After opening the day higher, Indian share continued the momentum as the session progressed and ended on a positive note.

Equity indices hit record highs in early deals and held onto their gains through the day.

At the closing bell, the BSE Sensex stood higher by 308 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 95 points (up 0.4%).

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

Maruti Suzuki, Tata Steel, and Hero MotoCorp on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,582, up by 31 points, at the time of writing.

The BSE MidCap index ended 0.5% higher and the BSE SmallCap index ended 1% higher.

Sectoral indices are trading mixed, with stocks in the realty sector, capital goods sector, and power sector witnessing the most buying. Meanwhile, stocks in the metal sector and FMCG sector witnessed selling pressure.

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

The rupee is trading at 83.43 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% higher at Rs 71,282 per 10 grams.

Meanwhile, silver prices were trading 0.4% higher at Rs 88,429 per 1 kg.
 

Why Biocon Share Price is Falling

In news from the pharma sector, shares of Biocon tumbled over 2% on 18 June after the US Food and Drug Administration issued three observations for its Active Pharmaceutical Ingredients (API) facility in Visakhapatnam.

The US FDA concluded its good manufacturing practices (GMP) inspection of Biocon's API facility on 14 June 2024.

The US FDA issues observations if it finds divergence from the standards of good manufacturing practices during its inspection of any given facility.

In case the US drug regulatory is unsatisfied with the drugmaker's efforts to rectify the observations in line with the standards, then the US FDA classifies the unit as Official Action Indicated (OAI).

The US FDA issues observations if it finds divergence from the standards of good manufacturing practices during its inspection of any given facility.

In case the US drug regulatory is unsatisfied with the drugmaker's efforts to rectify the observations in line with the standards, then the US FDA classifies the unit as Official Action Indicated (OAI).
 

Why RVNL Jumps 4% Today?

Moving on to news from the railway sector, shares of RVNL rose 45 after the company secured an order worth Rs 1.6 bn from East Coast Railway.

Rail Vikas Nigam Limited has emerged as the lowest bidder (L1) from East Coast Railway for the provision of an automatic block signaling system with dual MSDAC and alterations in existing El/Pl/RRI stations in the sections of Jakhapura-Nergundi, Khurda Road-Bhusandpur, and Bhusandpur-Golanthara over Khurda Road Division of East Coast Railway, the company announced in an exchange filing.

The project is expected to be completed within 24 months.

Earlier in June, RVNL received a Letter of Award (LoA) from the National Thermal Power Corporation (NTPC) for a Project Execution Agency (PEA) contract to execute balance civil and HM works of the barrage complex, including part of the HRT package of the Rammam hydroelectric project stage-III (3x40 MW).

Recently, RVNL also informed the exchanges of winning a Rs 381 m contract from the South East Central Railway. This contract involves the provision of an automatic signaling system with electronic interlocking between the Champa, Saragaon, Baraduar, and Sakti sections.

Ixigo Lists at 13% Premium

Moving on, shares of Le Travenues Technologies, which operates the travel platform Ixigo rallied nearly 13% from its listing price of Rs 135 on BSE to the day's high of Rs 152.21 after a healthy listing on the exchange at a premium of 45%.

The company's shares were trading at a premium of Rs 30 in the unlisted market and the issue was booked nearly 98.34 times at close on strong interest from non-institutional and institutional buyers.

The category reserved for retail investors was booked 54.8 times, while that of the non-institutional investors category received bids for 110.5 times. Qualified Institutional Buyers (QIBs) bid 106.7 times the reserved portion.

The company intends to utilize the proceeds from the public offer for funding working capital requirements, investments in tech, funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.

Ixigo is a technology company focused on empowering Indian travelers to plan, book and manage their trips across rail, air, buses, and hotels.

The company aims to become the most customer-centric travel company, by offering the best customer experience to users.

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