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Nifty 50 closed at 23,398.90 (76.0, 0.3%), BSE Sensex closed at 76,810.90 (204.3, 0.3%) while the broader Nifty 500 closed at 22,074.30 (113.4, 0.5%). Of the 2,165 stocks traded today, 1,303 showed gains, and 833 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 6.2% and closed at 13.5 points. Larsen & Toubro bagged a Rs 2,500-5,000 crore order from ONGC to set up four wellhead platforms, a 140 km long pipeline and associated topside modifications at Tapti Daman block off the west coast of India.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Realty and Nifty IT closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, realty emerged as the top-performing sector of the day, with a rise of over 2.1%.

Most European indices trade in the red. US indices futures trade mixed, indicating a cautious start. Eurozone’s industrial production in April contracted by 0.1% MoM against estimates of 0.1% growth.

• Money flow index (MFI) indicates that stocks like Sunteck Realty, Coromandel International, Emami, and Bikaji Foods International are in the overbought zone.

• Sharekhan maintains its 'Buy' call on CESC with a higher target price of Rs 170 per share. This indicates a potential upside of 13.7%. The brokerage believes the revival in renewable energy capex and the turnaround of the distribution business will drive earnings growth. It expects the company's revenue to grow at a CAGR of 6.1% over FY25-26.

• Venus Remedies rises sharply after the company wins a contract from UNICEF for its antibiotic product, Ceftriaxone 1mg, in the Beta Lactam antibiotics tender.

• The Adani Group allocates $3 billion for cement sector acquisitions, aiming to dominate India's cement industry. The group is reportedly eyeing Hyderabad's Penna Cement, Gujarat's Saurashtra Cement, Jaiprakash Associates' cement division, and Vadraj Cement from ABG Shipyard.

  The Adani Group has earmarked $3 billion for acquisitions in the cement sector, signalling an aggressive inorganic growth strategy, as the conglomerate strategies to become the largest cement manufacturer in India.@VMukherjee7#adani#cementhttps://t.co/6rQRibsNu7

  — Business Standard (@bsindia) June 13, 2024

• Reliance Industries' subsidiary, Jio Platforms' joint venture with Luxemburg's SES receives approval from the Indian space regulator to operate satellites. This will help the JV to set up a gigabit fibre internet in the country.

• Larsen & Toubro rises as its hydrocarbon business bags a Rs 2,500-5,000 crore order from ONGC to set up four wellhead platforms, 140 km long pipeline and associated topside modifications at Tapti Daman block off the west coast of India.

• Sugar stocks like Shree Renuka Sugars, Bajaj Hindusthan Sugar, Dalmia Bharat Sugar, and Bannari Amman Sugars rise more than 7.5% in trade as the government considers raising the minimum selling price of sugar. The broader sugar industry surges over 6% today.

• Power Mech Projects rises sharply as more than 2.7 lakh shares, amounting to Rs 131 crore, reportedly change hands in a block deal.

• Realty stocks like DLF, Macrotech Developers, Godrej Properties, Prestige Estates Projects, and Oberoi Realty are rising in trade. The broader Nifty Realty index is also trading in the green, and touches its 52-week high of 1,122.2 today.

• KIOCL is surging as the Steel Ministry reportedly signs to commence operations at the Devadari iron ore mine. The company plans to procure around 3 million tonnes of iron in FY25.

• Reports suggest that 5.2 lakh shares of InterGlobe Aviation (IndiGo), amounting to Rs 224 crore, change hands in a block deal.

  ????InterGlobe Aviation sees ?224 crore in block deal after promoter Rahul Bhatia's recent ?3,689 crore stake reduction. ????
  
  Know more ????https://t.co/dCvl1FwThj#BlockDeal#Indigo#InterGlobeAviation

  — Moneycontrol (@moneycontrolcom) June 13, 2024

• Whirlpool rises to touch its 52-week high of Rs 1,837.8 per share, boosted by a partnership with Hindustan Unilever's Surf Excel brand. The collaboration aims to deliver superior cleaning performance and convenience to households.

• Exide Industries surges to its all-time high of Rs 549.9 per share as it invests Rs 75 crore in its subsidiary, Exide Energy Solutions. This takes the company's total investment in its subsidiary to Rs 2,452.2 crore.

• Saksoft surges as it signs an agreement to acquire 100% ownership in Augmento Labs for Rs 100 crore. This will strengthen Saksoft's presence in the digital engineering space and provide access to enterprise clients.

• India’s Index of Industrial Production (IIP) grows by 5% in April, compared to 4.9% in March, led by growth in the mining, manufacturing, and electricity sectors.

  #India's Index of Industrial Production gained 5% in April, as compared with 4.9% in March.
  
  Read more ??https://t.co/mdTcRhiSqu

  — NDTV Profit (@NDTVProfitIndia) June 12, 2024

• L&T Finance rises sharply as 8.8 crore shares (3.5% stake), amounting to Rs 1,500 crore, reportedly change hands in a block deal. Bain Capital & BNP Paribas are the likely sellers in the transaction.

• One97 Communications (Paytm) rises sharply as it partners with Samsung to set up Samsung Wallet, which will be used for flight, bus, movie, and event ticket bookings.

• Sobha rises as its board approves the rights issue of 1.2 crore shares worth up to Rs 2,000 crore. The record date of the issue is set as June 19.

• India’s CPI inflation eases marginally to a year low of 4.8% in May. Food inflation remains flat at 8.7%, while fuel and light inflation contracts to 3.8%.

  ???? ???? #Economy | The Consumer Price Index (CPI) inflation or retail #inflation in May 2024 touched a 12-month low of 4.75 per cent, as per Ministry of Statistics and Programme Implementation's latest data.
  
  ?? In April 2024, India’s retail inflation stood at 4.83 per cent. The… pic.twitter.com/5mHfKh0Tf0

  — Business Today (@business_today) June 12, 2024

• Gensol Engineering rises sharply to its 5% upper circuit as it bags a Rs 2,680 crore order from Gujarat Urja Vikas Nigam to set up 250 MW/500 MWh standalone battery energy storage systems (BESS). The project will supply electricity on an “On-Demand” basis to Gujarat State's DISCOMs for the next 12 years.

• 360 One Wam acquires Moneygoals Solutions and Banayantree Services for Rs 85.8 crore. Moneygoals Solutions provides business advisory, product management, and other business support services, while Banayantree Services is into digital distribution of financial products.

• Torrent Pharmaceuticals is falling as it receives Form 483 with five observations from the US FDA after conducting a pre-approval inspection (PAI) and a good manufacturing practices (GMP) inspection at its facility in Gujarat.

• Bondada Engineering rises sharply as it bags an order worth Rs 939.4 crore from NLC India to set up a 600 MW grid-connected solar power project in Gujarat, including operations and maintenance, for three years.

Riding High:

Largecap and midcap gainers today include Oracle Financial Services Software Ltd. (9,658, 10.5%), One97 Communications Ltd. (428.05, 6.4%) and Cholamandalam Investment & Finance Company Ltd. (1,436.10, 5.7%).

