Stock Market LIVE Updates: GIFT Nifty indicates a positive start; US markets mixed, Asia trades higher

The bull market’s trajectory for the rest of 2024 hinges on two key factors: FM Nirmala Sitharaman’s upcoming Union Budget and the Federal Reserve’s potential dovish shift amid easing inflation and robust US economic growth. A favorable budget and a dovish Fed could boost confidence in corporate India’s earnings, central to stock performance. Despite current challenges like net selling by FIIs and DIIs, slow monsoon progress, rising India VIX, and spiking oil prices, Nifty shows resilience and is poised to target its all-time high of 23,667. Key economic data releases later this week, including the US PCE Price Index and GDP figures, as well as India’s fiscal deficit and infrastructure output, will be pivotal. Recommended trades include buying Nifty and Bank Nifty at current levels, with bullish picks on PI Industries, HDFC AMC, and Jindal Steel & Power.

Larsen & Toubro has received an ‘Overweight’ call from Morgan Stanley which set a target price of Rs 3,857 per share for the stock. Morgan Stanley highlighted L&T’s commitment to sustainability and its ambitious targets for reducing greenhouse gas (GHG) emissions.

The target price set by Morgan Stanley indicates an upside of 9 percent from L&T’s current market price.

CLSA On Zomato

#1 Buy Call, Target Rs248/Share

#2 Prosus’ Annual Report For FY24 Shows Swiggy’s Overall GOV Grew By 26% YoY

#3 Overall gross order value (GOV) Includes Food Delivery + Quick-Commerce

#4 Swiggy’s Overall GOV Growth Lagged Co’s Corresponding Growth Of 36% During The Same Period

#5 Swiggy’s Overall Rev Growth Was 24% YoY While Zomato’s Adj Rev Growth Was 55.9% YoY

#6 Swiggy’s Trading Losses Reduced To $158 m During FY24

#7 Co Reported A Positive EBITDA Of $5 m During FY24

UBS On Zomato

#1 Buy, TP Rs 250 a share

#2 Swiggy’s GOV Grew 26% YoY As Of Dec’23 With 104 m Users Per Prosus

#3 Swiggy’s Food Delivery GOV Grew ‘Double Digits’ With Improved Advertising & Platform Fees

#4 Q-Com Saw ‘Fast’ GOV Growth With 487 Darkstores In 26 Cities For Swiggy

#5 In Swiggy’s Comparison, Co’s GOV Grew 37% In FY24 & It Had 530 Darkstores As Of Mar’24

Ahead of Bandhan Bank chief Chandra Shekhar Ghosh’s retirement, the Reserve Bank of India (RBI) has appointed an additional director on the Board of the Kolkata-based lender.

The RBI appointed Arun Kumar Singh, Chief General Manager (retired), of Reserve Bank of India as an additional director on the Board of Bandhan Bank for a period of one year from June 24, 2024 to June 23, 2025, the bank said in a communication to exchanges on June 24.

This comes ahead of Bandhan Bank managing director and chief executive officer Chandra Shekhar Ghosh’s retirement. In April, the bank said Ghosh would retire from the services of Bandhan Bank at the end of his current tenure on July 9, 2024, and assume a larger strategic role at Bandhan group level. The bank is currently searching for a new CEO and has appointed recruitment firm Egon Zehnder to identify the candidates. (Read more)

#1 Shalby Hospitals terminates franchise agreement with Madhuban orthopedic & multispecialty hospital

#2 Amara Raja arm signs technical licensing agreement with Slovakian company GIB EnergyX

#3 Borosil QIP opens, floor price at Rs 331.75/share

#4 AU Small to consider fund raise via QIP/private placement/other modes on June 27

#5 RBL Bank to consider fund raising via QIP on June 27

#6 Muthoot Capital to initiate registration process as corporate agent with IRDAI

#7 Craftsman Automation signs MoU with Sunbeam Lightweighting Solutions & Kedaara Capital Fund

