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Stock Market Today: All You Need To Know Going Into Trade On June 6

Stocks in the news, big brokerage calls of the day, complete trade setup and much more!

<div class="paragraphs"><p>(Source: Unsplash)</p></div>
(Source: Unsplash)

The S&P 500 dropped to session lows as Apple Inc. erased earlier gains in anticipation of a new mixed reality headset. Both tech and energy stocks pared earlier advances that had briefly pushed the S&P 500 20% above an October low, the marker of a bull market.

Energy stocks, including oil majors Chevron Corp. and Exxon Mobil Corp., pared gains owing to an oil supply cut from Saudi Arabia. Elsewhere. equities fell in Europe.

Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.68%. Crude was trading above $76-mark, while Bitcoin declined below 26,000-level.

At 05:36 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 0.14% at 18,699.5.

Domestic benchmarks snapped a three-week losing streak with metals auto, media and PSU banking stocks leading the rally. The Indian rupee closed lower against the U.S. dollar.

Foreign investors remained net sellers for the third straight day and offloaded equities worth Rs 700.98 crore. On the other hand, domestic institutional investors were net buyers for the third straight day and bought stocks worth Rs 1,195.98 crore.

Stock Market Today: All You Need To Know Going Into Trade On June 6
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Stocks To Watch: Wipro, Coal India, JK Cement, Nelco, L&T Finance, IRCTC In Focus

  • Adani Group: The group made prepayment of margin linked share backed financing totalling $2.15. Promoters also prepaid $700 million debt taken for the Ambuja Cement acquisition. Cash balance of listed portfolio up 41.5% YoY to $4.75 billion (Rs 40,351 crore) in FY23.

  • Mahindra & Mahindra: Sunrise Initiatives sells entire stake of 81.58% in Mahindra Marine to Ocean Blue Boating. Ocean Blue currently holds the balance 18.42% stake in Mahindra Marine.

  • SBI Cards and Payment Services: Board approves raising of funds worth Rs. 3,000 crore through Non-Convertible Debentures (NCDs) in one or more tranches on private placement basis.

  • Bharti Airtel: Special committee of directors for fund raising approve allotment of 21.01 lakh equity shares of face value Rs 5 each at a conversion price of Rs 521 to holders of foreign currency convertible bonds.

  • Allcargo Logistics: Transindia Real Estate has agreed to further divest 10% stake each in five subsidiaries of Allcargo and a 100% stake in Allcargo Multimodal to Blackstone.

  • NELCO: Company inks pact to acquire 9.09% stake in Piscis Networks with an initial investment of Rs 99.99 lakhs. It plans to increase stake in the company to up to at least 30%.

  • Indian Energy Exchange: Company reported 8,251 MU overall volume in May, a gain of 8% year-on-year. The market clearing price declined 30% year-on-year to Rs.4.74 per unit. Power demand is expected to increase in coming months and supply side liquidity may improve due to enhanced coal supply, reduction in e-auction coal prices, and declining imported coal and gas prices. This will lead to competitive prices and higher clearance for Discoms & Open Access consumers.

  • Veranda Learning Solutions: Company’s unit Veranda RACE partnered with Talent Academy & Publications to augment its reach in Kerala. Veranda RACE is also teaming up with placement-oriented company Phire, which offers expert training for recruitment in private banking and BFSI sector.

  • L&T Finance: Company to meet on Jun. 8 to consider the recommendation of the final dividend on the equity shares for fiscal 2022-2023.

  • Emami: Company buys back a total of 23.68 lakh equity shares on Jun. 5.

  • Wipro: Company said its cloud-based dynamic digital signage solution Wipro VisionEDGE will power television network Bowling Center TV across the U.S., a new US based digital TV network to be distributed across 1,000 bowling centers in the US. Cisco is also a technology partner signed by BCTV.

  • Coal India: Government of India now owns 63.13% stake after offer-for-sale.

  • JK Cement: Company agrees to sign, execute share purchase agreement to buy 100% stake in Toshali Cements for Rs 157 crore in cash. The acquisition will help the Company expand its footprint into the Eastern Region.

  • CSB Bank: Mr. Satish Gundewar takes charge as chief financial officer of company from Jun.5 . He was former CFO of DCB Bank.

  • Godrej Consumer Products: Company appointed Aasif Malbari as chief financial officer from Aug. 10. Malbari is currently the chief financial officer of Tata Passenger Electric Mobility and director of Tata Motors Passenger Vehicles. Godrej Consumer's current Chief Financial Officer Sameer Shah will move to a group role leading consumer investments.