Downers:

Largecap and midcap losers today include Marico Ltd. (611.25, -2.9%), APL Apollo Tubes Ltd. (1,539.35, -2.6%) and Hindustan Zinc Ltd. (672.40, -2.3%).

Crowd Puller Stocks

24 stocks in BSE 500 are trading on high volumes today.

Top high-volume gainers on BSE included Shree Renuka Sugars Ltd. (49.30, 11.6%), Delta Corp Ltd. (135.28, 11.4%) and KIOCL Ltd. (476.85, 11.4%).

Top high volume loser on BSE was Marico Ltd. (611.25, -2.9%).

Archean Chemical Industries Ltd. (658.95, 5.9%) was trading at 15.2 times of weekly average. Usha Martin Ltd. (414.80, 9.7%) and DCM Shriram Ltd. (1,057.40, 6.7%) were trading with volumes 10.8 and 10.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

62 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (841.10, 9.7%), Ambuja Cements Ltd. (664.50, -0.6%) and BASF India Ltd. (4,897.90, 1%).

19 stocks climbed above their 200 day SMA including Shree Renuka Sugars Ltd. (49.30, 11.6%) and Archean Chemical Industries Ltd. (658.95, 5.9%). 4 stocks slipped below their 200 SMA including APL Apollo Tubes Ltd. (1,539.35, -2.6%) and Century Plyboards (India) Ltd. (680, -0.2%).

Nifty 50 closed at 23,322.95 (58.1, 0.3%), BSE Sensex closed at 76,606.57 (150.0, 0.2%) while the broader Nifty 500 closed at 21,960.95 (109.0, 0.5%). Of the 2,168 stocks traded today, 1,426 were gainers and 714 were losers.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 2.6% and closed at 14.4 points. Tata Communications signs a five-year global broadcasting services deal for the World Athletics Series, including the World Championships in Tokyo in 2025.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher following the benchmark index. Nifty Pharma and Nifty Media closed higher than Tuesday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 2.2%.

Most European indices trade in the green. US indices futures trade higher, indicating a positive start. Britain's GDP in April was stagnant MoM, and grew by 0.6% compared to April 2023.

• Relative strength index (RSI) indicates that stocks like Emami, Coromandel International, Endurance Technologies, and Bikaji Foods International are in the overbought zone.

• LTIMindtree rises as it announces the inauguration of its regional headquarters in Riyadh as a part of its expansion in the Kingdon of Saudia Arabia (KSA) and the Middle East.

• ICICI Securities keeps its 'Buy' rating on Birla Corp with a lower target price of Rs 1,870 per share. This indicates a potential upside of 22.8%. The brokerage expects improved profitability on the back of govt incentives entitled to the Muktaban facility, lower fuel prices, increasing premium products, and improvement in capacity utilisation. It expects the company's net profit to grow at a CAGR of 50.6% over FY25-26.

• Ola Electric receives SEBI approval for its Rs 7,250 crore IPO, according to reports. The IPO will consist of a fresh issue worth Rs 5,500 and an offer for sale of approx. Rs 1,750 crore. The company plans its stock market debut within a month.

  Ola Electric has secured markets regulator Sebi's nod for its IPOhttps://t.co/YzqvmsA9g8

  — ETMarkets (@ETMarkets) June 12, 2024

• Tube Investments of India and Tl Clean Mobility enter into an agreement with South Asia Growth lnvest and South Asia EBT Trust to acquire convertible preference shares for Rs 160 crore in Tl Clean Mobility.

• Tata Communications rises as it signs a five-year global broadcasting services deal for the World Athletics Series, including the World Championships in Tokyo in 2025. The company will provide customized live content to broadcasters worldwide.

• LE Travenues Technology's Rs 740.1 crore IPO gets bids for 44.7X the available 4.4 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 40.7X the available 79.6 lakh shares on offer.

• Haldiram Snacks is reportedly considering an initial public offering (IPO) after its attempt to sell its stake to foreign investors failed due to a valuation mismatch. The IPO discussions are in the early stages, and the controlling shareholders will determine the offer price and proceed with the sale accordingly.

  Owners of #HaldiramSnacks are exploring a possible #IPO for the food producer and restaurant operator.
  
  Read more ??https://t.co/e4tb2SsJjZ

  — NDTV Profit (@NDTVProfitIndia) June 12, 2024

• Dredging Corp of India` hits an all-time high of Rs 1,129.2 as its bags an order worth Rs 2,015.9 crore from Syama Prasad Mookerjee Port Authority for maintenance dredging of the Hooghly's shipping channel. The contract is for a period of five years.

• Vodafone Idea gets in-principle approval for a Rs 14,000 crore loan from a State Bank of India-led consortium of banks. The funds will be used to repay operational creditors, roll out the 5G network, and bid for additional spectrum.

• Brigade Enterprises announces plans to invest Rs 8,000 crore in Chennai by 2030 to expand its business in the city by launching residential, office, retail, and hospitality projects with over 15 million square feet.

• The World Bank projects India’s GDP to grow at an average of 6.7% from FY25-27, driven by strong domestic demand, and a surge in investment and services activity.

  ???????? India poised for 6.7% average growth from FY25-FY27, says World Bank. ????????
  
  Know more??https://t.co/IBprFZ1zOR#gdpr#GrowthProjection#WorldBank

  — Moneycontrol (@moneycontrolcom) June 11, 2024

• Axis Direct upgrades KEC International to 'Buy' from 'Hold' with a higher target price of Rs 845 per share. This indicates a potential upside of 2.7%. The brokerage believes the company's strong order book and L1 position offer healthy revenue visibility for the next two years. It expects the company's revenue to grow at a CAGR of 9% over FY25-26.

• AGS Transact Technologies rises sharply as it begins deploying 1,350 ATMs from a State Bank of India order won in FY24, with completion expected by H1FY25.

• Nifty 50 hits an all-time high of 23,442 today. The benchmark index surges 7% over the past week.

• Union Bank of India is rising as its board of directors approves the fundraising of Rs 10,000 crore via qualified institutional placement (QIP), bonds, and other modes in multiple tranches.

• Jefferies has a 'Buy' rating on GMR Airports Infrastructure with a target price of Rs 100. The brokerage notes that the expansion of Delhi and Hyderabad airports will aid traffic growth and non-aero revenues. It adds that the company has filed a new tariff application for Delhi International Airport, to be implemented by Q4FY25, and notes the management's focus on developing its airport platform strategy.

  Brokerage Radar | Jefferies on GMR Airports says, "GMR management met investors at JEF Indian Equities Access Day in New York"@Jefferiespic.twitter.com/56MjfM6eCS

  — ET NOW (@ETNOWlive) June 12, 2024

• Rites is rising as it signs a memorandum of understanding (MoU) with Eastern Railway's Andal Diesel Shed, West Bengal, to set up a framework for the repair and maintenance of diesel-electric locomotives.

• Castrol India’s Managing Director Sandeep Sangwan resigns, effective October 31. The company appoints Kedar Lele as the new MD for five years, effective November 1, 2024.

