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June 30, 2025

• Daily Morning Report                   Date: 30.06.2025
• NIFTY OUTLOOK: 25637.80    FII: 1397.02 cr    DII: -588.93 cr
• As discussed in the previous report dated 23rd June 2025, market behaviour remained on expected lines. Early in the week, Nifty slipped intraday to 24825 from the upper end of the consolidation zone, where bulls made a strong comeback and drove it up to 25654 after successfully crossing 25273.
• Nifty has given a breakout from its six-week consolidation and formed a strong bullish candle on the weekly chart, negating the earlier bearish dark cloud pattern and indicating positive sentiment. Immediate and crucial resistance is seen at 25825. A decisive move above this level may push the rally towards 25973 to 26139. If demand strengthens further, 26333 may be tested.
• On the downside, supports are placed at 25470 to 25304. A breach below these may drag the index further to 25137 and 24970.
• Bank Nifty OUTLOOK:
• SPOT: 57443.90  PCR: 1.08  Max CE OI: 56000  Max PE OI: 56000
• On 27th June 2025, Bank Nifty closed at 57443.90, up 0.41% from the previous day. The index moved 481.55 points during the session, hitting a high of 57475.40 and a low of 56993.85.
• Technical View (Daily Chart):
• Key support and resistance levels are at 56970 and 57950 respectively.
• Intraday Strategy:
• Go Long above 57576 with SL 57500 and target 57750
• Go Short below 57310 with SL 57355 and target 57170
• RSI stands at 67.30 (above 70 = overbought, below 30 = oversold).
• SMA Analysis:
• Bank Nifty is trading above all 8 SMA levels (5, 10, 20, 30, 50, 100, 150, 200-day).
• No active candlestick pattern identified.
• Macros.
• 1. Dollar index @ 97.03
• 2. Vix @ 16.02
• 3. Brent crude @ 66.80
• 4. US 10 years bond yield @ 4.274
• Note:
• The much-awaited tax cut bill cleared its first hurdle in the US Senate. A nonpartisan group estimates the bill could add $4 trillion to the national debt. Solar and wind energy sectors may suffer as longstanding tax credits (in place since 2005) are being scrapped, with new taxes proposed — a major setback for these sectors.
• India's current account surplus rose to 1.3% of GDP, compared to a 1.1% deficit in the previous quarter. This pushed the FY25 current account deficit down to 0.6% of GDP from the earlier estimate of 0.7%, as per RBI data.
• Conclusion:
• Indian equities are in a sweet spot. While the ceasefire situation needs close monitoring, any geopolitical-driven dip will be a good opportunity for those who missed the recent rally. I expect the market to hit and surpass its all-time high within a month. With favorable conditions, ample liquidity, and potential for P/E expansion, the upcoming earnings season will be crucial. If results are strong, upgrades from international agencies could follow.
• Contributed by
• Ashok bhandari : INH000019549
• -------------------------------------xxxxxxx-------------------------------------------------------------------xxxxxxx---------------------------------
• STOCKS TO WATCH:
• ACUTAAS CHEMICALS, BHEL, INTERARCH BUILDING SOLUTIONS, REMSONS INDUSTRIES, WAAREE ENERGIES, PANORAMA STUDIOS INTERNATIONAL, SUZLON ENERGY, RVNL, ITD CEMENTATION INDIA, ARIHANT FOUNDATIONS & HOUSING, HIND RECTIFIERS, PRESTIGE ESTATE, GRANULES INDIA, TITAGARH RAIL SYSTEMS
• Acutaas Chemicals: Co Subsidiary Baml Enters Jv With J & Materials Baml To Invest Krw 30b In Jv Co The Jv Co Shall Manufacture, Distribute, Supply And Sell Speciality Chemicals Catering To The Semiconductor Industry In South Korea And Other Countries And Any Other Products That The Jv Partners May Mutually Agree To Manufacture, Distribute And Sell Through The Jv Co
• Bhel: Co Got Letter Of Award (Loa) From Adani Power For Six (6) Thermal Units Of 800 Mw || Order Value At 65b Rupees
• Interarch Building Solutions: Co Secures Order From Amara Raja Infra Valued At About 770m Rupees
• Remsons Industries: Co Announces Strategic Technical License Agreement With Ausus Automotive Systems Do Brasil Ltda, Brazil For Technology Transfer To Support Local Oems In Brazil
• Waaree Energies: Co Unit Receives Order For 540mw Solar Modules
• Panorama Studios International: Co Executed Distribution Agreement With Reliance Industries For A Film
