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Business News/ Markets / Stock Markets/  Sensex closes above 63,100, Nifty gains 130 pts; all sectors end in green

Sensex closes above 63,100, Nifty gains 130 pts; all sectors end in green

Share Market Close: Benchmark indices ended in the green as Sensex gained 350 pts and Nifty topped 18,700. Metal, Realty and FMCG indices jump more than a per cent with all sectors trading in the green. Britannia, BPCL, Tata Consumer and Nestle India led the rally. Kotak Bank and Cipla dragged. 

Stock market today: FMCG stocks keep indices in the green ahead of RBI monetary policy decision (iStock)Premium
Stock market today: FMCG stocks keep indices in the green ahead of RBI monetary policy decision (iStock)

Indian shares stayed in the green on the back of FMCG, Energy, and Metal stocks along with PSU Bank amidst several positive global cues and ahead of the Reserve Bank of India's monetary policy decision where investors hope for an interest rate pause. 

07 Jun 2023, 03:37:24 PM IST

Indices climb more than 0.6% as Sensex closes above 63,000 and Nifty above 18,700; FMCG stocks lead the rally

Indian shares advanced on Wednesday led by FMCG stocks ahead of the Reserve Bank of India's monetary policy decision and on hopes of an interest rate pause by other major central banks.

The blue-chip Nifty 50 index was up 127 points to close at 18,726, while the benchmark S&P BSE Sensex rose 350 points to close at 63,142. All 15 Nifty major sectoral indexes logged gains in today's session.

Gaurav Bissa, VP - InCred Equities said, “The second hour of the trading session brought fresh cheers to bulls with Nifty making fresh highs every hour even when Banknifty continued to struggle. Nifty witnessed fresh hourly breakout above 18650 levels which has now paved the way towards 18800-18850 levels. Banknifty has also managed to close above its swing breakout level of 44200 which if sustained can lead to a rise till 45000 levels. The immediate support is at 18630 levels for Nifty and 43900 for Banknifty. The trend for both the indices remains positive."

Tata Consumer, Britannia, and Nestle lifted the FMCG sector and featured among the top gainers. BPCL, HDFC Life and Tata Motors were other prominent gainers. Kotak Bank and Cipla shed a per cent each and were the biggest laggards.

All sectoral indices ended in the green with Energy, Realty, Metal and FMCG climbing more than a per cent. Healthcare, IT, and PSU Bank indices were other prominent gainers.

Stocks in Asia had a mixed showing with a few indices rallying amid hopes for stimulus in China and a positive sign in geopolitics.

Japan's Nikkei share average fell in its biggest decline in 12 weeks as investors turned cautious about a rally, while there were sell-offs ahead of the fixing of special quotation prices at the end of the week.

The Nikkei index fell 1.82%, posting its sharpest daily drop since March 14 to snap a four-day winning streak. The broader Topix lost 1.34%.

China's blue-chip stocks dropped as investor sentiment was hit by worse-than-expected May export data, while Hong Kong tech stocks jumped, encouraged by U.S. Secretary of State Antony Blinken's plan to visit China in the coming weeks.

China's blue-chip CSI 300 Index fell 0.49%, while the Shanghai Composite Index edged up 0.08%. Hong Kong's Hang Seng Index rose 0.80%, and the Hang Seng China Enterprises Index gained 0.95%.

European stock markets dipped and the U.S. dollar nudged higher as weak Chinese trade data had investors fretting about softening global demand, with attention turning towards next week's pivotal inflation data and Federal Reserve meeting.

Britain's main stock indexes slipped as shares of homebuilders dipped on dismal domestic housing prices data, while speciality chemicals group Croda International dropped to the bottom of the benchmark FTSE 100.

Sensex at Close
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Sensex at Close
07 Jun 2023, 03:23:34 PM IST

ReNew Q4FY23 Results: Total income up 47.1% on year at ₹2,591.6 crore; check details

ReNew Energy Global Plc (ReNew), released its Q4FY23 results today, showing an improvement in both total revenues and renewable capacity. According to a release statement from the cleantech firm, as of March 31 this year, the company's portfolio reached 13.7 Gigawatts (GW). It revealed an overall year-over-year (YoY) increase of 28.2%. It stated that 5.7 GWs of the approximately 8 GWs of energy projects that have been pledged have been commissioned.

