Share Market Highlights June 06, 2024: Sensex, Nifty settle nearly 1% higher; IT stocks shine

The rupee recovered 14 paise to close at 83.37 (provisional) against the US dollar on Wednesday, tracking strong buying in domestic equities and lower crude oil prices in international markets.

However, a surging greenback against major crosses overseas and fresh foreign fund outflows restricted gains in the local currency, forex traders said. (PTI)

Dixon Technologies (India) Limited has entered into a Term Sheet with HKC Corporation Limited to form a Joint Venture for manufacturing of Liquid Crystal Modules, thin film transistor liquid crystal display modules (TFT-LCD Modules), assembly of end products like, smartphones, TVs, monitors and auto displays and selling HKC branded End products in India.

Ashoka Buildcon’s stock closed at ₹187.90 on the NSE, higher by 4.33%.

India’s equity benchmarks BSE Sensex and NSE Nifty closed nearly 1% higher on Thursday as the BJP-led NDA is set to form the next government at the Centre. 

While the Sensex gained 692.27 points, or 0.93%, to 75,074.51, the broader Nifty50 advanced 201.05 points, or 0.89% to 22,821.40, show provisional data on the exchanges. 

Persistent Systems introduced the GenAI Hub, a platform designed to accelerate the creation and deployment of Generative AI applications within enterprises. This platform integrates with existing organizational infrastructure, applications, and data, facilitating the rapid development of industry-specific GenAI solutions.

The shares were up by 3.52 per cent to ₹3,692 at 3.19 pm on the BSE.

Zen Technologies’ stock trades at ₹915.10 on the NSE, up 1.73%

Top gainers on the NSE as of 3 pm:

Tech Mahindra (3.99%), HCL Tech (3.97%), SBI Life (3.74%), Shriram Finance (3.71%), SBI(3.69%)

Top losers:

Hindalco (-2.72%), Hindustan Unilever (-2.20%), Hero Motocorp (-2.11%), Asian Paints (-1.96%), Nestle India (-1.54%)

2,937 stocks advanced, while 888 stocks declined and 97 stocks remain unchanged. The number of stocks that recorded a 52-week high was 124, and those that hit a 52-week low was 39. 

In addition, 351 stocks traded in upper circuit, while 202 hit the lower circuit.

Alok Industries has received an order from the Assistant Commissioner of Central GST & Central Excise, Division – VIII, Daman Commissionerate, levying on the Company a penalty of ₹8,56,256 under Section 73(9) of the Central Goods and Services Tax Act, 2017 read with Section 20 of the Integrated Goods and Services Tax Act, 2017 and Section 6 of the Union Territory Goods and Services Tax Act, 2017. 

The Order has been passed alleging erroneous claim for excess refund of input tax credit by the company for the month of September and November 2019. The Company intends to file an appeal against the order.

Alok Industries stock surges 4.93% on the NSE, trading at ₹25.55.

• Adani Energy Solutions (5.94%)
• Adani Power (4.04%)
• ATGL (3.30)
• NDTV (2.91%)
• Adani Wilmar (2.42%)
• Adani Enterprises (2.27)
• Ambuja Cements (1.61%)
• ACC (1.73%)
• Adani Green Energy (1.51%)
• Adani Ports & SEZ (-0.21%)

Indoco Remedies stock trades at ₹319.40 on the NSE, up 2.97%.

Zee Entertainment Enterprises board has approved the raising of funds by way of issuance of equity shares, QIP, preferential issue, or any other method or combination, for such amount not exceeding ₹2000 crore.

Concord Biotech stock traded at ₹1,469.55 on the NSE, lower by 1.11%. 

Torrent Pharmaceuticals stock traded at ₹2,782.70 on the NSE, up 0.08%. Company had entered into a non-exclusive patent licensing agreement with Takeda Pharmaceuticals to commercialise its novel gastrointestinal drug in India.

Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited, has appointed Satish Nair as President and Chief Executive Officer (CEO).

Asirvad, headquartered in Valapad, Kerala, is the third largest microfinance institution (in terms of AUM as of June 2023), offering microfinance loans to low-income women. As of June 2023, Asirvad has a presence in 22 States and 4 Union Territories in India through its network of 1,684 branches, with assets under management (AUM) of over ₹10,000 crore.

