Stock Market Today: Nifty, Sensex End Little Changed After Hitting Records As Banks Weigh

-The local currency weakened 6 paise to close at 83.50 against the US dollar.

-It closed at 83.44 on Monday.

Source: Bloomberg

Shares of Godrej Properties rose 5.64% to Rs 3,339.95, the highest level since Jan 5, 2010, when it was listed. It was trading 4.54% higher at Rs 3,305.10 as of 2:46 p.m., as compared to 0.12% decline in the NSE Nifty 50 index.

The scrip gained 108.90% in 12 months, and rose 64.15% on year-to-date basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 68.14.

Out of 20 analysts tracking the company, 13 maintain a 'buy' rating, one recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 17.2%

Files draft papers for IPO via fresh issue 2.34 crore shares worth 27% stake

Source: DRHP

• Arm acquires owner’s shares of land in Botanico project in Karnataka for a total consideration of Rs 165 crore

• Arm acquires owner’s shares of land in Capella project in Karnataka for a total consideration of Rs 86 crore

Source: Exchange Filing

Commences operations of Max Super Speciality Hospital at Dwarka, New Delhi

Source: Exchange Filing

Board recommends bonus issue in the ratio of 1:1

Source: Exchange filing

Delivery centre to focus on IT & engineering services

Source: Exchange Filing

Board approves appointment of Vivek Chandrakant Tongaonkar as Director (Finance) & CFO

Source: Exchange Filing

• Logistics segment GPWIS volumes up 28% YoY at 5.56 MMT

• Logistics segment rail volumes up 19% YoY at 1.56 lakh TEUs (YoY)

• Q1 total cargo up 7.5% YoY at 109 MMT

• Containers and liquids & gas led co's growth in cargo volume

• Kattupalli Port handled highest ever monthly cargo volume of 1.36 MMT in June

• June cargo volume up 12% YoY at 37 MMT

Source: Exchange Filing

Arm gets marketing authorisation from UK's MHRA for multiple products

MHRA stands for Medicines and Healthcare products Regulatory Agency

Source: Exchange Filing

Hindalco To Nalco: Firms Set To Benefit From Aluminium, Zinc and Copper Price Rise

SMALLCAP World Fund sold 2% stake in co via open market on June 28

SMALLCAP World Fund's stake in co now stands at 3%

Source: Exchange Filing

Promoters to acquire 12.7% stake in co from RKN Enterprises via block deal

Source: Exchange Filing

Shares of Pennar Industries jumped 10.25% to a record high of Rs 191.70 apiece. It pared gains to trade 5.61% higher at Rs 183.63 as of 10:23 a.m., compared to 0.04% advance in the NSE Nifty 50 index.

The stock gained 133.63% in last 12 months and 47.23% on year to date basis. Total traded volume so far in the day stood at 5.3 times its 30-day average. The relative strength index was at 65.94.

Both the analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.6%.

• Expect aggregate revenue growth to pick up to 0.8% QoQ CC

• Likely be led by LTIMindtree and Infosys and dragged by HCLTech

• Aggregate margins likely to fall by 35 bps QoQ

• TCS likely to witness higher margin contraction, while Infosys witnessing higher margin expansion

• Deal wins likely to be healthy

• Remain selective due to rich valuations and limited demand recovery

Gets order worth $9.28 million for gas turbine generators from US-based manufacturer

Source: Exchange Filing

Vivek Chandrakant Tongaonkar resigns from the post of CFO

Source: Exchange Filing

• Prefers defensive stocks with dividend support such as TCS and Infosys

• Also prefer high growth stocks like Persistent, Coforge, LTTS.

• Surveyed 166 CIOs responsible for $123 billion in annual IT spending

• IT Budgets expected to accelerate to 4.1% in CY24 from 2.7% in CY23

• 33% of CIOs expect to delay/defer their IT purchases in 2HCY24

• This can be due to uncertain macro, geo politics, US elections

• 25% of CIOs expect to accelerate on tech investments

• 33% are reprioritizing IT spends away from legacy/systems upgrades to fund GenAI

• 8/11/10% of CIOs using TCS/Cognizant/Capgemini as vendors to increase IT spends respectively

Shares of Allied Blenders & Distillers Ltd. listed on the National Stock Exchange on Tuesday at Rs 320 apiece, a premium of 13.8% over its issue price of Rs 281. On the BSE, the stock debuted at Rs 318.1 per share, marketing a premium of 12.12%.

• The yield on the 10-year bond opened flat at 7.02%.

• It closed at 7.01% on Monday.

Source: Cogencis

• The local currency weakened 6 paise to open at 83.50 against the US dollar.

• It closed at 83.44 on Monday.

