TCNS Clothing was quoting at Rs 553.00, up Rs 34.60, or 6.67 percent. It was trading with volumes of 7,221 shares, compared to its five day average of 6,587 shares, an increase of 9.63 percent.
Adani and TotalEnergies entered into a new partnership
Adani and energy supermajor TotalEnergies of France, have entered into a new partnership to jointly create the world’s largest green hydrogen ecosystem.
In this strategic alliance, TotalEnergies will acquire 25% minority interest in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd (AEL).
Buzzing:G R Infraprojects share price fell over 7 percent on June 14, plunging over 17 percent since yesterday after reports said that the Central Bureau of Investigation (CBI) conducted searches at several locations of the company in Shillong, Guwahati, Gurgaon, and Bangalore.The raids were conducted in connection with alleged irregularities in a national road highway project in Assam, as per the reports.GR Infra said in an exchange filing on June 13 that some of their employees at a project site have been arrested by the Central Bureau of Investigation (CBI).
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The sharp cut in US markets on Monday has pushed the S&P 500 into bear market territory. With the Nasdaq already in bear market territory, markets are likely to remain weak with occasional relief bounces.
The sharp decline in the US markets was triggered by a WSJ article indicating a 75 bp hike by the Fed in its Wednesday meeting. Now, the majority view is that the Fed will have to hike aggressively with a couple of 75 bp rate hikes to contain inflation and establish its credibility.
CPI inflation in India in May coming at 7.04%, down from 7.8% in April, is good news that inflation is not getting out of control. So, RBI need not hike aggressively like the Fed.
Financials, particularly leading private sector banks, have the potential to give market beating returns for investors with a one-year perspective. Defenses like leading FMCGs are safe bets.
Market at 10 AMBenchmark indices erased most of the opening losses and trading flat amid volatility.The Sensex was down 60.77 points or 0.11% at 52785.93, and the Nifty was down 14.20 points or 0.09% at 15760.20. About 1660 shares have advanced, 1087 shares declined, and 109 shares are unchanged.
Keystone Realtors files draft documents for Rs 850 crore IPO
Mumbai-based Rustomjee Group firm Keystone Realtors has filed draft papers with the Securities and Exchange Board of India to raise up to Rs 850 crore through an initial public offering.
The share sale comprises a fresh issue of Rs 700 crore and an offer for sale of up to Rs 150 crore by promoters and shareholders.
Buzzing:Dynamatic Technologies share price rose more than 9 percent on June 14 after company won a contract to manufacture the Escape Hatch Door for Airbus A220 aircraft.The contract was placed by recently established STELIA AERONAUTIQUE CANADA Inc, a subsidiary of Airbus Atlantic SAS. This contract marks a milestone of workshare of the A220 supply chain in India and extends Dynamatic’s capabilities for manufacturing critical aerostructure to Airbus, company said in its press release.
D.R.E Reddy, CEO and Managing Partner, CRCL LLP:
The central bank had revised the inflation projection for FY23 in its monetary policy earlier in the month to 6.7% from 5.7% earlier.
The CPI inflation has remained above the 6% level for 5 months since January. High food, vegetable, and edible oil kept the inflation upwards.
Going forward, the elevated crude prices and favorable distribution of monsoon will help ease pressure on inflation.
Commodity costs have been on the rise since the middle of 2021, leaving enterprises with no choice but to pass on the high price to end consumers. Policy outcome from the US Fed, inflation levels will guide the RBI policy going forward.
Nifty Bank index shed 0.7 percent dragged by the IndusInd Bank, HDFC Bank, AU Small Finance Bank
BSE Oil & Gas index slipped 1 percent dragged by the HPCL, BPCL, IOC, Petronet LNG:
LIC snaps 10-day losing streak, up for the first time since May 30
Bharat FIH gets Sebi nod to float Rs 5,000 Crore IPO
Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group company, has received capital markets regulator Sebi’s go ahead to raise Rs 5,000 crore through an Initial Public Offering (IPO). The initial share-sale of Bharat FIH comprises fresh issue of shares worth Rs 2,502 crore and an offer for sale of up to Rs 2,502 crore by promoter group and Foxconn unit Wonderful Stars, according to the Draft Red Herring Prospectus (DRHP).
Bharat FIH makes devices for Xiaomi and Nokia. The company, which filed its preliminary IPO papers with Sebi in December 2021, obtained its observations on June 10, an update with the markets regulator showed on Monday.