PremiumShare Market Today: Sensex and Nifty ended marginally higher on Monday after a strong start as Reliance and Tata Motors lifted the mood of investors. However, most sectoral indices turned red towards the end.
The global cues remained lukewarm but the news of Jio Financials' demerger helped highweight Reliance.
Cyient DLM share price opened today at a strong listing premium on Indian stock market bourses. Cyient DLM IPO listed on BSE at ₹401 apiece and went on to hit intraday high of ₹424.40 apiece whereas on NSE, Cyient DLM shares opened at ₹403 on NSE and went on to hit intraday high of ₹425 apiece within few minutes of share listing.
Gaurav Bissa, VP, InCred Equities said, “Nifty opened on a positive note led by a strong opening by Reliance which enabled Nifty to gain by 100 points. However, weaker structure in Banknifty kept the pressure on Nifty for major part of the trading session. The index has reversed from ichimoku kijun on hourly charts suggesting that index may head lower towards 19200-19250 levels in the immediate term. The rsi on the hourly charts is trading around 45 levels which once breaks 40 can result in increased pressure in the index. An hourly close below 19330 is expected to initiate a swift downside towards 19200 levels."
Indian stock indices rose marginally on Monday with high-weightage Reliance stock ensuring that the market ended in the green. The consistent inflow of foreign funds, firm economic outlook, and moderation in inflation have supported the market; however, analysts pointed out that any further rally from the current levels is unlikely.
Sensex gained 63 points to close at 65,344, while Nifty 50 rose 24 points to end at 19,355. Despite the gains, most of the sectoral indices ended in the red.
Reliance Industries Ltd. rallied the most in more than three months after India’s biggest firm by market value moves ahead with its ambitious plan to separately list its financial services business and said its retail unit will buy back shares.
Tata Steel, Bajaj Auto, and Bharti Airtel also rose in today's session. Titan, HCL Tech, and Powergrid shed more than 2% each and were among the biggest laggards.
Metal jumped 1.7% and Oil & Gas gained 0.6% and were the only two sectors to end in the green. IT shed almost a per cent with FMCG, Consumer Durable and Auto being the other major droppers in today's session.
Asian share markets edged cautiously higher on Monday as investors looked ahead to a key reading on U.S. inflation and the start of another corporate earnings season.
Japan's Nikkei share average slumped to a fifth straight losing session on Monday - its longest streak this year - weighed down by a stronger yen and weakness on Wall Street last week. The Nikkei slid 0.61% in a volatile session that saw the index rise as much as 0.53% in the morning and then drop 1% in the afternoon.
Gloomy Chinese inflation data cut short a rebound in Hong Kong and China stocks after investors had earlier taken heart from signs of a thaw in Sino-U.S. relations, and a likely end to Beijing's crackdown on internet firms.
Hong Kong's Hang Seng Index rose as much as 2.3%, but gave up most gains after the release of factory gate and consumer price data to end the session up just 0.6%. The Hang Seng fell 2.9% last week to a one-month low. China's blue chip CSI300 Index rose 0.5%, having been up by 1% at one point. The Shanghai Composite Index edged up 0.2%.
European stocks declined after data from China stoked fears of deflation and investors assessed the likelihood of higher-for-longer interest rates. UK's FTSE 100 was subdued as gains in energy firms outpaced losses in mining stocks, after weak Chinese economic data rekindled slowing demand concerns, while real estate stocks slumped on a bearish call from HSBC.
Crisis-hit budget airlines Go First Ltd has invited investor interest in the company through a court-appointed administrator as part of the carrier's ongoing insolvency, according to a newspaper advertisement. Two bankers aware of the developments told Reuters on Monday that they expect Wadia Group - which used to own Go First before it started bankruptcy proceedings - to be part of its insolvency process.
The Wadias, however, have not communicated their intent directly to bankers, they said. Go Airlines and Wadia Group's Ness Wadia did not immediately respond to a Reuters request for comment. (Read More)
During Monday's trading session, the share price of Benares Hotels, a Tata Group stock, reached a new all-time high. The stock experienced fresh buying interest, resulting in an intraday high of ₹5,862.95 per share, marking a new record for the stock listed on the Bombay Stock Exchange (BSE). Over the past two years, the stock has been on an upward trend, rising from around ₹1,225 to the current levels of ₹5,862.95 per share, delivering a remarkable return of 375 percent during this period.
