Get App
Benchmark index Sensex scaled a fresh all-time high of 63,588 in the intraday trade helped by gains in index heavyweights. Meanwhile, the broader index Nifty 50 also ended higher. The Sensex closed 0.31% higher and the Nifty rose 0.21%.
Broader markets outperformed frontline indices. The Nifty Midcap 100 rose 0.81% and the BSE Smallcap climbed 0.24%.
Top gainers were Energy [0.84%], Financial Services [0.68%], Media [0.55%], PSU Bank [0.44%], and Oil & Gas [0.42%]. Top losers were Metal [-0.94%], FMCG [-0.44%], and Realty [-0.33%].
Indian rupee rose 11 paise to 82.04 against the US dollar on Wednesday.
Stock in News Today
Piramal Enterprises: The company said in an exchange filing that it has sold its entire direct investment of 8.34% in the fully paid-up share capital of Shriram Finance Limited to third party investors, on the floor of the stock exchange. The floor price is expected to be Rs 1,483 per share. Earlier, US private equity TPG sold its entire 2.65% stake in Shriram Finance.
Blue Dart Express: Shares of the logistics company jumped 7.2% after brokerage house Motilal Oswal Financial Services upgraded the stock to ‘buy’ rating from ‘neutral’ with a target price of Rs 8,040 apiece. The brokerage firm expects Blue Dart to clock a 12% volume compound annual growth rate during FY23-25, supported by strong growth in the road and air segments. It also expects Blue Dart’s margins to improve, helped by lower aviation turbine fuel prices and pricing power.
Lupin: The company has received US Food and Drug Administration approval for its abbreviated new drug application, Tiotropium Bromide inhalation powder. The said drug is generic equivalent to Spiriva, HandiHale of Boehringer Ingelheim Pharmaceuticals, Inc. Tiotropium is used to treat lung diseases such as asthma and Chronic obstructive pulmonary disease (bronchitis, emphysema). According to (IQVIA MAT Mar 2023), Tiotropium Bromide Inhalation Powder (Spiriva) had estimated annual sales of $1,264 million in the United States.
Rail Vikas Nigam (RVNL): The company announced that it has received three letters of acceptance (LoA) from Chennai Metro Rail (CMRL) of underground stations for phase-II project worth Rs 4,058.18 crore.
Ugro Capital: The MSME lending fintech company’s board has allotted 200 units of commercial papers (CP) aggregating to Rs 10 crore. The CPs, which have a face value of Rs 5 lakh each, was allotted at a discounted rate of 8.50% per annum. It has tenure of 90 days and will be redeemed on 18 September 2023.
Satin Creditcare Network: The financial services company said that its board has approved raising up to Rs 54 crore by issuing non-convertible debentures (NCDs) on private placement basis. The coupon rate on the NCDs is fixed at 10.90% per annum payable semi-annually. The debentures are proposed to be allotted on 29 June 2023 and the date of maturity will be 8 May 2027.
Shilpa Medicare: The company’s board will meet to consider rights issue of equity shares on Friday (June 23). The rights issue will be subject to regulatory and statutory approvals. The company is involved in manufacturing and supplying of affordable API and formulation globally in different regulated markets.
Dynacons Systems & Solutions: The company’s stocks hit an upper circuit of 5% after the company received an order worth Rs 79.47 crore from Union Bank of India for expansion of bank’s on-premises private cloud. The order includes supply, installation, configuration, implementation and maintenance for hyper-converged infrastructure and software solution for expansion of bank’s on-premises private cloud.
SpiceJet: The carrier said it has signed a settlement pact with Nordic Aviation Capital for Q400 aircraft. With this agreement, the three repossessed aircraft will return back to its fleet.