On the financial front, the company recorded a YoY increase of 47.1% in total income in Q4FY23. The total income for Q4FY23 was 2,591.6 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA), however, fell by 6% from 1,278.7 crore in Q4FY22 to 1,201.0 crore in Q4FY23. (Read More)

07 Jun 2023, 03:07:08 PM IST

DGCA sought clarity from Go First on flight resumption plan: Scindia

The Directorate General of Civil Aviation (DGCA) is currently assessing the flight resumption plan submitted by bankrupt airline Go First, civil aviation minister Jyotiraditya Scindia said on Wednesday.

"We had some queries. They are supposed to revert. Once DGCA approves, then it will move forward," Scindia told reporters today.

The Mumbai-based airline suspended operations from 3 May, having voluntarily filed for insolvency in the National Company Law Tribunal a day earlier. The low-cost airline had a market share of around 7% as of March with over 300 flights a day around the time it suspended operations. (Read More)

07 Jun 2023, 02:56:29 PM IST

Metal sector jumps in the second half of today's trading as it gains almost 1.5% with almost all stocks trading in the green

Metal Index
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Metal Index
07 Jun 2023, 02:45:07 PM IST

Emerging markets beat developed markets in May; India shines on a five-year rolling-return basis: Motilal Oswal

Most emerging markets (EMs), including Taiwan, South Korea, Brazil and India clocked healthy gains in the month of May, outperforming some of the top developed markets (DMs) including France, the UK and Germany.

Brokerage firm Motilal Oswal Financial Services highlighted that the MSCI India index recovered sharply in May, however, it remained flat since January 2022.

"Among the key global markets, Japan (up 7 per cent), Taiwan (up 6 per cent), Brazil (up 4 per cent), Korea (up 3 per cent), India (up 3 per cent), Russia (up 2 per cent), and the US (0 per cent) ended higher in May 2023, while the UK (down 5 per cent), Indonesia (down 4 per cent), China (down 4 per cent), and MSCI EM (down 2 per cent) ended lower in local currency terms," Motilal Oswal said. (Read More)

07 Jun 2023, 02:23:29 PM IST

Conditions favourable for monsoon onset in next 48 hours: IMD

Meteorological conditions are becoming favourable for the onset of monsoon over Kerala during the next 48 hours, India's weather office India Meteorological Office (IMD) said in a statement on Wednesday.

IMD had in May predicted arrival of monsoon on June 4.

Southwest monsoon normally sets in over Kerala on June 1 with a standard deviation of about seven days. (ANI)

07 Jun 2023, 02:07:15 PM IST

Turkey's lira plunges over 7%, hits record low of 23.1 against US dollar

Turkey’s lira declined over 7% to a record low on Wednesday as the new-elected government seemingly relaxed stabilizing measures while shifting towards more orthodox policies with reports that the state lenders ceased dollar sales.

The lira was at around 22.98 against the dollar, after touching a record low of 23.16 earlier. It has lost over 19% this year so far.

The losses in the currency deepened since President Tayyip Erdogan was re-elected on May 28. In his new cabinet, Erdogan named Mehmet Simsek, a former deputy prime minister, as finance minister. (Read More)

07 Jun 2023, 01:53:45 PM IST

Mint Mark to Market: Q4 tepid for speciality chemical firms as cocktail of factors play spoilsport

Speciality chemical companies reported lacklustre performance in the March quarter (Q4FY23), reacting to a host of unfavourable market conditions. Softening of raw material prices, demand slowdown across specific end-user industries, and liquidation of channel inventory played spoilsport.

According to a report by Nuvama Research, in Q4FY23, overall sales for the sector grew a modest 6% year-on-year (YoY), and 3% sequentially, driving Ebitda (earnings before interest tax, depreciation and amortisation) growth also at 6% while maintaining Ebitda margins at 22%. (Read More)

07 Jun 2023, 01:47:01 PM IST

Union government of India declines tailor-made incentives for Tesla, states may offer concessions: Report

Tesla, the US-based electric car maker, is currently not being considered for tailor-made incentives by the union government, reported PTI. However, a report from PTI indicates that individual states have the freedom to provide concessions to the company.

