Stock Market Highlights: Nifty, Sensex End Topsy-Turvy Trade With Minor Gains; ICICI Bank, Titan Top Gainers

The Nifty 50 ended 0.05% higher at 23,416.55, up 10.95 points. The Sensex closed 0.02% higher at 74,360.01, up 13.84 points.

BIS Director General Sanjay Garg said around 724 products are currently covered under 144 quality control orders.

He said some QCOs were deferred, postponed or withdrawn after demands from sections of the industry and assessments by the government. Garg said QCOs may involve initial costs and process changes for businesses, but can support quality infrastructure over the long term.

• Brent crude futures fell 67 cents, or 0.69%, to $97.14 a barrel.
• US West Texas Intermediate crude declined 62 cents, or 0.65%, to $95.40.

• Vedanta said the Enforcement Directorate conducted a search operation from June 1 to June 3 under the Foreign Exchange Management Act, 1999, according to an exchange filing.
• The company said the search operation concluded on June 3.

• The pan-European Stoxx 600 traded 0.4% higher in morning trade.
• London’s FTSE 100 rose 0.2%, France’s CAC 40 gained 0.7%, and Germany’s DAX advanced 0.6%.

Kapil Madan, an SC lawyer, told NDTV Profit that cases like Rajesh Exports can also be assigned to the Serious Fraud Investigation Office.

Madan said the issue appears to be a fraud after reviewing SEBI’s order. He said the company’s next legal remedy needs to be watched, adding that there appears to be a large inflation of revenue if SEBI’s prima facie findings are true.

Hindalco Industries launched an Eternia Experience Centre in New Delhi, according to an exchange filing.

• CMR Green Technologies’ IPO was subscribed 6.73 times as of 2:27 p.m. on the second day of bidding.
• The non-institutional investor portion led with 16.36 times subscription, while the retail portion was subscribed 6.41 times.

• Larsen & Toubro signed an MoU with the Tamil Nadu government to take up three projects with an investment of Rs 18,600 crore, PTI reported.
• The projects include data centre expansion in Kanchipuram, an electronics and electrical systems manufacturing unit in Coimbatore and expansion of the Kattupalli L&T shipyard. The investments are expected to create over 8,000 jobs.

• The Nifty 50 traded 0.13% lower at 23,374.40, down 31.20 points.
• The Sensex fell 0.19%, or 143.14 points, to 74,203.03.

• Rajesh Mehta of Rajesh Exports told NDTV Profit that it is true that SEBI’s probe has been on for two years.
• He said SEBI has used the word “appears” and that nothing is definitive. Mehta said the Rs 15.5 lakh crore revenue figure is correct.

• Rajesh Mehta of Rajesh Exports told NDTV Profit that SEBI’s order is interim and the regulator has not reached any adverse conclusion.

• He said the company’s declared revenues are correct and there is no wrongdoing. Mehta said the Rs 15.5 lakh crore revenue figure relates to five years and SEBI seems to have mistaken revenue for profitability.

Rajesh Exports Chairman Rajesh Mehta is speaking to NDTV Profit.

Click here to watch it live.

• Hardeep Singh Puri said oil marketing companies’ losses remain high at around Rs 550 crore per day, which he described as the cost of keeping fuel affordable.
• He said 50–100 fuel dispensing stations in Delhi NCR and Mumbai will rise to 5,000 by 2027. He also said India would gain if Euro 6 standard vehicles can become compliant with E100 fuel.

• Satin Creditcare approved a preferential allotment of warrants worth Rs 100 crore, according to an exchange filing.
• The company approved the warrant allotment at Rs 260 per share.

Rajesh Exports said it has received SEBI’s interim order dated June 3 and clarified that the regulator has not reached any adverse conclusion.

The company said its reported revenues are correct and not overstated. It said it is submitting required documents to SEBI and rejected adverse media reports related to the order.

Ceigall India will sell its step-down subsidiary to Neo Alternative Asset for Rs 177 crore, according to an exchange filing.

• K Balasubramanian, Citi India CEO and banking head, told NDTV Profit that the bank does not see stress in its corporate client portfolio due to the West Asia conflict.
• He said Citi remains focused on its institutional business in India and sees business opportunities with Indian institutional clients. Balasubramanian said the bank is positioned to serve companies through its network across 95 countries.

• The India Meteorological Department said the monsoon reached Kerala on Thursday.
• The weather office commented on the onset of monsoon rains in the state.

• Maruti Suzuki MD and CEO Hisashi Takeuchi said the benefits of flex-fuel technology extend beyond the auto industry and can help farmers and other stakeholders.
• He said large-scale adoption of flex-fuel vehicles will take time and require efforts from all stakeholders.

• Rajesh Mehta of Rajesh Exports told NDTV Profit that SEBI’s order is an interim order and its findings are not accurate.
• He said the company is reviewing the findings and will issue a detailed statement within an hour.

• Dixon Technologies told NDTV Profit that it is scaling up its camera module business and has increased manufacturing of telecom products.
• The company said the next phase of growth will come from exports. It added that proposed free trade agreements with the US and the EU will support the business.

