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• Raymond surges 5% after lifestyle business demergerRaymond shares surged 5% to ₹2,001 on the NSE following the lifestyle business demerger. Shareholders will get four Raymond Lifestyle shares for every five held. Raymond Realty, newly demerged, adds to Raymond’s three listed entities. InCred Equities expects Raymond Lifestyle listing by August-September. The combined value of three businesses is ₹3,755 per share, per Motilal Oswal.
• PepsiCo quarterly revenue misses estimates as demand slows for snacks, sodas; shares drop over 3%Analysts note that while product prices are normalizing after nearly two years of increases, they remain higher than pre-pandemic levels. This leaves packaged-food companies like PepsiCo with limited pricing power as volumes decrease. PepsiCo raised average prices by 5% for the quarter ending June 15, consistent with the first quarter, but overall organic volumes declined by 3% during the period.
• Japan's Nikkei crosses 42,000 points as Wall Street rally spurs sentimentJapan's Nikkei and Topix surged as Wall Street's Nasdaq and S&P 500 hit records. Nikkei reached 42,179.84, driven by yen depreciation and semiconductor shares like Taiwan Semiconductor Manufacturing Co. Gains in Fast Retailing, Socionext, Sumco, Sony Group, Tokyo Electron, Disco Corp. Kenji Abe from Daiwa Securities expects further price increases amid strong Japanese corporate earnings.
• M&M shares fall over 8% after SUV price cutShares of M&M dropped 8.4% following a 10% price cut on XUV700 SUVs, reducing the stock by 6.7% in Nifty. Kotak Securities targets ₹2,950, advising long-term investment. Despite profit booking, analysts foresee no revenue impact, emphasizing a solid order book and growth from February 2024's business strategy execution.
• Asian Paints and Berger Paints shares surge up to 4% on price hikeIn Q4 FY24, Asian Paints reported a net profit of Rs 1,257 crore, up 2% year-on-year (YoY) from Rs 1,234 crore in the same quarter of the previous year. However, its revenue from operations slightly declined to Rs 8,731 crore compared to Rs 8,787 crore in the same quarter last year.
• Stocks in news: Delta Corp, Paytm, Delhivery, Mankind Pharma, JSW SteelSensex and Nifty hit records. Delta Corp's Q1 profit dips 34% to Rs 40.48 crore from Rs 61.43 crore last year. Paytm's One97 Communications faces labor notice. Bandhan Bank staff seek legal aid. JSW Steel updates production. Delhivery's equity sold by pension board. Hema CIPEF to sell Mankind Pharma stake. RVNL wins Nagpur Metro project. Mahindra cuts XUV700 price.
• RKN Enterprises sells 12.65 pc stake in Godrej Industries for Rs 3,803 cr under settlement planRKN Enterprises, a part of Godrej Enterprises Group, on Monday sold shares worth Rs 3,803 crore in Godrej Industries Ltd to members of Godrej Industries Group as part of the Godrej family settlement announced in April. According to the block deal data available on the BSE, RKN Enterprises offloaded a total of 4,25,83,272 shares, amounting to a 12.65 per cent stake in Godrej Industries.
• Stock of ITD cementation tanks on Thai parent’s plan to exit the companyITD Cementation shares dropped 13.75% as promoter considers divesting stake. Stock surged 200% in past year, trading at PE ratio of 30.6. No final decision made yet.
• NSE caps listing gains in SME IPOs; ‘move to curb price swings’NSE imposes a 90% cap on SME IPOs to stabilize prices; Winsol Engineering surged by 411%. Amit Goel noted reduced volatility. Sebi chair Madhabi Puri Buch raised SME manipulation concerns. Sebi took action against Varanium Cloud, SecureKloud Technologies, Add-Shop E-Retail, suspecting schemes like bonus issues, stock splits, and preferential allotments.
• Stocks in news: HDFC Bank, IDFC First Bank, IDBI Bank, Dr Reddy's, Lloyds MetalsHDFC Bank advances rose 53% to Rs 24.87 lakh crore. LIC boosted IDFC First Bank's stake to 2.68%. Dr Reddy's, Sun Pharma recalled items in the US. PNB's global business grew 10%. Raymond Realty, Poonawalla Fincorp, IDBI, Ujjivan SFB, Lloyds Metals, RBL Bank's deposits rose 18%, and Mahindra Lifespace will redevelop Mumbai societies.