Aasaan Loans, or AKME Fintrade India, a non-banking financial company opened its IPO on June 19 to investors. The company wants to raise Rs 132 crore and will close the bidding on June 21. The share allotment is expected to be finalised on June 24 by the registrar. An allotment is the allocation of new shares or of selling shareholders in the D-Mat accounts of investors who applied for the IPO.

Brahmaputra Infrastructure announced the execution of a contract for the rehabilitation and upgradation of an 11.210 km stretch of the Kailashahar-Kurti Bridge section of NH-208A in Tripura to a two-lane road with a paved shoulder. The project, executed on EPC mode (Package III), involves a total amount of Rs 59.84 Crore. The agreement was signed with the Executive Director of the National Highway & Infrastructure Development Corporation of India. Following the announcement, Brahmaputra Infrastructure’s stock is trading at Rs 83 on the BSE, down by 0.60%.

DEE Piping Systems IPO was subscribed to a total of 5.29 times. Out of which, the retail segment was booked 5.58 times and 11.40 times in the QIB section. 

The company opened its IPO on June 19 and will close taking bids on June 21. The company wants to raise Rs 418 crore from investors. Retail investors were offered 35% of the issue

Jupiter Electric Mobility Private Limited, a subsidiary of Jupiter Wagons Limited (JWL), in partnership with Log9 Materials Private Limited, has announced the development and certification of Lithium-Ion Phosphate (LFP) battery technology for rail transport in India. Following this announcement, JWL’s stock rose by 0.99% on the NSE, trading at Rs 681.10.

Hindalco Industries, JSW Steel, Adani Ports and SEZ, Grasim, and Kotak Mahindra Bank are the top gainers on NSE Nifty 50 index whereas the top laggards include Hero MotoCorp, Mahindra & Mahindra, Sun Pharma, NTPC, Power Grid Corp.

Shares of GMR Power and Urban Infra hits 5% upper circuit on Thursday, June 20, following the company’s announcement of a strategic partnership for a smart metering project. This marks the fourth consecutive session where the company’s shares have hit the upper circuit, highlighting strong investor interest. GMR Power’s arm, GMR Smart Meter Electricity Distribution, has teamed up with Bosch Global Software Technologies to implement a comprehensive smart meter initiative.

“We expect Rupee to trade with a slight positive bias as positive domestic markets and foreign inflows may continue to support the Rupee. However, a strong US Dollar and any further escalation of geopolitical tensions may cap sharp upside. Traders may take cues from weekly unemployment claims, building permits, Phily Fed manufacturing index, housing starts and current account data from the US. USDINR spot price is expected to trade in a range of Rs 83.30 to Rs 83.80,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Railtel Corporation of India has received a work order from South Central Railway for telecommunication works to provide IP-MPLS across 523 RKM of the Secunderabad division, amounting to Rs 20.22 crore. The stock is trading at Rs 423.40 on the NSE, down by 0.80%.

Stanley Lifestyles is a company that designs and manufactures super-premium, luxury, and ultra-luxury furniture—sofas and recliners. The company sells those products under its brand name, “Stanley.” The luxury furniture company will open bidding for its issue on June 21 to raise Rs 537.20 crore. The book-built issue has two segments: a fresh issue and an offer for sale. The company will collect Rs 200 crore from selling 5.4 million fresh shares. It will raise Rs 337.02 crore by offering 9.1 million shares to promoters and other selling shareholders.

Gensol Engineering hit its upper circuit at Rs 1,066.65 on the NSE, rising by 5%. The company received the second tranche under the greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for its standalone Battery Energy Storage Systems (BESS) project, bringing the total to 500 MW/1000 MWh.

The NSE Nifty 50 was up 44 points or 0.19% at 23,560, while the BSE Sensex was up 120 points or 0.15% at 77,457.

“New York spot copper prices have been higher than future contracts, making it very difficult for those who are short. The July-delivery Comex contract happens to be at a 7.4 cents per pound premium over the September contract. This is an example of backwardation that implies supply failure and repeats last month’s historic 29.25-cent backwardation that severely affected traders with short positions,” said Riya Singh, Research Analyst of Commodities and Currency at Emkay Global.

“Spot contracts in Shanghai and London trade heavily discounted compared to their future counterparts, pointing to better supply conditions in the global copper market. However, it is a different story in the US where Comex warehouse inventories have fallen to their lowest level since 2003. In these circumstances, traders are urgently looking for specific copper brands to use as delivery against US contracts hence they have no choice but to close some shorts.”

Courtesy: NSE

Shares of Uno Minda surged 12% to reach an all-time high of ₹1,188 after Goldman Sachs initiated coverage with a ‘Buy’ rating and set a target price of ₹1,350. This target suggests a potential upside of 28% from Wednesday’s closing price. Uno Minda shares have climbed 63% in 2024 and have gained over 90% in the past 12 months.

