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Home Stock News

Indian Equity Market Closes in Red, Godrej Properties Announces Land Acquisition for Luxury Project: Market Update

  • By Nayer Ahtisham
  • June 15, 2023
  • 12:19 pm
FIIs and DIIs Sell Indian Stocks Amid Global Sell-Off; Sensex and Nifty Experience Decline
Bombay Stock Exchange / wikipedia
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The Indian equity market closed in the red on June 15, with the benchmark indices witnessing a decline. The BSE Sensex ended the day down by 0.49 percent at 62,917.63, while the NSE Nifty was down 0.36 percent at 18,688.10. The market breadth was mixed, with 1,681 shares advancing, 1,754 shares declining, and 136 shares remaining unchanged.

Godrej Properties Ltd. (CMP Rs 1569.65), one of India’s leading real estate developers, saw its shares gain 4 percent on June 15. The surge came after the company announced its plan to acquire land for a luxury residential project in Kolkata. The project has an estimated revenue potential of Rs 1,200 crore. This news propelled Godrej Properties shares, which had previously reached a 52-week high of Rs 1,530.75 in August 2022 and a 52-week low of Rs 1,005.70 in March 2023.

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Central Depository Services Limited (CDSL) (CMP Rs 1042.95) witnessed a 3 percent increase in its share price on June 15. The stock rebounded from the losses of the previous session. The rise in demat accounts in May contributed to the positive sentiment for the depository. CDSL had experienced a 4 percent slump on June 14 when the Bombay Stock Exchange (BSE) sold 47.44 lakh equity shares through open market transactions at Rs 985 per share. CDSL’s net sales for the March quarter of 2023 stood at Rs 124 crore, reflecting an 8.7 percent drop compared to the previous year, while net profit at Rs 63 crore declined by 18 percent year-on-year.

Bharat Dynamics Ltd. (BDL) (CMP Rs 1130.40) saw its shares rise over 2 percent on June 15. The increase was driven by optimism regarding the improvement in order inflow from FY25. The stock has experienced a 27 percent surge over the past three months. ICICI Securities has adjusted its estimates for FY24 and FY25, reducing them by 21 percent and 8 percent, respectively, as execution is expected to gain momentum from FY26. The domestic brokerage firm predicts that Bharat Dynamics’ revenue will pick up from FY26, and it anticipates revenue in FY27 to be twice that of FY24.

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Tega Industries Ltd. (CMP Rs 921.65) witnessed a volatile trading session on June 15. The stock initially rose 2 percent in early trade but closed 3 percent lower by market close. The company recently obtained approval from the National Company Law Tribunal (NCLT) for the corporate restructuring of its promoter group companies. In the quarter ended March 2023, Tega Industries posted a 58 percent year-on-year jump in net profit, amounting to Rs 77.26 crore, while revenue increased by 36.6 percent to Rs 396.41 crore year-on-year.

IND Renewable Energy Ord Shs (CMP Rs 14.85) experienced a 5 percent jump in early trade on June 15. This followed the board’s approval for a rights issue to raise Rs 26 crore. By the close of the market, the stock was trading up 1.5 percent from the previous close. Over the last six months, IND Renewable Energy Ltd has delivered a return of 25.06 percent, outperforming the benchmark Nifty, which gained 2.05 percent during the same period.

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Cravatex Ltd. (CMP Rs 433.25) witnessed a substantial surge in share price on June 15, rising by 17 percent. The increase came after veteran investor Ashish Chugh acquired 15,000 equity shares on June 14. Chugh purchased the shares at an average price of Rs 326.71 apiece, equivalent to 0.58 percent of the total shareholding. In the quarter ended March 2023, Cravatex Ltd. recorded consolidated net sales of Rs 83.74 crore, reflecting a decline of 45.84 percent compared to Q4FY22. However, the company’s net profit stood at Rs 3.84 crore, representing a significant YoY growth of 370.58 percent.

Lokesh Machines Ltd. (CMP Rs 186.00) witnessed a 20 percent upper circuit limit on June 15, reaching a 52-week high. The surge came after the company received the Initial Licence (Form VIJ) from the Ministry of Home Affairs to manufacture small arms. Over the past year, the share price of Lokesh Machines has surged by over 150 percent. In the quarter ended March 2023, the company reported a 9 percent increase in net profit for Q4FY23, amounting to Rs 2.96 crore compared to Rs 2.71 crore in March 2022. The company’s revenue for March 2023 was Rs 67 crore, reflecting a 2.74 percent increase compared to March 2022.

Aurionpro Solutions Ltd. (CMP Rs 1001.20) witnessed a 5 percent upper circuit limit on June 15 following the news that Sumeet Nagar’s Malabar India Fund had acquired a 1.15 percent stake in the tech company. Malabar India Fund purchased 2.63 lakh shares at an average price of Rs 880.23 per share through open market transactions on June 14. Aurionpro Solutions has delivered a remarkable return of 217.5 percent in the past three months.

Spandana Sphoorty Financial Ltd. (CMP Rs 698.65) experienced a 5 percent drop in its share price on June 15. The decline came after the company dismissed recent media reports suggesting its sale to Yes Bank. Nevertheless, Spandana Sphoorty has generated a return of 17.45 percent in the last six months.

Solara Active Pharma Sciences Ltd. (CMP Rs 376.05) witnessed a gain of over 5 percent on June 15, accompanied by heavy trading volumes. The stock had experienced a significant upswing of 300 percent between March 2020 and July 2021, reaching levels of Rs 1,800. nalysts attribute this surge to the demand for the company’s main offerings at the time, namely Ibuprofen, Favipiravir, and Gabapentin, due to the COVID-19 outbreak. According to Bloomberg, the consensus target for Solara Active Pharma Sciences shares is Rs 483, reflecting a 25 percent upside from the current levels.

Disclaimer: This article provides general information only and does not constitute investment advice. Please consult with a professional financial advisor before making any investment decisions.

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Disclaimer: Clout Scoop, an independent web-3 media company, delivers real-time news and insights on global trends, cryptocurrencies, stocks, and NFTs for informational purposes only. We want to clarify that our content does not constitute financial advice, and neither Clout Scoop nor our journalists endorse or recommend specific financial actions. We do not solicit funds, provide investment recommendations, or offer financial advice that involves monetary transactions. Readers are encouraged to conduct their own research and seek professional guidance before making any financial decisions. It is important to note that any investment-related decisions made based on our articles are at the reader's own risk, and Clout Scoop and our journalists bear no responsibility for the outcomes. We appreciate our readers' discernment and advocate for a prudent and informed approach to financial matters.

Nayer Ahtisham

Nayer Ahtisham

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