Jun 21, 2024, 3:45 pm IST
Highs And Lows
Of the total 3,987 stocks traded on BSE, 1,786 stocks advanced, while 2,081 stocks declined and rest 120 stocks remained unchanged. Meanwhile, 279 stocks touched a new 52-week high on BSE in a single day, and only 9 stocks hit new 52-week lows. Also, 298 stocks touched upper circuits, and 211 stocks hit lower circuits.
Jun 21, 2024, 2:33 pm IST
Heavyweight stocks Drag Benchmarks
Sensex and Nifty extended their fall, erasing early gains where the 50-scrip benchmark touched a new high. Heavyweight stocks dragged benchmarks. These were Reliance Industries, Nestle, BPCL, Nestle, and L&T who fell by 2% each.
Jun 21, 2024, 2:16 pm IST
Hindustan Zinc Inks MoU With Aesir
Vedanta Subsidiary Hindustan Zinc shares today gained 3.51% to 670.40 per share on BSE after it has signed an MoU (memorandum of understanding) with AEsir Technologies, Inc., a USbased company specializing in next-generation zinc battery technologies. Hindustan Zinc shares witnessed highly attractive rally of 128% in last 3-months only and soared 118% in last 1-year. In last 1-month, Hindustan Zinc shares slipped 9.63%. Its market cap stood at Rs 2,83,265.39 crore. It has a PE of 35.14 and ROE of 51.12.
Jun 21, 2024, 1:33 pm IST
AI Tutor Platform Arivihan Helps Two Students Top MP Board Exams
India's first AI-driven automated learning platform provider Arivihan aims to "democratise learning" by making high-quality education accessible to every learner in India, regardless of financial situation, says founder Ritesh Singh. And the results are there to see with five Arivihan students surpassing the 99 per cent mark in JEE Mains 2024. The AI Tutor platform saw other significant successes, he said. "In the recent MP Board Class 12 exams, two of our learners achieved remarkable results in Science and Maths streams, scoring 98.6 per cent and 97.4 per cent, respectively, while a significant number of our students scored over 90 per cent," Singh told PTI.
Founded with the aim of tackling educational disparities in India, Arivihan offers personalised tutoring to each student at an affordable Rs 300 a month. Conventional educational approaches have long grappled with demand and supply challenges, given the notable gap between numbers of students and faculty in the education system today, Singh explained.
Jun 21, 2024, 1:20 pm IST
JGB Yields Rise As Weakened Yen Stirs BOJ Policy Worries
Japanese government bond (JGB) yields soared on Friday driven by a weaker yen that increased worries about the Bank of Japan's monetary policy direction. The 10-year JGB yield surged to more than a one-week peak of 0.98% and last recorded a surge of 2.5 basis points (bps) to 0.975%.
Jun 21, 2024, 12:38 pm IST
Stanley Lifestyles IPO Opens For Subscription
The initial public offering (IPO) of Stanley Lifestyles opened for subscription on June 2. The issue includes a fresh equity sale of Rs 200 crore and an offer for sale (OFS) of 91 lakh shares. The issue will close on June 25. The net proceeds from the fresh issue will reportedly be used for expenditure for opening the new stores, anchor stores, and for renovating existing stores.
Jun 21, 2024, 12:12 pm IST
Railtel Shares Zoom Over 10% After Bagging New Order
RailTel Corporation of India shares witnessed gain of 10.05% to Rs 478 per share on the BSE in Friday’s early morning deals. Railtel’s shares surged 61.3% in the last six months and jumped 264.29% in the last one year. Railtel shares zoomed today after it received a work order from South Central Railway on June 20, 2024. Its market stood at Rs 15,292.72 crore.
Jun 21, 2024, 12:00 pm IST
JM Financial Shares Fall 5%
JM Financial shares witnessed a decline of nearly 5% in trade today. The decline followed a decision by the markets regulator SEBI on Thursday, confirming interim measures to prohibit the company from serving as a lead manager for public issues of debt securities until March 31, 2025. This action is linked to alleged irregularities in a public issue of non-convertible debentures (NCDs).
Jun 21, 2024, 11:56 am IST
Gold Price India, June 21: Sharp Jump In Yellow Metal; Silver Prices Rise By Rs 4800 In 10-Days
Gold prices today jumped in India as weak economic data from the US spurred likelihood that Federal Reserve would slash interest rates this year. Meanwhile, silver prices in India too recorded sharp rally on Jun 21 as prices soared by Rs 1500 to Rs 94,000/kg. 22k gold prices today jumped by Rs 750 to Rs 67,150/10 grams and 100 grams of 22 carat yellow metal prices today rallied by Rs 7500 to Rs 6,71,500.
