Stocks in focus: The SGX Nifty recorded a loss of 0.05% during Wednesday’s early trading session, with a value of 18,872 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex recovered all the intraday losses and ended Tuesday’s session broadly in green. The NSE Nifty 50 surged 61.25 points to 18,816.70 and BSE Sensex rose 0.25% to 63,327.70.
“After wobbling in the morning session, bulls regrouped at lower levels as the benchmark indices raced higher to end the session in green. Markets were in total control despite cautious mood at Dalal Street, with IT and metal stocks ending as star performers,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Cyient
Cyient’s subsidiary, Cyient DLM’s initial public offering of equity shares will open for subscription on Tuesday, June 27, 2023 and shall close on Friday, June 30, 2023. The price band for the issue will be advertised at least two working days prior to the Issue opening date.
Shriram Finance
Piramal Enterprises plans to sell an 8.34% stake in Shriram Finance through a block deal on June 21, according to reports. The floor price is set at Rs 1,483 per share, which is a 5% discount from the current market price of Rs 1,559.45.
Pidilite
Pidilite launched manufacturing facilities under its two joint ventures, Pidilite Litokol and Tenax Pidilite in Amod, Gujarat. Litokol SpA Italy and Tenax SpA Italy have transferred technology to Pidilite as part of the joint ventures.
IIFL Securities
After SEBI banned IIFL Securities from taking on more clients for the next two years on grounds of misusing client funds, IIFL Securities filed a response with the exchanges, stating, “The Company has always met all its obligations towards Exchanges and clients on time. The Company has always followed a Compliance First approach and carried out business in full compliance in letter and spirit with extant laws and regulations.
Shilpa Medicare
On June 23, Shilpa Medicare will evaluate a proposal to raise funds through a rights issue of equity shares.