Market Morning Notes For 14th June 2024

Market activity remained subdued on Thursday with indices coming off from day’s high but managed to end in the positive terrain near 23,400 in Nifty while India VIX saw a further decline of 3%. A higher high has been established after a tri-star doji which ensures shift in momentum from sideways to positive. The short-term upside for Nifty is seen at 24,700 with gains expected to be mainly contributed from large cap private banks.

Nifty 50 Chart

Stocks to watch

Positive Read through

Wipro – Collaborates with Siemens for auto software development.

Ambuja – To acquire Penna Cement for Rs. 104.22 bn.

L&T Fin – Promoter L&T hikes stake by 0.5 pct, MS Asia also buys 31 mn shares via block.

Suven Pharma – To acquire 51 pct stake in CDMO player Sapala Organics for Rs. 2.30 bn.

Havells – To invest Rs. 500-600 mn to expand capcity at Ghiloth & Sricity units to 1.5 mn units/yr.

Voda Idea – To pare debt by share issue worth Rs. 24.58 bn at Rs. 14.80/sh to Nokia, Ericsson.

Tril – Tril issues 7.52 mn shares worth Rs. 5 bn at Rs. 665/share to QIBs.

Rites – Signs MoU with DMRC for exploring consultancy & O&M of Metro Rail Systems.

Nalco – Mining lease deed with Odisha govt for bauxite mines with 3.5 MTPA output.

Signature – Arm to buy 3.8 acres land in Gurugram, developable area 6 lk sqft.

Tata Elxsi – Partners with RedHat to work on 5G connected car using former’s CVP platform TETHER.

Electro Steel Castings – Company to set up iron pipes plant in Odisha.

Dixon/Kaynes – Ministry of Electronics and IT plans 100-Day Agenda to invest in Rs 300 bn electronic component scheme with capital subsidy.

Brigade – Expects its FY25 residential launches to see an average pricing of Rs. 10,000/sqft.

JK TYRE – CARE Ratings has upgraded long term rating for bank facilities to CARE AA- from CARE A+.

Negative Read through

Dhampur Sugar – Anil Kumar Goel sells 0.59 mn shares at Rs.247.9/ share via block.

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