News and Impact

News and Impact 

 

·      Hawkish signal by US Fed minutes of meeting and weak PMI data announced by China, may open domestic market on a flat to negative note. Overnight , US and Europe markets declined between 0.5% to 1% after US Fed meeting minutes signaled more rate hikes are coming and disappointing economic data reignited concerns about a slowdown in growth worldwide. Asian markets traded lower by 1% and Dow Future fell by 0.2% following overnight losses in the US stocks after hawkish signals from the Federal Reserve’s latest meeting minutes. As a result, US dollar Index surged to 1-week high to above 103. Both US 2-Year and 10-Year Yield spiked to 2-week high on expectation of aggressive rate hike by US Fed to control inflation. Gift Nifty declined by 0.2% or 32 points. Yesterday, Nifty ended flat but action shifted to Nifty mid-cap and small cap counters. broader market remained strong Yesterday and Nifty 500 stocks advance decline ratio was favorable at 1.5:1. Traders buy on decline strategy in the market and technical correction may not be ruled out ahead of weekly Nifty and Bank Nifty F&O expiry today. Strong quarterly earning update by corporates and back of FIIs buying may support domestic bourses. Any decline will be good opportunity to buy on Indian equity. Expects momentum continue on Auto stocks after yesterday close on a record high. Focus on sugar stock today on account of rising global suagr price due to adverse weather conditions in Brazil and Thailand. 

 

·      US Market -   U.S. stocks ended lower on Wednesday after the minutes of the Federal Reserve's June meeting showed almost all policymakers expected additional rate hikes later this year. Both Dow Jones and Nasdaq Composite slipped 0.4% and 0.2% respectively after the minutes showed that policymakers decided against a rate increase amid concerns over economic growth.

 

·      Global market summary –China June Service PMI and Composite fell to 3-month low. Brent Crude surged to 2-week high of $77/bbl, US Vix gained 3%, US Dollar Index surged to above 103 to close at 1-week high. Both US 10-Year and 2-year bond Yield spiked to 2-week high

 

·      Asian Market –Asian shares followed Wall Street lower on Thursday after hawkish signals from the Federal Reserve’s latest meeting minutes damped investor sentiment. Japan, South Korea, Australia, Hong Kong Index declined 0.5% to 1%.

 

·      European Market –  European equities dropped as weak economic data from China weighed on sentiment while investors awaited minutes from the latest Federal Reserve policy meeting. UK, Germany and France Index declined 1% each.

 

·      Oil –  Brent Crude gained 2% to 2-week high at $77/bbl as traders assessed the impact of the latest round of supply cuts from OPEC+ and a US industry report that pointed to another drawdown in nationwide commercial inventories.

 

·      Gold – Gold held declined 0.5% to $1917/ounce as traders weighed hawkish signals from the Federal Reserve’s latest meeting minutes, expectation of fall in global demand.

 

·      Previous Day market Update –Equity benchmark ended flat with buying interest seen  in the auto, pharma, FMCG and oil marketing comings. Sentiment remain caution after data from China announced June PMI data 3-month low while investors awaited minutes of the latest Federal Reserve meeting, to be announce today. However, domestic market remain strong due to strong quarterly results update and continued FIIs buying interest despite a weakness in the global markets. There was stock specific action in the market and broader market was remain strong. Nifty 500 stocks advance decline ratio was 1.5:1. Sensex declined 33 points or 0.1% to settle at 65,446, while the Nifty rose 9 points or 0.1% to end at 19,398. With investors booking profit at near-record high levels amid concerns of a trade conflict between the US and China and lower the expected announced by China PMI data. FMCG and automobile stocks helped limit the weakness in the market as widening coverage of monsoons rains, which accounts for two-thirds of the country’s rains, improved outlook for the agriculture economy. The Nifty FMCG and Nifty Auto index climbed 1.8% and 1.6%, respectively. FIIs were Rs1603cr while DIIs were net sellers Rs439cr previous day. 

 

·      Nifty Technical Levels – Nifty formed an Inside Bar on daily frame and has been making higher lows from the last six sessions. Now it has to continue to hold above 19300 zones to extend the move towards 19450 and 19500 zones while on the downside support is intact at 19250 and 19100 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty formed an Inside Bar and a Doji on daily scale but higher lows formation is intact from the last six sessions. Some profit booking was seen in selective private banks but it managed to hold its support of 45000 zones. Now it has to continue to hold above 45000 zones for an up move towards 45500 then its recent life high of 45650 zones while on the downside support shift higher at 45000 then 44750 levels.

 

·      Actionable BUY –RCF, DLF, PNB, Balrampur Chini, BSE ltd, Bajaj Auto

 

·      Brokers Radar –Morgan Stanley TGT on Marico at 611, Macquarie TGT on Marico at 620, HSBC TGT on Zomato at 93. Nomura TGT on Maricao at 560. Bajaj Auto TGT by Jefferies at 5500, Macquarie TGT on Bajaj Auto at 4542. Nomura TGT on Bajaj Auto at 5223, JP Morgan TGT  on BPCL at 400. Jp Morgan TGT on HPCL at 330, JP Morgan TGT on IOC at 110 from 100

 

·      Events – BSE Board meeting for share buy-back, Finance Minister to Meet PSU Bank Chief today, Weekly Nifty and Bank Nifty expiry, Senco Gold IPO subscribed by 2.7 times and today final day

·      Corporate Action  - Kalpataru Projects dividend Rs7 and Aptech Bonus 2:5.

 

·      Global Data –Mortgage Application, Jobless Claims, Service PMI, Composite PMI (US). CPI (UK). Factory Order and Construction PMI (Germany)

 

·      Market Summary – Maruti Suzuki India Launches New Utility Vehicle, Indian Energy Exchange Books 8% Increase in June Electricity, Services sector PMI growth eases to three-month low in June, SAIL Posts 8% Rise in Fiscal Q1 Crude Steel and its highest-ever sales performance in fiscal, Godrej Consumer Expects Double-Digit Sales Growth in 1Q, Bajaj-Made English Triumph 400 motorcycle Launched In India, JSW Steel to replace HDFC on Sensex from July 13, Marico Sees Double-Digit 1Q Profit Growth Despite Lower Revenue, Bombay Dyeing may sell Worli land parcel at Rs 5,000 cr valuation, PEL Block deal.

 

·      Reliance – Reliance Jio Infocomm is set to sign an about $1.7 billion contract with Nokia to purchase 5G network equipment as early as Thursday, Economic Times report - Positive

 

·      JSW Steel – JSW will replace HDFC on the Sensex from July 13. HDFC Ltd. is merging with HDFC Bank on the same day. JBM Auto will replace HDFC in the BSE 500 index, while Zomato Ltd. will replace it in the BSE 100. – Expects positive for JSW Steel and JBM Auto.

