Share Market Highlights June 27, 2024: Sensex gains 569 pts, Nifty closes above 24k

The rupee appreciated 13 paise to settle at 83.44 (provisional) against the US dollar on Thursday, supported by a positive trend in equity markets and favourable domestic macroeconomic profile.

Forex traders said the strength of the American currency in the overseas market and US dollar demand from oil marketing companies capped sharp gains for the local unit.

Zinc futures (July contract) on the Multi Commodity Exchange (MCX) moved above a resistance at ₹260 on Wednesday. This has confirmed a triangle pattern, a bullish sign. But more importantly, this upswing is a notable indication that zinc futures is likely to have fallen back in line with the broader uptrend. Read more

Jubilant Ingrevia Ltd achieved USFDA approval with zero observations in the Establishment Inspection Report (EIR) for its Bharuch facility. Stock trades at Rs 519 down by 2.94 on the BSE.

Phoenix Mills Ltd’s subsidiary, Graceworks Realty & Leisure Pvt Ltd, faced a notice from GST authorities for tax liability totaling Rs 47.15 lakh for April 2021 to March 2022, including interest and penalty. The shares were down by 2.58% to Rs 3,558 on the BSE.

Wanbury Ltd secured a Rs 60-crore term loan from Tata Capital Ltd at 12.50% annual interest, repayable over seven years, aimed at fulfilling long-term working capital and capital expenditure needs. The shares were down by 1.10% to Rs 156.65 on the BSE.

“The rupee traded higher by 0.13 rupees to 83.47, recovering from yesterday’s major fall and continuing its volatile range moves. The rupee gained as the dollar index remained flat to weak, along with positive inflows in the capital market by Foreign Institutional Investors (FIIs). While rupee range volatility will persist, participants will keep a watchful eye on the Core PCE price index data due on Friday evening.”

A total of 3,988 stocks were actively traded, 1,493 advanced, while 2,388 declined and 117 stocks remained unchanged where 296 stocks hit a 52-week high and 25 stocks hit a 52-week low at 3.25 pm on Thursday on the BSE.

Ashika Credit Capital Ltd has disclosed its subsidiary status, citing Ashika Global Securities Pvt Ltd’s 50.02 per cent equity ownership through its subsidiary, Ashika Commodities & Derivative Pvt Ltd. The shares were up 0.99 per cent at Rs 81.84 on the BSE.

Genesys International has announced a partnership with NNG, an automotive navigation and connected car technology solutions provider. Read more

PVR INOX Ltd has launched a 4-screen cinema at Prism Mall, Hyderabad, featuring 4K laser projection, Dolby ATMOS sound, and Next Gen 3D technology. The shares were up by 1.23 per cent at Rs 1,470.20 on the BSE.

Rail Vikas Nigam Limited secured Rs 72.73 crore contract from North Central Railway for EI-based Automatic Signaling in the Dhaulpur-Gwalior Section. The project involves continuous track circuiting and station alterations. The shares were down by 0.26% to Rs 408 on the BSE.

Genesys International partnered with NNG to bring advanced AI-powered solutions to the Indian market. The collaboration aims to enhance driving experiences by integrating Genesys’ mapping data with NNG’s technology, used by automakers like Lamborghini, Ferrari, and Jaguar Land Rover. The shares were up by 5.21% to Rs 595.75 on the BSE.

Indian refiners continued their purchase momentum for crude oil from its two largest trading blocs, Russia and Middle East, for the second consecutive month in June.

According to S&P Global Commodity Insights, India is likely to have procured 5.33 million barrels per day (mb/d) of crude oil in the current month, compared to 5.22 mb/d during May 2024.

Russia continued to be the top supplier to the world’s third-largest crude oil importer, with cargoes expected to be around 2.12 mb/d this month, up from 2.15 mb/d in May 2024.

BSE Sensex touched 79,088.85, higher by 414.6 pts or 0.53 per cent as of 1.22 pm, and Nifty 50 rose 115.40 pts or 0.48 per cent to trade at 23,984.20.

Sectoral indices traded in a mix. Nifty IT increased by 1.57 per cent to trade at 35,962.30. Nifty Bank slipped 0.03 per cent to 52,856.00, and PSU Bank by 0.99 per cent to 7,296.00.

The major gainers on the NSE as of 1.17 pm were Grasim Industries (2.87%), LTIMindtree (2.67%), Wipro (2.67%), Ultratech Cement (2.63%), and Dr Reddy’s Laboratories (2.14%). In addition, Shriram Finance (-1.17%), L&T (-1%), Bajaj Auto (-0.97%), Coal India (-0.84%), and Bajaj Finance (-0.64%) were major losers.

Coforge Limited achieved ‘Exceptional Performer’ status in Whitelane Research’s 2024 UK IT Sourcing Study, recognized for client satisfaction across Application Services, Cloud & Infrastructure, and Digital Transformation. The shares were up by 1.73% to Rs 5,412.05 on the BSE.

Route Mobile India reported that Microsoft and Proximus Group forged a 5-year partnership to enhance digital communications and cloud services globally, leveraging Proximus’ subsidiaries BICS, Telesign, and Route Mobile. The collaboration aims to integrate Microsoft Azure Cloud with Proximus’ communication platform services, to advance AI-driven innovations and customer engagement solutions across Belgium. The shares were up by 11.49% to Rs 1,833.45 on the BSE.

Stocks hitting 52 week high include- Bosch Ltd. (0.44%), GRP Ltd. (14.34%), JK cement (2.40%), Reliance industries (1.19)

Stocks hitting 52 week low - Allcargo Logistics (-0.13%), Krishival Foods (-2.67%), Durlax Top Surface (-4.97%)

At noon, the NSE Nifty reached a new high, rising by 0.48% or 116.40 points to 23,985.20, driven by buying in blue-chip stocks, while the BSE Sensex climbed 0.56% or 444 points to 79,118.

Major gainers on the NSE at 12.30 pm include- Ultratech Cement (3.11%), Grasim Industries (2.72%), Wipro (2.71%), JSW Steel (2.24%), Dr Reddy’s laboratories (2.17%)

Major losers include- Maruti Suzuki (-1.01%), Shri Ram finance (-0.99%), Larsen and Toubro (-0.77%), Bajaj Auto (-0.67%), Coal India (-0.61%)

Datamatics achieves ISO certification for its Artificial Intelligence Management Systems in AI standards implementation. Datamatics continues to work with AI, including partnerships with Microsoft and Google. The shares were up by 5.51% to Rs 636.95 on the BSE.

