Kotak Mahindra Bank, HDFC Bank, DCX Systems, among buzzing stocks as SENSEX falls over 350 pts, NIFTY below 24,000

The Indian benchmark indices, SENSEX and NIFTY50, were trading in the negative territory during the afternoon session on Monday, June 29, as investors turned cautious amid renewed tensions between the United States and Iran and a surge in global crude oil prices.

Over the weekend, the US carried out a series of airstrikes against missile and drone storage sites in Iran as a retaliatory move against the West Asian country after an alleged violation of the ceasefire agreement.

The SENSEX slumped as much as 0.62% to touch an intraday low of 76,623.38. Meanwhile, the NIFTY50 reached the session’s low of 23,925.40.

At 12:48 PM, the S&P BSE SENSEX declined by 397.62 points, or 0.52%, to trade at 76,702.85, while NSE’s NIFTY50 stood at 23,946.75, reflecting a 109.25 points, or 0.45% drop.

Buzzing stocks on June 29: Check list

The boards of state-owned Power Finance Corporation (PFC) and REC Ltd have approved a scheme of merger under which REC will be amalgamated with PFC, creating a power sector financing entity with a combined loan book of more than ₹11 lakh crore.

In the press release released on Sunday, June 28, late in the night, PFC said, "The Board of Directors of Power Finance Corporation Limited (PFC) and REC Limited (REC) today approved the Scheme of Merger (Scheme) for merger of REC (Transferor Company) into PFC (Transferee Company) and their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013."

As part of the approved scheme, REC shareholders will receive 88 equity shares of PFC for every 100 equity shares held in REC. The share exchange ratio has been determined based on a joint valuation exercise, with the record date to be announced later by the boards of the two companies.

Astral shares declined as much as 9.95% to touch an intraday low of ₹1,339 per unit on the National Stock Exchange (NSE) on Monday, June 29, after investors reacted to the company’s chemicals business demerger update from the main entity to form Astral Chemie Limited, according to an exchange filing.

According to the terms of the demerger, all eligible and existing shareholders of Astral will receive one fully paid-up equity share of the newly formed company, Astral Chemie Limited, which holds a face value of ₹1 apiece for every share they own in the original entity.

Analysts at JP Morgan predict that although the move is to focus on capital allocation and improving margins, among other things, the demerger could potentially impact the company’s growth prospects of the still relatively sub-scale remaining Paints & Adhesives segment.

DCX Systems' stock jumped 7% to hit an intraday high of ₹203.99 per equity share on Monday, June 29, as the company secured an order worth ₹431.83 crore.

The order comprises an export contract worth ₹409.4 crore for the supply of electronic kits, along with additional domestic and export orders totaling ₹22.43 crore for the manufacturing and supply of cable and wire harness assemblies.

In the same regulatory filing, the aerospace and defense company said that its wholly owned subsidiary firm Raneal Advanced Systems has also received a purchase order worth ₹4.02 crore for the manufacturing and supply of printed circuit board assemblies.

DCX Systems, however, has not disclosed the identity of the customer placing these orders.

Shares of Waaree Energies, one of the key players in the renewable energy sector, fell over 5% on June 29. The stock was under pressure even after the company issued a clarification on a recent determination by the U.S. Customs and Border Protection (CBP).

In a stock exchange filing, the company said the CBP had confirmed, following a detailed investigation and on-site verification of its manufacturing facility in India, that Waaree did not export solar modules made using Chinese-origin solar cells to the United States.

The company also said the US agency acknowledged its full cooperation during the investigation, drew no adverse inference against it, and declined the petitioner's request to extend any evasion finding to all of Waaree's imports.

Importantly, the determination is not a final adjudication, it added.

Purvankara shares climbed as much as 4.6% to touch an intraday high of ₹222.90 apiece on the NSE, as the real estate company entered into a joint development agreement (JDA) for a ₹10,000 crore project in Bengaluru.

The JDA has been signed for a 6.4-acre land parcel in Sarjapur, Bengaluru, and has a saleable area of approximately 0.8 msft. The company said it will be developed as a residential community.

“As we pursue our FY27 growth agenda, our focus remains on securing quality land parcels in markets backed by infrastructure, employment density, and sustained homebuyer demand while creating long-term value for our stakeholders,” said Ashish Puravankara, Managing Director, Puravankara.

