Latest Stock Market News

The Dow Jones Industrial Average rose 18.83 points, or 0.06%, at the open to 33,852.44.

Canada Pension Plan Investment Board on Friday divested around 1.7 per cent stake in private lender Kotak Mahindra Bank for Rs 6,123 crore through an open market transaction. According to the bulk deal data available with the BSE, Canada Pension Plan Investment Board (CPPIB) offloaded 3.30 crore shares, amounting to a 1.66 per cent stake in Kotak Mahindra Bank

Singapore-based Sion Investment Holdings has sold a nearly 13.7% stake in CMS Info Systems, which has been purchased by Abu Dhabi Investment Authority and Norges Bank, picking up 1.29% and 1.69% of the stake, respectively. Meanwhile, three domestic fund houses – SBI Mutual Fund, 360 One Mutual Fund, and IIFL Mutual Fund – have added stakes in CMS Info Systems. Public stakeholders include mutual funds, which have a 10.02% stake, while foreign investors have a 12.94% stake.

Axis Securities predicts that macroeconomic scenarios will dictate the market in the upcoming months, with rural and domestic-focused themes expected to gain momentum. It has revised the December 2023 Nifty target upwards to 20,200, indicating an upside of 9-10% from the current level. Axis Securities recommended investors maintain liquidity, awaiting the market dips to build a position in quality companies with high earnings visibility. Midcaps are identified as growth sweet spots, while small caps are bottom-up plays. In the year-to-date, both foreign and domestic investors have been net buyers in the Indian equity market.

The rupee gained 4 paise to close at 82.47 against the dollar amid foreign fund inflows, though a strong dollar and weak domestic equities limited gains. The rupee opened at 82.49 and hit a low of 82.50 through the day. The RBI left interest rates unchanged at 6.5% on Thursday, while foreign institutional investors were buyers in capital markets, purchasing shares worth Rs 212.40 crore, according to exchange data. Meanwhile, Brent crude futures rose 0.38% to $76.25 per barrel, while the dollar index rose 0.19% to 103.54.

The National Stock Exchange (NSE) of India has warned investors against individuals collecting funds as Angel One Industry and Zerodha Industry, promising assured returns on investments. These entities are not registered members of the exchange. Exchanges caution investors of unregistered trading firms and advisors who guarantee returns. SEBI has recently taken steps to check illegal practices of advisory in the market, due to the rise of individual financial and investment advisors termed as "finfluencers". Last month, a well-known YouTube finfluencer was ordered to pay settlement and disgorgement fees for violating investment advisor regulations.

The stock quoted a 52-week high price of Rs 169.4 and a 52-week low of Rs 128.35.

The stock traded at a P/E multiple of 37.94, while the price-to-book value ratio stood at 7.01.

A total of 84,543 shares changed hands on the counter till 02:08PM (IST).

HMA Agro Industries, a leading exporter of frozen buffalo meat in India, is set to launch its Rs 480 crore ($72m) initial share sale which opens on 20 June and closes on 23 June. The public offer comprises a fresh issue of equity shares up to Rs 150 crore and an offer for sale of Rs 330 crore by promoters and selling shareholders. The price band for the public offer has been set at Rs 555-585 per equity share, the upper end of which values the company at Rs 2,929 crore.