Bank Nifty index has been moving up very well all through this week. The index is retaining its momentum. It is currently trading at 53,070, up 0.37 per cent. The advances/declines ratio is at 7:5. This leaves the bias positive. If this sustains, then further rise is possible during the day.

The rise above 53,000 is a positive. Support for the Bank Nifty (53,070) index is at 52,900 and 52,700. A rise to 53,500 looks possible during the day.

KEC International shares hit a 52-week high on securing a new work order worth ₹1,025 crore. The RPG Group Company has secured orders for transmission and distribution (T&D) projects in India, Africa, and the US.

It has received a 765 kV GIS substation work order in India from Power Grid Corporation of India Ltd (PGCIL), a 225 kV composite project, including transmission line, substations and underground cabling in West Africa, and supply of towers, hardware and poles in the US. Read more

“The gems & jewellery industry looks forward to amendments in the SEZ Act, which has been a long-standing demand. The SEZ Act hasn’t been amended as per the progress that the industry has made, both domestically and globally throughout these years. This move will play a crucial role in resolving the issues which exporters are facing pertaining to policies in the gems and jewellery industry as well as other industries in the SEZs. As a result, will further provide a major fillip to the exports, especially during the challenging times in the global markets.

Additionally, we request the Finance Minister to look at rationalizing duty on precious metals bars, especially gold and platinum bars from 15% to 4%. High duties have led to consistent rise in cases of smuggling and impacted the FTAs negatively, which has further aggravated challenges for the industry. Hence, rationalising the duty will help in controlling the cases of smuggling and will also help the consumers in the country to get cost benefits.

The Indian economy is on a robust growth journey with gems & jewellery as a major contributor. In order to further build on this sentiment, action on the above mentioned expectations must be looked into.”

Nifty 50, the Indian benchmark index, opened today’s session marginally higher at 23,882 versus yesterday’s close of 23,869. It gained further and is now hovering around 23,950, up 0.3 per cent.

UltraTech Cement is the top gainer by advancing 4.5 per cent whereas Mahindra & Mahindra, depreciating 1.2 per cent so far, is the top loser.

Route – Tender 

Buyback Price: 1,400/- 

Current Market Price: 1094.20/-

Market Cap: Rs 14,875 crores 

Buyback Size: Rs 301 Crs (Representing 7.00% and 6.66% of the aggregate of the Company’s fully paid-up equity capital and free reserves) 

Buyback Size: 21,50,000 shares (Representing 1.64% of O/s. shares) 

Retail Quota: 3,22,500 Shares

Last Cum Trading Date – 27 Jun 2024 (Today)

Ex-Date – 28 Jun 2024

Buyback Record Date: 28 Jun 2024

Buyback Schedule: Not Yet Announced

Relief to foreign companies as the Central Board of Indirect Taxes & Customs (CBIC) has come out with valuation norms for supply by these companies to their offices in India, who get full Input Tax Credit (ITC). This is one of 16 circulars issued by the board. In another circular, the board has clarified that the year of issuance of invoices under the Reverse Charge Mechanism (RCM) will be the year for calculating the time limit to avail of ITC.

Bharti Airtel, Dialog Axiata, and Axiata Group completed a share swap transaction involving Airtel Lanka. As of June 26, 2024, Dialog now holds 100% of Airtel Lanka, while Bharti Airtel holds a 10.355% stake in Dialog. The shares were up by 0.06% to ₹1,459.35 on the BSE.

Mayank Cattle Food Limited’s subsidiary, Nanogen Agrochem Private Limited, sold 50 franchises. The shares were up by 6.21% to ₹217.95 on the BSE.

UltraTech Cement, India’s top cement producer by capacity, said on Thursday it will buy a 23 per cent stake in India Cements for up to ₹1,885 crore (about $226 million).

UltraTech said it would buy 70.6 million India Cements shares for up to ₹267 each, a 1.7 per cent premium to the stock’s closing price on Wednesday.

India Cements’s shares jumped 10 per cent to nearly ₹289 in initial trade, while UltraTech’s shares rose 5.2 per cent.

Tata Motors (TTMT.IN):*

Current Rating: BUY

Previous Rating: N/A

Price Target: ₹1,064 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Ashok Leyland (AL.IN):*

Current Rating: BUY

Previous Rating: N/A

Price Target: ₹266 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Bajaj Auto (BJAUT.IN):*

Current Rating: SELL

Previous Rating: N/A

Price Target: ₹9,652 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Eicher Motors (EIM.IN):*

Current Rating: BUY

Previous Rating: N/A

Price Target: ₹5,598 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Escorts Kubota (ESCORTS.IN):*

Current Rating: SELL

Previous Rating: N/A

Price Target: ₹3,563 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Hero Motocorp (HMCL.IN):*

Current Rating: SELL

Previous Rating: N/A

Price Target: ₹5,900 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Mahindra & Mahindra (MM.IN):*

Current Rating: BUY

Previous Rating: N/A

Price Target: ₹3,284 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*Maruti Suzuki (MSIL.IN):*

Current Rating: SELL

Previous Rating: N/A

Price Target: ₹12,038 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

*TVS Motors (TVSL.IN):*

Current Rating: SELL

Previous Rating: N/A

Price Target: ₹2,072 (Previous: N/A)

Action Type: Initiating Coverage

Brokerage: Ambit Capital Pvt. Ltd.

Analyst: Jinesh Gandhi

(CMP: Rs 458 | MCap: Rs 88.5bn)

We attended analyst meeting at Eureka Forbes, where the entire leadership team discussed the current organizational structure and future company strategies. Eureka Forbes reported revenue/EBITDA growth of 5%/37% in FY24 and profitability improved to 3.6x in FY24. The company is currently trading at 81x FY24 earnings and estimating 25% CAGR over FY24-26, it would be trading at 52x FY26 earnings. 

Key takeaways:

1. The company’s main focuses are: a) Category creation, b) Strengthening and leveraging its direct sales network, c) Enhancing its service network through capability building, enabling technology, and go-to-market strategies, d) Premiumization.

2. Revenue contribution breakdown: Services 36%, Electrical Water Purifier 42%, Vacuum Cleaner 14%, Others 9%.

3. Water Purifier (WP): The company holds over 40% market share across all geographical regions and in both RO and UV categories. Growth in FY24 was 10.6%, while the WP market is expected to grow at a 13% CAGR over FY23-30. The company has expanded its product range across traditional, economy, and premium categories, expected to exceed market growth in the future. Affordability, visibility, and availability are key growth drivers. Premium products contribute two-thirds of segment revenue. The replacement cycle for WP is 6-7 years, with 50% of replacement demand from upgrades.

