Benchmark indices Nifty and Sensex shed almost all their gains to close the day marginally higher as profit booking set in. Despite this, sectors such as IT, healthcare, pharma, and auto shone brightly. Both indices touched fresh record highs during the session. Market experts noted that a rally in IT stocks, supportive global cues, and optimism surrounding a positive budget were key drivers in today's trade. At close, the Sensex was up 62.87 points or 0.08 percent at 80,049.67, and the Nifty was up 15.70 points or 0.06 percent at 24,302.20.
Lupin | CMP: Rs 1,764 | Shares climbed over 8 percent after brokerage firm Kotak Institutional Equities double upgraded the stock to an 'add' rating, from the previous 'sell' call. KIE's bullishness over Lupin stems from the drugmaker's strong US portfolio which makes it well-poised to surprise positively on Street’s estimates in the US in FY25 and FY26. Factoring that in, the brokerage also raised its price target for Lupin by nearly 30 percent to Rs 1,805, reflecting the potential for an upside of around 11 percent from the previous close.
Wockhardt | CMP: Rs 936.10 | Shares surged 5 percent, extending the uptrend for the 12th straight session. With the sharp rally, the stock hit a fresh 52-week high of Rs 995, delivering exuberant gains of nearly 80 percent in the past month. Optimism for the company stems from its research and development prowess as it nears the launch of two blockbuster antibiotics, poised to change the course of the drugmaker's earnings trajectory.
Cello World | CMP: Rs 982 | Shares rose 2 percent to after the company launched a qualified institutional placement (QIP) to raise Rs 730 crore. In the QIP, the company is offering equity shares at a floor price of Rs 896.09 per share, a near 12 percent discount from the previous closing price of Rs 901.05. The fundraise comes just eight months after the company listed on the stock exchanges through a Rs 1,900-crore initial public offering (IPO), during which the company's promoters and investors sold their shares in an offer for sale (OFS).
Suryoday Small Finance Bank | CMP: Rs 192.30 | Shares gained 1.2 percent after the lender clocked strong advances and deposits in the June-ended quarter (Q1FY25). Suryoday SFB loans and advances increased by 42 percent year-on-year (YoY) to Rs 9,037 crore in Q1FY25, as compared to Rs 6,372 crore. Sequentially too, it was up by 4 percent from Rs 8,650 crore in Q4FY24. On the other hand, the lender's deposits improved by 42 percent YoY to Rs 8,137 crore in Q1FY25 from Rs 5,722 crore in the year-ago period. It was up 5 percent QoQ from Rs 7,777 crore.
ITD Cementation | CMP: Rs 495 | Shares fell 14 percent after the company's promoter Italian Thai Development Public stated plans of exploring potential divestment of stake. In addition, the sharp run up in the stock in the recent time also prompted investors to take partial profits home.
Inox Wind | CMP: Rs 157.15 | Shares skyrocketed over 13 percent after the company informed that it has received a Rs 900-crore capital infusion from promoter Inox Wind Energy Limited (IWEL). The fund was raised through the sale of equity shares of Inox Wind in block deals on stock exchanges, attracting participation from several high-profile investors. In a regulatory filing, Inox Wind informed that IWEL finalised the capital infusion on July 4, marking a significant step towards achieving a debt-free status for IWL. The proceeds from the infusion will be used to pare Inox Wind's external term debt and thereby enhance its financial position and accelerate its growth prospects.
Shipping stocks | Shares of shipping firms like Cochin Shipyard, Mazagon Dock surged up to 17 percent. They were among the PSU stocks that have seen a sharp rally lately as investors expect Budget 2024 announcements to boost the stocks further. Veteran investor Raamdeo Agrawal believes that despite the recent upmove, PSUs are still trading in single-digit PE multiples. The stocks also gained on account of strong Q1 earnings expectations. Antique Stock Broking in its June quarter earnings preview note said the combined sales of eight defence companies including Mazagon Dock, Cochin Shipyard, Bharat Dynamics, BEML, Hindustan Aeronautics, Bharat Electronics, PTC Industries and Garden Reach Shipbuilders & Engineers Ltd may jump 27 percent YoY.
HDFC Bank | CMP: Rs 1,728 | Investors rushed to book profits in HDFC Bank shares, causing a drop of nearly 3 percent. This made India's largest private lender the top Nifty loser a day after it was the leading index contributor, following the release of its April-June quarter shareholding data. On July 3, HDFC Bank saw a 3 percent gain after the June shareholding data revealed a drop in foreign investor stakes below 55 percent, boosting market sentiment due to expectations of an MSCI inflow increase. Currently, FII ownership in HDFC Bank stands at 54.8 percent. With FII ownership dropping below 55 percent, the MSCI inflow weightage for HDFC Bank is expected to rise during the August 2024 rebalancing. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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