All the sectoral indices ended in the red with metal index fell over 5 percent. BSE midcap and smallcap indices shed over 2 percent each.
Benchmark indices witnessed a sharp fall and ended at fresh 52-week low on June 16 amid selling across the sectors. At close, the Sensex was down 1,045.60 points or 1.99% at 51,495.79, and the Nifty was down 331.60 points or 2.11% at 15,360.60. About 607 shares have advanced, 2680 shares declined, and 97 shares are unchanged.
Maruti Suzuki | CMP: Rs 7,814.25 | The stock ended flat in weak market conditions after Jefferies upgraded the stock to buy. The global research firm has set target at Rs 10,250 per share, an upside of 28 percent. The brokerage expects earnings to more than treble over FY22-24 adding that passenger vehicle demand is already strong. “Replacement cycle with preference for personal mobility should provide a boost. Falling metal prices should help margin improve from a historical low,” it said.
Reliance Industries | CMP: Rs 2,555.10 | The stock price slipped a percent on June 16 after rising over 2 percent in the early hours of trade. Research house JPMorgan India upgraded rating and raised the target for the stock. The brokerage upgraded its rating on Reliance to overweight from neutral and raised the target to Rs 3,170 from Rs 2,575 per share implying an upside of more than 22 percent over the next 12 months. It said that its rating upgrade is driven by improvement in earnings outlook of the refining and upstream gas business as well as the consumer technology businesses’ valuations holding.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
SpiceJet | CMP: Rs 41.15 | The scrip fell over 6 percent after jet fuel prices flew to an all-time high. The price of aviation turbine fuel (ATF) has been hiked by 16.3 percent to Rs 1.41 lakh per kilolitre in Delhi. ATF price has nearly doubled in 2022. Prices on June 3 were cut 1.3 percent, the first reduction after 10 hikes, on softening international crude oil rates. “Prices have increased more than 120% since June 2021. This massive increase is not sustainable and governments, central and state, need to take urgent action to reduce taxes on ATF that are amongst the highest in the world,” said Ajay Singh, chairman and managing director, SpiceJet.
ITC | CMP: Rs 260.40 | The FMCG major stock price slipped over a percent on June 16 despite Motilal Oswal upgrading the stock to buy from neutral. The domestic research and broking firm has a target of Rs 335 per share, an upside of 27 percent. According to Motilal Oswal, better than expected demand recovery, healthy margin outlook on cigarettes, sales momentum in the FMCG business, lower drag from the hotels business, and better capital allocation in recent years have led to the upgrade.
Usha Martin | CMP: Rs 105.50 | The share was down over 6 percent after promoters offload 63,000 shares in Usha Martin. Promoter entities Peterhouse Investments & PACs have sold 63,000 equity shares in the company via open market transactions on June 14 and June 16. With this, their shareholding in the company stands reduced to 1.91 percent, down from 1.94 percent earlier.
Indian Overseas Bank | CMP: Rs 16.10 | The share shed over 3 percent on June 16. Indian Overseas Bank has approved the capital plan for FY23. The bank will raise up to Rs 1,000 crore by issuing equity shares and another Rs 1,000 crore by issuing bonds, in FY23.
Adani Power | CMP: Rs 259.50 | The scrip shed over 4 percent in line with market sentiments. Supreme Court asked Haryana Discom to pay Rs 1,408 crore to Adani Power (Mundra) by June 28. Supreme Court issued notice to Uttar Haryana Bijli Vitran Nigam on Appeal by Adani Power (Mundra).
Voltamp Transformers | CMP: Rs 2,373 | The share price ended in the green after HDFC Mutual Fund through its several funds acquired 50,000 equity shares in Voltamp Transformers via open market transactions on June 14. With this, its shareholding in the company increased to 5.25 percent, up from 4.91 percent earlier.
UPL: CMP: Rs 681 | The stock was down over 4 percent on June 16. UPL through its subsidiary USCL has acquired Kudos Chemie for Rs 40 crore, and to invest Rs 237 crore in Kudos over a period of 2 years as per resolution plan approved by NCLT. Kudos manufactures speciality chemicals used as beverage and pharmaceutical ingredients and has manufacturing facility near Chandigarh.
Jyothy Labs | CMP: Rs 148 | The share price slipped over 2 percent on June 16. Nalanda India Equity Fund buys 6.55 lakh shares in Jyothy Labs. Nalanda India Equity Fund bought 6.55 lakh equity shares in the company via open market transactions on June 14. With this, its shareholding in the company stands increased to 5.06 percent, up from 4.88 percent earlier.
Sandip Das
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