• B L Kashyap & Sons wins orders worth Rs 1,021 crore. Orders include the construction of a hotel structure and shell work from Sattva Homes and composite steel structural work from DLF City Centre.

• VP Nandakumar, MD & CEO of Manappuram Finance, expects to launch the Asirvad MFI IPO in the next 2-3 months. He projects around 10-12% gold loan growth for FY25 and expects the non-gold growth momentum to continue. Nandakumar highlights that AUM growth for Q4FY24 stood at 18.7% YoY, and the calculated net interest margin(NIM) at 15%.

  Manappuram Finance says
  
  ????Expect to launch Asirvad MFI IPO in 2-3 months
  
  ???? Gold loan growth of 10%-12% for FY25, non- gold growth momentum will continue
  
  On Being an acquisition target, Mr. Nandakumar said don't think it will happen ????@ManappuramMAFIL…

  — Nigel D'Souza (@Nigel__DSouza) June 12, 2024

• Media stocks like Sun TV Network, Zee Entertainment Enterprises, PVR INOX, Network18 Media & Investments, and TV18 Broadcast are rising in trade. The broader sectoral index, Nifty Media, is also trading in the green.

• TVS Supply Chain Solutions surges as it inks a deal with Daimler Truck AG's arm, Daimler Truck South East Asia, for integrated supply chain solutions service in Singapore.

• Ashish Kacholia sells a 2.9% stake in Ador Welding for approx Rs 48.7 crore in a bulk deal on Tuesday.

• HCL Technologies rises sharply as it extends its partnership with Germany's apoBank with an estimated value of $278 million (approx. Rs 2,322.8 crore) for the next 7.5 years. The company also extends its engineering research and development partnership with Olympus.

Riding High:

Largecap and midcap gainers today include Max Healthcare Institute Ltd. (870.50, 8.5%), One97 Communications Ltd. (402.50, 5.8%) and LIC Housing Finance Ltd. (715.40, 5.2%).

Downers:

Largecap and midcap losers today include APL Apollo Tubes Ltd. (1,580.85, -3.2%), Pidilite Industries Ltd. (3,078.50, -3.1%) and Marico Ltd. (629.50, -2.8%).

Movers and Shakers

24 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Sunteck Realty Ltd. (579.15, 9.6%), Max Healthcare Institute Ltd. (870.50, 8.5%) and Privi Speciality Chemicals Ltd. (1,264.10, 7.3%).

Top high volume loser on BSE was Prism Johnson Ltd. (160.82, -2.0%).

Tanla Platforms Ltd. (959.05, 4.0%) was trading at 12.0 times of weekly average. Tata Teleservices (Maharashtra) Ltd. (80.96, 6.2%) and Trident Ltd. (40.48, 7.0%) were trading with volumes 9.1 and 8.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

47 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (238.04, 0.0%), Bajaj Auto Ltd. (9,904.25, 0.9%) and BASF India Ltd. (4849.40, 3.3%).

17 stocks climbed above their 200 day SMA including Privi Speciality Chemicals Ltd. (1,264.10, 7.3%) and Trident Ltd. (40.48, 7.0%). 3 stocks slipped below their 200 SMA including Century Plyboards (India) Ltd. (681.65, -1.3%) and PCBL Ltd. (244.01, -1.0%).

Nifty 50 closed at 23,264.85 (5.7, 0.0%), BSE Sensex closed at 76,456.59 (-33.5, 0.0%) while the broader Nifty 500 closed at 21,852 (43.8, 0.2%). Market breadth is in the green. Of the 2,169 stocks traded today, 1,377 showed gains, and 764 showed losses.

Indian indices pared the gains from the afternoon session and closed flat. The volatility index, Nifty VIX, dropped by 9.8% and closed at 14.8 points. Raymond's real estate arm, Raymond Realty, bags a Rs 2,000 crore redevelopment project in Bandra (East), Mumbai. Raymond Realty had also signed three joint development agreements in Bandra, Sion, and Mahim, with an estimated revenue potential of over Rs 5,000 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed higher with the benchmark index closing flat. Nifty Realty and Nifty Media closed higher than Monday’s closing level. According to Trendlyne’s sector dashboard, telecommunications equipment emerged as the top-performing sector of the day, with a rise of over 4.1%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. Global rating agency, Moody’s warned that France’s outlook could be cut to “negative” from “stable” due to potential political instability leading to credit risk. The warning comes after France announced snap elections later this month.

• GMR Airports Infrastructure sees a short buildup in its June 27 future series as its open interest rises 16.5% with a put-call ratio of 0.6.

• Edelweiss retains its 'Buy' call on Royal Orchid Hotels with an upgraded target price of Rs 477 per share. This indicates a potential upside of 30.6%. The brokerage anticipates revenue growth driven by improved occupancy, the addition of rooms, expansion in the restaurant & banquet portfolio, and a revival in large-scale weddings. It expects the company's revenue to grow at a CAGR of 16.3% over FY25-26.

• NBCC (India) surges as it wins multiple orders worth Rs 878.2 crore. The orders include the development of land parcels for Kochi Metro Rail, the construction of a Boys College for Hindu College, an office and training institute for ICSI, and a centralized core repository for Oil India.

• Persistent Systems enters a partnership with Google Cloud to expand its presence in the US, India, UK, and Australia. The companies will develop industry-specific solutions to promote the adoption of generative AI using Google Cloud's Gemini models and other technologies.

• Sameer Khetarpal, CEO and MD of Jubilant Foodworks, notes that India has the highest number of Domino's outlets (2,000 outlets) in a country outside of the US. He adds that the company's margins have bottomed out and expects like-for-like growth momentum to continue in Q1. He adds that Jubilant has extended the free delivery option to the World Cup season as well.

  #OnCNBCTV18 | India has the highest number of #Dominos outlets in a country outside of the US, extended free delivery from #IPL to World Cup as well
  
  Margins have bottomed out, see like-for-like growth momentum to continue in Q1
  
  Sameer Khetarpal, Jubilant Foods to CNBC-TV18 pic.twitter.com/VsVH3OgDdt

  — CNBC-TV18 (@CNBCTV18Live) June 11, 2024

• LE Travenues Technology's Rs 740.1 crore IPO gets bids for 5.9X the available 4.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 14.4X the available 79.6 lakh shares on offer.

• Adani Enterprises rises as its subsidiary, Adani Defence & Aerospace, signs an agreement with EDGE Group to set up research & development (R&D) facilities in India, UAE and other global markets. As per the agreement, the companies will develop missiles, weapons, unmanned platforms and cyber systems.

• IRB Infrastructure Developers falls sharply as 41.2 crore shares (6.8% stake), amounting to Rs 2,656 crore, reportedly change hands in a block deal. Cintra Investments, an infra subsidiary of Dutch major Ferrovial, is the likely seller in the transaction.

• According to a poll of economists, India’s retail inflation is expected to remain flat at 4.8% in May. Economists expect food inflation to remain elevated due to higher prices of vegetables, cereals, and pulses.

