KEY HIGHLIGHTS
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Rupee Closes Stronger Against US Dollar
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Listings Ahoy! 1,000 IPOs Can Hit Dalal Street In Next Five Years, Says Raamdeo Agrawal
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Lilavati Trust Slaps Rs 1,000 Crore Civil Defamation Lawsuit Against HDFC Bank MD Sashidhar Jagdishan
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NDTV Profit Exclusive: Defence Can Be India's Next Auto-Like Success Story,
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Stock Market Live Update: Sun TV Clarifies On Group Control Dispute
Stock Market Close: Nifty, Sensex Snaps Three-Day Losing Streak
Benchmark Indices outperformed Broader Market Indices.
Nifty and Sensex close more than 1.5% for the week.
Trent and Mahindra & Mahindra are the top gainers in Nifty this week.
Nifty Smallcap 250 fell more than 1.5% for the week, drag by AstraZeneca and Valor Estate.
Nifty Auto, IT, Bank and Financial Services gains more than 1% for the week.
Nifty Auto emerged as top performing sector for the week, led by Mahindra & Mahindra and Samvardhana Motherson.
Nifty Midcap 150 fell for the second consecutive week.
Hindustan Zinc and Gujarat Flurochemicals are the top losers in Nifty Midcap 150.
Nifty PSU Banks, Metal fell for the second consecutive week.
Nifty IT gains for the second week in a row.
Nifty Pharma snaps 3 weeks gaining streak.
Rupee Closes Stronger Against US Dollar
Rupee closed 14 paise stronger against US dollar at 86.59
It closed at 86.73 a dollar on Thursday.
Source: Bloomberg
Stock Market Live Update: Transformers & Rectifiers Gets Exports Order Worth $16.6 Million
Transformers & Rectifiers has secured an export order valued at $16.6 million from Jindal Energy Botswana.
Stock Market Live Update: Acme Solar Holdings Signs Power Purchase Agreement With NHPC
ACME Solar has entered into a Power Purchase Agreement (PPA) with NHPC for a 250 MW renewable energy project in Rajasthan.
Southwest Monsoon Set To Advance Over Haryana, Delhi In Next Two Days: IMD
The India Meteorological Department has forecasted that conditions are becoming favourable for the advance of the Southwest Monsoon over Haryana and Delhi within the next two days. This development marks a progression in the monsoon season, which is crucial for agriculture and water resources in the region.
Stock Market Live Update: Infosys Incorporates Wholly-Owned Subsidiary
Infosys Ltd. incorporated a wholly-owned subsidiary, the company said in the exchange filing.
Hindustan Aeronautics To Manufacture Small Rockets For ISRO In Two Years
Hindustan Aeronautics Ltd. will manufacture two small rockets for space agency Indian Space Research Organisation within a period of two years, Bloomberg reported on Friday quoting INSPACe Chairman Pawan Goenka as saying.
Listings Ahoy! 1,000 IPOs Can Hit Dalal Street In Next Five Years, Says Raamdeo Agrawal
Helen of Troy was responsible for the launch of a 1,000 ships in Homer's Iliad. Cut to present day, and the current market conditions, will see a similar mega charge towards Dalal Street. Raamdeo Agrawal, Chairman and Co-founder of Motilal Oswal Financial Services Ltd. believes that India’s equity markets could witness over 1,000 new listings over the next five to six years.
HDB Not Directly Impacted By RBI Circular, Its The Bank That The Circular Is Directed At
HDB is not directly impacted by RBI circular, its the bank that the circular is directed at
Some business that HDB has set up is common to what HDFC Bank does
Draft circular does not say HDB cannot pursue the businesses it does
HDB free to continue its line of business, it will be up to the bank to decide what it wants
Discussions happened around RBI circular while IPO was being planned
Very difficult to build a scenario around a draft circular
As a company, we don't pursue arbitrage with HDFC Bank
All the business that we do are businesses that banks are permitted to do
Alert: RBI's draft circular from Oct 2024 proposes limits on excessive overlap between businesses done by banks & their NBFC units
Source: HDB Financial IPO presser
HDB Financial IPO Price Band Reflects The Value That The Enterprise Should Create In Future: CEO G Ramesh
HDFC Bank Ltd.'s unit, HDB Financial Services, price band at Rs 700 to Rs 740 per share for the IPO broadly reflects the value that we think the enterprise should create over the next few years, shared Managing Director and CEO G Ramesh.
HDB Financial Services filed the red herring prospectus on Thursday for a Rs 12,500-crore initial public offering. The IPO will open for subscription on June 25, a day after the company will raise funds through the anchor investment round. The subscription window for the issue will close on June 27.
Read full story here.
