The Indian equity benchmarks closed in the green on June 27 as the Sensex was up 0.71 percent at 63,416.03 and the Nifty was up 0.68 percent at 18,817.40. As many as 1,957 shares advanced, 1,434 declined and 132 shares remained unchanged.
2/11
HDFC Bank Ltd. | CMP Rs 1658.60 | Shares of HDFC and HDFC Bank gained nearly 1.5 percent on June 27 after HDFC chairman Deepak Parekh said the merger between the country's largest private sector bank, HDFC Bank and mortgage lender HDFC Ltd, is expected to be completed by July 1. Following the merger, the HDFC Ltd shares will be unlisted by July 13. Once the deal comes into force, HDFC Bank will be 100 percent owned by public shareholders.
3/11
IIFL Securities Ltd. | CMP Rs 63.10 | Shares of IIFL Securities surged 4.5 percent on June 27 after Securities Appellate Tribunal (SAT) stayed the Securities and Exchange Board of India’s June 20 order against the company over missing client funds. IIFL Securities had clarified to the exchanges that the order pertained to inspections carried out for different periods between April 2011 and January 2017, which was prior to the issuance of the Enhanced Supervision Circular on September 26,206 by SEBI.
4/11
PB Fintech Ltd. | CMP Rs 716.65 | Shares of PB Fintech were up more than 2 percent on June 27 after brokerage firm Morgan Stanley favoured the stock as one of the top picks among new- age companies for the second half of FY24. Morgan Stanley predicts a surge in sales growth and higher profitability for the stock. The brokerage gave an ‘overweight’ rating for the PolicyBazaar.com runner.
ICICI Prudential Life Insurance Comp Ltd. | CMP Rs 580.10 | ICICI Prudential Life Insurance was trading flat on June 27 morning, a day after the insurer said that it was slapped with a goods and services tax (GST) liability of Rs 492 crore. By close, the share recovered most losses and ended nearly 3 percent than the previous close. In a report released on June 27, brokerage firm CLSA gave a “buy” rating on ICICI Prudential Ltd stock with a target price of Rs 700 per share, up 20 percent from the current market price.
6/11
Bharti Airtel Ltd. | CMP Rs 864.90 | Shares of Bharti Airtel gained 1.5percent on June 27 after the company announced leadership changes for its enterprise business arm; Airtel Business. Morgan Stanley acknowledges Chitkara's departure to be significant and states that there is a leadership team already in place to ensure business continuity. It has given an overweight rating on Bharti Airtel with a target price of Rs 870 per share.
7/11
Godrej Properties Ltd. | CMP Rs 1563.30 | Shares of Godrej Properties gained nearly 2 percent on June 27 after the company’s board approved the issuing of unsecured redeemable non- convertible debentures (NCDs) worth Rs 750 crore. The company had recently bought 15 acres of land in Gurugram, Haryana, through an outright purchase for the development of premium residential apartments.
8/11
HBL Power Systems Ltd. | CMP Rs 157.40 | HBL Power Systems shares gained 3.5 percent on July 27 on winning a Rs 135 crore contract from Ashoka Buildcon for the supply of the Kavach part of an EPC contract won by ABL in September 2022. The HBL share touched a 52-week high of Rs 156.90 on June 21, 2023. Currently, it is trading 1.85 percent below its 52-week high.
LTIMindtree Ltd. | CMP Rs 5163.05 | Shares of LTIMindtree gained over 3 percent on June 27 after the company is on the path to become the 50th biggest company in India in terms of market capitalization post HDFC’s merger with HDFC bank. As per Nuvama Alternative & Quantitative Research, LTI Mindtree is a high-conviction replacement for the index and can see an inflow of $150 million to $160 million.
10/11
AAVAS Financiers Ltd. | CMP Rs 1508.75 | Shares of Aavas Financier were up 3 percent on June 27, a day after European private equity firm Societe Generale picked up a 0.5 percent stake in the company. Societe Generale bought a 0.5 percent stake of Aavas Financiers at an average price of Rs 1,427.21 per share through open market transactions on June 26. Brokerage firm JM Financial initiated coverage on the company with a 'buy' call, assigning a target price of Rs 1,840.
11/11
63 Moons Technologies Ltd. | CMP Rs 214.95 | Shares of 63 Moons Technologies were up nearly 4 percent on June 27 after Miri Strategic Emerging Markets Fund LP, the hedge fund owned by US-based Miri Capital Management LLC, bought an additional stake in the technology services firm. As per bulk deals data available on exchanges, Miri purchased an additional 3.54 lakh equity shares of 63 Moons at an average price of Rs 216.16 per share via open market transactions on June 26.
