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Sensex hit record 64k, Nifty scales 19k

Benchmark equity indices hit their record high levels on Wednesday. Sensex hit record 64,000 mark. Nifty scaled past the 19,000 mark amid a rally in the US and European markets. From the Sensex pack, NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, Infosys, and HDFC Bank were among the major gainers. The BSE benchmark finally closed on Wednesday at 63,400 points. While, Nifty ended above 18,800 points. Global oil benchmark Brent crude hovered around 72 dollars a barrel.

Govt okays Aadhaar authentication for birth
The central government has issued a new order for Aadhaar users. The government has approved Aadhaar authentication for birth and death registrations. Although, Aadhaar authentication for birth and death registration has not been mandatory. The government has taken this decision so that better services can reach the common people.

Prabhudas sees 10% upside on this stock

Brokerage firm Prabhudas Lilladher sees 10% upside on UTI AMC from current levels. On Wednesday, UTI AMC closed at 725 rupees per share. The brokerage has given a medium term target of 795 rupees. It has advised investors to set stop loss at 675 rupees. According to the brokerage, The stock after taking support near the 600 zone , had made a double bottom formation on the daily chart. It has picked up well sice then. after a short dip has taken support near the important 50 EMA level of 685 zone. It can form a rising channel pattern. RSI laos indicates trend reversal. Year to date, the stock is down 15%.

NSE: Bank Nifty expiry on Thursday, not Friday

NSE has withdrawn its circular which stated that expiry of Bank Nifty derivatives contact would shift to Friday from Thursday. So, expiry of Bank Nifty derivatives contact would continue to take place on Thursday. This decision of NSE has been taken in interest of retail investors. However, stock exchanges and brokerages will have to forego one extra day of commission.

Santosh Kumar Singh bullish on Crompton, ABFRL

Market expert, Santosh Kumar Singh, has given two stock recommendations. His first recommendation is Aditya Birla Fashion and Retail Limited. The company retails lot of brands in the market. According to him, this company can do well in time to come. Santosh Kumar Singh has given a target price of 280 rupees at 201 rupees stop loss. On Wednesday, Aditya Birla closed at 213 rupees per share. His second recommendation is consumer durable company, Crompton. He has given it target price of 350 rupees keeping 270 rupees stop loss. On Wednesday, the scrip closed at 287 rupees apiece.

Retail investors lap up ideaForge Tech IPO

The IPO of Infosys backed, drone maker, ideaForge Technology has got good response on the D-Street. The IPO quota was subscribed more than 45 times by 4 pm on the third day. Retail investors showed overwhelming response. Non institutional and retail investors’ quota was subscribed more than 60 times. QIBs quota was also subscribed more than 30 times. The last date for the IPO has been moved to June 30 from June 29 due to Bakrid holiday. The total size of the IPO is 567 crore rupees. Its stock was trading at GMP of 545 rupees on the last day of the IPO.

Retail investors not shying away from IPOs

Retail investors are not shying away from IPOs these days. Not only ideaForge IPO, they have gone bang on Cyient’s subsidiary Cyient DLM Limited IPO as well. Wednesday was day two of the 592 crore rupees IPO of Cyient DLM. Retail quota was subscribed more than 23 times. While, overal IPO size was subscribed more than 7 times the IPO size. On other day, Cyient DLM mobilised 260 crore rupees from anchor investors.

Double bonanza for HAL shareholders

Defence company, HAL, announced stock split and dividend for shareholders. Stock-split ratio is 1:2, meaning eligible shareholders will get two stocks for every one held in portfolio. Stock split record date is September 29, 2023. While, the public sector company also announced 15 rupees divided subject to shareholders approval. Dividend record date is not finalized yet. While, dividend will be paid within 30 days of shareholders approval. On Wednesday, HAL closed at rupees per share.

Auto industry manufactures 2.7 cr vehicles in FY 23

And now the automobile industry is on a roll manufacturing 2.7 crore vehicles across segments worth 108 billion dollars in FY 23, as per a report. The passenger vehicle segment accounted for 57% at 5 lakh crore rupees in total value. While the commercial vehicle segment generated a value of 1.7 lakh crore rupees. Two wheelers on the other hand accounted for 77% of the volume share producing 20 million units, playing catch up with China. The segment overall accounted for 1.8 lakh crore rupees amounting to 21% of value.

TVS to partner with Zomato

TVS has made a strategic partnership with food delivery platform zomato. The tie up is set to ensure a green and sustainable mobility ecosystem that would push the electric mobility drive in the country forward. Now as a part of this partnership Zomato delivery boys would be using TVS’s electric powered two wheelers. For this TVS will be deploying 10,000 of its electric scooters with the food delivery service of Zomato for a period of two years. TVS has said that the bikes will be powered with TVS’ advanced electric powertrain and superior battery technology.