KEY HIGHLIGHTS
FPIs Close Week As Net Buyers
Overseas investors in Indian equities remained net buyers on Friday, in a week where they added stocks in all but one session.
Foreign portfolio investors mopped up stocks worth Rs 2,636.4 crore, according to data from the National Stock Exchange.
Domestic institutional investors remained net sellers of equities and offloaded stocks worth Rs 772.45 crore, the NSE data showed.
Foreign institutions have net bought Rs 30,660 crore worth of equities so far in July. They have been net buyers of Rs 1,07,067 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Marginally Higher
The yield on the 10-year bond closed marginally higher at 7.09% on Friday. It closed at 7.07% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 10 paise to close at Rs 82.17 against the U.S dollar on Friday.
Rupee closed at 82.07 on Thursday.
Source: Bloomberg
Sensex, Nifty End At Fresh Record Highs After Two Days Advance: Market Wrap
India's benchmark stock indices were steady through Friday before jumping to fresh record highs in the last leg of trade. Ahead of ending at recording closing highs, the Sensex rose 0.92% to scale a new high at 66,159.79 points and Nifty 50 jumped 0.94% to hit record high at 19,595.35 points.
I.T. sector gained the most in trade, following advances in media, metal and realty stocks. Infosys Ltd., and TCS Ltd. led the positive change on the indices, whereas HDFC Bank Ltd., and RIL Ltd. dragged. Furthermore, the headline indices advanced for the third week in a row in trade.
Global stocks headed for their best weekly gains since November on bets that the U.S. monetary tightening cycle is nearing an end. The yen rallied for a seventh day.
Most stock indices advanced in Asia. The gains in Asia helped extend the MSCI ACWI Index’s weekly rally to above 3%. Optimism about stronger efforts to bolster the Chinese economy also buoyed sentiment. S&P 500 and Nasdaq 100 futures were little changed.
The S&P BSE Sensex Index closed up 502 points or 0.77% at 66,060.90 while the NSE Nifty 50 Index was 151 points or 0.78% higher at 19,564.50.
Infosys Ltd., TCS Ltd., HCL Technologies Ltd., LTIMindtree Ltd., and Tech Mahindra Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., Mahindra & Mahindra Ltd., and ITC Ltd. and were negatively adding to the change.
The broader market indices outperformed; the S&P BSE MidCap Index was up 1.00%, whereas S&P BSE SmallCap Index was 1.14% higher.
Seventeen out of 19 sectors compiled by BSE advanced with S&P BSE Information Technology gaining the most. While, three sectors declined.
The market breadth was skewed in the favour of buyers. About 2,211 stocks rose, 1,208 declined, while 148 remained unchanged on the BSE.
On a weekly basis, the headline indices advanced for the third time. Both, theS&P BSE Sensex and NSE Nifty 50 rose 1.20% this week.
Last week, indices advanced as S&P BSE Sensex rose 0.87% and NSE Nifty 50 was higher by 0.74%.
Sectorally, Nifty PSU Bank and Nifty Bank declined in trade, whereas Nifty IT and Nifty Media were the top gainers.
Stocks In Focus: Wipro, HEG, Federal Bank, Mazagon Dock And Shalby
Talking Point | Shankar Sharma's View On Small Cap Rally
European Markets Open Higher
Information Technology Shares Gain
Shares of information technology companies were trading higher on Friday, as compared to a 3.06% advance in the NSE Nifty IT. All the 10 constituents compiled by the gauge advanced.
Mphasis Ltd., Tech Mahindra Ltd., Coforge Ltd., L&T Technology Services Ltd., TCS Ltd., Infosys Ltd., HCL Technologies Ltd., LTIMindtree Ltd., Persistent Systems Ltd., and Wipro Ltd. rose over 1% in trade.
