gaming, horse racing, and casinos.

The stock of Reliance Industries rises by 0.89% on the NSE, trading at ₹2,789.40.

Major gainers on the BSE at 10:05 am: Lloyds Metals and Energy (7.99%); Elgi Equipments (11.27%); Aarti Drugs (5.85%); Marksans Pharma (5.38%); Poly Medicure (9.44%)

Major losers include: Bata India (-2.06%); Pidilite Industries (-1.63%); Swan Energy (-2.81%); PCBL (-2.70%); Ultratech Cement (-1.72%)

The stock of Happiest Minds Technologies declines by 1.43% on NSE, trading at ₹980.40. The company’s board will meet on July 14 to consider and approve the issue price, including a discount if any thereto, to qualified institutional buyers.

Gautam Adani is planning to bid for Anil Ambani’s coal-fired power plant. Anil Ambani’s Reliance Power is also considering making an offer for the asset in an attempt to win back control of the firm. Adani’s bid is part of growing portfolio of coal projects. Bain Capital and Carlyle Group Inc. are among potential bidders for a controlling stake of his NBFC Adani Capital.

The stock of Lupin Ltd rises by 0.79% on the NSE, trading at ₹921.40. The company had received an Establishment Inspection Report (EIR) from the US health regulator for its Pithampur Unit-2 manufacturing facility.

Defence Minister Rajnath Singh inaugurates HAL’s Regional Office in Kuala Lumpur to facilitate close defence industrial collaboration between India & Malaysia.

The company’s stock declines 1.38% on NSE, trading at ₹3,863.40.

BhartiAirtel has acquired an additional 20.6 per cent stake in Lavelle Networks. post-acquisition, Bharti Airtel will hold 45.6 per cent in Lavelle Networks.

The ₹500-crore IPO of Utkarsh Small Finance Bank opens for public subscription today with a price band of ₹23-25. The issue will close on July 14.

While 75 per cent of the issue would be available for allocation to QIBs, up to 15 per cent is reserved for non-institutional investors and the balance 10 per cent for retail individual investors. Minimum bid lot is 600 equity shares

Wipro shares down by 0.10% to trade at ₹392 in early trade.

Major gainers on the NSE at 9:35 am: ONGC (2.31%); Coal India (1.09%); Reliance (1.02%); Titan (0.85%); Bajaj Finance (0.79%)

Major losers include: Induslnd Bank (-1.57%); Hero Motocorp (-1.20%); HCL Tech (-0.91%)

Cyient DLM gains 6.40% to trade at ₹523.40 as markets open on Wednesday.

Wipro to invest $1 billion in Artificial Intelligence over next three years, train all staff, announced BSE.

Fintech company Angel One registered 45 per cent y-on-y growth in the client base to 15.06 million. Gross client addition was up 40 per cent at 0.48 million clients in June.

Overall retail equity turnover market share grew to 25.8 per cent, a 458 bps y-on-y expansion.

It processed 89.69 million orders in June, a 28 per cent growth.

Chennai-based drugmaker Orchid Pharma has entered into a technology transfer agreement with a multinational biotechnology company for its fermentation based ‘7ACA project’ under the production linked incentive (PLI) scheme.

• GST Council’s decision to levy a 28% goods and services tax (GST) on online gaming will apply only to the skill-based real money gaming segment of Nazara’s business.
• The contribution of this segment to our overall consolidated revenues for the financial year FY23 was 5.2%.
• To the extent required, the Company will proactively take steps to mitigate any potential impact to this segment of the business.
• We anticipate minimal impact to our overall revenues.

The stock is down 6.3% at Rs 662.

Brent crude oil futures are moving towards $80 a barrel in the early trade on Wednesday following the signs of the drop in the Russian crude oil output.

At 9.22 am on Wednesday, September Brent oil futures were at $79.55, up by 0.19 per cent; and August crude oil futures on WTI (West Texas Intermediate) were at $74.96, up by 0.17 per cent.

July crude oil futures were trading at ₹6169 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹6158, up by 0.18 per cent; and August futures were trading at ₹6181 as against the previous close of ₹6171, up by 0.16 per cent.

Equity benchmarks BSE Sensex and NSE Nifty gained in early trade on Wednesday. While Sensex gained 0.23% or 148 pts to trade at 65,766 pts, Nifty50 gained 0.21% or 40pts to 19,479 pts.

Nazara Technologies lost 7.71% , while Delta Corporation lost nearly 10% on GST Council’s decision on Tuesday on GST rates.

Kinetic Engineering Ltd on Tuesday said it will raise ₹54 crore through preferential issue of shares to promoters and sale of non-core assets to cut debt and invest in new business and electric vehicle vertical. The company’s board in a recently concluded meeting approved the raising of over ₹54 crore from various available sources, including promoters and sale of its non-core assets, Kinetic Engineering Ltd, said in a regulatory filing.

