Stocks to watch on June 10: Wipro, Tech Mahindra, Motilal Oswal, Premier Energies

Markets started the new week on a positive note, continuing Friday's gains. Sensex and Nifty rose nearly half a percent, driven by favourable trends in both domestic and global markets.Investors are hopeful that the rally will continue. As trading resumes on June 10, here are some of the key stocks to keep an eye on:PROTEAN EGOV TECHNOLOGIESProtean eGov Technologies has bagged a work order worth around Rs 100 crore from the Bima Sugam India Federation (BSIF). The order involves complete development, running, and maintenance of the Bima Sugam Marketplace. The company will also handle all platform integrations and marketplace-related protocols. This is expected to be a major step for Protean in the digital insurance services space.WIPROWipro came into focus after a large block deal. The Azim Premji Trust, which is the promoter entity, sold 20.23 crore shares of the company. The total value of the deal stood at Rs 5,057 crore. This major transaction may impact the stock price in the short term.PREMIER ENERGIESAccording to a CNBC-TV18 report, South Asia Growth Fund II Holdings is likely to offload 2.5 crore equity shares of Premier Energies through a block deal. This represents around 5.5% of the company's paid-up capital. The floor price for the sale is expected to be Rs 1,051.50 per share.MOTILAL OSWAL FINANCIAL SERVICES (MOFSL)Sebi has imposed a fine of Rs 3 lakh on Motilal Oswal Financial Services for breaking certain rules. This penalty follows an investigation into the firm's conduct in capital market operations. The exact nature of the violation has not been disclosed, but this development could attract some investor attention.TECH MAHINDRATech Mahindra announced that Lakshmanan Chidambaram, President of Tech Mahindra Americas – strategic vertical business, will retire on June 30. His exit may affect investor sentiment, especially in the company's US-based operations.CAPRI GLOBAL CAPITALCapri Global Capital opened its Qualified Institutions Placement (QIP) for subscription on June 9. The floor price is set at Rs 153.93 per share. Reports suggest that the QIP size could go up to Rs 2,000 crore, including a Rs 500 crore upsize option. This move is aimed at raising capital to support business growth.JANA SMALL FINANCE BANKJana Small Finance Bank has applied to the Reserve Bank of India to convert itself into a universal bank. If approved, this would allow the bank to offer a wider range of services. The decision is seen as a step forward in the bank's growth journey.OBEROI REALTYPankaj Gupta has stepped down as CEO of the Commercial Real Estate division of Oberoi Realty. His resignation took effect on June 9. The company has not announced a replacement yet.ASTRAZENECA PHARMA INDIASanjeev Kumar Panchal, the Managing Director of AstraZeneca Pharma India, has resigned. His last working day will be June 30. AstraZeneca is expected to begin the process of finding a new MD soon.FORCE MOTORSForce Motors saw a top-level change as its CFO, Sanjay Kumar Bohra, resigned on June 9. The company has appointed Rishi Luharuka as the new Chief Financial Officer starting June 10. This leadership change may lead to new strategies in the company's financial planning.
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Time of India

