Share Market Highlights 24th June 2024: Sensex climbs 130 points to settle at 77,341, Nifty up 36 points to close at 23,537; Auto, FMCG stocks shine

Benchmark indices closed in the positive territory on Monday. BSE Sensex rose by 131.18 pts, or 0.17 per cent, to close at 77,341.08, and Nifty 50 was up 36.75 pts, or 0.16 per cent, at 23,537.85

Shares of Route Mobile rallied 15 per cent on Monday, following its partnership with Billeasy E Solutions Pvt Ltd (Billeasy), enabling WhatsApp-based ticket booking, for Pune, Hyderabad, and Nagpur metros, in addition to Delhi

​​Prestige Estates Projects​​ surged 3% on Monday, following the board’s approval of fundraising plans, amounting to ₹5,000, via qualified institutional placement (QIP) on June 21, 2024. The shares hit a 52-week today on the ​​NSE​​ at ₹2,074.80. It climbed 3.21 per cent as of 2.32 pm, to trade at ₹2,046.85.

On the ​​BSE​​, the stock rose 2.68 per cent, to trade at ₹2,044.10 as of 2.40 pm.

A total of 4,135 stocks were actively traded, 2,024 advanced, while 1,938 declined and 173 stocks remained unchanged where 289 stocks hit a 52 week high and 31 stocks hit a 52 week low at 3.11 pm on Monday on the BSE.

Cipla (-2.43%), IndusInd Bank (-2.36%), Adani ports and special economic zone (-1.80%), Coal India (-1.37%), Tata Steel (-1.14%)

Mahindra and Mahindra (2.47%), Shri Ram finance (2.14%), Grasiam industries (2.06%), Power Grid corporation of India (1.98%), Sun pharmaceuticals industries (1.83%)

Ashok Leyland Limited disclosed an investment of ₹1 lakh in its subsidiary, Ashok Leyland Foundation. The foundation operates as a non-profit entity. The shares were up by 1.85% to ₹239 on the BSE.

Satin Creditcare Network Limited expanded into Nagaland with its inaugural branch in Dimapur, the company aims to enhance financial inclusion and stimulate economic growth, particularly in rural areas. The shares were down by 3.06% to ₹234.05 on the BSE.

Tea prices were lower at Coonoor auctions following a subdued buying from blenders and packateers. The quantity offered in CTC leaf was 11,48,855, witnessing a sales percentage of 82.45%, while the offerings in dust sales were 3,96,887 with a 93% sales.

According to data released by the Gems and Jewellery Export Promotion Council (GJEPC), the apex body for the Gems & Jewellery Industry in India, the overall imports of Gems & Jewellery for the month of May 2024 witnessed a multi-fold jump of 23.61%, at $1894.4 million (₹15794.26 crores), as compared to $1532.61 million (₹12625.59 crores) for the same period last year. 

This could be attributed to the robust demand seen in the domestic market as the country is gearing up for the upcoming festival season. 

In terms of overall gross exports of Gems & Jewellery in May 2024, it stood at $2484.48 million (₹20713.370 crores) showing a decline of 6.14% compared to $2646.92 million (₹21795.65 crores) for the same period last year. 

This decline is due to the economic uncertainties that the global market is grappling with. However, with the constant support by government through its initiatives in the form of FTAs and with increased emphasis on ‘ease of doing business’ will act as an enabler in amplifying the exports in the next few quarters.

Mr. Colin Shah, MD, Kama Jewelry, said, “The gems & jewellery industry is going through a challenging phase for over a year. With the outbreak of geo-political tensions earlier between Russia & Ukraine and then between the Israel & Hamas has deeply impacted the exports as the demand has been volatile in the overseas markets. 

Additionally, with 60+ countries undergoing elections this year, is yet another crucial event, which may further hamper trade in the said countries. Hence, this calls for a close monitoring of these events, which will further decide the course of trade activities for the rest of the year.

However, with the onset of festive season that is approaching, we hope for a gradual pickup in trade activities.”

Motilal Oswal Financial Services Limited (MOFSL) has signed an MoU with IIM Mumbai to revolutionise financial and capital markets understanding at the campus through research, sustainable learning and development.

C.E. Info Systems Limited’s MapmyIndia launched ClarityX in partnership, to enhance enterprise offerings with AI-driven data analytics and consulting services. The shares were down by 4.58% to ₹2,416.65 on the BSE.

Man Industries (India) Limited achieved CE Certification for its Anjar, Gujarat plant (Certificate No. N CE-PED-MM-MAN 001-24-IND) from Bureau Veritas, France, confirming compliance with EU safety and quality standards for API 5L SAW and ERW Lines used in Oil & Gas applications. The shares were up by 0.09% to Rs 393.10 on the BSE.

Seamec Limited demobilized vessels ‘SEAMEC PRINCESS’ and ‘SEAMEC III’ from Pipeline Replacement Project VII (PRP-VII RTR) under Posh India Offshore and Larsen & Toubro consortium due to monsoon onset. The stock trades at Rs 1,197 up by 5.39% on the BSE.

Hilton Metal Forging Ltd launched Wagon Axle for domestic railway sector, aiming to reduce import dependence and support ‘Make In India’ initiative. With financial performance, including FY2023-24 total income of Rs 139.9 crore and net profit of Rs 6.68 crore, the company plans to raise up to Rs 100 crore to expand production capacity. The shares were down by 1.38% to Rs 107.45 on the BSE.

Century Textiles and Industries Ltd.’s subsidiary, Birla Estates Pvt. Ltd., expanded into Pune with a 16.5-acre land acquisition in Manjri, to develop residential housing spanning 32 lakh sq ft, projecting Rs 2,500 crore in revenue potential. The shares were up by 4.41% to Rs 2,313 on the BSE.

A total of 4,064 stocks were actively traded, 2,095 advanced, while 1,802 declined and 167 stocks remained unchanged where 264 stocks hit a 52 week high and 29 stocks hit a 52 week low at 1.10 pm on Monday..

Easy Trip Plannders Ltd.’ EaseMyTrip expands its presence with the inauguration of its first franchise store in Bhopal, Madhya Pradesh, marking its 16th nationwide. The shares were down by 0.44% to Rs 42.70 on the BSE.

Notably, Kalyani Investment (20%), Vardhman Holdings (20%), JSW Holdings (13.81%), HG Infra (6.34%), and JSW Infra (3.07%) were among the major stocks that hit a 52-week high on the NSE.

Copper price has been in a downtrend since mid-May this year. The Copper Futures contract on the Multi Commodity Exchange (MCX) has come down sharply from a high of ₹945.90 per kg made in May. It touched a low of ₹839.45 last week and then managed to bounce back from there

Major gainers on the NSE at 12.40 pm include- Sun pharmaceuticals (2.10%), Power Grid corporation of India (1.76%), Apollo hospitals (1.54%), Bajaj Auto (1.51%), Shri Ram finance (1.34%)

Major losers include- indusind bank (-2.25%), Adani ports and special economic zone (-1.89%), Cipla (-1.72%), Coal India (-1.23%), Tata Steel (-0.94%)

BL Interview: The anticipated cut in interest rates and geopolitical tensions will act as tailwinds for the gold rates, while the rapid conversion to organised business will keep the demand for gold loans robust. High gold prices foster gold loan business as customers can avail themselves of loans by pledging lower volumes of gold, says V.P. Nandakumar, MD and CEO of Manappuram Finance.

Citing some key drivers of the gold loan business, he said there is an unsatiated demand for gold in India, and gold loans are the most preferred option for obtaining emergency funds. The unorganised segment accounts for 60-65 per cent of the market, which will keep the growth headroom high for organised players in the foreseeable future.

