Sensex Today Ends 131 Points Higher | Nifty Above 23,500 | Route Mobile Jumps 13%

Mon, 24 Jun Closing

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After opening the day lower, Indian share reversed the trend as the session progressed and ended the on positive note.

After starting lower amid subdued global cues and Quant Mutual Fund fiasco, benchmark indices recouped losses in the second half of the session to end slightly higher.

At the closing bell, the BSE Sensex stood higher by 131 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 44 points (up 0.2%).

M&M, Grasim and Sun Pharma among the top gainers today.

Cipla, Adani Ports and Coal India on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,553, up by 87 points, at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 0.3% lower and BSE SmallCap index ended 0.4% lower.

Sectoral indices are trading mixed, with socks in power sector, auto sector and capital goods sector witnessing most buying. Meanwhile stocks in energy sector, metal sector and oil & gas sector witnessed selling pressure.

Shares of Cummins India, Polycab India and Info Edge hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.48 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 71,650 per 10 grams.

Meanwhile, silver prices were trading marginally lower at Rs 91,286 per 1 kg.

Speaking of the stock market, two experienced fund managers, James Chanos (US) and Sankaran Naren (India), are concerned about high speculation and low margins of safety in their respective stock markets. This means there's a greater risk of losses if the market crashes.

The advice? Invest cautiously. Consider "stock market insurance".

Rahul Shah, Co-head of research at Equitymaster, talks about what exactly is this insurance and how does it work?

Tune into below video for more details.

Vedanta Mulls First Dollar Bond Sale

In news from the mining sector, the Indian mining company controlled by billionaire Anil Agarwal is considering tapping bond markets for at least US$ 500 m in a debut overseas issuance, according to two people familiar with the proposal.

Vedanta Ltd. is discussing the plan with lenders and seeking legal opinions about the potential sale, according to the people, who asked not to be identified discussing non-public issues.

The bond sale could climb to US$ 1 bn depending on the response from investors, according to one of the people. The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks.

The move comes at a time when four high-yield dollar bonds sold by Vedanta's parent company, Vedanta Resources Ltd., are the top performers from India so far this year.

The holding company earlier this year successfully restructured its offshore bonds.

Vedanta has historically sold local currency bonds and borrowed in rupees from local lenders. Last week, the company's board approved the sale of Rs 10 bn (US$ 120 m) in local, non-convertible debentures.

Vedanta has interests in semiconductors and commodities including aluminium, oil and gas, iron and copper.

Why Raymond Share Price is Rising

Moving on to news from the textile sector, shares of Raymond surged 6% on Monday to its day's high of Rs 2,675 on BSE as the National Company Law Tribunal (NCLT) approved the demerger of the company's lifestyle business and the amalgamation of its consumer trading arm.

As part of this restructuring process, Raymond will demerge its lifestyle business into Raymond Lifestyle. Ray Global Consumer Trading will be amalgamated into Raymond Lifestyle to streamline the group structure.

The group's restructuring will help in paving the way for a more focused and streamlined corporate structure.

Once the restructuring scheme becomes effective, shareholders of Raymond will receive four equity shares of Raymond Lifestyle for every five shares held in Raymond while the shareholders of Ray Global Consumer Trading will receive two equity shares of Raymond Lifestyle for each share held in Ray Global Consumer Trading.

Equity shares of Raymond Lifestyle will be listed on the stock exchanges.

The textile and lifestyle segments of the company have grown significantly, warranting independent management and operations. The separation is expected to enable focused management of each business vertical, enhance operational synergies, and streamline the corporate structure.

The appointed date for the demerger is set as 1 April 2023, and the effective date will follow the filing of the NCLT order with the respective Registrar of Companies (ROC).

This restructuring is likely to help position Raymond Lifestyle as a key player in the consumer goods sector, with a distinct focus on lifestyle products and fast-moving consumer goods markets.

Inox Green Energy Board to Consider Fundraising

Moving on to news from the energy sector, Inox Green Energy shares sank over 5% in early trade on 24 June after the clean energy player's board of directors announced they would consider raising funds.

On 21 June the management announced via an exchange filing that they will schedule a board meeting to consider a proposal for raising funds on Wednesday.

According to news reports, the firm might raise up to Rs 10 bn via preferential allotment and warrant issuance to be able to fund any future acquisitions.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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