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AGMs

  • Ami Organics 

  • Can Fin Homes 

  • DCM Shriram  

  • GE T&D India  

  • India Grid Trust 

  • Responsive Industries 

  • Tata Consumer Products 

  • Trident 

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Offerings: IKIO Lighting IPO Day-1

IKIO Lighting: The company will launch its Rs 606.50 crore-initial public offering on Jun. 6 which will go on till Jun. 8. It will raise Rs 350 crore from fresh issue and make an offer for the sale of around 90 lakh shares. The company is aiming a market value of Rs 2,202.5 crore at the upper end of the price band of Rs 270–285 apiece.

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Bulk Deals

  • Vijaya Diagnostic Centre: Fidelity Investment Trust Fidelity Series Emerging Markets F bought 11.82 lakh shares (1.15%) at Rs 383.63 apiece.  

  • Cressanda Solutions: Parag Commosales sold 21.77 lakh shares (0.55%) at Rs 28.95 apiece and bought 3.8 lakh shares (0.09%) at Rs 29.32 apiece. 

  • La Opala RG: Nippon India Mutual Fund bought 18.82 lakh shares (1.70%) at Rs 399.05 apiece. Malabar India Fund sold 18.85 lakh shares (1.70%) at Rs 399.05 apiece.  

  • MTAR Technologies: Usha Reddy Chingarapalli sold 400,000 shares (1.30%) at Rs 1,880.01 per share, Anitha Reddy Dwaram sold 450,000 shares (1.46%) at Rs1,880.15 apiece, Kavitha Reddy Gangapatnam sold 270,000 shares (0.88%) at Rs 1,880 apiece. Plutus Wealth Management LLP bought 13.15 lakh shares (4.28%) at Rs 1,880.02 per share.  

  • Praveg: Sunita Paras Patel sold 140,000 shares (0.67%) at Rs 489.32 apiece. 

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Who’s Meeting Whom

  • Knowledge Marine & Engineering Works: To meet analysts and investors on June 8. 

  • Westlife Foodworld: To meet analysts and investors on June 8.  

  • RailTel Corporation of India: To meet investors and analysts on June 7 and June 8. 

  • Fortis Healthcare: To meet investors and analysts on June 7. 

  • Eicher Motors: To meet investors and analysts on June 6. 

  • National Aluminum Co.: To meet investors and analysts on June 6. 

  • Lloyds Metals And Energy: To meet investors and analysts on June 6. 

  • GMR Airports Infrastructure: To meet investors and analysts on June 7. 

  • Navin Fluorine International: To meet investors and analysts on June 6. 

  • Aptus Value Housing Finance India: To meet investors and analysts on June 6. 

  • KPI Green Energy: To meet investors and analysts on June 7.  

  • Mahindra & Mahindra Financial Services: To meet investors and analysts on June 7. 

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Trading Tweaks

Ex-Date Dividend: Nelco Ltd. 

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Insider Trades

  • Mukand: Promoter Group Baroda Industries bought 50,000 shares between June 1 and June 2. 

  • Som Distilleries & Breweries: Promoter Deepak Arora bought 10,000 shares on June 5.  

  • Arman Financial Services: Promoter Himani A. Manakiwala sold 2,500 shares on June 2. 

  • Edelweiss Financial Services: Promoter & Director Venkatchalam A Ramaswamy bought 14.5 lakh shares on May 30. 

  • Rajnish Wellness: Promoter Rajnish Kumar Singh bought 5.73 lakh shares between May 10 and June 2. 

  • MTAR Technologies: Promoter Leelavathi Parvatha Reddy sold 3.47 lakh shares on June 1, Promoter P Kalpana Reddy and Mitta Madhavi sold 1 lakh shares each on June 1. 

  • Meghmani Finechem: Promoter Rameshbhai Meghjibhai Patel bought 5,000 shares on June 5. 

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Pledge Share Details: 

Jindal Steel & Power: Promoter Group Siddeshwari Tradex created a pledge of 1.5 lakh share, Promoter Group Opelina Sustainable Services revoked a pledge of 15,000 shares, Promoter Group OPJ Trading on June revoked a pledge of 10,000 shares on June 2.

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F&O Cues

  • Nifty June futures ended at 18,702, a premium of 66 points.

  • Nifty June futures rose 0.89% and 1,617 shares in Open Interest.

  • Nifty Bank June futures ended at 44,282, a premium of 171.40 points.

  • Nifty Bank June futures rose 3.61% and 3,207 shares in Open Interest.

  • Securities added to the ban period: Indiabulls Housing Finance, India Cements, Manappuram Finance.

Stock Market Today: All You Need To Know Going Into Trade On June 6
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Money Market Updates

Rupee closed 0.46% higher against the U.S. dollar at Rs 82.68 on Monday, compared to Friday’s close of 82.30.

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Research Reports

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