Stock Market Today: All You Need To Know Going Into Trade On June 7

Asian equity futures pointed to advances around the region on Wednesday, with signs of stimulus in China. A rotation into financial shares on Tuesday suggested the breadth of the S&P 500’s recent rally might extend beyond technology soon. While a decline in Apple Inc. crimped gains, the benchmark gauge still rose 0.2%.

The KBW Regional Bank index added more than 5% and the Russell 2000 climbed 2.7%. U.S.-listed Chinese companies rallied 3.8%, helped by news that U.S. Secretary of State Antony Blinken plans to visit China in the coming weeks.

Futures for Japanese and Australian shares registered small rises while those for Hong Kong jumped 1.9%. The small gain on Wall Street still left the S&P 500 just short of a bull market on Tuesday. The World Bank said in a report Tuesday the global economy is in a precarious situation as sharp interest rate hikes hit activity and stir vulnerabilities in lower income countries.

Meanwhile, the yield on 10-year Treasuries in U.S. was trading at 3.66%. Crude was trading around $76-mark, while Bitcoin rose 1% to above 27,000-level.

At 05:40 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.35% at 18,745.

Domestic benchmarks advanced for the third day on Tuesday, recovering from the lows of the day to end marginally higher by market closing. I.T. sector had led the decline while realty and auto sectors were leading in trade. The Indian rupee strengthened 7 paise to 82.61 against the U.S. dollar. 

Overseas investors in Indian equities turned net buyers after three continuous days of net selling on Tuesday, making it the first net buying in the month of June so far. Meanwhile, domestic institutional investors turned net sellers after net buying for three days in a row. Foreign portfolio investors mopped up stocks worth Rs 385.71 crore, and domestic investors offloaded equities worth Rs 489.02 crore, the NSE data showed. 

• Adani Group: BSE revised price bands for four Adani group companies: Adani Wilmar, Adani Green and Adani Transmission from 5% to 10%. It revised price band of Adani Power from 5% to 20%. 

•  Bank of Maharashtra: Lender approved QIP issue at issue price of Rs 28.5 apiece, which is at a discount of 4.94% to the floor price of Rs 29.98. An aggregate of Rs 1,000-crore will be allotted to eligible qualified institutional buyers.  

•  Torrent Power: Company signed memorandum of understanding with Government of Maharashtra to develop three pumped storage hydro projects of 5,700 MW capacity in Maharashtra with an investment of about Rs 27,000 crore. Torrent plans to execute these projects over five years.   

•  GMR Airports Infrastructure: Company divested 8.18 lakh square-feet warehouse facility by selling 100% stake in unit GMR Hyderabad International Airport to ILP Core Ventures. The resulting cashflows will help in expansion and other growth opportunities at Hyderabad Airport Land Development portfolio.  

•  Engineers India: Company won order worth Rs 5.05 crore from National Aluminium Company for providing consultancy services for updating project report for Pottangi Bauxite Mines. It got an order worth Rs 15.50 crore from Jindal Steel and Power to supply basic engineering and detail engineering for direct reduced iron plant in Odisha.   

• G R Infraprojects: Company’s unit GR Hasapur Badadal Highway executed concession agreement to construct six lane Surat-Nashik-Ahmednagar-Solapur- Maharashtra/Karnataka border greenfield stretch on hybrid annuity mode at a bid project cost of Rs 872.17 crore.   

• Rashtriya Chemicals and Fertilizers: Arbitral Tribunal passed award of Rs 95 lakh as arbitration cost in favour of company in a case with a contractor regarding recovery of damages and losses for breakdown of two Gas Turbo Generator. It asked contractor to repair and reinstate both the generators at their own cost. Tribunal directed contractor to pay Rs 173.72 crore with 10% interest for additional power expense.  

• JSW Ispat Special Products: Chief Financial Officer Kiran Menon resigned from post with effect from Jun. 5, 2023 to pursue opportunities outside the Group.  

• MPS: Company dissolved U.K. unit Highwire Press On Jun.6. Highwire Press is not a material subsidiary and its dissolution will not affect revenue or business of company.   

