Paytm at 52 week high, GR Infra up on new project win from NHAI

Indian Markets:

• Domestic equity benchmarks ended lower, breaking a three-day upward trend.
• The Nifty closed below the 18,700 level after reaching a high of 18,794.10 in morning trade.
• The markets were affected by the Federal Reserve’s hawkish remarks, suggesting the possibility of two more rate hikes later in the year.
• Volatility increased due to the expiration of weekly index options on the NSE.
• Mid-cap stocks saw sustained buying interest, resulting in the Nifty Mid-cap index reaching a record high.
• Banks and financial services stocks declined, while healthcare, pharma, and FMCG shares rose.

Global Markets:

• Most shares in Europe declined on Thursday as investors awaited the latest monetary policy decision from the European Central Bank (ECB).
• When the ECB meets on Thursday, it is anticipated to raise its benchmark policy rate by another 25 basis points and announce that future rate decisions would rely on data due to the uncertainties surrounding the inflation and growth outlook.
• Most Asian stocks advanced following the US Federal Reserve’s choice to leave the interest rates unchanged.
• US stocks settled mixed overnight after the US Federal Reserve kept the interest rates unchanged at its policy meet, but hinted at rate hikes ahead.

Stocks in Spotlight:

• The stock price of One 97 Communications, the parent of Paytm, continued its gaining streak for the third day in a row and touched a new 52-week high of Rs 892.60 per share backed by volume and a positive outlook. Trading volumes were strong as one crore shares changed hands on the exchanges, as against the one-month daily traded average of 46 lakh shares. Several foreign brokerages including JP Morgan, Citi and Bank of America Securities have charted out a positive growth outlook for Paytm operator, One97 Communications.
• GR Infraprojects‘ share price rose nearly 4 percent intraday on June 15 in the afternoon session after the company emerged as the lowest bidder for a National Highways Authority of India (NHAI) project. The Rs 1085.47-crore project is for four laning of NH 530B from Kasganj bypass to Chandan Nagar section in Uttar Pradesh on hybrid annuity mode. The project has to be completed is two years, while the operation period is 15 years.
• Cochin Shipyard Limited was trading 2 percent higher in the afternoon trade on June 15 as its subsidiary bagged a Rs 580-crore order from a Norwegian firm for cargo vessels. Cochin Shipyard’s wholly-owned subsidiary, Udipi Cochin Shipyard Limited, won an order from Wilson Shipowning AS, Norway to design and construct a new generation diesel-electric 3800 DWT (deadweight) general cargo vessel. The contract is for eight vessels.

News from the IPO world🌐

• HMA Agro Industries Ltd. Opening in 20th June 2023
• Drone maker IdeaForge raises Rs 60 cr in pre-IPO round
• EbixCash IPO expected to hit Street in July

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