Jun 19, 2024, 3:27 pm IST
ZF Commercial Stock Sharply Falls
ZF Commercial stock price nosedived by over 4% after the company sold 7.5% stake to institutional investors to increase ZF Group’s flexibility for its growth.
Jun 19, 2024, 3:25 pm IST
Nifty Bank Record High
The Nifty Bank witnessed stellar upside by nearly 3% and crossed over 51,900 levels. The index has touched a new all-time high of 51,935.30.
Jun 19, 2024, 2:00 pm IST
Gautam Adani Commits 0 Billion Investment To Energy Transition
Adani Group plans to invest over 0 billion (approximately Rs 835 crore) in energy transition projects and manufacturing capabilities for green energy components, announced Chairman Gautam Adani on Wednesday. The conglomerate aims to build solar parks and wind farms, and develop major facilities for manufacturing electrolyzers for green hydrogen production, wind power turbines, and solar panels.
Jun 19, 2024, 1:48 pm IST
DEE Development Engineers IPO Sees Strong Early Interest, Subscribed 0.75 Times
The initial public offering (IPO) of DEE Development Engineers Ltd garnered significant interest from retail and non-institutional investors on its first day of bidding, June 19. By 12:30 PM, the Rs 418-crore IPO was subscribed 0.75 times, with investors purchasing 1.12 crore equity shares against the offer size of 1.50 crore shares, according to exchange data.
The non-institutional investors' portion was fully subscribed at 1 times the allotted quota, while retail investors bought 1.05 times their reserved portion. However, the portion set aside for qualified institutional buyers has yet to see any subscriptions.
Jun 19, 2024, 1:45 pm IST
Defence Stocks Plunge as Investors Cash In on Recent Gains
Defence stocks experienced a sharp decline on June 19 as investors engaged in profit-booking following a sustained rally in recent trading sessions. Bharat Dynamics saw its shares drop by over 5%, while Hindustan Aeronautics (HAL) and Bharat Electronics (BEL) faced declines of up to 5%.
The defence sector has been on an upswing since June 5, following the Bharatiya Janata Party’s (BJP) successful coalition formation, ensuring Prime Minister Modi’s return for a third consecutive term. The Modi government’s focus on the defence sector—through increased funding, expanded budgets, and rising exports—had driven investor enthusiasm and significant capital inflow.
Jun 19, 2024, 1:44 pm IST
Coal India To Revive Abandoned Mines With Private Operators
Coal India is set to harness the latent coal reserves from its closed and discontinued underground mines by partnering with private operators. The company has awarded 23 such mines to private sector bidders under a revenue-sharing model. These mines collectively have a peak rated capacity of 34.14 million tonnes per year (MT/Y) and total extractable reserves estimated at 635 million tonnes (MT).
Jun 19, 2024, 12:37 pm IST
ABB India & Witt India Partner For Advanced Smoke Extraction Motors
ABB India, in collaboration with Witt India, has successfully deployed ABB's state-of-the-art smoke extraction motors to improve tunnel safety and reliability in India's critical infrastructure development projects.
Jun 19, 2024, 12:30 pm IST
SENSEX and NIFTY Top Gainers and Losers Today
Stock Market Live Updates
Jun 19, 2024, 11:36 am IST
Zurich Insurance Acquires 70% of Kotak General
Zurich Insurance Company has finalised the purchase of 70 percent of Kotak General Insurance Company's shares. Following this transaction, Kotak General Insurance is no longer fully owned by Kotak Mahindra Bank. Kotak Mahindra Bank retains a 30 percent stake in the insurance firm.
This acquisition marks a significant shift in ownership structure for Kotak General Insurance. Zurich Insurance now holds the majority stake, altering the dynamics between the two entities. The change reflects a strategic move by Zurich Insurance to expand its presence in the Indian market.
Kotak Mahindra Bank's reduced stake indicates a shift in its business strategy. The bank will continue to have a substantial interest in Kotak General Insurance, despite no longer being the majority shareholder. This may influence how the companies collaborate moving forward.
Jun 19, 2024, 11:31 am IST
Zee Entertainment Shares Drop Over 4% after CFO Rohit Kumar Gupta Resigns
Shares of Zee Entertainment Enterprises dipped by more than 4 percent following a significant executive departure. The company's Chief Financial Officer, Rohit Kumar Gupta, stepped down from his role, prompting this market reaction. The stock fell 4 per cent to ₹154.35 on the BSE, while on the NSE, it decreased by 4.11 per cent to ₹154.30.
Gupta's resignation marks another high-level exit for Zee Entertainment, which has seen several changes in its top management recently. Investors reacted swiftly to the news, leading to a notable drop in the company's stock price. This decline reflects the market's concern over the stability of the company's leadership.