Hindustan Oil Exploration Company Limited’s subsidiary has acquired the balance 50 per cent stake in Geoenpro Petroleum Limited (Geoenpro). Consequent to the acquisition, Geoenpro, hitherto before an associate company has now become the subsidiary to HOEC. This in effect, increases the Participating Interest in Kharsang Oilfield to 35 per cent, both directly and indirectly, with right as operator to the Block.

Indian Hotels Company Ltd (IHCL) on Tuesday announced the signing of its first hotel in Kolhapur, Maharashtra, under the Ginger brand. The 100-key hotel is a new project in partnership with the Jeswani Group, IHCL said in a statement.

The GST Council on Tuesday agreed to levy a 28 per cent tax on online gaming, casinos and horse racing and the tax would be levied on full face value. The Council has also approved the exemption of GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. Shares such as Nazara Technologies, Zensar Technologies and Delta Corporation will remain focus

The board of Happiest Minds Technologies will meet on July 14 to consider and approve the Issue price, including a discount if any thereto, to qualified institutional buyers.

Office space leasing at 5.9msf (down 36% YoY) in Q2CY23 trailed completions at 13.3msf (up 11% YoY), pushing vacancies up by 20bp YoY/60bp QoQ to 18%. H1CY23 demand/supply are down 11%/29% YoY. Pune (at 9.7%) is the only city that boasts of vacancy in single-digit levels. While space take-up by GCCs and flex operators continued unabated, sluggish tech sector leasing has impacted overall demand. DLF, Brigade and Embassy Office Parks in focus.

Considering the multiple headwinds faced by the IT sector and muted growth in its ER&D (Engineering Research & Development) segment, we expect HCL Technologies to report a flattish growth in cc terms in Q1FY24 despite the ramp-up in its large deal wins. Along similar lines, margins are also expected to remain flat due to commitments made in the services business. While cross-currency tailwind is a positive, our focus would be on the management’s commentary on its TCV growth trajectory, ERS segment outlook, and whether the business retains its guidance of 6.5-8.5% growth in services revenue (6-8% overall growth) and 18-19% EBIT margins for FY24.

In-line with the overall sombre environment of the IT sector, we expect TCS to report a muted revenue growth for the quarter as it kick-starts the earnings season on 12 July. This is a direct result of slower deal pipeline conversions and project delays/cancellation this quarter, which in effect impacted its growth trajectory. Another adversity playing in is the wage hike effect which is expected to lead to a margin contraction of about 80-100 bps on a sequential basis. Thus, it is crucial to take cues from the management commentary on the overall demand visibility, weakness in specific segments, hiring plans and the client deal conversion cycle.

Kotak Mutual Fund launched Kotak Quant Fund, an open-ended equity scheme following Quant based investing theme.

The scheme opens for public subscription starting from July 12 and will close on July 26. Investors can invest a minimum amount of ₹5,000 and in multiples of ₹1 for purchase and Re 0.01 for switches. They can also invest through Systematic Investment Plan (SIP) ₹500 (Subject to a minimum of 10 SIP installments of ₹500 each) during the NFO period.

LSEG (London Stock Exchange Group) has announced a long-term agreement with IndusInd Bank, one of India’s largest private sector banks, to support the bank’s digital transformation strategy.

• BHEL

• DELTACORP
• GRANULES
• INDIACEM
• IBULHSGFIN
• MANAPPURAM
• PNB
• ZEE ENT

According to analysts, gaming stocks such as Nazara Technologies, Delta Corporation and Zensar Technologies might come under pressure due to 28 per cent Goods and Service Tax.

The GST council on Tuesday decided to levy a 28 per cent GST on the full value of gaming , horse racing, and casinos. The move is seen as a setback for online gaming companies.

“Nazara Technologies Limited would like to clarify that this tax (28% GST) will apply only to the skill-based real money gaming segment of our business. The contribution of this segment to our overall consolidated revenues for the financial year FY23 was 5.2%,” Nazara said in an exchange notice.

Adani group, Lupin, gaming stocks (Nazara Zensar, Delta), Happiest Minds, Indian Hotels, Hindustan Oil Exploration, Kalpataru, Schaeffler India, Usha Martin, Kinetic Engineering, 3i Infotech, STL, and Wanbury are some of the stocks that are expected to be in action today.

Domestic markets are expected to open on flat note on Wednesday. Analysts expect the market to continue the momentum, tracking positive global cues.

GIFT Nifty at 19,529 indicates a flat opening with a positive bias as Nifty futures on Tuesday closed at 19,500.

Bharat Electronics is likely to a fresh leg of rally in the coming days. The stock has been in a strong uptrend since April this year. The upmove paused in mid-June and the stock price has been consolidating since then. The 3.6 per cent rise on Tuesday signals that the overall uptrend can resume going forward.

Bharat Electronics’ share price can rise to ₹137-140 over the next couple of weeks. Immediate support is at ₹125. Below that, ₹123 – the 21-Day Moving Average is the next strong support. Traders can go long now. Accumulate on dips at ₹126.50.

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