Sanghvi Movers shares surged over 3 per cent on Monday following the receipt of two contracts for a value in excess of ₹180 crore.

An order for a turnkey customised solution for Independent Power Producers (IPP) in the renewable energy sector includes project monitoring and engineering solutions while delivering mechanical (cranes, trailers, and installation and commissioning services), civil, electrical, and site management activities.

Shivalik Power Systems IPO saw an overwhelming response within a few hours of opening on Monday. The company plans to raise ₹64.32 crore through NSE Emerge platform.

The IPO opened for subscription on Monday, June 24, 2024, and will close on June 26, 2024.

Sanghi Movers Ltd.’s shares were up by 3.73% to ₹1,100. The company received two work orders with value of ₹1,800 crore. First order is for a turnkey customised solution for an independent power producer in the renewable energy sector and another business offering for above ground piping work, fabrication, painting for the hydrocarbon sector.

The Central Bank of India (CBoI) is planning to improve its operational efficiency by targeting a cost-to-income (C-I) ratio of below 50 per cent in FY25, compared to 58.18 per cent in FY2024.

The public sector bank’s MD & CEO MV Rao said the Bank has implemented various strategies, including streamlining processes, optimising resource allocation, and implementing cost-saving measures.

Route Mobile Limited reported its WhatsApp-based metro ticketing across Nagpur, Pune, Hyderabad, and Delhi is serving over 75 lakh commuters daily. Commuters can book and pay for metro tickets directly through WhatsApp, receiving QR tickets instantly. The shares were up by 9.17% to Rs 1,669.45 on the BSE.

IndusInd Bank extended an experience to cricket fans with the Anthem Buddies program at the ICC Men’s T20 World Cup 2024, offering children a chance to accompany teams during national anthems through a social media contest. The shares were down by 2.40% to Rs 1490.15 on the BSE.

Prime Minister Narendra Modi on Monday assured the nation that his government in its third term will deliver three times more results. He also appealed to the opposition to behave responsibly.

Modi addressed the media on the first day of the first session of the 18th Lok Sabha.

“The people of the country have given us an opportunity for the third time. This is a great victory, a grand victory. Our responsibility increased threefold. I assure the countrymen that in our third tenure, we will work three times harder and we will get three-time results,” Modi said. Modi is leading the National Democratic Alliance (NDA) which is having 293 seats out of which BJP alone has 240 seats.

Marico Ltd. launched Saffola Muesli with Flavour Pops, to enhance its breakfast lineup with Kesar Crunch, Berry Crunch, and Choco Crunch variants. The shares were up by 1.08% to Rs 616.38 on the BSE.

NBCC (India) Limited secured a contract worth Rs 100 crore from REC Limited to serve as Project Management Consultant for the construction and renovation of RECIPMT Building in Shivarampally, Hyderabad. The shares were down by 0.75% to Rs 165.05 on the BSE.

L&T secured an order to construct a 185MW Solar PV Plant with a 254MWh Battery Energy Storage System in Kajra, Bihar, to enhance the state’s renewable energy ambitions and grid stability efforts. The shares were up by 0.68% to Rs 3,557.15 on the BSE.

Brahmaputra Infrastructure Limited, in joint venture with JCC Infra-projects BIL (JV),redeveloped and launched Gandhinagar Railway Station’s 25 girders spanning 36 meters each across 4 tracks, to overcome challenging conditions. The shares were up by 5.26% to Rs 93.90 on the BSE.

Larsen & Toubro’s power transmission and distribution (PT&D) vertical has won a domestic order worth ₹1,000-2,500 crore to build a grid-connected 185MW Solar PV Plant along with a Battery Energy Storage System (BESS) having multitudes of MWh capacity.

The BESS, with a capacity of 254MWh will enable storing solar energy during low-demand period and discharging when the demand peaks.

Shares of Adani Ports & SEZ have been included for trading on BSE Sensex starting today, June 24, 2024, as part of the index rejig. The Adani Group stock has replaced Wipro.

As of 10.26 am, Adani Ports stock declined by 1.63 per cent on the BSE to trade at ₹1,461.45.

Nifty 50 has opened the week on negative note. The index opened with a gap-down at 23,382.30. However, it is bouncing back from the low of 23,350. It is currently trading at 23,430, down 0.30 per cent. The advances/declines ratio is at 19:31. This indicates that the bias is negative.

Bank Nifty index had opened the day with a wide gap-down and is trading lower. The index opened at 51,280.25 and made a low of 51,138.90. It is currently trading at 51,303, down 0.68 per cent. The advances/declines ratio is at 1:11. This is very negative. If this sustains, the index can remain under pressure for the day.

Mandar Bhojane, Research Analyst at Choice Broking: 

Sensex and Nifty are expected to open in the red on June 24, with GIFT Nifty trading at 23,430.5, down 80 points. Nifty has been trading between 23,400 and 23,670; breaking below 23,400 could see it drop to 23,000 or 22,800, while surpassing 23,800 could push it to near 24,000. Bank Nifty, just below its all-time high of 52,000, could correct to 50,200 or 50,000 if it falls below 51,000. However, breaking 52,000 could lead to 52,500 or 53,000.

On June 21, FIIs sold Rs 1,790 crore of equities, while DIIs bought Rs 1,237 crore. Market volatility is expected, with trailing stop-losses advised. Dips present buying opportunities due to the bullish trend.

Crude oil futures traded lower due to a stronger dollar on Monday morning.

At 9.58 am on Monday, September Brent oil futures were at $84.34, down by 0.01 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $80.66, down by 0.09 per cent.

The rupee witnessed range-bound trading against the US dollar in early trade on Monday, amid a negative trend in the domestic equity market.

The benchmark Sensex and Nifty indices are likely to open in the red on June 24, following cues from GIFT Nifty, which is trading near 23,430.5 with a loss of 80 points.

The Nifty has been trading in the 23,400 to 23,670 range. If Nifty breaks the 23,400 level, it could further correct down to the 23,000 and 22,800 levels. On the flip side, the 23,800 level acts as strong resistance. If the index breaks this level, it could reach an all-time high near the 24,000 level.

Bank Nifty is also trading near its all-time high, just below the 52,000 level. If Bank Nifty breaks below the 51,000 level, it could undergo a correction down to the 50,200 and 50,000 levels. On the flip side, the 52,000 level acts as immediate resistance. If the index manages to close above this level, it could rise to 52,500 and 53,000 in the coming days.

After being net buyers for the first three days of last week, Foreign Institutional Investors (FIIs) sold equities worth Rs 1,790 crore on June 21, while Domestic Institutional Investors (DIIs) bought equities worth Rs 1,237 crore on the same day.

The market is expected to remain volatile. Hold your positions with a trailing stop-loss. Any dip will be a buying opportunity as the overall trend remains bullish.

Mandar Bhojane

Research Analyst

Choice Broking

One 97 Communications Limited (OCL), which owns the brand Paytm, has partnered with leading global travel aggregators such as Skyscanner, Google Flights, and Wego, driving growth in its travel segment.

“We are committed to expanding our travel business offerings and enhancing the overall customer experience. Our partnerships with global travel aggregators and leading airlines, combined with the integration of artificial intelligence, underscore our dedication to providing seamless, convenient, and competitive travel solutions”, a Paytm spokesperson said. 

Hero MotoCorp will raise the ex-showroom prices of select motorcycles and scooters by up to ₹1,500 starting July 1, 2024. The price hike varies by model and market. This adjustment aims to counteract increased input costs. The shares were up by 0.28% to ₹5467 on the BSE.