 

·      Tata Power: The company received a Rs 1,744 crore order to install and maintain 18.60 lakh metres in the Raipur area from Chhattisgarh State Power Distribution Company Ltd. – positive

 

·      Wadia group firm Bombay Dyeing is in talks to sell a part of its land parcel in central Mumbai’s Worli at a valuation of Rs. 5,000 crore.  A Japanese conglomerate is leading the race to acquire the land, which has a development potential of 2 million square feet for commercial purposes – Positive

 

·      DCB Bank: The Reserve Bank of India has approved Tata Asset Management to acquire an aggregate holding of up to 7.5% of the paid-up equity capital of the bank through the schemes of Tata Mutual Fund. – positive

 

·      Ujjivan Small Finance Bank: Total deposits grew 44% year-on-year and 4% sequentially to Rs 26,655 crore in April-June. CASA rose 27% year-on-year to Rs 6,550 crore, and the CASA ratio stood at 24.6%. Advances are up 31% year-on-year and 5% quarter-on-quarter to Rs 25,346 crore in the first quarter. Disbursement momentum continues to show strength, with 22% year-on-year growth to Rs 5,280 crore.  – positive

 

·      Prestige Estate Projects: The company and its unit, Prestige Exora Business Parks, have entered into a joint venture agreement with W.S. Industries (India) to develop IT or IT-enabled services or parks on a 6.53-acre property in Chennai. W.S. Industries proposed to implement the project through its unit, WS Insulators - positive

 

·      Bajaj Electricals: CRISIL Ratings has upgraded the long-term rating of the company’s bank loan facilities of Rs 2,100 crore to CRISIL AA-/stable from CRISIL A+. – positive

 

·      Asian Paints: The company’s unit, Asian White Cement Holding, has been incorporated in the name of Asian White Inc. FZE in Fujairah Free Zone, UAE, on June 26, 2023, for the purpose of carrying out the business of manufacturing, trading, and exporting white cement.

 

·      Solara Active Pharma: The company has agreed to raise funds through the issue of equity shares of a face value of Rs 10 not exceeding Rs 450 crore by way of rights issue to eligible equity shareholders of the company. - positive

 

·      Tata Motors: ICRA has upgraded its long-term credit rating to ICRA AA/Stable from ICRA AA-/Positive.- positive

 

·      Services sector PMI growth eases to three-month low in June: Services sector growth eased to a three-month low in June but service providers continued to signal positive demand trends, which resulted in a stronger increase in new business volumes and further job creation. S&P Global India Services PMI  Business Activity Index fell from 61.2 in May to 58.5 in June.

 

·      ITC on Report of Hotel Business Spinoff -  CNBC-TV18 reports that ITC process to spin off its hotel business is underway, and that alternative structures for the unit are also being explored.  A separate listing is one of the options being considered, the report says – Positive

 

·      Maruti – Company introduced the Invicto MPV as their latest flagship model. With an introductory ex-showroom price ranging from ₹24.79 lakh to ₹28.42 lakh, the Invicto becomes the most costly vehicle in Maruti's lineup. Essentially, the Invicto is a rebranded version of the Toyota Innova Hycross. – Positive

 

·      Venus Remedies -  Company said it has received marketing approval from Oman, Malaysia, Bosnia and Trinidad and Tobago for key chemotherapy drugs. – positive

 

·      L&T – Company secured an EPC order in Mumbai for an Office Space Development using Composite Steel Construction Technology order between Rs1000cr – Rs2500cr – positive

 

·      Indian Energy – Company achieved 8946 MU overall volume in June 2023, including green market trade of 272 MU, 5.33 lac RECs and 2.44 lac ESCerts (equivalent to 244 MU). The overall volume during the month was higher 8% on YoY basis. IEX achieved 25,125 MU volume across all segments during Q1 FY '24, growing 8% over Q1 FY'23. – positive

 

·      Persistent Systems – Company  inaugurated a state-of-the-art 5G Lab to provide a testing and development environment for network functions and product development activities for operators and network equipment vendors, as well as for Communications, Media, and IoT independent software vendors (ISVs). – positive

 

·      Bajaj Auto - English motorcycle manufacturer Triumph, in collaboration with Bajaj Auto, has officially launched the highly anticipated Speed 400 and Scrambler 400X motorcycles in India. Triumph Speed 400 price has been set of Rs2.33 lakh lakh(ex-showroom) and the prices for Scrambler 400X will be announced in October. - positive

 

·      KPI Green Energy – Company received Commissioning Certificates from Gujarat Energy Development Agency ('GEDA') for 9.40MW wind-solar hybrid power project and received order 7.70MW solar power project – positive

 

·      Neogen Chemicals – Company having entered the electrolyte market, is eyeing Rs 1000–1200 crore in revenue from the battery chemical segment, according to its Managing Director Harin Kanani. The company has been the biggest user of lithium carbonate in India and is a manufacturer of specialty lithium-based derivatives.- Media Report – Expects positive

 

·      G R Infraprojects In Concession Pact With NHAI For Construction Of Six-Lane Highway The bid project cost for the construction of Varanasi-Ranchi-Kolkata highway stands at Rs 1,248.37 crore. Project allocated on hybrid annuity model has a completion period of nearly two years. – positive

 

·      SAIL Posts 8% Rise in Fiscal Q1 Crude Steel and its highest-ever sales performance in fiscal – Company posted a 8% YoY growth in its crude steel production at 4.7mt in the fiscal first quarter ended June 30.  The company attained its highest-ever sales performance in fiscal by achieving a sales volume of 3.9 million tons, a 24% rise over the corresponding quarter a year ago. – positive

 

·      Sonata Software – Company announces that it has achieved the Amazon Web Services (AWS) Service Delivery designations for two key AWS services: Amazon Elastic Kubernetes Service (Amazon EKS) and Amazon DynamoDB. – Positive

 

·      PPAP Automotive – Company has been awarded with Machinist Super Shopfloor Award in the category of Excellence in manufacturing. The Machinist Super Shopfloor Awards are organised by Worldwide Media (WWM), a fully owned subsidiary of The Times of India Group (BCCL). PPAP was honoured out of 400 participants in different categories. – Positive sentiment

 

·      Tinna Rubber  - Company has recently entered into an Agreement for Purchase of Land to establish a new manufacturing unit at Palghar, Maharashtra.  This state-of-the-art Greenfield plant, will have the capacity to process 60,000 tons of Old Used Tyres, Annually. This expansion is being done in addition to the current capacity of 90,000 tons of old used tyre recycling which is spread across India & it is being operated from four location  - positive

 

·      Gensol Engineering – Company has in the first quarter of fiscal 2023-24 ended June 30, 2023 received orders from reputed clients for the supply of trackers and the development of solar power projects worth Rs 277cr  - positive

 

·      L&T – Company wins factory and business construction order between Rs1000cr – Rs2500cr – positive

 

·      HDFC bank – Company has acquired 84.44 lakh shares of Hindustan Oil Exploration, thus buying a 6.39% stake in the company. – positive

 

