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Buzzing Stocks: Power Grid, Globus Spirits, Max Financial Services and other stocks in news today
India Pesticides IPO to open on June 23
Agro-chemical manufacturer, India Pesticides will open its initial public offering for subscription on June 23, 2021. The price band for the offer has been fixed at Rs 290-296 per share. The issue will close on June 25.
The company is planning to raise Rs 800 crore through its offer that comprises a fresh issue of Rs 100 crore and an offer for sale of Rs 281.4 crore by promoter Anand Swarup Agarwal and Rs 418.6 crore by other selling shareholders.
Indian markets are likely to open gap up and remain at record highs on the back of mixed global cues as the Indian economy is opening up and business activity continues on its normalisation path. US markets ended mixed post monetary policy outcome tracking gains in technology stocks.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session with Nifty around 15750.
At 09:02 IST, the Sensex was up 202.16 points or 0.39% at 52,525.49, and the Nifty was up 63.60 points or 0.41% at 15,755
India’s economy likely contracted 12% in Q1: UBS
Lockdowns imposed by the states in April and May to contain the second wave of the deadly COVID-19 pandemic has likely led to the economy contracting 12 percent in the June quarter as against 23.9 percent contraction in the same quarter in 2020, says a UBS report.
Trade Spotlight: What Should Investors Do With Radico, Tata Consumer & APL Apollo Tubes?
Stocks that were in focus on June 17 included Radico Khaitan that rallied nearly 7 percent to hit a fresh 52-week high, Tata Consumer rose 1.2 percent and APL Apollo Tubes closed with gains of more…
Results on June 18
Ashoka Buildcon, Archidply Industries, Balaji Telefilms, BC Power Controls, Gujarat Fluorochemicals, GMR Infrastructure, Hinduja Global Solutions, HT Media, Insecticides (India), Jubilant Industries, PSP Projects, SMS Lifesciences, Timken India, and Welspun Specialty Solutions.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 879.73 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 45.24 crore in the Indian equity market on June 17, as per provisional data available on the NSE.
Oil prices fell for a second consecutive day on Friday as the US dollar soared on the prospect of interest rate hikes in the United States, but were nevertheless on track to finish the week flat – only slightly off multi-year highs.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:
Domestic Market may consolidate for some-time before resuming its rally. Technically too, the trend remains intact till Nifty holds above 15,700 for an up move towards 16k mark. Globally, investors would cautiously track what action does other Central Banks take following Fed hawkish announcement. Domestically, monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward would decide the further direction of the market.
Hot Stocks | Tata Consumer Products, Minda Industries And Infosys Three Trading Ideas For Short Term
Nifty on monthly timeframe has been forming a higher high, higher low pattern, indicating that the trend of the benchmark index from a long-term perspective remains strongly bullish, said Karan Pai of…