H.G. Infra Engineering Limited has incorporated six new subsidiary companies focused on solar projects, namely H.G. Kapuriya, Jetpur, Bhada, Surnana, Peelwa, and Jakhan Solar Project Private Limited. This move aligns with the company’s expansion into renewable energy. The shares were up by 4.06% to Rs1780.80 on the BSE.

MAS Financial Services Limited raised ₹500 crores through a QIP. The issue, priced at ₹286.25 per share, saw demand from domestic and foreign institutional investors, including Nippon India Mutual Fund and Samsung Asset Management. Post-allotment, the total number of paid-up equity shares stands at 18,14,53,377. The shares were up by 2.08% to ₹319.10 on the BSE.

Tide Water Oil Co. (India) Ltd received a pre-dealing approval application from Standard Greases & Specialities Private Limited, a joint promoter, for the acquisition of 351,000 equity shares. The shares were up by 5.68% to ₹2050 on the BSE.

Infibeam Avenues Ltd and the Entrepreneurship Development Institute of India partnered to advance AI adoption among enterprises, MSMEs, and start-ups. The collaboration led to the deployment of Infibeam’s THEIA Platform and ‘AI Facility Manager’ at EDII, providing AI tools for campus management. The shares were up by 0.91% to ₹32.08 on the BSE.

One 97 communications Ltd. reported that Paytm expanded its travel market share through partnerships with global travel platforms like Skyscanner and Google Flights, and travel solutions. In Q4’24, Paytm saw a 19% increase in flight bookings, and became an OTA in train bookings. The stock trades at ₹409.20 down by 0.51% on the BSE.

Biocon Ltd reported that its subsidiary Biocon Biologics Ltd received EMA approval to manufacture biosimilar Bevacizumab at its new mAbs facility in Bengaluru for European markets. Additionally, EMA renewed GMP certificates for its Bengaluru biosimilars facility and Malaysia insulin plant. The shares were down by 1.27% to ₹ 341.20 on the BSE.

Best Crop Science Private Limited, a subsidiary of Best Crop Science Ltd, has been granted a license by the Central Insecticides Board & Registration Committee to manufacture Haloxyfop-R-methyl ester technical. This post-emergence herbicide is used to control grasses in crops like soybeans, groundnuts, and pulses. The shares were up by 5.70% to ₹699.65 on the BSE.

SEPC Limited is set to launch a rights issue with a record date tomorrow, offering shareholders an opportunity to purchase additional shares at a discounted price. The issue opens on July 5 and closes on July 19, aiming to raise ₹200 crore by issuing 15.38 crore shares.

Shareholders will be entitled to purchase six rights equity shares for every 55 shares held at a price of ₹13 per share. Payment terms require ₹13 to be paid upon application.

BSE Sensex was down by 0.45% or 349 points to 76,860, while the NSE Nifty was at 23,387.80 down by 0.48% or 113 points at 9.45 am on Monday.

Top gainers on the NSE at 9.30 am include - icici bank (1.04%), Sun Pharmaceutics (0.97%), ITC (0.77%), Tata consultancy services (0.55%), Hindustan Unilever (0.50%)

Major losers include - Indusind bank (-2.98%), Cipla (-2.27%), Tata Steel (-2.06%), Adani ports (-1.56%), SBI (-1.51%)

Crude oil futures traded lower due to a stronger dollar on Monday morning. At 9.33 am on Monday, September Brent oil futures were at $84.34, down by 0.01 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $80.66, down by 0.09 per cent. July crude oil futures were trading at ₹6743 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday morning against the previous close of ₹6746 down by 0.04 per cent, and August futures were trading at ₹6709 against the previous close of ₹6710, down by 0.01 per cent.

The capital market regulator SEBI crackdown on Quant Mutual Fund on a suspected front-running case will shake investors confidence in the fast growing mutual fund industry.

SEBI had conducted search and seizure operations at Quant MF offices in Mumbai and Hyderabad. In an e-mail sent to its investors, Quant MF confirmed that it has received inquiries from Sebi.

Issue Open - 05-Jul-24

Issue Close - 19-Jul-24 

Right issue Size: Rs. 200 Crs (15.38 Crs Shares)

Stock Price – 20.63/-

Right issue Price: Rs. 13/-

Payment Terms: Rs. 13/- (Rs 13 to be paid on application)

Rights Entitlement Ratio: 6 Rights Equity Share for every 55 shares held (Effectively 0.11 for every 1 share held).

Last Trade date (Cum Right): 24 Jun 2024 (Today)

Ex-Right Trading date: 25 Jun 2024

Record Date: 25 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. 0.75

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

Issue Open - 24-Jun-24 (Today)

Issue Close - 12-Jul-24

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

Stock Price – 45.69/-

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

Ex-Right Trading date: 07 Jun 2024

Record Date: 07 Jun 2024

Right Entitlement (RE) Trading Period:- 24-Jun-2024 to 8-Jul-2024

Last day of Renunciation of Rights Entitlements: 8-Jul-2024

Date of Allotment (on or about): 18-Jul-2024

Date of listing (on or about): 30-Jul-2024

Ex-Dividend 25 June 2024 (Tomorrow)

Last date for Cum-Dividend Today

Alkyl Amines Chemicals Ltd.

Dividend Per Share Rs.10

Previous day Closing Price – Rs. 2111.4

Bharat Parenterals Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 1388

Cera Sanitaryware Ltd.

Dividend Per Share Rs.60

Previous day Closing Price – Rs. 9134.85

Filtra Consultants And Engineers Ltd

Dividend Per Share Rs.3

Previous day Closing Price – Rs. 109

Tata Elxsi Ltd.

Dividend Per Share Rs.70

Previous day Closing Price – Rs. 7123.2

Voltas Ltd.

Dividend Per Share Rs.5.5

Previous day Closing Price – Rs. 1485.4

1)The number of Americans applying for unemployment benefits slipped last week as the U.S. labor market remained resilient. The Labor Department reported Thursday that jobless claims fell by 5,000 to 238,000 from a 10-month high of 243,000 the week before. The four-week average of claims, which evens out weekly ups and downs, rose by 5,500 to 232,750, the highest since September. 

2)US S&P Global Composite PMI edged higher to 54.6 in June’s flash estimate from 54.5 in May, showing that the business activity in the US’ private sector continued to expand at a healthy pace.

3)US S&P Global Manufacturing PMI rose to 51.7 in June from 51.3, while the Services PMI rose to 55.1 from 54.8. Both of these readings came in above analysts’ estimates.

4)U.S. retail sales in May rose 2.3% year-over-year, following a downwardly revised 2.7% increase in April. 

5)U.S. industrial output edged up 0.4% in May compared to a year ago, after an earlier report indicated a steeper decline of 0.7% in April.

6)The Bank of England voted to hold interest rates at its June meeting, which met market expectations after U.K. inflation fell to the central bank’s 2% target. The central bank’s key rate is at a 16-year high of 5.25%, where it has stood since August.

7)UK inflation dipped to a 20-month low of 2.0% in May, down from 2.3% in April. Core inflation, which excludes volatile items like food and energy, also eased to 3.5% from 3.9%.

8)Eurozone inflation rose to 2.6% year-on-year in May, up from 2.4% in April. Core inflation, which excludes volatile food and energy prices, also climbed to 2.9% from 2.7% the previous month.

9)The euro area current account surplus increased to a three-month high in April driven by trade in goods and services, the European Central Bank said Wednesday (19/06/2024) The current account surplus totaled EUR 39 billion compared to March’s surplus of EUR 36 billion.