4. Vacuum Cleaner (VC): The company commands over 60% market share in India. The product portfolio has shifted from conventional to convenient cleaning solutions. Convenient cleaning products are in the premium category and have four times the average selling price (ASP) of conventional products. Segment revenue grew by 18.9% in FY24.

5. Revenue Growth Drivers: a) Low penetration: WP penetration is 6% in India (12% urban vs 3% rural), indicating long-term growth potential; b) Macro drivers such as urbanization, increasing working women population, and rising income levels; c) Large customer database (14mn+) for cross-sales and annual maintenance contract (AMC) sales; d) Company’s focus across all categories at various price points.

6. The company is enhancing service revenue by improving customer experience through a convenient DTC platform. 50% of AMC revenue has transitioned to its own digital platform. Growth in service revenue is expected through: Leveraging the wide company network (14mn+), Implementation of Gathiman for faster service, Expanding the AMC base in line with the product installed base. Focus on Today’s product volume = future service revenue.

7. The company is also emphasizing its omni-channel presence, expected to grow through service offerings and the largest network of technicians (8,000+).

OW, TP raised to Rs 3320 

Expectations of a tariff increase have been supportive of telecom sector -build those into forecasts now 

Upside post upgrade in telecom expectations will need higher val for Reliance Retail - an improvement in topline growth in 1Q will be key

O-P, TP Rs 1800 

Significant medium-term margin levers available 

See utilisation headroom that is highest among peers. 

High-margin software products segment already has transitioned to subscriptions 

See no downside risk to FY25 rev guidance 

Buy, TP Rs 5100 

Management meet takeaways 

Demand environment healthy 

Yields steady, though YoY & QoQ trends are impacted by high base effect 

Mgmt maintained its guidance of early-double-digits YoY growth in FY25E ASKs & addition of 1 aircraft/wk

Downgrade To Hold, Target Rs 1,290 

Co Has Unexpectedly Acquired Spectrum Worth `1,000 Cr In Current Auctions 

The Unexpected Acquisition Should Help To Augment Its Data Services 

Maintain 17%/23% Revenue/EBITDA CAGRS Over FY24-27 

Cut Earnings Estimates By 4% To Factor In Spectrum Spends 

After More Than Doubling Since Its IPO In April, Stock Trades At 16x EV/EBITDA

Buy Call, Target Raised To Rs 8,420

FY24 Saw Further Market Share Gains In Organized C&W To 25-26%, Up 2-3% YoY

Timely Capex (Total Rs23bn In Last 5-Y) Aided +30-40% Domestic Volume Growth

Select Peers Cited Capacity Constraints

95% In-House Production Helped Sustain 29% Gross Margin, Despite Raw Material Volatility

The FMEG Is Yet To Post Positive EBIT

Est C&W To Drive +25% PAT CAGR In FY24-27

Nomura on DRL

Neutral Call, Target Rs 6,499

Acquisition Of Nicotine Replacement Therapy Brands For A Consideration Of £500 m

Nicotinell Is A Mature Brand & Available In More Than 30 Countries

Nicotinell Is Present With Markets Of Europe, Canada, Japan & Australia

Nicotinell Together Contributes 80% Of Portfolio’s Revenue In CY23

Nicotinell Is The Second-Largest Brand Globally Under NRT

Nicotinell Recorded 3.9% CAGR In Ex-US Market Over CY21-23

Financial Impact: Acquisition Can Be EPS-Accretive, But ROIC Likely In High-single Digits

Strategic Rationale Of The Acquisition Is Not Convincing

Jefferies on DRL

Underperform Call, Target Rs 5,010

Co To Acquire OTC Brands In Nicotine Replacement Therapy In Non-US Mkts From Haleon

Four Brands Which Include Global Leader Nicotinell Had Sales Of £217 m For CY23

Growth Of These OTC Brands Has Remained Stagnant In Recent Years

These OTC Brands Will Require Upfront Investments

Impact Of Synergies From The Acquired Portfolio Should Start Reflecting Only Over FY27-28

Jefferies on PI Ind.

Buy Call, Target Rs 4,750

Offer For Acqn Of An Aim-Listed Biologics Co Is In-line With Its Stated Growth Focus

Acqn Would Give Access To A Pdt Portfolio For Major Crops Across Key Global Mkt

Acqn Would Give Annual Revenue Potential Of $75 m

Valn Is Attractive Based On New Product Traction

Likely Relocation Of Production To India Could Move Business Towards Profitability

Equirus on PI Ind

Long Call, Target Rs 5,500

PHC Is A Leading Provider Of Novel Patent-Protected Biological Pdts To Global Mkts

Core Patented Products Act As ‘Vaccines For Plants’, Improving Crop Yield & Quality

Believe PI Would Also Be Able To Transfer Tech To Manufacture Biological Pdts

Biological Pdts TAM Could Be Of More Than $ 10 Bn

*Ultratech Cement (ULTC.BO):*

* *Rationale for Buy Rating:* The report highlights Ultratech’s leadership position in the Indian cement market (22%+ capacity share), its well-distributed pan-India presence, and its aggressive capacity expansion plans. The analysts believe Ultratech is well-positioned to benefit from the expected pick-up in cement demand. They also point to Ultratech’s multiple levers for lowering structural costs, including green power, DFC, and alternative fuels, which could help maintain higher profitability than peers.

*Shree Cement Ltd. (SHCM.BO):*

* *Rationale for Upgrade to Neutral:* The analysts upgraded Shree to Neutral from Sell because they believe its volume growth will converge with the larger peers due to new capacity additions now commissioned and a robust pipeline of capacity expansion. They also point out that Shree now trades at a discount to Ultratech on FY26E EV/EBITDA, compared to a 3-4X premium previously, which makes the risk-reward more balanced.

*Ambuja Cements (ABUJ.BO):*

* *Rationale for Neutral Rating:* The analysts maintain a Neutral rating for Ambuja because they are positive on its aggressive expansion plans (both organic and through M&A) and its cost savings opportunities. However, they believe that growth and profitability are already priced into the stock, given its YTD performance compared to peers.

*Dalmia Bharat Ltd. (DALB.BO):*

* *Rationale for Neutral Rating:* The analysts maintain a Neutral rating for Dalmia because they believe it will likely maintain/grow its capacity share, and, coupled with premiumization and cost controls, it should be able to deliver double-digit revenue/EBITDA growth over the next 2-3 years. They view the risk-reward as balanced given the stock’s current valuation.

