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The broader indices outperformed their larger peers with both the midcap and small gauges losing nearly 0.7%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with Consumer Durables index falling nearly 3%.
The market breadth was skewed in the favour of bears. About 1,292 stocks gained, 2,000 declined and 126 remained unchanged.
Shares of construction services provider HG Infra Engineering rose over 5.6%, the most in over two weeks.
The rise comes after the company received LoA from Adani Road Transport for development of six-land greenfield Ganga Expressway in Uttar Pradesh.
The design length is 151.70 kilometres. The contract price is Rs 4,970.99 crore.
The project is to be completed 820 days from the appointed date. Trading volume is quadruple the 30-day average. Share price rose above 50-day simple moving average, indicating potential upward price momentum.
All 15 analysts tracking the company maintain 'buy'. The return potential of the stock is 45.8%.
Source: Exchange filing, Bloomberg
Shares of NMDC fell over 2.6% to Rs 121.35, within touching distance of 52-week low.
The decline comes as the company informed the bourses that it could not hold meeting of its shareholders as planned on June 7.
The meeting was called to approve a scheme of arrangement between NMDC Ltd. (demerged company) and NMDC Steel Ltd (Resulting company).
The meeting has been postponed to June 28.
Source: Exchange Filing
Edtech startup Physics Wallah has raised $100 million in its first funding round at a valuation of over $1 billion.
Westbridge and GSV Ventures financed the round at a post-money valuation of $1.1 billion.
Source: Company statement
Aurobindo Pharma has received final approval from U.S. FDA to manufacture and market drug used to treat prostrate cancer.
Eugia Pharma, Aurobindo Pharma's wholly owned subsidiary received the approval for Leuprolide Acetate injections. T
The product will be launched this month. The drug has an estimated market size of $83 million for twelve months ending April 2022.
Shares of Aurobindo Pharma fell over 2% in intraday trade before trimming some of the losses. The stock is on course to fall for fourth day.
Source: Exchange filing
Government has called off the present EoI process for strategic divestment of BPCL, the company said in an exchange filing on Tuesday.
All the activities in connection with the divestment including the data room are being discontinued.
Source: Exchange filing
The MidCap index almost mirrored its larger peers while the SmallCap gauge outperformed, losing 0.6%. Fifteen of the 19 sectoral indices compiled by BSE Ltd. declined with Consumer Durables index falling 3%.
The market breadth was skewed in the favour of bears. About 1,164 stocks rose, 1,986 declined and 122 remained unchanged.
The optimum path to scale up housing finance is to be housed within a banking structure, says HDFC's Deepak Parekh, on HDFC-HDFC Bank merger
The pool of resources for lending will be significantly larger and at lower costs.
From a regulatory perspective, it is prudent for all large providers of housing finance to operate on a level playing field, with the same rules.
Remain respectful of all our regulators and are confident that the outcome will be judicious and fair at a systemic level.
Only ask of our stakeholders is for your patience as we navigate through the complexities of this transaction.
Source: Deepak Parekh letter to shareholders
Devina Mehra Advises Stock Investors To Be ‘Hareish', Not Bullish Or Bearish
Is It Time To Buy IT Stocks? Here's What Market Participants Say
Rates hiked with effect from Tuesday
One year MCLR rate raised to 7.85%, from 7.5% earlier
Source: HDFC Bank website
The S&P BSE Sensex fell nearly 1% to 55,143.20. The NSE Nifty 50 also declined by similar magnitude to 16,410.70.
The S&P BSE MidCap almost mirrored its larger peers, while S&P BSE SmallCap outperformed Sensex and Nifty, losing 0.5%. Barring Energy and Oil & Gas indices, all the other 17 sectoral gauge fell, with Consumer Durables index losing over 2.5%.
The market breadth is skewed in the favour of bears. About 968 stocks gained, 1,239 declined and 106 remained unchanged.
Indian currency depreciated 0.14% to 77.74 at the open. Rupee had a hit a record low 77.80 on May 17.
Source: Bloomberg
Shares of NBFCs are in focus after RBI said it asked shadow lendersto set aside 2% of loan amount as provisions for standard assets. The rule will be effective from October 1.
In Focus: Bajaj Finance, Muthoot Finance, M&M Financial, L&T Finance, Aditya Birla Capital
Source: RBI, Bloomberg
Zydus Life has received final approval from U.S. FDA to market Adapalene and Benzoyl Peroxide Topical Gel. The combination is used to decrease the number and severity of acne pimples.
The drug which had a market size of $195 million in the 12-month period ended April 2022, will be manufactured at the company's Ahmedabad facility.
Source: Exchange Filing
SBI Cards and Payments: The bank approved raising Rs 2,500 crore through non-convertible debentures.
Bharti Airtel: Subsidiary company Nxtra Data has acquired 11.696% stake in Avaada MHAmravati, a special purpose vehicle formed for the purpose of owning and operating the captive power plant, for Rs 5.11 crore.
PB Fintech: Chairman and Chief Executive Officer Yashish Dahiya will sell 37,69,471 equity shares via bulk deals on the stock exchanges. There is no further sale of shares planned beyond these shares, at least for 1 year.
HLE Glascoat: The company approved split of existing share of Rs 10 each into five shares of Rs 2 each. It also approved raising Rs 350 crore through equity shares or any other instruments convertible into equity shares or any other eligible securities through qualified institutions placement, private placement/ public issue of equity, preferential issue or through any other mode.
NMDC: The company fixed price of lump of iron ore at Rs 4,400 per ton. This price doesn’t include royalty, DMF , NMET, cess, forest permit fee and other taxes.
IDBI Bank: IDBI may be allowed to merge with private bank after stake sale by government, LIC, reports Business Standard.
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