Business
With new lifetime highs expect heightened volatility

Friday the 16th of June was a red-letter day for the markets in India as they made new lifetime closing highs on both the BSESENSEX and NIFTY. While the closing highs have been made, we still need about 200 points on BSESENSEX and 60 points on NIFTY to beat the intraday highs. This is a small number and could happen on just the next positive day that markets witness. Normally these happen within a day or two of the closing highs whether before or after.
BSESENSEX gained 758.95 points or 1.21 per cent to close at 63,384.58 points while NIFTY gained 262.60 points or 1.41 per cent to close at 18,826.00 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.65 per cent, 1.78 per cent and 1.88 per cent respectively. BSEMIDCAP gained 2.95 per cent and closed at 28,331.32 points. Similarly, BSESMALLCAP gained 2.87 per cent and closed at 32,293.19 points.
The two MIDCAP and Smallcap sectors have been outperformers and have gained 21.1 per cent and 23.5 per cent from the lows made in March 2023. Against this the rise in BSESENSEX has been 11 per cent and 11.87 per cent in NIFTY respectively. Our markets gained on four of the five trading sessions and lost on one.
The Indian Rupee gained 53 paisa or 0.64 per cent to close at Rs 81.93 to the US Dollar. The US FED in its policy meeting decided to keep interest rates unchanged in a band of 5-5.25 per cent. Dow Jones during the week gained on three of the five sessions and was up 422.34 points or 1.25 per cent to close at 34,299.12 points.
In primary market news, shares of Ikio Lighting Limited listed on the bourses on Friday (June 16). The company had tapped the capital markets with its fresh issue for Rs 350 crore and an offer for sale of 90 lakh shares in a price band of Rs 270-285. Shares listed at Rs 391 on BSE and Rs 392.50 on NSE. They closed day one at Rs 403.75, a gain of Rs 118.75 or 41.67 per cent on BSE and at Rs 403.85, a gain of Rs 118.85 or 41.70 per cent on NSE.
The week ahead sees one IPO tap the capital markets. HMA Agro Industries Limited is tapping the capital markets with its fresh issue of Rs 150 crore and an offer for sale of Rs 330 crore in a price band of Rs 555-585. The issue opens on Tuesday (June 20) and closes on Friday (June 23). The issue would raise Rs 480 crore.
HMA Agro Processors is one of India’s largest buffalo meat processors and exporter. The company has also started exporting basmati rice and frozen fish. The company has six plants spread across the Northern and Western part of India with the Haryana plant recently set up being the largest capacity and most modern processing plant anywhere in South East Asia. The plant has a capacity of 570 tons per day.
The entire product of the company is exported to over 40 countries globally. It markets its products under its own brand name. The company HMA Agro exports over 10 per cent of India’s buffalo meat exports and is currently one of the top three largest exporters doing so. The company enjoys a decent reputation amongst its customers and being a food item is highly regulated by both the exporting country and the importing country.
The idea of entering rice and fisheries is to extend the food basket and also as the buyer is the same. The company sells to wholesalers and is a B-to-B player. Further India’s exports of Rice and Buffalo meat form the top and the second topmost item of export in the Agri basket.
The company reported revenues of Rs 3,083 crore for the year ended March 2022 and a net profit of Rs 117.62 crore for the same year. The EPS for the 12 months is Rs 24.39. For the nine months ended December 2022, the company reported revenues of Rs 2,370 crore and a profit after tax of Rs 113.24 crore. The EPS on a non-annualised basis is Rs 22.96.
The Haryana plant which would effectively double the capacity of the company has started commercial operations since January 23 and the current year 23-24 would be the first full operation of the company. The PE band of the issue based on the 12 months, March 22 number is 22.76-23.99. If one were to annualise the nine months earnings for the period ended December 22, the EPS would be Rs 30.6. The resultant PE band would be 18.13-19.1.
There are two upsides that an investor putting his money in HMA Agro Industries is betting on. The first is the growth in the business with the company doubling its capacity from 2 lakh tons to 4 lakh tons. The biggest is the price differential between the price at which India exports its meat to the world and the international price of wheat earned by countries like Brazil and Australia. The difference is huge with India setting the floor at $2.85 per kg and Brazil at $4.45 per kg. The US is at a much higher $7.06. If the gap is narrowed it will increase the profitability significantly.
The company offers an investment into the meat segment which is a 100 per cent export item and highly regulated by the animal husbandry department. It offers decent returns for investors.
The FPO from Adani Enterprises and the fallout of the Hindenburg report are now over four months old. A lot of water has flown under the bridge and prices have moved. Adani Enterprises had fallen from Rs 3,500 to Rs 1,017 and are now around Rs 2,500. Significant opportunity for smart investors to make money. One thing to remember is that 3/4th of Adani’s businesses have sectoral regulators.
