Stock Market Today: Nifty Logs Best F&O Series This Year; Crosses 24,000-Mark

• Zee Entertainment Enterprises Ltd. had its 22.2 lakh shares change hands in a block trade.

• Buyers and sellers are unknown.

Source: Exchange filing

• UltraTech Cement has acquired 19.44% stake of India Cements at Rs 267 per share.

• The company is to buy additional 3.4% stake in India Cements at Rs 285 per share.

Source: Exchange filing

• Tata Motors Ltd.'s 15.22 lakh shares or 0.04% equity changed hands in a large trade.

• The shares changed hands at Rs 954.5 per share. Buyers and sellers are unknown.

Source: Cogencis

• Rail Vikas Nigam Ltd. has received a Letter of Acceptance from the North Central Rail for providing electronic interlocking based automatic signaling.

• The work is expected to be executed in 455 days in Dhaulpur-Gwalior section of Jhansi division of North Central Railway.

• The order value is Rs 72.73 crore.

Source: Exchange filing

Stocks And Futures Struggle Ahead Of Key US Data: Markets Wrap

• Axis Bank Ltd.'s 91.62 lakh shares changed hands in a block trade at Rs 1,294.6. 

• Buyers and sellers are unknown.

Source: Cogencis

• Indian Oil Corp aims to have 20 million ton per annum LNG portfolio by 2030, the director said.

Source: Bloomberg

• Om Prakash Bhatt ceases to be Tata Consultancy Services Ltd.'s Independent Director.

• Bhatt concluded its second term as independent director on June 26, 2024.

Source: Exchange filing

• The US Food and Drug Administration's inspection indicates 'Voluntary Action Indicated' for Aurobindo Pharma's Telangana facility.

• Alert: US FDA inspected the company's Telangana facility from Feb 19-29.

Source: Exchange filing

• Kalpataru Projects International's board approved prepayment of non-convertible debentures worth Rs 198 crore.

Source: Exchange filing

• Citi Research has rated 'Buy' on PI Industries

• The brokerage has set the target price at Rs 4,350, which implied a 15.2% upside

• Acquisition of Plant Health Care contingent on approval of >75% shareholders

• Approval expected to be completed by Q2FY25

• Acquisition price represents premium of 57% to closing price of June 25

• Acquisition price reflects premium of 95% to past 3M volume weighted average price

Ramky Infrastructure Share Gains On Two Powergrid Contracts

• Radhakishan Damani and his entities sold stake in the India Cement to Ultratech Cement.

• Alert: Ultratech has acquired 23% equity stake in India Cements at Rs 267 per share.

Source: People In The Know To NDTV Profit

• UltraTech Cement Ltd. has acquired 23% equity stake in India Cements at Rs 267 per share.

• Works out at $90 per ton

• Total investment is Rs 1,890 crores with acquisition of 7.06 crore shares of ICEM

• Indicative time for completion of this non-controlling financial investment is one month

• No indication of acquisition for controlling stake in ICEM

• India Cements has 14.5 million ton per annum cement capacity along with 11.13mtpa clinker capacity

• Ultratech has 2mtpa in Telangana, 5mtpa in Tamil Nadu, 10.6 million ton per annum in AP

• India Cement sold 9.8 million ton in FY23 and promoters hold 28% stake.

• Deal can be mutually beneficial for both, according to the brokerage.

• UltraTech can work of strategic cement supply agreement to gain market share in undersupplied AP/Telangana belt

• India cement financial performance can also improve as volume improves

• Believe consolidation is expected to continue in cement space

• Industry leaders have strong balance sheets

• Near term demand remains muted and expected to improve post monsoon

• Pricing is also expected to improve once demand recovers substantially from 2HFY25E

• Remain positive on industry leaders; expect both Ultratech and Ambuja will gain market share

Rupee Opens Stronger Against Dollar With US GDP In Focus

• Will shut 6 million ton per annum crude unit at Kochi refinery In September-October, said G. Krishnakumra, chairman, Bharat Petroleum Corp.

• Expect to complete Bina refinery expansion mid-2027

• To expand Bina refinery capacity to 11 MTPA from 7.8 MMTP

• Bina petrochemicals project to be completed by mid-2028

Source: Bloomberg

Stock Of The Day: Whirlpool At Record On Bosch Bid For Parent

• Bharti Airtel Ltd., Dialog Axiata Plc & Axiata Group, Berhad successfully completes share swap transaction of Bharti Airtel Lanka on June 26.

Source: Exchange filing

• Asia Opportunities sells 2.46% stake in PNB Housing Finance Ltd. on June 20.

• Asia Opportunities stake falls to 5.19% from 7.65%.