Hindustan Zinc has recorded a 14 per cent decrease in GHG (greenhouse gas) emission intensity compared to the base year 2020, while increasing production each year.

Stock rises 2.22% on the NSE, trading at ₹691.85

Vakrangee Ltd has entered into a share purchase agreement for acquisition of 2.4 per cent equity share capital of Vortex Engineering Private Ltd from Ventureast Funds (Seller).

Vakrangee stock surges 3.27% to trade at ₹22.10 on the NSE.

Persistent Systems has launched GenAI Hub, an innovative platform designed to accelerate the creation and deployment of Generative AI (GenAI) applications within enterprises. The stock rose 1.96% on the NSE, trading at ₹3,636.90.

Top gainers: Shriram Finance (4.32%), SBI (3.89%), NTPC (3.14%), ONGC (2.67%), Coal India (2.65%)

Top losers: Hero Motocorp (-2.68%), Hindustan Unilever (-2.21%), M&M (-2.07%), Nestle India (-1.83%), Divi’s Lab (-1.66%)

Orchid Pharma has received approval from the Drugs Controller General of India (DCGI) for the manufacture and marketing of its new chemical entity active pharmaceutical ingredient (API), Enmetazobactam.

Stock rises 2.66% on the NSE, trading at ₹1,025.50

Shares of BHEL on Thursday zoomed over 14.50 per cent after the company said it has secured an order worth over ₹3,500 crore from Adani Power Limited to set up a thermal power project in Raipur, Chhattisgarh. Read more

Shelter Pharma Ltd has secured an order from Berlin International Medical Co for D3Cure 50 ml x 30000 pcs, FerroCure Capsule 30000 pcs, CoughNill 200ml x 10000 pcs, stonyl 10000 pcs, RoyalForte Capsule 10000 pcs. The total order is worth $1,20,000.

Shelter Pharma stock jumps 14.04% on the BSE, trading at ₹55.89

Top gainers on the BSE at 11.04 am:

Uno Minda (15.47%), Mazdock (14.36%), Century Textiles (13.49%), BHEL (13.26%), MSTC (12.20%)

Top losers:

Hero Motocorp (-2.70%), Jubilant FoodWorks (-2.54%), Dmart (-2.51%), Jyothy Labs (-2.45%)

Bank Nifty began today’s session with a gap-up at 49,426 versus yesterday’s close of 49,055. It rallied after opening and is now hovering around 49,620, up 1.1 per cent.

Supporting the bullish inclination, the advance-decline ratio of Bank Nifty currently stands at 11:1. State Bank of India, up 5.2 per cent, is the top gainer whereas AU Small Finance Bank, down 0.1 per cent, is the sole stock in the index that has lost.

Aurionpro Solutions Ltd’s shares were up by 3.85 per cent after the company reported that it’s subsidiary Integro Technologies Pte Ltd partnered with Yoma Bank in Myanmar, to enhance its SME lending operations through the deployment of Integro’s SmartLender Commercial Loan Origination solution.

This platform is designed to streamline the lending process, improve credit risk management, and enhance customer experience, per the company.

Company has confirmed new orders totalling INR 351 Cr, categorized into six segments. The largest order is INR 212 Cr for solar projects, followed by INR 79.5 Cr for transmission line towers. Other orders include INR 52.5 Cr for a 180 MW substation project, INR 2.5 Cr for isolators, INR 4.2 Cr for railway crash barriers, and INR 0.2 Cr for cable trays.

Company inaugurates an engineering center in Bangalore, focused on developing Train Control & Monitoring Systems (TCMS) and advanced Propulsion Systems. This new facility will support ongoing and future projects, including Surat & Ahmedabad Metro, Vande Bharat, and ICF EMU/MEMU, aligning with the ‘Make-in-India’ and ‘Aatmanirbhar Bharat’ initiatives.

Company has incorporated the following subsidiary/step-down subsidiary companies to operate in the field of solar power: H.G. Jalore Solar Project Private Limited and H.G. Ajmer Solar Project Private Limited.

BoD approved the issuance of 16L shares by the way of Qualified Institutional Placement (QIP) and an offer for sale of 7.1L equity shares by the promoters and other selling shareholders of the company on a private placement basis.

Board has approved the issuance of 3.1L warrants at INR 1,756/share, aggregating to INR 55 Cr to Dr. Faruk G. Patel (Promoter of KP Group) on a private placement basis.