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• Time of India

Nifty faces key resistance at 25,200 amid geopolitical tensions

Following Friday's rally, Nifty now faces a crucial test near 25,200. Analysts say a sustained move above this level could pave the way for a further rise toward 25,700–25,900, but also caution that geopolitical uncertainties may continue to inject volatility into the markets. On the downside, support at 24,500 remains crucial with stock-specific action in banks, midcaps, and select names like M&M, BEL, and CAMS offering trading opportunities. RUCHIT JAIN VICE PRESIDENT, MOTILAL OSWAL FINANCIAL SERVICES Where is Nifty headed this week? Geopolitical tensions have led to a consolidation phase in Indian markets over the past month. However, this appears to be a time-wise corrective phase within an uptrend, with Nifty holding above its support zone of 24,500– 24,450—a crucial near-term level. The immediate hurdle for the index lies in the 25,200–25,250 range. A breakout above this could propel the index towards 25,500–25,700. On the downside, 24,800 is the immediate support, followed by positional support at 24,450. Trading strategies for the week: Traders are advised to focus on stocks that have shown relative strength over the past month. Mahindra & Mahindra (M&M) has given a breakout, signalling a bullish trend. Exchange-related stocks such as MCX, and defence names like BEL, BEML, and BDL are expected to extend their uptrend in the short term. Agencies Live Events PRITESH MEHTA EVP – INSTITUTIONAL EQUITIES, YES SECURITIES Where is Nifty headed this week? Despite elevated global uncertainty, inter-market signals suggest relative strength for Indian equities. Friday's 300-point rally was a welcome shift, as the market had been struggling to find a trending move. More importantly, the index managed to sustain its gains without cooling off. Our customised Top 10 Nifty index gained momentum after weeks of consolidation, indicating strength in large caps. Our breadth indicator also showed a bullish crossover, with ~58% of index constituents displaying a bullish bias. An ABC breakout, along with a double-top buy signal on the Point & Figure chart, combined with improving breadth, suggests a potential move towards the 25,700 zone. Trading strategies for the week: Improved breadth, renewed traction in banks and financials, and support in the Midcap 100 index around its 10-column average all point to further upside. Among sectors, our customised Capital Markets and Defence indices are bouncing from support. BEL, CAMS, and CDSL are showing multiple bullish patterns and could rally 10–14% in the coming weeks. The ratio of IT to Nifty has followed through on a bullish turtle breakout, indicating a potential comeback for select IT stocks. ARPAN SHAH HEAD – TECHNICAL RESEARCH, MONARCH NETWORTH CAPITAL Where is Nifty headed this week? Nifty has been consolidating within the 24,500–25,200 range for past six weeks, lacking a clear directional trend. Despite absorbing geopolitical shocks, including the India-Pakistan conflict, the market has managed to hold key support levels. Friday's session ended with a strong bullish candlestick formation, indicating that a breakout above 25,200 could trigger short-covering and open upside targets of 25,600–25,900. The banking index, which has been consolidating near its all-time high, is expected to move in line with the benchmark, with upside targets of 57,200–58,000. Trading strategies for the week: The midcap index has formed a strong reversal at its breakout level. Traders can consider buying for upside targets of 13,400–13,600. The IT index has been gradually inching up, and offers a favourable risk-reward setup. Investors may accumulate HCL Tech, Kaynes, and R Systems at current levels. PSU bank stocks, including SBI and Bank of Baroda, have seen profit booking post the RBI rate cut and are now near support, both can be added at current prices. Defence stocks, having rallied sharply in the last 3–4 months, now present an unfavourable risk-reward and are best avoided. Among mid- and small-caps, CGCL, Praj Industries, GPIL, and Bharat Rasayan are good accumulation bets at current levels.

Mint

38 minutes ago

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Best stock recommendations today: MarketSmith India's top picks for 23 June

The Nifty50 advanced about 1.60% over the past week, closing at 25,112.40. The index began the week on a strong note, experienced mild declines mid-week, and ended with a sharp rally on Friday. The uptrend was supported by robust gains in financial, IT, and auto stocks, driven by favourable global cues and supportive policy measures from the RBI, which collectively strengthened overall market sentiment. Two stock recommendations by MarketSmith India Also read: Paint industry's first dip in 20 years—is a rebound next? On Friday the Nifty 50 surged 1.29%, forming a strong bullish candle on the daily chart, driven by robust gains in the banking & financial, energy, auto, realty, and metal sectors. Investor sentiment was strengthened by the RBI's relaxation of provisioning norms for project loans. The rally was further supported by short-covering activities. All major sectoral and broader market indices closed in positive territory, resulting in a favorable advance-decline ratio of 2:1, reflecting broad market participation. From a technical standpoint, Nifty50 found support near its 21-EMA and mounted a strong rebound. The index is presently trading above all its major moving averages across multiple timeframes. However, it is yet to breach the immediate resistance level of 25,200. The daily RSI is trending upward, supported by a positive MACD crossover on the weekly chart. Nonetheless, the daily MACD remains in a negative crossover, indicating the potential for short-term consolidation. According to O'Neil's methodology of market direction, Nifty has reclaimed its recent high of 25,116. Hence, the market status has been upgraded to a Confirmed Uptrend as of June 11, 2024. Also read: Cracks in earnings of tile and plastic pipe makers may widen in Q1 Nifty 50 ended the session on a strong note, closing near the day's high above 25,100, reflecting continued positive sentiment. However, the index is yet to decisively cross the immediate resistance zone at 25,200. A sustained move above this level could accelerate bullish momentum, potentially driving the index toward 25,700–25,800 in the coming weeks. Conversely, the inability to surpass and hold above 25,200 may lead to range-bound consolidation in the near term. Nifty Bank gained 1.30% over the past week, forming a bullish candle on the weekly timeframe. This rise was supported by the RBI's easing of provisioning norms and positive global cues, including expectations of potential U.S. rate cuts at the upcoming FOMC meeting. The index experienced significant volatility throughout the week, crossing and closing above 56,000, though it has yet to surpass its previous all-time high. Similarly, the broader financial market index, FINNIFTY, also turned positive, gaining approximately 1.20% and forming a bullish candle on the weekly chart. From a technical perspective, Bank Nifty reclaimed its 21-DMA and is now trading above all its key moving averages across multiple timeframes. The weekly RSI is exhibiting a bullish trajectory, currently positioned around 65, accompanied by a positive MACD crossover. In contrast, the daily RSI remains range-bound near 55, with a negative MACD crossover, indicating the potential for short-term consolidation. According to O'Neil's methodology of market direction, Bank Nifty has recently transitioned from an Uptrend Under Pressure to a bullish phase of a Confirmed Uptrend. Also read: Hindustan Zinc's expansion plan fails to impress as near-term growth stalls This key index turned positive and closed above 56,000 on Friday. Going forward, the overall bias is expected to remain positive as long as the index stays above this level. A decisive breakout and sustained move above 57,000 could further strengthen the bullish momentum, potentially driving the index toward 58,500–59,000 in the coming weeks. On the downside, immediate strong support is placed around 55,100–55,000. MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website. Trade name: William O'Neil India Pvt. Ltd. Sebi Registration No.: INH000015543 Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