Jun 21, 2024, 11:31 am IST
India Advocates for Sovereign Funds' Exemption from RBI Investment Rules
The Indian government has requested the central bank to exempt sovereign funds from new stringent rules on investments in alternate investment funds (AIFs). This information comes from two government sources and a fund official.
In December, the Reserve Bank of India (RBI) instructed banks and non-banking financial companies to increase provisions for AIF investments. This directive included sovereign funds if they were also lending to projects where the AIFs were investing.
Regulatory Adjustments
The RBI's move aimed to curb the evergreening of loans. However, these rules were partially relaxed in March. The government is now seeking further exemptions for sovereign funds.
Sovereign funds play a crucial role in financing large-scale projects. They often invest in infrastructure and other significant sectors. The tightened rules could impact their ability to invest efficiently.
Jun 21, 2024, 11:21 am IST
Axis Securities Is Bullish On Anil Kumar Goel Stock After Breakout; Buy For TP 452-465
A diverse industrial group, Triveni Engineering & Industries Limited (TEIL) possesses core expertise in power transmission, water, sugar, and alcohol. In addition to being one of the leading manufacturers of ethanol and one of India's largest integrated sugar processors, the company has made substantial contributions to power transmission and water and wastewater treatment systems. Currently, the company runs six cogeneration power plants with a combined capacity of 104.5 MW grid-linked cogeneration spread over five sugar facilities. There are now seven sugar mills operating in the regions of western Uttar Pradesh (Khatauli, Deoband, Sabitgarh), central Uttar Pradesh (Chandanpur, Rani Nangal, and Milak Narayanpur), and eastern Uttar Pradesh (Ramkola). Triveni Engineering & Industries is a portfolio stock of ace investor Anil Kumar Goel on which the brokerage firm Axis Securities is bullish for up to 16% potential upside.
Jun 21, 2024, 11:09 am IST
Avanse Financial Services files for Rs 3500 crore IPO; seeks Rs 1000 cr via fresh issue; Rs2500 cr via OFS
Avanse Financial Services has submitted documents for an Initial Public Offering (IPO) worth Rs 3,500 crore. The company aims to raise Rs 1,000 crore through a fresh issue of shares. Additionally, it plans to gather Rs 2,500 crore via an Offer for Sale (OFS).
The IPO will be managed by several leading financial institutions. These include ICICI Securities, JM Financial, and HSBC Securities and Capital Markets (India). The funds raised will be used for various corporate purposes.
Details of the IPO
The fresh issue of shares is expected to bring in Rs 1,000 crore. This amount will be utilised for expanding the company's lending portfolio. It will also help in meeting future capital requirements.
The Offer for Sale (OFS) component involves existing shareholders selling their stakes. This part of the IPO is valued at Rs 2,500 crore. The proceeds from the OFS will go directly to the selling shareholders.
Jun 21, 2024, 10:53 am IST
236% Gain From 52W Low: Multibagger FII-Backed Stock To Mull Stock Split Soon
On Friday, the shares of Cellecor Gadgets were trading 3 points higher on the NSE in early trade after the company declared that the Board of Directors will meet next week to consider and approve stock split. The stock reached a 52-week-high of Rs 355 on (28-Dec-2023) and a 52-week-low of Rs 88.15 on (28-Sep-2023), implying that the stock has gained over 236% from its 1 year low. Cellecor Gadgets is small-cap company with promoters stake of 51.54%, FIIs stake of 0.77%, DIIs stake of 3.91% and public shareholding of 43.78% as of March 2024.
Jun 21, 2024, 10:42 am IST
Stock Alert: Heubach Colorants Gains 16% as Quant Mutual Fund Acquires Stake
Heubach Colorants India (HCIL) shares experienced a significant boost, climbing 16 percent to Rs 544 on the NSE during Friday's trading session. This surge is part of a broader rally that began when Quant Mutual Fund acquired less than 1% stake in the company through open market transactions.
Recent Stock Performance
In just two trading days, HCIL's stock has seen an impressive 40 percent increase. This rise highlights growing investor interest in the dyes and pigments sector. The acquisition by Quant Mutual Fund has evidently played a pivotal role in driving this upward momentum. The recent performance of HCIL shares underscores the market's positive response to strategic investments. Investors are closely watching how these developments will impact the company's future growth and stability. The acquisition by Quant Mutual Fund is seen as a vote of confidence in HCIL's potential.
