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Akums Drugs and Pharma IPO: Akum Drugs and Pharmaceuticals set a price band of Rs 646 to Rs 679 per share for its IPO, aiming to raise Rs 1,857 crore. The IPO includes a fresh issue and an offer-for-sale by promoters and an existing investor.

And I think it will be good for the system because we have seen that exuberance, we had seen that stretch valuations, and everybody had started extrapolating returns that they have seen so far in the broader market, etc. So, it will be a welcome sign for the market.

On the technical charts, the RSI of the stock stood at 66.76.

Promoters held 43.92 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 13.67 per cent and 1.11 per cent, respectively.

A total of 6,551 shares changed hands on the counter till 11:57AM (IST).

Nuvama upgraded United Spirits to buy, raising target price to Rs 1,630 from Rs 1,195, citing strong cost controls and healthy margins. Reasons include margin outperformance, growth potential in premium categories, upcoming festive season, H2 demand recovery, Karnataka tax benefits, Andhra policy changes, and potential India-UK FTA.

Indian shrimp farmer stocks soared after new government proposals aimed to boost local aquaculture. Proposals included added financing and reduced taxes on feed imports. India seeks to enhance its global shrimp market share through improved cold-storage and testing facilities.

Larsen and Toubro (L&T)’s shares rose by 2% after it reported a consolidated net profit of Rs 2,786 crore for Q1 FY25. Revenue from operations saw a 15% YoY increase, driven by robust execution in projects and manufacturing. Orders grew by 8%, with strong momentum in the Middle East, per analysts insights.

On the technical charts, the RSI of the stock stood at 52.96.