In an interesting milestone, MRF has become the first company in India to have its share price touch the one lakh mark. Its share price touched the 1 lakh mark for the first time on Tuesday (June 13) and closed at Rs 99,980.35 on Friday on the BSE. The market cap of the company is Rs 42,403 crore.
Markets have made their lifetime closing highs and would also do so on an intraday basis shortly. What next? There is a 3 per cent spill over which naturally and normally does happen. This would mean about 2,000 points on the BSESENSEX and 600 points on NIFTY. Markets would tend to be volatile with sharp intraday moves in both directions. The midcap and Smallcap space which have been outperformers would continue to rule the roost. The strategy for the week ahead would be to play in the midcap and Smallcap space and watch out for any signs of reversal. Even corrections at such stages in the market are swift. There would also be a retest of market highs once there is a reversal at the top. In short, elevated levels and unchartered territory is the reason for wild movement. Trade cautiously.
National
IRCTC’s Chhatrapati Shivaji Maharaj heritage train tour receives overwhelming response

New Delhi, June 7: The Indian Railway Catering and Tourism Corporation (IRCTC), a Navratna company under the Ministry of Railways, Government of India, has received an overwhelming response to its newly-launched ‘Chhatrapati Shivaji Maharaj Circuit Train Tour.’
Scheduled to depart from Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai, on June 9, the heritage tour is already fully booked. A total of 710 passengers have secured their spots across various classes, with 480 bookings in Economy (Sleeper Class), 190 in Comfort (3AC), and 40 in Superior (2AC).
This six-day train journey has been specially curated to showcase the glorious history and grand legacy of Chhatrapati Shivaji Maharaj.
The tour is the result of a collaborative effort between the Government of Maharashtra, Indian Railways, and IRCTC, aiming to provide travellers with an immersive experience that brings to life the heroic saga of the legendary Maratha ruler.
The train will cover historically significant sites such as Raigad Fort, Shivneri Fort, Pratapgad Fort, Panhala Fort, Lal Mahal, Kasba Ganpati Temple, and Shivsrushti, all closely associated with the key events and life of Chhatrapati Shivaji Maharaj.
The journey begins with the train departing from CSMT and heading toward Mangaon station on the Konkan Railway network, the nearest access point to Raigad Fort.
Raigad is the site of Shivaji Maharaj’s coronation and was his capital. After sightseeing, tourists will travel to Pune for an overnight hotel stay. On the second day, they will visit Lal Mahal, a red palace originally built by Shivaji’s father Shahaji Bhosale in 1630, and later rebuilt in 1984.
Tourists will also see the Kasba Ganpati Temple, believed to have been established by Shivaji’s mother Jijabai, and the historical theme park Shivsrushti, where Shivaji’s life story is presented through 3D visuals and interactive exhibits. Visitors will spend a second night in Pune.
On the third day, the tour continues to Shivneri Fort, Shivaji Maharaj’s birthplace located atop a hill near Junnar and will also visit the Bhimashankar Jyotirlinga Temple, one of the twelve Jyotirlingas in India.
After the visit, tourists return to Pune for overnight rest. On the fourth day, the train will proceed to Satara. From there, travellers will explore Pratapgad Fort, the historic site of the 1659 battle between Shivaji Maharaj and Afzal Khan of the Bijapur Sultanate.
After this visit, the group will leave for Kolhapur.
The final day of the tour begins with the train arriving at Chhatrapati Shahu Maharaj Terminus in Kolhapur.
Following this, there will be a tour of the iconic Panhala Fort, located in the Sahyadri Hills. This fort has deep historical connections with Shivaji Maharaj, who was held captive there for over 500 days before making a dramatic escape.
Known as the ‘Fort of Serpents’ due to its winding structure, Panhala is also famous for the legendary bravery of Baji Prabhu Deshpande, Shivaji’s general, during a crucial battle to retain control of the fort.
The tour package includes train travel, comfortable hotel accommodations, all vegetarian meals, transfers and sightseeing via air-conditioned buses, travel insurance, and the assistance of experienced tour escorts.
IRCTC has assured that all necessary arrangements have been made to ensure the safety and comfort of passengers while providing a culturally enriching and memorable journey.
National
Eid prayers across J&K pass off peacefully

Srinagar, June 7: Thousands of devout Muslims gathered across Jammu and Kashmir on Saturday to offer Eid al-Adha prayers. Peaceful congregations were also held in various cities and towns throughout the Union Territory.
Chief Minister Omar Abdullah and former Chief Minister Dr Farooq Abdullah joined the devotees in offering Eid prayers at the Hazratbal shrine on the outskirts of Srinagar city.
