Produced by: Aseem Thapliyal
The domestic equity market was trading on a flat note in the afternoon session. Sensex gained 39 points to 75,424 and Nifty rose 20 pts to 22,953.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “As we approach the election results, a bit of nervousness is visible in the market. The sharp correction in Nifty in the afternoon yesterday indicates this nervousness. This uncertainty-led nervousness is likely to continue. A high possibility is the market getting a clue of the election results earlier than June 4. This can happen any time and can trigger a big move. Bank Nifty has the potential to move towards 50,000 and go past that level in the event of a sharp rally in the market. Trading may prove to be very risky in the near-term. Investors can buy largecaps on declines."
Shares of Timken India rose over 7% in early deals after 6.63% equity changed hands in a block deal today. Timken India stock gained 7.53% to Rs 4250.45 against the previous close of Rs 3952.80. Total 50.37 lakh shares of the firm changed hands amounting to a turnover of Rs 1972.19 crore on BSE. Market cap of Timken India rose to Rs 31,471 crore. The block deal likely involved parent entity Timken Singapore selling its 6.6% stake in a block deal. The value of the stake sale in Timken India amounted to Rs 1,775 crore.
Adani Enterprises on Tuesday said its board has approved raising up to Rs 16,600 crore. Adani Enterprises stock was trading flat at Rs 3328.80 against the previous close of Rs 3288.10 on BSE. Market cap of the firm stood at Rs 3.73 lakh crore. The raising of funds will be subject to the necessary approvals including approval of the members at the ensuing Annual General Meeting of the company scheduled to be held on Monday, June 24, 2024.
Shares of IIFL Finance gained over a percent to Rs 407 today even as the NBFC said it has delayed its board meeting for Q4 and FY24 earnings. The meeting will now extend beyond May 30. The NBFC cited the extension due to the engagement of its internal teams in the Special Audit of the company being initiated by the Reserve Bank of India (RBI) following an RBI order dated March 4, 2024. It said the earnings will be released by June 30. RBI took supervisory action over concerns around certain loan disbursement practices, and the finance and investment services company said it is extending full cooperation to the special audit teaM.
Shares of Inox Wind were the top losers on BSE as reports said the company’s promoter entity Inox Wind Energy Ltd sold up to 5% stake in the company via a block deal. The transaction was executed at a floor price of Rs 151 apiece, a discount of 8 percent from the previous close. In the March 2024 quarter, Inox Wind Energy owned 38.43 percent stake, which would be trimmed to 33.43 percent after the stake sale. Subsequently, Inox Wind stock crashed 9.57% to Rs 148.35 in early deals. Market cap of Inox Wind slipped to Rs 19,459 crore on BSE.
Shares of Natco Pharma hit their 52-week high of Rs 1108 after the firm reported a 40.1% year-on-year (YoY) rise in net profit at Rs 386.3 crore for the fourth quarter. Market cap of the firm rose to Rs 18,737.58 crore. Revenue from operations increased 19% to Rs 1,068.3 crore against Rs 898 crore in the year-ago period.
Shares of IRFC saw a high turnover of Rs 131.51 crore on BSE. IRFC stock fell over 3% to Rs 178 on BSE. Market cap of the firm declined to Rs 2.33 lakh crore. Total 73.62 lakh shares of the firm changed hands amounting to a turnover of Rs 133.31 crore on BSE.
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