Markets remained volatile on Wednesday and ended lower, extending the prevailing weak trend amid adverse global cues and persistent macroeconomic concerns. Technically, analysts say the Nifty has finally filled the gap on the daily chart around the 23,150 mark and witnessed a swift rebound thereafter. The sharp and divergent moves in the two key sectors—banking and IT—are keeping market participants uncertain about the next directional move, while other sectors continue to offer stock-specific trading opportunities on both sides.
In today's trade, shares of Rajesh Exports, Lenskart, Suzlon Energy, Aurobindo Pharma, Tata Motors among others will be in focus due to various news developments.
Lenskart
SoftBank has pared its stake in eyewear retailer Lenskart Solutions through a block deal worth about Rs 2,873 crore. According to exchange data, SoftBank affiliate SVF II Lightbulb (Cayman) sold 5.65 crore shares of Lenskart at Rs 508.55 per share, taking the total transaction value to about Rs 2,873 crore.
Rajesh Exports
Capital markets regulator Sebi has passed an interim order against Rajesh Exports and its promoter Rajesh Mehta, alleging large-scale financial misrepresentation, non-cooperation with investigators and possible inflation of the company's reported revenues. In a 109-page interim order issued on June 3, Sebi said its investigation and forensic review had uncovered prima facie evidence suggesting that about 97-99% of the company's revenue may have been inflated, describing the findings as "egregious and unheard of."
Tata Motors
Tata Motors has overhauled its Avinya strategy, the company’s premium electric vehicle brand and future luxury EV platform, pivoting to partnerships and ready-made architectures to accelerate launches after years of delays, a development first reported by Reuters.
Suzlon Energy
Wind turbine maker Suzlon on Wednesday announced a diversification, aiming to become a full-stack renewable energy solutions company. The Pune-headquartered company will be foraying into businesses including battery storage and also start an integrated co-development platform converting renewable potential into execution-ready sites at scale which it has christened as 'RE DevCo', a company statement said.
RIL
Reliance Industries subsidiary Model Economic Township has signed two MoUs with the Haryana Government for a total investment of Rs 8,646 crore in its township project at Jhajjar.
Aurobindo Pharma
Aurobindo Pharma has formally entered the biologics contract manufacturing business with the inauguration of TheraNym, a Rs 1,200-crore facility in Telangana that will manufacture biologic medicines for global markets, with US pharma major MSD, known as Merck & Co. in the US and Canada, signing on as its anchor customer.
