After opening the day lower, Indian shares reversed the trend as the session progressed and ended on a positive note.

Benchmark indices were quick to recoup morning losses to end the day higher for a third straight session.

At the closing bell, the BSE Sensex stood higher by 182 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 67 points (up 0.2%).

M&M, Titan, and Shriram Finance are among the top gainers today.

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

The GIFT Nifty was trading at 23,470, up by 55 points, at the time of writing.

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

Barring the media sector and the IT sector, all other sectoral indices are trading on a positive note with stocks in the realty sector, capital goods sector, and power sector witnessing the most buying.

Shares of Bosch, Bajaj Auto and ABB India hit their respective 52-week highs today.

The rupee is trading at 83.57 against the US$.

Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 71,620 per 10 grams.

Meanwhile, silver prices were trading 0.4% higher at Rs 88,335 per 1 kg.
 

Why Tata Elxsi Share Price is Rising

In news from the IT sector, shares of Tata Elxsi gained around 2% on 14 June after the company announced its collaboration with Red Hat, the world's leading provider of enterprise open-source solutions to monetize applications and reduce operational expenditures through simplifying operations in 5G networks for telcos and enterprises.

The two entities will work together on 5G-connected cars using Tata Elxsi CVP platform TETHER, and Red Hat In-Vehicle OS to make moving applications in a 5G multi-cloud environment for telcos and MVNOs.

Tata Elxsi is a design and technology services company that provides design-led digital engineering, technology development, testing, and systems integration services.

Its solution Neuron streamlines the lifecycle management of network elements, offers end-to-end orchestration for network deployments, leverages AI-powered observability for proactive monitoring, and automates tasks for streamlined and secure network operations.

Why EIH Associated Hotels Hits 52-Week High

Moving on to news from the hotel sector, shares of EIH Associated Hotels, the flagship company of The Oberoi Group, gained around 5% to hit a 52-week high of Rs 892.6 on the National Stock Exchange (NSE) ahead of the company's board meeting on Friday, 14 June.

The board will meet to consider and approve the issue of bonus shares to the equity shareholders of the company.

This will be the first-ever bonus share issue undertaken by the company, according to the data available on the exchanges.

A  bonus issue is the distribution of free shares by the company to the existing shareholders. A company may decide to distribute additional shares as an alternative to dividend payout.

The companies issue bonus shares to capitalize on their free reserves, increase their Earnings Per Share (EPS), and paid-up capital, along with reducing the reserves.

Shareholders are issued bonus shares at no additional cost and hence are also known as free shares. Only those investors will be eligible for bonus shares who will buy the stock before the ex-date. If an investor purchases the shares on the ex-date or after that, they will not be eligible to get bonus shares.

EIH Associated Hotels is part of the Oberoi Group which owns and manages 20 hotels under the luxury Oberoi Hotels & Resorts brand and 10 five-star properties under the Trident Hotels brand.
 

Bajaj Housing Finance Files DRHP

Moving on, Bajaj Housing Finance has filed the DRHP (Draft Red Herring Prospectus) with capital markets regulator SEBI for its proposed IPO, to raise as much as Rs 70 bn.

The public issue includes a fresh issue of shares worth Rs 40 bn. Parent Bajaj Finance Ltd will sell shares worth another Rs 30 bn via an offer for sale, according to the prospectus.

Bajaj Housing will utilize the net proceeds from the fresh issue to augment its capital base to meet future business requirements.  A portion of the proceeds from the fresh issue will be used towards meeting offer expenses.

Listing of the shares on the stock exchanges will also enhance the company's brand name and help create a public market for its equity shares in India, Bajaj Housing said in its DRHP.

Bajaj Housing has not yet disclosed the price band and the dates of listing.

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