Latest Stock Market News

Latest RBI data shows that the outstanding currency in circulation (CIC) as on May 26 was at ₹34.4 lakh crore, registering a weekly fall of ₹36,492 crore. A decline in CIC reflects less leakage of funds from the banking system.

ONGC, Indian Oil, Power Finance Corporation (PFC), REC, SAIL, General Insurance, Oil India, and New India Assurance are among the PSUs trading below their book value. ONGC, which rallied 10% in the last six months, is trading at a book value of 0.71 times. According to the Bloomberg Consensus estimates, the stock is expected to yield 18% in a year.

Revenue for a sample of 2,863 companies grew by 13.4% year-on-year in the March quarter. After clocking 33.9% growth in the June 2022 quarter, top line growth has slowed down gradually in each of the quarters since then. Net profit rose by 6.5% in the March quarter. While it has improved since the September quarter when profit had fallen by 11.5%, it continued to remain muted. In the year-ago quarter, revenue and profit had grown by 21.7% and 37.2% respectively.

Investment firm Abrdn has sold its 1.66% stake in HDFC Life Insurance, through its affiliate abrdn (Mauritius Holdings) 2006. Abrdn sold 3,56,94,105 shares at Rs 579.60 each, accruing a gain of Rs 2,069 crore from the sale.

The Securities and Exchange Board of India (SEBI) has issued comprehensive guidelines for Investor Protection Fund (IPF) and Investor Services Fund maintained by stock exchanges and depositories. The guidelines cover the constitution and management of the IPF, contribution to IPF by exchanges as well as depositories, and utilization of IPF. In addition, SEBI has issued a Standard Operating Procedure (SOP) indicating the process and timelines for the declaration of default of a trading member, processing of investor claims out of IPF, and review of claims. The new guidelines will be effective from 29 June.

The stock traded at a P/E multiple of 27.3, while the price-to-book value ratio stood at 5.14.

Padmaja Gangireddy, founder of Spandana Sphoorty Financial, plans to sell a part of her 14.5% share in the firm she left one-and-a-half years ago following a dispute with the majority shareholder Kedaara Capital. With an immediate aim to raise INR1bn ($13m), she intends to invest the sum in her new venture Keertana Finserv and secure a separate NBFC-MFI licence. Gangireddy has engaged an investment banker to strike a block deal to sell a part of the holding.

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The government will offload about 9.24 crore shares, which represents about 1.5% stake through the OFS, and in the case of oversubscription, an additional 1.5% stake will be under sale.

Another round of earnings highlighted the pinch of higher prices being felt by corporate America.