Share Market Today: Equity benchmarks hit new highs on Friday as robust foreign fund inflows and the advance of the southwest monsoon boosted investor sentiment.
Nifty gained 200 points higher to comfortably end above the 19,000 mark, whereas Sensex gained around 800 pts to close around 64,700.
The market capitalisation of BSE-listed firms reached an all-time high of ₹295.72 lakh crore in early trade on Friday, helped by optimism in equities, where the benchmark Sensex hit its new lifetime peak.
Share Market Close: Sensex and Nifty continue to scale new highs as they gain 1.2% in today's session
Information technology and Auto stocks helped India's benchmark indexes hit fresh record highs on Friday, after robust economic data from the United States eased fears of a slowdown and improved broader sentiment.
The Nifty 50 rose 216 points to end just below 19,200, at 19,190, while the S&P BSE Sensex rose 800 points to close above 64,700, at 65,715. Both indices gained around 2.5% this week. Fourteen of the 15 Nifty broad-based sectoral indices ended in the green on Friday.
M&M, Maruti, Hero MotoCorp, IndusInd Bank, and Infosys topped the stock charts, while Adani stocks, Grasim and HDFC Life were among the biggest laggards.
Almost all sectoral indices ended with gains with IT, Auto and PSU Bank climbing more than 2% each. Bank, Pharma and Finance also gained around a per cent. Metal ended flat.
Global shares were steady on Friday as investors scrutinised inflation data from both sides of the Atlantic to cap a rollercoaster quarter for markets that upended bets on interest rates peaking.
Japan's Nikkei share average pared early losses to end lower on Friday, pausing a rally ahead of the corporate earnings season, while the index posted its sixth consecutive month of gains as investors bought stocks on dips.
The Nikkei ended 0.14% lower after falling as much as 0.9% earlier in the session. For the week, the index posted a 1.24% gain, recovering from its first loss after 10 straight weeks of gains.
China stocks rose and Hong Kong shares were flat at the end of a bearish quarter on Friday, as subdued China factory activity data deepened economic worries and strengthened the case for fresh stimulus.
China's blue chip CSI300 Index ended 0.5% higher, while the Shanghai Composite Index climbed 0.6%. For the quarter, however, the indices dropped 5.1% and 2.2%, respectively. Hong Kong's Hang Seng Index ended the session little changed, but slumped 7.3% in the second quarter.
European shares rose on Friday as lacklustre data on China's factory activity spurred hopes of more policy stimulus, while investors awaited key inflation readings for more clues on the direction of global interest rates.
British equities gained on Friday as mining stocks rose after weak data from China raised bets of more stimulus from Beijing, while energy companies tracked oil prices higher.
Kama Jewelry on weekly gold price trends: Sentiments took a negative turn after US Federal Reserve officials raised bets for more rate hikes
Colin Shah, MD, Kama Jewelry on weekly gold price trends: Gold prices are trading on a weak note yet again, domestically the prices have fallen to ₹57961.00 /10gm mark. Internationally, the prices have slipped below the $2,000/oz mark, by far the lowest in nearly 4 months. Sentiments took a negative turn after US Federal Reserve officials raised bets for more rate hikes taking a hawkish stance, resulting in a buying on dip strategy amidst changing geopolitical situations with Russia.
Back home, the price of gold has fallen by 3% so far in the month of June. However, it is estimated that the quarter will end in negative territory for the first time since September 2022.
India's Byju's seeks investors for Aakash Education stake - ET Now
SME stock Hardwyn India hits 52-week high. Rises 7500% in five year
Hardwyn India shares have experienced remarkable growth over the past few years, making it a multibagger stock in the penny stock category on Dalal Street. In the last five years, the stock price has surged from around ₹0.65 per share to ₹39.70 per share, delivering an extraordinary return of nearly 6,000 percent to long-term investors.