Furthermore, Tesla has expressed a strong interest in India and is exploring the possibility of establishing a comprehensive supply chain in the future.

During their visit to the country last month, representatives from the firms engaged in meetings with different government departments, such as the commerce and industry ministry. (Read More)

07 Jun 2023, 01:43:23 PM IST

Cabinet approves revival package of ₹89,047 crore for BSNL: Sources

07 Jun 2023, 01:22:42 PM IST

FMCG sector shines in today's trading as Britannia, Tata Consumer and Nestle India lift the index

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07 Jun 2023, 01:19:47 PM IST

GMR Hyderabad airport divests warehouse to ILP Core Ventures for ₹188 crore

GMR Hyderabad International Airport Limited has divested approximately 0.8 million square feet warehouse facility at the airport to ILP Core Ventures for 188 crore, the company said today.

GMR Hyderabad International Airport is a stepdown subsidiary of GMR Airports Infrastructure Limited and ILP Core Ventures I PTE Limited is a step down subsidiary of Indospace Core PTE Limited.

IndoSpace Core is a joint venture between logistics and industrial real estate investor, developer and operator IndoSpace and investor Canada Pension Plan Investment Board. Its national network consists of 50 logistics parks with 57 million square feet delivered or under development across 10 cities. (Read More)

07 Jun 2023, 01:01:48 PM IST

Urban Enviro Waste Management IPO: Issue to open on June 12; fresh issue of 9.2 lakh equity shares and an offer for sale of 2.22 lakh equity shares.

Urban Enviro Waste Management, a general waste handling and management services provider, will launch its initial public offering (IPO) on June 12, aiming to raise up to 11.42 crore through the issue.

Urban Enviro Waste Management IPO, which will close on June 14, is an SME IPO and a fixed price issue.

The total issue size is 11.42 crore consisting of sale of 11.42 lakh equity shares at a fixed price of 100 each. The face value of the shares is 10 each. (Read More)

07 Jun 2023, 12:54:12 PM IST

Finvasia⁩ views NSE to shift nifty bank F&O expiry to Friday from Thursday: Provide customers with more time to trade, assess market conditions, and manage risks effectively

Sarvjeet Virk, Co-founder & MD, Finvasia comments on NSE shifting Nifty bank F&O expiry to Friday from Thursday: "I support the new process of expanding trading hours and moving the expiry of F&O contracts to Friday. It will provide customers with more time to trade, assess market conditions, and manage risks effectively before the expiry. On one hand, the market volatility will be in check, and on the other, one will see a stark reduction in weekend risks, both of which bring significant advantages for the traders. Moreover, the increased trading day presents a valuable opportunity for funds and option writers to collect higher premiums and boost derivative volumes. I believe these changes will greatly benefit market participants and contribute to the overall growth and stability of the market."

07 Jun 2023, 12:51:50 PM IST

IKIO Lighting IPO : Issue oversubscribed on Day 2; NIIs steal the show

IKIO Lighting IPO Subscription Status: The initial public offering (IPO) of IKIO Lighting Ltd was subscribed 3.34 times on Day 2 at 12:15 IST, according to BSE data. The public issue that has opened for subscription on Tuesday, June 6, will close on Thursday, June 8.

On Day 2 of the subscription, the issue saw an overwhelming response from Non-Institutional Investors (NIIs) who subscribed 6.92 times followed by retail investors who subscribed to the issue 3.46 times of the portion reserved, and qualified institutional buyers portion was subscribed 33%.

The company has received bids for 5,07,94,536 shares against 1,52,24,074 shares on offer, according to data from the BSE at 12:15 IST. (Read More)

07 Jun 2023, 12:40:29 PM IST

Angel One Ltd views on Nifty rallying in today's session:  The follow up is missing from the BFSI space

Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd: The global positivity is aiding well for our markets as we saw Nifty posting its calendar year high of 18676.05 in early trades today. The follow-up is missing from the BFSI space. Once we see contribution from the heavyweight pockets, Nifty is good to go towards its record highs soon.