10)The Eurozone’s economic growth showed signs of slowing down in June according to the latest flash PMI data from HCOB. The services sector, though still in expansion territory, dipped to 52.6 from 53.2 in May. The composite PMI, which includes both services and manufacturing, fell to 50.8 from 52.2, indicating a weaker overall expansion. Manufacturing continued to be the drag, with the PMI dropping to a six-month low of 45.6, down from 47.3 in May

11)The Reserve Bank of Australia has kept interest rates on hold at a 12-year high of 4.35 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.25 per cent at its June meeting.

12)The Swiss National Bank on Thursday (20/06/2024) surprised the market with a decision to lower its main policy rate by 0.25 percentage points to 1.5%. The SNB also reduced its annual inflation forecasts. The bank now sees average inflation reaching 1.4% in 2024, down from its 1.9% estimate in December, and 1.2% for 2025, trimmed from the previous 1.6% estimate. Its first forecast for 2026 puts average inflation at 1.1% over the period.

13)Japan’s exports surged 13.5% in May, the fastest pace since November 2022. This jump, fueled by a weak yen and strong demand from the U.S. and Asia, helped narrow the trade deficit to 1.22 trillion yen ($7.7 billion), down nearly 12% from a year earlier. While imports also grew 9.5% year-on-year, reaching nearly 9.5 trillion yen ($60 billion), exports outpaced them at 8.3 trillion yen ($53 billion).

14)Japanese inflation accelerated in May from April in most gauges, though slightly less so than expected. The headline figure picked up from 2.5% to 2.8%, breaking with a two-month decline. The series excluding fresh food (the Bank of Japan’s preferred measure) rose from 2.2% to 2.5%. Core CPI (ex. fresh food and energy) decelerated from 2.4% to 2.1%.

15)China’s central bank, the People’s Bank of China (PBOC), held steady on interest rates at their June fixing. This means both the one-year loan prime rate (LPR) at 3.45% and the five-year LPR at 3.95% remain unchanged.

1)The Reserve Bank of India said that India’s foreign exchange reserves witnessed a decline of USD 2.922 billion to reach USD 652.895 billion as of June 14. The previous week saw a significant increase, with reserves soaring from USD 4.307 billion to a record high of USD 655.817 billion.

2)According to the HSBC survey, the final Manufacturing, Services and Composite Purchasing Managers’ Index (PMI) figure rose by 0.4 percentage point to 60.9 in June, compared to a downward revised figure of 60.5 in May.

3)India’s net direct tax collections for 2024-25 (FY25) grew 9.81 per cent to Rs 4.62 trillion till June 16 of the first quarter over the same period in FY24, officials aware of the figures said. Collections, which contributed Rs 1.48 trillion during the period, they said.

4)The provisional figures for the Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs. 5,15,986 crores compared to Rs. 4,22,295 crores in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

5)The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as of 17.06. 2024) show that Net collections are at Rs. 4,62,664 crores, compared to Rs. 3,82,414 crores in the corresponding period of the preceding Financial Year (i.e. FY 2023- 24), representing an increase of 20.99%.

6)Provisional figures of total Advance Tax collections for Financial Year 2024-25 (as on 17.06.2024) stand at Rs. 1,48,823 crores, against Advance Tax collections of Rs. 1,16,875 crores for the corresponding period of the immediately preceding Financial Year (i.e. FY 2023-24), showing a growth of 27.34%.

7)Refunds amounting to Rs. 53,322 crores have also been issued in the FY 2024-25 till 17.06.2024, which are 33.70% higher than refunds issued during the same period in the preceding year.

8)The Reserve Bank of India (RBI) in its June bulletin highlighted that the exceptionally hot summer and low reservoir levels could cause stress on summer crops of vegetables and fruits, adding pressure to food prices and complicating efforts to bring inflation down to the target of 4%. The bank also said it sold $3.65 billion on a net basis in the spot foreign exchange market in April.

9)Fitch Ratings has raised India’s growth forecast for FY25 to 7.2% from 7% earlier, on the back of elevated consumer confidence that is expected to drive spending and increased investments but cautioned that the ongoing heatwave was a risk to both growth and inflation.

10)Overseas Indians parked $ 1 billion in various NRI deposit schemes in April reflecting a strong faith in India’s growth story because these deposits witnessed outflows of $150 million in the same period a year ago. Outstanding non-resident Indian (NRI)deposits touched $ 153 billion as of end April on account of the $1.08 billion, the latest data released by the Reserve Bank indicated.

11)Formal job creation under the Employees’ Provident Fund Organisation went up by 10% in April 2024 to 1.89 million as against 1.72 million formal jobs created in April 2023, the highest addition in 72 months since first the payroll data was published in April 2018, shows the provisional data released.

12)Funds held by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, experienced a sharp decline of 70% in 2023, reaching a four-year low of 1.04 billion Swiss Francs (approximately Rs 9,771 crore), according to annual data from Switzerland’s central bank.

13)The Reserve Bank of India’s (RBI) Monetary Policy Committee members raised concerns about inflation pressures due to “exceptionally” warm summers, impacting perishable goods and crop output, as per their latest meeting minutes released on 21st June 2024. here’s a concise summary of the key points from the RBI’s MPC meeting:

I nflation Concerns: RBI Governor Shaktikanta Das highlighted that stubbornly high food prices are slowing down the decline in overall retail inflation, which reached 4.75% in May, a one-year low.

Policy Decision: The MPC voted 4:2 in favor of maintaining the repo rate at 6.5%. Governor Das and three others preferred status quo due to persistent inflation concerns, while two external members advocated for a 25 basis points rate cut to stimulate economic growth. 

Economic Growth: External members Ashima Goyal and Jayanth R Varma argued for a rate cut to bolster economic growth, citing current growth below potential and potential future growth sacrifices if policy remains restrictive.

Monetary Policy Stance: Despite moderating inflation, the MPC leaned towards maintaining price stability over immediate growth stimulus, emphasizing cautious movement to balance growth and inflation objectives.

Future Outlook: Members discussed the impact of normal monsoon expectations on food prices, expecting some relief in key food items which could ease inflation pressures gradually.

Overall, while inflation is moderating, the MPC opted to prioritize inflation control amidst concerns of persistent food price inflation and potential growth risks if monetary policy remains overly restrictive.

14)The Goods and Services Tax (GST) Council, led by Union Finance Minister Nirmala Sitharaman, convened for a significant meeting today, June 22. Here are the updates from the GST Council meeting:

GST Exemptions:

Platform tickets by Indian Railways

Hostel accommodation outside educational institutions (up to ₹20,000/month/person)

Interest & penalties on tax demand notices (for FY 2017-18, 2018-19, 2019-20)

GST Rate Changes:

Uniform 12% on:

Milk cans (all materials)

Paper cartons, boxes & cases (previously 18%)

Solar cookers (all types)

Parts of poultry machinery

All types of sprinklers (including fire sprinklers)

5% IGST on imports of aircraft parts & tools (for MRO activities)

Other Decisions:

₹20 lakh limit for tax authority appeals to tribunal, ₹1 crore for High Court, ₹2 crore for Supreme Court

Pan-India Aadhaar based GST verification to fight fraud

Request sent to GoM for reducing GST on fertilizers

Report on GST rate rationalization by GoM expected at next meeting

AAA 5 Years Bond traded between 7.64%-7.70% this week.

AAA 10 Years Bond traded between 7.55%-7.60% this week.

•New Issuances:

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA\u0009

Ratings: AAA/Stable by CARE & CRISIL; Issue Size: 2000 + 3000 Crs; Maturity Date: 10/09/2027.

Allocated 2123.10 Crs at 7.68%

NATIONAL HOUSING BANK

Ratings: AAA/Stable by CRISIL; Issue Size: 2000 + 2000 Crs; Maturity Date: 08/09/2027.

