Scan to Download
The MidCap index underperformed its larger peers, closing little changed while the SmallCap gauge mirrored Sensex and Nifty. Fifteen of the 19 sectoral indices compiled by BSE Ltd. advanced, with Energy and Oil & Gas measures adding over 2%.
The market breadth was skewed in the favour of bulls. About 1,972 stocks rose, 1,334 fell and 138 remained unchanged.
Shares of KNR Construction rose over 2%, before erasing gains in intraday trade. Anand Rathi upgraded the stock to 'buy' from 'hold' on Wednesday. The price target is reduced to Rs 334 from Rs 355, an implied return of 31.06%.
Exception new order, the company's FY22 performance checks all boxes such as project execution, operating profitability, strong balance sheet.
Near-term challenges appear to be fairly priced, while long-term potential remains intact despite a cautious FY23 guidance.
Source: Anand Rathi note
The market breadth is skewed in the favour of bulls. About 1,798 stocks rose, 1,380 fell and 156 remained unchanged.
Shares of Delhivery Ltd. rose nearly 6%.
The rise comes after Credit Suisse initiated coverage of the stock with a recommendation of 'outperform'.
The target price is set at Rs 675, an implied upside of 26.02%.
Source: Bloomberg
The market breadth was skewed in the favour of bulls. About 1,244 stocks advanced, 952 declined and 108 remained unchanged.
10-year bond yield little changed. Yield on the 10-year bond added 1bp to 7.42% at the open.
Source: Bloomberg
Indian currency fell 0.11% to 77.61 at the open.
Source: Bloomberg
Cipla has announced the commercial operation of additional capacity of captive renewable energy power plant in Maharashtra and Karnataka.
Cipla had commissioned 30 Mega Watt peak solar project in Tuljapur in January 2021. It has now added 16 MWp of solar capacity to supply renewable energy for its manufacturing units in Maharashtra. The project will support the green energy needs of the company's manufacturing units at Kurkumb and Patalganga and R&D centre at Vikhroli in Maharashtra. The project will replace 70% of total energy consumption for these units with green energy.
In Karnataka, a wind solar hybrid captive power plant with capacity of 9 MWp solar and 2.7 Mega Volt-Ampere (MVA) of wind has been commissioned. The project, commissioned in partnership with CleanMax Enviro Energy Solutions, will help in replacing 85% of power requirement to renewable source for the manufacturing units in the state.
Cipla sourced 68,200 mWh fo renewable power for its India operations in FY2021-22. This is estimated to have led to reduction of 56,000 tonnes of carbon dioxide emissions. By 2025, Cipla plans to achieve carbon and water neutrality.
Source: Exchange Filing
Yes Bank: The private lender is nearing a deal to sell a pool of Rs 48,000 crore in stressed assets to the US-based JC Flowers & Co.
Reliance Industries: Reliance Brands and Plastic Legno SPA have signed a joint venture arrangement for toys manufacturing in India.
Maruti Suzuki: Total sales increased to 1,61,413 units in May 2022 from 46,555 units a year ago.
Vedanta: The company will consider raising Rs 4,100 crore through non-convertible debentures on June 4.
Bata India: Bata (BN) B.V., The Netherlands, says the sale of its 2.8% stake in Bata India is part of an internal restructuring and that it still holds 50.1% in the Indian subsidiary.
IndusInd Bank: The bank has reduced its stake in Birla Tyres from 7.498% to 3.869%.
Religare Enterprises: Lenders to wholly owned subsidiary Religare Finvest have agreed to consider a one-time settlement plan as part of the company's revival plan.
Welspun: The company’s Saudi Arabia’s arm East Pipes has signed a contract with Saline Water Conversion Corp. worth Rs 1,013.24 crore to supply and deliver steel pipes for a water transmission project.
Delta Corp: Delta Pleasure Cruise Co. Pvt. Ltd. has commenced management of operations of the casino at Zuri White Sands Goa, Resort and Casino.
Ashoka Buildcon: Ashoka Highways (Bhandara) has received Rs 97.37 crore -- inclusive of interest -- towards full and final settlement against claims and various other disputes under the concession agreement.
Indian Bank: The lender has raised lending rates by 10-90 basis point across tenors after RBI's out-of-turn rate hike.
Hero MotoCorp: Sales rose 169% year-on-year to 4,86,704 units in May 2022. India's largest two-wheeler maker has deferred the launch of its first electric scooter from July to the festive season due to supply chain constraints.
Balaji Amines: The company has approved fundraising by subsidiary Balaji Speciality Chemicals via an initial public offering comprising a fresh issue of Rs 250 crore and/or an offer for sale “by certain existing and eligible shareholders”.
Astron Paper & Board Mill: Search proceedings were carried out by the Income Tax Department under Section 132 of the Income Tax Act, 1961, at the head office of the company from May 26-29.
Stocks in Asia fell on Thursday amid efforts to rein in inflation even as JPMorgan Chase & Co.’s Jamie Dimon sounded alarm bells on the economy.
An MSCI Inc. gauge of Asia-Pacific shares fell for a second day, with equities in Hong Kong and Japan declining. US futures fluctuated after stocks dropped on Wall Street.
The Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, fell 0.43% to 16,437 points as of 7:30 a.m.
The dollar was little changed. Crude oil declined on a report Saudi Arabia is ready to pump more oil if Russian output declines. OPEC+ is scheduled to meet to discuss supply policy.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
