POST MARKET
Indian equity benchmarks ended higher for the third consecutive session on June 16, supported by easing geopolitical tensions following the US-Iran agreement and strong buying interest in IT, FMCG, realty and select heavyweight stocks.
However, the broader market underperformed the benchmark indices, with the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining 0.4 percent each.
Except Auto, Pharma, PSU Bank, Metal, all other sectoral indices ended in the green with Information Technology, Consumer Durables, Energy, Media, FMCG, Realty up 1-2 percent.
STOCKS IN NEWS
Sonata Software
Shares of Sonata Software surged as much as 19.99% in intraday trade on Tuesday after investors reacted positively to the Chennai bench of the National Company Law Tribunal’s (NCLT) approval of the merger of its wholly owned subsidiary, Encore IT Services Solutions Pvt Ltd, with the company.
Suzlon Energy
Suzlon Energy shares rose over 4% on June 16 a day after Union Renewable Energy Minister Pralhad Joshi asked the Wind Independent Power Producers Association (WIPPA) and the Indian Wind Turbine Manufacturers Association (IWTMA) to submit a detailed assessment of ageing wind turbines across the country that can be repowered, within the next 30 days.
General Insurance Corporation of India
Shares of state-owned insurer General Insurance Corporation of India (GIC Re) declined near 8 percent on Tuesday after the government launched an offer for sale (OFS) to divest up to a 5 percent stake in the company at a discount.
Petronet LNG
Stock of Petronet LNG rose around 1.43 percent due to gas-linked companies traded higher on Tuesday after a Bloomberg report said Qatar is preparing to rapidly ramp up liquefied natural gas (LNG) production once the Strait of Hormuz reopens.
Source: Mint, Moneycontrol