The stock of HDFC Bank was trading flat with a positive bias on Monday, June 29, as the private sector lender on Saturday said an independent legal review conducted by two external law firms found no evidence to substantiate concerns raised by former chairman Atanu Chakraborty in his resignation letter or subsequent public statements.

The bank said the review, announced on March 24, examined whether any concerns flagged by Chakraborty were evident from the records, whether he had recorded any dissent during his tenure, and whether such dissent, if any, had been addressed.

Chakraborty resigned as chairman of the country's second biggest lender, HDFC Bank, citing ethical concerns. This was the first time that a part-time chairman of HDFC Bank left mid-way, raising concerns over its functioning.

The review was carried out by Wilson Sonsini Goodrich & Rosati, P C, and Wadia Ghandy & Co over three months, HDFC Bank said in a regulatory filing on Friday.

Shares of real estate developer Omaxe Ltd skyrocketed 20% on Monday, June 29, after the company announced its dedicated hospitality business division with plans to develop around 19 hotels spread over nearly 5 million square feet across five states in the next four to five years.

The company intends to invest approximately ₹6,200 crore in the next 4-5 years to develop hospitality assets. This will be subject to project-specific, regulatory, and other necessary approvals, apart from market conditions.

"Of the 19 hotels, 12 will be developed in Uttar Pradesh, including two in Ayodhya, three in Lucknow, one each in Prayagraj, Ghaziabad and Gorakhpur, two in Kaushambi and two in Vrindavan. Omaxe will also develop one hotel each in New Delhi, Faridabad and Ujjain, along with four hotels across Chandigarh, Amritsar and Ludhiana, including two properties in Chandigarh. In total, Omaxe will have a presence across 13 cities in five states over the next 4-5 years," Omaxe said in an exchange filing on Monday.

Persistent Systems' stock tumbled 11% to hit a 52-week low of ₹4,312 per equity share on the NSE on June 29, after investors focused on the company’s Nagarro acquisition update.

As per the exchange filing, Persistent Systems disclosed that the company plans to take over Nagarro, a German digital engineering company, as the firm aims to create an AI-led digital engineering powerhouse with $2.9 billion in revenue run-rate.

With this takeover move, the combination will be a mega firm with more than 6,000 employees in over 40 countries, including about 37,000 employees in India, and around 3,500 employees in North America, and another 3,000 employees in Europe.

However, market experts predict that the takeover deal is estimated to be expensive, considering the historic growth trajectory of the mid-tier IT company and its strategic presence in the European market.

Kotak Mahindra Bank shares slipped as much as 3% to ₹395.95 apiece on the NSE on Monday, June 29, as the private sector bank on Saturday said its MD and CEO Ashok Vaswani will quit upon completion of his three-year tenure and will not seek re-appointment when his current term ends on December 31, 2026.

Veteran banker Vaswani assumed charge as the managing director (MD) and CEO of the bank on January 1, 2024. He had worked with Barclays and Citigroup previously.

Ashok Vaswani, Managing Director & CEO of the bank, has informed the board that, for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026, Kotak Mahindra Bank said in a regulatory filing.

The stock of Ashoka Buildcon surged as much as 4.46% to hit an intraday high of ₹136.88 per unit during early trade on the NSE on Monday, as it received a letter of acceptance (LOA) from the Central Housing and Planning Authority, Guyana.

According to a regulatory filing dated June 26, the company stated that it had submitted a bid to the Central Housing and Planning Authority of Guyana for the construction of a four-lane highway from Versailles, West Bank Demerara, to Parika, East Bank Essequibo in the South American country of Guyana.

Following the bid, the Nahik-based firm received the LoA for the project, with an accepted order value of $35.42 million or GYD (Guyanese Dollar) 7,455,455,867.

Shares of insurance distribution platform Turtlemint Fintech Solutions started trading at ₹134.90 per share on the NSE on Monday, June 29.

This reflects a discount of 11.25% against the IPO issue price of ₹152 per share. On the BSE, it debuted at ₹136.20 apiece, down 10.39% from the issue price.

The ₹882.67 crore initial public offering consisted of a fresh issue of shares worth ₹660.72 crore and an offer for sale (OFS) of 1.46 crore shares valued at ₹221.95 crore by existing shareholders.