·      Shri Bajrang Alliance – Company has successfully repaid all of its outstanding term loans. The company has successfully paid off all outstanding term loans through diligent efforts and strategic financial management. – positive

 

·      Poonawalla Fincorp - Business Updates for Q1 FY2023-24 - Assets Under Management (AUM): AUM grew by 41% YoY and 10% QoQ to approximately Rs17,770 crore as on 30 June 2023. Asset quality: GNPA and NNPA are expected to improve further. As guided, we would strive to maintain the NNPA below 1% in line with its Management Vision 2025. Liquidity: Disbursements: Total disbursements during Q1FY24 were highest ever at approximately ₹ 7,050 crores, up 143% YoY and 11% QoQ . The Company continues to have ample liquidity of approximately ₹ 4000 crore as on 30 June 2023. – positive

 

·      HDFC Bank Q1 Business Update - Advances aggregated to approximately ₹ 16,155 billion as of June 30, 2023, a growth of around 15.8% over ₹ 13,951 billion as of June 30, 2022 and a growth of around 0.9% over ₹ 16,006 billion as of March 31, 2023. Gross of transfers through inter-bank participation certificates and bills rediscounted, the Bank's advances grew by around 20.2% over June 30, 2022 and around 1.9% over March 31, 2023. As per the Bank's internal business classification, domestic retail loans grew by around 20.0% over June 30, 2022 and around 4.0% over March 31, 2023 – Positive

 

·      Paytm Q1 Business Update - Continued growth in payments and loan distribution business: Leadership in offline payments strengthens with 79 lakh devices deployed; disbursements of ₹5,227 Cr ($637 million) in the month of June 2023 through Paytm platform. - Continued expansion of consumer base with average monthly transacting users (MTU) at 9.2 Cr for quarter (average for three months ended June 2023), up 23% YoY – positive

 

·      Yes Bank Q1 Business Update - Bank's deposits grew 13.5% YoY from Rs. 193,241 crores as of June 30, 2022 to Rs. 219,369 crores as of June 30, 2023. CASA reported YoY growth of 8.4% from Rs. 59,544 crores as of June 30, 2022 to Rs. 64,528 crores as of June 30, 2023. – Avoid due to poor balance sheet.

 

·      Godrej Consumer Expects Double-Digit Sales Growth in 1Q - Godrej Consumer expects high-single digit volume growth and double-digit sales growth organically in Q1 quarter. “Our quality of profits has seen sustained improvement, led by robust gross margin expansion and ongoing category development investments. This should translate to strong EBITDA growth,” the company said.  India business had double-digit volume growth, sales growth was slightly higher than mid-single digit.  Company expects exceptional stamp duty expense on Park Avenue and KamaSutra brand acquisition.

 

·      Marico Q1 Business Update - Marico Ltd.’s profit in the April-June quarter is expected to grow by double digit led by an expansion in operating margin, even as revenue in the quarter declined in ‘low-single digits’ from a year earlier.  Pricing interventions in key domestic portfolios last year and further pricing drops in Saffola edible oils, amounting to pricing decline of ~30% y/y, hurt revenue.  Demand trends in the sector remained stable during the quarter, the consumer good maker said.  Domestic volumes grew in low-single digits, with a minor volume drop in Parachute coconut oil, low double-digit volume growth in Saffola edible oils and flattish quarter for value – Long term positive.

 

·      IDFC First Bank Q1 Business Update – Q1 CASA deposit increased 26.7% (YoY), advance grew 44.4% (YoY) , loan and advance as of June up 24.5% (YoY)

 

·      Adani Wilmar: The company has estimated volume growth of 25% in the June quarter over the previous year, driven by strong demand in both food and edible oil categories. The sales value has declined, reflecting the sharp drop in edible oil prices. The Food & FMCG segment recorded volume growth of 20% and revenue growth of 30% to cross Rs 1,000 crore for the quarter on a standalone basis. The edible oil prices. The Food & FMCG segment recorded volume growth of 20% and revenue growth of 30% to cross Rs 1,000 crore for the quarter on a standalone basis. The edible oil business grew 25% in volume terms and fell 15% in terms of value growth.

 

 

News and Impact

News and Impact 

 

 

·      Upbeat quarterly earnings update by corporates, persistent FIIs inflow and impressive domestic economy data may open domestic market on a positive note.  Among the global markets, Asian markets edged lower on Wednesday in subdued trading following a holiday for US markets, while investors look ahead to the release of private surveys on services in China and Japan. US nonfarm payrolls data will be announce on Friday, which may offer fresh hints on the Federal Reserve’s monetary-policy path. On the domestic front, the Indian market scaled record high for the fourth consecutive session on Tuesday led by robust foreign capital inflow amid optimism over the country’s bright macroeconomic outlook. Gift Nifty is flat to positive. Traders buy on dips strategy in the market and focus on mid- and small cap counters. Brent crude spiked to 2-week high at above $76/bbl is a concern. Expects rally on PSU Banks to continue on account of improve asset quality and hope of good quarterly results. Beaten down IT stocks are looking attractive on account of favourable risk reward ratio. Nifty has been making higher highs - higher lows from last five trading sessions and has recently rallied by around 800 points in last five trading sessions. Nifty has to continue to hold above 19300 zones to extend the move towards 19450 and 19500 zones.

 

·      US Market   U.S. markets closed yesterday for the Independence Day holiday.

 

·      Global market summary – Central bank of Australia kept interest rates unchanged. Brent crude 2-week high

 

·      Asian Market – Asian equities opened lower today in subdued trading following a holiday for US markets. Stocks marginally fell in Japan, South Korea, Hong Kong and Australia, along with futures for the S&P 500 and Nasdaq 100.

 

·      European Market – European stocks edged marginally lower in thin trading as investors looked ahead to the monthly report on US employment for clues how high interest rates will rise this year. UK, France and Germany Index slipped 0.2% each.

 

·      Oil –  Oil rising more than 2% to  2-week high at $76/bbl on Saudi Arabian and Russian output cuts, with traders waiting for commentary from Saudi Energy Minister Prince Abdulaziz bin Salman.

 

·      Gold – Gold held steady at $1925/ounce in subdued trading as traders look ahead to Friday’s US nonfarm payrolls report, which may offer fresh hints on the Federal Reserve’s monetary-policy

·      path.

 

·      Previous Day market Update –Equity benchmark index rose for the fifth consecutive session, extending their winning run to close at new record highs amid optimism over faster economic growth and foreign buying. Indices gained for a fifth straight day, the longest gaining streak in two months.  There was renewed buying in Hero Motocorp, Bajaj Twins, Tech Mahindra, TCS and Infosys lifted Nifty nearly half percent. Upbeat quarterly earnings update by corporates, persistent FIIs inflow and impressive domestic economy data have positive impact in the markets. Moreover, expectation of US Fed to soften stance on hike in interest rate after fall in inflation while US market is shut today on account of National Holiday. Today, Central Bank of Australia kept interest rates unchanged.  Sensex jumped 274 points or 0.40 per cent to settle at its all-time closing high of 65,479. During the day, the benchmark  surged 468 points or 0.70 per cent to hit its lifetime intra-day peak of 65,673.  Nifty climbed 66 points or 0.34 per cent to end at a fresh record high of 19,389. During the day, it advanced  112 points or 0.60 per cent to hit its all-time intra-day peak  of 19,434. Both PSU Bank and IT stocks were major gainers today. Nifty 500 stocks advance decline ratio was 1.4:1. FIIs were Rs1996cr while DIIs were net sellers Rs338cr previous day. 