  Food #inflation has consistently been above 8% since November and could see an uptick in May due to higher prices of pulses, milk and sugar.
  
  (@_pragyaa reports) https://t.co/PUbqlzecs9

  — Mint (@livemint) June 11, 2024

• HG Infra Engineering hits an all-time high of Rs 1,768.7 as its arm HG Solar Projects, incorporates a subsidiary HG Jaipur Solar Project to carry out solar power business.

• PNC Infratech falls as the Central Bureau of Investigation (CBI) conducts searches at the company's corporate office, other offices, and the residences of MD Yogesh Kurnar Jain and Whole-time Director Talluri Raghupati Rao. Jain is also summoned before the CBI Office, details of which are pending.

• JBM Auto inks an agreement with MUON India (a Macquarie Group company) to deploy over 2,000 electric buses over the next few years.

• Sanjai Kumar, the Chief Managing Director of RailTel Corp of India, highlights the company's total orderbook of Rs 24,700 crore at the FY24 end, of which Rs 2,000 crore will be executed in FY25. He projects revenue growth of more than 30% for FY25, with margins of around 16%. He adds that the company's Kavach system (a cab signaling train control system with anti-collision features) has a revenue potential of Rs 24,000-5,000 crore over 3-4 years.

  RailTel says
  
  Tremendous scope for growth as Rs.1 lakh crore of signaling systems will be implemented by Indian Railways over the years ????
  
  FY25 Guidance
  ???? Revenue +30%
  ???? Margins around 16%
  
  Target 10% of revenue from exports in a few years @RailTel@RailMinIndia…

  — Nigel D'Souza (@Nigel__DSouza) June 11, 2024

• Raymond's real estate arm, Raymond Realty, bags a Rs 2,000 crore redevelopment project in Bandra (East), Mumbai. Raymond Realty had also signed three joint development agreements in Bandra, Sion, and Mahim, with an estimated revenue potential of over Rs 5,000 crore.

• Suzlon Energy rises sharply as it bags an order to supply 33 wind turbines with a rated capacity of 3 MW each for a 104 MW wind energy project by AMPIN Energy Transition in Rajasthan.

• Mahindra & Mahindra's overall auto wholesales rise 16.7% YoY to 71,682 units in May. Domestic passenger vehicle wholesales grow by 17.4% YoY and total exports improve by 2.1% YoY.

• Monthly net inflows through SIPs surge to a new peak of Rs 20,904 crore in May, marking the 11th consecutive month of record highs, as per data from the Association of Mutual Funds in India (AMFI). However, new SIP accounts registered stood at 49.7 lakh, down from 63.6 lakh recorded the previous month.

  #SIPs hit another record in May at Rs 20,904 crore – 11th successive month of a new high
  
  But the SIP stoppage ratio has also hit an all-time high – an alarming trend, according to industry players.
  
  Here's what the data shows ????https://t.co/SnYquOxoDj@rravindia | #MutualFunds

  — Moneycontrol (@moneycontrolcom) June 11, 2024

• Realty stocks like Mahindra Lifespace Developers, Prestige Estates Projects, Oberoi Realty and DLF are rising in trade. All constituents of the broader Nifty Realty index are also trading in the green, helping it to touch its 52-week high of 1,104.2.

• InterGlobe Aviation falls as reports suggest that promoter entity InterGlobe Enterprises, is likely to sell a 2% stake at a minimum price of Rs 4,266 per share, amounting to Rs 3,293.3 crore.

• PTC Industries surges to its all-time high of Rs 11,753.9 per share as it joins the government's special purpose vehicle (SPV), Advanced Materials (Defence) Testing Foundation, under the Defence Testing Infrastructure Scheme (DTIS).

• The Indian unit of Hyundai Motor is likely to file a draft prospectus with SEBI in the next two weeks, say reports. The company aims to raise around $2.5 billion (approx. Rs 20,875 crore), with the launch planned for September-October this year.

  The Indian unit of Korea's #HyundaiMotor is likely to file a DRHP with market regulator Sebi over the next two weeks, initiating the process for an IPOhttps://t.co/90E4v8HDj4

  — ETMarkets (@ETMarkets) June 11, 2024

• Rail Vikas Nigam (RVNL) rises as its consortium with Siemens wins an order worth Rs 394.2 crore from Bangalore Metro Rail Corp to develop rail traction electrification, including traction substations, auxiliary substations, and SCADA systems. RVNL also gets a Rs 138.5 crore order from Central Railway to upgrade the electric traction system in the Amla-Nagpur section.

• The Reserve Bank of India (RBI) reportedly rejects Edelweiss Financial Services' proposal to reappoint Rajkumar Bansal as the Managing Director and Chief Executive Officer (CEO) of its subsidiary, Edelweiss ARC.

• Transformers & Rectifiers (India) rises as it launches a qualified institution placement to raise Rs 500 crore. The floor price of the issue is Rs 699.9 per share.

• NLC India rises sharply as its board of directors approves raising a foreign currency loan of $600 million (approx. Rs 5,007.1 crore) through external commercial borrowings (ECB). The board also approves investing Rs 994.5 crore in its subsidiary, NLC India Renewables, in exchange for equity shares.

• Nifty 50 was trading at 23,247.60 (-11.6, -0.1%), BSE Sensex was trading at 76,680.90 (190.8, 0.3%) while the broader Nifty 500 was trading at 21,824.30 (16.1, 0.1%).

• Market breadth is highly positive. Of the 1,924 stocks traded today, 1,380 were in the positive territory and 510 were negative.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (648.55, 6.8%), Linde India Ltd. (8,997.15, 6.6%) and Oil And Natural Gas Corporation Ltd. (273.55, 5.6%).

Downers:

Largecap and midcap losers today include InterGlobe Aviation Ltd. (4,369.50, -4.3%), One97 Communications Ltd. (380.55, -2.2%) and ICICI Lombard General Insurance Company Ltd. (1,645.35, -2.1%).

Volume Shockers

16 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included NBCC (India) Ltd. (156.58, 9.5%), HFCL Ltd. (107.57, 9.4%) and Jindal Worldwide Ltd. (362.50, 7.3%).

Top high volume losers on BSE were IRB Infrastructure Developers Ltd. (66.12, -5.8%) and Poly Medicure Ltd. (1,831.60, -1.2%).

Varroc Engineering Ltd. (665.50, 7.2%) was trading at 13.7 times of weekly average. Home First Finance Company India Ltd. (924.50, 6.9%) and Aavas Financiers Ltd. (1,847.70, 6.5%) were trading with volumes 8.3 and 7.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

44 stocks hit their 52 week highs,

Stocks touching their year highs included - Ashok Leyland Ltd. (237.96, 2.8%), Balkrishna Industries Ltd. (3,231.20, -0.6%) and BASF India Ltd. (4,694.55, 3.0%).

26 stocks climbed above their 200 day SMA including Jindal Worldwide Ltd. (362.50, 7.3%) and Home First Finance Company India Ltd. (924.50, 6.9%). 7 stocks slipped below their 200 SMA including Cyient Ltd. (1,863.75, -1.3%) and Route Mobile Ltd. (1,564, -0.8%).

