Stock Market LIVE Update: Sensex, Nifty 50 off intra-day highs, Venus Remedies up 8% on winning UNICEF contract

Shares of sugar companies rallied up to 15% in trade Thursday (June 13) after reports emerged that the central government is considering raising the minimum selling price (MSP) of sugar for the upcoming 2024-25 season, beginning on October 1, 2024.

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Oracle Financial surges after Oracle Corp’s earnings

#CNBCTV18Market | Oracle Fin surges after Oracle Corp’s earnings pic.twitter.com/eqGRIJ67mN

— CNBC-TV18 (@CNBCTV18Live) June 13, 2024

L&T wins large offshore order up to ₹5,000 crore from ONGC for its Daman Project. Read here

“We still need to watch out for as to how trends shape up for these businesses before we take a longer term call,” says Sumit Jain, Deputy CIO, ASK Investment Managers.

Recommendations by Aditya Agarwala, Head-Research & Investments, Invest4edu:
Buy UPL for a target price of ₹580-600 with a stop loss at ₹544
Buy Muthoot Finance for target price of ₹1,900 with a stop loss at ₹1,750

India’s domestic mutual funds bought shares like Suzlon Ltd., and Vodafone Idea Ltd. in the month of May, while choosing to book profits in most PSUs barring State Bank of India and HUDCO ahead of the Lok Sabha election results, that were announced on June 4.

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India’s domestic mutual funds bought shares like Suzlon Ltd., and Vodafone Idea Ltd. in the month of May, while choosing to book profits in most PSUs barring State Bank of India and HUDCO ahead of the Lok Sabha election results, that were announced on June 4.

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Shares of Venus Remedies surged 8% on Thursday after the company won a contract from UNICEF for its antibiotic product, Ceftriaxone 1mg, in the tender for supply of Beta Lactam antibiotics.

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Shares of Indian Energy Exchange Ltd. (IEX) jumped over 4% to hit a day’s high of ₹181.25 on Thursday, June 13. IEX stock has seen a strong upward move, rising a little over 10% in the last five trading sessions.

Buy or sell

Recommendations by Apurva Sheth, SAMCO Securities:
Buy IEX for target price of ₹200-220 with a stop loss at ₹160
Buy HDFC Bank for target price of ₹1,675-1,700 with a stop loss at ₹1,550

The company intends to issue 1.21 crore rights equity shares each on a partly-paid basis through which it plans to raise ₹2,000 crore, assuming full subscription and payment of the call monies.

Check more details here

The shares of the company are trading over 3% higher at this hour. The stock is contributing 4.2 points towards the index upside.

Brokerage firm Kotak Institutional Equities wrote in a note that NTPC Ltd., and Power Grid Ltd. are neither “growth stocks” nor “value stocks.” It believes that the fair value of both these companies is much lower than their respective current market price.

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Recommendations by Sacchitanand Uttekar of Tradebulls:
Buy Coforge for a target of ₹5,460 with a stop loss at ₹5,240
Buy Dr Lal Pathlabs for a target of ₹2,960 with a stop loss at ₹2,810

Shares of Oracle Financial Services Ltd. surged as much as 7% on Thursday to ₹9,370 after its parent Oracle Corp. reported strong earnings overnight in the US.

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HDFC Life up more than 2% after IRDAI releases Surrender Value norms.

Recommendations by Mitessh Thakkar of earningwaves.com:
Buy Berger Paints for a target of ₹520 with a stop loss at ₹495
Buy Godrej Properties for a target of ₹3,100 with a stop loss at ₹2,960

Amber Enterprises has acquired an additional 4.6% equity in IL JIN Electronics. The company has acquired an additional 4.6% equity stake in IL JIN Electronics (India), from existing shareholder of IL JIN, Hyun Chul Sim, on 12 June 2024. With this acquisition, company’s stake increased to 90.2% from 85.6%.

Sugar companies surge on report of government mulling hiking 2024-25 season sugar minimum sale price. Shree Renuka, Dhampur shares rise more than 4% each.

Shares of Nestle India have opened as the top gainers on the Nifty 50 index on Thursday after the company’s board approved maintaining the royalty payout to Nestle S.A. at 4.5% of net sales. Full report here

Shares of L&T Finance Ltd. rose over 3% to trade at ₹175.90 apiece on the NSE on Thursday after nearly 8.82 crore shares changed hands on the counter. Read here

Life insurance companies trade higher after IRDAI’s, HDFC Life more than 2% after IRDAI releases Surrender Value norms.

One 97 Communications Ltd., parent company of payments aggregator Paytm, informed the exchanges on Wednesday that the Insurance Regulator IRDAI has approved its request for withdrawal of its application to register as a General Insurance Company. Read here

Sensex, Nifty and the Midcap Index opened at record highs following better-than-expected economic data.

#CNBCTV18Market | #Sensex, #Nifty & #Midcap Index open at record highs following better-than-expected economic data pic.twitter.com/gtDNTRufVF

— CNBC-TV18 (@CNBCTV18Live) June 13, 2024

Gift Nifty (Earlier SGX Nifty) signals a positive start. Nifty futures on the Gift Nifty traded 91 points or 0.39% higher, at 23,460. The market will react to inflation data and the US Fed policy outcome on Thursday.

Samsung has partnered with Paytm to bring travel and entertainment services to Samsung Wallet in India.