*ACC Ltd. (ACC.BO):*

* *Rationale for Downgrade to Sell:* The analysts downgraded ACC to Sell from Neutral because they believe ACC is likely to lose market share due to its lack of capacity additions, high exposure to markets where peers are adding the most capacity, and expected lag in cost reduction/EBITDA/t improvement compared to Ambuja. While ACC’s volumes may benefit from MSA agreements, the analysts believe this does not offset the fundamental disadvantage of a lack of capacity addition. 

*Price Target Adjustments:*

* *Shree:* The analysts raised their price target for Shree to Rs28,500 from Rs26,250, reflecting the improved growth visibility and a higher multiple of 16X FY26E EV/EBITDA, closer to Shree’s 10-year average 1-year forward EV/EBITDA.

* *Ambuja:* The analysts set a price target of Rs695 based on a 16X FY28E EV/EBITDA (discounted back to FY26E). 

* *ACC:* The analysts set a price target of Rs2,500 based on a 10X FY26E EV/EBITDA.

Positive development for FMCG sector as Indian government approves concessional duty imports of corn, milk powder, sunflower oil, and rapeseed oil

Major gainers on the NSE at 9.40 am include- Ultratech cement (6.04%), Grasim Industries (2.91%), Dr Reddy’s laboratories (2.41%), Jsw Steel (1.44%), Tata Steel (1.21)

Major losers include- Mahindra and Mahindra (-1.79%), Tech Mahindra (-1.20%), HCl technologies (-1.04%), Eicher motors (-0.92%), Wipro (-0.89%)

Merisis Wealth, the wealth management business arm of Investment Banking firm Merisis Advisors, announced a shift of the Merisis Multi-cap Portfolio Management Scheme (PMS) keeping in mind the next decade and rising aspirations of sophisticated HNI investors to generate alpha while having a view on wealth preservation.

Merisis Multi-cap PMS will look to adopt a sector, market cap and style agnostic balanced portfolio structure, while having between 12-25 holdings at all times. Currently, in terms of market cap exposure, Merisis Multi-cap PMS has a 50% exposure to Mid and Smallcaps while 25% to Ultra Large and Large Cap stocks with balance split between Precious Metals and Cash. Metals, Pharmaceuticals, Capital Goods and Financials are the top 4 sectors with about 50% allocation. The four pillars of portfolio construction and security selection process are; non-consensus approach, subdued past returns, strong value conscious framework, and positive optionality and asymmetry in risk reward

Merisis Multicap is ideal for investors with a 3-year investment horizon. The strategy enjoys moderate churn with the portfolio manager having the leeway to take tactical investment calls on upto 60% of the portfolio.

VK Vijayakumar of Geojit Financial Services

“The market will remain bullish in the near-term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to 80000 levels. A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps in sectors like banking and telecom. With RIL, which had not participated in the rally till yesterday joining the bull bandwagon, the rally has the strength to continue. But the rise in U.S. bond yield might perhaps trigger some large FII selling in the coming days putting brakes on the rally. So long as the massive domestic liquidity support to the market continues there are no no potential triggers that can cause a sharp correction in the market. PSU banks look attractive from the valuation perspective, and therefore, they have the potential to react positively to good Q1 results.”

Benchmark indices continued to show positive momentum, with Nifty gaining 147 points and Sensex rallying 620 points. Specifically, the media, energy, and oil & gas sectors outperformed, gaining over 1 per cent. However, metal stocks witnessed profit booking despite strong momentum, resulting in a decline of 1.40 per cent in the metal index.

We believe that the market could face some profit booking at higher levels. However, it may be a good idea to consider buying if the Nifty drops to 23775-23750/78300-78200 levels. On the higher side, the market can rise towards 24000-24050/79000-79200. If the market closes below 23700/78200, it could move towards 23600/77900, which is the next major support level.

The Bank-Nifty failed to surpass the level of 53000, which could push the market to 52300/52100 levels. Above 53000, it has the potential to move towards 53300/53400 levels. It’s advisable to consider buying when the market is between 52300/53100 with a stop loss at 53000 on a closing basis.

The US market closed slightly higher on Wednesday after a somewhat sluggish session. Investors made cautious moves while awaiting the release of the personal consumption expenditures price index report, due on Friday. Data on first-quarter GDP, durable goods orders for May, and jobless claims report is also due this week. Asian market declined, and bond yields rose on Thursday amid concerns over inflation. Meanwhile, the yen slipped beyond 160 per dollar, and currency traders anticipated potential intervention from Japan to stabilize it. Indian market is likely to open on a sluggish note Thursday as government bond yields edged lower globally. On stock-specific news, PI Industries will be focused as the company has announced an offer to acquire Plant Health Care Plc for £32.8 million, with a strategic objective of building a differentiated portfolio of integrated solutions for sustainable agriculture.

The 50 index had a subdued start to the trading day as it followed global market trends and stayed within a narrow range of 56 points during the first part of the day, displaying bullish accumulation. The momentum picked up in the second half, with the index breaking out of the tight range and surging by nearly 235 points, closing near the upper end of the day’s range. The index has immediate support at its 5-day EMA, trading around 23674. Sustained trading above this average will likely continue to attract bullish momentum.

Sup: 23720-23670-23580

Res: 23900-23950-24000

Crude oil futures traded lower on Thursday morning as the official data showed an increase in inventories in the US. At 9.13 am on Thursday, September Brent oil futures were at $84.28, down by 0.22 per cent, and August crude oil futures on WTI (West Texas Intermediate) were at $80.69, down by 0.26 per cent. July crude oil futures were trading at ₹6744 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6805, down by 0.90 per cent, and August futures were trading at ₹6703 against the previous close of ₹6761, down by 0.86 per cent.

The initial public offering of Vraj Iron and Steel enters Day 2, after it was subscribed 3.47 times on the opening day, thanks to a strong response from retail investors and high net worth individuals.

The ₹171-crore initial public offering from the Raipur-based company will close on June 28 (Friday). The company has pegged the price band at ₹195-207. The entirely fresh issue has a lot size of 72 equity shares and in multiples of 72 thereafter.

Today is the last day to subscribe to the initial public offering of Allied Blenders & Distillers Ltd. The ₹1,500 crore initial public offering of Allied Blenders & Distillers comes out with a price band of ₹267-281. The IPO was subscribed 1.52 times at the end of Day 2 . The IPO consists of a fresh issue of ₹1,000 crore and an offer for sale (OFS) of up to ₹500 crore by the promoters.

