Latest Market News Today Live Updates June 14, 2024: M&M outshines Tata Motors to become India’s second-largest auto major; shares hit fresh 52-week high

• Mahindra & Mahindra (M&M) has surpassed Tata Motors in terms of market cap to become India’s second-largest automaker after Maruti Suzuki

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• Tata Communications stock is recommended as ‘buy’ by Nuvama Institutional Equities and IIFL Securities with target prices of ₹2,200 and ₹2,231 per share, respectively.

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• Durlax Top Surface IPO: The IPO price band has been set in the range of ₹65 to ₹68 per share of face value of ₹10 each. The SME IPO will open for subscription for investors on Wednesday, 19 June 2024 and closes on Friday, 26 June’ 2024.

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• Hardwyn India, a penny stock, has shown exceptional long-term performance with a growth of 6592% in 5 years. Despite recent corrections, the stock surged by 955% in 3 years and has potential for high returns within the penny stock category.

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• Akme Fintrade IPO price set at ₹114-120 per share, with lot size of 125 shares. The company specialises in rural and semi-urban financing. IPO allocation: 50% for QIBs, 15% for NIIs, 35% for retail investors.

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• Avantel, a defence electronics manufacturer, witnessed a 19% spike in shares to hit Rs. 168. The company’s stock has surged by 44% this year, continuing a strong performance with a 340% rally in CY23 and 113% gain in CY22.

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• Top Gainers and Losers Today : The Sensex gained 181.87 points, or 0.24, to settle at 76810.9, while the Nifty gained 66.7 points, or 0.29, to close at 23398.9.

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• Big firms like Millennium are so flush with cash they’re outsourcing it to other firms.

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• Stock market today: Sensex and Nifty 50 close higher, driven by auto and consumer durable sectors; IT stocks lag due to profit booking.

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• Jefferies highlights Modi govt’s efforts to include natural gas in GST, saying it could benefit Gujarat Gas, GAIL, and Petronet LNG.

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• Make In India effect: PTC Industries share price has ascended from ₹8,226 to ₹14,900 apiece level in eight straight sessions

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• Looking at the yearly performance, 7 out of the 10 stocks in Nifty Realty achieved multibagger returns in last one year. Sobha led the pack with a remarkable gain of nearly 290%, followed by Prestige Estates Projects with a gain of 238%.

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• Bajaj Housing Finance IPO: Bajaj Housing Finance filed a DRHP for an IPO with SEBI, offering fresh shares worth ₹4,000 crore. The IPO aims to increase capital base, list equity shares, and cover offer expenses.

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• Defence stocks surged as government reaffirms focus on sector. Rajnath Singh aims for ₹50,000 crore defence exports in 5 years, boosting investor sentiment. Paras Defence, BEML, and other stocks gain 3-20%. Shipbuilding companies also see uptick in trade.

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• GP Eco Solutions IPO price band is set at ₹90 to ₹94 per share. At the upper-end of the price band, the company plans to raise ₹30.79 crore from the issue which is entirely a fresh issue of 32.76 lakh equity shares.

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• 360 ONE WAM’s acquisition of ET Money leverages high-valued equity for growth, while offering Times Internet an exit option amid fierce competition in the fintech space.

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• Stock Market Today: Glenmark Pharmaceuticals , JB Pharma, Ajanta Pharma, Zydus LifeSciences, Sanofi India lead Indian Pharma Market growth during May 2024. IPM grew at a healthy pace of 10% . Check for underperformers, other details and forward prospects.

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• Penny stock below ₹5: Srestha Finvest shares traded ex-split on 13th October 2016 in 1:5 ratio

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• Rossari Biotech shares have quoted at an average P/E of around 45x in the last four years and 32x FY24 earnings. The brokerage firm reckons that a consistently better performance would be seen on capacity expansion, product launches and better margins.

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• Multibagger stock: MosChip Technologies’ share price has surged by more than 200% over the past year, providing investors unprecedented multibagger returns.MosChip Technologies, which is based out of Hyderabad, is a semiconductor, software, and system design solutions firm.

