Olectra Greentech surges on order wins and strategic partnership, 3M India at 52 week high post Q4 results 

Indian Markets:

• Domestic equity barometers ended with small losses on Thursday, sliding for the second consecutive session. 
• The Nifty 50 index settled below the 18,500 level after hitting a days high of 18,580.30 in early trade. 
• Trading was volatile due to the expiry of weekly index options on the National Stock Exchange (NSE). 
• Realty, pharma and healthcare stocks advanced, while banks financial stocks were under pressure. 
• The market undercurrent was bullish as investors welcomed the news that the US Congress had passed a bill to suspend the federal debt ceiling. 
• The bill, which was passed by the Senate on Wednesday, will avert a potential default by the US government.

Global Markets:

• European shares advanced on Thursday, while Asian shares ended mixed. Investors remained cautious amid the passage of the US debt ceiling bill and the release of manufacturing data of several Asian countries, including China.
• US stocks slipped on Wednesday as investors kept an eye on the federal debt ceiling debate in Washington.
• The House of Representatives later passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans.

Stocks in Spotlight:

• Olectra Greentech stock price surged by 3.72 percent. This surge came on the back of a series of notable wins in securing orders for electric buses. In March, the company secured a substantial order for 550 electric buses from the Telangana State Road Transport Corporation, solidifying its position as a preferred choice for sustainable transportation solutions. Additionally, Olectra Greentech had earlier announced a strategic collaboration with Reliance Industries to jointly develop hydrogen buses, further demonstrating its commitment to exploring innovative technologies and expanding its product portfolio.
• 3M India Ltd, a renowned player in the Indian market, witnessed a significant rally of 3 percent intraday, reaching new 52-week highs, following the release of its impressive Q4 results. However, despite the initial surge, the stock closed 2 percent lower due to selling pressure associated with the expiry of contracts. The company reported a remarkable 24 percent year-on-year increase in quarterly net profit, reaching Rs 136 crore. This surge was primarily attributed to the strong demand witnessed in its transportation and electronics division. 
• RBL Bank, a prominent private sector lender, experienced a notable rally of 4 percent during early trading, following an analyst meet. In a corporate filing submitted to the National Stock Exchange (NSE) on May 31, 2023, the bank disclosed that it had conducted the analyst meet in Mumbai, in collaboration with Dimensional Securities Private Limited. This event provided an opportunity for the bank to interact with financial analysts and share valuable insights about its operations, strategies, and future prospects.

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