• Suzlon Energy: Sebi Says Adjudication Proceedings Against Co Stands Disposed Of
• Rvnl: Co Emerges As Lowest Bidder For Project Worth 2.13b Rupees Including Taxes
• Itd Cementation India: Co Secures $67.4m (Rs 580cr) International Marine Contract
• Arihant Foundations & Housing: Prestige And Arihant Group To Jointly Buy Land In Chennai || Development Potential Of 750,000 Sq Ft With Gdv Over 16b Rupees
• Hind Rectifiers: Co Gets Order Worth 1.01b Rupees
• Prestige Estate: Co And Arihant Group To Jointly Buy Land In Chennai || Development Potential Of 750,000 Sq Ft With Gdv Over 16b Rupees
• Granules India: Co Unit Completed A Us Fda Pre-approval Inspection With One Resolved 483 Observation
• Titagarh Rail Systems: Co Wins Order Worth Rupees 430.53 Cr From Maharashtra Metro Rail For 12 Additional Pune Metro Trainsets, To Be Executed Within 30 Months
• Nomura on Torrent Pharma
• Maintain Neutral with target price of Rs 3,580
• Acquisition will not be a surprise to us, as inorganic expansion, particularly in India, has been a key strategy for Torrent
• Investors are likely to take comfort that Torrent has been successful in past acquisitions as they have been value accretive
• In the case of JB, the India product portfolio is complementary to that of Torrent
• HSBC on Torrent Pharma
• Maintain Buy with target price of Rs 3,775
• Torrent to acquire controlling stake in JB Pharma
• Deal will boost Torrent's standing in chronic therapies in India and also add international CDMOs capabilities
• Believe this deal offers next leg of growth for Torrent and we wait for deal closure.
• Acquisition Not A Surprise; Inorganic Expansion, Particularly In India Has Been Torrent's Strategy
• Deal Size Will Be Much Larger Than What Torrent Has Executed In The Past
• Impact On Torrent's Earnings Likely To Be Negative Given Rising Interest Charges & Amortisation
• Investec on SBFC Finance
• Initiate Buy with target price of Rs 135
• Strength in structure, growth restrained
• Strong franchise in secured MSME segment
• Achieved 40% AUM CAGR over past
• 5-years with improving profitability and stable asset quality
• Kotak Inst Eqt on Bajaj Auto
• Sell, TP Rs 7250
• Management meet takeaways
• 1) domestic motorcycle segment volumes to grow 5-7% yoy in FY2026E, with pick-up expected during the festive period;
• 2) multiple launches planned in domestic 2W market to address underperformance
• 3) mandatory ABS regulation will further impact entry-level segment
• 4) export segment will continue to see healthy double-digit growth yoy
• 5) rare earth material shortage to impact production of EVs from July
• 6) domestic 3W segment to grow in low-single digits yoy in FY2026E
• 7) multiple headwinds to margins in 1QFY26E qoq—commodity, regulation and currency
• Jefferies on Power Utilities
• Maharashtra tariff cut - No material impact
• MSEDCL is expected to lower tariffs for the FY26-30 regulatory period, based on its tariff order
• FY26 reduction is between 1-10% and primarily expected to benefit residential users
• This is a combination of lower expected power procurement costs and also lower distribution losses among other aspects
• Nomura on India Consumer
• Q1 Demand To Improve Marginally; Margins Still Pressured
• Rural Demand To Continue To Show Improvement In Q1
• Urban Demand To Remain Weak But Stable In Q1
• Expect Summer Portfolio Across Cos To Be Impacted On The Back Of Early Monsoon
• Competitive Intensity Moderate As Cos Are Still Coming Out Of Margin Pressure Seen Earlier
• Margins Still Impacted And Lower Than Historical Levels, But Will Improve From Q2
• JPM on Metals
• Indian metals stocks have traded choppy over the last six months
• Investors have navigated through an uncertain phase of geopolitics and geoeconomics
• Pecking order of top picks is Tata Steel>Hindalco>JSW Steel
• Least preferred picks are NMDC and Coal India
• Citi on RBL Bank
• Maintain Buy, Hike target price to Rs 285 from Rs 230
• Adding upside 90-day catalyst watch
• Expecting RoA trajectory
• improvement to 45-50 ops driven by much awaited normalization of credit cost
• Stress in JGL/credit card to further subside in Q1
• Slippages to moderate to 4.5% Vs 4.7% in Q4
• JPM on OMCs/RIL
• Decline in crude prices drives significant upgrades to margins for OMCs
• Valuations are close to average & earnings forecasts conservative.
