Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile amid mixed global cues. The GIFT Nifty futures were trading 22 points or 0.11% higher at 19,515.50. Asian markets were trading in red – China’s Shanghai Composite Index plunged 0.45%, South Korea’s KOSPI fell 0.34%, Japan’s Nikkei 225 tumbled 0.41%, Asia Dow tumbled slipped 0.51% and Hong Kong’s Hang Seng tanked 1.21%. The US market remained closed on Tuesday. On Tuesday, The NSE Nifty 50 jumped 66.45 points or 0.34% closing at 19,389 and BSE Sensex soared 274 points or 0.42% to 65,479.05. In sectoral indices, Bank Nifty surged 143.35 points or 0.32% to 45,301.45, Nifty Financial Service increased 0.79%, Nifty IT surged 1.04% and Nifty PSU Bank soared 1.89% while Nifty Auto fell 0.48%.
Stocks to Watch on 5 July 2023
Genus Power Infrastructures
Genus Power Infrastructures has signed definitive agreements with Gem View Investment, an affiliate of GIC, Singapore, for setting up a platform for undertaking advanced metering infrastructure service provider (AMISP) concessions. GIC affiliate will hold 74% stake for $600 million, while Genus will hold a 26% stake in the platform with an equity investment of about $200 million. The partners have committed to an initial pipeline with a capital outlay of $2 billion over a period of three years, according to Genus.
State Bank of India
SBI has received approval from its Executive Committee of the Central Board (ECCB) for acquiring the entire stake held by SBICAPS in SBICAP Ventures, subject to receipt of all regulatory approvals. SBICAPS is a wholly-owned subsidiary of SBI. The estimated cost of capital for the said acquisition will be Rs 708.07 crore.
Aurobindo Pharma
Aurobindo Pharma’s subsidiary CuraTeQ Biologics announced positive results in phase 3 clinical trials for its proposed Trastuzumab biosimilar product. Trastuzumab is a breast cancer biosimilar product, BP02.
IndusInd Bank
The net advances for the June quarter rose 21% to Rs 2.89 lakh crore. Deposits grew 15% on-year to Rs 3.36 lakh crore.
Lupin
The pharma company has received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA), Dolutegravir tablets for oral suspension.
Bandhan Bank
The bank’s loans & advances in the quarter ended June FY24 grew by 6.7% on-year to Rs 1.03 lakh crore but fell by 5.5% on-quarter. Total deposits increased by 0.4% on-quarter and 16.6% on-year to Rs 1.08 lakh crore. Retail deposits at Rs 77,239 crore rose by 5.9% on-year and bulk deposits increased by 55.4% on-year to Rs 31,240 crore.
Bajaj Auto
Bajaj Auto is partnering with UK’s Triumph Motorcycles to introduce their new range of 400cc motorcycles. According to reports, Bajaj Auto plans to keep the price of these motorcycles below Rs 3 lakh, with a possible price tag of around Rs 2.5 lakh (ex-showroom).
LTIMindtree
The Index Maintenance Sub-Committee (Equity) of NSE Indices has decided to exclude HDFC and include LTIMindtree in Nifty50 with effect from July 13. Jindal Steel & Power is going to replace HDFC in the Nifty 100 index and LTIMindtree in the Nifty Next 50 index, while Mankind Pharma will replace HDFC in the Nifty 500 index and Jindal Steel & Power in the Nifty Midcap 150 index. LIC Housing Finance will replace HDFC in the Nifty Financial Services index.
RBL Bank
The bank’s total deposits in Q1FY24 grew by 8% on-year to Rs 85,638 crore and gross advances increased by 20% to Rs 74,792 crore. Retail advances grew 32% on-year while wholesale advances rose 8%.