All the sectoral indices traded in the green with capital goods, IT indices gaining 2 percent each. The BSE Midcap index added 0.8 percent while smallcap index rose 1.5 percent.
Benchmark indices ended higher for the third straight session on June 27 with the Nifty above 15,800 amid buying across the sectors. At close, the Sensex was up 433.30 points or 0.82 percent at 53,161.28, and the Nifty was up 132.70 points or 0.85 percent at 15,832.
Bajaj Auto | CMP: Rs 3,862.05 | The stock ended over 1 percent higher on the BSE after the company’s board at its meeting held today approved the proposal for share buyback worth Rs 2,500 crore via open market route at a price not exceeding Rs 4,600 apiece.
Dish TV India | CMP: Rs 12.46 | The company’s stock price gained over 3 percent on June 27. Jawahar Lal Goel will vacate the office of the managing director of the company, the satellite TV provider said in an exchange filing on June 24. However, Goel will continue as the non-executive director of the firm. The company conducted an extraordinary general meeting (EGM) on Friday wherein shareholders voted on three agenda items including the re-appointment of Goel. The proposal for re-appointment of Jawahar Lal Goel as managing director of the company has not received the requisite majority at the EGM, the company said.
Vedanta | CMP: Rs 227.85 | The stock rose 3 percent on June 27 as the company is preparing its biggest-ever rupee bond sale, according to a Bloomberg report. Vedanta is seeking commitments for as much as Rs 4,809 crore of 10-year notes. The company is planning to use proceeds to prepay or repay debt & for capital spending, it added.
Indian Card Clothing | CMP: Rs 272 | The share price jumped 8 percent after the company’s board declared a special interim dividend of Rs 25 per equity share of the face value of Rs 10 each to be paid as Special Interim Dividend for the financial year 2022-23. The board also approved the proposal of acquiring the balance 40% equity stake in Garnett Wire Ltd., UK – a foreign subsidiary of the Company, from the Joint Venture Partner – Joseph Sellers & Son Limited.
Hikal | CMP: Rs 246 | The share price of Hikal jumped over 4 percent on June 27 after the pharma company said the Bombay High Court had allowed the reopening of its plant in Maharashtra’s Raigad. “Bombay High Court…vide its order dated June 23rd, 2022 (received late in the evening on June 25th, 2022), has set aside the MPCB direction and has directed MPCB to grant permission to the company, to re-start manufacturing activities at the company’s manufacturing unit located at MIDC Taloja within a week from the date of the order,” the filing said.
Zomato | CMP: Rs 65.85 | Zomato’s share price slipped 6 percent on June 27 after the company’s board approved the acquisition of Blink Commerce. The company board has given its approval for the acquisition of up to 33,018 equity shares of quick commerce company Blink Commerce (BCPL) (formerly known as Grofers India) for Rs 4,447.48 crore in an all-stock deal. The acquisition is at a price of Rs 13,46,986.01 per share by issuance and allotment of up to 62,85,30,012 fully paid-up equity shares of the company having a face value of Re 1 each at a price of Rs 70.76 per equity share, it said in the stock exchange filing.
Federal Bank | CMP: Rs 90.90 | The company’s share price gained after the private sector lender informed that a board meeting will be held on June 30 to consider raising equity capital either through a rights issue, private placement, preferential issue, FPO, QIP, GDR, ADR, FCCB or through any other permissible mode or a combination thereof.
Dr Reddy’s Laboratories | CMP: Rs 4,317.15 | Dr Reddy’s Laboratories’ share price ended marginally higher on June 27 after the company acquired an injectable product portfolio from Eton Pharma. Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from Deer Park, Illinois, based Eton Pharmaceuticals, Inc, the company said in its press release. The portfolio includes the Biorphen (phenylephrine hydrocholoride) Injection and Rezipres (ephedrine hydrochloride) Injection NDAs with nine separate combinations of strengths and presentations and one first-to-file approved ANDA for Cysteine Hydrochloride for the US.
Welspun Corp | CMP: Rs 223 | The stock price rose 4 percent as the company secured various orders of around 47,000 MT amounting to Rs 600 crore. These orders will be executed from India and the USA across the oil & gas and water sector. These include receipt of an order for the supply of onshore coated pipes and bends for a pipeline project in Australia. This is a prestigious order for the manufacture and supply of 19,700 MT of pipes and 180 bends for transportation of gas. This export order will be executed from the company’s plant at Anjar, India in H2 F122-23.
SIS | CMP: Rs 452.30 | The scrip rose 1 percent as the board meeting of the company is scheduled to be held on June 29, 2022, to consider and if deem fit, to approve the proposal for buyback of the equity shares of the company as well as matters related / incidental thereto.
Rakesh Patil
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