Nifty 50 closed at 23,259.20 (-31.0, -0.1%), BSE Sensex closed at 76,490.08 (-203.3, -0.3%) while the broader Nifty 500 closed at 21,808.25 (44.1, 0.2%). Market breadth is ticking up strongly. Of the 2,181 stocks traded today, 1,452 were in the positive territory and 713 were negative.

Indian indices pared the gains from the afternoon session and closed in the red. The volatility index, Nifty VIX, dropped by 2.8% and closed at 16.4 points. Adani Green Energy plans to invest over $1 billion in Sri Lanka, making it the country's largest renewable energy project and foreign direct investment to date.

Nifty Smallcap 100 closed sharply higher, while Nifty Midcap 100 closed flat with the benchmark index closing lower. Nifty Realty and Nifty Media closed higher than Friday’s closing level. According to Trendlyne’s sector dashboard, Fertilizers emerged as the top-performing sector of the day, with a rise of over 8%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. France’s CAC 40 plunges 2.2% after the incumbent French President, Emmanuel Macron announced elections as early as later this month. The far-right parties gaining significant vote share in the European Parliamentary Elections has reportedly led to Macron’s decision.

• Money flow index (MFI) indicates that stocks like KNR Constructions, Avanti Feeds, Emami, and UNO Minda are in the overbought zone.

• aGAIL (India) plans to set up a 1,500 KTA ethane cracker project in Madhya Pradesh with an estimated capex of Rs 60,000 crore.

• Havells India partners with UAE-based Jumbo Group to expand its market presence in the United Arab Emirates. The partnership will enable Havells to launch its premier kitchen appliances, starting with online availability on Jumbo’s e-commerce website, followed by retail store distribution.

• Shyam Metalics and Energy's stainless steel sales rise 34.1% YoY to 4,949 tonnes in May. However, aluminium foil sales decline by 2.7% YoY to 2,058 tonnes. The company's speciality alloys sales fall 0.8% YoY, and carbon sales decrease by 6.5% YoY, while that of pellets increase by 0.3% YoY.

• According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), cooling appliance sales rose by 25% YoY in the March to May period, driven by air conditioner and cooler sales. The association projects AC sales of around 1.4 crore in 2024. It states that AC segment sales grew by 25-30% YoY, while refrigerator sales increased by 20% YoY.

  #AC & air cooler sales soar amid record-breaking summer heat, price hikes expected next quarterhttps://t.co/Wtxfmn2uV0

  — CNBC-TV18 (@CNBCTV18Live) June 10, 2024

• Axis Direct keeps its 'Buy' call on Pitti Engineering with a higher target price of Rs 1,180 per share. This indicates a potential upside of 24.7%. The brokerage remains confident in the stock due to strong order inflow, improvement in the value-added products segment, and the upcoming merger with Pitti Castings. It expects the company's revenue to grow at a CAGR of 20.1% over FY25-26.

• Adani Green Energy reportedly plans to invest over $1 billion (approx. Rs 8,351 crore) in Sri Lanka, making it the country's largest renewable energy project and foreign direct investment to date. The company will set up two wind farms in Sri Lanka's Mannar town and Pooneryn village.

• LE Travenues Technology's Rs 740.1 crore IPO gets bids for 1X the available 4.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 3.8X the available 79.6 lakh shares on offer.

• Oil prices stabilize as the market awaits the Federal Reserve's interest rate decision and the International Energy Agency report. Brent hovers around $80 per barrel, recovering from a 2.5% decline last week, after OPEC+ announced plans to increase supply gradually from the third quarter this year. West Texas Intermediate closed near $76 last week.

  Oil steadied after a weekly drop, with the market still digesting OPEC+’s decision to restore supply, as traders look ahead to a set of industry reports, and a Federal Reserve decision on interest rates.https://t.co/3jIqBrQmNT

  — businessline (@businessline) June 10, 2024

• JSW Steel's crude steel production falls 4% YoY to 21 lakh tonnes In May due to a planned maintenance shutdown at one of its blast furnaces in Dolvi.

• Jubilant Pharmova falls as the US FDA issues Form 483 with three observations after inspecting its US subsidiary, Jubilant HollisterStier LLC's, contract manufacturing facility in Washington.

• KEC International rises sharply as it receives orders worth Rs 1,061 crore across its transmission & distribution, railways, and cables businesses. The transmission & distribution (T&D) business secures orders for projects in India, East Asia Pacific, and America.

• Mutual Funds' net equity inflows surge 83.4% YoY to Rs 34,697 crore in May, according to data released by the Association of Mutual Funds in India (AMFI). The industry's total AUM currently stands at Rs 58.9 lakh crore, with equity AUM at Rs 25.4 lakh crore.

  News Alert | Take a look at the AMFI May data????#AMFIpic.twitter.com/X1pBwPUeHY

  — ET NOW (@ETNOWlive) June 10, 2024

• Dr Reddy's Laboratories receives Form 483 with four observations from the US FDA after conducting a good manufacturing practices (GMP) inspection at the company's API manufacturing facility in Andhra Pradesh.

• Artson Engineering surges as it bags a Rs 126 crore order from Guwahati International Airport for the engineering and construction of an ATF fuel farm and Hydrant system at Guwahati airport.

• Mphasis falls sharply as 3 crore shares (15.6% stake), amounting to Rs 7,066 crore, reportedly change hands in a block deal. Blackstone is the likely seller in the transaction.

• Heritage Foods rises more than 6% as reports suggest that 44 lakh shares (4.8% equity), amounting to Rs 319.6 crore, change hands in a large trade.

  #MarketsWithMC | Shares of Heritage Foods skyrocketed 10% to hit a 52-week high of Rs 727.35 on June 10 after a large deal worth Rs 319.60 crore took place on the exchanges.
  
  More details here ????https://t.co/16GEWgLgCN#HeritageFoods#Markets#StockMarket#Stocks

  — Moneycontrol (@moneycontrolcom) June 10, 2024

• RailTel Corp of India is rising as it bags a Rs 81.4 crore order from National Informatics Centre Services (NICSI) to supply, install, configure, commission, integrate, operate, and maintain ICT (information & communication technologies) infrastructure in compliance with the service level agreement.

• Wardwizard Innovations & Mobility surges to its 20% upper circuit as it bags an order worth $1.3 billion (approx. Rs 10,771 crore) from Phillipines-based Beulah International Development Corp. The order is to supply electric two-wheelers and three-wheelers in the commercial and passenger vehicles segment and develop four-wheelers for commercial vehicles for the Philippines market.

• Gland Pharma is rising as it appoints Srinivas Sadu as the Executive Chairman and Chief Executive Officer (CEO), effective June 10.

• Retail sales for the automotive industry rise 2.6% YoY to 20.9 lakh units in May, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales are up 2.5% YoY, while that of cars decrease by 1% YoY.

  May #AutoSales | Total auto retail sales up 2.6% year-on-year: #FADA.
  
