PSU Bank shines as it jumps almost a per cent with all the stocks trading in the green
Torrent Power share price hits new 52-week high, gains 7%; Here’s why
Torrent Power share price touched a new 52-week high and jumped over 7% on Wednesday’s trade after the company signed a memorandum of understanding (MoU) with the Maharashtra government to construct hydro projects worth ₹27,000 crore. Torrent Power shares opened at ₹634.35 apiece on BSE and hit an intraday high of ₹666 and touched an intraday low of ₹630 per share.
The company in an exchange filing stated that it expected to carry out these projects over a period of five years and 13,500 jobs are likely be created by these developments.
Three locations, Karjat (3,000 MW) in Raigarh District, Maval (1,200 MW), and Junnar (1,500 MW) in Pune District, have been designated by Torrent as the places where the projects will be implemented. All of the locations are off-stream, and the projects are designed to offer daily energy storage of at least six hours. (Read More)
Kavach boost: Kernex Microsystems shares hit upper circuit, HBL Power Systems shares at 52-week high
Shares of Kernex Microsystems continued witnessing strong traction as they were locked in their 5 per cent upper circuit of ₹328 in morning trade on BSE on Wednesday (June 7), looking set to extend their winning run into the sixth consecutive session. The stock has clocked a strong gain of about 29 per cent in the last six sessions.
Similarly, shares of HBL Power Systems rose nearly 6 per cent to hit their fresh 52-week high of ₹143.70 on Wednesday. They are also up for the sixth consecutive session, rising almost 37 per cent in that period. (Read More)
Va Tech Wabag share price rises over 3% on order win, hits 52-week high
Va Tech Wabag share price rose more than 3% to hit a fresh 52-week high on Wednesday after the company secured a contract worth ₹420 crore from Cidco. The stock gained as much as 3.38% in the early deals and touched a new 52-week high of ₹495.90 apiece on the BSE.
The company secured an order worth about ₹420 crore towards Design, Build and Operation (DBO) of a Water Treatment Plant (VVTP) with a capacity of 270 Million Litres per Day (MLD) at Jite, Raigad for City and Industrial Development Corporation of Maharashtra Ltd (CIDCO). (Read More)
Healthcare index shines in today’s trading as it jumps 0.8% in early trading with Max Health and Glenmark jumping 3.5% each
Geojit Financial Services views on today’s market: Nifty has been struggling to break the upper end of 18300-18600 range, but now the market construct favours a breakout
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Nifty has been struggling to break the upper end of 18300-18600 range, but now the market construct favours a breakout.
Globally, the market backdrop is favourable with both US and European markets consolidating and slowly gaining strength. Markets believe that the June Fed decision will be a pause. In India, too, the MPC decision tomorrow is most likely to be a pause since CPI inflation has come within RBI’s tolerance limit. The 7.2% GDP growth in FY23 and upward revision in FY 24 growth rate to around 6.4% are strong positives that can impart resilience to the market.
Financials will continue to do well. Autos have made a strong comeback after 5 years and will gain further from falling commodity prices and steadily improving demand.
Nestle India shines in early trading as it jumps more than a per cent and leads the stock charts
Rupee opens 5 paise higher at 82.56 against US dollar
The Indian rupee opened 5 paise higher against the US dollar Wednesday led by an uptick in Asian peers and a broader weakness in the greenback. The rupee opened at 82.56 to a dollar against the previous close of 82.61.
The US dollar eased as traders assessed the odds of a rate hike by the Federal Reserve next week. The US dollar index slipped 0.03% to 104.05.
On Tuesday, the rupee ended 6 paise higher at 82.61 against the US dollar amid a softer greenback after weak US services data. (Read More)
Indices gain at open with Sensex and Nifty starting in the green as FMCG leads the rally
Arbitral tribunal directs RCF’s contractor to pay ₹173.72 cr for breakdown of two GTGs
Rashtriya Chemicals and Fertilizer (RCF) on Tuesday said it has won an arbitration award of ₹173.72 crore from one of its contractors for the breakdown of two gas turbo generators (GTGs).