Allocated 3200 Crs at 7.59%

KOTAK MAHINDRA PRIME LIMITED

Ratings: AAA/Stable by CRISIL; Issue Size: 250 + 250 Crs; Maturity Date: 21/06/2027. 

Allocated 500 Crs at 8.12%

SUNDARAM FINANCE LIMITED

Ratings: AAA/Stable by ICRA; Issue Size: 500 + 250 Crs; Maturity Date: 21/06/2027. 

Allocated 440 Crs at 8.12%

NIIF INFRASTRUCTURE FINANCE LIMITED

Ratings: AAA/Stable by ICRA; Issue Size: 400 + 100 Crs; Maturity Date: 23/08/2029. 

Allocated 440 Crs at 8.07%

INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED

Ratings: AAA/Stable by ICRA & INDIA; Issue Size: 500 + 1000 Crs; Maturity Date: 25/08/2034.

Allocated 1500 Crs at 7.44%

INDIA GRID TRUST

Ratings: AAA/Stable by INDIA & CRISIL; Issue Size: 500 + 150 Crs; Maturity Date: 24/02/2027.

Allocated 650 Crs at 7.87%

MINDSPACE BUSINESS PARKS REIT

Ratings: AAA/Stable by ICRA; Issue Size: 500 + 150 Crs; Maturity Date: 24/06/2031.

Allocated 650 Crs at 7.94%

HDB FINANCIAL SERVICES LTD

Ratings: AAA/Stable by CARE & CRISIL; Issue Size: 500 + 250 Crs; Maturity Date: 17/04/2026.

Allocated 525 Crs at 8.0736

Ratings: AAA/Stable by CARE & CRISIL; Issue Size: 100 + 0 Crs; Maturity Date: 16/11/2028.

Allocated 100 Crs at 8.1293.

•Fixed Income

The New 10-Year Benchmark GOI 7.10 2034 traded between 6.96% - 6.99% during this week.

The Old 10-Year Benchmark GOI 7.18 2033 traded between 7.02% - 7.08% during this week, tracking movement in US Treasury Yields, Crude Oil, and Currency.

•Auction Highlights

RBI conducted the Auction for G-sec, SDL, and T-Bill for the aggregated amount of INR 32,000 Crore, INR 9,500, and INR 12,000 Crore, respectively. 

 G-sec Cutoff:

7.04% GS 2029: 100.20/6.9899%\u0009

7.46% GS 2073: 105.29/7.0724%

SDL Cutoff:

03 Years: GJ 7.23%

09 Years: PN 7.39%, RJ 7.38%

10 Years: HR 7.36%

12 Years: TS 7.35%

14 Years: TS 7.35%

27 Years: JK 7.33%

T-Bill Cutoff:

091 Days: INR 4000 Crore 98.3293/6.8150%

182 Days: INR 4000 Crore 96.6459/6.9601%

364 Days: INR 4000 Crore 93.4921/6.9800%\u0009

•Commodities:

1)Brent Crude Oil: $82.10-$86.24 (Per barrel)

2)Gold: INR 7,222-INR 7,325 24 Carat (1 Gram)

3)Silver: INR 91,000-INR 94,000 (1 KG)

•US Treasury Yield:

1)US 2 Years Treasury: 4.69%-4.78%

2)US 5 Years Treasury: 4.22%-4.32%

3)US 10 Years Treasury: 4.20%-4.30%

The domestic market opened weak on Monday, reflecting mixed global cues. Analysts predict continued volatility due to the ongoing F&O settlement week, with attention shifting to the activity in Parliament, primarily for the oath-taking of new members.

In early trade, the 30-share BSE Sensex dropped 343.67 points to 76,866.23, while the NSE Nifty fell 132.05 points to 23,369.05.

Analysts noted that despite foreign portfolio investors being net sellers on Friday, they turned positive in June. Prashanth Tapse, Senior VP (Research) at Mehta Equities, highlighted concerns about Nifty’s ability to hold intraday gains, citing slow monsoon progress and last Friday’s negative session. He mentioned key upcoming events and technical levels for Nifty, suggesting trades for the current market scenario.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, predicted a continuation of the market’s consolidation phase. He noted near-term strength in the market, particularly in Bank Nifty, supported by institutional buying, despite some negative sentiment due to a SEBI investigation in Quant Mutual Fund. Vijayakumar also commented on sectoral churn and the potential stability of the rupee.

Meanwhile, Asian stocks largely remained negative in early Monday trading.

The leading index for the U.S. economy sank again in May, declining for the third month in a row, but it “doesn’t currently signal a recession,” the Conference Board said.The privately run Conference Board said the index dropped 0.5% last month to 101.2 (2016=100), following a 0.6 percent decline in April. 

U.S. home sales fell for the third month in a row, as buyers dealt with a dearth of listings and soaring prices. Sales activity fell to the lowest level since January 2024, even as home prices hit a record high.

The spreads between U.S. investment-grade corporate bond yields and U.S. Treasuries have surged to their highest in over three months, in a sign of risk aversion due to political uncertainty in France and as U.S. government bonds rallied. The spread on the ICE BofA U.S. Corporate Index, a commonly used benchmark for high-grade debt, rose to 96 basis points this week, its highest since mid-March.

Asian shares edged lower, kicking off a week that includes measures of inflation that will help guide bets on the outlook for global interest rates. 

Nifty ended lower in a highly volatile session on June 21; however it rose for three weeks in a row to record its highest weekly close even as it fell on Friday. At close, Nifty was down 0.28% or 65.9 points at 23501.1. Nifty formed an engulfing bear like pattern on June 21 for the second time in 3 days. On weekly charts, it made a spinning top like pattern after a rise, suggesting a possible halt in the upmove. Nifty may find the resistance of 23667 tough to pierce in the near term while 23290 could offer support.

The benchmark Sensex and Nifty indices are likely to open negative as trends in the GIFT Nifty indicate a lower start for the broader index. Asian markets were trading lower. US markets ended mixed on Friday. The Dow Jones index added 0.04 percent, whereas the S&P 500 and Nasdaq lost 0.16 percent. On Friday the benchmark indices settled lower. The BSE Sensex closed 269.03 points or 0.35 per cent lower at 77,209.90 levels. Nifty50, on the other hand, slipped 65.90 points or 0.28 per cent to 23,501 levels.

“Gift Nifty wavered early, hinting at potential struggles for Nifty to hold intraday gains. Bullish traders are concerned about the slow monsoon progress and last Friday’s negative session. Key upcoming events include US PCE inflation data on June 28th, US GDP figures on June 27th, and India’s fiscal deficit and infrastructure output on June 28th. High volatility is expected with June derivatives expiry on June 27th. Technically, Nifty faces major resistance at 23,667 with crucial support at 23,257 and is likely to trade between 22,600-24,000. Recommended trades are selling Nifty at 23,501 with targets of 23,371/23,257 and buying Bank Nifty on dips for targets of 52,100/52,500. Bullish stocks include JINDAL STEEL & POWER, MGL, and NALCO, while TVS Supply Chain Solutions is a buy at CMP 183, with a target of 205/223 and a stop at 137, holding for 12-15 months.”

Shrikant Chouhan, Head Equity Research, Kotak Securities

Last week, the benchmark indices experienced some selling pressure at higher levels. The Nifty closed at 23455, while the Sensex closed at 77210. The banking and financial sectors outperformed, with the Bank Nifty index gaining over 3 percent, and the Auto and FMCG indices declining over 2 percent.

