Latest Market News Today Live Updates July 2, 2024: Remedium Lifecare stock rises 8% as board mulls raising ₹200 crore via QIP

• This spike was driven by the company’s announcement that its Board of Directors will meet on Monday, July 8, 2024, to discuss and approve a ₹200 crore QIP fundraising plan.

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• B&K Securities releases top stock picks for July, including Affle India, Cholamandalam Investment, Neuland Laboratories, NOCIL, Praj Industries, Prudent Corporate Advisory, Safari Industries, and Samvardhana Motherson.

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• Stock Market Today: Multibagger NMDC share price declined 3% on Tuesday following decline in June volumes and price reduction announcements. Should you buy, sell or Hold the stock?

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• All eyes will now be on the rainfall trajectory in July given that most of the kharif crop sowing activity is completed by this period.

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• Bansal Wire Industries IPO opens on Wednesday, July 3 with a price band of ₹243 to ₹256 per equity share. The company aims to fund ongoing projects and business activities through the IPO proceeds. The issue is a fresh offer of 29,101,562 equity shares.

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• Top Gainers and Losers Today : The Sensex lost 34.74 points, or -0.04, to settle at 79476.19, while the Nifty lost 18.1 points, or -0.07, to close at 24141.95.

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• While the spectrum auction was uneventful, limited additional investment by telecom companies and their recent tariff hikes should boost profitability

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• Stock market today: Nifty 50, Sensex hit fresh record highs, end in the red on profit booking

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• Ganesh Green Bharat IPO set to launch on July 5 with a price band of ₹181-190. Retail investors need to apply for a minimum of 600 shares, costing ₹1.14 lakh. Company engages in solar PV modules production and completed projects under government schemes.

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• Nomura’s positive outlook on Indian IT sector is driven by revenue growth bottoming out. Top picks: Infosys, Wipro, TechM, Coforge, Birlasoft.

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• Godawari Power and Ispat’s shares have surged by 200% in the past 13 months, closing positively for 10 out of 13 months. The company has shown a remarkable 1918% increase in the last 5 years and 4640% returns in the past 8 years.

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• EPL shares jumped 8.5% in today’s trade to reach 11-month high at ₹219/share. The stock has grown 22% since April but is still 32% below peak. Domestic brokerage firm Systematix Institutional Equities retained its ‘buy’ call on the stock with a TP of ₹264 apiece.

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• Multibagger stock: MIC Electronics share price has been hitting upper circuit since 18th June 2024

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• Vraj Iron and Steel IPO listing date set for tomorrow. Vraj Iron and Steel IPO subscription status strong with 119 times on final bidding day. Non-institutional investor quota subscribed 208.81 times. Analysts estimate IPO GMP between ₹20 and ₹90 signaling a solid listing.

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• Fineotex Chemical share price: The chemical company has delivered healthy financials over the last few years despite macro challenges that impacted overall chemical industry financials

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• Control over the fiscal deficit, a big increase in capex, and policy decisions that focus on the long term are on investors’ wish lists ahead of the budget.

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• India’s booming stock market is luring investors away from traditional bank deposits, creating a funding headache for banks. While deposit growth lags credit demand, the narrowing gap between lending and deposit rates offers a glimmer of hope for improved liquidity.

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• Rahul Ghose, the CEO of Hedged.in, believes that the Nifty 50 may continue its positive momentum, but it may not yield similar returns as in the last six months. He expects the Nifty 50 to be in a broader range of 25,000 on the upside by the end of the year.

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• Ambey Laboratories IPO price band has been fixed at ₹65 – ₹68 per share. Ambey Laboratories IPO is an SME IPO wherein the company plans to raise ₹44.68 crore at the upper-end of the price band.

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• IREDA, at the inflection point of the renewable revolution in India, is favored by ICICI Direct for its positive long-term growth prospects. The stock has seen significant performance fluctuations but has surged over 509% since its IPO in 2023.

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• Sakuma Exports board approved raising of funds through the QIP

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• Stock Market today: Reliance Industries share price that remains in focus following telecom price hikes has gained more than 20% year to date. Morgan Stanley global Research expects another 13% upside as they see it adding $60-100 market cap during the ongoing monetisation cycle.

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• Nishit Master, Portfolio Manager at Axis Securities, in an interview, advised long-term investors to not make any preparatory changes to their portfolios based on their expectations from the budget. Master also said he expects low single-digit returns from the market.