  For the latest news and updates, visit: https://t.co/by4FF5oyu4pic.twitter.com/56agVCEYSj

  — NDTV Profit (@NDTVProfitIndia) June 10, 2024

• Kronox Lab Sciences’ shares debut on the bourses at a 21.3% premium to the issue price of Rs 136. The Rs 130.2 crore IPO has received bids for 118.2 times the total shares on offer.

• Saranya Loka Reddy, promoter of MTAR Technologies, sells a 0.6% stake on Friday. She now holds a 2.6% stake in the company.

• AXISCADES Technologies rises as it commences delivery of the Rs 100 crore advanced counter-drone systems order from the Indian Army.

• Borosil Renewables is rising as its board of directors approves issuing equity shares worth Rs 450 crore via a rights issue.

• Nifty 50 was trading at 23,395.20 (105.1, 0.5%), BSE Sensex was trading at 76,752.94 (59.6, 0.1%) while the broader Nifty 500 was trading at 21,896.90 (132.8, 0.6%)

• Of the 1,961 stocks traded today, 1,652 were on the uptick, and 266 were down.

Riding High:

Largecap and midcap gainers today include Patanjali Foods Ltd. (1,476.30, 5.4%), Zee Entertainment Enterprises Ltd. (164.41, 5.2%) and Samvardhana Motherson International Ltd. (164.58, 5.0%).

Downers:

Largecap and midcap losers today include Coforge Ltd. (5,220.15, -3.9%), Vedanta Ltd. (444.10, -3.6%) and MphasiS Ltd. (2,394.60, -3.1%).

Volume Shockers

21 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Chemplast Sanmar Ltd. (544.80, 10.9%), Rashtriya Chemicals & Fertilizers Ltd. (168.10, 8.8%) and The New India Assurance Company Ltd. (239.58, 8.4%).

Top high volume losers on BSE were Poonawalla Fincorp Ltd. (426.35, -8.4%), MphasiS Ltd. (2,394.60, -3.1%) and Kajaria Ceramics Ltd. (1,238.55, -0.2%).

Caplin Point Laboratories Ltd. (1,475.90, 8.1%) was trading at 10.1 times of weekly average. Sanofi India Ltd. (9,967.20, 4.1%) and Sheela Foam Ltd. (941.05, 3.1%) were trading with volumes 8.0 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

57 stocks overperformed with 52 week highs, while 1 stock were underachiever and hit their 52 week lows.

Stocks touching their year highs included - Amara Raja Energy & Mobility Ltd. (1,400.25, -0.1%), Bajaj Auto Ltd. (9,733.05, 0.1%) and Balkrishna Industries Ltd. (3,250.55, 1.5%).

Stock making new 52 weeks lows included - Chemplast Sanmar Ltd. (544.80, 10.9%).

42 stocks climbed above their 200 day SMA including Happiest Minds Technologies Ltd. (908.40, 7.9%) and Gujarat State Fertilizer & Chemicals Ltd. (222.36, 6.0%). 9 stocks slipped below their 200 SMA including Poonawalla Fincorp Ltd. (426.35, -8.4%) and MphasiS Ltd. (2,394.60, -3.1%).

Nifty 50 closed at 23,290.15 (468.8, 2.1%), BSE Sensex closed at 76,693.36 (1,618.9, 2.2%) while the broader Nifty 500 closed at 21,764.15 (399.2, 1.9%). Market breadth is highly positive. Of the 2,153 stocks traded today, 1,777 were on the uptick, and 348 were down.

Indian indices extended the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, rose by 0.5% and closed at 16.9 points. Wipro bagged an order worth $500 million from a US-based communication service provider to supply managed services solutions for the next five years.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply higher following the benchmark index. All major sectoral indices closed higher than Thursday’s closing level. According to Trendlyne’s sector dashboard, telecom services emerged as the top-performing sector of the day, with a rise of over 4.1%.

Most European indices trade in the red. US indices futures trade flat, indicating a cautious start. Eurozone’s GDP in Q1 2024 expands by 0.4% YoY from 0.2% growth in Q4 2023.

• Relative strength index (RSI) indicates that stocks like Emami, KNR Constructions, UNO Minda, and Bikaji Foods International are in the overbought zone.

• Rites bags an order worth Rs 39.6 crore from Tata Steel for loco hiring along with operation and maintenance

• India Pesticides surges as it commissions an intermediate plant for one of the fungicides, previously imported, as part of backward integration.

• Energy stocks like Power Grid Corp of India, Adani Energy Solutions, ONGC and Tata Power rise more than 3% in trade. All constituents of the broader Nifty Energy index are also trading in the green, helping it to surge more than 2%.

• Consumer electronics, specialty retail, construction materials, roads & highways, personal products, and breweries & distilleriesindustries surge more than 7% over the past week.

• Great Eastern Shipping rises sharply as it announces the purchase of a 49,990 dwt medium-range product tanker built in 2013.

• Foreign institutional investors divest Rs 10,201.2 crore from the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 15,159.9 crore from foreign investors. Mutual funds are net sellers in the equity market, pulling out Rs 147.9 crore during the same period.

• Tata Consultancy Services launches its GenAI Aggregation Platform, 'WisdomNext'. This platform can provide multiple GenAI services in a single interface and facilitate the adoption of technologies with scale and lower costs.

  News Alert | TCS launches WisdomNext, GenAI Aggregation Platform
  
  Platform equipped with multiple GenAI services into a single interface; WisdomNext enables organisation to rapidly adopt next-gen technologies at scale and lower costs@TCS#WisdomNextpic.twitter.com/xVpXHefFLu

  — ET NOW (@ETNOWlive) June 7, 2024

• Adani Port receives a letter of intent from Kolkata Port for operations and maintenance of the container facility in the Netaji Subhas Dock at the Syama Prasad Mookerjee Port in Kolkata for five years.

• Bajaj Finance approves the sale of shares worth Rs 3,000 crore in its arm, Bajaj Housing Finance, through an offer for sale.

• Axis Direct upgrades HCL Technologies to 'Buy' from 'Hold' with a higher target price of Rs 1,550 per share. This indicates a potential upside of 8.4%. The brokerage believes the company is well-placed for growth in the long term, given its multiple long-term contracts. It expects the company's revenue to grow at a CAGR of 4.4% over FY25-26.

• Economists believe that the RBI will likely start lowering interest rates from October. According to Gaura Sen Gupta from IDFC First Bank, heatwave conditions have added to the near-term upside risks to food inflation, but monsoon will ease it. He adds that core inflation is also easing, and as a result, sees rate cuts beginning in October.

  #RBIMonetaryPolicy | ???? #Economists are expecting that @RBI will look at lowering the policy rates from October 2024.@jinitparmar10 brings you more details ????https://t.co/QIsaLFxM94#RBI#RepoRates#MonetaryPolicy#MPC

  — Moneycontrol (@moneycontrolcom) June 7, 2024

• Dixon Technologies (India) rises as it forms a joint venture with HKC Corp to manufacture liquid crystal modules, thin film transistor liquid crystal display modules, assemble end products including smartphones, TVs, monitors, and auto displays, and sell HKC branded end products in India.