• Stocks should continue to move up as oil stays low
• Prefer BPCL, IOCL & then HPCL.
• Reliance should see better earnings growth hereon driven by its consumer businesses
• Valuations relative to other telecom / retail companies are modest, in our view.
• CLSA on Uno Minda
• Initiate O-P, TP Rs 1304
• Set to deliver industry-beating growth with improving ROCE
• Industry revival + portfolio diversification to drive robust earnings growth
• Could reinvest bulk of FCF in M&A or fresh projects to scale up fast.
• See Co as a high growth compounding play with a lean balance sheet
• CITI on Gas Cos
• Two Key Regulatory Catalysts Could Be Round The Corner In Gas Sector
• PNGRB Is Expected To Approve New Transmission Tariff Guidelines Proposed In Mar'25
• GAIL's Final Tariff Order Is Also Expected Shortly
• IGL & GSPL Could Be Key Beneficiaries, While GAIL Is Obvious Beneficiary
• Guj Gas & MGL Could Be Negatively Impacted By, Though Latter Has Margin Offsets
• This Has No Implications For PLNG
• Open A 90-day Positive Catalyst Watch On IGL
• India Daybook – Stocks in News
• BHEL: Company gets Rs 6,500 crore order for 6 thermal units of 800 MW from Adani Power (Positive)
• Waaree Energies: Company has received an order for 540MW solar modules from a US-based developer and owner-operator of utility-scale solar and energy storage projects. (Positive)
• Zen Technologies: Company has announced the grant of its 54th Indian patent for a laser-based combat training innovation. (Positive)
• Interarch: Company gets Rs 77 Cr order from Amara Raja. (Positive)
• Neogen Chemicals; Company received an on-account payment of Rs 50 Cr from the insurance company for the fire incident at its Dahej SEZ plant. (Positive)
• Sundram Fasteners: HDFC Mutual Fund buys 13.7 lakh shares in Sundram Fasteners for Rs 137 Crore (Positive)
• Hind Rectifiers: Company secured an order from Indian Railways. The order is valued at approximately Rs 101 crores. (Positive)
• Prestige Estates: Company and Arihant Group have partnered to jointly acquire a prime land parcel in Velachery, Chennai. (Positive)
• ITD Cementation: Company bags Rs 580-crore contract in Abu Dhabi. (Positive)
• Titagarh rail: Company wins order worth rupees 430.53 cr from Maharashtra metro rail for 12 additional Pune metro trainsets, to be executed within 30 months (Positive)
• Hind Copper: Executes MOU with IOC to jointly participate in copper, critical minerals block auctions, develop and operationalize block (Positive)
• Amber: Company is entering into new segments: Power Electronics and Renewable Energy. (Positive)
• Jyoti Ltd: Company has secured an order for Rs 6.45 Cr for the supply of "HV SWITCHBOARDS". (Positive)
• Alembic Pharmaceuticals: Company gets US FDA approval for Doxorubicin Hydrochloride Injection (Positive)
• Western Carriers: Company announced the receipt of a Rs. 230 crore work order from Jindal Stainless Limited (Positive)
• Godrej Prop: Company acquires 43 acres land in Panipat with revenue potential at ₹1,250 cr (Positive)
• Nitin Spinners: CARE Ratings has upgraded the credit rating outlook to "Positive" from "Stable". (Positive)
• Panorama Studios: Company has signed a distribution agreement with Reliance Industries (Jio Studios) for the Hindi film "MAA". (Positive)
• Adani Power: Bangladesh has paid USD 384 million to Adani Power, settling a significant portion of its outstanding power dues. (Positive)
• DLF: Company receives RERA approval for its debut Mumbai project The Westpark in Andheri. (Positive)
• Aptus Value Housing: Company announced a credit rating upgrade from CARE Ratings (Positive)
• Graviss Hospitality: Graviss Food Solutions Private Limited, a part of the promoter group, acquired 1.4% stake in the company. (Positive)
