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POST-MARKET REPORT
Indian benchmark indices ended on a positive note with Nifty hitting a fresh record high. The Sensex was up 181.87 points or 0.24 percent at 76,992.77, and the Nifty was up 66.70 points or 0.29 percent at 23,465.60.
Gainers and Losers on Nifty: 18 of the 50 stocks on the Nifty 50 were trading in the red. Eicher Motors, Mahindra & Mahindra, Adani Ports & SEZ, Shriram Finance, and Titan, were the top gainers, while Tech Mahindra, TCS, Wipro, HCLTech, and Kotak Mahindra Bank, were the top drags.
Gainers and Losers on Sensex: 13 of the 30 stocks on the BSE Sensex were trading in the red. Mahindra & Mahindra, Titan, HDFC Bank, Tata Motors, and Reliance Industries, were the top gainers, while Tech Mahindra, TCS, Wipro, HCLTech, and Infosys were the top drags.
Sectoral Indices today: Barring the IT and media indices, all other sectoral indices were trading in the green with auto, telecom, capital goods, healthcare, metal, oil & gas, power, and realty up 0.5-1 percent.
Broader market indices today: The broader market was outperforming the benchmark indices, with the BSE SmallCap gaining 1.11% and the BSE MidCap climbing 1.21%.
STOCKS TODAY
Ambuja Cement: Shares of the Adani group firm gained over 1 percent after it announced the acquisition of South-based Penna Cement for Rs 10,442 crore. Jefferies has a ‘buy’ rating on the stock with a target price of Rs 735 per share. The brokerage said that the acquisition would strengthen the positioning of the Adani group cement company as a growing pan-India leader.
Puravankara Limited: Shares gained a percent after the real estate company said it will be raising funds to Rs 1,000 crore via the Qualified Institutional Placement (QIP) route. The QIP may involve the issuance of various financial instruments, including equity shares, debentures, or preference shares, subject to final approval by the board.
Mahindra & Mahindra: Shares rose over 2 percent, buoyed by the growing optimism and strong growth outlook for the automotive major. M&M’s market capitalization had also briefly overtaken that of Tata Motors to become India’s second most valuable automobile company after it scaled a record high.
EIH Associated Hotels: Shares of the flagship company of The Oberoi Group gained around 6.5 percent ahead of the company’s board meeting to consider and approve the issue of bonus shares to the equity shareholders of the company.
Prestige Estates: The stock of this realty player hit an all-time high of Rs 1,997 per share on June 14 after global brokerage firm CLSA reiterated its ‘buy’ rating and raised the target price to Rs 2,320, suggesting a potential upside of over 16 percent from current levels.
Adani Ports and Special Economic Zone: Shares rose 2 percent as Kotak Institutional Equities raised its target price on the stock to Rs 1,650 per share from Rs 1,550 earlier. The upgrade is on account of the company’s continued outperformance in FYTD24. The brokerage highlighted that despite a weak start to the year for the Indian stock market, Adani Ports has continued to outperform. This outperformance is expected to be sustainable, with potential boosts to margins, said Kotak.