Company has entered a contract valued at INR 138 Cr with the Bangladesh Inland Water Transport Authority (BIWTA) for the Procurement of 01 (One) No. Trailing Suction Hopper Dredger (Hopper Capacity 1000 m3) with spare parts. 

Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited, said the company is expanding its garmenting capacity by a third of its current levels. With this expansion of the capacity once fully commissioned will make Raymond the third largest suit maker in the world.

IGautam Hari Singhania, Chairman and Managing Director, Raymond Limited, said: “,n its transformation journey, Raymond has exhibited the positive actions in form of selling the FMCG business, demerging the Lifestyle Business shaping the scalable Real Estate Business and consolidating and expanding the Engineering business resulting in shareholder value creation.

Raymond says there are five ongoing projects worth ₹9,000 Crore on its Thane land, with an additional potential to generate more than ₹16,000 Crore, making a total potential revenue of more than ₹25,000 Crore from this land bank

Nifty 50, the domestic benchmark index, began today’s session with a gap-up at 22,799 versus yesterday’s close of 22,620. It is now hovering around 22,840, up about 1 per cent at the end of the first hour of today’s session. Read more

Crude oil futures traded higher on Thursday morning as market players felt the US Federal Reserve would reduce interest rate in September. Read more

Raymond is planning to expand to meet the increasing demand for its lifestyle products, especially in the ethnic wear category, by adding over 200 plus stores in the next 12-18 months to capture emerging market opportunities. Raymond stock surges 6.05% on the NSE, trading at ₹2,292.60.

The company has achieved the milestone of having 100 exclusive branded outlets of Ethnix by Raymond and the total store count stands at 114 doors. Going forward the company plans to open more doors for this category and will be adding 100 plus of new stores of Ethnix by Raymond in fiscal 2025.

The group is pegging the future evolution on three vectors of growth -- Lifestyle, Real Estate and Engineering that will create shareholder value.

Gautam Hari Singhania, Chairman and Managing Director, Raymond Ltd, said the company is expanding its garmenting capacity by a third of its current levels. Once this capacity expansion is fully commissioned, Raymond will be the third largest suit maker in the world. 

He said: “In its transformation journey, Raymond has exhibited the positive actions in form of selling the FMCG business, demerging the Lifestyle Business shaping the scalable Real Estate Business and consolidating and expanding the Engineering business resulting in shareholder value creation.”

Raymond says there are five ongoing projects worth ₹9,000 Crore on its Thane land, with an additional potential to generate more than ₹16,000 Crore, making a total potential revenue of more than ₹25,000 Crore from this land bank

Integro Technologies, a subsidiary of Aurionpro Solutions, has announced a partnership with Yoma Bank in Myanmar, to revolutionise their SME lending operations.

Aurionpro Solutions stock rises 3.15% on the NSE, trading at ₹2,187.40

Bharat Heavy Electrical Ltd (BHEL) has won an order worth more than ₹3,500 crore from Adani Power to set up a 2X800 MW Thermal Power Project at Raipur in Chhattisgarh. 

It has also won an order worth over ₹3,500 crore from Mirzapur Thermal Energy (UP) Pvt. Ltd., a subsidiary of Adani Power Ltd, for a 2x800 MW Thermal Power Project at Mirzapur Phase I. 

As of 10.08 am, the stocks rallied. BHEL traded higher by 12.90% at ₹288.30 and Adani Power jumped 8.44% to trade at ₹787.95 on the NSE.

For live updates: https://www.thehindubusinessline.com/markets/stock-markets/bhel-adani-power-stocks-live-update-06-june-2024/article68257893.ece

The Indian rupee weakened on Thursday despite broad gains in Asian currencies, which were pushed higher by improved odds of the Federal Reserve cutting policy rates later this year. Read more

Nifty Highest OI

(13th June expiry)

Call: 24000 / Put: 22000 

PCR OI for Nifty increased to 0.75 from 0.73 

FII Long index increased to 17% from 13% 

Dow Jones : +0.25%

Brent futures : $78.73 

Dollar Index : 104.08

USD INR. : 83.40

Issue Open - 24-Jun-24

Issue Close - 12-Jul-24

Right issue Size: Rs. 44.87 Crs (3.35 Cr Shares)

Stock Price – 34.10/-

Right issue Price: Rs. 13.40/-

Payment Terms: Rs. 13.40/- (Full Amount of Rs 13.40 has to be paid on application)

Rights Entitlement Ratio: 1 Rights Equity Share for every 15 shares held (Effectively 0.07 for every 1 share held).

