Stocks To Watch: Tech Mahindra, Titagarh Wagons, TVS Motor, Torrent Pharma, NLC India, Eicher Motors

The stock rally driven by the exuberance surrounding artificial intelligence is widening beyond the tech industry, defying naysayers and raising concern about an overbought market.

Mounting bets that the Federal Reserve will end its tightening cycle sooner rather than later to prevent a recession added fuel to the equity advance, with the S&P 500 topping 4,400 and rising for a sixth straight day. The Dow Jones Industrial Average extended its advance from a September low to almost 20%, while the Nasdaq 100 closed at its highest since March 2022.

Microsoft Corp., which has unveiled a procession of AI-based products in recent months, climbed to a record. Lennar Corp. led a rally in homebuilders on a bullish outlook.

Meanwhile, Brent crude was trading around $75 a barrel and West Texas Intermediate rose to $70. The yield on the 10-year U.S. bond was trading at 3.72%, whereas Bitcoin was around 25,000-level.

At 05:23 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.42% at 18,838.5.

On the other side of the globe, Indian benchmark indices swung between gains and losses to snap a three-day advance and ended lower on Thursday dragged by banks and realty sectors. The Indian rupee weakened 7 paise to close at 82.18 against the U.S. dollar on Thursday.

Overseas investors in Indian equities were net buyers for the third day in a row on Thursday. Foreign portfolio investors mopped up stocks worth Rs 3,085.51 crore, while domestic institutional investors were net sellers and offloaded equities worth Rs 297.88 crore, the NSE data showed.

• Tech Mahindra: The company appointed Mohit Joshi as managing director and chief executive officer of the company with effect from Dec. 20, 2023, to June 19, 2028. Current MD and CEO CP Gurnani will retire on Dec. 19, 2023.

• Titagarh Wagons, Ramakrishna Forgings: Titagarh Wagons, Ramakrishna Forgings, won a Rs 12,226.5 crore contract to manufacture and supply 15,40,000 forged wheels over a span of 20 years for Indian railways. As per the contract, 40,000 forged wheels will be delivered during the first year, 60,000 wheels in the second year, and 80,000 wheels every subsequent year thereafter.

• TVS Motor Company: The automaker sold its entire stake of 11.12 crore equity shares, or 43.54% stake, held in associate company Emerald Haven Realty for Rs 166.83 crore to TVS Holdings, a promoter group company.

• Bharat Heavy Electricals, Eicher Motors: BHEL, Volvo Eicher Commercial Vehicles inked a memorandum of understanding to jointly develop and deploy Type-IV hydrogen and CNG cylinders in the commercial vehicle segment.

• Torrent Pharma: U.S. FDA has issued an Establishment Inspection Report after inspecting the drugmaker’s oral-oncology manufacturing facility at Bileshwarpura in Gujarat.

• Natco Pharma: U.S. FDA has issued an Establishment Inspection Report after inspecting Natco’s drug formulations manufacturing facility at Visakhapatnam in Andhra Pradesh from Jan. 30 to Feb. 3.

• Power Finance Corporation: Company’s wholly owned subsidiary, PFC Consulting, has been nominated as Bid Process Coordinator for the development of independent transmission projects by the Power Ministry. The company will take the special purpose vehicle route to execute the tariff-based competitive bidding process.

• NLC India: The company has incorporated a wholly-owned subsidiary, NLC India Renewables, to take over the existing renewable assets of the company.

IKIO Lighting: The shares of LED lighting solution provider IKIO Lighting Ltd. will be listed on the Indian stock exchange on June 16. IKIO launched its initial public offering on June 6, which closed on June 8. The Rs 606.5 crore IPO was subscribed 66.30 times on day 3. The offer included a fresh issue of Rs 350 crore and an offer for the sale of around 90 lakh shares.

• Suzlon Energy: To meet investors and analysts on June 16.

• FSN E-Commerce Ventures: To meet investors and analysts on June 19 and June 20.

