Stocks To Watch: Tata Power, L&T Finance, Nestle India, Dr Reddy's

Shares of Tata Power, L&T Finance, Nestle India and Dr Reddy's will be in focus on Thursday.

Gensol Engineering Ltd. emerged as a successful bidder for a battery storage project from Gujarat Urja Vikas Nigam Ltd. for Rs 1,340 crore. The project will deliver 250 megawatt energy for two charge/discharge cycles per day.

Bondada Engineering Ltd. received an order worth Rs 939 crore from NLC India Ltd. on Wednesday to set up a solar power plant at Khavda in Gujarat.

Markets in Asia-Pacific rose on Thursday after the US Federal Reserve kept its benchmark federal rates unchanged for seventh time, and as inflation data came softer than anticipated.

The Nikkei 225 was 47.60 points or 0.12% higher at 38,924.31, and the S&P ASX 200 was 37.70 points or 0.49% higher at 7,753.20 as of 06:42 a.m.

The US Consumer Price Index fell to 3.3% on year in May, against 3.4% analysts projected in a Bloomberg survey. Core CPI, which keeps aside volatile food and energy prices, eased to 3.4% compared to 3.5% analysts forecasted.

The US stocks reached new all-time peaks as a widespread easing of inflation led to a sharp drop in bond yields, prompting traders to wager that the Federal Reserve may cut rates for two times despite dot plots indicating one.

The current federal fund rate range stands at 5.25-5.50%.

The S&P 500 Index and Nasdaq 100 rose 0.85% and 1.53%, respectively, as of Wednesday. The Dow Jones Industrial Average decline 0.09%.

Brent crude was trading 0.19% lower at $82.44 a barrel. Gold decline 0.39% to $2,315.80 an ounce.

The GIFT Nifty was 19.5 points or 0.08% higher at 23,464.50 as of 06:46 a.m.

Indian benchmark equity indices came out of their two-day decline and closed higher on Wednesday, led by shares of heavyweights. Nifty closed at its highest-ever level. The NSE Nifty 50 closed 58.10 points up, or 0.25%, at 23,322.95, while the S&P BSE Sensex ended 149.98 points, or 0.2%, higher at 76,606.57.

Overseas investors in Indian equities turned net buyers after a day. Foreign portfolio investors bought shares worth Rs 427 crore, while domestic institutional investors stayed net buyers for the third day and mopped up equities worth Rs 234 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed 2 paise higher against the US dollar at Rs 83.55.

• Tata Power: The company strengthens its nationwide e-bus charging network with high-capacity fast charging points.

• Firstsource Solution: Prasant Nadella has resigned as President and Chief Operating Officer and Senior Management Personnel of the company.

• L&T Finance: Shareholders of the company are to offer 8.82 crore shares at Rs 169.7 apiece as per Bloomberg data.

• Nestle India: The board approved the continuation of royalty payment at the current rate of 4.5% to the parent company.

• Amber Enterprises: The company acquired an additional 4.6% stake in IL JIN Electronics for Rs 33 crore.

• Dr Reddy's Laboratories: The company’s step-down subsidiary Dr. Reddy’s USA and Ingenus Pharmaceuticals have entered into a license agreement under which Dr. Reddy’s USA has licensed from Ingenus, the exclusive rights to commercialize Cyclophosphamide Injection RTD in the United States.

• Arvind: The strike at Santej Plant is called off by workers. The potential revenue loss due to the strike is Rs 180 to 200 crore.

• Gensol Engineering: The company received Gujarat Urja Vikas Nigam Limited 250 MW battery energy storage project worth Rs 1,340 crore to supply electricity on an “On-Demand” basis to Gujarat State's DISCOMs during peak and off-peak hours.

• Whirlpool of India: The company signed a three-year joint marketing pact with HUL for product marketing and advertorials.

• Exide Industries: The company invested Rs 75 crore by way of subscribing to the right issue of subsidiary Exide Energy Solutions. The total investment stands at Rs 2,452.24 crore.

• Sobha: The company approved the rights issue to open on June 28 and close on July 4 at a price of Rs 1,651 per share.

