Stocks To Watch: ABFRL, HDFC, SBI, Hindustan Aeronautics, ICICI Bank, Bajaj Finance, Union Bank
Here are the stocks to watch before going into trade today.
Asian markets were set to open higher on Wednesday after a rally on Wall Street that was fueled by strength in U.S. consumer confidence and home sales. Futures rose for benchmarks in Japan, Australia and Hong Kong, while an index of U.S.-listed Chinese stocks climbed the most in three weeks.
Nasdaq 100 jumped almost 2% and the S&P 500 halted a two-day drop, on Tuesday. Tech megacaps led the rebound in U.S. equities. Tesla Inc. rallied after a 6% plunge, Snowflake Inc. jumped on an artificial intelligence-related partnership with Nvidia Corp.
Investors in Asia will be watching the release of figures for Chinese industrial profits, amid calls for Beijing to provide more stimulus, and Australian inflation data, which will help shape the central bank’s thinking on interest rates.
Meanwhile, Brent crude declined to $72 a barrel and West Texas Intermediate was trading below $68-mark. The yield on the 10-year U.S. bond was trading at 3.76%, whereas Bitcoin was above 30,000-level.
At 5:28 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.27% or 52 points at 18,862.5.
Indian stock benchmark indices held on to their steady gains through Tuesday to end higher, led by advances from non-banking financial companies and the real estate sector. The local currency closed flat at 82.03 against the U.S. dollar on Tuesday.
Overseas investors turned net buyers of Indian equities on Tuesday, ending a three day selling streak. Foreign portfolio investors mopped up stocks worth Rs 2,024.05 crore, according to data from the National Stock Exchange. This is the highest value of buying in 12 days since June 15. Domestic institutional investors turned net sellers and offloaded equities worth Rs 1,991.35 crore, the NSE data showed. This is the highest single day selling in nearly seven weeks since May 31.
Stocks To Watch
Aditya Birla Fashion and Retail, TCNS Clothing: Competition Commission of India has approved the acquisition of 51% of the expanded share capital of TCNS Clothing Company by Aditya Birla Fashion and Retail.
Housing Development Finance Corp.: Reserve Bank of India, through a letter on Tuesday, removed restrictions on HDFC Credila from on-boarding customers. The relaxation is subject to HDFC Bank applies for change in shareholding of HDFC Credila by July 31.
State Bank of India: The bank has decided to acquire entire 20% stake held SBI Capital Markets in SBI Pension Funds. Separately, S&P Global Ratings raised standalone credit ratings for SBI to BBB from BBB- rating.
Hindustan Aeronautics: The company recommended a stock split of existing one equity share of face value of Rs 10 each fully paid up into two equity shares of Rs 5 each fully paid up. It also recommended a final dividend of Rs 15 per equity share for the fiscal 2022-23.
Macrotech Developers: Morgan Stanley slashed the company’s price target to Rs 572.50 from Rs 1,145 previously citing that the company has issued bonus shares resulting in a doubling of the share count.
HDFC Bank, ICICI Bank: S&P Global Ratings raised standalone credit ratings for HDFC to A- from BBB+ and for ICICI Bank to BBB from BBB- rating.
Bajaj Finance: S&P Global Ratings raised standalone credit ratings to BBB-/Stable/A-3 from BB+/Positive/B.
Hero FinCorp: S&P Global Ratings raised standalone credit ratings to BB+/Stable/B from BB/Stable/B.
Shriram Finance: S&P Global Ratings raised standalone credit ratings to BB/Stable/B from BB-/Stable/B.
Union Bank of India: S&P Global Ratings raised standalone credit ratings to BBB-/Stable/A-3 from BB+/Stable/B.
Titagarh Wagons: The company has received letter of acceptance from Gujarat Metro Rail Corporation to design, manufacture, supply, test, commission and train 72 standard gauge cars for Surat Metro Rail. The order is worth Rs 857 crore and the execution will start 76 weeks after the contract is signed. The project is scheduled to be completed within 132 weeks after the execution starts.
The Ramco Cements: The company has commissioned Line III clinker manufacturing facility at its Ramamasamy Raja Nagar plant.
ITC: The company acquired 857 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh at a consideration of Rs 11.54 crore. ITC now holds 26.50% of Mother Sparsh’s share capital.
Infosys: The software exporter has signed a memorandum of understanding with Skillsoft to foster digital learning. Infosys will offer learners free of cost access to Skillsoft’s learning content through Infosys Springboard platform.
Gland Pharma: U.S. Food and Drug Administration issued one observation listed under Form 483 after it inspected the company’s Pashamylaram facility at Hyderabad between June 15, 2023 and June 27, 2023. It had conducted a pre-approval inspection for seven products and good manufacturing practice inspection at this facility. The observation is procedural in nature and the company will submit preventive actions for this to the U.S. FDA.
Meghmani Finechem: The company commissioned its wind solar hybrid power plant of about 18.34 megawatts and said the power flow has started.