Furthermore, on Friday, the Board of Directors of Benares Hotels Ltd announced the record date of August 17, 2023, for dividend distribution. Eligible shareholders will receive a dividend payment of ₹20 per share. (Read More)
Vikas Sharma, the Senior Managing Director and Executive Chairman of Nomura India, has made the decision to step down from his position at the Japanese bank. Vikas has had a long tenure at Nomura, having joined the firm in 1999 as part of the Investment Banking team based in Hong Kong. In 2007, he relocated to Mumbai to establish Nomura's presence in India and took on the role of Country Head for India.
During his time at Nomura, Vikas played a crucial role in building the bank's franchise in India, as mentioned in a company memo reported by the Economic Times. His leadership and contributions have been significant in expanding Nomura's operations and strengthening its foothold in the Indian market. (Read More)
The Securities and Exchange Board of India has filed a 41 page affidavit before the Supreme Court in connection with the Adani-Hindenburg Case. The market regulator has also sought ‘appropriate orders’ from the apex court.
According to sources, Dunzo, a hyperlocal quick commerce company supported by Reliance Retail and Google, has reportedly deferred 50% of salaries for employees in managerial positions and above.
“All employees manager grade and above have only received 50 per cent of the salary of June. Rest company says they will pay it later," the source told Business Today.
Another employee confirmed, “We were informed that we would get the rest of the salary between July 15th to 25th. There are rumours of restructuring amid a cash crunch." (Read More)
The domestic pharmaceutical industry will likely hit $57 billion by FY25, along with expansion in operating margins by 100-150 basis points (bps), according to a report by CareEdge Ratings.
From FY18 to FY23, the Indian pharmaceutical industry has logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market. (Read More)
U.S. private investment firm Bain Capital is in talks to buy Indian ice-cream maker Vadilal and eyeing control of Vadilal Industries and Vadilal Enterprises, CNBC-TV18 reported citing sources on Monday.
Bain Capital is also interested in merging the two Vadilal entities into one company, CNBC-TV18 said in a tweet.
Private equity investment in the real estate sector witnessed a 5% decline year-on-year in the April to June quarter, reaching $1.9 billion, due to the impact of high interest rates, according to a report by real estate consultant Anarock.
The report titled ‘FLUX Q1 FY24 Market Monitor for Capital Flows in Indian Real Estate’ said foreign investors accounted for a significant share of 94% in the PE investments, while domestic funds contributed 6%. Equity investments continued to dominate PE funding, constituting 94% of the total inflow. (Read More)
Indian government bond yields have experienced a significant upward trend since the start of June, reaching a more than two-month high. This rise can be attributed to concerns over persistent inflation, which has led to expectations of further interest rate hikes in the future.
On July 10, the benchmark 7.26% 2033 bond yield was trading at 7.1639%, following a rise to 7.1750% during the previous session. This level represents the highest point since April 21.
The increase in Indian bond yields has been influenced by the gains observed in US Treasury yields, which have remained elevated. The 10-year US Treasury yield has surged to the crucial level of 4.09%. Global factors, such as the performance of US Treasury yields, often impact Indian bond yields due to interconnections in the global financial markets. (Read More)
Punit Goenka and Subhash Chandra, who are the promoters of Zee Entertainment Enterprises Ltd (ZEE), are reportedly planning to approach the Supreme Court to challenge the Securities Appellate Tribunal (SAT) order. The SAT had dismissed their appeal on Monday, which pertained to a ban imposed by the Securities and Exchange Board of India (SEBI) on holding board positions in publicly listed companies.
SEBI had issued an order on June 12, alleging fund diversion and subsequently prohibiting the father-son duo from serving on the boards of listed companies. The SAT has stated that it found no grounds to intervene in the matter, leading to Goenka and Chandra's decision to take the matter to the Supreme Court. (Read More)
The trading of India stock futures that shifted to Gujarat from Singapore last week met with lukewarm reception, suggesting apprehension among some equity investors about the success of the switch.