Last Trade date (Cum Right): 06 Jun 2024 (Today)

Ex-Right Trading date: 07 Jun 2024

Record Date: 07 Jun 2024

Right Entitlement (RE) Trading Period:- Not Yet Announced

Last day of Renunciation of Rights Entitlements: Not Yet Announced

Date of Allotment (on or about): Not Yet Announced

Date of listing (on or about): Not Yet Announced

Effective Discount Per share – Rs. 1.29

{CMP-[(no. of Shares * CMP) + (No. of RE * Right issue Price) ]/ No. of Shares incl. RE}

The company has already disclosed it is in discussions with the Dutch Government on the proposed decarbonisation roadmap. The Dutch Parliament, in March 2024 formally gave a mandate to the Government to negotiate the terms of potential support towards a proposal for decarbonisation in Tata Steel Nederland. 

Subsequently, the Dutch Government has formulated a detailed framework of diligence, analysis, discussions and negotiations with Tata Steel which will run over several months before potentially culminating in an agreed set of terms. 

“These terms will then require approval from the Netherlands Parliament as well as the Board of Tata Steel. It may be premature to draw any final conclusions at this time and hence the Company is not in a position to comment any further,” it said

Tata Steel stock trades at ₹172.25 on the NSE, up 1.80%.

BSE Sensex was up by 0.45 per cent or 333 points at 74,715, while the NSE Nifty was at 22,718 up by 0.43 per cent or 97 points in early trading. A total of 2,708 stocks were actively traded, of which 2,226 advanced, while 385 declined and 97 stocks remained unchanged, where 41 stocks hit a 52-week high and 19 stocks hit a 52-week low at 9.30 am on Thursday. Read more

Subsidiaries of Edelweiss Financial Services - Edelweiss Rural & Corporate Services Ltd and Edel Finance Company Ltd - have received assessment orders and demand notice under Section 147 of the Income Tax Act, 1961, for assessment year 2019-20 and a tax demand of ₹1.21 crore and ₹29.45 crore, respectively. 

Edelweiss Financial Services stock rises 3.49% on the NSE, trading at ₹68.25

Top gainers: NTPC (4.47%), ONGC (3.47%), SBI (3.20%), Shriram Finance (3.10%), Coal India (3.08%) 

Top losers: Britannia (-2.96%), Hindustan Unilever (-2.96%), Divi’s Lab(-2.46%), Hero Motocorp(-2.29%), Nestle India (-2.15%)

Russia’s largest lender Sberbank is seeing demand from Russian companies for credit in Indian rupees, Anatoly Popov, deputy chairman of the bank’s executive board, told reporters on the sidelines of an economic forum in St Petersburg. Read more

Crude oil futures traded higher on Thursday morning as the market players felt that US Federal Reserve would reduce interest rate in September. At 9.09 am on Thursday, August Brent oil futures were at $78.72, up by 0.40 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $74.47, up by 0.54 per cent. June crude oil futures were trading at ₹6218 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6190, up by 0.45 per cent, and July futures were trading at ₹6218 against the previous close of ₹6194, up by 0.39 per cent.

Nifty surged in yesterday’s trade with all sectoral indices closing in green, as investors shrugged off election jitters, showing confidence in the long-term potential of the Indian market. India VIX tumbled 29%, signaling reduced volatility. Key catalysts include increased expectations for Federal Reserve interest-rate cuts, record-high closes for the S&P 500 and Nasdaq 100, and all-time highs for AI stocks like NVIDIA, with Apple nearing a $3 trillion market cap. Additionally, oil prices remain low at $73.50 a barrel. Technically, Nifty’s immediate targets are 22900 and 23339, with intraday support at 22300. The RBI MPC meeting outcome on June 7th is also highly anticipated. Preferred trades: Buy Nifty at 22620 with targets of 22750/22900, and Bank Nifty at 49055 with targets of 49350/49700. Top stock pick: NTPC at CMP 341, targeting 365/381, with an aggressive target of 401.