The upward trend in Hardwyn India's share price continues, as evident from its performance in recent trading sessions. The stock opened on a positive note and quickly reached its upper circuit limit, surging to an intraday high of ₹39.70 per share on the Bombay Stock Exchange (BSE). This price level also marks a new 52-week high for the small-cap stock. (Read More)
Mahindra Finance share price hits 52-week high, mcap tops ₹41,000 crore mark
Mahindra & Mahindra Financial Services has witnessed a significant surge in its share price, reaching a fresh 52-week high of ₹342.35 in intraday trade on the Bombay Stock Exchange (BSE) on Friday, June 30. This upward movement has propelled the market capitalization of the stock to over ₹41,000 crore.
Over the past year, the stock has displayed robust performance, registering a substantial gain of 90 percent. In comparison, the equity benchmark Sensex has recorded a gain of 22 percent during the same period. Furthermore, on a monthly basis, the stock has shown consistent growth since April. (Read More)
MAHINDRA & MAHINDRA FINANCIAL SERVICES
Ajmera Realty's, Arkade Group, and Raheja Realty's perspectives on Mumbai's June stamp duty registration
Dhaval Ajmera, Director, Ajmera Realty and Infra India Ltd: "The residential sales boom in Mumbai is a moment to rejoice as the housing demand is on a slow-but-steady upward trajectory, projecting a great performance in the long run. The decadal-high H1 revenue generation strongly indicates robust demand. The sector is banking on the evolving homebuyers’ need for better-quality homes in tandem with a bunch of growth propellers, including the strengthening of new micro-markets, infrastructural upliftment and rise of redevelopment as a trend along with relaxation in rate hikes.
Collectively, these factors are going to redefine the dynamics of housing demand in the Mumbai MMR Regions. Overall, we foresee the sentiment gaining sustained momentum for the next 5 years as the city’s skyline goes under a massive facelift."
Ram Raheja, Managing Director at S Raheja Realty: “Mumbai's residential market is still expanding, and the most recent statistics show consistent demand. Consumers are nonetheless passionate about home ownership in spite of the challenges. As a result, the number of registrations in the market has increased from the pre-COVID eras, when the markets averaged roughly 5700 units per month, to over 10,000 units on average. A preference for larger homes as well as a general increase in average prices have both contributed to the higher take-up in the INR 1 crore and above category. Looking forward, we anticipate continued robust demand due to favourable variables impacting purchasing decisions."
Amit Jain, CMD, Arkade Group: “The registration data numbers published by the BMC for June 2023 show that Mumbai’s residential market continues to expand, demonstrating a steady demand for homes. The registration numbers are higher than those reported in May. Also, per data from IPC Knight Frank, Mumbai recorded revenue collection of INR 5,483 cr in H1 2023, highest half yearly revenue in last 10-years
Home buyer confidence too has increased with RERA making announcements on grading and de-registrations. There is a huge overturn in the sector with quality developments by reputed developers witnessing a consistent rise encouraging buyers as well as investors to take the plunge.
If we examine this demand further, we find that purchasers are ready to spend much more for homes now than they were in September 2020, when stamp duty discounts were announced, which can be considered a turning point for the residential markets in Mumbai. Demand is anticipated to continue strong, and factors that affect purchasing decisions—particularly house loan rates—are anticipated to remain steady as consumer inflation is rapidly declining giving the central bank ample room to maintain its status quo stance."
Nithin Kamath blames VCs, founders for governance issues in Indian startups
Zerodha CEO Nithin Kamath has pointed out the root cause of corporate governance issues in Indian startups while blaming the venture capital ecosystem along with the companies' founders for it.
