The Indian equity benchmarks closed in the green on June 20 with the Sensex up 0.25 percent at 63,327.70 and the Nifty up 0.33 percent at 18,816.70. As many as 1,871 shares advanced, 1,541 shares declined and 118 shares remained unchanged.
2/11
IIFL Securities Ltd. | CMP Rs 59.60 | Shares of IIFL Securities nosedived over 16 percent on June 20 after SEBI banned it from signing new clients for two years. The ban came after the brokerage was found violating the market regulator's norms by mixing clients' funds with proprietary funds, using credit-balance client accounts to settle obligations of debit-balance client accounts, and using credit-balance client accounts to settle proprietary-trade obligations. While inspecting the brokerage's accounts and operations, SEBI found the alleged violations, which took place between April 2011 and January 2017.
3/11
HDFC Asset Management Company Ltd | CMP Rs 2104.90 | Shares of HDFC Asset Management Company jumped over 11 percent on June 20 even after Abrdn Investment Management, formerly Standard Life, offloaded its entire stake in the company. The total deal value stood at Rs 4,083.14 crore with BoFA Securities being the sole broker. Shares of HDFC AMC surged around 18 percent in the past three months and the scrip commands a market capitalisation of Rs 40,398 crore.
4/11
Zee Entertainment Enterprises Ltd | CMP Rs 173.30 | The share price of ZEEL fell over 6 percent on June 20, a day after the Securities Appellate Tribunal (SAT) adjourned its plea against a SEBI order till June 26, delaying the entertainment major's merger with Sony Pictures Networks India, which is expected to be a key re-rating trigger for the stock. Zee shares are now down 50 percent from their high following the September 2021 merger announcement.
5/11
Titagarh Rail Systems Ltd | CMP Rs 483.30 | Shares of Titagarh Rail Systems gained over 3 percent intraday on June 20 after the management clarified that the wagon manufacturer won't be affected by the collapse of the JV between a Russian firm and Rail Vikas Nigam Limited (RVNL). Antique Stock Broking had recently initiated coverage on the wagon maker’s stock with a 'buy' rating. The brokerage firm has set a target price of Rs 694 based on 20 times its FY25 earnings.
6/11
3i Infotech Ltd | CMP Rs 36.25 | 3i Infotech share price gained nearly 7 percent on June 20 as it won an order worth Rs 42.6 crore from a private sector bank. The company has received a Rs 42.60 crore contract to manage a services partner for its data centre domain. The share touched a 52-week high of Rs 54.20 and a 52-week low of Rs 25.93 on September 12, 2022 and March 28, 2023, respectively.
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Bharat Agri Fert & Realty Ltd | CMP Rs 121.55 | Shares of Bharat Agri Fert & Realty Ltd jumped 9 percent in early trade on June 20 after the company informed exchanges that it got the sanction for a housing project in Maharashtra’s Thane. At 9:57 am, the stock was trading 7.56 percent higher at Rs 128 on NSE. The share ended the day at 2 percent above its previous close. The stock has gained 37.51 percent over the past six months.
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Timken India Ltd | CMP Rs 3,250.80 | Timken India tanked nearly 7 percent on June 20 after around 84.5 lakh shares, representing 11 percent equity, worth Rs 2,629 crore changed hands on the exchanges. The floor price for the transaction with Timken Singapore Pte Ltd is at around Rs 3,000 per share, a 14 percent discount to the closing price for June 19. Timken Singapore Pte Ltd owned a 67.8 percent stake in Timken India, as per shareholding data for the quarter ending March 2023.
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Thyrocare Technologies Ltd | CMP Rs 510.40 | Thyrocare Technologies' was up nearly 7 percent on June 20 after 29.11 lakh shares, representing 5.5 percent equity in the diagnostics company, changed hands on the BSE. The average price of the deal was Rs 488 per share. The deal comes two weeks after the company met with Artisan Partners and Grandeur Peak Global Fund. However, Thyrocare's margins have fallen considerably over the past year due to de-growth in the high-margin Covid-related business. In March 2023 quarter, its operating margins fell below the 20 percent level to 18.24 percent.
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Dynacons Systems and Solutions Ltd | CMP Rs 501.45 | Dynacons Systems and Solutions share price rose 5 percent on June 20 after the company received a Rs 79.47-crore order from Union Bank of India. The project will run for five years and will have a guaranteed uptime of a minimum of 99.95 percent for 24 x 7 x 365. The Dynacons share touched a 52-week high of Rs 555.80 on January 30, 2023, and a 52-week low of Rs 252.05 on August 17, 2022. It is trading 11.55 percent below its 52-week high and 95.04 percent above its 52-week low.
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Container Corporation of India Ltd | CMP Rs 636.35 | Shares of Container Corporation of India (Concor) slumped nearly 4 percent on June 20 after Kotak Institutional Equities downgraded the stock to ‘sell’ from ‘reduce’. Even though the brokerage firm has kept the target price unchanged at Rs 610, it implies a further downside from today’s low of Rs 631.05. The pricing cut is targeted on exports where growth is low and in the Mundra and Pipavav ports where Concor has lost meaningful market share, the brokerage firm highlighted.