Stocks At 52-Week High Intraday
Electricity Regulator Stays MERC's Tariff Schedule For Tata Power for Year 23-24
Company's interim application to set aside tariff schedule has been accepted by APTEL
In the interim period, company to apply MYT Order 2020 tariff
Alert: MYT Order 2020 tariff is 25-35% lower than suggested tariff in last order
Company's 7.5 lakh Mumbai consumers to get tariff relief after APTEL’s stay on MERC tariff schedule
Source: Tata Power
Coal Ministry Plans Gasification Projects With Outlay Of Rs 6,000 Crore
Considers scheme to promote coal gasification projects with Rs 6000 crore outlay
Aims 100 million ton coal gasification by 2030
GST compensation cess reimbursement under consideration for gasification projects
Source: Ministry of Coal
Wholesale Prices Deflate For Third Month In June
WPI inflation falls by 4.12% in June compared to 3.48% in May 2023.
Source: Office of the Economic Adviser
Sensex, Nifty Rise As Infosys, TCS Lead; I.T. Stocks Advance: Midday Market Update
India's benchmark stock indices were steady through midday after a higher opened higher on Friday. While I.T. and realty sectors gained, consumer durables and PSU banks were under pressure. Infosys Ltd., and TCS Ltd. led the positive change on the indices, whereas Axis Bank Ltd., and RIL Ltd., dragged.
Global stocks headed for their best weekly gains since November on bets that the U.S. monetary tightening cycle is nearing an end. The yen rallied for a seventh day. Stocks fluctuated in Japan as the yen headed for a seven-day winning streak, which would mark its best performance since 2018.
Most Asia markets advanced, while European and U.S. equity futures were little changed. The gains in Asia helped extend the MSCI ACWI Index’s weekly rally to above 3%. Optimism about stronger efforts to bolster the Chinese economy also buoyed sentiment.
Tech megacaps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%. Yields on policy-sensitive two-year Treasuries dropped 12 basis points to 4.63%.
As of 12:04 p.m., the S&P BSE Sensex Index was up 147 points or 0.22% at 65,705.95 while the NSE Nifty 50 Index was 53 points or 0.27% higher at 19,466.65.
Infosys Ltd., TCS Ltd., HCL Technologies Ltd., Tech Mahindra Ltd., and LTIMindtree Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, Axis Bank Ltd., Reliance Industries Ltd., HDFC Bank Ltd., State Bank of India, and Titan Co. and were negatively adding to the change.
The broader market indices outperformed; the S&P BSE MidCap Index was up 0.39%, whereas S&P BSE SmallCap Index was 0.75% higher.
Fifteen out of 20 sectors compiled by BSE advanced with S&P BSE Information Technology gaining the most. While, five sectors declined.
The market breadth was skewed in the favour of buyers. About 2,046 stocks rose, 1,219 declined, while 155 remained unchanged on the BSE.
IdeaForge Technology Partners With Qualcomm For 5G UAVs
Partners with Qualcomm Technologies for 5G support in unmanned aerial vehicles.
Source: Press Release
ONGC Hits 52-Week High As Company Enters Agreement With IGGL
Oil & Natural Gas Corporation Ltd. traded at its 52-week high after it signed three agreements with Indradhanush Gas Grid Ltd.
The agreements help connect ONGC natural gas fields with the North East Gas Grid for transportation of natural gas. Through this hook up ONGC will deliver 1.85 lakh standard cubic meters of gas per day from Jorhat Asset, 82500 SCMD from Silchar Asset and seven lakh SCMD from Tripura asset to its customers.
Shares of the company rose 0.77% to Rs 169.4 apiece, highest in 52-weeks as compared to a 0.36% advance in the Nifty 50 as of 11:21 a.m.
The stock's relative strength index stands at 68.49, indicating that stock is neither overbought nor oversold.
Out of the 29 analysts tracking the stock, 20 maintains a 'buy', five recommend a 'hold', and four suggests a 'sell', according to Bloomberg data. The consensus price estimate indicates a 9.9% upside over the next 12 months.
Patanjali Foods Gains After Promoter Cancels Oversubscription Option
Shares of Patanjali Foods Ltd. were locked in a 5% upper circuit after it decided to not exercise the oversubscription option from its offer for sale.
Company had announced that it will sell 7% equity via AFS route on July 13. Furthermore, it said that about 2% of unallotted bids would be carried forward from the total paid-up capital, which now stands cancelled.