 

·      Nifty Technical Levels – Nifty respected support of 19300 zones to finally give the highest ever closing with gains of around 70 points. It has been making higher highs - higher lows from last five trading sessions and has recently rallied by around 800 points in last five trading sessions. Now it has to continue to hold above 19300 zones to extend the move towards 19450 and 19500 zones while on the downside support shifts higher at 19250 and 19100 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty formed a High Wave Doji on daily scale with long upper and lower shadow as it remained volatile in a wider range of 400 points but higher highs - higher lows formation is intact from the past five sessions. Now it has to continue to hold above 45000 zones for an up move towards 45500 then its recent life high of 45650 zones while on the downside support shift higher at 45000 then 44750 levels.

 

·      Indian oil - Company to consider right issue and fund raising plan on July 7th Board meeting – positive

 

·      Actionable BUY –Poonawala, FACT, Bank of Baroda, Lodha, BHEL

 

·      Brokers Radar – Morgan Stanley TGT on Samvardhana Motherson at80, Jefferies TGT on Hero Motocorp at 3500, Axis Bank TGT by Jefferies at 1200. Bandhan Bank TGT by Nomura at 325, Citi TGT on Samvardhana Motherson at 65, CLSA TGT on Samvardhana Motherson at 102,  nom,  Macquaire TGT on LTIMindtree at 7300. Jefferies TGT on Bandhan Bank at 340. Atul Auto TGT by Philips Securities at 5600, Navin Fluorine TGT by CITI at 5600, Aster DM TGT by HSBC at 330

 

·      Events – Service PMI and Composite PMI. Maruti and Bajaj Auto to launch new variant car, Hatsun Agro board meeting for non-core asset sale. Senco Gold IPO fist day subscribed 69%.

·      Corporate Action  - Sadhana Nitrochem – Bnous 2:9. Bhansali Engineering- Bonus 1:2.

 

·      Global Data – Car Registration, Composite PMI and Constriction PMI (UK). Service PMI and Composite PMI (Germany). Industrial Production (France). Manufacturing Productio, Composite PMI, Service PMI (France). Composite PMI and Service PMI (China)

 

·      Market Summary – Macrotech Developers Limited achieves best ever Q1 pre-sales performance , Samvardhana Motherson to buy 81% in Honda Motor Unit,  SBI to Buy SBICAP Ventures From Unit for $86.3M in Cash , Piramal Capital sells bad loans to Omkara ARC. GIC, Genus Power Infra tie up to invest $2 bn in smart meter venture, LTIMindtree to Replace HDFC in Nifty 50 From July 13, NSE Says, Biocon in talks to acquire 37% stake in Stelis Biopharma for Rs 800 crore.

 

·      Dabur: Fast-moving consumer goods company Dabur India added five new brands with sales greater than ₹100 crore in FY23, the company said in its fiscal 2023 annual report released to the exchanges on Tuesday. – positive

 

·      Mahindra & Mahindra: Mahindra & Mahindra reported a 21 per cent increase in domestic passenger vehicle sales at 32,588 units in June 2023, as compared to June last year. The company sold 26,880 units of passenger vehicles in June 2022 - positive

 

·      Strides Pharma - -- Biocon Ltd is in talks with Strides Pharma Science to acquire its 37 per cent stake in its biopharmaceutical division, Stelis Biopharma, in a deal estimated at Rs 800 crore, investment banking sources said on Tuesday. – Strides gained 8% yesterday.

 

·      SAIL: Steel Authority of India (SAIL) reported an eight per cent year-on-year growth in its crude steel production at 4.667 million tonnes (MT) during the first quarter of fiscal 2023-24. - positive

 

·      Genus Power - GIC, Singapore, has launched a new platform in India to fund smart metering projects in the country. The leading global investment firm has joined hands with Genus Power, to set up the platform. GIC will hold a 74 per cent stake; the balance will be Genus.   The partners have committed to an initial pipeline with a capital outlay of $2 billion, and Genus would be the exclusive supplier to the platform for smart meters and associated services – positive.

 

·      LTIMindtree and LIC Hosuing- LTIMindtree to replace HDFC in Nifty 50 from July 13, NSE Says. The housing finance company will also be replaced from the Nifty Financial Services index from July 13, following its merger with HDFC Bank, by LIC Housing Finance, the stock exchange said in a statement. -  positive for LTI Mindtree and LIC Housing.

 

·      BHEL - BHEL has extended its Gas Turbines technology agreement with General Electric Technology GmbH Switzerland. BHEL in partnership with GE is the market leader for Gas Turbines in India. - POSITIVE

 

·      Macrotech Developers Limited achieves best ever Q1 pre-sales performance -Business performance for the period ended Q1 FY2023-24. Pre-Sales: Lodha achieved its best ever Q1 pre-sales performance of INR 33.5 bn showing a growth of ~17% on a YoY basis, in line with our guidance of 20% full-year sales growth. Collections: Collections were INR 24.0 bn for 1QFY24. We added 5 new projects having ~7.1 million sq. ft. of saleable area with GDV of INR ~120 bn across different micro-markets. Net debt: Our net debt stands at INR 72.6 bn, increasing marginally primarily on account of front loaded business development investment – Positive

 

·      RBL Business Update – Total deposits of the bank was at Rs. 85,638 crores as of June 30, 2023 as against Rs. 79,216 crores as of June 30, 2022, a growth of 8% YoY. Gross Advances was at Rs. 74,792 crores as of June 30, 2023 as compared to Rs. 62,110 crores as of June 30, 2022, a growth of 20% YoY. Retail advances grew 32% YoY while wholesale advances grew 8% YoY - for the quarter ended June 30, 2023. – Positive

 

·      Piramal Capital sells bad loans to Omkara ARC - Piramal Capital & Housing Finance has sold a loan outstanding pool of Rs3,656 crore bad loans to Omkara ARC for Rs625 crore – ET Report. The sale, finalised last week, marks a recovery of 17% for Piramal. The pool consists of accounts acquired along with Dewan Housing Finance Limited (DHFL) and Piramal's own loan book.

 

·      Samvardhana Motherson - Company will buy an 81% stake in the four-wheeler business of Honda Motor Co. unit Yachiyo Industry at a valuation of Rs2290crbn yen or $159mn. Honda, which currently holds 50.4% equity in Yachiyo, will buy the entire stake in the publicly-traded company via a tender offer, and transfer the two-wheeler business of Yachiyo to itself.