In a Twitter thread, Kamath wrote, “Corporate governance issues coming to light in Indian startups will only increase with time. While founders will be blamed, the venture capital (VC) ecosystem is equally to blame. The root cause of this is the overestimation of the size of Indian markets by founders and VCs." (Read More)
Nifty Bank remains stable in today's session as it jumps 0.8% with most stocks trading in the green
Viceroy Properties and Knight Frank perspectives on Mumbai Home Sales Data
Mumbai recorded revenue collection of INR 5,483 cr in H1 2023, highest half yearly revenue in the last 10-years
On average 10,345 properties were registered per month in the first half of 2023
Share of property registrations worth INR 1 cr and above stood at 57% in H1 2023 compared to 48% in H1 2020 June 2023 record registrations of 9,900 (approx.) properties
Shishir Baijal, Chairman & Managing Director, Knight Frank India: “The residential market in Mumbai remains on a growth trajectory, with sustained demand observed in the latest trends. Despite the headwinds, consumers remain enthused for home ownership. This has pushed up the scale of registrations in the market by close to 85% from the pre-COVID periods where the markets hovered around an average of 5700 units a month to over average of 10,000 units. Further, we have seen increased take-up in the INR 1 crore and above category, partly due to an affinity for larger homes as well as a general increase in average prices. Looking ahead, we anticipate the demand to remain strong with factors influencing buying decisions being supportive."
Cyrus Mody, Managing Partner, Viceroy Properties: The real estate market in Mumbai, especially the luxury home segment, has been the centre of attraction among homebuyers. Driven by the need for bigger and better living spaces and the shift in the way luxury homes are sold from just a few locations to newer micro-markets, certain regional pockets in western suburbs and the Harbour belt are likely to be key contributors in the decade's best H1 revenue through home registration.
With more than 50% rise in demand for higher-value properties, the infrastructural growth and the new epicentres of the city, there is a promising potential for luxury housing demand to multiply tenfold in the years to come.
Cyient DLM IPO Day 3: Issue subscribed 19 times so far on last day; retail portion booked over 41 times
The initial public offering (IPO) of Cyient DLM Ltd has witnessed strong demand from investors, with the subscription status indicating an oversubscription of 18.96 times as of June 30, the final day of the bidding.
The public issue opened for subscription on June 27 and has garnered bids for 23.84 crore shares, surpassing the IPO size of 2.23 crore shares, according to data available on the National Stock Exchange (NSE).
In terms of category-wise subscription, the retail category witnessed robust demand with a subscription of 41.64 times. Qualified Institutional Buyers (QIB) category witnessed a subscription of 8.43 times, while the Non-Institutional Investors (NII) category was subscribed 27.98 times as of 1:30:00 PM on Friday. (Read More)
World Bank approves $1.5 Billion loan for Ukraine's economic recovery
According to the World Bank's press service, on Friday, the board of directors of the International Monetary Fund (IMF) approved a USD 1.5 billion loan to Ukraine. The loan is intended to support the country in providing relief to households and mitigating the impacts of Russia's special military operation.
The loan to Ukraine is made possible through the support of the government of Japan, specifically through the Advancing Needed Credit Enhancement for Ukraine Trust Fund (ADVANCE Ukraine) initiative. This initiative aims to provide credit enhancement to help countries in need, such as Ukraine, address their financial and economic challenges. (Read More)
IndusInd Bank among the biggest gainers as it jumps 3% in today's session
Indian high court dismisses Twitter's plea against govt; slaps 5 million-rupee fine - lawyer
India's Karnataka High Court on Friday dismissed Twitter's plea challenging the federal government's orders to block tweets and accounts and imposed a fine of 5 million rupees ($60,943.65) on the social media giant, a lawyer for Twitter told Reuters.