Investors can bid for a minimum of 53 equity shares and multiples of 53 equity shares thereafter.

Issue Period:- 26- June-24 to 27- June-24

For Non- Retail ( QIB +HNI ) open & close date - 26-June -24 

For Retail open & close date – 27 –June-24 (Today)

Floor Price: INR “90”

Closing Price on date of announcement: Rs.102.26\u0009

Current Market Price: 102.79

Base Issue size: 0.91 Crs Shares – 3.52% of O/S Capital

Green Shoe Issue size: Nil

Total Issue Size: 0.91 Crs equity shares (INR 82 Cr) – 3.52% of O/s Capital

Non-Retail Portion (QIB + HNI) - 90% of Offer Size - Bidding on 26-June -24 

Total Issue Size: 0.81 Crs shares (INR 73.65 Cr)

Non-Retail Clearing Price: Rs. 100.10

Retail Portion - 10% of Offer Size - Bidding on 27 June, 2024 (Today) 

Total Issue Size: 0.09 Crs equity shares (INR 8.18 Cr)

Note : Upto Rs 2 lacs bids are classified as Retail and above non retail ( QIB + HNI )

Note : Based on clearing price discovered for Non retail bids, the minimum price to bid for Retail portion will be Rs 100.10.

# PV demand is weaker than expected so far this year with supplies running ahead - resulting in higher inventories and discounts; inventory levels for MSIL and M&M are elevated at ~60 days

# M&M is aiming for double digit vol. growth this year led by new launches like recently launched XUV 3X0 and Thar 5 door (Aug-24), though popular models like XUV700 and Scorpio N now have come under discount

# In 2Ws all participants indicated healthy demand trends and outlook of double digit volume growth this year; 125cc motorcycle category is gaining prominence - with HMCL’s Xtreme 125R being on waitlist and having potential to be a major successful launch after several years for the company; TVSL also has couple of existing product upgrades lined up this year along with 2 EV launches next year; in 2Ws inventory levels have risen recently except for TVS (below 1 month)

# E-2W penetration has slowed down despite heavy pricing action by some players; customers are starting to switch back to incumbent OEMs 

# CVs have seen better than expected demand trends on YTD basis, with inventory/discounts under control and realisations/ASPs for OEMs remaining strong; fleet operator feedback points to healthy sentiments and utilisation levels with stable freight rates 

# In tyres, Indian players have been closing the gap with MNCs over last few years in terms of quality, technology and also pricing; with Indian players non-MRF pack has been improving steadily e.g. Ceat has now developed an impressive product range for SUVs and can potentially continue to improve positioning in PCR; all tyre companies have taken consistent price hikes since Jan-24 to pass on higher RM and EPR liability, with another round of price hike expected July onwards and also in Q3; price hikes are getting absorbed in the market 

On an overall basis, rural/semi-urban is starting to perform better than urban segments

Silver kept steady as the dollar and Treasury yields remained robust ahead of a major inflation report coming later this week. Sales of new single-family houses in the United States fell to a six-month low in May, as rising mortgage rates weighed on demand, adding to signals that the housing industry recovery was faltering. U.S. Federal Reserve Governor Michelle Bowman repeated her basic opinion that “inflation will decline further with the policy rate held steady,” and that rate reduction will be necessary “eventually” if inflation moves sustainably towards 2%.Meanwhile, if inflation decreases as projected, the European Central Bank may progressively reduce interest rates, according to two ECB policymakers.

Gold remained at $2,300, its lowest level in two weeks, pushed down by a stronger dollar and rising bond yields. Traders are now concentrating on the US economic figures, which are due later this week. Key focus points include Friday’s core PCE index data, the Federal Reserve’s preferred inflation measure, as well as the third estimate for Q1 GDP growth, to provide additional clues on the timing and amount of prospective Fed rate reduction this year. Later in the day, President Joe Biden and his Republican adversary Donald Trump will face off in a pivotal debate. Meanwhile, if inflation falls as expected, the European Central Bank may gradually drop interest rates, according to two ECB policymakers on Wednesday.

US indexes ended marginally higher on Wednesday, lifted by Amazon.com Inc after it announced a major foray into generative AI. The firm also crossed the $2 trillion valuation mark. Big tech got hit in late US trading after Micron Technology Inc.’s outlook failed to meet the lofty expectations for the industry that has powered the bull market in stocks. Micron slumped in late hours, dragging down some chipmakers including giant Nvidia Corp. 

China’s industrial profits rose at a much slower pace in May, official data showed on Thursday, underlining the struggles faced by the world’s second-largest economy as weak domestic demand crimps overall growth. Earnings rose 0.7% year-on-year last month after a 4% increase in April while gains over the first five months also eased to 3.4% from 4.3% in the January-April period

The Japanese yen hit a near-38 year low against the U.S. dollar late Wednesday, raising expectations that authorities could intervene in currency markets again. The yen weakened to 160.82 against the greenback according to FactSet data, breaching the previous record of 160.03 on April 29 and reaching its weakest level since 1986.

US home sales slumped in May while the median sales price nudged lower, the Commerce Department reported Wednesday. Sales of new single-family homes totaled 619,000 for the month, down 11.3% from the upwardly revised figure for April, which was revised all the way up to 698,000 from the initial estimate of 634,000.

The most anticipated economic data due this week is the US personal consumption expenditures (PCE) price index - the Fed’s preferred inflation gauge - on Friday.

Shares in Asia recovered early losses on Thursday morning after US tech companies dropped in late US trading.

Nifty rose for the third consecutive session to close at yet another new all time high. At close, Nifty was up 0.62% or 147.5 points at 23868.80. Trend of the Nifty remains positive. The level of 23660 has become new support for the Nifty. On the higher side, next resistance is seen at 24125, which happens to be 138.2% Fibonacci retracement of the entire fall seen from 23338 (3rd June Top) to 22281 (4th Jun Bottom).

Avonmore Capital & Management Services Limited

Stock Split From Rs.10/- to Rs.1/-

Previous day Closing Price – Rs. 134.55

Ex - Stock Split 28 June 2024 (Tomorrow)

Last day trade for before split Today

Ex-Dividend 28 June 2024 (Tomorrow)

Last date for Cum-Dividend Today

Aeroflex Industries Ltd

Dividend Per Share Rs.0.25

Previous day Closing Price – Rs. 162.85

Andhra Petrochemicals Ltd.