Shares of Patanjali Foods rose 5% intraday to 1,223.35, as of 10:51 a.m. This compares to a 0.24% advance in the S&P BSE Sensex.
Total traded volume so far in the day stood at a 14-times its 30-day average. The relative strength index was at 66.24, indicating that the stock may be overbought.
Of the 3 analysts tracking the company, all three maintain a ‘buy’ rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.80%.
Ahluwalia Contracts Shares Gain After Order Win
Shares of Ahluwalia Contracts (India) Ltd. rose on Friday after it bagged institutional and residential projects worth Rs 199.6 crore from the Indian Financial Technology and Allied Services.
The construction company was awarded an institutional and residential project, which will involve work for civil structural, facade, and related external development for the Enterprise Computing and Cybersecurity Training Institute at Bhubaneshwar, Orrisa. It is expected to be completed in 20 months.
The company has an unexecuted order book of Rs 8,162.7 crore as of March, 2023. Year-to-date order inflows stood at Rs 5,057 crore. Of the unexecuted orderbook, 83.34% of the orders came from the government sector.
Shares of Ahluwalia Contracts rose 4.98% before trading 2.76% higher as of 10:09 a.m. This compares to a 0.18% advance in the NSE Nifty 50. The stock is up 32.79% year-to-date.
Total traded volume so far in the day stood at 4.7 times its 30-day average. The relative strength index was at 65.68, indicating that the stock may be overbought.
Of the 11 analysts tracking the company, nine maintain a 'buy' rating, one recommends a ‘hold’, and one suggests a ‘sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.00%.
Aptech Shares Jump Over 13% Quoting Ex-Bonus Moves
Shares of Aptech Ltd. rose to a over 13% intraday on Friday as it was quoting the ex-date of the bonus issue declared by the company during its Q4 results. The last bonus was announced by Aptech on Thursday, May 25, 2023, in the ratio of 2:5.
The scrip rose 7.75% to Rs 370.5 apiece, compared to a 0.23% advance in the NSE Nifty 50 at 10:57 a.m. The stock rose nearly 13.11% intraday, the highest single day jump since May 26, 2023.
The scrip has risen 57.86% on a year-to-date basis. Total traded volume stood at 4.6 times its 30-day average. The relative strength index was at 59.2.
Polo Queen Shares Gain After Board Approves Rs 2,500-Crore Fundraise
Shares of Polo Queen Industrial And Fintech Ltd. rose on Friday after its board of directors approved raising up to Rs 2,500 crore for its proposed agro-processing and data-centre projects in Maharashtra.
It will raise the funds by issuing equity shares or other instruments through one or more preferential issues on a private-placement basis or rights issue or qualified institutional placement or through a mix of any, according to an exchange filing on Thursday.
Shares of Polo Queen rose as much as 7.28% intra-day, the most since May 17. The stock is trading 0.41% higher at Rs 41.96 apiece as of 10.19 am, compared to a 0.13% rise in the S&P BSE Sensex.
The total traded volume stood at 4.8 times its 30-day average. The relative strength index was at 55.49.
Wipro Shares Gain On Better Q2 Revenue Guidance; Bump In Price Target By 'Nomura'
Shares of Wipro Ltd. rose the most in over a month after it raised revenue guidance for the September quarter.
Nomura, on the other hand, bumped its price target by Rs 5 to Rs 375 apiece on Wipro, maintaining its 'neutral' rating on the stock. Better margin performance and weaker-than-expected revenue growth can aid the stock movement, as per the brokerage.
Nomura Maintains 'Neutral' Rating On Wipro
Brokerage remains 'neutral' with a bump in its price target from Rs 370 apiece to Rs 375 per share.
June quarter earnings missed consensus estimates and were towards the bottom end of the guidance given by the company.
Management noted that the growth was impacted by lower discretionary spends. Revenue decline was the sharpest in the American and European region, geographically, whereas the fall was the highest in the BFSI and energy space among verticals.
Discretionary demand remains weak, which is affecting the consulting portfolio of the company, as per the brokerage.