The award was handed over by a single-member arbitral court which directed the contractor whose name was withheld by the company in an exchange filing.
The contractor was also asked to repair and reinstate both the GTGs at the company’s plant at their own cost under the defect liability clause. (PTI)
Sensex starts flat at preopen session; Adani stocks, BoB, Varun Beverages to be in focus today
TCS says it is out of “vicious cycle” of hiring and counter hiring as it hire over 150,000 campus graduates in the last two years
Tata Consultancy Services said it has escaped the “vicious” hiring frenzy by recruiting 150,000 plus campus graduates in the last two fiscals. The largest IT firm in India said it has rolled out a hike of 5-8% for its workforce needs to upskill on the back of AI-led transitions.
“The supply side challenges of the last two years peaked in the first half of FY 2023, with employee churn reaching unprecedented levels. We broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers – over 110,000 in FY 2022 and over 44,000 in FY 2023 – and training them on the technologies most in demand,” said CEO and MD Rajesh Gopinathan for FY22-23 in TCS’ annual report for last fiscal. (Read More)
Mazagon Dock Shipbuilders signs deal with Germany to build diesel submarines; check details
Germany and India are closing in on a deal to build diesel submarines for Indian waters as Russia’s prolonged war in Ukraine has pushed the Indian government to expand its sources of military hardware beyond its top supplier, according to a report by Bloomberg. Thyssenkrupp AG’s marine arm and India’s Mazagon Dock Shipbuilders Limited are likely to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian navy, said the report.
The preliminary agreement or the memorandum of understanding will be signed in the presence of Defense Minister Boris Pistorius who arrived in New Delhi on June 5 for a two-day visit, according to German and Indian officials.
His role is to “support and assist” the negotiations between German executives traveling with him and their Indian counterparts, the report added. “This would be a big and important contract not only for German industry but also for India and the Indian-German strategic partnership,” Pistorius said. (Read More)
Stocks to Watch: Adani Ent, Tata Consumer, BoB, Adani Power, Varun Beverages, Adani Transmission, GMR Airports Infra, IIFL Finance, Mazagon Dock Shipbuilders, NHPC, Torrent Power, and Piramal Pharma
Adani Enterprises is investing INR14,000-16,000 crore in India’s largest PVC plant, Mundra Petrochem, after a four-month suspension of operations. Tata Consumer Products is expanding to new categories and seeking acquisition opportunities, according to Chairman N. Chandrasekaran. Varun Beverages will split its stock in a ratio of 1:2, while GMR Hyderabad International Airport has sold a warehouse facility to ILP Core Ventures for INR188 crore. IIFL Finance will raise INR1,500 crore through secured NCDs, and Thyssenkrupp’s marine arm and Mazagon Dock Shipbuilders will jointly bid for a $5.2bn project to build six submarines for the Indian navy. (Read More)
Varun Beverages fixes record date for stock split; how many extra shares investors will get?
Varun Beverages, the second largest bottling company of PepsiCo’s beverages, has fixed the record date for the stock split in the ratio of 1:2. However, on Tuesday, the large-cap stock witnessed selling pressure and ended lower by a little over a per cent on BSE.
As per the regulatory filing, Varun Beverages’ board of directors fixed June 15 as the record date to determine eligible shareholders entitled to the stock split.
The 1:2 ratio in the stock split would mean that every 1 existing equity share of Varun Beverages having a face value of ₹10 each will be subdivided into two equity shares having a face value of ₹5 each. (Read More)
Byju’s default could spark lender action as it skips paying $40 million interest on a $1.2 billion loan
Edtech unicorn Byju’s skipped paying $40 million interest on a $1.2 billion loan that was due on 5 June, triggering a default that could affect several group entities and prompt lenders to invoke guarantees and initiate insolvency action.