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 119.4

Bajaj Holdings & Investment Ltd.

Dividend Per Share Rs.21

Previous day Closing Price – Rs. 8512.7

Bank Of Baroda

Dividend Per Share Rs.7.6

Previous day Closing Price – Rs. 280.95

Dhampur Bio Organics Ltd

Dividend Per Share Rs.2.5

Previous day Closing Price – Rs. 147.9

Gic Housing Finance Ltd.

Dividend Per Share Rs.4.5

Previous day Closing Price – Rs. 251.05

Indusind Bank Ltd.

Dividend Per Share Rs.16.5

Previous day Closing Price – Rs. 1497.75

Kalpataru Projects International Ltd

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 1188.15

Ksolves India Ltd

Dividend Per Share Rs.8

Previous day Closing Price – Rs. 1144.9

Maharashtra Scooters Ltd.

Dividend Per Share Rs.60

Previous day Closing Price – Rs. 8749.55

Mawana Sugars Ltd.

Dividend Per Share Rs.4

Previous day Closing Price – Rs. 128

Nippon Life India Asset Management Ltd

Dividend Per Share Rs.11

Previous day Closing Price – Rs. 660.85

Rec Ltd

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 515.15

Rpg Life Sciences Ltd.

Dividend Per Share Rs.16

Previous day Closing Price – Rs. 1640.65

Swaraj Engines Ltd.

Dividend Per Share Rs.95

Previous day Closing Price – Rs. 3005.95

Syngene International Ltd

Dividend Per Share Rs.1.25

Previous day Closing Price – Rs. 709.6

Vaibhav Global Ltd

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 312.95

Welspun Corp Limited

Dividend Per Share Rs.5

Previous day Closing Price – Rs. 566.2

Ex/record Dividend: Titan, Supreme Petrochem. 

Ex/record AGM: Titan, Devyani International, Supreme Petrochem. 

Ex/record Bonus Issue: Aurionpro Solutions. 

Ex/record Stock Split: Share India Securities.

Moved out short-term Framework: Bajaj Hindusthan Sugar, IIFL Securities, Marine Electricals (India), Praj Industries. 

Moved in short-term Framework: Omaxe.

Gensol Engineering: Promoter Anmol Singh Jaggi revoked a pledge for 6 lakh shares on June 25.

Tide Water Oil (INDIA): Promoter Standard Greases & Specialities bought 38,762 shares on June 25. 

Salasar Techno Engineering: Promoter Kamlesh Gupta sold 21.4 lakh shares between June 19 and 24. 

KNR Construction: Promoter K. Narsimha Reddy sold 4.35 lakh shares between June 24 and 25. 

Allied Blenders and Distillers: The public issue was subscribed to 1.52 times on day 2. The bids were led by institutional investors (0.14 times), non-institutional investors (2.98 times), retail investors (1.65 times) and a portion reserved for employees (5.09 times). 

Vraj Iron and Steel: The public issue was subscribed to 3.47 times on day 1. The bids were led by institutional investors (0.61 times), non-institutional investors (3.53 times) and retail investors (5.07 times).

Dr Reddy’s Labs: The company’s Switzerland subsidiary will acquire NorthStar Switzerland and related portfolios from Haleon for an upfront cash consideration of 458 million pounds. It will pay an additional performance-based contingent of 42 million pounds in 2025 and 2026.

Telecom Stocks: Bharti Airtel acquired the 97 MHz spectrum in the 900 MHz, 1,800 MHz and 2,100 MHz frequency bands for Rs 6,857 crore over a period of 20 years. Reliance Jio bought

14.4 MHz of spectrum worth Rs 974 crore and Vodafone Idea bagged 30 MHz of spectrum worth Rs 3,510 crore.

JSW Energy: Unit JSW Neo Energy signed a power purchase agreement through its subsidiaries for 1,325 megawatts of renewable energy projects likely to be commissioned in the next 21-24 months.

ITD Cementation: The company secured a new marine contract worth Rs 1,082 crore for constructing the Third Berth (Jetty) and specified additional works in Gujarat.

KEC International: The company received a new order worth Rs 1,025 crore for its transmission and cable business.

Ramky Infrastructure: The company received two contracts worth Rs 107 crore and Rs 23 crore from PowerGrid Energy Services.

Navin Fluorine: The board will meet on June 29 to discuss the Rs 750 crore fundraise.

Patanjali Foods: Baba Ramdev and Acharya Balkrishna received notice from Kozhikode Court over advertisements relating to ayurvedic medicines from Divya Pharmacy. Ramdev and Balkrishna have been asked to appear in person or through counsel before the court on July 6.

PI Industries: The company announced an offer to acquire Plant Health Care Plc for a purchase consideration of about 32.8 million pounds, proposed to be paid in cash and funded via QIP proceeds. The consummation of the proposed acquisition, subject to UK regulations, is expected to be completed by the second quarter of FY25.

Sona BLW Precision Forgings: The company received certification for traction motors for electric two-wheelers under the PLI Scheme for the automobile and auto component industry in India from the government.

PTC India Finance: The board appointed R. Balaji as MD and CEO following RBI approval.

RVNL: The company’s JV with KRDCL received a letter of acceptance from Southern Railway for automatic signalling work in the Ernakulam-Trivandrum division in Kerala.

SJVN: SJVN Green Energy signed an agreement with AM Green Ammonia India for cooperation on the supply and sourcing of renewable energy for green ammonia plants.

Tata Communication: The company transferred its identified new edged digital services business to unit Novamesh effective April 1.

Jubilant Ingrevia: The company appointed Varun Gupta as CFO effective Aug. 12.