07 Jun 2023, 12:25:09 PM IST

Comrade Appliances IPO Allotment: Here’s how to check allotment status, GMP, other details

The initial public offering (IPO) of Comrade Appliances received a strong response from May 31 to June 5 as the issue was subscribed 71.92 times.

The Comrade Appliances IPO received 72.08 times subscriptions in the retail category and 21.86 times subscriptions for the portion reserved for Qualified Institutional Buyers (QIB). The Non-Institutional Investors’ (NII) portion was booked 120.78 times by June 5, 2023.

Comrade Appliances IPO allotment date is June 8 wherein the company will fix the basis of allotment of shares. Investors in the Comrade Appliances IPO will know if they received any allotment of shares in the public issue on June 8.

Comrade Appliances IPO GMP or grey market premium today is 15, as per market observers. (Read More)

07 Jun 2023, 12:21:42 PM IST

Brightcom Group shares locked in 5% upper circuit; What is fuelling the rally?

Brightcom Group shares were locked in 5% upper circuit in the last two trading sessions after the company clarified with the exchanges that it would be taking remedial measures to better its financial disclosures. Brightcom shares were frozen at the BSE's upper price circuit of 21.57 per share, on Wednesday.

This clarification from the company was made on Monday in response to an investigation report that raised questions about the company's accounting procedures, reporting, corporate governance, and other areas. The company's shares on Monday ended a five-day gaining streak. (Read More)

07 Jun 2023, 12:01:49 PM IST

Indices stay in green on back FMCG stocks rallying with Sensex gaining 120 pts and Nifty 60 pts; Britannia, Nestle, Tata Motors lead the rally 

Sensex at Noon
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Sensex at Noon
07 Jun 2023, 11:53:21 AM IST

India will be the first country to manufacture and sell the all new Honda SUV Elevate globally

India will be the first country to manufacture and sell the all new Honda SUV Elevate globally. Honda's latest SUV had its global unveiling on Tuesday at a world premiere event held in the national capital.

Elevate, a mid-size SUV with six airbags, is scheduled for launch during this festive season.

While the initial introduction of Elevate is focused on domestic market, but it will subsequently serve as an important export hub for the new model to other parts of the world.

Elevate is the first SUV among five new premium SUVs planned to be launched by Honda in India by 2030. (ANI)

07 Jun 2023, 11:33:01 AM IST

Realty index climbs towards the noon as it gains a per cent with all stocks in the green 

Realty Index
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Realty Index
07 Jun 2023, 11:31:20 AM IST

Equitymaster Take: Defence sector stocks are rising. Does the rally have enough steam?

In the last few years, the defence sector bond between India and the US has deepened significantly. The two countries have inked key defence and security pacts over the past few years, including the Logistics Exchange Memorandum of Agreement (LEMOA) in 2016 that allows their militaries to use each other's bases for repair and replenishment of supplies.

The two sides also signed COMCASA (Communications Compatibility and Security Agreement) in 2018 which provides for interoperability between the two militaries and provides for the sale of high-end technology from the US to India. (Read More)

07 Jun 2023, 11:09:05 AM IST

Kotak Bank drags in today's trading as it sheds 0.8% and is among the biggest laggards in stock charts

Kotak Bank
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Kotak Bank
07 Jun 2023, 11:07:17 AM IST

Crypto price today: Market recovers after SEC crypto exchange crackdown; Bitcoin near $27,000, Ethereum gains 3%

Cryptocurrency prices were trading mostly higher on Wednesday with the world’s largest cryptocurrency Bitcoin gaining over 4%.

The crypto market declined a day before after the Securities and Exchange Commission (SEC) sued leading US cryptocurrency platform Coinbase Global Inc. in a federal court hearing alleging are that the crypto firm broke the regulator's rule by allowing its users trade numerous crypto tokens which were unregistered securities.

