Live Stock Market Updates: Sensex, Nifty Trade Lower Driven By Metals, Banks; May WPI at 12.94%

Tata Motors approves issue of NCD worth Rs 500 crore

The authorized Tata Motors committee has approved the offer to subscribe, on a private placement basis, up to 5,000 rated, listed, unsecured, redeemable and non-convertible (NCD) E30-A Series debentures of a face value of Rs 10.00,000 each, at par, totaling up to Rs 500 crore.

Be careful; Avoid dynamic actions, says Nilesh Shah of Kotak AMC

It’s time to be cautious in the market, said Nilesh Shah, Managing Director (MD) of Kotak Mahindra AMC on Monday. Shah also said that it is best to avoid dynamic actions. Speaking in an interview with CNBC-TV18, he said: “If we look at the average ratio of market capitalization to gross domestic product (GDP), the historical average is between 75 and 80%. we are trading well above the market cap to GDP ratio of 110%. So, without a doubt, the market has started to anticipate the future very positively and the market excess is visible in some of the stocks that we are thinking of. that valuations are well above their fundamentals, so now is the time to be cautious. ” Look here.

Burman became the sole major shareholder with 14.5% stake in Religare, according to executive chairman Rashmi Saluja

Financial services firm Religare Enterprises last week approved a fundraiser worth Rs 570 crore via a preferential issue. The Burman Group will acquire a 3.79% stake in Religare Enterprises and collectively own more than 14% as well as warrants. Rashmi Saluja, executive chairman of Religare Enterprises, told CNBC-TV18 that Burman is the largest shareholder with 14.5% stake in the company. “Burman’s has become the largest shareholder. They are close to 14.4%. Existing shareholders grew and Ares SSG also got close to 9.5%. There are other organizations that have joined. Plutus and Lakhi played a substantial role in it, about 12 percent, the Modi family took almost 11 to 12 percent. Plutus has shown tremendous interest, and they have not only taken shares through the preferential capital, but they are also very optimistic about participating in Religare Enterprises, ”she said. Read here.

DRL Extends Sputnik Pilot Soft Launch to Other Cities to Test Cold Storage Facilities, Logistics

Dr Reddy’s labs are the focus of attention as they expand the limited pilot launch of the COVID-19 vaccine, Sputnik, which was launched in Hyderabad on May 14. The company is expanding it to other cities, such as Vizag, Bengaluru, Bombay, Calcutta and Delhi. The pilot launch is expected to help test logistics such as cold storage and other logistics arrangements before the commercial launch. Individuals cannot register during this limited pilot phase, but registration should open once the commercial launch is complete. Look here.

Anupam Rasayan will not go for capital spending for 1-2 years, expects similar growth path to continue

Anupam Rasayan India will not make any investments for a year or two, Afzal Malkani, chief financial officer, told CNBC-TV18. Recently listed Anupam Rasayan India reported good results for the quarter ended in March. The company also paid off Rs 470 crore in debt with the proceeds of the initial public offering (IPO) and the stock has risen 50% since its stock market debut just three months ago. “Instead of the initial investments to support growth up to FY23, we don’t need any investments. We may have to go for investments, but not a large amount, maybe Rs 40-50 crore, which we can do from internal company provisions if necessary, ”said Malkani. Regarding growth, he said, “We have grown at a compound annual growth rate (CAGR) of 34% over the past 3 years, and we plan to continue this growth path over the years. next two years. ” Read here.

See Huge Opportunity in EV Space, Says Sona Comstar

Sona Comstar’s initial public offering (IPO) opens for subscription on June 14 and will close on June 16. The total issue size is Rs 5,550 crore and the price range has been set at Rs 285-291. It is the first electric vehicle (EV) focused exporter to be listed in India, so Indian investors can now gain exposure to the growing global EV market. Sunjay Kapur, chairman and non-executive director, and Vivek Vikram Singh, group chief executive and CEO, Sona Comstar, discussed the scope of the company. “We supply the electric vehicle market and 14% of our revenue comes from the electric vehicle market. According to reports, the market is expected to grow 35% over the next four years. We see great opportunities in this space, ”Kapur said. Read here.

Market Surveillance: Pritesh Mehta, Yes Securities

Buy Wipro with a stop loss at Rs 545 for a target of Rs 610.

Buy Torrent Pharma with a stop loss at Rs 2,750 for a target of Rs 3,300.

Buzzing | Reliance Power shares locked in at 5% of the upper circuit at a 52-week high of Rs 13.37 each after the company’s board of directors approved fundraising up to Rs 1,325 crore. The board of directors of Reliance Power has approved the plan to raise funds up to Rs 1,325 crore through the preferential issue of up to 59.5 crore of shares to the group company Reliance Infrastructure Ltd. The shares would be allocated at an issue price of Rs 10 each.

