Benchmark indices ended in the red after a volatile session on June 6. The S&P BSE Sensex ended 93.91 points or 0.17% lower at 55,675.32, while the Nifty shed 18.50 points or 0.11% to settle at 16,565.80.
Oil India Limited | CMP: Rs 282.30 | The scrip surged over 12 percent on June 6. Brokerage firm Kotak Institutional Equities upgraded its rating on the stock to “add” and raised its fair value target to Rs 285. The stock was trading at Rs 263.7 after making an intra-day high of 266.8. The upgrade in the rating by the brokerage firm is driven by the change in its assumption of crude oil prices in the current and next financial year.
LIC | CMP: Rs 776.50 | The stock was down 3 percent on June 6. The price has fallen close to 15 percent from its post-IPO high of Rs 920 in less than three weeks of listing on May 17. Shares of the company have remained under pressure since their listing on rising concerns over its ability to compete with nimbler private sector rivals and the impact of ongoing market volatility on its embedded value. Last week, brokerage firm Emkay Global Financial Services initiated coverage on the stock with a ‘hold’ rating and price target of Rs 875 per share. The brokerage raised questions over the operational challenges posed by LIC’s size. The brokerage firm valued the company at 0.9 times its one-year forward embedded value.
Zydus Lifesciences | CMP: Rs 364.50 | The stock ended in the green on June 6. Zydus Lifesciences received final approval from USFDA to market Famotidine Tablets in the strengths of 20mg and 40mg used to reduce the amount of acid in the stomach. It is used to prevent and treat heartburn and other symptoms caused by excessive acid in the stomach (acid indigestion). The drug will be manufactured at the group’s drug formulation facility at SEZ, Ahmedabad.
Adani Transmission | CMP: Rs 2,023.15 | The stock price gained over 3 percent on June 6 after the company signed a share purchase agreement with Essar Power to acquire its 100 percent stake in Essar Power Transmission Company (EPTCL). The acquisition is in line with the company’s value-added growth strategy through organic as well as inorganic growth opportunities. The deal is pegged at Rs 1,913 crore.
V-Guard Industries | CMP: Rs 230.50 | The scrip ended in the red in a weak market. SBI Mutual Fund, through its several schemes, acquired 59,171 equity shares in the company through open market transactions on June 2. With this, its shareholding in the company stands increased to 9.04 percent, up from 9.027 percent earlier.
V-Guard Industries | CMP: Rs 230.50 | The scrip ended in the red in a weak market. SBI Mutual Fund, through its several schemes, acquired 59,171 equity shares in the company through open market transactions on June 2. With this, its shareholding in the company stands increased to 9.04 percent, up from 9.027 percent earlier.
PVR, Inox Leisure | The stock prices shed 2-5 percent on June 6 as the Maharashtra government made masks in public places mandatory again in light of rising cases. The state has seen a 54 percent rise in reported COVID-19 cases in the previous 24 hours with 700 of the new 1,018 infections arising in Mumbai itself. The resurgence in COVID-19 infections has investors worried that footfalls in theatres could see a sharp fall as individuals avoid crowded places for fear of the virus.
SpiceJet | CMP: Rs 46.55 | The stock ended in the red on June 6. As per the advice of DGCA, SpiceJet restricted 90 pilots from operating MAX aircraft, until these pilots undergo re-training to the satisfaction of DGCA. This restriction does not impact the operations of MAX aircraft and the Company has adequately trained pilots available for its operations. Basis the observation of DGCA, these 90 pilots shall undergo re-training. DGCA has imposed a penalty of Rs 10 lakh basis its audit observations. The restriction doesn’t impact SpiceJet’s operations of Max aircraft and the airline has adequately trained pilots, according to the statement.
Power Mech Projects | CMP: Rs 967 | The stock price ended in the green on June 6. The company received a Letter of Award (LOA) for five orders worth Rs 521.95 crore. The orders received by the company include Civil Structural & Architectural Works for Flue Gas Desulphurisation (FGD) System in the existing 1×800 MW North Chennai Thermal Power Plant, Stage-III, Chennai, Tamil Nadu for BHEL.
PSP Projects | CMP: Rs 540.40 | The stock added over 3 percent after the company received work orders worth Rs 154.89 crore in the institutional, residential, and precast segments. It also emerged as the lowest bidder for a Government Medical College and hospital in Gujarat with a bid value worth Rs 615.18 crore, the company said in an exchange filing.