The benchmark Sensex and Nifty indices are expected to open higher as trend in GIFT Nifty indicating a firm start for broader index. Asian markets were trading higher. US markets ended higher on Wednesday, powered mainly by technology stocks as markets digested economic data that could support a much-expected start to the Federal Reserve’s policy easing cycle. The Dow Jones Industrial Average rose 96.04 points, or 0.25%, to 38,807.33, the S&P 500 gained 62.69 points, or 1.18%, to 5,354.03 and the Nasdaq Composite gained 330.86 points, or 1.96%, to 17,187.91. On Wednesday, the Indian benchmark indices erased some of the previous day’s losses and ended higher, with Nifty closing back above 22,600. At close, the Sensex increased by 2,303.19 points or 3.20 percent, closing at 74,382.24, while the Nifty rose by 735.80 points or 3.36 percent, ending at 22,620.30.

UBS on HDFC Bank: See possibility for Index weight increase in the MSCI August review, target price at Rs 1900/Sh (Positive) 

Jefferies on BSE: Maintain Buy on Company, target price at Rs 3100/Sh (Positive) 

Jefferies on HFCs: Modi govt may announce the much awaited revamped affordable housing scheme, Top Picks Aavas Fin, Home First and Can Fin Home (Positive) 

Goldman Sachs on Private Banks: Steep correction offers opportunities in PVT Banks, Top Picks HDFC Bank, Kotak Bank, Axis Bank and Indusind Bank (Positive) 

Citi on consumer staples: Top Buys are HUL, GCPL, Britannia and Honasa (Positive) 

Citi on CGDs: Retain our constructive view on the Indian gas sector. Top Picks Gail, IGL and MGL (Positive) 

CLSA on Capex Plan: Larsen & Toubro, IRB, HNAL, NCC and JKIL remain key beneficiaries (Positive) 

Citi on Alcohol and Beverages: Potential favorable regulations for liquor, AP used to contribute 5-6% to both UBL and United Spirits before adverse policy change in 2019 (Positive) 

Morgan Stanley on Insurance: Life insurers submit feedback on surrender value proposal, overweight on HDFC Life (Positive) 

UBS on Autos: Market notion of rural = entry level is well past its expiry date, TVS and Eicher preferred pick (Positive) 

Investec on Insurance: Surrender value regulation: Long-term positive. ICICI Pru has lowest impact (Positive) 

Jefferies on IT: Margin pressures hover on Indian IT, Infosys is preferred pick (Neutral) 

Emkay on ITC: Downgrade to Add on Company, target price at Rs 460/Sh (Neutral)

UBS on HDFC BK

Buy, TP Rs 1900

Likelihood of weight increase is high, but not a given

Foreign selling in recent month supports an increase

As per est., this could result in passive flows ranging from $3 to 6.5bn (equivalent to 8-17 days of 12m average ADTV)

Believe a staggered increase will make inclusion a non-event.

Believe, HDFCB would gradually improve its NIM/ROA profile over next 2 years and is reasonably valued

CLSA on Capex

See Modi 3.0 becoming a reality with support of its allies, with likely swearing-in early next week

Channel checks suggest an ambitious 100-day plan for Modi 3.0 to hit ground running with large orders being identified to be placed across infr & defence.

RBI dividends should ensure funding for any social call on government finances.

Demands from BJP’s allies for more capex in Andhra & Bihar states should revive state capex as well.

L&T, IRB, HNAL, NCC & JKIL remain key beneficiaries.

CLSA on Telecom

Latest spectrum auction has been deferred to 25th June.

This auction is largely for renewal of spectrum for Bharti & VI 

Bharti is facing spectrum renewals in six circles while VIdea has renewals in two circles.

Bharti’s renewals in 1800MHz and 900MHz spectrum bands at reserve prices will amount to spend of Rs39bn/US$466m, while VIdea will likely spend of Rs13bn/US$157m

Total EMD by operators is 80% lower vs last 5G spectrum sale implying muted auction.

Jefferies on BSE

Buy, TP Rs 3100

SEBI announced setting up of an ad-hoc expert committee to review ownership structure & finances of clearing corporations (CC)

BSE owns 100% stake in its clearing subsdiary ICCL & it currently contributes 28% / 32% of consolidated revenues / PBT.

Jefferies on HFCs

Believe Modi govt may announce much awaited revamped affordable housing scheme in upcoming budget

Revamped scheme can improve affordability & lift growth in affordable housing loans.