 

·      Aurobindo Pharma  has announced that the breast cancer biosimilar product, BP02 developed by its wholly owned subsidiary company, Curateq Biologics Pvt, has met its primary endpoint in Phase 3 clinical trial – Positive development

 

·      G R Infraprojects  - Company agreement with the East Coast Railway for execution of the project "Construction of Tunnel work between Km. 153.0 to 180.0 (Adenigarh - Purunakatak) consisting of Tunnel With estimated project cost is Rs. 587.59 crores. - positive

 

·      BHEL - Mr. Krishna Kumar Thakur, 49, has assumed charge as Director (Human Resources) of the Public Sector engineering and manufacturing enterprise.- Positive

 

·      NBCC - Company inked an MOU with Currency Note Press (CNP) under Security Printing and Minting Corporation of India for Planning, Designing and Execution of Upcoming works such as State of Art Museum, Infrastructure development works at Currency Note Press (CNP) Nasik. - positive

 

·      SAIL – Company signed a contract with mjunction services limited to roll out its e-procurement platform, mjPRO, across all the five ISPs for their project buys. – long term positive

 

·      HPL Electric & Power – Company announces the successful acquisition of INR 903 crores (inclusive of Tax) smart meter orders. These orders further bolsters HPL's total pending pipeline order book, now totaling INR 2250+ crores as of the date of this release.

 

·      Lupin – Company announced that it has received tentative approval from the U.S. FDA for Dollutegravir tablet. Dolutegravir Tablets for Oral Suspension had estimated annual sales of USD 1 million in the U.S. (IQVIA MAT March 2023).  – Positive

 

·      SBI – Company will acquire SBICAP Ventures (SVL) from unit SBI Capital Markets at an estimated Rs708cr in cash. SVL's asset under management (AUM) stood at Rs33,054 crore in FY23, compared to Rs26,811 crore in FY22. Last week, on June 28, SBI proposed for acquisition of a 20% stake in SBI Pension Funds (SBIPFPL), currently held by SBICAPS. – positive

 

·      TCS – Company is set to initiate the Q1FY24 earnings season by disclosing its financial results on July 12. As per brokerage firm Jefferies, the Tata Group's subsidiary might unveil a share buyback program along with its earnings announcement.- Bloomberg Report.

 

·      Bandhan Bank – Company’s CFO Samdani resigns effective Sept 30 - Avoid

 

·      Zydus Life – Company has received final approval from the U.S. FDA for Oxcarbazepine tablets Oxcarbazepine tablets are used alone or with other medications to treat epilepsy – positive

 

·      Tanla Platforms – Company acquired ValueFirst Digital Media Pvt Ltd from U.S.-based communications technology company Twilio for Rs20cr. It had earlier announced that it had entered into a definitive agreement with Twilio to acquire 100% equity of ValueFirst Digital Media for $42 million or approximately Rs 344.19 crore. – positive

 

·      Adani Green Energy: The board will consider approving fundraising via issue of equity shares or any other mode including private placement, QIP and preferential issues on July 6.

 

·      Reliance Industries: Reliance Jio launched an internet-enabled phone at Rs 999. The beta trial for the first 1 million Jio Bharat phones will begin on July 7. It includes unlimited voice calls and 14 GB of data for Rs 123 per month. – positive

 

·      Precision Camshafts – Company has announced that the 15 MWp Captive Solar Power Plant installed at Mangalwedha, Solapur is now in operations. The said Solar Power Plant will reduce the cost of electricity required for the production and it will also help Company in generation of Green Energy and reducing the Carbon Footprint – positive

 

·      NBC – Company said the external affairs ministry has sanctioned Rs 261.71 crore for redevelopment of a housing complex in central Delhi. – positive

 

·      Suzlon – Company to consider capital rising on July 7 board meeting – Avoid due to poor balance sheet. 

 

·      Torrent Power: The company is implementing the Green Hydrogen Pilot Project to blend CGD. The Gorakhpur-based project will be completed in eight months. It will mix 2.5% into the CGD network. Aims to become an end-to-end green hydrogen solutions provider to commercial and industrial consumers. - Positive

 

·      Vedanta: Total aluminium production in Q1 of fiscal 2024 rose 2% year-on-year to 579 kilo tonne. Mined metal output gained 2% from last year to its highest-ever level of 257 kilo tonne. – we are positive on Hindalco, Nalco

 

·      Sula Vineyards: The company appointed Karan Vasani as its chief operating officer. The appointment was followed by the resignation of the present COO, Chaitanya Rathi – positive .

 

·      IOL Chemical - Credit Analysis & Research Ltd has reaffirmed IOL Chemicals and Pharmaceuticals Ltd long-term Rating to ' A+' with a stable outlook – positive

 

·      Au Small Finance Q1 Business Update - Total deposits of bank stood at Rs. 69,315 crores as of June 30, 2023 compared to Rs. 54,631 crores as of June 30, 2022, registering a growth of 27% YoY. Gross Advances was at Rs. 63,635 crores as of June 30, 2023 as against Rs. 49,349 crores as of June 30, 2022, a growth of 29% YoY. Average cost of funds (COF) for Q1'FY24 was 6.58%, an increase of 29 basis point (bps) over COF of Q4'FY23 at 6.29%. Management Commentary - Q1'FY24 saw gradual improvement in inflationary pressures amidst resilient macro-economic indicators. – positive

 

 

News and Impact

News and Impact 

 

 

      In a path-breaking move in the field of global trading in India, the popular SGX Nifty will be re-branded as GIFT NIFTY from today - July 3 and all the derivative contracts worth $7.5 billion, earlier traded in Singapore, will shift to India. SGX Nifty, the Singapore Exchange-traded futures on India’s key equity NSE Nifty 50 Index, will be known as GIFT Nifty as of Today and began trading at 6:30 a.m. local time today. All outstanding orders will be transferred to the GIFT City, a new financial hub in the western Indian state of Gujarat. Gift Nifty is up 86 points or half percent to above 19300 mark.

 

·      Expects market to open on a positive note on account of rally in the across the global market after the data showed that the US inflation cooled in May, its lowest reading in two years, potentially reducing pressure on the US Fed to deliver aggressive hike in interest rate. In the domestic front, strong buying interest both FIIs (Rs6400cr) and DIIs ( Rs1200cr) on Friday to tune nearly $1bn will be positive for the market sentiment. Moreover, GST collections grew by 12% in June to above Rs1.6 lakh cr as the fourth time, fall in May domestic fiscal deficit, better than expected manufacturing data, encouraging progress of monsoons across India, healthy corporates healthy balance and robust banks credit growth cycle will be positive for the market sentiment. US stocks climbed up over 1% on Friday as data showed measures of US inflation cooled in May, potentially reducing pressure on the Fed to deliver more than one more rate hike by the end of 2023. US personal-consumption expenditures price index, rises 3.8% from a year earlier in May, its lowest reading in two years and fall in France inflation. Asian markets climbed up over 1%. This week US, Europe, China and India’s manufacturing & services PMI data along with FOMC Minutes of meeting will be in focus.  Tech stocks will be in focus on hope of good quarterly results while Q1 results will commence from next month. Auto stocks will be in focus after announced impressive May sales dat. Expects momentum to continue on Banks, FMCG and mid-cap stocks.

