Sensex Today Trades Flat; Dish TV Surges 8%

Asian stocks are trading lower today following a holiday for US markets. Treasury yields moved lower and major currencies were little changed.

The Nikkei is trading 0.4% lower, and the Hang Seng index is trading lower by 1.4%. While Shanghai composite was down 0.5%

US markets were closed on account of 4 July 2023.

Back home, Indian share markets are trading on a flat note following the trend on Gift Nifty.

At present, the BSE Sensex is trading lower by 56 points. Meanwhile, the NSE Nifty is trading down by 3 points.

IndusInd Bank and ICICI Bank are among the top gainers today.

HDFC Twins and Wipro on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is up by 0.5% the BSE Small Cap index is trading 0.6% higher.

Sectoral indices are trading on a positive note with the exception of the realty sector, banking sector, and financial sector. Stocks in the FMCG sector and power sector witnessed most of the buying.

Shares of Bajaj Finance and LTI Mindtree hit their 52-week high today.

The rupee is trading at Rs 82.11 against the US dollar.

In commodity markets, gold prices are trading higher by Rs 51 at Rs 58,460 per 10 grams today.

Meanwhile, silver prices are trading marginally lower at Rs 69,614 per 1 kg.
 

Suzlon Energy to raise funds

Suzlon Energy on Tuesday announced that the company's board of directors would consider a proposal to raise capital on 7 July 2023.

The company announced that the raising of capital would be by way of one or more or a combination of permissible methods.

Renewable energy solution provider, Suzlon posted a consolidated net profit of Rs 3.2 billion (bn) for the March 2023 quarter, mainly due to lower expenses. The company reported a consolidated net loss of Rs 2.1 bn in the quarter ended on 31 March 2022.

Its total income from operation dipped to Rs 17 bn in the quarter from Rs 24.8 bn a year ago.

The total expenses of the company also declined to Rs 16.3 bn in the quarter from Rs 25.1 bn.

It has also posted a consolidated net profit of Rs 28.9 bn for the full financial year 2022-23. It had reported a net loss of Rs 1.8 bn in 2021-22.

Suzlon Energy's share price has been in uptrend for the last one and half months and the energy stock has delivered more than 100% return in this time.

In the last month, it logged a near 50% rise.

Moreover, the recent technical breakout from a long-standing resistance level further reinforces the notion this could be a new beginning for the stock.

The breakout suggests the stock has managed to overcome significant selling pressure and has entered a potentially bullish phase.

This development has attracted attention from traders and investors, who see it as a signal of a possible upward trend in the stock's price.

Let us take a look at a weekly trading chart of the company:

(Click on image to enlarge)


LTI Mindtree to replace HDFC on Nifty 50

Due to merging under HDFC Bank, the stock exchange NSE on Tuesday announced a replacement against HDFC share price on its indices.

On the mainboard Nifty 50, tech player LTI Mindtree will replace the housing finance giant with effect from 13 July 2023. Not just that, many other stocks will be replacing HDFC on several indices on NSE including financial services, Nifty 200, Nifty 500, and services sectors among others.

Further, on Nifty 100, metal giant Jindal Steel & Power (JSPL) will replace HDFC and the same will be applicable on the Nifty100 Equal Weight index.

With LTI Mindtree entering Nifty 50, the stock will be replaced by JSPL on Nifty Next 50.

Also, Mankind Pharma will replace HDFC on Nifty 500, Nifty 200, Nifty LargeMidcap 250, and Nifty Total Market.

HDFC will also exit the environmental, social, and corporate governance (ESG) indices such as Nifty100 ESG, Nifty100 Enhanced ESG, and Nifty100 ESG Sector Leaders.

With effect from 1 July HDFC Bank has successfully completed the merger of HDFC after the receipt of all requisite shareholder and regulatory approvals.

However, 13 July is fixed as the record date for the share swap between HDFC Bank and HDFC as part of the merger.

HDFC Bank will issue and allot to eligible shareholders 42 new equity shares of the face value of Rs 1/- each, credited as fully paid-up, for every 25 equity shares of the face value of Rs 2 each fully paid-up held by such shareholder in HDFC as on 13 July 2023.
 

Samvardhana Motherson International to buy a stake in a Japanese company

Auto parts maker Samvardhana Motherson International (SAMIL) announced on 4 July that it will buy a majority stake of 81% in Japan-based auto-part maker Yachiyo Industry's four-wheeler (4W) business - a subsidiary of Honda Motor.

The transaction is valued at 22.9 bn Japanese yen.

The acquisition requires approval from authorities in China, Brazil, the United States, as well as the Reserve Bank of India.

Yachiyo makes automobile parts like sunroofs, fuel tanks, and resin products.

The acquisition will provide SAMIL access to research and development capabilities and foray into the global sunroof market and also pursue other partnerships with Honda, the Bengaluru-based company said in a statement.


More By This Author:

Sensex Today Ends 284 Points Higher
Sensex Today Trades Flat; Bajaj Finance Zooms 8%
Sensex Today Ends Above 65,000, Nifty Tops 19,300

Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with