AHFCs like Home First, Aavas should be direct beneficiaries

Large HFCs with presence in mid ticket segment like LICHF, Can Fin that saw growth slowing in FY24, can also see some tailwind

Prefer Aavas, Home First among AHFCs; Can Fin among HFCs.

CITI On Gas Sector

Retain constructive view

GAIL, IGL, MGL preferred picks

Believe consolidation in CGD sector is likely going forward, which could benefit larger, more experienced CGDs (prefer IGL & MGL)

Also believe GST Council could consider bringing gas under purview of GST

The Nifty has increased put writing at the 22500 level and max pain is currently at 22450 which indicates limited downside for the day today. Nifty PCR is also still trading at 0.60, which also still indicates that the index is still oversold, promoting the Bulls to resurface at lower levels. The line in the sand to cross still remains to be a firm closing above the 23000 levels to completely negate the downside move of 4th June.

Domestic shares were likely to open marginally higher on Thursday, after rising the most in more than three years in the previous session, as Prime Minister Narendra Modi was set to come back to power for a third term.

The Gift Nifty was trading at 22,677.00 as of 7:59 a.m. IST, indicating that the benchmark Nifty 50 will open marginally higher than its Wednesday close of 22,620.35. Read more

Silver rose as investors awaited U.S. nonfarm payrolls data, which might determine whether interest rates would be slashed faster than expected this year. In May, US private payrolls climbed less than predicted, while data from the previous month was revised lower. According to the CME FedWatch tool, traders presently believe there is a 70% chance of a rate drop in September. Meanwhile, the European Central Bank was almost set to drop interest rates from record highs and was expected to acknowledge progress in its fight against high inflation while emphasising that the war was far from done.

Key economic data slated for release includes German Factory Orders m/m, ECB Policy Rate Meet from Euro Zone and Unemployment Claims, Revised Nonfarm Productivity q/q from US Zone.

Gold climbed beyond $2,360 as recent US economic data bolstered betting that the Fed had leeway to lower rates this year. ADP data showed that US private payrolls increased less than expected in May, while the prior month’s data was revised downward, reflecting a lacklustre but strong labour market. According to the CME FedWatch Tool, markets now expect the Fed to lower interest rates twice this year, with investors pricing in a 70% possibility in September. Meanwhile, the Bank of Canada dropped its benchmark policy rate on Wednesday, the first fall in four years, and the European Central Bank is anticipated to follow suit later today.

Key economic data slated for release includes German Factory Orders m/m, ECB Policy Rate Meet from Euro Zone and Unemployment Claims, Revised Nonfarm Productivity q/q from US Zone.

Ex-Dividend 7 June 2024 (Tomorrow)

Last date for Cum-Dividend Today

Home First Finance Company India Ltd

Dividend Per Share Rs.3.4

Previous day Closing Price – Rs. 810.95

Himadri Speciality Chemical Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 324.45

ICICI Lombard General Insurance Company Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1631

Indian Hotels Co. Ltd.

Dividend Per Share Rs.1.75

Previous day Closing Price – Rs. 572.85

Indian Bank

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 524.45

JM Financial Ltd.-$

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 76.89

Richfield Financial Services Ltd

Dividend Per Share Rs.0.8

Previous day Closing Price – Rs. 74.81

SMC Global Securities Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 159.35

Uno Minda Ltd-$

Dividend Per Share Rs.1.35

Previous day Closing Price – Rs. 862.65

Bharat Heavy Electrical Ltd (BHEL) has won an order worth more than ₹3,500 crore from Adani Power to set up a 2X800 MW Thermal Power Project at Raipur in Chhattisgarh. Additionally, the company has also won an order worth over ₹3,500 crore from Mirzapur Thermal Energy (UP) for a 2x800 MW Thermal Power Project at Mirzapur Phase I. Read more

Ex-Dividend 7 June 2024 (Tomorrow)

Last date for Cum-Dividend Today

Home First Finance Company India Ltd

Dividend Per Share Rs.3.4

Previous day Closing Price – Rs. 810.95

Himadri Speciality Chemical Ltd

Dividend Per Share Rs.0.5

Previous day Closing Price – Rs. 324.45

ICICI Lombard General Insurance Company Ltd

Dividend Per Share Rs.6

Previous day Closing Price – Rs. 1631

Indian Hotels Co. Ltd.

