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Jyoti Gupta, Research Analyst, Nirmal Bang Institutional Eq
On Defence Stocks
Most of the defence companies are trading at elevated valuations reflecting high investor expectations, despite the execution levels that we are expecting.
However, Bharat Electronics Ltd (BEL), Hindustan Aeronautics Ltd (HAL) and BEML are ones which I still feel they offer attractive risk adjusted upside, and typically, our approach has remained conservative, factoring in padding for execution or order delays.
Somil Mehta, Head of Alternate Research, Capital Market Strategy at Mirae Asset Sharekhan + Gaurang Shah, Senior Vice President at Geojit Financial Services
On Varun Beverages
Gaurang Shah: Our research team has a hold recommendation on the stock. Second advice that I would give this investor is that, since you got invested at higher levels, and you’re getting the stock for further investment, in case, if you have investable amount at a very decent price correction, add a small quantity, or maybe half the quantity at current levels, that will bring down your acquisition price. And from a long-term point of view, chances of profitable exit looks much, much brighter. But hold and average is the recommendation.
Somil Mehta: I would say in the very short term, the trend is negative, trend is downside, and I’ll be expecting this trend to continue. And ₹430-420 would be the targets in the very short term. However, once it starts going above the averages, closes about 200 daily moving average, which is way above, ₹540 would be the levels I’ll be looking out for. If it closes above ₹540 then the medium to long term outlook will be positive. But at this point of time, short term is definitely negative.
On Birla Corp
Gaurang Shah: The outlook on the stock, we have an ‘accumulation’ stance. That means if you have it, you can hold on to it. If you have investable amount on corrections, you can add on to it. If you get dips further to maybe about ₹1,200 or ₹1,225 you can accumulate as well.
Somil Mehta: These levels are very attractive. The rise which we have seen in the last three to four months from the levels of ₹900 it has been retracing now, and I’ll be expecting now to take support around ₹1,230-1,220 levels, and that will be a very good level to buy this stock. In the medium-term outlook, positive, in the short term, maybe a little sideways, maybe a little bit of more correction. But that will be a time to buy. On the upside, I will be expecting our targets of around ₹1,450 and ₹1,550 in the medium-term outlook.
Market Watch: Sudeep Shah, SBI Securities
Buy Glenmark Pharma with a stop loss of ₹1,650 and a target of ₹1,830-1,870
Buy Polycab India with a stop loss of ₹6,150 and a target of ₹6,550-6,600
On BSE
It could consolidate at current levels but steadily move up to ₹3,000-3,200 on the upside and the support zone for this move could be closer to ₹2,600 on the downside.
On IndiGo
The stock has managed to hold ₹5,200-5,250 and is now consolidating at the current levels. IndiGo could consolidate between ₹5,200-5,400 and steadily it could start inching up towards the previous highs and even surpass them. So at these levels and on dips, I feel IndiGo can be bought with a ₹5,200 stop loss positionally.
Market Watch: Anirudh Garg, Partner & Fund Manager, Invasset PMS
On sectors: “A couple of months back, our top pick was defence. It’s not just because of what is happening right now. It’s because of the global order that is changing. Every country needs to be self-sufficient now when it comes to defence because overall the structure of the world in the past one-one-and-a-half year has changed.”
On IT stocks: “I do not see any relative change happening in IT at all. So, we have zero exposure to IT; no mid, small, large, nothing.”
On autos: “We are not very bullish on autos from here. So, we do not take calls where we ignore a sector totally, but since they are such cyclical sectors, auto is also a no-no for us right now.”
Solar Industries India Ltd. on Monday, June 23, said it has won a contract worth ₹158 crore to supply defence products to the ministry of defence.
The contract is to be executed within a year, the company said.
Read more here
Nifty 50 is back below 25,000 at 24,990.60.
Infosys, HCLTech, L&T, Hero MotoCorp and M&M are the top five Nifty 50 losers.
A total of 33 of the 50 stocks are trading with losses.
