Author: Legal Parivar

Shares of Heritage Foods hit the 10% upper circuit at Rs 601 on June 6 for the second consecutive session. The surge in sentiment follows the confirmation that Telugu Desam Party (TDP) leader Chandrababu Naidu will become the Chief Minister of Andhra Pradesh after the recent assembly elections. The connection lies in the ownership of the dairy products manufacturer. Nara Bhuvaneshwari, Naidu’s wife, holds a 24.37% stake, while their son, Nara Lokesh, holds a 10.82% stake in Heritage Foods, as per the shareholding pattern at the end of March. Market Activity and Financial Performance Trading volumes have spiked significantly, with…

On June 6, 2024, shares of Secur Credentials, Compuage Infocom, Morarjee Textiles, Vaxtex Cotfab, and GSS Infotech reached fresh 52-week lows. In contrast, the Nifty 50 index rose by 240.55 points (1.06%), and the Sensex increased by 833.56 points (1.12%). The Bank Nifty index was also up by 528.6 points (1.08%). Several stocks hit fresh 52-week highs today, including Uno Minda, Aditya Birla Fashion & Retail, Torrent Pharmaceuticals, Coromandel International, and Mahindra & Mahindra. BSE Sensex Index Performers

The Nifty PSU Bank index surged as much as 4.4% in intra-day trading, extending its gains for the second consecutive session after a 2.5% rise on June 5. This positive momentum follows confirmation that the BJP-led NDA will form the government at the Centre. This uptick comes after a sharp decline of over 15% on June 4, driven by a tighter-than-expected election race where the Modi-led NDA did not secure as many seats as predicted by exit polls. PSU Bank Constituents See Significant Gains All PSU Bank constituents traded in the green during intra-day deals, with Indian Overseas Bank, CBI,…

Adani Power share price experienced a significant rise during morning trading. Opening at ₹749.90 per share on NSE, it quickly reached an intraday high of ₹790, marking an increase of nearly 9% from Wednesday’s close of ₹726.65. This surge is attributed to the company’s complete takeover of Mirzapur Thermal Energy (MTE) in Uttar Pradesh. In a recent exchange filing, Adani Power announced, “We have been allotted 50,00,000 equity shares of ₹10 each by Mirzapur Thermal Energy U.P. Private Limited (MTEUPL) on a preferential basis, resulting in a 99.8% equity stake. Consequently, MTEUPL has become a subsidiary of Adani Power.” Disclaimer:…

Shares of Bharat Heavy Electricals Limited (BHEL) surged, recording double-digit gains in early trade on June 6, following the announcement of a significant order exceeding Rs 3,500 crore from Adani Power. At around 10:40 am, BHEL shares were trading 13 percent higher, having already rallied 42 percent since the beginning of the year. The order involves the establishment of a 2×800 MW thermal power plant (TPP) in Raipur, Chhattisgarh. As per the contract, BHEL will provide equipment such as boilers, turbines, generators, and related auxiliaries, and will also oversee the commissioning of the power project using ‘supercritical technology.’ BHEL stated…

In the wake of the 2024 Lok Sabha Election results, the Nifty Oil & Gas index experienced a significant downturn of almost 10% on Tuesday. Notably, prominent upstream oil and gas producers such as GAIL Ltd, Oil and Natural Gas Corporation (ONGC), Hindustan Petroleum Corporation, and Oil India Limited witnessed substantial declines in their share prices, ranging from 10% to 17% during intraday trades. GAIL Ltd emerged as the largest loser with a 17% decline in its share price. Similarly, other notable players in the sector, including Bharat Petroleum Corporation Ltd, Petronet LNG, Mahanagar Gas Ltd, and Indian Oil Corporation…

The Sensex and Nifty continued their downward spiral, dropping 5% each by noon on June 4 as indications suggest that the NDA will return to power with a reduced majority, contrasting sharply with expectations of a stronger mandate. At 11:15 am, the Sensex plummeted by 3,737 points or 4.9% to 72,731, while the Nifty 50 declined by 1,169 points or 5% to 22,094. Market dynamics showed 362 shares advancing, 2915 shares declining, and 70 shares remaining unchanged. PSU stocks suffered the most, with trading in many being temporarily suspended following a 15% decline. BEL, PFC, and REC were among the…

The BJP was leading in all seven constituencies. In North East Delhi, BJP’s Manoj Tiwari, facing off against Congress’s Kanhaiya Kumar, held a lead of 47,968 votes, as per Election Commission trends on Tuesday. Similarly, in West Delhi, Kamaljeet Sehrawat of the BJP, competing against AAP’s Mahabal Mishra, led by 34,184 votes, while Yogender Chandoloya, the BJP candidate in North West Delhi, had a lead of 57,060 votes. In East Delhi, AAP’s Kuldeep Kumar trailed by 6,751 votes to BJP’s Harsh Malhotra. Meanwhile, in South Delhi, BJP’s Ramvir Singh Bidhuri led by 20,868 votes against AAP’s Sahi Ram Pahalwan. Additionally,…

The Nifty PSE index experienced a significant decline of over ten percent in trading on June 4, reflecting the market’s reaction to the less favorable outcome for the Narendra Modi-led National Democratic Alliance. Previously, market experts had anticipated political and policy continuity, as suggested by exit polls, which would have likely resulted in continued outperformance of public-sector shares. “The steep fall is due to the results so far falling short of the exit polls which the market had discounted yesterday. If BJP doesn’t get a majority on its own there will be disappointment and this is getting reflected in the…

Banking stocks were on shaky ground on June 4 as investors rushed to book profits after yesterday’s record highs. Shares of Bank of Baroda, PNB, SBI, Bandhan Bank, Axis Bank, and IndusInd Bank, among others, slipped up to 9%, compared to a 5% decline in the Bank Nifty index. The overall market sentiment also deteriorated after the NDA-led coalition secured fewer seats than exit polls had predicted, while the opposition I.N.D.I.A coalition exceeded expectations. Analysts remain optimistic about financials going forward, amid hopes for policy continuity, sustained focus on capital expenditure, and fiscal consolidation. “We remain overweight on financials such…