 

·      US Market   –  U.S. stocks were headed toward their highest levels in more than 14 months as the latest inflation report showed price pressures ebbing to the weakest level in two years, fueling hopes that the Federal Reserve might be able to back off its inflation battle more quickly than Chair Jerome Powell has suggested. Both Dow Jones and Nasdaq Composite soared 1% each after the personal-consumption expenditures price index, rises 3.8% from a year earlier in May, its lowest reading in two years.

 

·      Global market summary – US market ended at 14-month high, US inflation fell to 2-year low. France Inflation decline to 1-year low. Nasdaq Composite gained 32% in the first six months, largest gained since 39 years.

 

·      Asian Market –Asian shares rose on Monday as positive momentum from gains on Wall Street and signs of moderating US inflation extended this year’s rally in global stocks. Japan, South Korea, Australia and Taiwan Index surged 1% each. 

 

·      European Market – European stocks rose Friday and finished the first half of the year on a high note. UK, Germany and France Index gained 1% each after inflation in France slowed to the lowest level in more than a year in June and fall in US Inflation.

 

·      Oil –  Brent Crude gained 2% to above $75/bbl on account of fall in US inventory and hope of improve global demand.

 

·      Gold – Gold declined marginally at $1919/ounce after US data showed inflation cooling in line with expectations and fall in Dollar Index.

 

·      Previous Day market Update –  Equities market Index continued  their rally for the third session straight and touched record highs again on Friday, led by gains in Infosys, TCS, L&T,  HDFC twins, Reliance amid robust US jobs data and strong domestic micro. Benchmark indices the Sensex and the Nifty rising over 1% each on across-the-board buying. The Nifty Midcap index also hit its record high of 357882 and Bank Nifty spiked to new all-time high of44787 in today's session. Fall in fiscal deficit, Moderating inflation, and expected interest rate cuts cycle are factors that support the growth outlook. Corporates have a healthy balance sheet due to deleveraging, banks are reporting robust credit growth, commentaries by management are reflecting strong domestic demand, and hope of healthy earning in the next quarter are driving the domestic equities to new heights.. Auto, IT, PSU Banks and capital goods stocks were major gainers today. Sensex closed 803 points, or 1.30 per cent, higher at 64,719 while the Nifty closed the day at 19,189., up 217 points, or 1.10 per cent. Both FIIs and DIIs were Rs6397cr and Rs1198cr respectively

 

·      Nifty Technical Levels – Nifty formed a strong Bullish candle on daily and weekly scale and gave the highest ever close. It has been forming higher highs on weekly scale from last fourteen weeks and supports are gradually shifting higher. Now it has to continue to hold above 19100 zones to extend the move towards 19300 and 19500 zones while on the downside support exists at 19000 and 18888 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty formed a strong bullish candle on daily scale and higher highs - higher lows formation is intact from past three sessions. It formed a strong bullish candle on weekly scale as well and gave highest weekly close ever. Now it has to hold above 44500 zones for an up move towards 45000 then new high of 45250 zones while on the downside support is seen at 44444 then 44250 levels.

 

·      Actionable BUY – SBI, Coromandel International, Bank of Baroda, JK Tyre,  AB Capital, BEL. HDFC Bank.

 

·      Brokers Radar – Divi’s Lab TGT by HSBC at 2890, Max Healthcare TGT by HSBC at 575. Apollo Tyres TGT by Morgan Stanley at 425.  HDFC Bank TGT by Macquarie at 2110, Max Healthcare TGT on Cipla at 1170, HCL Tech TGT by Citi at 1135, HCBC TGT on HCL Tech at 1330. Morgan Stanley TGT on HDFC Bank at 2110. Goldman Sachs TGT on UltraTech Cement at 8720.

 

·      Events – GIFT Nifty to starts trading today, replacement of SGX Nifty, Manufacturing PMI,

 

·      Corporate Action  - Jyothy Labs – AGM and dividend Rs3, Sundaram Finance – AGM, dividend Rs1.50 and Special dividend Re1, Bajaj Amines  - AGM and dividend Rs10 a share, Geojit Financial dividend Rs1.50.

 

·      Global Data –Monday – Manufacturing PMI, Construction Spending and New Orders (US). Manufacturing PMI (UK). Manufacturing PMI (Germany). Manufacturing PMI (France). Manufacturing PMI (China)

 

·      Market Summary – GIFT Nifty to starts trading today, replacement of SGX Nifty, HDFC Bank fixes July 13, 2023 as record date for merger with HDFC, Reliance and BP kick-start gas production from Indian deep-water gas field, ABB wins order, JK Tyre completion of first phase of capacity expansion, Paytm has announced its partnership with Shriram Finance for loan distribution. Aditya Birla Capital raises Rs 3,000 cr from promoters, investors, Vedanta kicks off steel business review for likely stake sale, Hero Moto Motocorp hike price. GST Collections Rise 12% To Reach Rs 1.61 Lakh Crore In June.

 

·      Gift Nifty - In a path-breaking move in the field of global trading in India, the popular SGX Nifty will be re-branded as GIFT NIFTY from July 3 and all the derivative contracts worth $7.5 billion, earlier traded in Singapore, will shift to India

 

·      Auto sales – Maruti June sales at 159418 unit (up 5.8% YoY) – Positive, Escorts Kubota- Company sold 9,850 tractors as against 10,051 tractors sold in June 2022 – down 2% (YoY). Hero Motocorp sold 436,993 units in June 2023. – Tata Motors June sales at 47235 (up 5% YoY)

 

·      GST collections grew by 12% in June, coming in at Rs 1,61,497 crore. This is also the fourth time the gross GST collection has crossed the Rs 1.60 lakh crore-mark. – Positive for economy, to reduce fiscal deficit.

 

·      Eight Infrastructure Growth - The pace of growth of eight key infrastructure sectors slackened to 4.3% in May on account of a decline in the production of crude oil, natural gas and electricity – Positive for economy.