Technically, the benchmark indices reached new all-time highs of 23667.1/77851.63 during the week. However, there was some profit booking at these levels. A small bearish candle on the weekly chart and a double top formation on the intraday chart indicates potential weakness from current levels. Nonetheless, the medium-term market structure remains positive. We expect weak sentiment as long as the market is trading below 23700/77800, and anticipate a retest of 23400/76700 levels. Further downside may continue, possibly dragging the market towards 23200/76100. On the other hand, a breakout above 23700/77800 could lead the market towards 23800-24000/78000-78500. 

The prudent strategy would be to buy between 23000 and 23200 levels with a stop loss at 23000 on a closing basis. Keep reducing positions if indices move towards 23600/23700 levels.

For Bank Nifty, 51200 will be the trend-deciding level. Below this level, it could fall to 50750 or 50500, while moving above it would gradually push it towards 51750 or 52000.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

“The consolidation phase in the market is likely to continue. The near-term strength in the market is likely to come from Bank Nifty assisted by institutional buying notably from FIIs who have turned buyers last week. However, SEBI investigation in the Quant Mutual Fund is a slight sentiment negative for the market.

The sectoral churn happening in the market might accelerate since profit booking is happening in some overvalued sectors and money is flowing into fairly valued largecaps.

There is a likelihood of the rupee turning stable with a positive upward bias in the near term on expectations of big debt inflows after the inclusion of India in the Global Bond EM Index later this month. This can act as a trigger for more FII inflows into equity, going forward.”

Biocon Biologics a subsidiary of Biocon Ltd has received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new, multi-product monoclonal antibodies (mAbs) drug substance facility at Bengaluru. This approval will provide significant additional capacity to address patients’ needs across markets in Europe. The facility has previously been approved to manufacture biosimilar Trastuzumab in September 2022.

The Company also announced that EMA has renewed its Good Manufacturing Practice (GMP) Certificates of Compliance for its biosimilars manufacturing facility at Bengaluru and its insulin facility in Malaysia following routine GMP inspections. These certificates were issued by the Health Products Regulatory Authority (HPRA), Ireland, on behalf of EMA.

U.S. stocks finished mostly lower Friday as the technology sector fell, but major equities indexes still rose for the week. The S&P 500’s tech sector was under pressure Friday, losing 0.8% as Nvidia Corp.’s shares dropped sharply. For the week, the Dow climbed 1.5%, the S&P 500 rose 0.6% and the tech-heavy Nasdaq eked out a less than 0.1% gain. The S&P 500 and Nasdaq each logged a third straight week of gains.

Investors poured money into US technology funds at a record pace over the past week as surging demand for artificial-intelligence winners like Nvidia Corp. helped the chip designer briefly eclipse Microsoft Corp. as the world’s most valuable company. Roughly $8.7 billion flowed into tech funds during the week that ended Wednesday, according to data from Bank of America Global Research

The S&P flash U.S. services index of purchasing managers climbed to a 26-month high of 55.1 in June from 54.8 in the prior month. The flash U.S. manufacturing PMI, meanwhile, rose to a three-month high of 51.7 in June from 51.3 in May.U.S. business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided considerably, offering hope that a recent slowdown in inflation was likely to be sustained. S&P Global said on Friday that its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, nudged up to 54.6 this month.

The leading index for the U.S. economy sank again in May, declining for the third month in a row, but it “doesn’t currently signal a recession,” the Conference Board said.The privately run Conference Board said the index dropped 0.5% last month to 101.2 (2016=100), following a 0.6 percent decline in April. 

U.S. home sales fell for the third month in a row, as buyers dealt with a dearth of listings and soaring prices. Sales activity fell to the lowest level since January 2024, even as home prices hit a record high.

The spreads between U.S. investment-grade corporate bond yields and U.S. Treasuries have surged to their highest in over three months, in a sign of risk aversion due to political uncertainty in France and as U.S. government bonds rallied. The spread on the ICE BofA U.S. Corporate Index, a commonly used benchmark for high-grade debt, rose to 96 basis points this week, its highest since mid-March.

Asian shares edged lower, kicking off a week that includes measures of inflation that will help guide bets on the outlook for global interest rates. 

Nifty ended lower in a highly volatile session on June 21; however it rose for three weeks in a row to record its highest weekly close even as it fell on Friday. At close, Nifty was down 0.28% or 65.9 points at 23501.1. Nifty formed an engulfing bear like pattern on June 21 for the second time in 3 days. On weekly charts, it made a spinning top like pattern after a rise, suggesting a possible halt in the upmove. Nifty may find the resistance of 23667 tough to pierce in the near term while 23290 could offer support.

Capri Global Capital Ltd said it will grow its assets under management to Rs 50,000 crore by FY29 from Rs 15,653 crore as on March-end 2024

Welspun Speciality Solutions said it has been notified as L1 bidder by Bharat Heavy Electricals Ltd for supply of Seamless Stainless Steel Boiler Tubes for National Thermal Power Corporation’s Talcher 2 X 660 MW Super Critical Thermal Power Project

JSW Energy: JSW Neo Energy gets LoA for 300 MW wind-solar hybrid capacity from SECI. 

Optiemus Infra: Company incorporates wholly-owned subsidiary Optiemu sUnmanned Systems. 

GRSE: Company sings contract for construction & delivery of multi-purpose vessels worth ~$54 Million. 

RVNL: Company Wins Order Worth 192cr Rupees

Newgen: Company announces USD 1.48 Million Agreement with US Client. 

Tata Power: CARE Ratings has upgraded the rating of the company’s Long-Term rating on the bank and debt facilities from ‘CARE AA/Positive’ to ‘CARE AA+/Stable’.

Kirloskar Pneumatic: Company signs MoU to acquire majority stake in Systems and Components India.

Chemical Stocks: DGTR recommends extension of anti-subsidy duty on a Chinese chemical for five more years to guard domestic players. 

Power Stocks: Centre approves new transmission schemes worth Rs 13,595 crore to evacuate 4.5 GW RE power each from Rajasthan and Karnataka:

Aster DM: Morgan Stanley bought shares after key foreign investors offloaded stakes worth Rs 1,530 crore.

Gas distribution stocks: CNG price hiked in Delhi, Noida and other cities

E Commerce stocks: Relief for e-commerce companies as decided to reduce TDS deduction to 0.5% versus 1.0% 

Infra stocks: Relief for highway developers as govt to levy GST on basis of actual payment instead of onetime payment

KBC Global: Company secures ₹20 million contract for East Africa infrastructure development.

Lupin: Company receives the EIR from the USFDA for its manufacturing facility in Somerset, New Jersey, with a Voluntary Action Indicated. 

Hindustan Zinc: Company becomes the preferred supplier of zinc to U.S.-based AEsir Technologies. 

TVS Motor: Company signs agreement with CSC Grameen eStores for its commercial vehicle range (3-Wheelers). 

Vama Industries: Company has received a Supply Order worth of Rs 74.32 Crores from New Space India Limited (NSIL) A CPSE under Department of Space, Government of India 

IGL/MGL/GUJGAS/ADANI TOTAL: City Gas Distributions increase CNG prices by Rs 1-1.50 almost pan India

Vedanta: Parent Company Vedanta Resources strongly denies any plans to sell a stake in Vedanta 

HG Infra: Company incorporated multiple solar subsidiary companies. 

Sun Pharma: Company’s GL0034 demonstrates a significant Phase 1 result in an oral presentation at ADA 84th scientific sessions. 

Welspun Specialty: Company has been notified as L1 bidder by BHEL for supply of Seamless Stainless Steel Boiler Tubes for NTPC Talcher 2 X 660 MW Super Critical Thermal Power Project. 

VIp Ind: SBI Mutual Fund raises stake in company to 6.0 percent 

Axis Bank: Morgan Stankey bought 1,70,00,000 shares at Rs 1225.75/ share 

SP Apparels: Completed the acquisition of entire shares (100%) of M/s. Young Brand Apparel Private Limited.