Cyient DLM: The Rs 592 crore IPO, which opened for subscription on June 27, was subscribed 2.65 times as of 5:00 p.m. on the first day. Institutional investors subscribed 0.03 times or 3%, while non-institutional investors subscribed 3.57 times. Retail investors subscribed 9.82 times and the portion reserved for employee was subscribed 0.29 times or 29%.
IdeaForge Technology: The initial stake sale of IdeaForge Technology was subscribed 3.69 times on the first day, and 13.27 times on the second day. The bidding was spearheaded by retail investors subscribing 36.36 times, followed by the employee reserved portion at 26.26 times. Institutional and non-institutional investors subscribed 1.34 times and 21.59 times, respectively.
Sapphire Foods India: WWD Ruby sold 30 lakh shares (4.76%), Societe Generale ODI bought 4.73 lakh shares (0.74%), Nomura Trust and Banking Co. bought 4.38 lakh shares (0.68%), Goldman Sachs (Singapore) bought 3.42 lakh shares (0.53%), ICICI Prudential Life Insurance bought three lakh shares (0.47%), Nippon India Mutual Fund bought 4.65 lakh shares (0.73%), Kotak Funds India Midcap Fund bought 1.48 lakh shares (0.23%), among others at Rs 1377.1 apiece.
Amber Enterprises (I): BNP Paribas Arbitrage bought 1.77 lakh shares (0.52%) at Rs 2254.71 apiece.
HDFC Life Insurance Company: HDFC bought 1.48 crore shares (0.7%) at Rs 667.1 apiece.
Solara Active Pharma: Spiracca Ventures bought two lakh shares (0.55%) at Rs 371.54 apiece and Karuna Business Solutions sold two lakh shares (0.55%) at Rs 371.53 apiece.
Pledge Share Details
Emami: Promoter Suraj Finvest revoked a pledge of six lakh shares on June 22 while it created a pledge of 15 lakh shares on June 26 and Promoter Diwakar Finvest revoked a pledge of 15 lakh shares on June 23.
Chambal Fertilisers and Chemicals: Promoter Zuari Industries created a pledge of 3.5 lakh shares on June 23.
HDFC Life Insurance Company: Promoter HDFC bought 12.22 lakh shares on June 26.
Rolex Rings: Promoters Ashok Dayashankar Madeka sold 1.45 lakh shares, Bharat Jiten Madeka sold 25,000 shares, Hemal Paresh Madeka sold 37,460 shares, Mihir Rupeshkumar Madeka sold 25,000 shares, Manesh Dayashankar Madeka sold 55,000 shares, Bhautik Dayashankar Madeka sold 92,500 shares, Rupesh Dayashankar Madeka sold 55,000 shares, Jiten Dayashankar Madeka sold 55,000 shares, Pinakin Dayashankar Madeka sold 80,000 shares and Sanjay Bhagwanji Bole sold 80,000 shares between June 23 and 26.
Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company sold 35 lakh shares on June 23.
Star Cement: Promoter Ratna Chamaria sold 5000 shares on June 23.
Reliance Home Finance: Promoter Reliance Capital sold 53.6 lakh shares between June 23 and 26.
Ethos: Promoter KDDL bought 120 shares on June 23 and promoter Mahen Distribution sold 120 shares on June 23.
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 10.12 lakh shares between June 26 and 27.
Cosmo First: Promoter Gayatri and Annapurna through its partner Ashok Jaipuria bought 16,200 shares between June 26 and 27.
Mukand: Promoter Baroda Industries bought a total 19,275 shares on June 23 and 26.
Satia Industries: Promoter Ajay Kumar Satia bought two lakh shares on June 26.
Mindspace Business Parks REIT: Promoter Cape Trading bought 24,005 shares on June 26.
Zydus Wellness: Promoter Zydus Family Trust bought 2.6 lakh shares on June 26.
Who's Meeting Whom?
Heranba Industries: To meet investors and analysts on June 28.
HFCL: To meet investors and analysts on June 28.
Arvind: To meet investors and analysts on June 29.
Mphasis: To meet investors and analysts on July 21.
BLS International: To meet investors and analysts on June 30.
Shree Digvijay Cement
Price Band Revised From 10% To 5%: Hawdwyn India
Ex-Date Dividend: SKF India
Ex-Date Annual General Meeting: Aditya Birla Money, Dodla Dairy
Move Into Short-Term ASM Framework: Apollo Micro Systems
Move Out Of Short-Term ASM Framework: Hindware Home Innovation
Nifty June futures ended at 18,815, a premium of 97.80 points.
Nifty June futures fell 25.92%, with 37,666 shares in open interest.
Nifty Bank June futures ended at 44,129.95, a premium of 443 points.
Nifty Bank June futures fell 16.77%, with 11,443 shares in open interest.
Securities in the ban period: L&T Finance Holdings, Manappuram Finance.