After opening the day higher, Indian shares gave up the gains as the session progressed and ended the day lower.

After a range-bound session for the large part of the day, Indian benchmark indices ended lower on Monday weighed by IT and select heavyweight shares like HDFC Bank, Maruti Suzuki.

At the closing bell, the BSE Sensex stood lower by 203 points (down 0.3).

Meanwhile, the NSE Nifty closed lower by 31 points (down 0.1%).

Grasim Industries, Cipla and Hero Motocorp among the top gainers today.

Tech Mahindra, Wipro and Infosys on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,239, down by 91 points, at the time of writing.

The BSE MidCap index ended 0.6% higher and BSE SmallCap index ended 1% higher.

Sectoral indices are trading mixed with socks in realty sector, telecom sector and healthcare sector witnessing most buying. Meanwhile stocks in metal sector and IT sector witnessed selling pressure

Shares of Bajaj Auto, Dixon Technologies and Trent hit their respective 52-week highs today.

The rupee is trading at 83.5 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 71,002 per 10 grams.

Meanwhile, silver prices were trading 0.9% higher at Rs 89,900 per 1 kg.
 

Ixigo IPO Fully Subscribed

The initial public offering (IPO) of Ixigo is getting a steady response from investors on the first day of the bidding process. The issue was fully subscribed to within hours of opening, with retail investors driving the demand.

The retail portion of the issue was subscribed the most at 3.72 times, followed by NIIs at 1.04 times and QIB investors at 0.11 times.

About 75% of the offering is reserved for qualified institutional bidders (QIBs), while 15% is reserved for non-institutional investors and the remaining 10% for retail investors.

The IPO comprises a fresh equity sale of Rs 120 crore and an offer for sale (OFS) of up to 66.6 m shares.

Under the OFS, SAIF Partners, Peak XV Partners, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, and Placid Holdings will offload part of their stakes.

Net proceeds from the public offer are proposed to be utilised for funding working capital requirements, investments in tech, funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.

The company has fixed a price band of Rs 88-93 per share, where investors can bid for 161 shares in one lot and multiples thereafter.
 

Why Suzlon Energy Share Price is Falling

Moving on to news from the energy space, Shares of Suzlon Energy dipped 5% in Monday's early session to the day's low of Rs 47 after the company's independent director Marc Desaedeleer resigned from his directorship on 8 June 2024.

Desaedeleer expressed in a letter to the chairman of the Board of Directors that the corporate governance standards did not meet his expectations, particularly in situations where communication lacked the openness and transparency he anticipated.

The letter also included a range of suggestions aimed at enhancing these aspects. However, alongside these concerns, he acknowledged his satisfaction with the company's operational and financial performance.

Adding that the company has also taken several steps to increase transparency in the recent past and is confident of addressing the specific issues of corporate governance.

Further, the brokerage noted that Suzlon's order inflow for the fiscal year 2024-25 (FY25) remains robust, while the outlook for the wind industry is also positive over the medium to long term, as 10GW of wind opportunity is expected to be floated over FY23-FY27E.

Suzlon is a renewable energy solutions provider.

The company is involved in the business of manufacturing, project execution operation and maintenance of wind turbine generators and sale of related components.

In the past six months, shares of the company have rallied over 20% and it in the past year it gave multibagger returns of 398%.

Why Heritage Foods Hit 52-week High

Moving on with news from the FMCG sector, shares of Heritage Foods skyrocketed 10% to hit a 52-week high on 10 June after a large deal worth Rs 3.2 bn took place on the exchanges.

Around 44 lakh shares, making up a 4.8% stake in the company changed hands on the exchanges in a large deal. The transaction was executed at an average price of Rs 725 apiece, a premium of around 10% from the previous close.

Meanwhile, shares of Heritage Foods have also doubled in value in the past 12 sessions, propelled by the political comeback of Andhra Pradesh's Chief Minister-elect Chandrababu Naidu.

Naidu's family are promoters of the company, with his wife Bhuvaneswari Nara owning a 24.37 percent stake and son Nara Lokesh holding a 10.82 percent stake in Heritage Foods as of the end of the March quarter FY24.

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