Produced by: Aseem Thapliyal
The domestic equity market was trading lower in the afternoon session today. Sensex lost 147 points to 79,329 and Nifty fell 60 pts to 24,081.
“There is sustained flow of money into the market through mutual funds, particularly through SIPs. So long as this market construct holds steady, the market will remain resilient. It is worth repeating that some stocks in the broader market have bubble valuations and, therefore, they are vulnerable to sharp correction. The up move in the U.S.10-year bond yield to 4.45% will invite selling by FIIs. But the domestic investors will be more than happy to absorb this,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Shares of Sakuma Exports rose over 8% on Tuesday after board of the firm approved issue of bonus shares in the ratio of 4:1. The firm also unveiled its plan to raise Rs 500 crore via qualified institutional placement (QIP) of shares and substantial investments in its subsidiaries. Sakuma Exports stock gained 8.3% to Rs 38.28 against the previous close of Rs 35.34 on BSE. Market cap of the firm climbed to Rs 1,103 crore.
Garden Reach Shipbuilders stock gained 7.2% to a record high of Rs 2340 on BSE today. Market cap of the defence firm rose to Rs 27,695 crore in the current session. Positive sentiment in the stock came after the defence firm inked a Rs 170 crore contract with the Ministry of Defence, Bangladesh on July 1.
Shares of Patanjali Foods hit a record high today after the Baba Ramdev-led firm’s board approved the proposal to buy its parent company Patanjali Ayurved’s home and personal care business for a lump sum valuation of Rs 1,100 crore. Patanjali Foods shares gained 4% to a high of Rs 1769.15 today compared to the previous close of Rs 1699.65 on BSE. Shares of Patanjali Foods opened higher at Rs 1750.05 on BSE. Patanjali Foods shares have gained 44.17% in a year and risen 9.16% since the beginning of this year.
Shares of DCX Systems hit their record high in early deals today after the firm said it won a significant contract from Larsen & Toubro Ltd, India. DCX Systems is a manufacturer of cables and wire harness assemblies. Shares of DCX Systems climbed 16% to a high of Rs 440 against the previous close of Rs 379.15 on BSE. Market cap of DCX Systems climbed to Rs 4874.27 crore on BSE. Total 1.83 lakh shares of the firm changed hands amounting to a turnover of Rs 7.82 crore.
Shares of Central Depository Services Limited (CDSL) fell over 2% to Rs 2382 today as the depository’s board would meet to consider issuance of bonus shares to its shareholders. Market cap of CDSL declined to Rs 24,923 crore on NSE. The stock is not listed on BSE.
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