Bank of Maharashtra: Company declared dividend of Rs 1.40 per equity share. 

Cipla: Black Rock raises stake in Company to over 5%. U.S. FDA inspection at Cipla’s manufacturing facility in Goa ends with 6 observations.

ONGC, Indian Oil Corp: Signs Mou To Set Up Small Scale Lng Plant Near Hatta Gasfield In Vindhyan Basin. 

HDFC Bank: SBI Mutual Fund raises holding in Company to over 5%. 

MCX: Company shortlists names of candidates for the post of MD and CEO 

IREDA: Company raised Rs. 1500 crore through issuance of bonds

Vodafone Idea: Company completes minimum rollout obligation for all 5G circles.

Pnb Housing: Asia Opportunities V (Mauritius) Cuts 2.46% Stake to 5.19% 

Prestige Estates: Company board approves raising up to Rs 5,000 crore via QIP 

L&T: Commissioner of CGST & CX Howrah Commissionerate levies penalty of Rs 5.9 crore. 

PNB Housing Finance: Asia Opportunities V (Mauritius) Cuts 2.46% Stake in Pnb Housing Finance To 5.19%

Craftsman: Company approves allotment of 27.3 lakh shares to eligible QIB at issue price of Rs 4,400/share 

Ami Organics: Company approves issue & allotment of 32.3 lakh shares to eligible QIB at issue price of Rs 1,240/share

Reliance Industries: Shareholders approve reappointment of Saudi Aramco Chairman Yasir Othman H Al-Rumayyan as independent director.

Biocon: U.S. FDA concludes GMP inspection of API facility at Visakhapatnam with four observations 

EIH: Kallol Kundu resigns from the post of EIH’s CFO with effect from September 25 

Fertiliser Stocks: GST Council sends request to reduce GST on fertilisers to Group of Ministers GoM on rate rationalisation.

Tata Steel: About Company’s 1,500 workers to go on indefinite strike, union says, Bloomberg

Sterlite Technologies: Company pre-trial mediation with U.S.-based Prysmian Cables unsuccessful.

Astra Zeneca Pharma: Company unsuccessfully completes exploration phase for search of buyer to act as a Contract Manufacturing Organisation. 

CarTrade Tech: Highdell Investment and Macritichie Investments likely to sell 7% and 3.4% stake respectively on Monday via block deals.

Indiamart

SBI MF bought 5.4 Lakh (0.9%) shares at 2601/share

Morgan Stanley bought 1.9Lakh (0.32%) shares at 2601/share.

Seller

Westbridge Crossover fund sold 7.3 Lakh (1.22%) shares at 2601/share

The insatiable appetite for equity issuances by domestic institutional investors is seen translating into a 50 per cent rise in funds raised through qualified institutional placements (QIP) in FY25 at over $15 billion, according to investment bankers. 

“QIPs are shorter lead time products and thus difficult to predict, but we estimate QIP issuance during FY25 to be in excess of ₹1.25- lakh crore,” said Munish Aggarwal, Managing Director Head, Equity Capital Markets, Equirus. 

Torrent Power, PVR Inox, Larsen & Toubro (L&T)

Enerpac Tool Group (Post market) (Sector- Capital Goods)

* BALRAMPUR

* CHAMBALFERT

* GNFC

* GRANULES

* HAL

* HINDCOPPER

* INDUSTOWER

* PEL

12:30 U.S. FOMC Member Waller Speaks

13:30 EURO German ifo Business Climate (Expected: 89.4 versus Previous: 89.3)

23:30 U.S. FOMC Member Daly Speaks

Sensex and Nifty 50 were stuck in a sideways range last week. But the Nifty Bank index surged to a new high and outperformed the Sensex and Nifty. On the charts, the near-term outlook for the Nifty and Sensex is slightly mixed. Supports are there for the indices which will still keep alive the chances of witnessing new highs from here. However, the price action over the last couple of weeks indicates that the upmove could be losing steam. 

The domestic market is likely to open flat to negative on Monday, reflecting the mixed global cues. Analysts predict that the market will remain volatile due to the ongoing F&O settlement week. The focus now shifts to the activity in Parliament, which is slated to open today, primarily for the oath-taking of new members.

Gift Nifty at 23,390 (7.20 am) against Nifty June futures value of 3487.30 and July futures value of 23612.20 indicates a gap down opening.

The National Stock Exchange’s subsidiary, NSE Indices Limited, this week introduced a new thematic index - Nifty India Tourism Index. According to NSE, the index will aim to capture the performance of travel and tourism-related stocks within the Nifty 500 Index. “This new index underscores the Indian government’s ongoing efforts to bolster tourism, which contributes significantly to the nation’s economy, accounting for approximately $199.6 billion to the GDP,” NSE said, while launching the index.

The Securities and Exchange Board of India (SEBI) on Friday disposed of its investigation against Unitech’s erstwhile promoters, Sanjay Chandra and Ajay Chandra, in a matter related to the routing of funds to the Indian securities market using overseas bank accounts with UBS AG.

SEBI conducted a suo-moto investigation from April 1, 2006, to March 31, 2008.

Reflecting optimism over the Modi 3.0 Government’s policy continuity, Foreign Portfolio Investors (FPIs) doubled down on their investments in Indian equities last week, becoming net buyers of ₹12,170 crore through June 21, official data showed.

These net inflows contrasted with net outflows of ₹14,794 crore in the first week of June. The FPI net outflows had narrowed to ₹3,064 crore by the end of the second week, after equity markets stabilised post the June 4 election verdict day crash and ensuing volatility. 

Buzzing stocks: Car Trade, GRSE, IREDA, Maruti Suzuki, Cipla, Lupin, TVS Motor, JSW Energy, Prestige Estates, Optiemus Infracom, Inox Gree, Capacite Infra, SP Apparels, Arihant Capital, Blue Cloud, Vama Ind

On the first day, the IPO subscribed 1.44 times; the price band Rs 351-369

The initial public offering of the Bengaluru-based Stanley Lifestyles enters its second day. The ₹537-crore IPO of elite furniture makers saw a robust response from non-institutions (HNIs) and retail investors on Day 1 itself.

Most long-short alternative investment funds (AIFs) outperformed the Nifty in the month of May. The former gave average category returns of 0.8 per cent compared with -0.33 per cent given by the benchmark, data from PMS Bazaar for category-III AIFs showed. 

Ambit 365 and AlphaMine Absolute Return Fund were the top performers among long-short funds with returns of 2.9 per cent and 2.8 per cent, respectively. 

Goldman Sach: TBO Tek Ltd. (TBOT.BO) | Consolidating demand-supply in a large, fragmented TAM; Initiate at Buy, and 12-month target price of Rs1,970, implying 24% potential upside.

India’s target of reaching 500 GW renewable energy capacity by 2030 requires an addition of around 44 GW annually, as per a report from Moody’s Ratings. To meet the target, India requires $190-215 billion of investment over seven years, it said.

Another $150-170 billion investment will be required for electricity transmission and distribution, and energy storage to cater to the incremental renewable energy capacity.

Renewable energy, excluding large hydro projects, now contributes 146.65 GW to India’s total installed power capacity of 444.8 GW.

Renewable energy and electricity transmission are expected to continue to drive investments in the power sector over the next six to seven years, Moody’s said in its report.

Vedanta Resources Ltd., parent company of the Indian listed entity Vedanta Ltd. has denied reports of any potential stake sale in its subsidiary.

“Vedanta Resources strongly denies any plans to sell a stake in Vedanta Limited,” a spokesperson of the parent company told CNBC-TV18 in an official response.