CLSA Laurence (technical analyst) on HDFC Bank: Maintain Buy on Bank, target price at Rs 2373/Sh (Positive) 

Jefferies on PI Ind: Maintain Buy on Company, target price at Rs 4750/Sh (Positive) 

Equirus on PI Ind: Maintain Buy on Company, target price at Rs 5500/Sh (Positive) 

Jefferies on Polycab: Maintain Buy on Company, target price at Rs 8420/Sh (Positive) 

MS on Go Digit: Initiate Equal weight on Company, target price at Rs 338/Sh (Positive) 

Citi on PB Fintech: Maintain Buy on Company, target price at Rs 1600/Sh (Positive) 

Equirus on Nykaa: Maintain Buy on Company, target price at Rs 240/Sh (Positive) 

GS on Shree Cement: Upgrade to Neutral on Company, raise target price at Rs 28500/Sh (Positive) 

GS on Ultratech: Maintain Buy on Company, raise target price at Rs 11650/Sh (Positive) 

GS on Ambuja Cement: Maintain Neutral on Company, raise target price at Rs 695/Sh (Positive) 

UBS on Banks: Seasonally weak quarter; however YoY momentum intact. HDFC Bank could witness expansion (Positive) 

BofA on IT: Q1 preview- Fewer instances of cuts to IT spends; Infosys could lead peers (Positive) 

GS on Financials: Prefer CreditAccess, L&T FH and Shriram Fin (Positive) 

BofA on Dr Reddy’s: Maintain Buy on Company, target price at Rs 6900/Sh (Positive) 

Nomura on Dr Reddy’s: Maintain Neutral on Company, target price at Rs 6499/Sh (Neutral) 

Jefferies on Dr Reddy’s: Maintain Underperform on Company, target price at Rs 5010/Sh (Neutral) 

Jefferies on Bharti Hexa: Downgrade to Hold on Company, target price at Rs 1290/Sh (Neutral) 

GS on ACC: Downgrade to Sell on Company, raise target price at Rs 2500/Sh (Neutral) 

GS on Dalmia Bharat: Maintain Neutral on Company, cut target price at Rs 1900/Sh (Neutral)

Ganesha Ecosphere: Co invests Rs 100 cr in equity share capital of unit named Ganesha Ecopet Private Ltd by subscribing to 10 crore equity shares at par

Krystal Integrated Services is a leading integrated facilities management services company in India, specialsing in diverse sectors such as healthcare, education, public administration, airports, railways and metro infrastructure, and retail.

With 77.6 per cent of its revenue sourced from government contracts, Krystal stands as a strong player in the industry. The company’s revenue composition is 54.7 per cent from Integrated Facilities Management Services (IFMS), 31.7 per cent from Staffing Services, 10.7 per cent from Security Services, and 2.9 per cent from Catering Services.

15:00 U.K. BOE Gov Bailey Speaks 

18:00 U.S. Final GDP q/q (Expected: 1.4% versus Previous: 1.3%) 

18:00 U.S. Unemployment Claims (Expected: 240K versus Previous: 238K) 

18:00 U.S. Durable Goods Orders m/m (Expected: -0.1% versus Previous: 0.6%) 

19:30 U.S. Pending Home Sales m/m (Expected: 0.6% versus Previous: -7.7%)

McCormick & Company, Incorporated (Pre market) (Sector - FMCG)

Walgreens Boots Alliance, Inc. (Pre market) (Sector - Retail Pharmacy Chain)

Nike, Inc. (Post market) (Sector - Textiles and Footwear)

* GNFC

* INDIACEM

* INDUSTOWER

* PNB

* SAIL

Buzzing stocks: Reliance, Vodafone Idea, SBI, CSB Bank, Dr Reddy’s Lab, Archean Chemicals, SJVN, Exide Ind, PI Industries, Ramky Infra, India Cements, NIBE, Orbit Exports, Jupiter Wagons, Technopack Polymers, ItD Cementation,

Important issues to come up for discussion: 

* Review of entry criteria for stock F&O and other regulations, 

* Separate delisting regulation for Investment and Holding companies, 

* Regulation for fin-fluencers, Fee collection for RIAs and Mutual Funds etc.

Ather Energy, one of India’s electric two-wheeler manufacturers, announced plans to set up its third manufacturing facility in Bidkin, AURIC, Chhatrapati Sambhaji Nagar, Maharashtra. This new facility will manufacture both electric two-wheelers and battery packs.

Ather currently has two manufacturing facilities in Hosur, Tamil Nadu, one dedicated to battery production and the other for vehicle assembly. The current facilities will continue to produce battery packs and vehicles. The new facility in Maharashtra allows Ather to get closer to more markets in the country by reducing its logistics cost and hastening the delivery of its finished products to its customers.

CLSA’s analysts Laurence Balanco anticipates a significant breakthrough in the stock price of HDFC Bank.

Since the beginning of 2021, HDFC Bank has traded within a defined range, with resistance levels at ₹1,717-₹1,734 and support levels at ₹1,240-₹1,245.

BLS E-Services Ltd.

L7 HITECH PRIVATE LIMITED bought 5,20,009 @ Rs. 255.03 

Salasar Techno Engineering Ltd. 

EBISU GLOBAL OPPORTUNITIES FUND LIMITED bought 1,38,80,000 @ Rs. 19.27 

Gensol Engineering Ltd. 

Revoke of 6,00,000 pledged equity shares by Promoter & Director Anmol Singh Jaggi 

Hindustan Foods Ltd. 

MORGAN STANLEY ASIA SINGAPORE PTE bought 10,70,000 @ Rs. 502.00 

Affle (India) Ltd. 

ICICI PRUDENTIAL MUTUAL FUND bought 7,75,1 94 @ Rs. 1,290.00 

Monetary Authority of Singapore bought 16,1 6,856 @ Rs. 1,290.00 

Paisalo Digital Ltd. 

EBISU GLOBAL OPPORTUNITIES FUND LIMITED bought 1,48,00,000 @ Rs. 75.47 

Neuland Laboratories Ltd. 

Smallcap World Fund Inc bought 1,30,000 @ Rs. 7,400.00 

Sharda Motor Industries Ltd. 

AXIS INDIA MANUFACTURING FUND bought 1,54,985 @ Rs. 1,996.10 

Rossell India Ltd. 

NOMURA SINGAPORE LIMITED sold 5,55,803 @ Rs. 553.50 

Piramal Enterprises Ltd. 

EBISU GLOBAL OPPORTUNITIES FUND LIMITED bought 5,55,803 @ Rs. 907.30 

Titagarh Railsystems Ltd. 

BLACKROCK GLOBAL EMERGING MARKETS FUND INC bought 9,46,357 @ Rs. 1,618.0 

Rashmi Chowdhary sold 26,93,475 @ Rs. 1,618.00 

Deep Energy Resources Ltd. 

EBISU GLOBAL OPPORTUNITIES FUND LIMITED bought 2,06,553 @ Rs. 170.75 

NOMURA SINGAPORE LIMITED sold 2,06,553 @ Rs. 170.75 

UFO Moviez India Ltd. 