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• Endurance Tech’s stock surged 20% to a new high of ₹3,059.05, marking 8 consecutive sessions of gains driven by growth prospects. It has gained 39% over 8 days, posting positive returns in June. The stock doubled investor wealth, rising over 102% from its 52-week low.

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• The company is sitting on a hefty order book and chances are it may keep getting more orders this year.

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• Modi 3.0 stocks: Experts have recommended buying these auto stocks today — M&M, Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Fiem Auto, and Lumax Auto

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• US treasury yields were lower after data showed a cooling labour market and price pressures. The 10-year yield hit a more than two-month low.

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• Chris Wood of Jefferies has introduced the Infrastructure theme in the portfolio with a 4 percent weightage. To accommodate the new inclusion, he has reduced weights in ICICI Bank and HDFC Bank by 1 percentage point each and Axis Bank by 2 percentage points.

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• India Shelter Finance share price gained nearly 4% on Friday, with a low volume stock showing momentum. ICICI Securities highlights the company’s digital credit solutions and potential risks of weaker growth and portfolio quality.

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• Strong growth in profitability has helped improve the repaying capability of companies. But rising input costs could add pressure on operating margins going ahead

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• Higher supplies would upend the current Opec and allies’ market management strategy, which has implemented production cuts at support prices.

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• Following shares hit their 52 week low today – Awfis Space Solutions, POPULAR VEHICLES AND SERVICES ORD, QUEST LABORATORIES ORD, MIDSMALL ETF-B

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• Following shares hit their 52 week high today – Siemens, Ambuja Cements, Tube Investments Of India, Cipla, Bosch

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• MarketsMojo picks Bikaji Foods as the top pick for June, expecting high returns for medium-risk investors with less than 30% weightage in the sector. FMCG sector growth expected in FY2025.

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• Kotak Institutional Equities upgrades Adani Ports target price to ₹1,650 apiece due to sustained outperformance and strategic investments in expanding port capacity and logistics land bank, offering significant growth potential.

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• Gold And Silver Prices Today:Gold And Silver Prices Today : 10 gm of 24 carat gold was at Rs.73444.0 in Delhi whereas 1 kg of silver was Rs.88110.0 in Delhi.

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• Stock in focus: Rajesh Palviya has recommended to buy, hold, and accumulate Gujarat Gas Ltd, Triveni Engineering & Industries Ltd, and CanFin Homes Ltd.

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• Stock Market Today: Suven Pharmaceuticals share price gained more than 5% in the morning trades on Friday post it announcements regarding acquisition of Hyderabad based CDMO Sapala Organics.

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• Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Dilip Buildcon, Honda Power, GRSE, KIOCL, and ELGI Equipments

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• Ambuja Cements will acquire 100% shares of PCIL from its existing promoter group, Pratap Reddy and family and the acquisition will be fully funded through internal accruals, the Adani Group cement manufacturer said in a regulatory filing on Thursday.

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• Stanley Lifestyles IPO priced at ₹351-369 per share, subscription opens June 21 and closes June 25. Anchor investor allocation on June 20. PE ratio for fiscal 2023 at upper end is 57.93. RedSeer Report positions Stanley as super-premium luxury furniture brand in India.

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• Here are a few stocks likely to be in focus on Friday, June 14:

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• The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading flat at around 23,400 level.

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• Stocks to buy today: Experts have recommmended buying these five buy or sell stocks — Usha Martin, Grasim Industries, IGL, HCL Tech, and M&M

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• Ixigo IPO allotment status can be checked online through the BSE website and the official portal of IPO registrar. Link Intime India Private Ltd is the Ixigo IPO registrar.

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• Indian stock market: Gift Nifty was trading flat at around 23,400 level, indicating a muted start for the Indian stock market indices.

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• Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — MFSL, Hindustan Oil Exploration Company, and Godrej Properties

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