-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
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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
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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
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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%.
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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
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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%.
Market breadth was skewed in the favour of buyers. Around 2,148 stocks rose, 783 fell and 107 remained unchanged on the BSE.
At pre-open, the Nifty was at 24228.75, up 0.36% or 86.80 points and the Sensex was at 79860.82, up 0.48% or 384.63 points.
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
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