The decision comes weeks after Twitter's ex-CEO and co-founder Jack Dorsey accused India of threatening to shut down the social media in the country unless it complied with orders to restrict accounts critical of the handling of farmer protests in 2021, a charge which Prime Minister Narendra Modi's government had called a "lie." (Reuters)
Mint Snapview: RBI’s financial stability report masks the malaise in Indian banking
The RBI’s latest financial stability report, released on Wednesday, paints a picture of a relatively robust Indian financial system whose principal challenge is now external. This is true to a large extent. But it is hard to not worry that this comfort is a little too facile, derived as it is from a recent period of sedate economic activity, regulatory accommodation of banking stress (via a moratorium on loan repayments during the pandemic and sparing banks the need to mark to market a larger proportion of their bond holdings), slow disbursal of credit, and aggressive write-offs of bad debt and provisioning against bad loans. (Read More)
InCred Equities views on today's market trends: The index has a major hurdle at 64500 which is 21-month upward sloping trendline resistance
Gaurav Bissa, VP, InCred Equities views on today's market: "Nifty witnessed some retracement after failing to cross previous lifetime high levels a few days back. However, the index took support from its 21ema on daily charts which has been consistently giving support and pushing Nifty higher. Since then, the index was seen inching higher and gaining strength and finally managed to cross previous life high comfortably. The index is now expected to witness a hurdle around 19200-19300 levels where strong call option writing was seen in the last couple of weeks. There is also an ascending trendline resistance placed around these levels. Further upside is expected once it closes above this resistance which can then push it higher. On the other hand, immediate support stands at 16700 where the previous swing low as well 21ema is placed.
Sensex turned out to be the first benchmark index to hit a fresh lifetime high a few days back. This was followed by some retracement which was in line with global markets. Sensex was seen taking support from its 21ema on the daily charts which it didn’t break since April 2023. Since then, the index was seen trying to gain strength and made a fresh lifetime high today. The index has a major hurdle at 64500 which is 21-month upward sloping trendline resistance whereas supports are placed at 63100 levels on the immediate basis."
SpiceJet delays FY23 financial results as key audit committee member 'incapacitated'
SpiceJet Ltd has announced a delay in the declaration of its financial results for the fiscal year 2022-2023. This delay is attributed to the ill health of a key member of the company's audit committee. The specific details regarding the member's health condition have not been disclosed.
“The Company could not hold the meeting of Audit Committee and Board Members in the past for approval of financial results for financial year ended March 31, 2023 due to ongoing medical incapacitation of a key member of its Audit Committee," SpiceJet said in a regulatory filing on Friday. (Read More)
Auto index surges more than a per cent in today's session with many stocks among the top gainers
Adani Transmission share price cracks 6% on likely block deals; about 4.3 crore shares change hands
On Friday, Adani Transmission witnessed a significant decline of almost 6% in its share price during intraday trading on the NSE (National Stock Exchange). The decline was attributed to large trades involving the exchange of 4.3 crore shares of the company, although the specific buyers and sellers in these transactions were not immediately known.
The stock opened at ₹828.70, slightly higher than the previous day's closing price of ₹819.15, but it soon dropped by 5.9% to reach an intraday low of ₹770.55. This downward movement indicates a negative performance for the stock as it approaches the end of the month of June. Furthermore, the stock experienced a decline of nearly 25% in the previous month. Since reaching its 52-week high of ₹4,236.75 on September 16, 2022, the stock has declined by 81%. (Read More)
Share Market Noon Update: Indices steady at new highs as Sensex is trading 500 pts higher and Nifty has gained 130 pts in today's session on the back of strong IT, Auto and Bank indices
Mcap of BSE-listed firms at all-time high of ₹295.72 lakh cr
The market capitalisation of BSE-listed firms reached an all-time high of ₹295.72 lakh crore in early trade on Friday, helped by optimism in equities, where the benchmark Sensex hit its new lifetime peak.
Rallying for the third day running, the 30-share Sensex surged 499.42 points or 0.78 per cent to reach its all-time high of 64,414.84 in early deals.
Thanks to the rally in equities, the market capitalisation (mcap) of BSE-listed companies jumped to ₹2,95,72,338.05 crore. (PTI)
Mint Markt to Market: Bajaj Auto’s premiumization efforts spark relief amid slow-moving exports
Bajaj Auto Ltd’s exports have been struggling for a while now. According to analysts at Motilal Oswal Financial Services, June volumes will likely remain flat year-on-year at 349,171 units as a drop in overseas sales offsets an expected increase in domestic sales.