In a statement on Tuesday, the country’s most-valued startup said it would not pay any further interest on the Term Loan B (TLB) until a US court decided on its petition against some of its lenders, including Redwood Capital Management Llc.
Byju’s said its agreement with lenders allows it to disqualify distressed debt investors such as Redwood and also disqualify competitors from buying up the TLB debt. (Read More)
NSE raises price band of four Adani Group companies; circuit limit of a total of 172 companies revised
Leading bourse National Stock Exchange (NSE) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission.
The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular.
NSE has enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent.
In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent from the present 5 per cent level.
The exchange has decided to revise the circuit limit of a total of 172 companies.
In January, bourses BSE and NSE lowered the circuit limit of Adani Transmission, Adani Green Energy and Adani Total Gas. (PTI)
Buy or sell: Vaishali Parekh recommends buying in 3 stocks today – RCF, Syngene International, and IRCON
Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher recommends:
Buy Rashtriya Chemicals & Fertilizers Ltd (RCF) at ₹108 with a stoploss of ₹106 and a target price of ₹112
Buy Syngene International Ltd at ₹734 with a stoploss of ₹720 and a target price of ₹757
Buy IRCON at ₹82.50 with a stoploss of ₹81 and a target price of ₹86. (Read More)
Reliance Home Finance NCD holders claim Bank of Baroda flouted SC order
The debenture holders of Reliance Home Finance Ltd (RHFL) have issued a legal notice to the state-owned Bank of Baroda (BoB), accusing it of engaging in foul play, and disregarding the directives issued in a recent Supreme Court ruling.
“BoB, the lead bank of the inter-creditor agreement consortium, not only participated but also ensured the Supreme Court order is breached with impunity and retail debenture holders are duped of rightful entitlement of redemption at full face value,” they said.
A copy of the legal notice was reviewed by Mint.“BoB has played an active role in aiding manipulative and fraudulent schemes, and caused losses to the clients and thousands of other retail debenture holders of RHFL,” it said. (Read More)
Adani set to revive Mundra PVC project with initial funding of ₹14,000-16,000 crore
Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) plant, with initial funding of ₹14,000-16,000 crore, after a four-month suspension of operations, two people directly aware of the development said.
Mundra Petrochem has secured an in-principle approval for a credit line of up to ₹14,000 crore from a clutch of large domestic banks, the people said, adding that the total project cost will be around ₹35,000 crore. “Seventy per cent of the money to be used in the planned capex is likely to come from state-run lenders,” one of the two said, requesting anonymity.
Group flagship Adani Enterprises Ltd incorporated Mundra Petrochem in 2021 to set up a coal-to-PVC plant. (Read More)
US stocks end up on Tuesday ahead of Fed meet and inflation data scheduled for next week
U.S. stocks closed up on Tuesday, helped by some advances in economically sensitive sectors, as investors awaited inflation data and the Federal Reserve’s policy meet next week.
Inflation data is expected to show consumer prices cooled slightly on a month-over-month basis in May but core prices are likely to have remained elevated, and the Fed is widely expected to hold interest rates.
Major indexes wavered as investors took a breather after pushing the S&P 500 up almost 20% from its October 2022 lows, boosted by gains in megacap stocks, a stronger-than-expected earnings season and hopes that the U.S. central bank is nearing the end of its interest rate-hike cycle.
The Dow Jones Industrial Average rose 10.42 points, or 0.03%, to 33,573.28, the S&P 500 gained 10.06 points, or 0.24%, to 4,283.85 and the Nasdaq Composite added 46.99 points, or 0.36%, to 13,276.42.
“It looks like investors are gaining a little optimism,” said Cresset Capital CIO Jack Ablin.
“The narrowness in the market where everyone was focused on the top seven names or so is starting to dissipate a little bit and that’s good news.” (Reuters)
 "India reiterates opposition to China’s Belt and Road Initiative at SCO meet | External Affairs Defence Security News")
 "Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges | Economy & Policy News")