• Vinay Jaising of ASK Private Wealth told NDTV Profit that India could see debt inflows of $25 billion if FPI tax rules are eased.
• Jaising said he remains underweight on IT companies. He also said energy prices, FII outflows, lower forex reserves and a $50 billion foreign exchange outflow in the last two months are key points for the market.

• Sandip Agarwal of Sowilo Investment Managers told NDTV Profit that he expects lower long-term growth in the IT sector.
• Agarwal said the Nifty IT index has corrected nearly 40–50% and investors need to track annual net foreign exchange movement.

• Girish Pai of BOB Capital Markets told NDTV Profit that the IT industry’s revenue may grow in low single digits, while profit after tax growth could be in the 4–5% range.
• Pai said investors need to track customer operational spending and changes in employee structures at IT companies. He said one should remain underweight on the IT sector.

• Nifty India Defence rose 1.26%, while Nifty Energy gained 0.92% and Nifty PSU Bank advanced 0.78%.
• Nifty FMCG, Nifty Auto and Nifty Consumption gained between 0.69% and 0.74%.
• Nifty Metal fell 0.45%, while Nifty IT slipped 0.08%.

• The Nifty 50 traded 0.05% higher at 23,416.30, rising 10.70 points.
• The Sensex gained 0.07%, or 51.70 points, to 74,397.87.

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• Infosys fell 1.18%, while Persistent Systems declined 0.84%.
• Wipro slipped 0.69%, HCL Technologies dropped 0.66%, and Oracle Financial Services Software fell 0.53%.
• Tech Mahindra traded higher by 1%.

• Rajesh Exports shares hit the lower circuit at the open after SEBI barred the company and promoter Rajesh Mehta from the securities market.
• The regulator’s action relates to alleged discrepancies in reported revenue worth Rs 15.15 lakh crore over five financial years.

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• The Nifty 50 fell as much as 0.7% to 23,247, while the Sensex dropped 0.7%, or 538 points, to 73,807.
• The benchmarks extended losses for the second straight trading session.

The Centre may amend tax provisions through an ordinance to ease rules for foreign portfolio investors investing in government securities, according to sources.

Foreign investors in select government securities may get tax relief after required approvals. FPIs currently pay 12.5% long-term capital gains tax on listed government securities held for over a year, while interest earned on G-Secs is subject to 20% withholding tax unless treaty benefits apply.

• Skipper approved raising up to Rs 433 crore through equity, including 92 lakh shares at Rs 470 each. The company also incorporated a wholly owned subsidiary, Skipper Transmission & Distribution, in Abu Dhabi.
• NBCC secured orders worth Rs 83.2 crore from three entities, including a Rs 40 crore residential construction project from Canara Bank.
• BHEL received an order worth Rs 2,000–2,500 crore from a Nigerian client for eight gas turbine generator packages.

• In GMR Airports, FMRC Fidelity Advisor International Capital Appreciation Fund bought 14.92 crore shares, while Goldman Sachs Trust II sold 16.27 crore shares at Rs 97.75 each.
• Fidelity Investment Trust Fidelity International Small Cap Fund bought 19.5 crore GMR Airports shares, while GQG Partners Emerging Markets Equity Fund sold 19.5 crore shares at Rs 97.75 each.
• In Lenskart Solutions, SVF II Lightbulb (Cayman) sold 5.65 crore shares. Buyers included Societe Generale - ODI, Goldman Sachs Bank Europe SE - ODI, Kotak Funds, ICICI Prudential Mutual Fund, Fidelity Funds, Mirae Asset Mutual Fund, Quant Mutual Fund and HDFC Life Insurance Company.

• CMR Green Technologies’ IPO was subscribed 2.46 times on the first day of bidding.
• The non-institutional investor portion was subscribed 5.67 times, while the retail investor portion was subscribed 2.45 times.

• JBM Auto said it recorded a 49% market share in the electric bus segment in May.
• The company sold 157 electric buses during the month.

• Indian Energy Exchange said electricity traded volume rose 18.6% year-on-year to 12,983 MU in May.
• Day-ahead market volume increased 25% to 4,417 MU, while real-time market volume rose 15.9% to 5,529 MU. The average day-ahead market price rose 18.3% to Rs 4.88 per unit.

• S&P 500 futures fell 0.5%, while Nasdaq 100 futures declined 0.6%.
• Dow Jones Industrial Average futures traded marginally higher.

• Japan’s Nikkei 225 fell 1.74% after touching a record high in the previous session, while the Topix declined 1.09%.
• South Korea’s Kospi dropped 1.25%, while the Kosdaq rose 3.83% as trading resumed after a holiday.
• Australia’s S&P/ASX 200 lost 1.14%, China’s CSI 300 fell 0.84%, and Hong Kong’s Hang Seng declined 0.93%.

• GIFT Nifty traded at 23,313, compared with Wednesday’s Nifty 50 close of 23,405.60.
• The early indicator pointed to a lower opening for Indian equities.