Produced by: Aseem Thapliyal
The domestic equity market was trading higher in the afternoon session today. Sensex gained 330 points to 79,362 and Nifty rose 98 pts to 24,108.
"Despite high valuations, the market is likely to remain resilient. The healthy trend in the recent rally, which has pushed Nifty by 6.5% in June, is that it is being led by fundamentally strong largecaps like RIL, leading private sector banks and Bharti Airtel. The high delivery based buying in largecaps is a strong trend that will impart resilience to the market,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Shares of Transformers and Rectifiers (India) Ltd hit upper circuit of 5% in early deals today after the heavy electrical equipment firm said it won orders worth Rs 698 crore during the June 2024 quarter. Transformers and Rectifiers stock hit upper circuit of 5% at Rs 761.45 in early deals on BSE. Transformers and Rectifiers shares saw a turnover of Rs 44.03 crore as 6.12 lakh shares changed hands on BSE today.
Shares of Garden Reach Shipbuilders & Engineers Ltd rose nearly 10% in early deals today after the defence firm said it has inked a contract for construction of advance ocean-going tug for Directorate General Defence contract (s) Purchase, Ministry of Defence, Government of the People's Republic of Bangladesh. The value of the order is approx. $21 million or Rs 170 crore.
Shares of Indian Renewable Energy Development Agency (IREDA) rose 6% in early deals today after the green energy firm said it clocked a 382.62 per cent year-on-year (YoY) loan sanctions in the June 2024 quarter to Rs 9,136 crore against Rs 1,893 crore in the June 2023 quarter. Loan disbursements in the last quarter climbed up 67.61 per cent to Rs 5,320 crore against Rs 3,174 crore in the June 2023 qurter. The stock rose 6% to Rs 202 on BSE. Market cap of the firm climbed to Rs 52,895 crore.
Shares of InterGlobe Aviation rose 1.3% in early deals today after global brokerage UBS gave a 'Buy' recommendation on the stock, with a revised price target of Rs 5,400 from Rs 4,000 per share earlier.Indigo shares rose 1.3% to Rs 4283.10 on BSE. The foreign brokerage said that IndiGo's market share gains in international travel will continue, further aided by A321 XLRs and A350s in medium to long term.
Shares of Wockhardt extended gains on Monday to hit new-52 week high amid reports that the pharma player was likely to launch antibiotic drug Zaynich, a drug used to treat cancer patients in the United States, at a steep discount in the beginning of next financial year. Shares of Wockhardt surged 15.94 per cent to Rs 795.80 with a total market capitalization of more than Rs 12,000 crore.
Shares of multibagger defence stock Mazagon Dock Shipbuilders gained 3.20% to Rs 4420 on Monday. Total 2.95 lakh shares of the firm changed hands amounting to a high turnover of Rs 4420 crore. Market cap of Mazagon Dock rose to Rs 87,624 crore on BSE.
Shares of IEX gained 4.84% to Rs 189.30 on Monday. Total 19.85 lakh shares of the firm changed hands amounting to a turnover of Rs 37.07 crore. Market cap of Mazagon Dock rose to Rs 16,686 crore on BSE.
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