• Aadhar Housing: CARE Ratings Limited has upgraded the credit ratings for various instruments. (Positive)
• NTPC Green: Company commissions 288.9 MW solar power capacity at Khavda, Gujarat. (Positive)
• Granules India: Company has cleared US FDA Pre-Approval Inspection with zero observations. (Positive)
• Mahindra Lifespace: Company announced the acquisition of Shreyas Stones Private Limited. (Positive)
• GMR Airports: Company received an upgrade in credit ratings from CARE Ratings. (Positive)
• Sarda Energy: Company has received consent to operate Coal Gasifier Plant in Raipur. (Positive)
• Wardwizard: Promoter Yatin Sanjay Gupte disclosed the invocation of a pledge on 37.5L equity shares. (Positive)
• NLC India: Company wins 450 MW wind-solar hybrid power project order from NTPC (Positive)
• EFC: Company has received an Interior and Fit-out Contract worth ₹57 crore from a leading MNC. (Positive)
• Umiya Buildcon: Company has received RERA registration for its upcoming residential project in Candolim, North Goa. (Positive)
• Crompton Greaves Consumer: Company launched AC capacitor CapMaxx 2.5MFD in the B2C lighting category. (Positive)
• Vesuvius India: Company’s Visakhapatnam plant commenced commercial operations. (Positive)
• Omaxe: The company arm received RERA registration certificate in project Omaxe new palwal phase-1 in Haryana.
• VRL Logistics: Board is to meet on July 4 to consider the issue of bonus shares. (Positive)
• Ugro Capital: India Ratings and Research (Ind-Ra) and CRISIL have updated credit ratings for Ugro Capital Ltd. (Positive)
• Auro Pharma: Restart of Penicillin-G production at our Kakinada facility post receipt of ‘Consent to Operate’ from Andhra Pradesh Pollution Control Board (Positive)
• Torrent Pharma: Company to acquire controlling stake in J. B. Chemicals from KKR (Positive)
• Neuland Laboratories: Company received EIR from US FDA for Sangareddy facility. (Positive)
• Bharti Airtel: Company adds 2.76 Lk Users Vs Addition of 1.70 Lakh Users in April. (Positive)
• Reliance Ind: Reliance Jio Adds 27 Lk Users Vs Addition of 26.44 Lk Users in April (Positive)
• Vodafone Idea: Company loses 2.74 Lk Users Vs loss of 6.48 Lk Users in April (Neutral)
• Piramal Enterprises: Company invests ₹700 crore in arm Piramal Finance via Rights Issue. (Neutral)
• Hindustan Aeronautics: Company recommends final dividend of ₹15/sh for FY25. (Neutral)
• Jyoti CNC: Certain Non-promoter shareholders likely to sell 6% stake of Jyoti CNC via block deals (Neutral)
• Coromandel: Company will invest up to ₹1 Cr in MPT Constructions, a real estate partnership firm, as a strategic alliance for JV & construction projects. (Neutral)
• GAIL (India) Ltd: Company will invest in Talcher Fertilizer Limited (TFL) by subscribing to a rights issue. (Neutral)
• CG Power: Mr. Mukul Srivastava, President-Switchgear Business, resigned due to personal reasons. (Neutral)
• Sula Vineyards: Company invested ₹13 Cr in Artisan Spirits Private Limited, its wholly-owned subsidiary, via a rights issue. (Neutral)
• Shivalic Power: Company announced a significant order win, receiving an order worth Rs. 1.05 Cr from a data center company. (Neutral)
• ICICI Bank: Issues ₹10,000 Million in Tier 2 Bonds. (Neutral)
• Biocon: India's Biocon drops plan to launch weight-loss drugs in China: Reuters. (Neutral)
• J&K Bank: Appoints Ketan Kumar Joshi as CFO effective June 27, 2025. (Neutral)
• Concord Drugs: Company has announced that it has temporarily put on hold its proposal to raise funds via a preferential issue of shares (Neutral)
• KPIT Technologies: Company announced a record date of July 28, 2025, for a final dividend of ₹6.00 per share (Neutral)
• Granules: USFDA issue form 483 with one observation for Cos wholly owned foreign subsidiary in Chantilly Virginia USA (Neutral)