Lilavati Trust Slaps Rs 1,000 Crore Civil Defamation Lawsuit Against HDFC Bank MD Sashidhar Jagdishan
Accuses Jagdishan of false, defamatory statements aimed at maligning Trust, Permanent Trustee Prashant Mehta
Files criminal complaint before Metropolitan Magistrate Girgaon
Filed a criminal defamation complaint against Jagdishan, other HDFC Bank officials
Trust questions inconsistencies in HDFC Bank’s allegations of Rs 65 crore loan figure related to Splendour Gems
Trust questions why no action was taken by HDFC Bank between 2005-2019
Trust also questions Jagdishan’s personal association with Chetan Mehta
Trust challenges HDFC Bank to produce any loan agreement or official ledger validating its claims
Source: Lilavati press release
Your Morning Coffee Just Got Cheaper, But Trouble’s Brewing
Your morning cup of coffee might finally come with a lighter price tag. Coffee prices are tumbling globally, with benchmark Arabica and Robusta varieties touching multi-month lows on the back of higher output and favourable weather in top producing nations.
NDTV Profit Exclusive: Defence Can Be India's Next Auto-Like Success Story,
India is on the cusp of becoming a major global force in defence manufacturing, much like it has done in the automobile sector, according to Raamdeo Agrawal, chairman and co-founder of Motilal Oswal Financial Services Ltd.
In an exclusive conversation with NDTV Profit, Agrawal emphasised that India should focus on building indigenous defence capabilities, which not only serve domestic needs but also open up opportunities in the global export market.
Sun TV Share Price Falls Over 5% As DMK MP Dayanidhi Maran Sends Legal Notice To Brother Kalanithi Maran
Shares of Sun TV Networks Ltd. fell over 5% on Friday after DMK MP Dayanidhi Maran and former telecom minister sent a legal notice to brother Sun TV Chairman and Managing Director Kalanithi Maran amid a family dispute.
Stock Market Live: Sai Life Sciences Starts Operation of Phase-II Production Block At Bidar Facility
Sai Lifesciences has commenced commercial operations for Phase-II of its production block, featuring a capacity of 91 KL, at its Bidar facility.
Stock Market Live Update: Sun TV Clarifies On Group Control Dispute
Sun TV has stated that all actions have been carried out in accordance with legal obligations. The matter dates back to 22 years ago when Sun TV was a closely held private limited company. The company asserts that recent reports are incorrect, misleading, speculative, and not supported by facts or law. Furthermore, all actions were duly vetted by concerned intermediaries before the public issue of the company.
Fresh Equity Supply Poses Risk To Indian Markets, Says Chris Wood
Indian corporates are turning to equity markets to raise capital once again, raising supply of fresh equities amid high valuations. This poses a risk of correction, Jefferies' Christopher Wood said in the latest Greed and Fear report.
The Nifty 50 is trading at 22.2 times 12-month forward earnings after rising 14.1% lows from April 7. The Nifty Midcap 100 is trading 27.1 times 12-month forward earnings after it gained 23.7% from April 7 lows, the Greed and Fear note said. This correction combined with rich valuations is one of the reason why Indian corporates are again raising equities.
Stock Market Today: Greenply Industries Gets Rs 18.9 Crore Tax Demand
Greenply Industries' subsidiary, Greenply Sandila, has received a tax demand amounting to Rs 18.9 crore, which includes interest and penalties.
Stock Market Live Update: IndusInd Bank Gets Digital Payments Award 2023–24
IndusInd Bank Ltd. received 'Digital Payments Award 2023-24' from Finance Ministry, the lender said in the exchange filing.
Nifty Reclaims 25,000, Sensex Jumps Over 800 Points — Read Key Factors Behind Market Rally
The NSE Nifty 50 has reclaimed 25,000 level and the BSE Sensex jumped over 800 points so far this Friday, as heavyweights HDFC Bank Ltd., and Reliance Industries Ltd. shares advanced. Both the indices have snapped a three-day losing streak.
Intraday, Nifty 50 rose 1% to 25,040.45, and Sensex rose 1.01% to 82,186.37.
Read the full article here.
Stock Market Live: Krishna Shalby Hospital Gets AACI
Krishna Shalby Hospital in Ahmedabad has achieved the AACI International Accreditation Standards for Healthcare Organizations V6.0.
Stock Market Today: Dilip Buildcon Gets Order Worth Rs 1,341 Crore
Dilip Buildcon has received an order valued at Rs 1,341 crore for the construction of a twin tube unidirectional tunnel in Kerala.
Stock Market Live Update: Ugro Capital To Raise Rs 911 Crore Via Convertible Debentures
Ugro Capital Capital Ltd.'s board approved to raise Rs 911 crore via compulsorily convertible debentures, the company said in the exchange filing.
Eternal's 97.80 Lakh Shares Change Hands In Large Trades
Eternal had its 97.80 lakh shares or 0.1% equity change hands in large trades at the price range of Rs 250.67–252 apiece, as per data on Cogencis.
The share price was trading 0.96% higher at Rs 251.81 apiece as of 10:45 a.m.
Stock Market Live Update: DreamFolks Share Price Plunges Nearly 5%
DreamFolks Services Ltd.'s shares plunged nearly 5% on Friday after reports said major clients including ICICI Bank Ltd., Axis Bank Ltd., and Mastercard are looking to move away from the global travel and lifestyle services aggregator.
Stock Market Today: Hindustan Aeronautics Share Price Swings Amid Consideration Of Final Dividend
The share price of Hindustan Aeronautics fell 1.01% after rising 0.75% at open on Friday. The public sector company announced its decision to have a board meeting to mull over the final dividend for fiscal 2025.