Nevertheless, Bajaj Auto’s initiatives to take advantage of the two-wheeler market’s move towards premiumization could sustain investor enthusiasm. The company is extending its footprint in the >250 cc category and has debuted two models in the 400 cc bracket, developed in collaboration with Triumph – the Speed 400 and Scrambler 400 X. The models were unveiled on 27 June and will be officially launched, along with pricing details, on 5 July in India. (Read More)
India on top in Mint emerging markets tracker’s May update
With a composite score of 74, India topped the EM league table in May. Brazil and Indonesia were second and third, respectively. Launched in September 2019, Mint’s Emerging Markets Tracker provides a summary of economic activity across 10 large emerging markets based on seven high-frequency indicators.
India retained first spot with an impressive GDP growth in March quarter. PMI remained high and stock markets outshone peers.
Brazil kept its second spot, being the only country to stage double-digit exports growth. Inflation eased marginally, and stock markets surged. (Read More)
HMA Agro Industries IPO: What GMP signals ahead of share listing day
Despite HMA Agro Industries Ltd witnessing a subscription of 1.62 times for its initial public offering (IPO), the latest grey market premium (GMP) suggests that the stock may experience a softer listing on the stock exchanges on Monday.
According to market observers, the GMP for HMA Agro Industries Ltd IPO has significantly decreased. In recent days, the GMP for HMA Agro was at a premium of ₹25 per share. However, the current indications suggest a decline in the GMP, which could potentially impact the listing performance of the stock. (Read More)
Sun Pharma rises more than 2% and is among the biggest gainers in today's session
Investors will continue to trade through SGX in relaunched Nifty in GIFT City: PTI
Starting from July 3, 2023, international investors will be able to continue trading in Nifty through the Singapore Exchange (SGX Group). The relaunch of the USD 7 billion open interest contract will take place in GIFT City, marking a shift from Singapore where it has been successfully operating for 22 years.
This collaboration holds great significance as it represents the first cross-border initiative connecting the capital markets of India and Singapore. It allows international investors to maintain their participation in trading Nifty, a major stock index in India, while transitioning to the GIFT City platform.
Pakistan seals $3 Billion lifeline: IMF deal offers hope for economic resurgence
Cash-strapped Pakistan has reached a staff-level agreement with the Washington-based financial body International Monetary Fund (IMF) for a crucial bailout package that could lift the South Asian nation out of the economic crisis.
The country has got temporary relief for its ballooning foreign debt with a new stand-by arrangement worth $3 billion announced by the IMF in Washington on Thursday, according to the news agency AFP.
In an official statement, IMF official Nathan Porter said, “I am pleased to announce that the IMF team has reached a staff-level agreement with the Pakistani authorities on a nine-month standby arrangement in the amount of SDR2,250 million (about $3 billion)." (Read More)
JM Financial Sectoral Update on Aviation: Industry gains in the aftermath of ‘Go First’ run extrapolation risk
Ashutosh Somani of JM Financial Institutional Securities Limited said on the Aviation Sector: Sudden bankruptcy filing by Go-first (6.4% market share / 26 air worthy fleet) in the month of May’23 has significantly benefited the existing players – a) making room for a sharp fare increase (~18% QoQ as per JM fare tracker) and b) record PLFs of 90%+. Muted ATF price (down 13.7% QoQ) coupled with a stable INR has further boosted profitability prospects for the sector. The key question lingering in the minds of sector enthusiasts is whether or not to extrapolate this highly profitable period (Indigo likely to report INR30bn+ quarterly PAT as per JM est) for a year or two, attributing it to the benefits associated with a duopoly market. We believe the denial to lessors to re-possess Go-first fleet (under IBC) is the prime reason for a fleet shortage in the interim. Lessors have approached judicial courts for a resolution while GOI is mulling (to be tabled in monsoon session) ratification of ‘The Cape Town Convention’ (India is already a signatory). This will make re-possession of aircraft easier and will prevail in case of conflict with any other local law.
