Nifty50: 15,832 ▲ 132 (+0.8%)
Sensex: 53,161 ▲ 433 (+0.8%)
Ascendio!
That’s what the Markets did today, without the aid of a spell. (Yeah! That weekend Harry Potter hangover hasn’t worn off yet). Benchmark indices ended up for the third day in a row, building on momentum from other Asian markets.
- Markets extend gains for the third straight day following gains in key international markets.
- In all, 38 of the Nifty50 stocks closed in the green.
- As per NITI Aayog, India’s gig workforce is expected to triple in size to 23.5 million workers by 2029-30. It has recommended designing financial products that will benefit the workforce.
All of the Nifty sectoral indices closed in the green, with IT (+2.0%) and Metal (+1.5%) witnessing most gains.
| Top gainers | Today's change |
| ONGC | 141 ▲ 4.5 (+3.3%) |
| Coal India | 182 ▲ 5.5 (+3.1%) |
| L&T | 1,539 ▲ 44 (+2.9%) |
| Top losers | Today's change |
| Eicher Motors | 2,836 ▼ 41 (-1.4%) |
| Apollo Hospital | 3,791 ▼ 47 (-1.2%) |
| HDFC Life | 558 ▼ 2.5 (-0.4%) |
What’s trending
⭐ Maruti takes the hybrid route 🚗
MARUTI (NSE): 8,425 ▲ 61.8 (+0.7%)
EVs may be cool, but Maruti would rather stick to old-school. Maruti Suzuki's chairman R.C. Bhargava has said the company will focus on hybrid vehicles rather than EVs (for now), due to a lack of sufficient charging infrastructure in India. The company plans to roll out its first hybrid car via a partnership with parent Suzuki Motor Corp and Toyota in 12 months.
⭐ Adani Ent. to set up copper plant 🏭
ADANIENT (NSE): 2,182 ▲ 20.5 (+0.9%)
Adani Enterprises’ subsidiary Kutch Copper, is setting up a new copper manufacturing facility with a capacity of 1 MTPA (million tons per annum). Adani Enterprises has raised debt of ₹6,071 crore for setting up the plant. The plant will begin production in the first half of 2024.
⭐ Bajaj Auto approves share buyback 😍
BAJAJ-AUTO (NSE): 3,855 ▲ 41 (+1.09%)
The Pune-based two-wheeler manufacturer will buyback shares worth up to ₹2,500 crore. The company plans to buyback shares at a price of up to ₹4,600 per share, 19.3% above its Monday’s close price of ₹3,855. Meanwhile, the company has set 30 June as the ex-date for a dividend of ₹140 per share.
⭐ Shot in the arm for Dr. Reddy's 💉
DRREDDY (NSE): 4,320 ▲ 10.3 (+0.2%)
Shares of Dr. Reddy's Laboratories rose 2% intraday as it announced the acquisition of the injectables portfolio of US-based Eton Pharmaceuticals. The company will pay upto $50 million for the acquisition. According to industry reports, the market size for these products in the US was $174 million, annually.
⭐ Welspun Corp. wins multiple orders 👍
WELCORP (NSE): 222 ▲ 8.8 (+4.1%)
Welspun Corp. was up 4%, as it has won various orders across the globe worth ₹600 crores in the last 30 days. These orders, of around 47,000 million tonnes of pipes, have come from the oil & gas, and water sectors. Collectively, the value of these orders is almost equal to 10% of the company’s FY22 consolidated revenues from operations.
⭐ Corporate actions alert 👌
BAJFINANCE(NSE): 5,624 ▲ 36 (+0.6%), IOC (NSE): 109 ▲ 1.2 (+1.1%), RATNAMANI (NSE): 2,582 ▲ 129 (+5.2%)
Indian companies are going all out to reward investors. Here are some upcoming corporate actions for this week. Indian Oil & Ratnamani Metals has set Thursday (30 June) as ex-date for its bonus issue. Both companies have approved 1:2 bonus shares, which means for every two existing shares investors hold, one new bonus share will be issued. Meanwhile, Bajaj Finance has set 30 June as the ex-date for a dividend of ₹20 per share. To be eligible for the above corporate actions, investors need to purchase shares before the ex-date (Scroll down to read what is ex-date).
In Focus
Metal stocks heat up
Beaten down metal stocks regained -lost sheen on Monday. The Nifty Metal index was up nearly 3% intraday. Meanwhile, the price of iron ore, which is a key raw material used for steel production, spiked up over 5% on Monday. Could these be linked? Let's explain.
Singapore's benchmark iron ore futures hit a one-week high on Monday. Prices rose on hopes that steelmakers in China may begin operating blast furnaces that have stood idle due to weak demand.
This optimism comes on the back of easing pandemic restrictions in China and relaxed testing mandates in several Chinese cities. ICYDK, China is the world's biggest producer of steel.
However, the uncertainties surrounding the metal sector are far from over. China's zero-Covid policy will keep lockdown risks high. Additionally, fears of a slowdown in global economic activity may continue to weigh on demand for metals.
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Good to know
What is Ex-date?
Ex-date is the date on which a company’s stock trades without the benefit of a corporate action like a dividend or a bonus issue. The ex-date is one business day before the record date. To be eligible for any corporate action, investors need to buy shares at least one day before the ex-date. For example, if the record date of a corporate action is Friday, then the ex-date will be Thursday. Meanwhile, investors who buy shares on or before Wednesday would be eligible beneficiaries of the corporate action.
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