The average number of open contracts for NSE International Exchange’s key product GIFT Nifty was 32,934 in the week to July 7, according to data compiled by Bloomberg. That’s lower than the 60,884 future contracts in the first five trading days in April, May, and June traded on Singapore Exchange Ltd. The contracts had a notional value of about $7.5 billion when the switch in trading venue was made.
Trading in SGX Nifty, the SGX-traded futures on India’s key equity NSE Nifty 50 Index, was shifted to the NSE International Exchange at GIFT City on July 3, in a triumph for the South Asian nation’s attempt to bring back the transactions that had moved to global financial centers.
In June, there was a notable surge in inflows into small-cap mutual funds as the stock markets continued to rise steadily. According to the Association of Mutual Funds in India (AMFI), net investments into small-cap equity schemes reached a record high of ₹5,472 crore, marking a significant increase from the previous month.
The data from AMFI also reveals that inflows into open-ended equity mutual funds experienced a substantial jump of 166 percent, totaling ₹8,637 crore in June.
The increase in equity mutual fund inflows can be attributed to the surge in investments into small-cap schemes. Net investments into actively managed equity schemes amounted to ₹8,245 crore in June, a more than twofold rise compared to ₹2,906 crore inflows in the previous month. (Read More)
The Chairman of the Petroleum and Natural Gas Regulatory Board, A.K. Jain, emphasized the need for India to develop storage infrastructure for natural gas. Jain stated that building storage facilities is essential to promote the use of cleaner fuel in the country and to mitigate the effects of global price fluctuations.
"For market dynamics and supply assurance for the customers to shift to gas require gas storage," Jain told reporters at an event.
Japan's Nikkei share average slumped to a fifth straight losing session on Monday - its longest streak this year - weighed down by a stronger yen and weakness on Wall Street last week.
The Nikkei slid 0.61% to close at 32,189.73, in a volatile session that saw the index rise as much as 0.53% in the morning and then drop 1% in the afternoon.
The index has retreated 4.63% since closing at a 33-year peak of 33,753.33 a week earlier.
Of the Nikkei's 225 components, 150 fell, while 73 advanced and two were flat. (Reuters)
During her visit to China, US Treasury Secretary Janet Yellen urged her Chinese counterparts to implement market reforms while expressing concerns about their actions against American companies and export controls on strategic minerals. Yellen's comments align with the stance taken by G7 leaders in May, who pledged to address longstanding Chinese economic coercion against their corporate entities.
On the other hand, Beijing views the US as engaging in unfair practices by imposing restrictions on Chinese imports of advanced semiconductors and other high-tech goods, as well as conducting security reviews that discourage Chinese investments in the US. The Chinese government perceives these actions as detrimental to fair trade and investment practices. (Read More)
There is no amicable settlement with SpiceJet, Kal Airways has clarified.
“It has come to our knowledge that a statement purportedly issued by the spokesperson of SpiceJet Ltd has been circulating among certain sections of the media that SpiceJet Ltd is in talks with Mr. Kalanithi Maran and M/s. Kal Airways Pvt. Ltd. for an amicable settlement," the company said in an official statement. (Read More)
Colin Shah, MD Kama Jewellery on weekly gold price trends: Last week the Gold prices have edged slightly higher, in the domestic market having risen to ₹58,379.00 /10gm by 1%. Internationally, however, the prices have persisted to be below the $2,000/oz mark, remaining steady at $1919.10, with visible signs of sentiments improving.
Further hawkish interest rate guidance from the Fed threatens to bring in the fear of higher interest rates in the US, something the market is already pricing in more and more. Nevertheless, the US Fed may need to bring stability in their rate hike outlook to align these fears.
With the advent of H2 2023, there seems to be good news on the domestic front for the Gems and Jewellery industry with the launch of the Gems and Jewellery Park at Mahape in Navi Mumbai. This park will bring in ₹40,000cr worth of investments and was announced by the Chief Minister of Maharashtra and is expected to generate 1.2 Lakh Jobs.
According to the Invesco Global Sovereign Asset Management Study released on Monday, an increasing number of countries are repatriating their gold reserves. This trend is attributed to central banks seeking to address yield volatility and the risks associated with inflation by considering gold as a safe-haven asset.