• Meghmani Finechem: To meet investors and analysts on June 16.

• Kalyan Jewellers: To meet investors and analysts on June 16.

• Birla Corporation: To meet investors and analysts on June 16.

• Bikaji Foods International: To meet investors and analysts on June 16.

• Ksolves India: To meet investors and analysts on June 16.

• Aarti Drugs: To meet investors and analysts on June 16.

• HEG: To meet investors and analysts on June 16.

• Gateway Distriparks: To meet investors and analysts on June 16.

• Aarti Drugs: To meet investors and analysts on June 16.

• Aether Industries 

• Cigniti Technologies 

• Indian Hotels  

• Price Band Revised From 20% To 10%: Inox Wind Energy

• Price Band Revised From 5% To 20%: Edelweiss Financial Services

• Ex-Date Buy Back: Wipro

• Ex-Date Right Issue of Equity Shares: Cressanda Solutions

• Ex-Date Annual General Meeting: Eimco Elecon (India)

• Ex-Date Dividend: HDFC Life Insurance, Piramal Enterprises, Torrent Power, Welspun Corp., Eimco Elecon (India), Power Finance Corporation, Avantel, Power Finance Corporation, Shriram Finance, SMC Global Securities

• Record-Date Buy Back: Wipro

• Record-Date Dividend: HDFC Life Insurance, Piramal Enterprises, Torrent Power, Welspun Corp., Power Finance Corporation, Avantel, Power Finance Corporation, and SMC Global Securities

• Record-Date Right Issue of Equity Shares: Cressanda Solutions

• Move Out of the Short-Term ASM Framework: NRB Bearings

• Capacite Infraprojects: Societe Generale bought 11 lakh shares (1.62%), and Newquest Asia Investments II sold 17.21 lakh shares (2.53%) at Rs 200 apiece.

• Aditya Vision: Ajay Kumar HUF sold 1 lakh shares (0.83%) at Rs 1,345.17 apiece.

• Parag Milk Foods: IDFC Infrastructure Fund 3 sold 12.94 lakh shares (1.10%) at Rs 106.06 apiece.

Axis Bank: Employees Retirement System of the State of Hawaii bought 1.1 lakh shares; ICICI Prudential Mutual Fund bought 5 lakh shares (0.02%); Morgan Stanley Asia Singapore PTE-ODI bought 13.25 lakh shares (0.04%); Morgan Stanley Investment Funds Asia Opportunity Fund bought 15.65 lakh shares (0.05%); and Societe Generale-ODI bought 49.35 lakh shares (0.16%) at Rs 968 apiece.

BC Asia Investments III sold 70.58 lakh shares (0.23%), Integral Investments South Asia IV sold 56.29 lakh shares (0.18%), and BC Asia Investments VII sold 98.11 lakh shares (0.31%) at Rs 968 apiece.

• Mukand: Promoter Group Baroda Industries bought 10,000 shares on June 13.

• Greaves Cotton: Promoter Group Karun Carpets bought 1.9 lakh shares on June 14.

• Indo Amines: Promoter Marvel Indenting sold 3,700 shares between June 13 and June 14.

• KDDL: Promoter Group Saboo Ventures bought 2,150 shares on June 9.

• Motilal Oswal Financial Services: Promoter Group Karoon Agarawal sold 25,000 shares between June 13 and June 14.

Jindal Stainless: Promoter Group Abhyuday Jindal created a pledge of 1.44 crore shares on June 13.

• India IT Services - Wielding The Storm And Emerging As A Winner: IDBI Capital

• Consumer Electricals - Steady Robust Performance In Cables, Wires Drives Rerating: Systematix

• Havells India - Core Remains Healthy; Focus On Competitiveness: HDFC Securities

• India Mutual Fund Tracker - AUM Scale New Heights And Breach The Rs 43 Trillion Plus Level: Motilal Oswal

• JM Financial - Pick Up In Lending Business; Non-Lending To Act As Catalyst Driving Valuation: ICICI Direct