Revenue was sluggish as clients’ focus shifted to upfront cost savings and delays in ramp-ups. Lower discretionary demand continued to affect an early cycle business like consulting.
Wipro's revenue growth guidance for the September quarter was in the range of -2% to +1% in constant currency terms, which is marginally better than Nomura's estimate of -2% to 0%.
Attrition continued to trend downwards and stood at 17.3%. Employee headcount declined by approximately 3.4% as the company remains cautious on the back filling roles of departing staff. Overall, for FY24 Nomura expects EBIT margin of 15.3%.
Downside risks to the price target include weaker-than-expected revenue growth, whereas an upside would be aided by better margin performance.
Deep Industries Gains On Partnering With Euro Gas Systems
Shares of Deep Industries Ltd. gained on Friday after it announced a new joint venture agreement with Euro Gas Systems SRL, on Thursday. The venture will involve supplying oil field equipment to the oil and gas industry.
Previously, the company got a Letter of Award from Oil and Natural Gas Corporation Ltd. for the charter hire of a single 90 mega tonne mobile drilling rig with integrated mud services and METP. The overall presented value of the award is around Rs 130 crore, and the order is to be completed within three years of the contract's start date.
Shares of the company rose 2.78% to Rs 208.70 apiece compared to a 0.17% advance in the Nifty 50 as of 10:12 a.m. Shares hit an intraday high of 5.25%
The total traded quantity so far in the day stood at 6.2 times the 30-day average volume. The stock's relative strength index stands at 72, indicating that it may be overbought.
GMR Power Shares Jump 20% On Smart Meter Order Win
Shares of GMR Power and Urban Infra Ltd. jumped 20% and hit the upper circuit on winning an order to install smart metres in Uttar Pradesh.
GMR Smart Electricity Distribution had received an order from Purvanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal Vidyut Vitran Nigam Ltd. to install and maintain 75.69 lakh smart metres in the Purvanchal and Dakshinanchal areas of Uttar Pradesh, according to an exchange filing from Thursday.
Shares of the company surged 15.4% to Rs 23.2 apiece as of 9:40 am, compared to a 0.28% advance in the NSE Nifty 50. The scrip rose as much as 20% intra-day, making it the highest-ever intraday jump for the stock .
Total traded volume stood at 93.5 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought.
Senco Gold Debuts At 35.96% Premium To IPO Pprice
Senco Gold shares listed at Rs 431 per share on the BSE, a premium of 35.96% to its IPO price of Rs 317.
On the NSE, the stock listed at Rs 430 apiece, a 35.65% premium.
Its IPO was subscribed 73.35 times.
Source: BSE, NSE
JBM Auto Shares Hit Life High On Receiving Orders For 5,000 Electric Busses
Shares of JBM Auto hit a lifetime high after the company and its units bagged multiple orders for the supply of 5,000 electric buses to several states in India.
Orders were received from state transport undertakings in Gujarat, Haryana, Delhi, Telangana, and Orissa, among others. It will also supply the busses to multiple Fortune 500 companies. Various busses such as a city bus, staff bus, tarmac coach, etc. in both, 9 meters and 12 meters categories will be delivered for these orders.
The scrip rose 11.49% to Rs 1,467.15 apiece, compared to a 0.3% advance in the NSE Nifty 50 at 9:47 a.m. The stock rose nearly 16.99% intraday, to hit a fresh record high at Rs 1,539.6 apiece.
The scrip has risen 184.5% on a year-to-date basis. Total traded volume stood at 6.4 times its 30-day average. The relative strength index was at 70.3, implying that the stock maybe overbought.
One analyst tracking the company, suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 52.9%.
Wipro Shares At One-Month High As It Raises Revenue Guidance For Q2
Shares of Wipro Ltd. rose the most in over a month after the company raised its revenue guidance for the September quarter and its top line declined in the seasonally strong June quarter.
Company's net profit was down 6.63% to Rs 2,870 crore, as compared to the Bloomberg estimate of Rs 2,989 crore. The company now expects revenue from its IT services business to be in the range of $2.72 billion to $2.80 billion in the July-September quarter. That equates to a sequential guidance of -2.0% to +1.0% in constant currency terms.