Stock Market Live Update: IREDA, PFC, REC, HUDCO, IRFC Shares Rise As RBI Softens Project Finance Norms
Shares of state-owned infrastructure financiers such as Indian Renewable Energy Development Agency Ltd., Power Finance Corp., REC Ltd., HUDCO and Indian Railway Finance Corp. rose on Friday, after the Reserve Bank of India finalised its project finance guidelines.
Stock Market Live Update: Suzlon Energy Gets Third Order From AMPIN
Suzlon Energy Ltd. has secured its third order from AMPIN for a 170.1 MW project in Andhra Pradesh. This development was announced through an exchange filing.
Sectoral Indices' Performance At Open: Nifty PSU Bank Rises Most
On National Stock Exchange, 14 sectoral indices advanced, one trade flat with negative bias. The NSE Nifty PSU Bank rose the most, while the NSE Nifty Media declined.
Nifty Contributors: HDFC Bank, Infosys Support Gains
HDFC Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., State Bank of India Ltd., and Axis Bank Ltd. added to the Nifty 50 index.
Bajaj Auto Ltd., Hero MotoCorp Ltd., Oil and Natural Gas Corp, Bajaj Finance Ltd., and IndusInd Bank Ltd. limited losses to the Nifty 50 index.
Stock Market Today: Nifty, Sensex Advances After Muted Open As HDFC Bank Shares Lead
The NSE Nifty 50 and BSE Sensex opened on a muted note with no special cues from the US markets overnight. Asian markets were trading on a mixed note. HDFC Bank share price contributed the most to the Nifty 50 index.
Yield On The 10-Year Bond Opens Flat
The 10-year bond yield opened flat at 6.37%
Source: Cogencis
Rupee Opens Stronger Against US Dollar
Rupee opens 10 paise stronger against US dollar at 86.63
It closed at 86.73 a dollar on Thursday.
Source: Bloomberg
Stock Market Live: M&M, TVS Motors Are Macquarie's Top Picks As Auto Stocks Upgraded
Mahindra & Mahindra Ltd. and TVS Motor Co. are Macquarie's top picks as the brokerage updated its ratings and target prices for several stocks in the auto sector.
Bajaj Auto Ltd. and Eicher Motors Ltd. have been downgraded.
Read the full article here.
Oil Prices Fall Nearly 3% In Asia Session As Tension Over US's Involvement In Israel-Iran Conflict Takes A Breather
Oil prices declined nearly 3% in Asia session as tension over US's directi participation in the Israel and Iran conflict took a breather. The US President Donald Trump will decide whether to get involved directly into the conflict in two weeks.
The Brent crude was trading 2.32% down at $77.02 a barrel as of 7:52 a.m.
Gold Prices Continue To Consolidate
Gold prices in international markets continued to consolidate as the US has taken two weeks' time to decide whether to get directly involved in the Israel and Iran conflict. Traders also focus on other countries: France, UK, and Germany's stance on the conflict.
Iran's Foreign Minister is scheduled to meet counterparts from Europe Friday.
The Bloomberg spot gold was trading 0.31% down at $3,360.32 an ounce. It settled 0.05% higher at $3,370.90 an ounce on Thursday.
Asia Market Update: CSI 300 Rises After PBOC Holds Rate Steady
The CSI 300 traded higher after the People's Bank of China held its benchmark one-year loan prime rate steady at 3.0% on expected lines.
Markets in Japan, and Australia declined, while share indices in Hong Kong were trading higher. Market participants keep their focus on unfolding Israel and Iran situation as they await US's position in the conflict. The US will reach a decision on this in two weeks.
The Nikkei 225 and KOSPI were trading 0.31% lower and S&P ASX were trading 0.65% down as of 7:21 a.m. The CSI 300 and Hang Seng were trading 0.18% and 0.44% higher, respectively.
US Futures Extend Losses As Traders Focus On US's Move In Israel-Iran Conflict
US futures declined early Friday as traders focused on other countries' intent regarding Israel and Iran tensions. The White House stated that President Donald Trump will come to a decision in two weeks whether the country will get involved in conflict directly.
The S&P 500 and Dow Jones Futures were trading 0.36% and 0.44% down, respectively as of 7:09 a.m. The Nasdaq 100 futures fell 0.34%.
GIFT Nifty Implies Higher Open; Container Corp, Kaynes Technology, Uno Minda
The GIFT Nifty was trading 0.19% or 46 points higher at 24,803.00 as of 6:37 a.m., which implied a higher open for the Nifty 50 index.
Investors will focus on Container Corp, Kaynes Technology India Ltd., Nestle India Ltd., Uno Minda Ltd. shares because of the overnight news flow.
The benchmark equity indices continued to decline for the third straight day on Thursday, dragged by share prices of Adani Ports & Special Economic Zone Ltd. and Bajaj Finance Ltd.
The NSE Nifty 50 ended 18.8 points or 0.08% lower at 24,793.25, while the BSE Sensex closed 82.79 points or 0.10% down at 81,361.87.
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