The survey revealed that over 85% of the participating sovereign wealth funds (85) and central banks (57) believe that inflation will be higher in the coming decade compared to the previous one. This perception has likely influenced their decision to view gold as a valuable asset for hedging against inflationary pressures and safeguarding their reserves. (Read More)
Gaurav Bissa, VP, InCred Equities: "Reliance has been gaining momentum and witnessed a strong and consistent upside in the last few weeks. It has been one of the strongest largecap stocks with constant formations of higher highs and higher lows on the daily charts. The stock has witnessed a breakout from 1-year ascending channel on the daily charts and is currently trading near previous swing high level of 2755. The rsi has also seen a breakout above 72 levels which can push the stock price higher. A close above 2755 can push it towards 2850-2900 zone. Fresh entry is advised at channel breakout retest level of 2665 for an upside till 2900 levels. Those who have already bought can hold the stock with stoploss trailed at 2660."
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd outlook:
GOLD Outlook: We expect gold to trade higher towards 58920 levels, a break of which could prompt the price to move higher to 58980 levels.
CRUDE Outlook: We expect crude oil to trade higher towards 6140 levels, a break of which could prompt the price to move higher to 6200 levels.
BASE METALS Outlook: We expect copper to trade higher towards 727 levels, a break of which could prompt the price to move higher to 730 levels.
Richard Liu of JM Financial Institutional Securities on India Consumer 1QFY24 Preview: Margin-buoyancy in place but rural recovery still a question mark
We estimate our Consumer coverage group’s revenue growth to be c.11% in aggregate during Jun-Q (vs 12% in Mar’Q). Part of moderation is to do with slower growth of 14% (vs 19% in Mar’Q) in Discretionary group with base having now caught up plus slower growth in some sub-segments, and also deceleration in Staples value growth (7.5% vs 10% in Mar-Q) as pricing-growth tapers off further. On a ‘normalised’ basis, viz. 4-year CAGR, the aggregate growth works out to 13% for the coverage group which is in the ballpark of what the sector delivered in aggregate over the last 6-7 quarters. With JM Proprietary FMCG RM Index down c.18% yoy during the quarter (c.21% off peak presently), margin build-back is expectedly the key driver of profit growth for the quarter, which we believe has already been well-built into the market’s forecasts. Key to monitor hereonwards would, in our view, be whether underlying demand improves hereon; there appears to be some conflicting views from companies in this regard. From a top-down perspective, we see possibility of some risks to Staples’ growth profile this fiscal especially since rural recovery drivers are still somewhat patchy. DMart, Titan, ITC, GCPL are our picks in the space.
On Monday, July 10, Bajaj Auto's share price experienced a 2.5 per cent increase, reaching a new all-time high of ₹4,950 in morning trading on the Bombay Stock Exchange (BSE). This rise came after a loss of about 2 percent in the previous session. The stock gained momentum as Bajaj Auto announced that bookings for its recently launched motorcycles, the Triumph Speed 400 and Scrambler 400X, surpassed 10,000.
Moreover, Bajaj Auto Ltd said that it is setting up a wholly-owned subsidiary, Bajaj Auto Consumer Finance Ltd, and has applied to the Reserve Bank of India for a non-banking financial company (NBFC) licence. (Read More)
Shares of Global Pet Industries Ltd were listed on the NSE SME exchange on Monday at a premium. The stock debuted at ₹52 per share, reflecting a 6.1 percent increase over the issue price of ₹49.
The Global Pet Industries initial public offering (IPO) opened for subscription on June 28 and closed on July 3. By the end of the third day of the IPO, it had received a subscription of 4.30 times. In terms of category-wise subscription, the retail category was subscribed 4.14 times, and the other category was subscribed 4.44 times. (Read More)
Shares of Cyient DLM Ltd debuted on the stock exchanges on Monday, opening at a premium. On the National Stock Exchange (NSE), the stock listed at ₹403 per share, which was 52.1 percent higher than the issue price. Similarly, on the Bombay Stock Exchange (BSE), the stock debuted at ₹401 per share.