Coinbase is willing to move Supreme Court against the US SEC as the government agency widens its crackdown on tokens that it considers listed securities. The regulator is seeking an order that would require Coinbase to comply with securities laws, and give up what the agency says were ill-gotten gains. (Read More)

07 Jun 2023, 10:46:03 AM IST

PSU Bank shines as it jumps almost a per cent with all the stocks trading in the green

PSU Bank
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PSU Bank
07 Jun 2023, 10:27:55 AM IST

Torrent Power share price hits new 52-week high, gains 7%; Here's why

Torrent Power share price touched a new 52-week high and jumped over 7% on Wednesday's trade after the company signed a memorandum of understanding (MoU) with the Maharashtra government to construct hydro projects worth 27,000 crore. Torrent Power shares opened at 634.35 apiece on BSE and hit an intraday high of 666 and touched an intraday low of 630 per share.

The company in an exchange filing stated that it expected to carry out these projects over a period of five years and 13,500 jobs are likely be created by these developments.

Three locations, Karjat (3,000 MW) in Raigarh District, Maval (1,200 MW), and Junnar (1,500 MW) in Pune District, have been designated by Torrent as the places where the projects will be implemented. All of the locations are off-stream, and the projects are designed to offer daily energy storage of at least six hours. (Read More)

07 Jun 2023, 10:10:01 AM IST

Kavach boost: Kernex Microsystems shares hit upper circuit, HBL Power Systems shares at 52-week high

Shares of Kernex Microsystems continued witnessing strong traction as they were locked in their 5 per cent upper circuit of 328 in morning trade on BSE on Wednesday (June 7), looking set to extend their winning run into the sixth consecutive session. The stock has clocked a strong gain of about 29 per cent in the last six sessions.

Similarly, shares of HBL Power Systems rose nearly 6 per cent to hit their fresh 52-week high of 143.70 on Wednesday. They are also up for the sixth consecutive session, rising almost 37 per cent in that period. (Read More)

07 Jun 2023, 10:05:12 AM IST

Va Tech Wabag share price rises over 3% on order win, hits 52-week high

Va Tech Wabag share price rose more than 3% to hit a fresh 52-week high on Wednesday after the company secured a contract worth 420 crore from Cidco. The stock gained as much as 3.38% in the early deals and touched a new 52-week high of 495.90 apiece on the BSE.

The company secured an order worth about 420 crore towards Design, Build and Operation (DBO) of a Water Treatment Plant (VVTP) with a capacity of 270 Million Litres per Day (MLD) at Jite, Raigad for City and Industrial Development Corporation of Maharashtra Ltd (CIDCO). (Read More)

07 Jun 2023, 09:55:07 AM IST

Healthcare index shines in today's trading as it jumps 0.8% in early trading with Max Health and Glenmark jumping 3.5% each

Healthcare Index
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Healthcare Index
07 Jun 2023, 09:39:05 AM IST

Geojit Financial Services views on today's market: Nifty has been struggling to break the upper end of 18300-18600 range, but now the market construct favours a breakout

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Nifty has been struggling to break the upper end of 18300-18600 range, but now the market construct favours a breakout.

Globally, the market backdrop is favourable with both US and European markets consolidating and slowly gaining strength. Markets believe that the June Fed decision will be a pause. In India, too, the MPC decision tomorrow is most likely to be a pause since CPI inflation has come within RBI’s tolerance limit. The 7.2% GDP growth in FY23 and upward revision in FY 24 growth rate to around 6.4% are strong positives that can impart resilience to the market.

Financials will continue to do well. Autos have made a strong comeback after 5 years and will gain further from falling commodity prices and steadily improving demand.

07 Jun 2023, 09:32:43 AM IST

Nestle India shines in early trading as it jumps more than a per cent and leads the stock charts

Nestle India
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Nestle India
07 Jun 2023, 09:31:01 AM IST

Rupee opens 5 paise higher at 82.56 against US dollar

The Indian rupee opened 5 paise higher against the US dollar Wednesday led by an uptick in Asian peers and a broader weakness in the greenback. The rupee opened at 82.56 to a dollar against the previous close of 82.61.

The US dollar eased as traders assessed the odds of a rate hike by the Federal Reserve next week. The US dollar index slipped 0.03% to 104.05.