Source: Exchange filing

Dr Reddy's At One-Month High On Arm Buying British Nicotine Gum Brand

KEC International Shares Hit Record After Winning Orders Worth Rs 1,025 Crore

Ultratech Cement Buys 23% Stake In India Cements But Open Offer Unlikely

Market breadth was skewed in the favour of buyers. Around 1,751 stocks advanced, 1,182 stocks declined, and 119 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 0.04% higher at 23,881.51, and the S&P BSE Sensex was trading 0.11% higher at 78,587.676.

• The yield on the 10-year bond opened flat at 7.00%.

• It closed at 7.00% on Wednesday.

Source: Cogencis

• The local currency strengthened by 4 paise to open at 83.53 against the US dollar.

• It closed at 83.57 on Wednesday.

Source: Bloomberg

• The India Cements Ltd. has 6.02 crore shares or 19.4% equity change hands in pre-market two large trades on BSE.

Source: Cogencis

• CSB BANK 1.66 crore shares or 9.6% equity change hands in a pre-market large trade.

Source: Bloomberg

• Price target of Rs 2,373, which implied 35-38% upside

• Stock on verge of break out of trading range placed since 2021

• Close above Rs 1,717-Rs1,734 resistance, would mark a major bullish event

• Will lead to an end of a period of over two years of ranging price action

• Breakout would suggest upside price target of Rs 2,373

• Citi Research maintained a 'Sell' and set the target price Rs 4,825, which implied a downside of 9.4%.

• The brokerage maintains FY27 target of $2 billion revenues and operating margin improvement of 150-250 basis points.

• The demand environment has improved vs start of the quarter.

• The first quarter of FY25 revenue growth will likely be similar to the Jan-March of FY24 levels.

• The second quarter of FY25 growth will be healthy largely due to pick up in deals.

• Cigniti acquisition is on track and will likely be consolidated from July 1st, 2024.

• Wage hikes for most employees will likely be deferred to 2Q & lower than usual

• Valuations are at 30 times 1-yr forward consensus EPS

Asian Stocks Decline As Yen Rebounds After Plunge: Markets Wrap

• Ganesha Ecosphere made an investment of Rs 100 crore in wholly-owned unit Ganesha Ecopet Pvt. Ltd.

Source: Exchange filing

• Jefferies downgraded Bharti Hexacom to 'Hold'

• However, the brokerage revised price target to Rs 1,290 from Rs 1,200. The price target implies 1% upside.

• Bharti Hexacom unexpectedly acquired spectrum worth Rs 1,000 crore, should help augment data services

• Jefferies cut earnings estimates by 4% to factor in spectrum spends

• The brokerage maintains 17%/23% revenue/Ebitda CAGRs over FY24-27

• Trades at over 20% premium to Bharti Airtel's India operation - which limits upside

• Equirus Securities initiated a 'Buy' on FSN E-Commerce Ventures Ltd.

• The brokerage set the price target of Rs 240, which implied a 37% upside.

• Equirus expects sales CAGR of 26% over FY24-FY29.

• Nykaa BPC commands 38% market share and boasts of strong prospects

• The brokerage sees strong growth trajectory over next decade with $31bn opportunity by CY27E

• Believes attractive valuations with stock trading at FY28E P/E of 58x

• Estimate ROE/core ROIC to reach 37%/38% in FY28E

Rupee Weakens Sharply Amid Strong Dollar, Importers' Demand

India Cements To Be Excluded From F&O Segment

• Ex/record Dividend: Titan, Supreme Petrochem.

• Ex/record AGM: Titan, Devyani International, Supreme Petrochem.

• Ex/record Bonus Issue: Aurionpro Solutions.

• Ex/record Stock Split: Share India Securities.

• Moved out short-term Framework: Bajaj Hindusthan Sugar, IIFL Securities, Marine Electricals (India), Praj Industries.

• Moved in short-term Framework: Omaxe.

Ather Energy To Invest Rs 2,000 Crore In Electric Scooter Plant In Maharashtra

• Tide Water Oil: Promoter Standard Greases & Specialities bought 38,762 shares on June 25.

• Salasar Techno Engineering: Promoter Kamlesh Gupta sold 21.4 lakh shares between June 19 and 24.

• KNR Construction: Promoter K Narsimha Reddy sold 4.35 lakh shares between June 24 and 25.

SEBI Eases 'Trading Plans' Framework For Company Insiders

Key Vedanta Promoter Exits By Divesting Stake Worth Rs 4,184 Crore

Titagarh Rail Promoter Pares Stake For Rs 438 Crore; BlackRock, BNP Paribus Buy Shares

ITD Cementation Secures Rs 1,082-Crore Marine Contract

Dr. Reddy's To Acquire Haleon's Nicotine Replacement Therapy Brand For 500 Million Pounds

Sector Rotation In Heavyweights Underway, Stay Long On Nifty, Says Analyst