Source: Bloomberg

Funding round led by Abu Dhabi Investment Authority

Source: Statement

Enters affordable housing segment with new home loan product

Source: Bloomberg

• Maintains BUY, hikes target price to Rs 2090 from Rs 1950 (16% upside)

• New health insurance product 'Elevate' to help ramp-up retail presence

• Believes new product can get positive response from customers, agents

• Believes company should push presence in retian space

• Partnerships with PBFintech to help health insurance segment grow at 25% CAGR over FY24-27

• Company should handle underwriting analytics well to help maintain profits

• Expects premiums to grow at 17% CAGR over FY24-27

• Raises earnings assumptions to factor strong growth in health insurance

• Rates overweight with target of Rs. 235 (upside 15%)

• Karnataka releases a draft bill on platform-based gig workers

• Bill is likely to be placed in the upcoming monsoon session of the state legislature

• Bill requires aggregators to enter into fare contracts

• Proposes a fee on either the transaction cost of each aggregator or their annual turnover in the state

• State department will set up a welfare board and a welfare fund for the workers

• State will have to ensure that there is no unjust dismissal of gig workers

• State to ensure workers are provided with a dispute resolution mechanism

• In Aug 2023 Rajasthan state assembly had passed a bill that proposed to impose a welfare fee

• In June 2024, there was newsflow around Telangana launching the draft Telangana Platform ----Based Gig Workers Policy, 2024

• If this policy/bill were to be implemented nationwide, it would have implications for all platform companies (e-commerce, e commerce logistics, food delivery, quick commerce, ride hailing, etc.).

• Believes the incremental cost burden could be shared by all the stakeholders

• Believes the bigger medium-term implication would be increased regulatory scrutiny

• Believes this will create more complicated operating environment for the platform-based companies

• Expects FY25E to record sustained 86/20%/22% growth in new orders/sales/EBITDA

• Electrification, defence manufacturing, mobility and energy to lead growth

• Top-line growth visibility remains strong on back of strong orders in two years

• Remains confident on healthy margins uptrend for short-cycle business

• Maintains positive view despite expensive headline valuations

• Top sector picks in order: CG Power, BEL, L&T

• Maintains 'Neutral' rating on Siemens and 'Sell' rating on Cummins

• Overall steady volume growth; trends weak in trucks

• UVs, tractors and buses witnessed healthy volume growth

• Maruti and M&M saw decent uptick in UV volumes

• Hero reported strong volume growth, Bajaj and TVS saw steady momentum

• Disappointed by the continued weakness in truck volumes for TAMO and ASOK.

• Preference order Maruti > M&M > Hero MotoCorp

Sells over 2,000 homes worth Rs 3,150 crore in Bengaluru project

Source: Exchange Filing

Completes installation of 35 MW DC capacity solar plant worth Rs 138 crore at Maharashtra

Source: Exchange Filing

• Raises target to Rs 500 (previously Rs 450)

• Target raised on reduction in cost of capital assumptions

• New target price suggests 22% downside

• Key underlying operating, financial assumptions remain unchanged

• Maintains BUY on Indraprastha Gas

• Raises target to Rs 610 (previously Rs 550)

• Target raised on reduction in cost of capital assumptions

• New target price suggests 16% upside

• Key underlying operating, financial assumptions remain unchanged

• India one of the top-3 importers of coking and thermal coal

• India share for global seaborne demand of coking and thermal coal at 15-17%

• Coal inventories at Indian power plants up 32% YoY

• June-end inventories down 2.5% MoM, less than normal seasonality

• Absolute level of inventories only 11% lower than previous peak

NMDC Iron Ore Production Drops By 3.2% To 3.37 Metric Tonne

• Nazara Technologies: TIMF Holdings bought 12 lakh shares (1.56%) at Rs 872 apiece. On the other hand, Parijata Trading Private Limited, Gyaana Retreat & Services Private Limited and Fashions Brands (India) sold 6 lakh shares (0.78%) at Rs 872 apiece.

• SG Finserve: Sixteenth Street Asian Gems Fund sold 10.44 lakh shares (1.86%) at Rs 400.19 apiece, while Sanjay Garg bought 8.5 lakh shares (1.52%) at Rs 396.34 apiece.

• EFC (I): Societe Generale bought 3.5 lakh shares (0.7%) at Rs 565 apiece, while Black Hawk Properties Private Limited sold 2.5 lakh shares (0.5%) at Rs 565 apiece.

• Krishna Defence and Allied Industries: Credent Asset Management Services Private Limited Pms A/C Orbis0000154 sold 0.99 lakh shares (0.86%) at Rs 1048.54 apiece.

• Veranda Learning Solutions: Ujwal Kumar Pagariya bought 4 lakh shares (0.56%) at Rs 240.77 apiece.

• Religare Enterprises: Plutus Wealth Management LLP sold 71 lakh shares (2.15%) at Rs 239.05 apiece, while Societe Generale bought 50.5 lakh shares (1.53%) at Rs 239 apiece.

TIMF Holdings Buys Stake Worth Rs 104 Crore In Nazara Technologies

All You Need To Know About FII Positions Going Into Trade On July 2

Trade Setup For July 2: Nifty May Witness Profit-Booking At Higher Levels