 

·      Fiscal deficit for the first two months of this fiscal year through May stood at Rs2.10 lakh crore rupees, or 11.8% of annual estimates. The fiscal deficit narrowed from 12.3% reported in the comparable year-earlier period.- expects positive for the market sentiment

 

·      Shriram Finance - Company plans to raise at least $150 million through a social loan for which HSBC is the sole mandated lead arranger. - positive

 

·      IIFL Finance – Company has raised $175 million in three-year external commercial borrowing (ECB) from lenders, including HSBC and overseas branches of Bank of Baroda (Gift City) and Union Bank of India (Sydney branch).- positive

 

·      Granules India – Company has completed the U.S. Food and Drug Administration's (US FDA) Pre-Approval Inspection (PAI) and GMP audit for their Unit IV facility located at Visakhapatnam, Andhra Pradesh, India with zero 483 observations.- positive

 

·      AXISCADES Technologies announced the appointment of Dr. S. Christopher, as Non-Executive Non-Independent Director effective from June 30, 2023. – positive

 

·      Lemon Tree Hotels - Company opens its second hotel in Himachal Pradesh with Lemon Tree Hotel, Manali – positive

 

·      NMDC Records Best Ever June Month and Q1 Performance – Company produced 3.48 MnT and sold 4.1 MnT of iron ore in the third month of FY24, recording the highest ever June month and Q1 production and sales in company history. Registering an upswing of 35% in production over MoM. – positive

 

·      AB Capital – Company has raised Rs 3,000 crore through QIP at Rs175 and others. The Company raised Rs 1,750 crore through a QIP - Blackrock, Capital Group, Norges Bank, Royal Bank of Canada, M&G Investments, Abu Dhabi Investment Authority (ADIA) and others – Positive.

 

·      Vedanta – Company has initiated a strategic review of its steel and steel raw materials businesses and may sell a part or all of these businesses. The natural resources conglomerate is looking to sell Electrosteel Steels a little over five years after it acquired the company through the insolvency process in 2018. – Positive to repay debt from stake sale proceed

 

·      GHCL - Shareholders voted against the reappointment of Sanjay Dalmia as director of the company, causing the resolution to fail. Investor advisory firm Institutional Investor Advisory Services, or IiAS, recommended voting against the reappointment of Dalmia as Non-Executive Non-Independent Director. - Avoid

 

·      Monsoon Update - After deficient rainfall in June, India is likely to see 'normal' rainfall in July, according to the India Meteorological Department. The monthly rainfall over the country during July is most likely to be normal at 94% to 106% of the long-period Average and most probably within the positive side of normal, IMD said – positive for the market.

 

·      Reliance Industries - Reliance Industries and UK supermajor BP have kick-started gas production from the MJ deep-water gas field in the Krishna Godavari basin offshore India’s east coast – Positive

 

·      HDFC and HDFC Bank Merger - Thursday, July 13, 2023, for determining the shareholders of HDFC Limited who shall be issued and allotted the shares of HDFC Bank; Thursday, July 13, 2023, for continuation of warrants of HDFC Limited in the name of HDFC Bank;  Wednesday, July 12, 2023 for transfer of non-convertible debentures of HDFC Limited in the name of HDFC Bank; and Friday, July 7, 2023 for transfer of commercial papers of HDFC Limited in the name of HDFC Bank – we positive on HDFC and HDFC Bank.

 

·      Siemens Limited – Company completed the acquisition of Electric Vehicle division of Mass-Tech Controls Pvt in accordance with the definitive agreements entered between the parties for a consideration of Rs38cr – positive

 

·      GTPL Hathway Ltd – Company to acquire 4,37,676 equity shares of Rs. 10/- each of Metro Cast Network India Pvt at the rate of Rs. 571.1982/- per share for cash consideration aggregating to ~Rs25cr – positive

 

·      APL Apollo Tubes - Record Q1FY24 Sales Volume - Leading branded structural steel tube company, its sales volume performance for the quarter ending June 30, 2023. The Company registered a sales volume of 661,501 Ton in Q1FY24 (up 49% YoY). – Positive

 

·      V.S.T Tillers Tractors - Company has announced June sales at 4638 units (up 6.4% YoY) – Positive

 

·      SML ISUZU – Company sold  1279 units vehicle in June 2023, down 3% (YoY)  – Long term positive

 

·      Atul Auto – Company sold 1267 vehicle in June, down 30% (YoY)

 

·      HG Infra Engineering – Company has received completion certificate for project in the state of Maharashtra for Procurement and Construction (EPC) basis contract.- positive

 

·      NCC – Company has received new orders Rs. 2055 Crorein the month of June'2023. Out of these orders two orders valuing Rs. 1335 crores relating to Building Division, one order valuing Rs. 720 crores relating to Electrical Division. – positive

 

·      Mazagon Dock Shipbuilders – Company signed a Contract with Indian Navy for Medium Refit cum Life Certification (MRLC) worth Rs2764.63cr of second Shishumar class submarine INS SHANKUSH on 30 Jun 2023. - positive

 

·      Asian Energy Services – Company announces  Rs85 Cr Preferential Issue of warrants. Fund will be utilized to accelerate overall business in the coming years and will take care of Company equity capital needs for the foreseeable future. – positive

 

·      MOIL Ltd revises prices of Manganese Ore from July 1, 2023 - Ferro grades of manganese ore with Manganese content decreased by 5% and all other Ferro grades of manganese ore with Manganese content below Mn-44% byb 2.5% - Price cut due to fall in global price – Avoid

 

·      AU Small Finance Bank - During the quarter ending June 2023, the Company has raised total funds of ₹2,958.21 Cr. through Term loans, ECBs and Direct assignments.- positive

 

·      Jubilant FoodWorks  - Company said the company is postponing the completion deadline to restructure overseas arms to June 2024 from June 2023 due to certain regulatory requirment – We are positive on the stock.

 

·      Hero MotoCorp - Company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from July 3, 2023. The price increase will be around 1.5% and the exact quantum of increase will vary by specific models and markets.- positive

 

·      Motherson, in collaboration with Marelli, announced the inauguration of Motherson Automotive Lighting Tool Room (MALT), a ground-breaking facility that marks a significant milestone in automotive lighting technology. – Positive

 

·      Shiva Cement – Company  has commissioned 1.36 mtpa Clinker unit and 9 MW Waste Heat Recovery at Village Telighana,. The Company has already received CTO from State Pollution Control Board for 0.66 MTPA Clinker and 9 MW WHRS – positive

 

·      PVR INOX opens 15 new screens across 2 new multiplexes at Delhi and Ahmedabad – positive

 

·      Eiko Life science right issue – issue of  55.44 lakh shares worth Rs24.98cr on right issue – in the ratio of : 2 (Two) Equity Share for every 3 (Three)  Shares held at Rs45 a share (CMP 54.50) – Avoid

 

·      ITI - ISRO has applauded its 'trusted partner' ITI Limited's Palakkad Plant for supporting in realization of its flight packages with respect to launch of its GSLV-F12/NVS-01 Mission recently – positive

 

·      JK Tyre completion of first phase of capacity expansion - Company announced completion of first phase of capacity expansion of its radial tyre (PCR segment) manufacturing facility at Madhya Pradesh. The phase one expansion involved an investment of Rs 312 crore. This expansion, therefore, will increase the annual production capacity of the plant by 31 per cent, from 3.9 million to 5.1 million units per annum – positive

 

·      Paytm Partners With Shriram Finance For Loan Distribution - Paytm has announced its partnership with Shriram Finance for loan distribution. Company will offer its platform to Shriram Finance for digital credit for merchant loans and consumer loans. Shriram Finance’s products will be made available on Paytm’s platform. – positive

 

·      Amrutanjan Healthcare – Company  has approved the buyback of up to Rs 28.8 crore worth of equity shares at a price of Rs 900 apiece. The buyback offer price is for 3.2 lakh equity shares worth 1.1% equity of the company.