• Hindustan Oil Exploration: Company stops production at Block B-80 Due To Adverse Weather Conditions. (Neutral)
• Central Bank Of India: Bank acquires 25.18% stake in Future Generali India Life Insurance Company (Neutral)
• Aditya Birla Capital: Company will issue ₹1301.25 Cr of unlisted, senior, secured, redeemable debentures to Asian Infrastructure Investment Bank (Neutral)
• TCS: Board meeting on July 10, 2025, to approve Q1 results ending June 30, 2025. (Neutral)
• Patel Engineering: Promoter Janky Patel created a pledge for 2.93 crore shares. (Neutral)
• Stocks to be included from ST-ASM Framework: Astec Life, Diamond Power, Thomas Scott. (Neutral)
• Price Band change from 10% to 5%: Thomas Scott. (Neutral)
• Price Band change from 2% to 5%: Gensol Engineering. (Neutral)
• Dalmia Bharat Sugar: Ex-Date today, Dividend Rs 1.5/Sh (Neutral)
• Indian Hotels Company: Ex-Date today, Dividend Rs 2.25/Sh (Neutral)
• Sagarsoft (India) Ltd: Ex-Date today, Dividend Rs 2/Sh (Neutral)
• Cera Sanitaryware Ltd: Ex-Date tomorrow, Dividend Rs 65/Sh (Neutral)
• JSW Infra: Ex-Date tomorrow, Dividend Rs 0.8/Sh (Neutral)
• Polychem Ltd: Ex-Date tomorrow, Dividend Rs 20/Sh (Neutral)
• Tata Steel: Company gets ₹1,000 crore GST demand notice over irregular availing of input tax credit (Neutral)
• Mahindra Holidays: Company gets show cause notice & demand order of ₹363 crore from Tamil Nadu Tax Office for FY19 (Neutral)
• Karnataka Bank: CEO Srikrishnan HH Sarma resigns citing personal reasons (Negative)
• Salasar Techno: Promoter Shikhar Fabtech Pvt. sold 9.54 lakh shares. (Negative)
• News Headlines from Business News Agencies:
• Business Standard
• India's M&A deals touch $41.5 bn in H1 as PEs, firms eye healthcare, infra
• Reliance Power participates in global bids for 1,500-MW energy project
• Cloud kitchens operator Curefoods files IPO papers; aims to raise Rs 800-cr
• Zomato's Goyal launches LAT Aerospace; eyes regional flying segment
• Nvidia insiders sold over $1 billion in stock amid market surge: Report
• RBL Bank eyes wider margin from retail, CV finance rollout in 3 months
• Luxury EVs surge 66% in India in 2025 as wealthy shift from ICE cars
• Slice SFB aiming to close FY26 in black, not looking to raise any capital
• Signature Global to invest ₹2,200 cr on new housing project in Gurugram
• Russia's Rosneft in early talks with Reliance to sell stake in Indian unit
• Economic Times
• Wendt (India) continue to focus on product development, customer acquisition to boost growth
• J&K Bank appoints Ketan Kumar Joshi as new CFO
• Indian negotiators extend US stay as trade talks gather pace
• Diaspora remittances hit new record at $135.46 bn in FY25
• Andhra set to generate 8.5 lakh jobs with investment MoUs it signed: CM Naidu
• Only half of eligible players got telecom mfg PLI incentives, Rs 1,162 cr disbursed till Mar 31
• FSSAI mandates 100 per cent inspection of packaged drinking water facilities in Maharashtra
• Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23
• PGIMER considering proposal to transfer canteen management to IRCTC
• Mint
• Amul tops India’s food brands list, followed by Mother Dairy: Report
• Torrent Pharma to acquire majority stake in JB Chemicals
• Public sector banks to develop new framework, special teams to chase bad loans
• Tata Steel receives input tax notice, says claim lacks merit
• EY veteran Ajay Shah to join ace investor Madhu Kela’s family office
• Mahindra Holidays receives ₹363 crore tax demand notice
• Greenko founders buy Orix Corp.'s 20% in Greenko Energy for $1.4 bn
• Zee’s promoter gambit runs into resistance ahead of voting day
• Indian auto delegation yet to leave for China for talks to expedite supply of rare earth magnets
• US tech giants slapped with $2 bn tax bill, Trump suspends Canada trade talks