Wipro: Q1 FY24 (Consolidated, YoY)
Revenue down 1.54% to Rs 22,831 crore. (Bloomberg estimate: Rs 22,992 crore)
EBIT at Rs 3,458 crore versus Rs 3,659 crore. (Bloomberg estimate: Rs 3,612 crore)
Margin at 15.14% versus 15.77%. (Bloomberg estimate: 15.7%)
Net profit down 6.63% to Rs 2,870 crore. (Bloomberg estimate: Rs 2,989 crore).
The scrip rose 0.15% to Rs 394.85 apiece, compared to a 0.39% advance in the NSE Nifty 50 at 9:30 a.m. The stock rose nearly 1.7% intraday, to hit Rs 400.95 apiece, the most in over a month since June 9, 2023.
The scrip has risen 0.52% on a year-to-date basis as compared to 4.47% advanced in the Nifty IT Index in the same period. Total traded volume stood at 2.9 times its 30-day average. The relative strength index was at 56.
Of the 47 analysts tracking the company, 11 maintain a 'buy' rating, 18 recommend a 'hold' and 18 suggests to 'sell' the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 3.7%.
Also Read: Stock Market Today: Sensex, Nifty Rise For A Third Week As IT Drives Best Gains In 10 Sessions
Broader Markets Open Higher
The broader market indices outperformed; the S&P BSE MidCap Index was up 0.51%, whereas S&P BSE SmallCap Index was 0.70% higher.
Seventeen out of 19 sectors compiled by BSE advanced except S&P BSE Power and S&P BSE Utilities.
The market breadth was skewed in the favour of buyers. About 1,730 stocks rose, 461 declined, while 94 remained unchanged on the BSE.
Source: BSE
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened higher on Friday after ending higher amid record highs on Thursday.
Asian stocks look poised for their best weekly gains since November on hopes for stronger efforts to bolster the Chinese economy and bets that the U.S. monetary tightening cycle is nearing an end. The yen rallied for a seventh day.
Shares advanced in South Korea, Australia and Hong Kong, helping extend the MSCI Asia Pacific Index’s weekly rally to above 4%. Tech megacaps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%. Yields on policy-sensitive two-year Treasuries dropped 12 basis points to 4.63%.
At pre-open, the S&P BSE Sensex Index was up 216 points or 0.33% at 65,774.91 while the NSE Nifty 50 Index was 80 points or 0.411% higher at 19,493.45.
Sensex, Nifty Rise In Pre-Market Trades
At pre-open, the S&P BSE Sensex Index was up 216 points or 0.33% at 65,774.91 while the NSE Nifty 50 Index was 80 points or 0.411% higher at 19,493.45.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 14 paise to open at Rs 81.93 against the U.S dollar on Friday.
Rupee closed at 82.07 on Thursday.
Source: Bloomberg
Yield On The 10-Year Bond Declines
The yield on the 10-year bond opened 2 bps lower at 7.06% on Friday.
It closed at 7.08% on Thursday.
Source: Bloomberg
Tata Metaliks Q1 Results (Year-on-Year)
Revenue from operations down 2.4% at Rs 650.46 crore Vs 666.37 crore
Ebitda up 45.7% at Rs 35.15 crore Vs Rs 24.13 crore
Ebita margin at 5.4% vs 3.6%
Net profits up 273% at Rs 4.55 crore Vs 1.22 crore
Source: Exchange Filing
Trade Talk: New Highs For RIL Ahead Of Jio Financial's Demerger
Volatility Is Back As Distribution Is Seen At Higher Levels: Trade Setup
Global Cues
U.S. Dollar Index at 99.7
U.S. 10-year bond yield at 3.77%
Brent crude up 0.14% at $81.47 per barrel
Nymex crude up 0.22% at $77.06 per barrel
GIFT Nifty down 0.04% or 7.5 points at 19,550.5 as of 8:15 a.m.