• Mastek surges as it plans to upgrade its icxPro platform with NVIDIA's accelerated computing to provide advanced AI-powered customer experience (CX) solutions. This will improve CX management for the manufacturing, healthcare, banking, financial services, and insurance (BFSI) sectors.

• Rail Vikas Nigam rises sharply as it bags an order worth Rs 495 crore from National Thermal Power Corp to construct and install a barrage complex and head race tunnel at the Rammam hydroelectric project in West Bengal.

• The RBI raises its projection for India's GDP growth for FY25 to 7.2% from 7%. RBI's MPC forecasts CPI inflation at 4.5% for FY25 and 4.9% for Q1FY25.

  LIVE: RBI Monetary Policy: Governor Shaktikanta Das Announces Key Interest Rate Decision https://t.co/Na22CcQ7ch

  — Mint (@livemint) June 7, 2024

• IT stocks like Wipro, Mphasis, Coforge, and Persistent Systems are rising in trade. The broader sectoral index, Nifty IT, is also trading in the green.

• Hindustan Unilever appoints Arun Neelakantan as the new Executive Director (ED), with effect from July 1.

• Garden Reach Shipbuilders & Engineers surges as it receives an order worth Rs 500 crore from the Defence Research and Development Organisation to construct a research vessel. The contract is yet to be signed.

• The RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting.

  #RBI#MPC retains #RepoRate at 6.5% for 8th time in a row#RBIPolicyhttps://t.co/2TSoqEkBXQpic.twitter.com/EqE1rJSclH

  — Economic Times (@EconomicTimes) June 7, 2024

• IRB Infrastructure Developers is rising as its total toll collection increases by 30.3% YoY to Rs 535.5 crore in May.

• Hero MotoCorp rises as it buys an additional 2.2% stake in Ather Energy for Rs 124 crore.

• Ashish Kacholia buys a 3.9% stake in Aimtron Electronics for approx Rs 19.3 crore in a bulk deal on Thursday.

• Wipro is rising as it bags an order worth $500 million (approx. Rs 4,175 crore) from a US-based communication service provider to supply managed Services for some products and industry-specific solutions for the next five years.

• Nifty 50 was trading at 22,822.15 (0.8, 0%) , BSE Sensex was trading at 75,061.53 (-13.0, 0.0%) while the broader Nifty 500 was trading at 21,408.75 (43.8, 0.2%)

• Of the 1,886 stocks traded today, 1,384 were on the uptrend, and 445 went down.

Riding High:

Largecap and midcap gainers today include One97 Communications Ltd. (381.30, 10%), Vedant Fashions Ltd. (1,114.50, 6%) and Mahindra & Mahindra Ltd. (2,857.45, 5.8%).

Downers:

Largecap and midcap losers today include Schaeffler India Ltd. (4,153.90, -2.7%), Linde India Ltd. (8,512.95, -2.0%) and Indian Bank (534.70, -1.5%).

Volume Rockets

24 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included IIFL Finance Ltd. (470.50, 13.6%), Garware Technical Fibres Ltd. (4,062.80, 10.9%) and Tejas Networks Ltd. (1,284.85, 10.7%).

Top high volume loser on BSE was JBM Auto Ltd. (2,024.75, -5.7%).

Mastek Ltd. (2,790.50, 8.2%) was trading at 22.8 times of weekly average. Avanti Feeds Ltd. (615.40, 8.9%) and Gujarat Ambuja Exports Ltd. (152.70, 8.6%) were trading with volumes 17.3 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

42 stocks made 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (777.85, -1.7%), Amara Raja Energy & Mobility Ltd. (1,401.15, 9.7%) and Aurobindo Pharma Ltd. (1,265.15, 1.1%).

55 stocks climbed above their 200 day SMA including Praj Industries Ltd. (590.40, 10.3%) and Mastek Ltd. (2,790.50, 8.2%). 1 stock slipped below their 200 SMA including Tata Chemicals Ltd. (1,056.15, -0.7%).

Nifty 50 closed at 22,821.40 (201.1, 0.9%), BSE Sensex closed at 75,074.51 (692.3, 0.9%) while the broader Nifty 500 closed at 21,365 (310.6, 1.5%). Market breadth is highly positive. Of the 2,152 stocks traded today, 1,829 showed gains, and 287 showed losses.

Indian indices maintained the gains from the afternoon session and closed in the green. The volatility index, Nifty VIX, dropped by 11.1% and closed at 16.8 points. Zee Entertainment Enterprises board approved raising Rs 2,000 crore through the issue of equity shares.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply higher following the benchmark index.Nifty Realty and Nifty Media closed higher than Wednesday’s closing level. According to Trendlyne’s sector dashboard, telecommunication equipment emerged as the top-performing sector of the day, with a rise of over 5%.

Most European indices trade in the green. US indices futures trade flat, indicating a cautious start. German factory orders in April contract by 0.2% MoM against estimates of 0.6% growth.

• Aditya Birla Fashion and Retail sees a short buildup in its June 27 future series as its open interest rises 16.9% with a put-call ratio of 0.8.

• Indoco Remedies is rising as it receives US FDA approval for an abbreviated new drug application for Canagliflozin and Metformin Hydrochloride tablets. The tablets, a generic equivalent of Ivokamet, are used to treat type 2 diabetes.

• Realty stocks like Brigade Enterprises, Macrotech Developers, Sobha and Mahindra Lifespace Developers rise more than 4% in trade. All constituents of the the broader Nifty Realty index are also trading in the green, helping it to touch its 52-week high of Rs 1,085.6.

• Zee Entertainment Enterprises rises as its board approves raising Rs 2,000 crore through the issue of equity shares or any other eligible securities.

• According to Morgan Stanley, the Indian equity market is experiencing its longest and most robust bull market in history. The brokerage anticipates the S&P BSE Sensex to reach 82,000 by June 2025. It believes the election outcome will likely lead to further structural reforms, supporting its 20% annual earnings growth projection over the next five years.

  #MorganStanley expects the S&P #BSE#Sensex to hit the 82,000 mark by June 2025.
  
  Read more: https://t.co/WAAQZRxjv5pic.twitter.com/rTwZO3BDXI

  — NDTV Profit (@NDTVProfitIndia) June 6, 2024

• Ventura retains its 'Buy' call on Piramal Pharma with an upgraded target price of Rs 248 per share. This indicates a potential upside of 68.1%. The brokerage believes the company's strategic position across business verticals will drive robust revenue growth and enhance profitability. It expects the company's revenue to grow at a CAGR of 10.2% over FY25-27.

• Torrent Pharmaceuticals surges to its new all-time high of Rs 2,830.9 per share as it enters a patent licensing agreement with Takeda Pharmaceuticals to commercialize Vonoprazan, a novel gastrointestinal drug, in India.

• Vedanta surges after the State Bank of India approves its demerger plan, allowing the separation of its existing businesses into six independent entities. The majority of lenders have agreed, with approval pending from a few.