Dividend Per Share Rs.1.75

Previous day Closing Price – Rs. 572.85

Indian Bank

Dividend Per Share Rs.12

Previous day Closing Price – Rs. 524.45

JM Financial Ltd.-$

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 76.89

Richfield Financial Services Ltd

Dividend Per Share Rs.0.8

Previous day Closing Price – Rs. 74.81

SMC Global Securities Ltd

Dividend Per Share Rs.1.2

Previous day Closing Price – Rs. 159.35

Uno Minda Ltd-$

Dividend Per Share Rs.1.35

Previous day Closing Price – Rs. 862.65

RVNL: The company emerged as the lowest bidder for a project worth Rs 391 crore by Eastern Railway. 

Torrent Pharmaceuticals: The company signed a non-exclusive patent pact with Takeda Pharmaceuticals to commercialise Vonoprazan in India.

Intellect Design Arena: The company’s consumer banking unit announced the launch of the eMACH.ai Digital Engagement Platform (eMACH.ai DEP) at Money20/20 in Amsterdam. The platform offers a single origination platform for retail, SME and corporate entities and can co-exist with the older version.

Indian Energy Exchange: The company reported a total monthly volume of 10,633 MU, up 29% YoY, and renewable energy certificate volumes up 640% YoY and the green market achieved growth of 74% YoY. 

NBCC India: The company received 13 orders worth Rs 491 crore. 

KPI Green Energy: The company received new orders for a 26.15 MW solar power plant under the Captive Power Producer Segment’s 

Century Textiles and Industries: The company’s arm has entered a joint venture with Barmalt India for a luxury residential group housing development in Gurugram. The land

parcel is spread across 13.27 acres with a development potential of approx. 2.4 million sq feet, offering a revenue potential of approx. Rs 5,000 crore. 

Bharat Heavy Electricals: The company received an order worth Rs 3,500 crore from Adani Power for setting up a thermal power project in Chhattisgarh.

Kalpataru Projects International: The company is considering raising funds on June 10 via the issuance of NCD on a private placement basis. 

Sun Pharma Advanced Research Company: Chetan Rajpara has resigned from the post of CFO. 

UNO Minda: The company is in a tech license pact with Lnovance for combined charging units and high-voltage EV products. 

Hindustan Aeronautics: ISRO Chairman S. Somanath inaugurated state-of-the-art propellant tank production and computer numerical control machining facilities at the company’s Aerospace Division, boosting rocket manufacturing capacity. 

Heritage Foods: The company has launched a new product, Laddus and Ice-Creams, in the Sweet and Ice-Cream category. 

Sterlite Technologies: The company terminated Paul Atkinson, CEO of Optical Networking Business, on June 5 and hired MD Ankit Agarwal to take up the additional role of heading the optical networking business on his behalf. 

Endurance Technologies: The company has appointed R. S. Raja Gopal Sastry as the Chief Financial Officer of the company. 

Nazara Technologies: The company’s subsidiary Absolute Sports announced the acquisition of the US entertainment content website SoapCentral.com for an all-cash consideration of $1.4 million (Rs 11.6 crore).

IPO Offering

Kronox Lab Sciences: The public issue was subscribed to 118.22 times on day 3. The bids were led institutional investors (89.03 times), non-institutional investors (302.99 times), and retail investors (55.72 times). 

Bulk Deals

Bhagiradha Chemicals and Industries: Shantilal Shah Chetan sold 43.1 lakh shares (41.42%) at Rs 188.49 apiece, while Derive Trading and Resorts Private Limited bought 43.06 lakh shares (41.38%) at Rs 188.49 apiece. 

Apollo Pipes: Meenakshi Gupta sold 9.8 lakh shares (2.49%) at Rs 647.05 apiece while Ohana India Growth Fund bought 7.72 lakh shares (1.96%) at Rs 647.05 apiece. 

Shilpa Medicare: Plutus Wealth Management LLP bought 7.5 lakh shares (0.86%) at Rs 492.34 apiece. 

Insider Trades 

Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 25,000 shares on June 4.

Usha Martin: Promoter Peterhouse Investments India sold 1,25,000 shares on June 3. 

Seamec: Promoter HAL Offshore bought 53,719 shares Between June 3,4. 

Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge for 1.05 crore shares. 