During the initial public offering (IPO) process, Cyient DLM Ltd had set the price band for the issue at ₹250 to ₹265 per share. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: After the recent surge that took the benchmark indices to new highs, the market is likely to move to a consolidation mode. The latest US non-farm jobs data (2.09 lakh jobs created in June) shows that the labour market is cooling off. But since core inflation remains sticky around 5% the Fed is likely to raise rates by 25bp on 26th July. Anticipating this, bond yields have moved up with the 10-year yield above 4%. This macro construct will restrain the ongoing rally in the mother market, and this will have its impact on the Indian market,too. Moreover, DIIs have emerged as major sellers during the last 2 trading sessions with cumulative selling of ₹5316 crores. At lower levels FIIs may again buy aggressively since India continues to be a consensus favourite destination for FIIs. In brief, the market is likely to move into a consolidation phase. Financials will support the market during dips since the Q1 results will be good and valuations are reasonable.
The upcoming GST Council meeting is expected to address the issue of compensation to states, which has become a focal point of discussion. Several states, particularly those governed by opposition parties, have been advocating for continued compensation due to lower-than-expected revenue growth under the Goods and Services Tax (GST) system. While the topic may not be officially listed on the agenda, finance ministry officials anticipate that state finance ministers, such as those from Kerala and Chhattisgarh, will raise the matter during the meeting. These states have been grappling with revenue losses, and their representatives are likely to seek potential solutions and resolutions during the allotted time at the meeting. (Read More)
Mukesh Ambani's daughter Isha and former CAG Rajiv Mehrishi have been appointed as directors on the board of demerged financial services unit of Reliance Industries Ltd, the company said on 8 July. Earlier, Reliance announced its plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). Based on proprietary data analytics, the financial arm of Reliance will lend to consumers and merchants and eventually branch out to insurance, payments, digital broking, and asset management.
The company results season for the first quarter of the current financial year is set to commence on July 12, 2023. It will begin with the declaration of Q1 results by Tata Consultancy Services (TCS), followed by HCL Technologies. Subsequently, on July 13, 2023, Wipro will announce its Q1 results. Other notable companies expected to declare their Q1 results for the financial year 2023-24 include Tata Steel, Federal Bank, Avenue Supermart, and Rallis India. (Read More)
On Monday, the Indian rupee started the day 9 paise higher against the US dollar, benefitting from a weaker US currency and a decline in crude oil prices. The rupee opened at 82.65 per dollar, compared to the previous close of 82.74.
The US dollar index saw a slight increase of 0.06% to reach 102.36. However, it remained close to the two-week low of 102.22 reached on Friday. The uncertainty surrounding US interest rates persisted due to jobs data indicating the smallest increase in 2-1/2 years, contributing to the subdued performance of the dollar. (Read More)
Vaishali Parekh of Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Mazagon Dock: Buy at ₹1322, target ₹1367, stop loss ₹1300;
2] Canara Bank: Buy at ₹333, target ₹347, stop loss ₹327; and
3] Tata Motors: Buy at ₹618, target ₹648, stop loss ₹608. (Read More)
Utkarsh Small Finance Bank has set the pricing band for its upcoming initial public offering (IPO) at ₹23–25 per share. The IPO, which aims to raise ₹500 crore, will be open for subscription from Wednesday, July 12 to Friday, July 14. Prior to that, on Tuesday, July 11, the anchor investors' auction will commence.
The allotment of shares is scheduled for Wednesday, July 19, and on Thursday, July 20, the allotted shares will be credited to the demat accounts of the investors. The stock is expected to commence trading on exchanges starting Monday, July 24. This IPO marks an important milestone for Utkarsh Small Finance Bank, as it seeks to generate capital and broaden its investor base. (Read More)
Here are the top 10 stocks in focus today:
1. Cyient DLM IPO to be listed on the bourses
2. Isha Ambani and Rajiv Mehrishi appointed as directors on the board of Reliance's demerged financial services unit
3. HDFC Bank to participate in NSDL IPO
4. Gautam Adani raises $1.38 billion from stock sales
5. Indian Oil plans to raise ?22,000 crore via rights issue
6. Samvardhana Motherson to acquire Rollon Hydraulics
7. Supreme Court directs SpiceJet to pay ?380 crore to Kalanithi Maran
8. Bajaj Auto sets up subsidiary for consumer finance
9. Suzlon Energy board approves raising of funds up to ?2,000 crore
10. Sula Vineyards records strong double-digit sales growth in June quarter. (Read More)
Bajaj Auto Ltd, a prominent manufacturer of two-wheelers and three-wheelers, has announced the establishment of a wholly-owned subsidiary named Bajaj Auto Consumer Finance Ltd. The company has submitted an application to the Reserve Bank of India (RBI) to obtain a non-banking financial company (NBFC) license for the subsidiary. This move comes after Bajaj Auto's previous captive finance company, Bajaj Finance Ltd, expanded its financing services to include two-wheeler purchases from non-Bajaj Auto brands.
