Stock Market Today: All You Need To Know Going Into Trade On June 13

(Photo by Fahmi Fakhrudin on Unsplash)

Asian markets are likely to open higher on Tuesday with support from a rally on Wall Street amid optimism that the Federal Reserve will pause its most-aggressive tightening campaign in decades.

Futures for Japanese and Australian shares rose while those for Hong Kong fell slightly. Contracts for U.S. benchmarks rose slightly in Asia after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022.

On Monday, Tesla Inc. climbed for a 12th straight session — a record winning run — and Apple Inc. hit an all-time high. All eyes are on the Federal Open Market Committee, which is expected to keep interest rates in the 5%-5.25% range on Wednesday.

Meanwhile, Brent crude traded below $72 a barrel and West Texas Intermediate was below $68. The yield on the 10-year U.S. bond was trading at 3.74%, whereas Bitcoin was below 26,000-level.

At 05:33 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.11% at 18,719.

On the other side of the globe, India's benchmark stock indices held slim but steady gains on Monday, driven by advances in the I.T. and real estate sectors, while private banks and non-banking financial companies were under pressure. The Indian rupee strengthened 3 paise to close at 82.43 against the U.S. dollar on Monday.

Overseas investors in Indian equities remained net sellers for the second straight session on Monday. Foreign portfolio investors offloaded stocks worth Rs 626.6 crore, while domestic institutional investors were net buyers and mopped up stocks worth Rs 1,793.9 crore, as per NSE data. This was the highest amount of net buying by domestic investors this month so far.

Stocks To Watch: Inox Wind Energy, Adani Ports, Tata Motors, SBI, PCJ, JSW Steel In Focus

Inox Wind Energy: The company will merge with parent Inox Wind via a share swap. For every 10 shares of Inox Wind Energy, 158 equity shares of Inox Wind will be issued. This consolidation aims to simplify and streamline the group's structure by reducing the number of listed entities. For every 10 share warrants of Inox Wind Energy with an issue price of Rs 847 each, 158 share warrants of Inox Wind with an issue price of Rs 54 will be issued. The merger stands in the favour of the Inox Wind Energy shareholders by nearly 25% as per the last closing price of both the companies.
Adani Ports and SEZ: The company has suspended vessel operations in Mundra and Tuna Port in light of an advisory issued by the Indian Metrological Department on the expected cyclone storm ‘Biparjoy'.
Zee Entertainment Enterprises: SEBI has barred the company's Chief Executive Officer Punit Goenka and Essel Group Chairman Subhash Chandra from holding the position of a director or a key managerial position in a company's board.
PC Jeweller, State Bank of India: PC Jeweller has filed a suit against State Bank of India in district court in New Delhi for declaration and injunction and has requested to declare the action of the lender in classifying the loan account of the company as non-performing assets with effect from June 29, 2021, and April 24, 2019, as illegal, null, void, arbitrary, discriminatory, and against the RBI circulars and guidelines issued in this regard. The District Court has ruled that until any further orders, SBI must maintain the status quo regarding any further action to be taken against the company as a consequence of the NPA decision.
Tata Motors: The company said $111.94 million in aggregate principle amount of external commercial borrowing bonds of $250 million with 5.75% senior notes for 2024 were validly tendered as of June 9.
JSW Steel: The Directorate of Mines and Geology, Goa, named the company as the preferred bidder and granted a mining lease for iron ore minerals. The company won a grant for Block VI, the Cudnem Cormolem Mineral Block, with 9.77 million metric tonnes of resources and a final offer price of 96.65%. It received a grant for Block IX-Surla-Sonshi Mineral Block with 65.73 million metric tonnes of resources and a final offer price of 109.8% of the final offer price.
HDFC Bank: The lender said that 99.7% of votes received were in favour of naming Kaizad Bharucha as a deputy managing director of the bank for a period of three years starting April 19, 2023. As many as 99.8% of votes were received in favour of appointing Bhavesh Zaveri as an executive director of the bank for a period of three years starting April 19, 2023.
Housing Development Finance Corporation: The company inked a share purchase agreement to sell the entire stake held in HDFC Ventures Trustee Company for an aggregate consideration of Rs 7.60 lakh.
Star Health and Allied Insurance Company: Company said 96.21% of member votes were in favour of the appointment of Managing Director Shankar Roy Anand as managing director and chief executive officer of the company. While 99.33% of votes were received in favour of changing the designation of Venkatasamy Jagannathan from chief executive officer and chairman to non-executive director and chairman of the board,
Ramkrishna Forgings: The company incorporated Ramkrishna Titagarh Rail Wheels Ltd. along with Titagarh Rail Systems Ltd. Ramkrishna Titagarh Rail has been incorporated to manufacture and supply forged wheels. Both companies will hold 50% stakes in Ramkrishna Titagarh Rail.
Hero MotoCorp: The automaker launched a vehicle model, Passion+, under its brand Passion. It is available at Hero MotoCorp's dealerships across the country at an ex-showroom price of Rs 76,301.
Tejas Networks: The company deployed its TJ1400 family of carrier-class fibre-to-the-x and packet switching network solutions to deliver high-speed fibre connectivity services to businesses across the country for Tata Tele Business Services.
Greaves Cotton: The company's e-mobility business Greaves Electric Mobility has entered into an agreement with non-banking finance firm Bike Bazaar Finance to finance vehicles. Under the deal, Bike Bazaar will finance Greaves Electric's ELE-branded L3 electric vehicles.
Engineers India: The Oil and Natural Gas Corporation awarded a project worth Rs 472 crore to the company. The order includes the replacement of three CSU off-gas compressors and six regeneration gas compressors. The project also includes the installation of a CBD vessel at the Uran plant on an EPC-reimbursable basis. The project completion schedule is 40 months.
HFCL: The company won an order of about Rs 80.92 crore from Delhi Metro Rail Corporation to design, manufacture, supply, install, test, and commission a fibre optic transmission system for three priority corridors of Phase IV of the Delhi Metro Rail project.
SJVN: SJVN Green Energy bagged a 200 MW wind power project on a build, own, and operate basis from Solar Energy Corporation of India. The project shall be developed by the company anywhere in India through an EPC contract. The tentative cost of the project is Rs 1,400 crore. After commissioning, the project is expected to reduce 7.08 lakh metric tonnes of carbon emissions.

