Produced by: Aseem Thapliyal
The domestic equity market was trading lower in the afternoon session today. Sensex fell 90 points to 79,153 and Nifty lost 9 pts to 24,040.
“The elevated valuations in the market continue to be a concern. But the market is not yet in bubble valuation territory. The weak trend in the broader market is likely to continue. Investors can consider booking partial profits in the mid and smallcaps and move the money to fixed income,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Shares of Central Depository Services Limited (CDSL) rose over 10% in early deals on Friday after the central securities depository said its board would meet on July 2 to deliberate over issuance of bonus shares to its shareholders. CDSL stock gained 10.15% to Rs 2160 against the previous close of Rs 2006.20. Market cap of CDSL climbed to Rs 23,057 crore on NSE. The stock is not listed on BSE.
Shares of RBL Bank Ltd gained 3% in early deals after the lender received approval from board for raising funds up to Rs 3,500 crore via qualified institutions placement, in one or more tranches, and Rs 3,000 crore via the issue of debt securities, in one or more tranches, on a private placement basis. The RBL Bank stock rose 3% to Rs 268.60 against the previous close of Rs 262.50 on BSE.
Shares of KPI Green Energy rallied nearly 3% today after the company received a sanction letter for credit facilities amounting to Rs 686 crore for the development of a 200 MWAC (240 MWDC) solar photovoltaic power project in Khavda, Gujarat. KPI Green Energy stock climbed 2.90% to Rs 1770 on June 28, 2024. The power stock opened higher at Rs 1754 against the previous close of Rs 1718.70 on BSE.
Shares of Stanley Lifestyles made a strong market debut as the luxury furniture maker was listed at Rs 499 apiece, a premium of 35.23 per cent over its issue price of Rs 369 per share on BSE. The stock was listed at Rs 494.95 per share on NSE, at a premium of 34.13 per cent over the given issue price.
Shares of Godawari Power rose 2% today after brokerage YES Securities initiated coverage on the multibagger stock with a buy rating. It sees 31% upside to the stock with a target of Rs 1390. The stock is already up 116% in a year and gained 319% in two years. Godawari Power stock hit an intraday high of Rs 1,088.20 against the previous close of Rs 1063.55 on BSE.
Shares of Reliance Industries Ltd on Friday climbed for the fourth straight day and hit their fresh high following Reliance Jio’s announcement on 17-25 per cent tariff hikes. The stock rose 2.21 per cent to hit a record high of Rs 3,129. The stock commanded a m-cap of Rs 20,84,040 crore compared with m-cap of Rs 19,50,703.82 crore on June 24.
Shares of Polycab India fell 5% on Friday amid reports that the promoter group and family members of electrical solutions provider sold partial stake of 2.04 percent for up to $257 million (at the upper end of price range) via a block deal. Market cap of the firm fell to Rs 1.01 lakh crore.
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