• Bondada Engineering: The company received a work order worth Rs 939 crore from NLC India for setting up a 600 MW grid-connected solar power project including the operation and maintenance for three years.

• Le Travenues Technology: The public issue was subscribed to 9.33 times on day 3. The bids were led institutional investors (0.79 times), non-institutional investors (20.14 times), retail investors (18.73 times).

• Media Matrix Worldwide:  B K Drolia HUF bought 65 lakh shares (0.57%) at Rs 17.55 apiece, Nextwave Communications Private Limited sold 65 lakh shares (0.57%) at Rs 17.55 apiece.

• Jaiprakash Associates: Cinco Stock Vision LLP bought 140 lakh shares (0.57%) at Rs 10.32 apiece.

• Krsnaa Diagnostics: Kitara PIIN 1104 sold 3.72 lakh shares (1.18%) at Rs 600.69 apiece.

• TCNS Clothing Company: Rajasthan Global Securities Private Limited bought 6 lakh shares (0.94%) at Rs 550 apiece, while TA FDI Investors sold 6.6 lakh shares (1.04%) at Rs 550.08 apiece.

• Zaggle Prepaid Ocean Services: Ventureast Proactive Fund LLC sold 22.27 lakh shares at Rs 280 apiece, while ICICI Prudential Mutual Fund bought 6.5 lakh shares at Rs 280 apiece.

• Usha Martin: Promoter Peterhouse Investments India sold 2 lakh shares on June 11.

• Price Band revised from 10% to 5%: Dredging Corporation of India, Reliance Power.

• Price Band revised from 20% to 10%: Premier Explosives, OM Infra, Premier Explosives,

• Price Band revised from 20% to 5%: Sanofi India.

• Ex/record Dividend: ICICI Prudential life Insurance, CIE Automotive India, Tata Technologies, Raymond, Shankara Building Products, KSB.

• Ex/record AGM: Shankara Building Products, Raymond, CIE Automotive India, KSB.

• Ex/record Demerger: Sanofi India.

• Moved into short-term Framework: Aditya Birla Money, Dhanuka Agritech, GTL Infrastructure, H.G. Infra Engineering, Jain Irrigation Systems, Likhitha Infrastructure, Pennar Industries, Vishnu Chemicals.

• Kalyan Jewellers: To meet analyst and Investors on June 17, 18 and 20.

• Adani Enterprises: To meet analyst and Investors on June 19.

• Mahindra and Mahindra: To meet analyst and Investors on June 13.

• Yasho Industries: To meet analyst and Investors on June 18.

• Idea Forge: To meet analysts and Investors on June 18.

• Aarti Industries: To meet analyst and Investors on June 18.

• Capital small Finance Bank: To meet analyst and Investors on June 18.

• Syngene International: To meet analyst and Investors on June 18.

• KPIT Technologies: To meet analyst and Investors on June 20.

• Dr Reddy’s Laboratories: To meet analyst and Investors on June 18,19.

• Nifty June futures up by 0.22% to 23,355.1 at a premium of 32.15 points.

• Nifty June futures open interest up by 0.78%.

• Nifty Bank June futures up by 0.22% to 49,914 at a premium of 19 points.

• Nifty Bank June futures open interest down by 5.32%.

• Nifty Options June 13 Expiry: Maximum Call open interest at 24,000 and Maximum Put open interest at 23,000.

• Bank Nifty Options June Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 49,800.

• Securities in ban period: Balrampurchini Mills, GMR Infra, Hindustan Copper, India Cements, SAIL.

• Tata Motors - Well Placed To Capitalise On Emerging Trends: Motilal Oswal

• Westlife Foodworld - Drive-Thrus To Drive Growth; South AUV Improving: Nirmal Bang

• Cement Sector Check - Price Hikes Announced In June 2024; Demand Should Support: Motilal Oswal Average cement price in May 2024 flat MoM

• Havells - Strong Investments In Premiumisation, Manufacturing Capabilities: ICICI Securities

• BHEL - A Call For More Than Rs 1 Trillion Thermal Tenders; Sets Up Nicely For FY25E: ICICI Securities

• Home First Finance - Leveraging Tech Effectively For Next Leg Of Growth: Motilal Oswal