Here are a couple of stock recommendations by Apurva Sheth, Head-Research, SAMCO Securities:
Buy BEL with a stop loss of ₹397 and a target of ₹450
Buy Paras Defence with a stop loss of ₹1,600 and a target of ₹1,945
The Nifty Midcap 100 index marked an 800-point recovery from the day’s low. The midcap index flipped the red to green.
The top stocks contributing to this comeback include
Polycab shares surged by 4.66%
Dixon Tech shares increased by 3.79%
BSE share also increased in value by 3.72%
#JustIN | GAIL board approves revision in completion schedule & addl cost for MNJPL project
–MNJPL project cost is anticipated to be increased by ₹411.12 cr to ₹8,255.37 cr
–MNJPL project competition date is delayed to September 30 from June 30, 2025 pic.twitter.com/SnMnlfOC0c
— CNBC-TV18 (@CNBCTV18Live) June 23, 2025
Shares of NBCC (India) Ltd. gained as much as 3% on Monday, June 23, after the company said it had won an order worth ₹296.53 crore from the Meerut Development Authority (MDA).
ACME Solar Holdings Secures ₹1,072 Cr Refinancing For 250 MW Operational Project In Rajasthan
CNBC-TV18 Exclusive | Sources To CNBC-TV18
BIOCON To CNBC-TV18
Amazon India To CNBC-TV18
Orange Health To CNBC-TV18
Market Watch: Apurva Sheth, Head-Research, SAMCO Securities
Buy BEL with a stop loss of ₹397 and a target of ₹450
Buy Paras Defence with a stop loss of ₹1,600 and a target of ₹1,945
On Zee
The stock has formed a good base around ₹90 and ₹100 levels. Compared to all the other media stocks, it was trading at extremely cheap valuations around those ₹100 levels, and from there onwards, it has started moving higher.
So our short-term to medium-term outlook on Zee would be positive and it could head for targets of ₹170 in the medium-term.
#JustIn | 5.56×45 mm CQB carbine produced by #BharatForge selected as L1 in #IndianArmy request for proposal, says #DRDO pic.twitter.com/zJorD9cuMJ
— CNBC-TV18 (@CNBCTV18Live) June 23, 2025
ideaForge shares jumped by 10% after the company bagged orders worth ₹137 crore to supply Mini Unmanned Aerial Vehicles (drones) with accessories to the Ministry of Defence.
Solar Ind In Focus: Defence arm gets 450 Nagastra-1R loitering munitions order from Indian Army
The shares of the Tata Group-owned Trent surged in the intraday trade on Monday. The company shares hit the mark of ₹6,000 mark. The current price stands at ₹6,001.00, after surge of ₹103.50 or 1.75%.
Shares of Zee Entertainment Enterprises Ltd. surged as much as 9% on Monday, June 23, after the company shared its growth plans for the current financial year in its investor presentation.
Zee Entertainment is aiming for a breakeven in its digital business Z5 or Zee5 in the current financial year. The business had reported a loss of ₹548 crore on an EBITDA.
Read More
#JustIn | #WaareeRenewable signs MoU with Viet Khanh Joint Stock Company for the execution of EPC work of solar power project of 100 MWp capacity pic.twitter.com/2C2wDOvDtN
— CNBC-TV18 (@CNBCTV18Live) June 23, 2025
Jayanta Basu, Managing Director, ITD Cementation On CNBC-TV18
Govt Sources Say | Strait Of Hormuz Has Not Been Closed As Yet, Officials Continue To Monitor The Situation Closely
Shares of Kerala Ayurveda Ltd., a company having a market capitalisation of over ₹600 crore, surged as much as 20% in a weak market on Monday, June 23, after multiple block deals took place in the stock.
Gold prices slipped on Monday (June 23) even as tensions escalated in West Asia following US airstrikes on Iranian nuclear sites. Investors sought safety in the US dollar, dampening gold’s appeal as a haven asset.
At 0341 GMT, spot gold was down 0.2% at $3,362.29 per ounce, while US gold futures dropped to $3,378 an ounce.
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