After opening the day marginally lower, Indian share remained volatile as the session progressed and ended the day flat.

Indian benchmark indices erased gains amid the late selling and ended the day marginally lower.

At the closing bell, the BSE Sensex stood lower by 33 points.

Meanwhile, the NSE Nifty closed higher by 5 points.

ONGC, L&T, and Tata Motors are among the top gainers today.

Asian Paints, ITC, and reliance Industries, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,320, up by 87 points, at the time of writing.

The BSE MidCap index ended 0.7% higher and the BSE SmallCap index ended 1% higher.

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

Shares of Gillette India, Hero MotoCorp, and TVS Motors hit their respective 52-week highs today.

The rupee is trading at 83.56 against the US$.

Gold prices for the latest contract on MCX are trading 0.2% lower at Rs 71,270 per 10 grams.

Meanwhile, silver prices were trading 1.6% lower at Rs 88,600 per 1 kg.
 

Why Wardwizard Innovations Share Price Is Rising Post Promoter Selling?

In news from the automobile sector, according to the Bulk/Block deal data available on the stock exchange, Wardwizard Solutions India Private Limited, the promoter of Wardwizard Innovations & Mobility Limited, sold 2.5 million (m) equity shares of the company on 10 June 2024, at an average price of Rs 62.7 per share. This transaction amounted to a total value of Rs 156.7 m.

Following the update, the stock soared by an impressive 19% on Tuesday (11 June 2024), reaching a 5-month high of Rs 75.3 per share. This notable uptrend represents a cumulative gain of 54% within just five sessions.

The surge in Wardwizard Innovations' share price closely follows the company's significant announcement on 7 June. The company revealed that it had secured a substantial order valued at US$ 1.3 billion (bn) (approximately Rs 107.7 bn) from Beulah International Development Corporation, a prominent firm based in the Philippines.

Under this agreement, Wardwizard will supply electric two-wheelers and three-wheelers across both commercial and passenger segments.

Additionally, the company will embark on the development of four-wheeler commercial vehicles specifically tailored for the Philippine market.

This order, as detailed in the company's exchange filing, marks the initiation of a strategic collaboration formalized through a Memorandum of Understanding (MoU).

Tata Motors Jumps 2%. Here's why

Moving on, Tata Motors jumped 2% after management gave a positive outlook for the coming quarters.

The country's largest EV player is confident of achieving financial stability by becoming net debt-free by fiscal year 2025. Additionally, the Nexon maker has set a target of achieving a market share of over 25% across various segments.

Looking ahead, Tata Motors is focused on electric vehicle (EV) development, with plans to reach EV EBITDA breakeven by fiscal year 2026. Moreover, the company aims for a consolidated 10% EBITDA for its passenger vehicle (PV) and EV operations by FY30, emphasising a long-term commitment to profitability and sustainability. EBITDA is earnings before interest tax, depreciation and amortisation.

On the other hand, its British subsidiary Jaguar Land Rover (JLR) May sales increased by 29% year-on-year, reaching 6,093 units, compared to 4,732 units sold in May last year.
 

Ixigo IPO Subscribed 4.2x

Moving on, the initial public offering (IPO) of Le Travenues Technology, which operates the travel booking platform ixigo, continued to witness robust investor interest on the second day of bidding on 11 June after the offer was subscribed 4.2 times.

Investors subscribed for 184.8 m shares as against the offer size of 43.7 m shares, the subscription data showed.

Retail investors were at the forefront, bidding 11.58 times the allotted quota, followed by Non-institutional investors (NIIs)/HNIs who have bought 7 times the reserved portion.

The portion set aside for qualified institutional buyers (QIBs) was booked 0.4 times. The IPO, with a share price range of Rs 88-93, will conclude on 12 June.

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 utilized 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.

More By This Author:

Sensex Today Trades Marginally Lower; Nifty Below 23,300
Sensex Today Ends 203 Points Lower; Nifty Above 23,200
Sensex Today Hits Record High, Tops 77,000 Mark; Nifty Above 23,400