NIFTY50, SENSEX flat in afternoon session; Apollo Hospitals, BEL, Reliance Industries among buzzing stocks

The Indian stock market trades flat in the mid-afternoon session on Tuesday, July 1, amid positive global cues and a rally in heavyweights like Apollo Hospitals, Bharat Electronics (BEL) and Reliance Industries.

On the contrary, Axis Bank, Nestle India, Eternal, Shriram Finance and Trent were the most losing stocks on the 50-share index.

Shares of Apollo Hospitals soared 4.72% to an intraday high of ₹7,584.50 apiece on Tuesday, July 1, after its board approved a separate listing of its omnichannel pharmacy and digital health businesses within 18-21 months. It will be as part of a reorganisation exercise to unlock value.

Last seen, the stock was trading at ₹7,502 apiece on the National Stock Exchange (NSE), surging 3.59%. It had touched a 52-week high of ₹7,584.50 during the intraday period on Tuesday.

The board of directors of Apollo Hospitals and Apollo HealthCo, a subsidiary of the healthcare major, have accorded in-principal approval for the composite scheme of arrangement.

Shares of defence equipment maker Bharat Electronics rose as much as 3.44% in intraday deals to hit a record high of ₹436 on the National Stock Exchange on Tuesday, July 1. On the BSE, Bharat Electronics shares advanced as much as 3.37% to hit a fresh 52-week high of ₹435.95.

Tuesday’s surge in Bharat Electronics shares came after the company informed exchanges that it has won orders worth ₹528 crore. The company received orders for the supply of radars, communication equipment, EVMs, jammers, shelters, control centres, spares, services, etc.

Shares of Raymond Realty, the demerged realty arm of Raymond Ltd, made their debut on the bourses on Tuesday, July 1.

The stock on the NSE debuted at ₹1,000 against the discovered price of ₹1,039.30. Moreover, the scrip witnessed further pressure after listing. Last seen, shares were trading at ₹985 apiece on the NSE.

On the BSE, the stock made its debut at ₹1,005, down 2.55% against the discovered price of ₹1,031.30. Last seen, the scrip stood at ₹990.

Recently, Raymond Realty said it would launch six residential projects this fiscal year in the Mumbai Metropolitan Region with an estimated revenue potential of about ₹14,000 crore as the company looks to expand the property business amid strong demand.

Shares of Reliance Industries reclaimed its ₹20 lakh crore of market capitalisation on Tuesday, July 1, as the Mukesh Ambani-led firm’s stock surged almost 2% to an intraday high of ₹1,529 apiece on the National Stock Exchange.

Last seen, RIL shares were trading at ₹1,528.90 per piece on NSE, rising 1.89%. Its market capitalisation stands at ₹20,67,761.82 lakh crore. The scrip was one of the top contributors on the 50-share index on Tuesday.

On Monday, new agency Press Trust of India had reported that Russian oil giant PJSC Rosneft Oil Company is in early talks with the RIL for the sale of its 49.13% stake in Nayara Energy, which operates a 20-million-tonnes-a-year oil refinery and 6,750 petrol pumps in India.

The report added that Reliance has held preliminary talks for the acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No. 1 oil refiner as well as give a meaningful presence in the fuel marketing space.

Shares of Gabriel India, the flagship company of the ANAND Group and a player in automotive component manufacturing, hit the 20% upper circuit limit of ₹842.75 apiece on the NSE on Tuesday, July 1.

The stock rallied as the company announced a strategic restructuring to consolidate business operations and drive future growth.

In its press release on June 30, it said that the company's board has approved a composite scheme of arrangement (“Scheme”) involving, inter alia, Gabriel India Limited, Asia Investments Private Limited (“AIPL”), and Anchemco India Private Limited (formerly known as Andasia Private Limited) (“Anchemco”).

Gabriel will issue 1,158 equity shares of ₹1 each for every 1,000 equity shares of ₹10 each held in AIPL to the shareholders of AIPL.

NMDC's share price declined nearly 3.5% to an intraday low of ₹67.57 apiece on Tuesday, July 1, after the state-run firm cut its iron ore prices, effective from July 1.

The price of Baila Lump ore has been trimmed to ₹5,700 per tonne from ₹6,300 per tonne in June, making it a cut of 9.5%. Similarly, Baila Fines saw a significant 9.3% reduction in prices at ₹4,850 per tonne, down from ₹5,350 per tonne.

Following this, shares of NMDC were trading at ₹67.87 apiece on the National Stock Exchange, declining 3.04%.

In FY25, the average price for Baila Lump and Baila Fines was at ₹6,094 per tonne and ₹4,611 per tonne, respectively.

Shares of the Indian Renewable Energy Development Agency (IREDA) were trading lower on Tuesday after the company logged 29% growth in loan sanctions to ₹11,740 crore in the June quarter as compared to ₹9,136 crore a year ago.

Last seen, the IREDA shares were trading at ₹169.92 apiece on NSE, slipping 0.12%.

The state-owned agency started the financial year on a high note, registering a rise in its key financial indicators in the June quarter, based on provisional data, a statement said. Loan disbursements rose 31% to ₹6,981 crore from ₹5,326 crore in Q1 FY25.