Nifty50: 18,817 ▲ 126 (+0.6%)
Sensex: 63,416 ▲ 446 (+0.7%)
Namaste, friends!
We’ve all heard of scarecrows but have you heard of “scare-bears”? Farmers in Uttar Pradesh have found an unconventional solution to ward off monkeys that wreak havoc on sugarcane crops. The farmers are donning bear costumes on the farming fields, which has turned out to be quite the game-changer as a quick resort to protect their crops. Meanwhile, it was bears who were driven away in the markets today, as the benchmark indices rose significantly.
- Markets changed gears led by gains in financial stocks
- In all, 34 of the Nifty50 stocks closed in the green
- IPO buzz is back in the Indian markets. More on that later
Among the Nifty sectoral indices, Financial Service (+1.3%) and Realty (+1.2%) were the top gainers, while FMCG (-0.07%) and Oil & Gas (-0.01%) fell marginally.
| Top gainers | Today's change |
| HDFC Life | 664 ▲ 34 (+5.5%) |
| Apollo Hospitals | 5,145 ▲ 108 (+2.1%) |
| SBI | 567 ▲ 10 (+1.8%) |
| Top losers | Today's change |
| Cipla | 1,011 ▼ 10 (-1.0%) |
| Britannia | 4,956 ▼ 53 (-1.0%) |
| Tata Consumer | 853 ▼ 8.6 (-1.0%) |
What’s trending
⭐ HDFC and HDFC Bank to merge on 1 July
The merger of India’s largest private bank HDFC Bank and mortgage lender HDFC Ltd is likely to be completed by 1 July, subject to completion of formalities. The delisting of HDFC shares will tentatively take effect on 13 July. The deal is valued at $40 billion and is the biggest transaction in Indian corporate history. The merged entity will have a combined asset base of about ₹18 lakh crore. Shares of HDFC Bank and HDFC Ltd were up 1.3% today.
⭐ HAL announces 2:1 stock split
Defence firm Hindustan Aeronautics (HAL) announced two corporate actions today. The company’s board has declared a final dividend of ₹15 per share for FY23. Additionally, it also approved a 2:1 stock split, which means each existing share will be split into two. The record date for the stock split is 29 September 2023.
⭐ Cyient DLM IPO fully subscribed
The ₹592 crore public issue of Cyient DLM was subscribed 2.65 times on Day 1, with the retail portion being subscribed 9.82 times. Cyient DLM is an original equipment manufacturer (OEM) in the aerospace, defence, medical technology and industrial sectors. The company has set the price band for the issue at ₹250 to ₹265 per share. The public issue opened for subscription on Tuesday, 27 June and will close on Friday, 30 June. Click here to apply for this IPO.
⭐Crude oil slips into red
International oil prices slipped more than 1% today after initial gains. Crude oil opened positive after the Chinese government promised more stimulus to boost the country's economy, which is one of the largest oil importers. However, oil prices slipped into the red after the European Central Bank’s president hinted towards more interest rate hikes in the Eurozone.
In Focus
IPO buzz is back in Indian markets
The first half of 2023 was rather tepid as far as IPOs are concerned. Volatility in the markets along with rising global uncertainties prompted several companies to delay their IPOs this year. However, IPOs are back in the spotlight, with as many as five companies coming out with their maiden issues in June 2023 alone. Let’s look at why the scenario is changing.
Market recovery adds to confidence
The broad-based rally in the stock market over the past few weeks, which saw the Sensex touching an all-time high of 63,601, could be one of the key factors behind new IPO launches. As markets recover, companies are testing investors’ appetite for new listings.
IPOs that are a creating buzz
IPOs of drone maker IdeaForge Technology and Cyient DLM, which offers electronic manufacturing services, are currently open for subscription. Both IPOs received overwhelming response from investors and are fully subscribed. To know more about these IPOs click here.
Earlier this month, IKIO Lighting and HMA Agro Industries successfully raised funds, with IKIO Lighting shares listing at a premium and are currently up 59% compared to issue price. Shares of HMA agro will list on 4 July. Meanwhile, construction firm PKH Ventures IPO will open for subscription on 30 June.
New companies receive SEBI nod
Furthermore, market regulator SEBI gave its nod to three more companies to raise funds through the IPO route. These companies include Tata Motors' subsidiary Tata Technologies, Gandhar Oil Refinery (India) Ltd and non-banking financial firm SBFC Finance.
With so many public issues lined up, investors can expect an IPO bonanza in the next couple of months.
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