NSDL freezes the accounts of three REITs holding shares of the Adani group valued at Rs 43,500 cr

The accounts of three foreign funds, which together hold shares worth over Rs 43,500 crore in four companies in the Adani group, have been frozen by the National Securities Depositories Ltd (NSDL), The Economic Times reported on Monday. . According to the NSDL website, the accounts of the Albula Investment Fund, Cresta Fund and APMS Investment Fund were frozen by May 31 at the latest, he added. These funds are based in Mauritius and are registered with the Securities and Exchange Board of India (SEBI) under the category of Foreign Portfolio Investors (REITs). Read here.

Manish Hathiramani, Exclusive Index Trader and Technical Analyst, Deen Dayal Investments

The index continues to be nervous at higher levels; 15,700 to 15,800 represent resistance and this has happened several times in recent trading sessions. Nifty support has been raised to 15,700-15,750 and as long as this holds on a closing basis we are in bullish ground. If we break the 15,700 level at the close, traders should consider closing their long positions and wait for a directional move thereafter. By then, 15,900-16,000 is the next target for the index.

Buzzing | Bharat Heavy Electricals (BHEL) shares fell nearly 18% after the company reported a consolidated net loss of Rs 1,036.32 crore in FY21, compared to a net loss of 1,532. Rs 18 crore, year on year. Total income rose to Rs 7,245.16 crore, from Rs 5,166.64 crore, year on year.

Ruchi Soya will increase to Rs 4,300 crore

Ruchi Soya Industries, which is owned by Patanjali Ayurveda, headed by Baba Ramdev, has filed a draft document with SEBI to launch a follow-up public offering (FPO) to increase to Rs 4,300 crore. The FPO is launched to meet the SEBI standard of a minimum 25 percent public stake in a listed entity.

Gold prices at week-and-a-half low on dollar strength as Fed meeting looms

Gold prices fell to their lowest level in more than a week on Monday, weighed down by a stronger dollar, as investors awaited signals from the Federal Reserve’s policy meeting this week, the recent hikes with consumer prices in the United States being seen as a temporary skirmish. Spot gold fell 0.6% to $ 1,864.58 an ounce, its lowest level since June 4. US gold futures fell 0.6% to $ 1,867.60 an ounce.

Bitcoin rises 9.8% to $ 39,035

Bitcoin jumped 9.8% to $ 39,035.47 on Sunday, adding $ 3,492.71 to its previous close. Bitcoin, the world’s largest and best-known cryptocurrency, is up 40.7% from a year’s low of $ 27,734 on January 4. Ether, the coin linked to the Ethereum blockchain network, jumped 7% to $ 2,532.77 on Sunday, adding $ 165.77. at its previous close. Read here.

Market Watch: Manoj Murlidharan, Vice President of Derivatives, Religare Broking

– Buy Kotak Mahindra Bank with a stop loss of Rs 1750 and a target of Rs 1880.

– Buy Mphasis with a stop loss of Rs 1,920 and a target of Rs 2,130.

Opening bell | Indian stock indices opened flat on Monday amid mixed global indices. Sensex gained 17.58 points, or 0.03% to open at 52,492.34, while Nifty opened 7.95 points, or 0.05% lower at 15,791.40. The larger indices traded mixed and the small cap index gained, while the mid cap index traded lower. Among sectors, selling to banks, metals, financials and auto stocks, while the computer sector was trading in the green.

Global equities near record high as investors wait for dovish Fed law

Global stocks held close to all-time highs on Monday, while US bond yields flirted with three-month lows, with investors expecting the Federal Reserve to stick to its conciliatory mantra later this week . Japan’s Nikkei rose 0.35% while the MSCI’s largest Asia-Pacific stock index outside of Japan fell 0.1%. Activity has been limited with the region’s largest markets – China, Hong Kong and Australia – closed for holidays. Globally, stock markets were cheering on the prospects of a widespread economic recovery from the coronavirus pandemic and the expectation of a continuation of the accommodative monetary policy of the US Federal Reserve.

Blackstone-backed Sona Comstar to launch IPO today

Auto component maker Sona Comstar will launch an initial public offering (IPO) today at a price range of Rs 285 to 291 per share. The show will close on June 16. The Rs 5,550 crore offer includes a new issue of Rs 300 crore and an offer to sell up to Rs 5,250 crore by Singapore VII Topco III Pte Ltd. The issue market lot size is 51 shares and a private investor can request up to 13 lots. Read here.