On Tuesday, the rupee ended 6 paise higher at 82.61 against the US dollar amid a softer greenback after weak US services data. (Read More)

07 Jun 2023, 09:22:32 AM IST

Indices gain at open with Sensex and Nifty starting in the green as FMCG leads the rally

Sensex at Open
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Sensex at Open
07 Jun 2023, 09:10:24 AM IST

Arbitral tribunal directs RCF's contractor to pay ₹173.72 cr for breakdown of two GTGs

Rashtriya Chemicals and Fertilizer (RCF) on Tuesday said it has won an arbitration award of 173.72 crore from one of its contractors for the breakdown of two gas turbo generators (GTGs).

The award was handed over by a single-member arbitral court which directed the contractor whose name was withheld by the company in an exchange filing.

The contractor was also asked to repair and reinstate both the GTGs at the company's plant at their own cost under the defect liability clause. (PTI)

07 Jun 2023, 09:03:18 AM IST

Sensex starts flat at preopen session; Adani stocks, BoB, Varun Beverages to be in focus today

Sensex at Preopen
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Sensex at Preopen
07 Jun 2023, 09:00:37 AM IST

TCS says it is out of “vicious cycle” of hiring and counter hiring as it hire over 150,000 campus graduates in the last two years

Tata Consultancy Services said it has escaped the “vicious" hiring frenzy by recruiting 150,000 plus campus graduates in the last two fiscals. The largest IT firm in India said it has rolled out a hike of 5-8% for its workforce needs to upskill on the back of AI-led transitions.

“The supply side challenges of the last two years peaked in the first half of FY 2023, with employee churn reaching unprecedented levels. We broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers – over 110,000 in FY 2022 and over 44,000 in FY 2023 – and training them on the technologies most in demand," said CEO and MD Rajesh Gopinathan for FY22-23 in TCS’ annual report for last fiscal. (Read More)

07 Jun 2023, 08:37:39 AM IST

Mazagon Dock Shipbuilders signs deal with Germany to build diesel submarines; check details

Germany and India are closing in on a deal to build diesel submarines for Indian waters as Russia’s prolonged war in Ukraine has pushed the Indian government to expand its sources of military hardware beyond its top supplier, according to a report by Bloomberg. Thyssenkrupp AG’s marine arm and India’s Mazagon Dock Shipbuilders Limited are likely to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian navy, said the report.

The preliminary agreement or the memorandum of understanding will be signed in the presence of Defense Minister Boris Pistorius who arrived in New Delhi on June 5 for a two-day visit, according to German and Indian officials.

His role is to “support and assist" the negotiations between German executives traveling with him and their Indian counterparts, the report added. “This would be a big and important contract not only for German industry but also for India and the Indian-German strategic partnership," Pistorius said. (Read More)

07 Jun 2023, 08:34:17 AM IST

Stocks to Watch: Adani Ent, Tata Consumer, BoB, Adani Power, Varun Beverages, Adani Transmission, GMR Airports Infra, IIFL Finance, Mazagon Dock Shipbuilders, NHPC, Torrent Power, and Piramal Pharma

Adani Enterprises is investing INR14,000-16,000 crore in India's largest PVC plant, Mundra Petrochem, after a four-month suspension of operations. Tata Consumer Products is expanding to new categories and seeking acquisition opportunities, according to Chairman N. Chandrasekaran. Varun Beverages will split its stock in a ratio of 1:2, while GMR Hyderabad International Airport has sold a warehouse facility to ILP Core Ventures for INR188 crore. IIFL Finance will raise INR1,500 crore through secured NCDs, and Thyssenkrupp's marine arm and Mazagon Dock Shipbuilders will jointly bid for a $5.2bn project to build six submarines for the Indian navy. (Read More)

07 Jun 2023, 08:24:40 AM IST

Varun Beverages fixes record date for stock split; how many extra shares investors will get?

Varun Beverages, the second largest bottling company of PepsiCo's beverages, has fixed the record date for the stock split in the ratio of 1:2. However, on Tuesday, the large-cap stock witnessed selling pressure and ended lower by a little over a per cent on BSE.

As per the regulatory filing, Varun Beverages' board of directors fixed June 15 as the record date to determine eligible shareholders entitled to the stock split.