Market Reactions
The market's reaction to Quant Mutual Fund's stake acquisition has been overwhelmingly positive. This move has not only boosted HCIL's share price but also increased its visibility among investors. The dyes and pigments industry, which HCIL operates in, is witnessing renewed interest due to such strategic investments. As HCIL continues to attract attention from institutional investors, its stock performance remains a focal point for market analysts. The company's ability to sustain this growth will be crucial in maintaining investor confidence. The recent surge in share price is a testament to the market's optimistic outlook on HCIL's prospects.
Jun 21, 2024, 10:32 am IST
Sun Pharma Inks Pact With Takeda To Introduce Gastrointestinal Drug In India
Sun Pharmaceutical Industries on Friday said it has inked a licensing pact with Takeda Pharmaceutical Company to commercialise a novel gastrointestinal drug in India. The company has entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan tablets in strengths of 10 and 20 mg in India, the Mumbai-based drug major said in a statement. Vonoprazan is a novel, orally active potassium competitive acid blocker (PCAB), used to treat reflux esophagitis and other acid peptic disorders.
"Sun Pharma is a leader in gastroenterology and we are excited to introduce Vonoprazan in India under non-exclusive patent license from Takeda," Sun Pharma CEO - India Business Kirti Ganorkar said. The partnership demonstrates the company's commitment to gastrointestinal health by providing patients and healthcare practitioners with a novel treatment option to manage reflux esophagitis and other acid peptic disorders, he added. Gastroesophageal Reflux Disease (GERD) is common in India.
Jun 21, 2024, 10:28 am IST
RailTel Jumps 10% Driven By Rs 20 cr Order from South Central Railway
RailTel Corp of India has secured a work order valued at Rs 20.22 crore. This project involves providing telecommunication services, specifically IP-MPLS, across 523 route kilometres (RKM) in the Secunderabad Division of South Central Railway.
The company revealed this information in a recent filing. The project is expected to be completed by June 18, 2025.
Project Scope and Timeline
The scope of the project includes the implementation of IP-MPLS technology. This will enhance communication infrastructure within the specified railway division. RailTel aims to complete this extensive project within the stipulated timeline.
RailTel's involvement in this project underscores its commitment to improving telecommunication services for Indian Railways. The company continues to play a pivotal role in modernising railway communication networks.
Jun 21, 2024, 10:20 am IST
Tata Technologies Faces Brokerage Sentiment Shift After Spectacular IPO
After a stellar debut in November 2023, Tata Technologies is now facing a shift in sentiment among brokerages. On June 19, Goldman Sachs initiated coverage with a sell call and set a price of Rs 900. This represents a 12 percent drop from the June closing price of Rs 1,029. Goldman Sachs is not alone in changing its outlook on the Tata Group company.
Notably, Tata Technologies' IPO in November 2023 was the first from the Tata Group in over 19 years. It also recorded the third-best closing gains on its listing day in Indian capital market history.
Brokerage Sentiments Shift
Goldman Sachs' recent report highlights concerns about Tata Technologies' future performance. The brokerage's sell call indicates a cautious approach towards the stock's valuation and growth prospects. Other brokerages are also reassessing their positions on the company.
The initial excitement surrounding Tata Technologies' IPO was significant. Investors were eager to participate in the first Tata Group IPO in nearly two decades. The strong listing gains further fueled optimism about the company's potential.
Jun 21, 2024, 10:14 am IST
IRCTC Share Price: Top Railway Stock Gets Rating Downgrade By Prabhudas Lilladher; Target Price Cut To Rs 825
Indian Railway Catering and Tourism Corporation Ltd (IRCTC) stock price has flourished since 2023. In a year, the stock is up by 54% on BSE, while in 2024 so far, it has given double-digit returns of 14%. IRCTC has the highest return on equity in railway baskets. However, brokerage Prabhudas Lilladher has downgraded its rating on IRCTC while reducing the target price as well.
Jun 21, 2024, 10:00 am IST
Forex Market Outlook Today By Anand James, Chief Market Strategist,Geojit Financial Services
INR: The Indian rupee fell to a record low of 83.62 against the US dollar on Thursday. The decline was partly triggered by significant block deals worth Rs 23,000 crore on Wednesday, including Vodafone Plc's stake sale in Indus Towers.
USD: The dollar edged higher on Thursday, dollar index rising 0.37% to 105.64 buoyed by wider interest-rate differentials as other major economies began cutting rates ahead of the U.S., and parts of Europe faced political turmoil. The dollar's ascent was also driven by a decline in the pound after the Bank of England decided not to cut interest rates.