EBISU GLOBAL OPPORTUNITIES FUND LIMITED bought 2,57,261 @ Rs. 137.80 

NOMURA SINGAPORE LIMITED sold 2,57,261 @ Rs. 137.80 

Inox Green Energy 

SOCIETE GENERALE Block bought 29,49,716 @ Rs. 166.50 

Focus on HDFC Bank. We are closely monitoring HDFC Bank (HDFCB IB) as the stock appears to be on the verge of breaking out of the trading range that has been in place since the beginning of 2021. This range is defined by resistance levels at Rs1,717-Rs1,734 and support levels at Rs1,240-Rs1,245. A close above the Rs1,717-Rs1,734 resistance, would mark a major bullish event, ending a period of over two years of ranging price action. This breakout would suggest an upside target of Rs2,373, representing a potential increase of 35-38%.

Turnover: (NSE + BSE)

Cash Volume: 137796.94 + 15096.32 Total: 152893.26

F&O Volume: 648302.65 + 319359.45 Total: 967662.1

Provisional Cash

FII/FPI: NET SELL: -3535.43 

(19,920.57 - 23,456.00) 

DII: NET BUY: +5103.67 

(18,342.37 - 13,238.70)

Atul Auto: Jitendra Adhia, VP-Finance

Atul Auto Joint Venture With Jio; Things To Keep Eye On Next Gen Automotive Tech

Bank of Mah: Nidhu Saxena, MD&CEO

Don’t Have To Pay Tax for Two More Years Due To Accumulated Past Losses: Bank Of Maharashtra

Bharat Forge: Amit Kalyani, ED

India Global Forum: Bharat Forge On Defence & Industrias To Be Key Growth Drivers

Borosil .: Shreevar Kheruka, MD & CEO

Borosil Raises ?150 Crore Via QIP, Will Be Debt Free Post This Fund Raise, Says Company

Gulf Oil Lubric: Manish Gangwal, CFO

Gulf Oil Beats Industry Growth For 5 Years, Beefing Up EV Business With Acquisitions

Happiest Minds: Venkatraman Narayanan, MD CFO

Happiest Minds: Equity Changes Hands Via Bulk Deal, Will Company Be Able To Achieve Organic Growth?

Senco Gold Limited: Suvankar Sen, CEO

Aim To Open 10-12 Company-Owned Stores & 8-10 Franchise Stores In FY25: Senco Gold India

Biocon: Kiran Mazumdar ShawChairperson and MD, Chairperson and MD

India Global Forum: Pharma Decoded, Globalization & Future Of India’s Pharma | Kiran Mazumdar Shaw

Route Mobile: Milind Pathak, Chief Business Officer

Route Mobile: Signs A Pact With Billeasy To Enable Metro-Ticketing Via WhatsApp | Milind Pathak

skygold: Mangesh Chauhan, MD and CFO

Sky Gold: Recent Acquisitions & Synergies | Focus On B2C Business, Capex Plans | Mangesh Chauhan

Events today…

Results today…

⭐️ JSW ENERGY LTD: Rs. 21.11 Crores NSE Block Trade; for ~ 294506 Shares, at Rs. 716.70 

⭐️ MARICO LTD: Rs. 30.97 Crores NSE Block Trade; for ~ 502234 Shares, at Rs. 616.55 

⭐️TECH MAHINDRA LTD: Rs. 29.71 Crores NSE Block Trade; for ~ 207444 Shares, at Rs. 1432.00

⚡️VEDANTA LTD: Rs. 27.99 Crores NSE Block Trade; for ~ 627703 Shares, at Rs. 445.95 

⚡️CE INFOSYSTEM: RS 122.15CR BSE BLOCK TRADE; FOR ~523116 SHARES, AT RS 2335 (MULTIPLE BLOCKS)

NEULAND LAB: Rs 96.2cr BSE Block Trade; for ~130000 shares, at Rs 7400 (PRE-OPEN BLOCK) 

SHARDA MOTOR INDUSTRIES LTD: RS. 345.28 CRORES NSE BLOCK TRADE; FOR ~ 1729768 SHARES, AT RS. 1996.10 (PRE-OPEN BLOCK) 

HINDUSTAN FOODS: RS 517.92CR NSE BLOCK TRADE; FOR ~10317173 SHARES, AT RS 502 (PRE-OPEN MULTIPLE BLOCK) 

BLOCK DEAL ALERT: CSB Bank

FIH Investment to sell 1.68 cr shares via block deal 

FIH Invt looking to sell 9.72% stake worth Rs 595 cr 

Floor price at Rs 352.4 per share , 1% discount 

Deal likely in block window, IIFL Broker to deal

SENSEX, NIFTY end at record highs! NIFTY settles over 23,850, Sensex near 78,700

Market Indices

NIFTY 50 : 23,868.80

⬆️+147.50/+0.62%

SENSEX : 78,674.25

⬆️+620.73/+0.80%

BANKNIFTY :52,870.50

⬆️+264.50/+0.50%

INDIAVIX: 14.04

⬆️+0.27/-1.89%

.

Rising stocks: 1032

Falling stocks: 1269

Top 3 stock gainers(NIFTY 500): 

▪️India Cement(⬆️+14.49%)

▪️CESC (⬆️+10.9%)

▪️Hitachi Energy (⬆️+10.65%)

Top 3 stock losers(NIFTY 500): 

▪️CE Info(⬇️-5.69%)

▪️RattanIndia (⬇️-3.64%)

▪️MCX India (⬇️-3.46%)

Here’s an interesting stock idea: The stock idea that we have for you today is ICICI Securities. The stock has just made a bullish range breakout. That leaves the door open for the share price to go up in the coming days.

A grim reality is setting in for Japanese authorities as the yen plunges through milestone levels in rapid succession: The slide won’t stop until the Federal Reserve relents on its higher-for-longer policy path. And they have no control over that.

It’s a realization shared by global investors as they parse the way still-high US borrowing costs buoy the dollar — and the impact that has on the rest of the world. In the $7.5-trillion-a-day market for global currencies, the yen’s relentless rout offers an extreme manifestation of US financial dominance.

Securities and Exchange Board of India (SEBI) has amended its insider trading norms, allowing more flexibility for executing trading plans. The new norms will become applicable after three months.

According to the PIT Regulations, an insider may trade in the company’s securities if the compliance officer approves their trading plan. This ensures the insider devises their trading plan before possessing unpublished price-sensitive information.

The Securities and Exchange Board of India (SEBI) may overhaul norms for scheme of arrangement for merger of listed and unlisted entities.

The regulator could widen the number of circumstances under which majority of minority shareholder approval is required, tweak contingency provisions and valuation parameters.