SKY GOLD: CO STRENGTHENS PORTFOLIO WITH ACQUISITIONS OF STARMANGALSUTRA AND SPARKLING CHAINS

CO MD SAYS BOOST OUR PAT MARGIN TO 3% FROM THE CURRENT 2.6% WITHIN NEXT 12 - 18 MONTHS

CO MD SAYS WELL-POSITIONED TO ACHIEVE REVENUE TARGET OF RUPEES 6300 CRS BY FY27.

CRAFTSMAN AUTO: CO SAYS FUND RAISING COMMITTEE APPROVES ALLOTMENT OF EQUITY SHARES WORTH RUPEES 12B TO QUALIFIED INSTITUTIONAL BUYERS AT ISSUE PRICE OF RUPEES 4,400 PER EQUITY SHARE.

Recent Interview As of 18:31 PM Friday 21 June 2024

Adani Wilmar Ltd: Dorab Mistry, Independent Director

For Union Budget 2024 Govt Can Focus on Project Mustard & Genetically Modified Seeds: Adani Wilmar

CAMS: Anuj Kumar, CEO

Outlook On e-Insurance Is Bullish And It Has Potential To Scale Several Times: CAMS

Electronics Mar: Premchand Devarakonda, CFO

Targetting 100% Topline Growth From The North Cluster: Electronics Mart India

Insecticides: Rajesh Aggarwal, MD

Insecticides India’s FY25 Margin & Revenue Outlook | MD Rajesh Aggarwal Shares Budget Expectations

KEI Industries: Anil Gupta, CMD

The Labour Strike Is Withdrawn & We Faced A ?10 Cr Loss Due To The 1-Day Disruption: Kei Industries

Muthoot Microfin Limited: Sadaf Sayeed, CEO

Muthoot Microfin Plans On Insurance Distribution Front | CEO Sadaf Sayeed Share Details

TATA Cons. Prod: Sunil D’Souza, MD & CEO

Tata Consumer: ‘Premiumisation To Gain Further Traction’ | MD & CEO Sunil D’Souza On Biz Outlook

Transport Corp: Vineet Agarwal, MD

FY24 Was Expected To Be Slow Due To Impending Elections: Transport Corporation Of India

Aarti Drugs: Adhish Patil, CFO

Disruption Of 12 Days Due To Fire Incident; Assets Impacted Are Less Than ?1 Cr: Aarti Drugs

Awfis Space Sol: Amit Ramani, CMD

Will Continue To Be Profitable In FY25 & See Rev Growth Of 30% For This FY: Awfis Space Solutions

Events today…

Results today…

TRIVENI ENG: Acquires majority stake in Sir Shadi Lal Enterprises

GRM OVERSEAS: Board okays fundraise of Rs 136.50 Cr Rs

VODAFONE IDEA: Completes 5G rollout obligation in all circles

Warburg backed AVANSE FINANCIALS files 3500 Cr Rs IPO

RVNL: Lowest bidder for 192 Cr Rs railway project

Global Copper market surplus rises to 2.99 lakh MT in Jan-March

POWER GRID: To form JV with Rajasthan Rajya Vidyut Prasaran Nigam to develop transmission system in Rajasthan.

SHREE CEM, NLC INDIA, VEDANTA, JSW STEEL, ADANI ENT, AMBUJA CEMENTS to bid at 10th round of coal mine auction.

India June flash Manufacturing PMI rises to 58.5 vs 57.5 in may as manufacturing picks up

TCS signs deal to transform US-based Xerox’s technology services

HINDUSTAN ZINC: In MoU with US based AEsir Tech to develop Zinc batteries

GE POWER : Bags 243 Cr Rs contract from NTPC GE Power Services

SUN PHARMA: In pact with TAKEDA for Vonoprazan tablets in India

HFCL gives 60 Cr Rs corporate guarantee for subsidiary HTL

UNION BANK: S&P ups rating outlook to positive from stable

BIOCON: Seeks partner to test generic Ozempic, Wegovy in China

Relief for e-commerce companies as decided to reduce TDS deduction to 0.5% versus 1.0% (Supportive for companies like Nykaa, Zomato, Yatra, Cartrade, India mart, Info Edge, Easy trip etc)

1. Aircraft Parts and Tools: 5% IGST on imports of parts, components, testing equipment, tools, and tool-kits of aircrafts.

2. Milk Cans: 12% GST on all steel, iron, and aluminium milk cans.

3. Carton Boxes: GST on cartons, boxes, and cases of paper reduced from 18% to 12%.

4. Solar Cookers: 12% GST on all solar cookers.

5. Poultry Machinery Parts: 12% GST on parts of poultry keeping machinery.

6. Sprinklers: 12% GST on all types of sprinklers, including fire water sprinklers.

7. Defence Imports: IGST exemption on specified defence items extended until 30th June, 2029.

8. RAMA Programme Imports: IGST exemption on research equipment/buoys under RAMA programme.

- Company is said to be making losses of £1 million per day 

- Company is planning to cut 2800 jobs and close blast furnaces 

- Around 1,500 workers will strike indefinitely starting July 8, a move that will severely impact Tata’s UK operations. 

- Tata may close plants sooner if strike puts safety at risk. 

- “Labour has pledged £3 billion for UK steel if elected next month, a commitment secured by Unite,” the union said in the statement. “Labour has also made emergency talks with Tata a priority if it wins the election.”

Source - Bloomberg

BULK DEAL ALERT:🚨

Axis Bank Limited

MORGAN STANLEY & CO

Bought 1,70,00,000 shares @ Rs.1,225.75

BSE Sensex-30 (P/E NA) - 269 (77,210) 🔽🙁

BSEmidcap-150 (P/E NA) - 29 (15,668) 🔽😕

BSE small cap-250 (P/E NA) - 6 (6,883) 🔽😑

Nifty-50 (P/E - 22.34) - 66 (23,501) 🔽🙁

Bank Nifty (P/E - 15.79) - 122 (51,661) 🔽😕

India VIX - 0.17 (13.18) 🔽🫤

Fii Cash - 1,790 Crs 😕

Dii Cash + 1,237 Crs 🫤

New 10 Yrs G’Sec. Benchmark 7.10 GS-2034 (Rs. 100.88) YTM 6.9723 % 🔽😐

Call 6.70 % (6.64 %) 🔼😕

TREP 6.68 % (6.53 %) ↗️☹️

REPO 6.69 % (6.59 %) 🔼☹️

T-Bill(3m) 6.83 % ↔️😶

BrntCrude 85.74 $/brl ₹. 6,804 🔼

Gold Comex 2,361 $/oz ₹/10 gms 72,655 🔼

Silver Comex 30.68 $/oz 90,680 ₹/kg 🔽

$/₹ 83.53 🔼🫤

€/₹ 89.31 🔼🙂

£/₹ 105.63 🔼🙂

Baltic Dry Index + 41 (1,984) ↗️

DJIA Future - 8 (39,127) 🔽😑

US Tech 100 Future + 13 (19,761) 🔼😐

👉Stocks V/S Bonds👈

# Stocks 

When you buy a stock, you are buying part of that company.

# Bonds

When you buy a bond, you are lending money to that company.#

The short-term outlook for Swan Energy is bullish. The stock had risen breaking above a key resistance level of ₹630 last week. After this breakout, the upmove paused. The stock had then made a consolidation above ₹630 for the rest of the week

Here’s an interesting stock idea: Our stock recommendation for you today is Swan Energy. The stock has bounced off from a key trendline support and is looking strong. That keeps the overall uptrend intact. The stock has the potential to rise further from here. Check out the latest episode of Today’s Pick to learn more.