• According to a poll of economists, the RBI’s monetary policy committee is expected to maintain its status quo on the repo rate at 6.5%, given the recent inflation data and the outlook for food and commodity prices. They believe the central bank will likely start cutting interest rates in the October-December quarter or by H1CY25.

  #RBI MPC Meet Day 2: Economists expect status quo on rate; inflation outlook crucial@RBI | #MPCMeet#Economistshttps://t.co/Fz2sCa3XFC

  — Financial Express (@FinancialXpress) June 6, 2024

• Nazara Technologies surges as its arm, Absolute Sports, acquires all assets of SoapCentral for $1.4 million with plans to expand in the entertainment publishing sector in the US.

• Reports suggest that 33 lakh shares (0.7% equity) of PB Fintech, worth Rs 428.1 crore, change hands in a block deal. The transaction was executed at an average of Rs 1,297 per share.

• ICIC Securities upgrades Indian Hotels to 'Buy' and sets a higher target price of Rs 640 per share. This indicates a potential upside of 10.6%. The brokerage expects revenue growth driven by an improvement in the new businesses, and an increase in profitability, helped by product premiumisation and cost optimisation. It expects the company's revenue to grow at a CAGR of 10.2% over FY25-27.

• According to data from Grid India, India's gas-fired power generation experiences a YoY doubling in April and May, reaching 8.9 billion kilowatt-hours (kWh). The data indicates a decline in the share of coal in May to 74% YoY from 75.2%, while the share of gas nearly doubled to 3.1% from 1.6%. Independent Commodity Intelligence Services (ICIS) predicts a 19% increase in LNG demand in India for 2024, with imports projected to surpass 28 million metric tons by 2025.

  Scorching heat drives India's gas-fired power use to multi-year highs in May https://t.co/6jHAFB4hmNpic.twitter.com/xp5zjNmypc

  — Reuters Asia (@ReutersAsia) June 6, 2024

• Century Textiles & Industries rises sharply as its subsidiary, Birla Estates, enters into a joint venture with Barmalt India for a luxury residential housing development in Gurugram. The project has a potential development area of 2.4 million sq. ft., with a revenue potential of approx Rs 5,000 crore.

• Aurionpro Solutions rises as its arm, Integro Technologies, partners with Yoma Bank in Myanmar to explore SME lending operations.

• Power stocks like NTPC, Adani Power, Power Grid Corp, ABB India, Tata Power, and JSW Energy are surging in trade. All constituents of the broader sectoral index BSE Power are also trading in the green, helping it to rise more than 4%.

• CK Venkataraman, the Managing Director of Titan Co, notes that the company holds an 8% market share in the jewellery business. However, he anticipates that the margin within this segment will not exceed 12% in the medium term. Venkataraman projects double-digit growth in the wearables segment, with the overall watch portfolio expected to expand by 15-20%. He adds that Titan's emerging businesses will turn EBIT break-even by the end of FY27.

  #OnCNBCTV18 | Don’t see jewellery biz margin growing beyond 12% in the medium-term; expect good double-digit growth in wearables vs weakness in the industry, says CK Venkataraman of Titan Company pic.twitter.com/gCmLqi13lF

  — CNBC-TV18 (@CNBCTV18Live) June 6, 2024

• UNO Minda surges to its all-time high of Rs 1,016 per share as it signs a technical license agreement (TLA) with China's Suzhou lnovance Automotive. The agreement is to manufacture and supply high-voltage category electric vehicle products for passenger and commercial vehicles in India.

• Indian Energy Exchange rises as its volumes grow 28.9% YoY to 10,633 MU in May. The company's electricity volumes increase by 21% YoY to 9,568 MU, and the renewable energy certificates surge by 640.3% YoY to 1,055 MU.

• Rail Vikas Nigam rises sharply as it bags a Rs 391 crore order from the Eastern Railway to construct the Sitarampur bypass line under the Ansol Division.

• Citigroup lists Hindustan Unilever, Godrej Consumer Products, Britannia, and Honasa Consumer as its ‘Top Buys’, and Colgate, Dabur, and United Breweries as ‘Top Sells’ in the consumer staples space. The brokerage expects volume growth for these companies driven by improvement in consumption and self-help initiatives.

  Brokerage Radar | Citi on consumer staples says, "Top Buys are HUL (replaces TCPL), GCPL, Britannia and Honasa"@Citipic.twitter.com/6YzHyBsAjC

  — ET NOW (@ETNOWlive) June 6, 2024

• KPI Green Energy rises as its arm, Sun Drops Energia, wins orders of 26.2 MW for executing solar power projects.

• NBCC India rises sharply as it wins multiple orders worth Rs 491.5 crore from the government for construction work.

• Radhakishan Damani buys a 3.5% stake in Bhagiradha Chemicals & Industries for approx Rs 81.2 crore in a bulk deal on Wednesday.

• Bharat Heavy Electricals rises sharply as it bags an order worth more than Rs 3,500 crore from Mirzapur Thermal Energy (UP) to set up two 800 MW thermal power projects. As per the contract, BHEL will supply equipment, and set up and commission the projects.

• Upbeat trading today, as Nifty 50 was trading at 22,719.65 (99.3, 0.4%), BSE Sensex was trading at 75,078.70 (696.5, 0.9%) while the broader Nifty 500 was trading at 21,262.90 (208.5, 1.0%).

• Market breadth is highly positive. Of the 1,878 stocks traded today, 1,672 were gainers and 169 were losers.

Riding High:

Largecap and midcap gainers today include UNO Minda Ltd. (974.20, 13.1%), Biocon Ltd. (332.75, 9.0%) and Bharat Heavy Electricals Ltd. (277.95, 8.9%).

Downers:

Largecap and midcap losers today include Avenue Supermarts Ltd. (4,687.05, -3.6%), Hindalco Industries Ltd. (677.50, -2.6%) and Pidilite Industries Ltd. (3,089.20, -2.4%).

Movers and Shakers

11 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Century Textiles & Industries Ltd. (2,105.70, 14.3%), UNO Minda Ltd. (974.20, 13.1%) and Aegis Logistics Ltd. (791.15, 12.2%).

Top high volume loser on BSE was Anupam Rasayan India Ltd. (771.70, -0.4%).

Elgi Equipments Ltd. (609.90, 3.4%) was trading at 8.4 times of weekly average. Avanti Feeds Ltd. (565.35, 8.1%) and Eris Lifesciences Ltd. (977.85, 6.6%) were trading with volumes 6.6 and 4.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks took off, crossing 52 week highs,

Stocks touching their year highs included - Aegis Logistics Ltd. (791.15, 12.2%), Amara Raja Energy & Mobility Ltd. (1,277.50, 4.9%) and Bajaj Auto Ltd. (9,701.45, 1.0%).

65 stocks climbed above their 200 day SMA including CreditAccess Grameen Ltd. (1,500.30, 6.8%) and APL Apollo Tubes Ltd. (1,572.10, 6.8%). 1 stock slipped below their 200 SMA including IndusInd Bank Ltd. (1,481.10, -1.3%).