Stock Markets Live: Sensex, Nifty Swing; GR Infraprojects Sets Price Band For IPO

Info Edge India Ltd. rose 5.1%. Trading volume was quadruple the average for this time of day.

• The stock was the best performer among its peers.

• Trading volume was 889,441 shares, quadruple the 20-day average of 220,826 shares for this time of day.

• The shares are up 8% in the past 5 days and rose 17% in the past 30 days.

• Analysts have nine buy, six hold, and nine sell recommendations on the stock.

• The price target of Rs 4,633.79 represents a 10% decrease from the last price

IHS Markit releases India’s June manufacturing purchasing managers’ index.

• Index falls to 48.1 from 50.8 in May; Year ago 47.2

  • Lowest reading since July 2020

• Output falls to 47.3 vs 52 in May

  • Lowest reading since July 2020

  • Reverses expansion trend

• New orders fall vs prior month

  • Lowest reading since July 2020

NOTE: Reading above 50 signals expansion, less than 50 a contraction

Indian equity benchmarks fluctated between gains and losses amid weak Asia trading and a firmer dollar as traders weighed signs that Covid-19 flareups are hampering some of the region’s manufacturing and looked ahead to a U.S. payrolls report.

The S&P BSE Sensex dropped as much as 0.1% to 52,422.28, after opening 0.3% higher. The NSE Nifty 50 Index advanced 0.1% to 15,738.45. Fourteen of the 19 sector sub-indexes compiled by BSE Ltd. gained, led by a gauge of auto companies.

India’s steady pace of vaccination and dropping number of Covid-19 cases has helped states ease curbs on peoples’ movements. Industrial activity has been gathering pace, with key industries’ output increasing 16.8% in May. Monthly auto sales and PMIs are due later today.

Foreign investors were net buyers of $2.36 billion of Indian equities this month as of June 29, after selling for the previous two months, according to National Securities Depository Ltd.

“We are almost at the end of the results season, hence the focus could shift from stocks to the index or large-caps for the next fortnight,” said Deepak Jasani, head of retail research at Mumbai-based HDFC Securities.

GR Infraprojects Ltd., a road engineering, procurement and construction company, plans an IPO of 11.5 million shares to raise as much as Rs 960 crore, according to an advertisement in the Financial Express newspaper Thursday.

• Among shareholders, founder Lokesh Builders Pvt. will sell up to1.14m shares in the IPO, while investors India Business Excellence Fund I plans to sell 6.41m shares and India Business Excellence Fund will offer 3.16m shares

• Company is not selling any new shares in the IPO, which opens July 7 and closes July 9

• Investors may bid for minimum 17 shares of face value Rs 5

• Company has various road/highway projects across 15 states in India and has also diversified into projects for the railway sector: prospectus

• HDFC Bank, ICICI Securities, Kotak Mahindra Capital, Motilal Oswal, SBI Capital and Equirus Capital are managing the sale that constitutes 11.9% of post paid-up capital