The resignation of a key executive like the CFO often signals potential internal challenges or strategic shifts, causing investor apprehension. Zee Entertainment has been navigating through a series of managerial changes, and Gupta's departure adds to the uncertainty surrounding the company's future direction.
Jun 19, 2024, 11:12 am IST
PM Modi inaugurates Nalanda University's new campus in Bihar's Rajgir
Prime Minister Narendra Modi inaugurated the new Nalanda University campus in Rajgir, Bihar, on Wednesday. External Affairs Minister S. Jaishankar and ambassadors from 17 nations attended the event.
The ceremony marked a significant milestone for the historic institution, which aims to revive its ancient legacy. Nalanda University, established in the 5th century, was a renowned centre for learning in ancient India. The new campus seeks to continue this tradition.
External Affairs Minister S. Jaishankar, speaking at the event, highlighted the university's role in fostering international collaboration. "This campus stands as a symbol of our commitment to education and global partnerships," he said. Ambassadors from countries such as Japan, Singapore, and Thailand were also present.
Prime Minister Modi emphasised the importance of education in building a progressive society. He stated, "Nalanda University's new campus is more than just a building; it is a beacon of knowledge and learning for future generations." He also noted the university's potential to attract students from around the world.
Jun 19, 2024, 10:50 am IST
SENSEX
Sensex dropped by 273.61 points to trade at 77,027.53. Market has been trading volatile with midcap and smallcap stocks falling sharply.
Jun 19, 2024, 10:46 am IST
Tata Motors Brings Back the Iconic Freelander as an Electric Vehicle, Made in China
A decade after halting the Freelander, Tata Motors-owned Jaguar Land Rover Automotive is reviving this classic four-wheel-drive vehicle as an electric model. This renewed Freelander will target the Chinese market. Tata Motors is leveraging this reintroduction to boost profitability in the electric vehicle sector.
Jaguar Land Rover, under Tata Motors' ownership, aims to tap into the rapidly growing demand for electric vehicles in China. The Chinese market, with its increasing focus on green technology, presents a lucrative opportunity for the company. By capitalising on the Freelander's legacy, Tata Motors hopes to enhance its presence in the EV space.
Electric vehicles (EVs) have become a significant focus for automakers worldwide. The shift towards sustainable transportation is driving companies to innovate and offer eco-friendly alternatives. Tata Motors' strategic decision to bring back the Freelander as an electric vehicle aligns with this global trend.
Jun 19, 2024, 10:32 am IST
NIFTY Top Gainers Today
Stock Market Live Updates
Jun 19, 2024, 10:23 am IST
PM Surya Ghar Free Electricity Scheme: Electricity Bill Reduced To Just Rs 200 In This State; Find Out
In a major good news, Haryana citizens are provided with massive reliefs in terms of their electricity bills especially in the summer season when the consumption is more and that leads to charges being higher. Now, the state will have a new pattern of being charged for electricity usage. The Haryana CM has announced that the electricity bill will be merely Rs 200 if the consumption is from 10 units to 100 units.
Jun 19, 2024, 10:16 am IST
SENSEX Top Gainers
Stock Market Live Updates
Jun 19, 2024, 10:07 am IST
PNB Housing Finance appoints Vikas Rana as Head of Construction Finance
The company has appointed Vikas Rana as Head - Construction Finance, of the company, effective from June 18.
Jun 19, 2024, 9:52 am IST
Sector Update: Real Estate | Strong leasing traction continues
Sumit Kumar of JM Financial Institutional Securities Limited said, “Demand for office spaces improved significantly in 3QFY24 (18.1msf of net leasing) and continued to improve in 4QFY24 with total pan-India absorption recorded at 11.4msf (Source: Cushman and Wakefield). Consequently, i) Overall vacancies were stable at 17.6% in 4QFY24 (17.4% in 4QFY23), and ii) Quoted rents grew 5.1% across Grade-A properties. Across the 7 top cities, c. 54msf of supply was delivered in FY24 (Exhibit 2) while absorption was around c.43msf. Leasing activity is expected to get a further leg-up in on account of i) clarity on partial de-notification coming through in 3QFY24, ii) strong demand from GCCs, and iii) increasing work-from-office trends. We expect occupancy levels for the office REITs to improve slowly starting 2HFY25E and then gain momentum in FY26E. In our coverage universe, Mindspace REIT and Brookfield REIT both look attractive from a ‘total returns’ perspective.”
Jun 19, 2024, 9:30 am IST
Market Outlook Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
After an extended weekend, Nifty began the week's trading activity with a gap-up opening. However, there was no significant movement after the opening, and similar to last week, intraday trading remained confined within a narrow range throughout the session. Eventually, prices ended with gains of 0.39%, a tad above 23550.
