Indian Indices Conclude in Green
The Indian benchmark indices, Nifty 50 and Sensex, ended the previous trading session on a positive note. Nifty 50 closed at 22,530.70, while Sensex settled at 73,961.31. Nifty 50 finished the session 580 points below its recent all-time high. The final phase of the Lok Sabha elections wrapped up on Saturday, and exit polls suggest a historic third term for Prime Minister Narendra Modi, aligning with market expectations. The vote counting will occur on Tuesday, June 4. Over the weekend, monthly auto sales figures were released, bringing focus to stocks like Hero MotoCorp, Tata Motors, Maruti Suzuki India, TVS Motor, Mahindra & Mahindra, Ashok Leyland, Eicher Motors, and Escorts Kubota. Additionally, defense PSUs and railway stocks are in the spotlight due to the exit poll results. Other notable stocks today include Adani Ports, Canara Bank, Welspun Corp, Aurobindo Pharma, MOIL, Coal India, Ashoka Buildcon, REC, Inox Wind, and Aarti Pharmalabs.
Aurobindo Pharma Gains Attention
Aurobindo Pharma is in focus today due to its subsidiary, TheraNym Biologics Pvt. Ltd., which signed a Master Service Agreement with Merck Sharp & Dohme Singapore Trading Pte. Ltd. This partnership aims to expand TheraNym’s biologics manufacturing facilities and explore contract manufacturing opportunities. TheraNym will invest approximately ₹1,000 crore to establish a facility equipped with large-scale bioreactors for mammalian cell culture products and a vial filling isolator line, capable of producing 25-30 million vials annually.
Inox Wind Highlights
Inox Wind is also under the spotlight today after its promoters raised ₹900 crore through the sale of shares via block deals. These funds will be used to reduce Inox Wind’s net external debt and enhance its working capital. Consequently, Inox Wind will become net debt-free, excluding promoter debt. Additionally, the company approved raising up to ₹1,000 crore in one or more tranches through the issuance of 0.01% Non-Convertible, Non-Cumulative Participating Redeemable Preference shares with a face value of ₹10 each on a private placement basis to promoter Inox Wind Energy.
Marketbuzz Podcast: Exit Polls Propelling Market
Most exit polls predict a historic third term for Prime Minister Narendra Modi, and the GIFT Nifty suggests a strong start for Nifty with gains of over 500 points. Tune into the Marketbuzz podcast for further insights.
Brokerages React to Exit Polls
Nomura believes the equity market will respond positively if the exit poll results are reflected in the actual results, while Jefferies notes that the exit poll numbers exceed expectations.
Welspun Corp in Focus
Welspun Corp is drawing attention today due to its associate company, East Pipes Integrated Co. for Industry, a leading manufacturer of HSAW Pipes in Saudi Arabia. The company signed multiple contracts with Saudi Aramco worth nearly ₹3,670 crore for manufacturing and supplying steel pipes over a duration of 19 months.
GIFT Nifty’s Significant Gains
The GIFT Nifty has surged nearly 800 points, indicating a record high opening for Nifty 50 today, June 3, driven by the exit poll results. Last week, on Monday, May 27, Nifty 50 hit its record high of 23,110.80. However, it experienced profit booking throughout the week, finally closing in the green on Friday, May 31, at 22,530.7, which is 580 points short of its record high.
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