Bitcoin up 0.23% at $31,457.94
Trading Tweaks:
Price Band Revised From 10% To 5%: Reflex Industries
Price Band Revised From 20% To 10%: Zen Technologies
Ex-Date Dividend: Lupin, REC, Kabra Extrusion Technik, AstraZeneca Pharma India, Coromandel International, Thirumalai Chemicals, Apollo Tyres, Artemis Medicare Services, AU Small Finance Bank, Atul, Bosch, Birlasoft, Control Print, Expleo Solutions, Globus Spirits, Hindustan Zinc, Ujjivan Small Finance Bank, Safari Industries (India), Ultramarine & Pigments, Tasty Bite Eatables, Shanthi Gears, Mahindra Logistics, Mahindra & Mahindra, Ksolves India, Kirloskar Ferrous Industries.
Ex-Date Bonus Issue: Aptech
Ex-Date Income Distribution: India Infrastructure Trust
Ex-Date Annual General Meeting: Mahindra & Mahindra, Globus Spirits, Kabra Extrusion Technik, Thirumalai Chemicals, Coromandel International
Record-Date Dividend: Lupin, REC, Coromandel International, AstraZeneca Pharma India, Kabra Extrusion Technik, Apollo Tyres, Artemis Medicare Services, AU Small Finance Bank, Expleo Solutions, Birlasoft, Ujjivan Small Finance Bank, Safari Industries (India), Kirloskar Ferrous Industries
Move Into Short-Term ASM Framework: Zen Technologies
Move Out Of Short-Term ASM Framework: HEG, Olectra Greentech
Pledge Details
Jindal Steel and Power: Promoter Opelina Sustainable Services revoked a pledge of 9.13 crore shares between July 5 and 8.
Mangalore Chemicals and Fertilizers: Promoter Zuari Agro Chemicals revoked a pledge of 1.25 crore shares on July 12.
Bulk Deals
CSB Bank: Omers Administration Corporation sold 15 lakh shares (0.9%) at Rs 295 apiece.
Centurytex: Vanderbilt University sold 6.5 lakh shares (0.6%) at Rs 903.01 apiece.
Insider Trades
GG Automotive Gears: Promoter Bala Gajra bought 10,000 shares on June 30.
Results Announced Post Market Hours
Wipro: Q1 FY24 (Consolidated, YoY)
Revenue down 1.54% to Rs 22,831 crore. (Bloomberg estimate: Rs 22,992 crore)
EBIT at Rs 3,458 crore versus Rs 3,659 crore. (Bloomberg estimate: Rs 3,612 crore)
Margin at 15.14% versus 15.77%. (Bloomberg estimate: 15.7%)
Net profit down 6.63% to Rs 2,870 crore. (Bloomberg estimate:Rs 2,989 crore).
Angel One Q1 FY24 (Consolidated, YoY)
Revenue from operations rose 18% to Rs 807.5 million. (Bloomberg estimate: Rs 695.7 crore)
Ebitda at Rs 320.3 crore versus Rs 266.4 crore
Ebitda margin at 39.7% versus 39.1%.
Net profit rose 22% to Rs 220.8 crore. (Bloomberg estimate: Rs 235.9 crore).
Earnings In Focus
Bandhan Bank, CCL Products (India), JSW Energy, Just Dial, Tata Steel Long Products, Unichem Laboratories, GTPL Hathway, and VST Industries
IPO Offerings: Utkarsh Small Finance Bank
Utkarsh Small Finance Bank Ltd.’s Rs 500-crore IPO was subscribed 16.2 times on day 2 and 4.73 times on day 1. The retail investor portion was subscribed 36.66 times on day 2, while the non-institutional portion was subscribed 27.72 times. The portion reserved for employees was subscribed to 8.48 times on day 2, while institutional investors subscribed 3.88 times.
Stocks To Watch: Adani, JBM Auto, Rail Vikas, Patanjali Foods, GMR Power In Focus
Adani Enterprises: The company fully repaid commercial paper worth Rs 30 crore on the date of maturity, i.e., July 13.
Tata Communications: The company will consider a proposal to issue unsecured, redeemable, and non-convertible debentures on a private placement basis on July 19.