Hundreds of Muslims gathered at the shrine’s lawns to offer prayers. Former Chief Minister Mehbooba Mufti also offered Eid prayers at the Hazratbal shrine.
This is the holiest Muslim shrine in J&K as it houses the Holy Relic of the Prophet.
Authorities had made adequate arrangements for security, sanitation, and healthcare at different places for the devotees in Srinagar city and all other cities and towns across J&K.
In Jammu city, the main Eid congregation was held at the Eidgah grounds in the Residency Road area of the city. Hindu and Sikh friends of Muslims were the first to greet them at the end of the Eid prayers in Jammu, Poonch & Rajouri districts.
Large Eid congregations were also held in Budgam, Baramulla, Kupwara, Bandipora, Pulwama, Kulgam, and Shopian districts.
Children wearing new clothes accompanied their fathers to various Eidgahs, and after the prayers, Muslims embraced each other to carry forward the universal message of inclusive brotherhood of Islam.
After the Eid prayers, the ritual of offering animal sacrifices will begin across J&K.
Animal sacrifices are part of Eid al-Adha as these commemorate the greatest sacrifice offered by Prophet Abraham, who, under orders of Allah, decided to sacrifice his son, Ismail. As the blindfolded father tried to move the blade on the son’s throat, a lamb from heaven replaced Ismail under the knife.
When Prophet Abraham unfolded himself, he saw Ismail smiling at a distance when a lamb had substituted him for the sacrifice.
Muslims believe that when Prophet Abraham returned home handholding his son, there was a joyous celebration in the family — Allah had accepted Abraham’s sacrifice and also saved Ismail’s life.
Eid al-Adha is the commemoration of that great event in Islamic history, and each year, the Hajj pilgrimage comes to an end with the pilgrims offering animal sacrifices in Mecca.
The basic spirit behind Eid al-Adha is that the outcome of every event and the destiny of every human being are in the hands of God, with whatever name the faithful choose to remember Him.
It is customary for Muslims to send mutton to their relatives, neighbours, and the poor on this auspicious day so that nobody is left out of the festivities of Eid.
Business
Stock market exhibits resilience, RBI’s rate cut icing on the cake

Mumbai, June 7: After starting the week with consolidation, the domestic market exhibited resilience amid concerns over tariff wars and geopolitical escalations, analysts said on Saturday.
Markets consolidated for the third consecutive week but managed to end higher by nearly a per cent, buoyed by favourable domestic cues.
After remaining range-bound for most of the week, benchmark indices surged sharply on Friday and settled near the week’s high, with the Nifty closing at 25,003 and the Sensex at 82,118.99.
“The highlight of the week was the RBI’s policy announcement, which took the market by surprise. The central bank implemented a sharper-than-expected 50 bps repo rate cut and a 100 bps CRR reduction, signalling a strong pro-growth stance. Notably, the policy stance was also shifted from ‘accommodative’ to ‘neutral’ — a move that came sooner than expected,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
By front-loading its easing measures, the RBI has underscored its commitment to reviving domestic growth amid global uncertainties. While such a bold approach was expected to unfold gradually, this decisive action reinforces confidence in the central bank’s intent to support economic recovery while managing inflation risks.
This week, sectoral performance was broadly positive, with rate-sensitive sectors witnessing strong buying interest. Realty, auto, and banking stocks led the rally, reflecting improved outlooks for credit growth and consumer sentiment. Financials and NBFCs also gained, as lower interest rates are expected to enhance borrowing conditions.
Conversely, IT stocks underperformed due to persistent global uncertainties, particularly in the U.S. and European markets. In the broader markets, both midcap and smallcap indices outperformed the benchmarks, reflecting a risk-on sentiment among investors, with gains ranging between 2.8 per cent and 4 per cent.
According to Vinod Nair, Head of Research, Geojit Investments Ltd, bolstered by supportive macro indicators such as strong Q4 GDP, GST collection and a favourable monsoon, investors focused on domestically oriented and interest-sensitive sectors such as financials, real estate, retail and FMCG, which saw strength, supported by strong institutional inflows.
Profit booking was visible during the week on account of the ongoing global uncertainty. Mid and small caps generally outperformed large caps, driven by better earnings and valuations.
“While China’s rare earth restrictions pose long-term risks and investors await the inflation print in the US, the aggressive RBI rate cut, backed by cooling inflation and a steady GDP outlook, is likely to support investor confidence amidst the ongoing global uncertainties,” Nair noted.
Going forward, market participants will focus on key macroeconomic data for further cues. High-frequency indicators such as CPI inflation will be closely tracked to gauge demand trends and the central bank’s next steps, said experts.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra8 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra8 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra9 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News8 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime8 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra7 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News9 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface