Nifty, Sensex Struggling to Head Higher: Wednesday Closing Report

Moneylife Digital Team 11 June 2025

On Wednesday, 2227 stocks advanced, 1821 declined and 132 remained unchanged on Bombay Stock Exchange with advance decline ratio of 1.22 indicating a positive closing in the broader market. The trend of the major indices on Wednesday’s trading is given in the table below.

On NSE, 76 securities advanced and closed at a new 52-week high whereas 21 securities sank to close at their new 52-week lows. In sectoral indices - Nifty IT, Nifty Pharma and Nifty Energy were among the biggest gainers. Nifty PSU Bank, Nifty FMCG and Nifty Metal were among the biggest losers.

Orient Green Power (+0.13%) subsidiary, Delta Renewable Energy, secured an EPC contract for a 7 MW AC (9.80 MW DC) solar power project in Tamil Nadu, with an estimated development cost of Rs40 crores. This strengthens its commitment to expanding India's renewable energy infrastructure.

MTNL (+3.46%) announced that due to insufficient funds, it is unable to fund the escrow account for the 9th semi-annual interest payment on Bond Series VI, due on 21 June 2025. While the bonds carry a sovereign guarantee, this non-funding signals a potential default, raising concerns over liquidity and financial stability.

The Competition Commission of India (CCI) approved Havells India's (+0.61%) acquisition of a stake in Goldi Solar, along with Goldi Sun purchase of 100% partnership interest in Vama Inverters LLP and Goldi Energy LLP.

Waaree Energies (+1.62%) subsidiary secured a 599 MW solar module export order from a leading US utility-scale solar developer, with one-time supply scheduled for 2026.

Minda Corporation (-0.22%) entered in to a 60:40 joint venture with Japan’s Toyodenso to develop advanced automotive switches for two-wheelers and passenger cars in India. As part of this collaboration, a greenfield plant will be established in Noida, with operations expected to commence in H2 FY26–27. This venture strengthens Minda’s footprint in the automotive electronics segment, leveraging Toyodenso’s expertise in switch technology.

The customs department is investigating duty evasion under the ASEAN-India FTA, scrutinizing around 2,000 copper importers for allegedly misclassifying imports to claim zero duty. Authorities now seek a 35% duty with bank guarantees, citing third-party data from Vietnam. If enforced, this could make imports more expensive, resulting in a neutral-to-positive impact for Hindustan Copper as domestic suppliers gain pricing advantage.

Allied Blenders & Distillers (ABD) (-4.57%) acquired a 100% stake in Singapore-based UTO Asia Pte. Limited in a Rs11 crore deal. Through this acquisition, ABD gains global rights to its flagship Mansion House and Savoy Club brands, excluding nine Asian countries. As a result, UTO Asia becomes a wholly-owned subsidiary of ABD, reinforcing its international presence in the liquor market.

The World Bank revised India’s growth projections, lowering its forecast for FY25-26 to 6.3% (down 40 bps from January estimates) and FY26-27 to 6.5% (down 20 bps). However, the Bank anticipates growth acceleration in FY27-28, projecting 6.7% expansion, reflecting stronger medium-term fundamentals despite near-term adjustments.