#8 Bandhan Bank: RBI appoints additional director on bank’s board

#9 Happiest Minds promoter likely to sell 6% stake: Sources

#10 Allcargo Gati to raise up to Rs 200 cr via QIP, indicative price Rs 101 cr: Sources

#1 Opens today; closes on June 27

#2 Mops up Rs 449 crore from anchor investors

#3 Anchor investors: Nippon Life, JM Financial MF, LIC MF, BNP Paribas, Goldman Sachs, Societe Generale

#4 Aiming to raise Rs 1,500 crore through the IPO

#5 Fresh issue of Rs 1,000 crore; OFS of Rs 500 crore

#6 Issue price of Rs 267-281/share

#7 Proceeds to be used for debt repayment

#8 Proceeds to be used for general corporate purposes

The battered yen languished near the 160 per dollar level on Tuesday and kept traders on high alert for any intervention from Japanese authorities to prop up the currency, while the greenback edged a touch higher in the broader market.

Bitcoin was nursing losses after clocking its worst day in over two months at the start of the week, in part due to flows out of bitcoin exchange-traded funds (ETFs), analysts said.

The dollar was last 0.04% higher at 159.64 yen, just a whisker away from the 160 level that prompted a 9.79 trillion yen ($61.33 billion) currency intervention from Tokyo in late April and early May.

Oil prices were little changed on Tuesday as worries about China’s economic recovery prospects offset supply concerns stemming from tensions in the Middle East and Ukrainian attacks on Russian refineries.

Brent futures for August delivery rose 7 cents, or 0.08%, to $86.06 a barrel at 0015 GMT, ahead of the contract’s expiry later this week. The more actively traded September contract, rose 8 cents, or 0.09% to $85.23.

U.S. crude futures climbed 11 cents, or 0.13%, to $81.74 a barrel.

Borosil on June 24 said its board approved Qualified Institution Placement (QIP) at floor price of Rs 331.75 per share.

“The Board has at its meeting held today, i.e., June 24, 2024, inter-alia, considered the following: 1. Approved and authorised the opening of the Issue today, i.e. June 24, 2024; 2. Approved and adopted the preliminary placement document dated June 24, 2024; and 3. Approved the floor price for the Issue, being Rs. 331.75 per equity share based on the pricing formula as prescribed under SEBI ICDR Regulations,” said Borosil in a stock exchange filing.

#1 Company lock-up period at 60 days subject to certain exceptions

#2 Promoter lock-up period at 60 days subject to certain exceptions

Promoter Ashok Soota to sell 6% stake of Happiest Minds worth Rs 754 crore via block at floor price Rs 826 per share, Sources to CNBC-TV18.

#1 Nasdaq Composite registers worst day since April

#2 Nasdaq slips over a percent as investors rotate out of semiconductors

#3 Nvidia sinks nearly 7%, leading Nasdaq lower

#4 Dow Jones bucks selloff, adds over 260 points

#5 Asian markets edge higher despite tech-led selloff on Wall Street

#6 US 10-year yield flat as investors gear up for inflation data

#7 US dollar dips from 8-week high vs yen as intervention fears intensify

#8 Oil prices steady as markets weigh supply tensions, China recovery

#9 Gold gains on dollar retreat, focus on US inflation data

#10 GIFT Nifty signals a positive start

Allied Blenders and Distillers, the manufacturer of Officer’s Choice whisky, has raised Rs 449.1 crore from institutional investors via anchor book on June 24, a day before the issue is slated to open.

The IPO, comprising a fresh issue of shares worth Rs 1,000 crore and an offer-for-sale of shares worth Rs 500 crore by promoters, will open for subscription on June 25. The final day for bidding the issue will be June 27.

“……has finalised allocation of 1,59,82,206 equity shares to anchor investors at a price of Rs 281 per equity share,” Allied Blenders said in a BSE filing.

Nippon Life India, JM Financial Mutual Fund, LIC Mutual Fund, Jupiter India Fund, Troo Capital, BNP Paribas, and 360 One Special Opportunities Fund were among the leading investors in the anchor book.