Business News: Market Updates: Happiest Minds, Raghuram Rajan, Zomato, 5G Auction, Nandini Milk, Stocks & More

On heavy selling, Happiest Minds Tech fell almost 9% with regard to the cost of its share, following a big square deal amidst reports that promoter and Executive Chairman Ashok Soota would sell a 6% stake. The IT solutions and digital transformation expert across enterprises reported Q4FY24 revenue growth of 1.8% on a Q-o-Q basis in rupee terms at Rs 420 crore, even as profit witnessed a 25% year-on-year increase at Rs 72 crore.

Former governor of the Reserve Bank of India Raghuram Rajan warned that some doctored videos are being circulated on social media attributing some investment advice to him. In this regard, he wrote on LinkedIn: "I have never given open public advice on financial investments, and certainly none on the choice of particular stocks." He urged everyone to report such fraud. He said, "Invest in a diversified portfolio of bank deposits, bonds, and mutual funds rather than any particular stock or option.". Rajan sought to alert the general public on false information which was being spread using his name relating to financial advice.

The share price of Zomato rose over 2 per cent after brokerages retained their bullish outlook post improving performance in 2023 by Swiggy. CLSA reiterated its 'Buy' rating on the back of faster growth for Zomato in Gross Order Value and revenue as compared to Swiggy. Notwithstanding strides that Swiggy is making in delivery and quick commerce, Zomato has reported positive EBITDA and stronger growth metrics. Emkay Global said Zomato has seen strong growth driven by Quick Commerce. The competitive intensity and regulatory challenges are the key risks. Shares of Zomato had surged 63 per cent YTD on the back of good sentiments in the market, amplified by operational gains.

The Indian government is to auction the 10th spectrum, worth about Rs. 96,238 crore, having bands relevant to 5G services like 3300 MHz and 26 GHz. Reliance Jio leads at the very top with a deposit of Rs. 3,000 crore, followed by Bharti Airtel and Vodafone Idea. It is envisioned that the auction will give impetus to the telecommunication services of the country so that there can be uniform, high-speed internet access throughout India. Industry sources consequently cast a view of foreshadowed strategic bidding patterns toward spectrum efficiency and 5G deployment, with emphasis on the event as a step ahead into advanced digital connectivity and economic growth.

The Nandini milk federation in Karnataka is planning to increase milk volumes in its 500 ml and 1-litre packets by 50 ml each, with a Rs 2 price hike per packet from June 26. The increase in volume would be made to make full use of excess milk in the interest of both consumers and farmers since the state produces nearly 1 crore liters of milk every day. The move is meant to avoid wastage and falls in tandem with the state's policy set up for cooperatives with a view to support dairy farmers, notwithstanding some political opposition to previous price adjustments.

The benchmark Sensex surged past 78,000 for the first time, while Nifty, too, scaled a fresh high on Tuesday; the surge is powered by banking stocks. Equities that are going to be at the forefront today will include MapmyIndia, YES Bank, Sanghi Industries, ZEE, and Mahindra Finance. Other key headlines include that the promoters of CE Info Systems are mulling an equity sale to the tune of Rs 114.6 crore, Yes Bank plans for debt securities, Coforge gets the home ministry clearance for its stake in Cigniti, DEE Development Engineers is listing an IPO, updates in the telecom spectrum auction, revision in UltraTech Cement's stake, Mazagon Dock attained Navratna status, Punjab & Sind Bank pact with the Indian Army, and NCLT nodded for Zee to withdraw a scheme.

A meeting of INDIA bloc floor leaders was held at the residence of Mallikarjun Kharge, and Rahul Gandhi has been appointed LoP in the Lok Sabha. For the first time in a decade, a designated LoP will be there in the Lok Sabha. With the swearing-in, Rahul Gandhi has reiterated the message of constitutional values, having taken oath a day ago as MP. This appointment puts him at key parliamentary committees and major decision-making bodies in big roles. His eligibility was at least assured by the Congress party's victory in more than double the required seats in the 2024 Lok Sabha elections.

This session of the 18th Lok Sabha is a rare occasion since the Emergency when an election for a Speaker's post takes place between BJP's Om Birla and Congress' K Suresh. Traditionally, the Speaker has been chosen by consensus, but then the opposition pitched for the Deputy Speaker's post, while BJP having the majority and Congress not willing to budge made way for this historic election. The result will set a trend for the Deputy Speaker selection and is being seen as a turning point in parliamentary protocol.