Starting in June 2022, Bajaj Finance began providing loans to all two-wheeler manufacturers, not limited to Bajaj Auto, and has since been focusing on growing its financing activities for non-Bajaj Auto automobiles.
A senior executive from Bajaj Auto has confirmed that the company's application to the RBI is currently under consideration. (Read More)
Indian Oil Corp. Ltd (IOCL), a public sector oil marketing company, has announced its plan to raise ₹22,000 crore through a rights issue. The company's board has approved this capital-raising initiative, as stated in a regulatory filing on Friday. The rights issue will involve the issuance of equity shares to existing shareholders, providing them with the opportunity to subscribe to additional shares in proportion to their existing holdings.
The board approved “raising of capital by way of the issue of equity shares on rights basis up to an amount not exceeding ₹22,000 crore, subject to necessary statutory approvals", it said, adding that details such as the issue opening and closing dates and issue price would be made available later. (Read More)
Billionaire Gautam Adani's conglomerate has recently raised $1.38 billion ( ₹11,330 crore) through stock sales in three of its group companies. This brings the total amount raised by the conglomerate over the past four years to $9 billion. The diversified conglomerate, known for its interests in ports and energy, has been attracting interest from a wide range of investors.
In an official statement, the conglomerate emphasized its commitment to raising capital as part of its 10-year roadmap for a transformative capital management program. This program was formulated in 2016 to execute strategic plans for its various portfolio companies. The conglomerate aims to leverage the raised capital to drive growth and implement its long-term vision.
"In the most recent instance, Adani family has raised USD 1.38 billion ( ₹11,330 crore) through stake sale in the three portfolio companies - Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd," it said. (Read More)
HDFC Bank, a private sector lender, has revealed its intention to participate in the initial public offering (IPO) of the National Securities Depository (NSDL). As part of this plan, HDFC Bank will divest a 2% stake in NSDL. Additionally, the bank has announced that it will disclose its financial results for the first quarter of FY24 on July 12. In relation to the NSDL stake divestment, HDFC Bank will sell up to 40 lakh equity shares. This move is part of the bank's strategy to partially reduce its equity stake in NSDL. Moreover, HDFC Bank has scheduled a board of directors meeting for July 17, 2023, during which they will discuss various matters, including the unaudited standalone and consolidated financial results for the first quarter ending on June 30, 2023. (Read More)
On July 8, Reliance Industries Ltd announced the appointment of Isha Ambani, the daughter of Mukesh Ambani, and Rajiv Mehrishi, the former Comptroller and Auditor General (CAG), as directors on the board of its demerged financial services unit. This development comes in the context of Reliance's plans to separate its financial services operations and establish a new entity named Jio Financial Services Limited (JFSL). The demerger will involve transferring the financial services undertaking to Reliance Strategic Investments Limited (RSIL), which will then be renamed and listed as JFSL. (Read More)
SpiceJet's board has announced that they will be evaluating the possibility of raising additional funds on July 12. The proposed method of raising capital involves the issuance of equity shares and/or convertible securities on a preferential basis.
“... the Board of Directors of the Company will be held on July 12, 2023 (Wednesday) to consider and approve, inter-alia, options for raising fresh capital through issue of equity shares and/or convertible securities on preferential basis, in accordance with the relevant provisions of applicable laws…," SpiceJet said in a regulatory filing on late Sunday. (Read More)
Today, the initial public offering (IPO) of Cyient DLM Ltd is set to enter the secondary market as its listing date has been scheduled for Monday, July 10, 2023. As per the information available on the official website of the Bombay Stock Exchange (BSE), the equity shares of Cyient DLM Limited will be listed and traded under the 'B' group of securities.
Stock market experts anticipate a positive listing for the Cyient DLM IPO. They suggest that in a bullish scenario, the opening share price may range between ₹450 and ₹480. However, in a bearish scenario, the shares could list at approximately ₹400 to ₹420. (Read More)
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