MCX share price cracks over 12% after it extends support services contract with 63 Moons
On Friday, the shares of Multi Commodity Exchange of India (MCX) experienced a significant decline of over 12% during morning trading. This drop came following the company's announcement that it had extended the support services provided by its existing software vendor, 63 Moons Technologies, for an additional six months starting from July 1, 2023.
In contrast, the shares of 63 Moons Technologies witnessed a surge of 18% and reached their 52-week high of ₹256.20 during morning trade.
According to a regulatory filing by MCX, the consideration for the extended support services would be ₹125 crore per quarter. This amount represents an increase compared to the ₹87 crore paid for the previous quarter ending in March 2023. (Read More)
MULTI COMMODITY EXCHANGE OF IND
PSU Bank jumps more than a per cent as almost all stocks in the index are trading in the green
ICICI Securities shares fall over 3% after board approves delisting
On Friday, ICICI Securities witnessed a decline of over 3% in its share price during early trading. This drop came after the company approved the draft scheme of arrangement for delisting its equity shares and announced the share swap ratio. The stock saw a decline of up to 3.4%, reaching a price of ₹593.40 per share on the BSE.
ICICI Securities had previously announced on Thursday that it would become a wholly owned subsidiary of its parent company, ICICI Bank, following the delisting process. As part of the arrangement, public shareholders of ICICI Securities would receive 67 equity shares of ICICI Bank, with a face value of ₹2 each, for every 100 equity shares held in the company. (Read More)
ideaForge IPO closes today: Latest GMP to subscription status
Today marks the conclusion of the initial public offering (IPO) of ideaForge Technology Limited. Originally scheduled to end on June 29, 2023, the closing date for bidding has been shifted to June 30, 2023, due to a revision in the stock market holiday for the Bakri Eid festival.
ideaForge Technology, a drone manufacturer, has set the price band for its IPO at ₹638 to ₹672 per equity share. The public issue has received a strong response from investors, indicating their interest in participating in the IPO. (Read More)
Adani Ports drags in early trading as it sheds a per cent is the biggest laggard in Nifty 50 stock chart
IT index lifts the market as it gains more than a per cent in early trading with all stocks trading in the green
Rupee opens 5 paise higher at 82.01 against the US dollar
On Friday, the Indian rupee began the trading session on a positive note, opening 5 paise higher against the US dollar. It started trading at 82.01 rupees per dollar, slightly stronger than the previous day's closing rate of 82.06 rupees per dollar.
Meanwhile, the dollar index, which measures the performance of the US dollar against a basket of six major currencies, saw a modest rise of 0.029%. The euro, one of the major currencies in the index, experienced a slight decline of 0.01% against the dollar, with an exchange rate of $1.0863. According to Reuters, the dollar index remained steady at around 103.33 and was on track to register a gain of approximately 0.7% in the second quarter. (Read More)
Share Market Open: Indices open at record highs with Sensex crossing 64,000 mark and Nifty 19,000 as IT and PSU Bank lead the rally
Geojit Financial Services on today's market: In July the market trend will be influenced by auto sales numbers in June, Q1 results, progress of the monsoon and the Fed rate decision and commentary by month end
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The momentum in the market has picked up again and the undercurrent has the potential to take the benchmark indices to new highs. The global support to the bullishness is coming from the mother market US where the market is resilient supported by better-than-expected Q1 GDP growth of 2% and declining weekly jobless claims. This resilience of the US economy, which was not anticipated and discounted by the market, is the strongest pillar of support for the global markets now.
In July the market trend will be influenced by auto sales numbers in June, Q1 results, progress of the monsoon and the Fed rate decision and commentary by month end.
Market valuations are rich now, and therefore, investors should exercise some caution.