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• Allied Blenders and Distillers share price opened on BSE at ₹318.10 per equity share whereas it listed on the NSE at ₹320 apiece

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• Promoter stake sales in Indian equity market are at multi-year highs driven by strategic reasons like debt reduction and compliance with shareholding norms. Retail investors, mainly through mutual funds, are major buyers.

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• Domestic spot gold prices rose nearly 14 per cent in the first half of the current calendar year, while the equity benchmark Nifty 50 rose nearly 11 per cent.

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• Emcure Pharmaceuticals IPO set to start tomorrow estimated to bring in ₹127.87 crore for Namita Thapar, a Shark Tank India investor. Thapar to sell around 12.68 lakh shares through the offer for sale component at a price band of ₹960 to ₹1,008 per share.

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• Akiko Global Services share price listed on NSE at ₹98 apiece, ₹21 higher from the upper price band of ₹77 per equity share

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• SEBI’s directive to standardise charges for market infrastructure institutions led to a significant decrease in share values for broking companies. This move aims to create a level playing field by ensuring charges are not tied to trading volumes.

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• Following shares hit their 52 week low today – Hilton Metal Forging, Visaman Global Sales, Repro India

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• Following shares hit their 52 week high today – Samvardhana Motherson International, Ambuja Cements, Ultratech Cement, Grasim Industries, Trent

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• Stocks to buy: In its base case, Axis Securities maintained its Nifty 50 target of 24,600 for March 2025. It foresees Nifty earnings to post growth of 16% CAGR over FY23-26. Financials are expected to remain the biggest contributors for FY25/26 earnings.

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• The investment landscape for the remainder of 2024 presents a mixed bag of opportunities and cautions. Private banks, chemicals, and consumer durables are among the favored sectors, while capital goods, IT, and real estate warrant a more cautious approach.

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• Hindenburg Research Adani row: SEBI’s move will bring confidence among the DIIs and FIIs regarding Adani group companies, say experts

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• DCX Systems shares surged by 16% to a record high of ₹440 after securing a ₹1,250 crore order from Larsen & Toubro. The company specializes in system integration and has a growing international footprint in aerospace and defence sectors.

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• Gold And Silver Prices Today:Gold And Silver Prices Today : 10 gm of 24 carat gold was at Rs.73024.0 in Delhi whereas 1 kg of silver was Rs.87890.0 in Delhi.

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• Divine Power Energy share price opened at ₹155, which is 287.5% higher than the issue price of ₹40. Divine Power IPO, opened for subscription until June 27 at a price band of ₹36 to ₹40 per share. The firm manufactures winding wires/strips for transformers and power distribution companies.

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• Petro Carbon and Chemicals share price listed ith a strong 75% premium over the issue price, at ₹300 on the NSE SME on Tuesday. The issue that had opened for subscription on Tuesday, June 25, had received strong response being subscribed more than 92 times.

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• Stocks in focus: Ruchit Jain of 5paisa has recommended two stocks today – SBI Life Insurance Company Ltd, and ACC Ltd.

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• Allied Blenders and Distillers share price: Allied Blenders and Distillers IPO debuted positively on NSE and BSE, opening at ₹320 and ₹318.10 per share respectively, higher than the issue price of ₹281. Market experts predicted an opening range of ₹315 to ₹333 per share.

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• Stocks to buy: Chandan Taparia has recommended three stocks to buy today, July 2. According to him, these three stocks – Siemens, REC and Birlasoft – are technically placed to see a decent upmove.

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• Most Adani Group stocks traded little changed after the SEBI’s show cause notice to the US-based short-seller Hindenburg Research.

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• Stocks to buy today: Experts have recommended buying these five buy-or-sell stocks — Bajaj Finance, JSW Steel, RCF, Birla Corporation, and Titan

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• The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 24,250 level, a premium of nearly 40 points from the Nifty futures’ previous close.

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• Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Birlasoft, Chambal Fertilisers, and Aarti Industries

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• Indian stock market: Gift Nifty was trading around 24,245 level, a premium of nearly 35 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

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• These stocks will be available for trading in the cash market. The National Stock Exchange (NSE) said the derivative contracts in the mentioned securities crossed 95% of the market-wide position limit.

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• Hindenburg also said Kotak Bank created and oversaw an offshore fund structure that was used by its “investor partner” to bet against the conglomerate.

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• Allied Blenders and Distillers IPO GMP signal that Allied Blenders and Distillers IPO listing price would be around ₹322 per share, say market observers

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