JBM Auto: JBM Auto and its units will supply 5000 electric buses to state transport undertakings in Gujarat, Haryana, Delhi, Telangana, and Orissa, among others. It will also supply multiple Fortune 500 companies.
Aster DM Healthcare: The company’s unit, Aster DM Healthcare FZC, has acquired the remaining 20% stake in Premium Healthcare for Rs 5.18 crore.
Rail Vikas Nigam: Rail Vikas Nigam bagged a letter of award worth Rs 808 crore from the National Highways Authority of India for the rehabilitation and upgradation of some parts of National Highway 53 in Odisha. The project is to be executed in 24 months.
Samvardhana Motherson International: The company has completed the acquisition of a 51% stake in premium car upholstery maker Saddles International Automotive and Aviation Interiors.
Lloyds Metals and Energy: The company has received listing and trading approval from the NSE for the listing of its 50.48 crore equity shares as of July 17.
Patanjali Foods: The company will not exercise the oversubscription option in the offer for sale of an additional 2% stake. Promoter Patanjali Ayurved had announced a stake sale of 7%, or 2.53 crore shares.
Stove Kraft: Balaji AS has been relieved from the position of Chief Financial Officer with effect from the close of business hours on July 13, 2023.
GMR Power and Urban Infra: GMR Smart Electricity Distribution received an order from Purvanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal Vidyut Vitran Nigam Ltd. to install and maintain 75.69 lakh smart metres in the Purvanchal and Dakshinanchal areas of Uttar Pradesh.
Ahluwalia Contracts (India): The company received a project worth Rs 199.58 crore from Indian Financial Technology and Allied Services for civil structural, facade, and Related External Development Works for the Enterprise Computing and Cybersecurity Training Institute at Bhubaneshwar, Orrisa, to be executed in 20 months.
Polo Queen Industrial and Fintech: The company approved raising up to Rs 2,500 crore for its proposed Agro Processing Project and Data Centre Project at MIDC. It will raise the amount by issuing equity shares or other instruments through one or more preferential issues on a private placement basis, rights issues, QIPs, or a mix of any.
Deep Industries: The company has inked a joint venture arrangement with Euro Gas Systems S.R.L. for supplying oil field equipment to the oil and gas industry. Euro Gas has acquired a 26% stake in Deep Onshore Drilling Services, the JV company, and the balance of 74% is held by Deep Industries.
GIFT Nifty Signals A Cautious Open For Benchmarks
Asian markets look poised for their best weekly gains since January amid a rebound in Chinese shares and bets that the Federal Reserve is approaching an interest-rate peak.
Shares advanced in South Korea, Australia, and Hong Kong, helping extend the MSCI Asia Pacific Index’s weekly rally to above 4%. Investors continued to warm to signs of Beijing’s renewed efforts to bolster its economy, following the 2.6% gain in U.S.-listed Chinese companies on Thursday.
Tech megacaps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%. Yields on policy-sensitive two-year Treasury notes dropped 12 basis points to 4.63%.
Brent crude rose above $81 a barrel, and West Texas Intermediate was beyond the $77 mark. The yield on the 10-year U.S. bond was trading at 3.77%, whereas Bitcoin was above the $31,000 level.
At 8:15 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.04%, or 7.5 points, at 19,550.5.
Indian stock benchmarks logged fresh lifetime highs after closing marginally higher on Thursday. Intraday, the Sensex rose 1.03% to scale a new high of 66,064.21 points, and the Nifty 50 jumped 0.94% to hit a record high of 19,567 points. The S&P BSE Sensex closed up 165 points, or 0.25%, at 65,559.89, while the NSE Nifty 50 ended 30 points, or 0.15%, higher at 19,413.75. The local currency strengthened 18 paise to close at Rs 82.07 against the U.S. dollar on Thursday.
Overseas investors in Indian equities turned net buyers on Thursday. Foreign portfolio investors mopped up stocks worth Rs 2,237.9 crore, while domestic institutional investors turned net sellers of equities and offloaded stocks worth Rs 1,196.7 crore.
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