• Valiant Organics: Company’s unit Valiant Laboratories filed a draft red herring prospectus with SEBI regarding its proposed initial public offering by the way of fresh issue of up to 1.15 crore equity shares for listing on BSE and NSE  
  Hardwyn India: Company allots 8.72 crore equity shares as fully paid bonus shares to existing shareholders of the company in 1:3 ratio. 
  Ugro Capital: The Board has allotted 2,500 Non-Convertible Debentures with a face value of Rs 1 lakh each through private placement. 

The initial public offering of LED lighting solution provider IKIO Lighting Ltd., was fully subscribed on first day. The portion of institutional investors was subscribed 0.30 times, non-institutional investors subscribed 2.97 times, while retail investors portion was subscribed 1.64 times. The three-day issue opened on June 6 and will continue till June 8.

• BCL Industries: Rollon Investment sold 2 lakh shares (0.83%) at 472 apiece. 

• Gravita India: Jupiter India Fund bought 10 lakh shares (1.45%) at 585 apiece and Rajat Agrawal sold 13 lakh shares (1.89%) at 586.04 apiece.

• Pennar Industries: Pratibha Narendra Shah bought 7 lakh shares (0.51%) at Rs 76.28 apiece.  

• IFB Industries: Societe Generale bought 3 lakh shares (0.74%) at Rs 800 per apiece. 

• Aether Industries: To meet investors and analysts on June 7. 

• Maruti Suzuki India: To meet investors and analysts on June 7. 

• Zydus Lifesciences: To meet investors and analysts on June 7. 

• Tube Investments of India: To meet investors and analysts on June 8 and June 22. 

• Uniparts India: To meet investors and analysts on June 7. 

• UltraTech Cement: To meet investors and analysts on June 7. 

• Ex-Date Annual General Meeting: Tata power company, Seshasayee Paper and Boards, Kesoram Industries 

• Ex-Date Dividend: Tata power company, Seshasayee Paper and Boards, Marksans Pharma 

• Ex-Date Interim Dividend: Uniparts India, Optiemus Infracom 

• Record-Date Interim Dividend: Uniparts India, Optiemus Infracom 

• Record-Date Dividend: Marksans Pharma 

• Move Into Short-Term ASM Framework: Arman Financial Services, Indo Count Industries, Sree Rayalaseema Hi-Strength Hypo 

• Move Out of Short-Term ASM Framework: New Delhi Television, Centum Electronics 

• NRB Bearings: Promoter & Director Harshbeena Zaveri bought 11,675 shares on June 2, Promoter Group Aziz Yousuf Zaveri bought 87,750 shares between June 2 and June 5.  

• Nucleus Software Exports: Promoter Group Card Systems bought 2,310 shares on June 2. 

• Praveg: Promoter Group Sunita Paras Patel sold 1.4 lakh shares on June 5.  

• Adani Ports & Special Economic Zone: Promoter Group Resurgent Trade and Investment bought 20 lakh shares on June 2.  

• Advanced Enzyme Technologies: Promoter Group Advanced Vital Enzymes sold 29,344 shares between June 2 and June 6. 

• Star Cement: Promoter Groups Rahul Chamaria and Sachin Chamaria sold 2.75 lakh shares each and Promoter Group Suchita Agarwal sold 7,698 shares on June 2. 

• Nifty June futures ended at 18,683.95, a discount of 12.70 points.

• Nifty June futures fell 4.18% and 7,667 shares in Open Interest.

• Nifty Bank June futures ended at 44,326, a premium of 39.85 points.

• Nifty Bank June futures fell 0.14% and 130 shares in Open Interest.

• Securities added to the ban period: Indiabulls Housing Finance, India Cements, Manappuram Finance.

Rupee closed 0.09% lower against the U.S. dollar at Rs 82.61 on Tuesday, compared to Monday’s close of 82.68.

• IKIO Lighting IPO - Integrated Manufacturer Of LED Lights: ICICI Direct

• Fusion Micro Finance - Diversified Product Offerings, Robust AUM Growth: HDFC Securities Initiates Coverage

• RateGain - Poised To See High Teen Organic Growth Over FY23-25E: HDFC Securities Initiates Coverage

• Zen Technologies - Strong Order Book Brings Better Earning Visibility: HDFC Securities Initiates Coverage

• Page Industries - More Challenges Versus Opportunity In Women’s Innerwear Segment: ICICI Securities

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