Post Market Report: Dalal Street rises on bargain buying; Adani Total Gas, Biocon and BHEL in news

Dalal Street ended higher helped by broad-based gains across sectors as investors bought beaten down stocks. The Sensex climbed 1.81% and the Nifty 50 index gained 1.88%.

In broader markets, the Nifty Midcap 100 index soared 3.56% and the BSE Smallcap jumped 2.99%.

Top Nifty sectoral gainers were Media [5.49%], PSU Bank [4.06%], Metal [3.97%], Realty [3.65%] and IT [3.13%]. All other sectoral indices ended in the green.

Indian rupee closed at 78.08, down 9 paise, against the US dollar on Tuesday.

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Stock in News Today

Adani Total Gas: Shares of the company zoomed 20% after the company announced it shall expand its domestic connections to more than 12 lakh from 6.4 lakh currently. The company plans to roll out city gas distribution in 124 districts in the country.

Biocon: The Central Bureau of Investigation has arrested Joint Drugs Controller S Eswara Reddy for allegedly receiving a Rs 4 lakh bribe to waive the phase three clinical trial of the Insulin Aspart injection, a product of the company’s subsidiary, Biocon Biologics.

Bharat Heavy Electricals Ltd (BHEL): The company has signed signed $165 million contract with GE Steam Power for the supply of three nuclear steam turbines out of six units for NPCIL’s domestic nuclear program. The phase 1 of the program is being developed in Gorakhpur, Haryana and Kaiga in Karnataka.

HDFC Asset Management: Shares of the company rose 3.8% after Kotak Institutional Equities upgraded the stock to ‘add’ from ‘sell’, but slashed its target price to Rs 1,900 apiece from Rs 1,975. The brokerage firm expects improved fund performance by HDFC AMC and balanced risk-to-reward ratio at current valuations.

Oil and Natural Gas Corporation (ONGC): The public sector company is seeking a minimum $17 price for the gas it plans to produce from coal seams in its Bokaro CBM block in Jharkhand. ONGC had invited bids for the sale of 0.20 million standard cubic metres per day of gas which will be produced from the block.

Hindustan Petroleum Corporation Ltd (HPCL): The company has issued unsecured, redeemable, non-convertible, non-cumulative, taxable debentures of Rs 10 lakhs each aggregating to Rs.1,500 crore on private placement basis. The funds will be used for refinancing of existing borrowings and/or funding of capital expenditure, recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business.

Ajanta Pharma: Shares of the company rose 2.22% after the company announced issue of bonus shares in the ratio of one share of Rs 2 each for every two shares. The company had fixed June 23 as the record date for the determination of eligible shareholders

Larsen & Toubro Infotech: The IT firm has been named the GSI Global Delivery Platform Partner of the Year by Snowflake, the Data Cloud company. The award was presented at the Snowflake Summit 2022 ‘The World of Data Collaboration’.

Marksans: The company’s subsidiary, Time-Cap Laboratories, recalled bottles of Kroger Brand Aspirin and Ibuprofen. The recall is due to label packaging issue to meet child resistant packaging requirement.

Hindustan Motors: The company has transferred the brand rights and trademarks related to ‘Contessa’ brand to Haryana-based S.G. Corporate Mobility for an undisclosed sum.