Mint

44 minutes ago

• Mint

Big money, small bytes: Why PE firms are crushing on smaller tech ventures

Private equity firms have found their new interest—India's nimble, under-$250 million IT services companies. Global players, including Blackstone Inc., EQT AB and Multiples Alternate Asset Management, are pumping capital into these smaller tech firms, drawn by their faster growth trajectories, lean operations and product-focused strategies. At least three experts attribute this trend to the higher growth prospects and leaner teams of smaller IT companies. Multiples invested $200 million to buy a controlling stake in QBurst in February, whereas EQT bought WSO2 in August last year. EQT also bought Indium in December 2023, and Blackstone bought a controlling stake in R Systems in November 2022. This bet on smaller tech service providers comes as India's mid-caps have outgrown their larger peers for the last two years. Last year, most IT outsourcers earning less than $5 billion in annual revenue grew in double digits, compared with larger peers, which grew between 3% and 5%. Analysts attributed this trend to quicker AI adoption and leaner teams. Also read: Cognizant and Infosys are tapping a new trend in IT deals to combat tough times Multiples Alternate Asset Management bought a controlling stake in Thiruvananthapuram-based QBurst Technologies Pvt. Ltd in February for $200 million, making it the PE firm's largest investment in the tech services space, according to a Mint report on 6 February. Mint could not independently ascertain Multiples PE's stake in the software company. 'Multiples is focused on technology services companies operating in high-growth areas. Companies like QBurst, being nimble and agile, can disproportionately scale much faster by acquiring new customers and expanding services to existing clients," said Manish Gaur, head of enterprise tech at Multiples, in response to Mint's questionnaire on Thursday. 'The PE firm is involved at the board level and providing guidance on overall financial goals and expectations. They are also helping with reviewing the new strategy and getting the right set of external consultants and advisors to work with the new management team on the ongoing transformation," said QBurst in an emailed reply to Mint on Thursday. Also read: TCS and Infosys scramble as top clients trim budgets The PE firm, with nearly $3 billion in assets under management (AUM), is expected to focus on the enterprise tech sector, where it plans to invest nearly $2 billion over the next five years. Small is big 'The company has rich capabilities in digital product engineering value chain, enabling it to grow faster than the market without getting constrained by legacy IT services offerings," said Gaur. At least one analyst echoed a similar perspective. 'With digital technologies driving a structural shift in the industry, PE firms see this as a great opportunity to reimagine the business, operations and financial models of small and mid-sized IT services firms. It's for this reason that they are doubling down on their investments as they believe that they can drive strategic transformation and the growth trajectory of these companies, resulting in outsized value creation," said Ramkumar Ramamoorthy, partner at Catalincs, a tech growth advisory firm. EQT Partners made a similar investment in May last year. The Swedish private equity firm, with an AUM of about $313 billion, acquired California-based software firm WSO2 through its Baring Private Equity fund. The acquisition was completed in August. 'EQT's involvement has added significant momentum to our growth strategy. Their investment and partnership have helped us scale both operationally and geographically. We've been able to accelerate product development, especially in our SaaS offerings, and expand in key markets like North America, Europe, the Middle East and Africa," said WSO2 in response to Mint's questionnaire on Thursday. The IT firm added that EQT is 'not driving day-to-day decisions but is a sounding board for long-term thinking." While the company denied plans of an initial public offering (IPO) at this point, it said going public was a possible outcome. However, this was not EQT's first such venture. The private equity firm bought a majority stake in Chennai-based digital engineering firm, Indium Software, months before in December 2023. Supporting quick growth 'BPEA EQT Mid-Market Growth will support Indium in its next phase of growth, drawing on EQT's global experience in tech services with about $11 billion invested in the sector in Asia, in-house digitalization capabilities and a global network of industry experts," said EQT in a release on 22 December 2023. PE companies have also had their focus on listed companies of a similar size. Blackstone, the world's largest private equity firm, invested $359 million in November 2022 to acquire a majority stake in R Systems International Ltd. The PE giant even sought to increase its stake to 90% from 52% in May 2023 to take the company private, but could not draw enough interest from public shareholders. Also read: No more waiting: IT firms go deal-hunting amid slowdown The New Delhi-based digital engineering company reported ₹17.4 billion ($203 million) in revenue last year, up 3.4% from the previous year. Each of the IT firms mentioned above has between 1,000 and 5,000 employees. A second expert attributed the PE bet to leaner teams and AI-led efficiencies. 'PE firms prefer investments in smaller IT firms because they are asset light, teams are more agile, return on capital is decent and more than four-fifths of the revenues are recurring," said Pramod Gubbi, founder of Marcellus Investment Managers. 'There is also scope for higher efficiency gains through AI as they don't have complex, legacy structures," said Gubbi. A third expert said that high PE investments result from most of these firms focusing on software products rather than mundane back-end tech services. 'A lot of smaller IT firms are focusing on software products. There is more hype for such companies as these companies have larger revenue potential and are also asset-light and have fewer employees, which fuels more agility within teams," said an analyst in Mumbai on condition of anonymity. This is not the first time that PE firms have ventured into the sector. Blackstone invested in Mphasis Ltd in 2016 and currently has over 40% stake in the country's seventh-largest company. Tenth-largest Hexaware Technologies Ltd was acquired by Carlyle Group in 2021 from EQT for a $3 billion valuation.