After opening the day higher, the benchmark indices continued the upward momentum, ended the session in green.

Indian equity market indices continued their northward march for the fourth consecutive session, ending the week's last trading session in positive territory.

At the closing bell, the BSE Sensex closed higher by 303 points (up 1.2%).

Meanwhile, the NSE Nifty closed 88 points higher (up 1.2%).

Asian Paints, UltraTech Cement, Power Grid Corp aare mong the top gainers today

Axis Bank, Titan Company, and Bajaj Finance, on the other hand, were among the top losers today.

The GIFT Nifty was trading at  25,781, higher by 171 points at the time of writing.

The BSE MidCap index ended 0.4% higher, and the BSE SmallCap index ended 0.5% higher.

Sectoral indices were trading mixed today, with stocks in the oil & gas sector and the energy sector witnessing buying. Meanwhile, stocks in the IT sector and the realty sector witnessed selling pressure.

The rupee is trading at Rs 85.7 against the US$.

Gold prices for the latest contract on MCX are trading 1.2% lower at Rs 95,840 per 10 grams.

Meanwhile, silver prices were trading 1.6% lower at Rs 104,951 per 1 kg.
 

HDB Financial IPO Sees Strong Subscription

In news, the maiden public issue of HDB Financial Services saw strong investor interest on its third final day of bidding, June 27. The 125 bn, IPO of HDFC Bank's subsidiary has been subscribed over 15 times its offer size so far.

The IPO, which the largest by an NBFC in India, received bids for over 198 crore shares, as against the offer size of 13.04 crore shares, according to data on NSE at 3.40 pm.

Qualified institutional buyers (QIBs) took the lead in the subscription race in the second half of the day, by booking their reserved portion nearly 50 times. Non Institutional investors have subscribed their reserved portion nearly 9.88 times. Retail investors have now fully booked their quota.

The maiden public offer by the subsidiary of HDFC Bank will remain open for public bidding from June 25 to June 27.

Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of 7.16 percent over the IPO price at Rs 793 per share in the grey market. As per IPO Watch, the unlisted shares were trading with 7 percent GMP.

HDB Financial Services provides a range of loans to both individual and business clients across India. Its business is organised into three main verticals - enterprise lending, asset finance and consumer finance.
 

Ultra Tech Cement Boosts Production Capacity

Moving on to the news from construction sector, UltraTech Cement has opened its second cement grinding mill at the Maihar facility in Madhya Pradesh, an additional 1.8 million tonnes annually has increased its already enormous domestic production capacity.

UltraTech Cement recently started a new mill at the same location where another mill had begun operations just a few months ago.

With this expansion, the company's total cement production capacity in India has reached 186.86 million tonnes, and globally, it's 192.26 million tonnes.

The company's dedication to expanding its production capabilities is further demonstrated by the addition of the second unit.

The consolidated domestic grey cement capacity of UltraTech Cement is currently 186.86 mtpa as a result of this development. With its overseas capacity of 5.4 mtpa, the company's total cement capacity worldwide has reached 192.26 mtpa.

UltraTech Cement manufactures and sells cement and cement-related products all over the world.

Rayzon Solar Plans Massive IPO Launch

Moving on to the news from energy sector, with the intention of raising Rs 150 bn through the issuance of new shares, Gujarat-based Rayzon Solar has submitted an IPO application to capital market regulator. Eligible employees will also be able to purchase shares at a discounted price during the IPO.

The majority of Rayzon Solar's IPO proceeds will go toward investing in its subsidiary to establish a 3.5 GW solar cell manufacturing facility in Gujarat; the remaining funds will be used for general business needs. A pre-IPO placement of Rs 3 bn might also be taken into consideration.

Initially concentrating on the production of solar PV modules, Rayzon Solar began operations in 2017 under the name Rayzon Green Energies. Since then, it has increased its production capacity from 40 MW in 2018 to an astounding 6.00 GW by March 2025.

With a combined 3.00 GW solar PV manufacturing capacity, the company runs two production facilities in Karanj and Sava. By October 2025, an extra 2.00 GW of capacity is expected to be operational.

Rayzon Solar is expanding its business by setting up a 3.5 GW solar cell manufacturing unit using advanced technology by 2027. Another subsidiary is building an aluminium extrusion and anodizing facility, expected to start operations by July 2025.

More By This Author:

Nifty Above 25,550; Adani Total Gas Rallies 5%
Sensex Today Rallies 1000 Points; Nifty Above 25,500
Sensex Today Trades Higher; Nifty Above 25,300