“ULIP’s share in the product mix increased during the year. The management is focused on maintaining a balanced product mix and expects to maintain one-fourth or one-third share for each category. Further, the management expects to grow cross-selling at HDFC Bank counter (banca partner) and enhance its reach in tier 2 and 3 cities. It opened 75 new branches in FY24 and plans to expand its presence to over 600 touchpoints in FY25. The company added 80,000 agents during the year, which is expected to aid growth. The management is optimistic of achieving 15% YoY growth in both retail and total APE in FY25. Therefore, we have upgraded our rating on the stock to “Buy”, with a revised target price of Rs 710 based on 2.25x FY26E EV per share,” said Geojit Financial.

Courtesy: NSE

International and domestic gold and silver prices edged higher on Wednesday after softer U.S. retail sales data boosted expectations that the Federal Reserve will cut interest rates this year. However, trading was subdued in holiday trading.

“With recent data showing a moderation in the labour market and price pressures, the Federal Reserve is looking for further confirmation that inflation is cooling. From an intraday perspective, international gold prices have started flat this early Thursday morning in Asian trade as the market focus is now on the weekly jobless claims, building permits and Philadelphia Fed manufacturing index data tonight. BoE meeting outcome could also move the markets,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“The Bank Nifty pivot has jumped to 51265, the buy zone for Bank nifty is trading in the range of 50855 to 51035, the extreme low for Bank nifty shall be 50270, once the support at 50820 is taken out. The sell zone for Bank nifty is trading in the range of 51760 to 51940, any breakout from the resistance, Bank nifty is likely to test 52525 on the upside,” said Rahul Ghose, CEO of Hedged in

Kotak Bank, Hindalco, Tata Motors, SBI Life Insurance, and HDFC Bank were the top gainers in the Nifty 50. While Sun Pharma, HDFC Life Insurance, Bajaj Finance, Bajaj Finserv, and Power Grid Corp were the major losers in the Nifty 50 on June 20.

The NSE Nifty 50 opened 0.06% higher at 23,531, while the BSE Sensex opened 0.08% higher at 77,398.

On Wednesday, the Bank Nifty was an outperforming sector and it was also one of the leading sectors, especially private banks, which were responsible for taking the Nifty higher. “On expected lines, Bank Nifty tested our target level of 51,100 marks. We believe that the rally in the Bank Nifty is likely to continue and it can test the next psychological resistance level of 52,000 on the higher side. On the downside, the support zone lies at 51,100 / 50,400-500 while the resistance is seen at 51,950-52,000 / 52,350,” said Tejas Shah, Technical Research, JM Financial & BlinkX.

On Wednesday, “Nifty and Sensex scaled new record highs at 23,664 and 77,851.63, respectively, amidst wild swings. Bank Nifty outperformed, hitting a new all-time high at 51,957, with bullish patterns indicating further targets at 52,100 and aggressive inter-month goals at 53,500. Supports are at the 49,700–49,900 zone. Positive catalysts include softer-than-expected US Retail Sales, increasing bets on a US soft landing, and FIIs being net buyers of Rs. 10,478 crore this week. Nifty options data suggests a trading range of 23,000–24,000, with significant support at 23,000 and resistance at 24,000,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

On Wednesday, spot gold closed steady at $2328 in an uneventful day as the US markets observed the Juneteenth holiday. Overall, trading was lacklustre. The US Dollar Index at 105.24 was also steady. The US NAHB Housing Market Index (June) came in at 43 vs. the forecast of 46, which is somewhat positive for the yellow metal.

“Total known ETF gold holdings stood at 80.855 Moz as of June 18, which is lower than the level of 80.963 Moz observed at the end of the last week. As per a report from the World Gold Council, 29% of central bank respondents intend to raise their bullion holdings in the next 12 months, which is the highest level since the survey began in 2018, which is positive for the metal in the medium to long term.

In its monetary policy decision delivered today, the People’s Bank of China kept the loan prime rate unchanged across the curve. Today’s US data include the weekly job report, housing starts (May) and the Philadelphia Fed Business Outlook Index (June),” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

“Gold is expected to trade in a range-bound fashion. The short-term outlook is somewhat bearish, though further weakness in the US data would help the metal in correcting higher. Support is at $2315/$2300. Resistance is in the $2345–$2350 zone/$2367.”

“Bank-Nifty has reached extreme levels on the day of the weekly expiry. We may witness range-bound activity within the 51200 and 51700 range. A drop below 51200 may lead to further declines to 51000 or 50750. Bullish momentum will continue if it surpasses 52000,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

“Rotational buying across key sectors supported a positive market sentiment, yet without clear conviction. Therefore, we advise continuing a strategy of “buying on dips” in the index and placing emphasis on selective stock picks based on sectoral or thematic factors. Banking has reached new highs and is anticipated to sustain momentum, while renewed interest in IT is expected following recent consolidation,” said Ajit Mishra, Senior Vice President of Research at Religare Broking. 

Foreign institutional investors (FII) bought shares net worth Rs 7,908.36 crore. Similarly, domestic institutional investors (DII) bought shares net worth Rs 7,107.80 crore on June 19, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $80.53 down by 0.63%, while Brent crude prices were trading at $85.05 down by 0.02%, on Thursday morning.