Manappuram Finance: Promoter Nandakumar V P bought 1.5 lakh shares on June 4. 

Paisalo Digital: Promoter Equilibrated Venture Cflow bought 11.25 lakh shares on June 4. 

D B Corp: Promoter Girish Agarwal bought 1.47 lakh shares between May 30 to June 3, Promoter Sudhir Agarwal bought 1.61 lakh shares between May 30 and June 3, Promoter Pawan Agarwal bought 1.36 lakh shares between May 30 and June 3.

Trading Tweaks 

Price Band revised from 10% to 5%: Jai Prakash Associates. 

Price Band revised from 20% to 10%: Heritage Foods. 

Moved out of short-term Framework: Finolex Cables, Johnson Controls - Hitachi Air Conditioning India.

F&O BAN

1 ZEEL

Hindalco on Wednesday morning announced the postponement of Novelis IPO in the US citing ‘market conditions’. The company (Novelis) also mentioned that it will continue to evaluate the timing of the offer. Read more

Troubled edtech major Byju’s term-loan lenders have petitioned a bankruptcy court in Delaware against the companies’ subsidiaries — Epic, Tynker, and Osmo — seeking to initiate Chapter 11 bankruptcy proceedings. Read more

Turnover: (NSE + BSE)

Cash Volume: 186799.85 + 21722.18 Total: 208522.03

F&O Volume: 647137.62 + 209167.88 Total: 856305.5

*Provisional Cash 

FII/FPI: NET SELL: -5656.26 

(21012.72 - 26668.98) 

DII: NET BUY: +4555.08 

(28615.23 - 24060.15)

Birla Estates, the realty arm of Aditya Birla Group’s Century Textiles and Industries, will develop a 13.27-acre land parcel in Gurugram into a luxury housing project with a revenue potential of ₹5,000 crore. It has signed a joint venture agreement with Barmalt India for this. Read more

Sundaram Mutual believes the froth in the market is yet to settle after the dramatic fall of 6 per cent post the unexpected election outcome and subsequent bounceback of 3 per cent on Wednesday. Read more

TVS Motor Company, a leading two and three-wheeler maker has announced a partnership with Angkor Tiger Football Club, a team in the Cambodian Premier League (CPL) based in Siem Reap, renowned globally for the UNESCO World Heritage site, Angkor Wat temple. Read more

Closing Bell:

* Sensex: 74382.24(+2,303.19)

* Nifty 50: 22620.35(+ 735.85)

* Nifty bank: 49054.60 (+2,126.00)

Nifty top 5 Gainers: 

* Adani ports: 1,354.60 (+105.65)

* IndusInd Bank: 1,500.95 (+109.45)

* Hindalco: 695.25 (+46.20)

* Hero Motocorp: 5,658.50 (+347.80)

* M&M: 2,740.95 (+168.05)

The J.M. Smucker Company (Pre market) (Sector - FMCG) 

NIO Inc. (Pre market) (Sector - Automobile) 

Samsara Inc (Post market) (Sector - Technology) 

DocuSign, Inc. (Post market) (Sector - Technology) 

Autodesk, Inc (Tentative) (Sector - Engineering)

Over the 120 years of its existence, the City Union Bank’s operating philosophy has been strictly to ‘stick to its knitting’. But now, it has decided to change tack, albeit slightly. Read more

The SEBI has made the process of securities payout directly to the client account mandatory from October 14. This is to protect clients’ securities and to ensure that the stock brokers segregate securities of the clients so that they are not vulnerable to misuse. Read more

South Korea @ Market Holiday

14:00 U.K. Construction PMI (Expected: 52.5 versus Previous: 53.0)

17:45 EURO ECB Monetary Policy (Expected: 4.25% versus Previous: 4.50%) 

18:00 U.S. Unemployment Claims (Expected: 220k versus Previous: 219K) 

18:15 EURO ECB Press Conference

Lignite and power major NLC India Ltd (NLCIL) proposes to raise up to $600 million foreign currency loan through external commercial borrowings (ECBs), the company said in a communique to stock exchanges. Read more

The uptrend in United Spirits has gained momentum. The stock had surged over 7 per cent on Wednesday. Prior to this rise, the stock had managed very well to stay afloat on Tuesday when the broader markets ran into a massive sell-off. Strong support is now in the ₹1,275-₹1,265 region. Read more