The 1:2 ratio in the stock split would mean that every 1 existing equity share of Varun Beverages having a face value of 10 each will be subdivided into two equity shares having a face value of 5 each. (Read More)

07 Jun 2023, 08:16:06 AM IST

Byju’s  default could spark lender action as it skips paying $40 million interest on a $1.2 billion loan

Edtech unicorn Byju’s skipped paying $40 million interest on a $1.2 billion loan that was due on 5 June, triggering a default that could affect several group entities and prompt lenders to invoke guarantees and initiate insolvency action.

In a statement on Tuesday, the country’s most-valued startup said it would not pay any further interest on the Term Loan B (TLB) until a US court decided on its petition against some of its lenders, including Redwood Capital Management Llc.

Byju’s said its agreement with lenders allows it to disqualify distressed debt investors such as Redwood and also disqualify competitors from buying up the TLB debt. (Read More)

07 Jun 2023, 08:15:11 AM IST

NSE raises price band of four Adani Group companies; circuit limit of a total of 172 companies revised

Leading bourse National Stock Exchange (NSE) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission.

The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular.

NSE has enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent.

In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent from the present 5 per cent level.

The exchange has decided to revise the circuit limit of a total of 172 companies.

In January, bourses BSE and NSE lowered the circuit limit of Adani Transmission, Adani Green Energy and Adani Total Gas. (PTI)

07 Jun 2023, 07:51:48 AM IST

Buy or sell: Vaishali Parekh recommends buying in 3 stocks today - RCF, Syngene International, and IRCON

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher recommends:

Buy Rashtriya Chemicals & Fertilizers Ltd (RCF) at 108 with a stoploss of 106 and a target price of 112

Buy Syngene International Ltd at 734 with a stoploss of 720 and a target price of 757

Buy IRCON at 82.50 with a stoploss of 81 and a target price of 86. (Read More)

07 Jun 2023, 07:49:31 AM IST

Reliance Home Finance NCD holders claim Bank of Baroda flouted SC order

The debenture holders of Reliance Home Finance Ltd (RHFL) have issued a legal notice to the state-owned Bank of Baroda (BoB), accusing it of engaging in foul play, and disregarding the directives issued in a recent Supreme Court ruling.

“BoB, the lead bank of the inter-creditor agreement consortium, not only participated but also ensured the Supreme Court order is breached with impunity and retail debenture holders are duped of rightful entitlement of redemption at full face value," they said.

A copy of the legal notice was reviewed by Mint.“BoB has played an active role in aiding manipulative and fraudulent schemes, and caused losses to the clients and thousands of other retail debenture holders of RHFL," it said. (Read More)

07 Jun 2023, 07:23:22 AM IST

Adani set to revive Mundra PVC project with initial funding of ₹14,000-16,000 crore

Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) plant, with initial funding of 14,000-16,000 crore, after a four-month suspension of operations, two people directly aware of the development said.

Mundra Petrochem has secured an in-principle approval for a credit line of up to 14,000 crore from a clutch of large domestic banks, the people said, adding that the total project cost will be around 35,000 crore. “Seventy per cent of the money to be used in the planned capex is likely to come from state-run lenders," one of the two said, requesting anonymity. 

Group flagship Adani Enterprises Ltd incorporated Mundra Petrochem in 2021 to set up a coal-to-PVC plant. (Read More)

07 Jun 2023, 07:21:18 AM IST

US stocks end up on Tuesday ahead of Fed meet and inflation data scheduled for next week

U.S. stocks closed up on Tuesday, helped by some advances in economically sensitive sectors, as investors awaited inflation data and the Federal Reserve's policy meet next week.

Inflation data is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated, and the Fed is widely expected to hold interest rates.

Major indexes wavered as investors took a breather after pushing the S&P 500 up almost 20% from its October 2022 lows, boosted by gains in megacap stocks, a stronger-than-expected earnings season and hopes that the U.S. central bank is nearing the end of its interest rate-hike cycle.

The Dow Jones Industrial Average rose 10.42 points, or 0.03%, to 33,573.28, the S&P 500 gained 10.06 points, or 0.24%, to 4,283.85 and the Nasdaq Composite added 46.99 points, or 0.36%, to 13,276.42.

"It looks like investors are gaining a little optimism," said Cresset Capital CIO Jack Ablin.

"The narrowness in the market where everyone was focused on the top seven names or so is starting to dissipate a little bit and that's good news." (Reuters)

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