Who's Meeting Whom?

Can Fin Homes: To meet investors and analysts on June 15.
Meghmani Finechem: To meet investors and analysts on June 13.
NIIT: To meet investors and analysts on June 13.
MOIL: To meet investors and analysts on June 16.
Centum Electronics: To meet investors and analysts on June 13.
Poonawalla Fincorp: To meet investors and analysts from June 13 to June 16.
Persistent Systems: To meet investors and analysts on June 13 and June 15.

AGM

IndiaMART InterMESH

Trading Tweaks

Price Band Revised From 20% To 10%: PTC Industries, Urja Global
Ex-Date Annual General Meeting: Jindal Saw, JSW Holdings
Ex-Date Dividend: Jindal Saw, Diamines & Chemicals, LKP Finance, LKP Securities
Move Into Short-Term ASM Framework: Urja Global, Greenlam Industries, R Systems International, Force Motors
Move Out Of Short-Term ASM Framework: Inox Wind Energy, eMudhra

Bulk Deals

Balrampur Chini Mills: Societe Generale bought 10.87 lakh shares (0.54%) at Rs 406.02 apiece.
Go Fashion India: ICICI Prudential Life Insurance bought 7.04 lakh shares (1.3%), BNP Paribas Arbitrage bought 4.3 lakh shares (0.8%), Kuwait Investment Authority Fund bought 4.84 lakh shares (0.9%), Societe Generale bought 8.25 lakh shares (1.53%) at Rs 1,135 apiece and Sequoia Capital India Investments sold 54.98 lakh shares (10.18%) at Rs 1,136.1 apiece.
Man Infraconstruction: Societe Generale bought 39.32 lakh shares (1.06%) at Rs 102 apiece.

Pledge Share Details

Aurobindo Pharma: Promoter Group RPR Sons Advisors created a pledge of 17.3 lakh shares on June 9.
Jindal Steel And Power: Promoter Group Siddeshwari Tradex revoked a pledge of 9 lakh shares on June 8.

Insider Trades:

LG Balakrishnan & Bros: Promoter Nithin Karivardhan sold 12,000 shares on June 9.
Sandur Manganese and Iron Ores: Promoter Group Yashodara Devi Shiva Rao Ghorpad sold 15,500 shares on June 9.
S&T Corporation: Promoter & Director Ajay Kumar Savai sold 95,935 shares between June 8 and June 9.
Indoco Remedies: Promoter Madhura Ramani bought 5,421 shares on June 12.
Advanced Enzyme Technologies: Promoter Group Atharva Green Ecotech sold 47,100 shares between June 8 and June 9.
GNA Axles: Promoter Group Ashmeet Seehra bought 11,275 shares between June 7 and June 9.
Rajnish Wellness: Promoter Rajnish Kumar Singh bought 7.8 lakh shares on June 12.

F&O Cues

Nifty June futures ended at 18,690.40, a premium of 58.85 points.
Nifty June futures fell 5.99%, with 11,629 shares in open interest.
Nifty Bank June futures ended at 44,096 a discount of 21.95 points.
Nifty Bank June futures fell rose 3.37%, with 3,199 shares in open interest.
Securities added to the ban period: Indiabulls Housing Finance, Indian Energy Exchange, India Cements, Delta Corp

Money Market Update

Rupee closed 0.04% lower against the U.S. dollar at Rs 82.43 on Monday, compared to Friday's close of 82.46.

Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.