While heavyweight indices like IT and the BankNifty performed decently, and sectors such as Realty and Consumer Durables saw remarkable moves, the benchmark index continued its lackluster performance. Despite a winning streak for the fifth consecutive session, the appearance of small body candles on the daily chart is frustrating for traders, particularly intraday traders focused on the benchmark index. Although the narrow intraday range suggests a potential momentum move nearby, traders should wait for a trigger before becoming aggressive with index-specific trades. With a bullish undertone, traders should focus on trades outside the index, as the real action lies there.
Regarding levels, immediate support is around the bullish gap near 23500, with key support at 23350. In the uncharted territory, 23650 to 23700 appears to be immediate resistance. Traders are advised to monitor these levels and set up their trades accordingly.
Jun 19, 2024, 9:13 am IST
Sprayking Got Order Worth 15 million For 25 Tonnes Brass Rod
Sprayking Limited on Wednesday announced that a new domestic client has placed a sizable order for 25 tonnes of brass rod, valued at around Rs. 15 million.
Jun 19, 2024, 9:10 am IST
Rupee vs Dollar
On Wednesday, the Rupee opens at 83.38 against the USD. On Tuesday, the Rupee ended at 83.41 against the dollar.
Jun 19, 2024, 9:05 am IST
Market Outlook Today By Aditya Gaggar, Director of Progressive Shares
A rangebound trade comes to an end on a positive note at 23,558. With bearish candles, the Index has been registering new highs; thus, we recommend remaining light on Index positions and focus on sector specific approach. BankNifty has given a strong close above its previous high with the downside being protected at 50,250 while 51,000 will act as an immediate hurdle. As mentioned yesterday, profit booking correction was witnessed in some of the Auto counters; we believe this correction could continue. The IT sector is forming a bullish Pennant and Pole pattern, post the breakout, one can expect a sharp rally. With the buying frenzy in Defense stocks, we advocate booking partial profits in it as almost all of them are in the extremely overbought territory. Fertilizer stocks have shown some buying traction and some of them have given a strong breakout which indicates an extension of the current move. From the Broader markets, couple of stocks appear strong on a technical front namely Dmart, GMR Infra, IGPL, Kajaria Ceramics, Prakash Industries, and Swan Energy.
Jun 19, 2024, 8:46 am IST
Kavveri Telecom Products Ltd Secures Rs 109 Million Order
For a crucial project in India, Kavveri Telecom Products Limited received a purchase order worth Rs. 109 million for radio frequency devices and antennas under the Make in India campaign. Under the Make in India initiative, Kavveri developed these products for the first time in its research and development facility in India.
Jun 19, 2024, 8:17 am IST
Sumeet Bagadia - Choice Broking: Buy NATURALGAS - Jul @ 247, for the Target of 286, with SL @ 226, Duration : Till Expiry
Natural gas has been corrected from its high levels and has begun to rebound from current support lows, offering a buy-on-dips opportunity for traders. MCX Natural Gas July contract has traded over 247 in today's session, while the NYMEX Natural Gas spot is trading at .93/mmBtu.
NYMEX Natural gas spot has remained over 20-EMA support level placed at .82 on Daily chart and gradually rebounding towards the key hurdle of .20. Breakout of this hurdle will accelerate upward momentum in Natural gas price towards its next hurdle placed at .60.
On Daily chart, Natural gas price has followed the Bullish trend line and trading over all key moving averages i.e. 50, 100 and 200-EMA levels. Here, we can also observe Golden crossover formation of Averages which suggests bullish biasness in NG price. The key hurdle would be at previous week's high of 266.50 and breakout of this level will fuel the NG price.
The momentum indicator, RSI levels have been trailing over 50 level on Daily as well as Weekly timeframe. Also, we can observe convergence on MACD lines alongside declining negative histograms which collectively suggests positive biasness in NG price.
We are expecting upward momentum in Natural gas in upcoming sessions and traders may go for Long position for 286 with given stop-loss.
Jun 19, 2024, 8:10 am IST
Nifty Outlook By Om Mehra, Technical Analyst, SAMCO Securities
Once again, the Nifty formed a doji candle on the daily timeframe while it continued to display higher highs and higher lows in the hourly chart, suggesting a bullish outlook. The daily upper Bollinger Band which is currently positioned at 23,770 serves as a key resistance level, while support remains at 23,300. The Nifty continues to trade within a rising parallel channel and as long as the 23,300 is not breached, the primary trend remains bullish.
Jun 19, 2024, 8:09 am IST
Bank Nifty Outlook By Om Mehra, Technical Analyst, SAMCO Securities
The index finally broke the resistance level of 50,253, made on 10th June 2024. The Bank Nifty is trading above its short-term moving average, indicating positive momentum. The support level is at 50,000, which is aligned with the 78.6% Fibonacci retracement level. The immediate resistance is positioned at 51,133.20, the all-time high reached on June 3, 2024. Breaking this resistance could pave the way for new highs.
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