Sensex starts flat at the preopen session with focus on ICICI Bank, ICICI Sec, Adani Total and BPCL in today's session
HDFC to vault into ranks of world’s most valuable banks after merger
The merger of HDFC Bank Ltd. and Housing Development Finance Corp. (HDFC) is set to position a homegrown Indian company among the world's most valuable banks for the first time. This development introduces a new contender to challenge the largest American and Chinese banks that currently hold the top positions.
Following the merger, the combined entity is ranked fourth in terms of equity market capitalization, as per data compiled by Bloomberg. It trails behind JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd., and Bank of America Corp., placing its valuation at approximately $172 billion. (Read More)
PKH Ventures IPO opens today: GMP, price, other details
Today, the initial public offering (IPO) of PKH Ventures Limited has commenced, allowing the public to bid for shares. The subscription period for the IPO will remain open until July 4, 2023. PKH Ventures is a construction and development company that also operates in the hospitality and management services sectors.
The price band for the PKH Ventures IPO has been set at ₹140 to ₹148 per equity share. Prior to the opening of the IPO, PKH Ventures made its debut in the unlisted market. According to market observers, the grey market premium (GMP) for the PKH Ventures IPO stands at ₹6 per share. (Read More)
Stocks to Watch: ICICI Bank, ICICI Sec, BPCL, Adani Total, RIL, Airtel, ONGC, Tata Communications, TVS Motors, Zomato, Religare Enterprises, Tilaknagar Industries and TD Power Systems
Top stocks in focus today:
1. ICICI Bank/ICICI Securities: ICICI Securities to become wholly owned subsidiary of ICICI Bank upon delisting.
2. BPCL: Approves fundraising through rights issue to raise up to 18,000 crore.
3. Adani Total: To invest 18,000-20,000 crore to expand infrastructure for retailing CNG and piping gas.
4. RIL/Airtel/Vi: Reliance Jio and Airtel gain subscribers, while Vodafone Idea loses subscribers in April.
5. Tata Communications: To acquire US-based enterprise messaging firm Kaleyra for $100 million.
6. ONGC: Sells initial gas production from KG basin fields to Torrent Gas, GAIL, and HPCL.
7. TVS Motors/Zomato: TVS Motor to deploy over 10,000 electric scooters for Zomato's delivery fleet.
8. Religare Enterprises: In talks to sell 6-7% stake in subsidiary Care Health Insurance for 1,200 crore.
9. Tilaknagar Industries: NCLT directs removal of subsidiary Prag Distillery from liquidation proceedings.
10. TD Power Systems: Plans to offload 24% stake in the company for over 800 crore. (Read More)
Religare may sell 6-7% of its health insurance business
Religare Enterprises Ltd is reportedly engaged in preliminary discussions with private equity (PE) investors to sell a 6-7% stake in its subsidiary, Care Health Insurance Ltd. The potential sale is aimed at raising approximately ₹1,200 crore. According to three individuals familiar with the matter, the talks are still in the early stages, with one person requesting anonymity.
Religare is said to be seeking a valuation for its stake that reflects the strong performance of health insurance businesses in India. However, a second source, also preferring anonymity, expressed doubt that Religare would be able to secure such a high valuation or raise the desired amount. (Read More)
Tata’s Chandrasekaran expresses deep pain over job scam at TCS
Natarajan Chandrasekaran, the chairman of Tata Sons Ltd and Tata Consultancy Services (TCS) Ltd, expressed deep distress over the revelation that six TCS employees had received preferential treatment from staffing firms during the recruitment of temporary workers.
Addressing shareholders at TCS's 28th Annual General Meeting, Chandrasekaran, who holds both chairmanship positions, assured them that strict measures would be implemented to strengthen the company's engagement with its extensive network of over 1,000 staffing firms. These measures aim to prevent similar incidents from occurring in the future.