Jun 21, 2024, 9:55 am IST
Nifty Derivative Outlook Today By Anand James, Chief Market Strategist,Geojit Financial Services
Nifty weekly contract has highest open interest at 23600 for Calls and 23550 for Puts while monthly contracts have highest open interest at 24000 for Calls and 23000 for Puts. Highest new OI addition was seen at 23600 for Calls and 23550 for Puts in weekly and at 24000 for Calls and 23550 for Puts in monthly contracts. FIIs increased their future index long position holdings by 5.42%, decreased future index shorts by 5.19% and in index options by 19.17% decrease in Call longs, 21.75% decrease in Call short, 6.51% decrease in Put longs and 8.32% decrease in Put shorts.
Jun 21, 2024, 9:41 am IST
Nifty Outlook Today By Anand James, Chief Market Strategist,Geojit Financial Services
Nifty swung on either sides of 23545 on anticipated lines, while throwing little insights on the next move. Directional moving indicators have eased, pointing to an extended period of consolidation. Within this construct, a slow rise to 24130 or a slow decline to 23035 is possible. Our preference is towards upsides, as long as dips do not force a close below 23460.
Jun 21, 2024, 9:15 am IST
Pre-market Outlook By Aditya Gaggar, Director of Progressive Shares
Range Bound weekly expiry trade ended higher at 23,567. With a Spinning Top candlestick pattern, nothing has changed for Nifty50 i.e. lower side is protected at 23,340 while 23,660 will be considered as a resistance. For the past couple of days, the Index has been oscillating in a range; breakout on either side will provide a clear direction. As per anticipation, a strong rally was noticed in all the Fertilizer counters. Some uptick can be seen but we believe it will eventually correct in the form of profit booking as in the lower timeframe they are in an extremely overbought condition, so it's better to book certain parts of profits. From the IT sector, Sonata Software looks strong as it has given a breakout from a Bullish Flag and Pole formation. Selective buying can be seen in the Metal sector. We have identified a few stocks from the Mid and Smallcap segments that are likely to rally in the short term namely Astec Life Science, GHCL, Jay Bharat Maruti, Mahindra Holidays, Ramky Infra, and Usha Martin.
Jun 21, 2024, 9:12 am IST
Rupee vs Dollar
The rupee begins weaker versus the US dollar on Friday at 83.61. On June 20, the Indian rupee fell to a record low of 83.62 versus the US dollar on account of higher crude oil prices and robust dollar demand.
Jun 21, 2024, 9:00 am IST
Bank Nifty Outlook
“Bank Nifty support at 51500 then 51250 zones while resistance at 52250 then 52500 zones. Now it has to continue to hold above 51500 zones for an up move towards 52250 then 52500 zones while on the downside support shifts higher to 51500 then 51250 levels,” said Chandan Taparia.
Jun 21, 2024, 9:00 am IST
Nifty Outlook Today
“Nifty immediate support at 23400 then 23350 zones while resistance at 23664 then 23750 zones. Now it has to continue to hold above 23500 zones to extend the move towards 23664 and 23750 zones whereas supports are placed at 23400 than 23350 zones,” said Chandan Taparia, CMT, CFTe Derivatives & Technical Analyst at Motilal Oswal.
Jun 21, 2024, 8:36 am IST
Tata Communications Secures A 5-Year USD250 Mn Sustainability-linked Loan (SLL) From 3 Lenders
ANZ, DBS Bank, and Export Development Canada (EDC) have granted Tata Communications a USD 250 million sustainability-linked loan (SLL) for a period of five years. For the loan, DBS Bank and EDC served as the Joint Sustainability Coordinators, with ANZ serving as the Lead Sustainability Coordinator.
Jun 21, 2024, 8:22 am IST
RailTel Corporation of India In Focus
“This is to inform that RailTel Corporation of India Ltd. ("the Company") has received the work order from South Central Railway for Telecomminucation works for provision of IP-MPLS in 523RKM of Secunderabad division of South Central Railway amounting to Rs. 20,22,05,784 (Including Tax),” said the company in a stock exchange filing.
Jun 21, 2024, 8:12 am IST
Yes Bank To Raise Funds By Issue of Debt Securities
The Board of Directors of Yes Bank Limited will be held on Tuesday, June 25, 2024 to consider and approve borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc, the bank said in a stock exchange filing.
Jun 21, 2024, 8:08 am IST
Jupiter Wagons In Focus
Jupiter Electric Mobility Private Limited, a division of Jupiter Wagons Limited (JWL), is pleased to announce a significant advancement in the development and certification of Lithium-Ion Phosphate (LFP) battery technology, improving the effectiveness and sustainability of rail transport in India by joining hands with Log9 Materials Private Limited.
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