“Let me first say that for a Tata group company, the most important thing that is expected of every employee is ethical conduct and integrity in operation. That comes first ahead of any financial performance," he said in response to shareholders’ quizzing the management following the Mint report on the bribery scandal involving some staffing firms and TCS employees. (Read More)
TATA CONSULTANCY SERVICES
TD Power Systems’ promoters plan to offload over 24% stake
TD Power Systems Ltd, a producer of AC generators and motors, is planning to sell a 24% stake in the company, equivalent to over 37 million shares, according to a term sheet reviewed by Mint. The shares are expected to be offered at a price reflecting a 4.12% discount to Thursday's closing price, amounting to over ₹800 crore ($98 million). The selling shareholders of TD Power include Nikhil Kumar, Mohib Nomanbhai Khericha, Hitoshi Matsuo, Sofia Mohin Khericha, and Lavanya Sankaran. Following the completion of the sale, the stake held by the promoters will be reduced from 58.45% to 34.45%. (Read More)
TD POWER SYSTEMS
Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Bajaj Auto: Buy at ₹4716, target ₹4880, stop loss ₹4650;
2] ABB India: Buy at ₹4411, target ₹4580, stop loss ₹4350; and
Adani Total Gas plans to invest up to Rs. 20,000 crore in 8-10 years
Adani Total Gas Ltd (ATGL), a joint venture between Adani Group and TotalEnergies, plans to invest ₹18,000-20,000 crore in the next 8-10 years to build infrastructure for its gas distribution business, according to Parag Parikh, CFO, ATGL in the company's FY23 annual report. The investment will be utilized to add more CNG stations and expand the pipeline network.
“We intend to build over 3,000 EV charging points across India; we are commissioning one of India’s largest biomass plants at Barsana in Uttar Pradesh with a starting capacity of 600 TPD," said Parikh. (Read More)
ADANI TOTAL GAS
ICICI Bank approves delisting of ICICI Securities
ICICI Bank, a private sector lender in India, announced on Thursday that its board has approved the delisting of equity shares of its stockbroking arm, ICICI Securities. The delisting refers to the removal of the company's shares from the stock exchange, making them no longer available for trading on the open market.
As part of the delisting arrangement, shareholders of ICICI Securities will receive 67 shares of ICICI Bank for every 100 shares held in the broking subsidiary. This implies that ICICI Bank will be acquiring the remaining shares of ICICI Securities to consolidate its ownership.
In a separate statement, ICICI Securities confirmed that its board has also approved the delisting decision. (Read More)
FIIs invest ₹12,350 crore in Indian stocks on Wednesday; DIIs extend selling
Based on the information provided, on Wednesday, foreign institutional investors (FIIs) made a strong buying in Indian equities, with a total investment of ₹21,017.34 crore. However, they also sold equities worth ₹8,667.34 crore, resulting in a net inflow of ₹12,350 crore.
On the other hand, domestic institutional investors (DIIs) extended their selling of equities. They purchased equities worth ₹13,978.21 crore but offloaded equities worth ₹14,999.22 crore, resulting in a net selling of ₹1,021.01 crore.
Despite the selling pressure from DIIs, the overall market sentiment was positive, and the benchmark indices, Sensex and Nifty 50, rallied to new lifetime highs. This rally was primarily driven by the robust buying activity on a broader scale, especially by foreign institutional investors. (Read More)
Wall Street ends mixed on Thursday as banking shares rally and lift Dow, S&P 500
Banking shares led Wall Street stocks higher on Thursday, following better-than-expected data that raised hopes the US economy could avert a recession.
Financials were the strongest of 11 industrial sectors after all 23 large US banks passed a Federal Reserve stress test, generating speculation of potential dividend hikes and share buybacks.
Analysts also pointed to an upgrade in US gross domestic product growth to two per cent in the first quarter, as well as lower jobless claims.
The Dow Jones Industrial Average finished up 0.8 per cent at 34,122.42.
The broad-based S&P 500 gained 0.5 per cent to 4,396.44, while the tech-rich Nasdaq Composite Index was flat at 13,591.33.
The better US growth data followed consumer confidence figures earlier in the week that also topped estimates. (AFP)
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