 

·      L&T Technology – Company has partnered with Palo Alto Networks for 5G and operations technology solutions.- positive

 

·      Aurobindo Pharma – The U.S. FDA issues fresh observations to Aurobindo Pharma following plant Inspection. Cleaning and storage of manufacturing equipment is 'deficient'.- Any decline will be buyinbg opportunity

 

·      Suzlon – Company is in talks to raise about Rs2000cr – Rs2200cr by selling unsecured bonds – Avoid due to poor balance sheet

 

·      SBI – SBI- Company has appointed four directors on the Central Board of the bank. Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape have been re-elected. Rajesh Kumar Dubey and Dharmendra Singh Shekhawat are the new members – positive

 

·      Kalpataru Projects – Company gets Rs1008cr orders for T&D business and civil works – positive

 

·      ABB India – Company awarded electrification and automation contract for ArcelorMittal Nippon Steel (AMNS) India’s new advanced cold rolling mill to provide electrification and automation systems for ArcelorMittal Nippon Steel in India – Positive

 

·      Bharat Electronics – Company has received defence and non-defence orders worth Rs 2,191 crore. Orders include supply of long range guidance kit with warhead, airborne V/UHF jammer, battlefield surveillance radar systems and more. With this, BEL has received orders worth Rs. 8,091 crore till now in the FY 2023-24.- positive

 

·      Coromandel International - Company is acquiring an additional 32.68% equity stake in Dhaksha Unmanned Systems Pvt. Ltd (Dhaksha), a Chennai based differentiated drone start-up at an outlay of Rs 204 crores. Coromandel had earlier acquired 18.34% in Daksha through its investment arm Dare Ventures Limited. With this acquisition, Coromandel will be holding a majority (51%) stake in Dhaksha.- Positive

 

·      Phoenix Mills – Company has approved the proposal to mortgage, lease, pledge, hypothecation, create encumbrances of the whole or substantially the whole of the Property of the company, for upto Rs 70 crore in one or more trenches. – Positive

 

·      AU Small Finance – Company considered and approved the raising of funds by issue of equity shares for an aggregate amount not exceeding Rs. 5,000 Crore (Rupees Five Thousand Crore Only) through private placement or qualified institutions placement (QIP) or preferential allotment or through a combination thereof or any other alternative mode – Positive

 

·      GPT Infraprojects- Company has successfully commissioned its Concrete Sleeper factory in Eshiem, Takoradi, Ghana with a capacity of 240,000 concrete sleepers per annum through its subsidiary, RMS GPT Ghana Ltd worth Rs123cr – positive

 

·      Aarvee Denims and Exports – Company has restarted manufacturing facility at one of its production units at Narol Unit. This decision was primarily made to revamp the business at Narol Unit as the market situation has been improved – positive

 

·      Shilpa Medicate - Company has received approval from CDSCO, New Delhi for manufacturing and sale of Lenvatinib Capsules, 12, 18 and 24 mg in India. Shilpa will commercialize the product under the brand name Lenshil®. – positive

 

·      Technocraft Industries – Company have considered and approved the Acquisition of 100% Equity Shares of BMS Industries Private Limited ("BMS). Subsequent to this acquisition BMS will become a wholly-owned subsidiary company of TIIL. – positive

 

·      Lupin – Company announced the achievement of a key milestone for its novel MALT1 inhibitor program that is partnered with AbbVie Inc. (AbbVie) towards treatment across a range of hematological cancers. – positive

 

·      Shree Cement – Company has commenced trial production at its Clinker Grinding Unit at Village Digha & Parbatpur, in Purulia district of West Bengal with cement capacity of 3.0 MTPA. With this, the total Cement capacity of the Company alongwith its subsidiary now stands increased to 49.90 MTPA in India. – positive

 

 

News and Impact

News and Impact 

 

 

      Favourable domestic economy data, impressive July series F&O rollover and persistent FIIs buying interest may open domestic market on a positive note. SGX Nifty is up over half percent or 100 points after previous day closed on a record high. In the US Mraket, better than expected US Q1 GDP data (up 2% while expectation 1.4%) and most of the US Banks cleared stress test (means well capitalized) lifted US market gained nearly 1%. However, US Dollar Index spiked to 1-month high to above 103 and rising US Bond yield after the US Labor Department data showed Thursday that US jobless claims fell last week by the most since 2021. Stronger-than-expected data on the US economy kept Wall Street on alert for further interest-rate hikes by the Federal Reserve. On the other hand, US Fed chairman Powell on Wednesday said policymakers could potentially raise interest rates in July and September. Back home, expects rally to continue due to improving domestic macroeconomic conditions, better corporate earnings and fall in monsoon deficiency will boosted the market sentiment. Traders focus on auto stocks ahead of monthly sales data to be announce next week. Banking stocks may positive after the RBI says thet the bad-debt ratios fall to decade low at Indian Banks.

 

·      US Market   –  U.S. stocks ended mixed on Thursday as fresh economic data indicated that U.S. growth remains resilient and the country's largest lenders passed the Federal Reserve's annual stress test. Dow Jones gained over half percent while Nasdaq Composite ended flat. However, Dow Jones ended flat after adjustment of last couple of days (Indian equity was shut on Thursday).

 

·      Global market summary – US Q1 GDP reported better than expected at 2% vs 1.3% (previous quarter) while expectation was 2%. Gold fell to 3 months low. US 2-Year and 10-Year Bond surged to nearly 1-month high. US Dollar Index surged to 1-month high to above 103.

 

·      Asian Market – Asian stocks open on a mixed bag to the last day of the quarter following a choppy session for US equities as Treasury yields soared on bets on further tightening by the Federal Reserve. Japan, Australia Index declined half percent each while Taiwan and South Korea Index marginally gain. Australian and New Zealand sovereign bond yields jumped about nine basis points in early trading, as the upward pressure on rates flowed through into Asia. Economists expect the Reserve Bank of Australia to hike rates at its meeting next week

 

·      European Market – European stocks ended mixed bag with banks outperforming after Wall Street peers passed the Federal Reserve’s annual stress test.  UK Index slipped 0.4% while France Index advance 0.4%. European equities have been stuck in a range recently, with the rally capped by worries about an economic slowdown as central banks drive home the message that rates will stay higher for longer.

 

·      Oil –  Crude oil futures prices gained on Thursday upon continuous support from bullish U.S. oil inventory data last week. Brent Crude is hovering at $74/bbl.

 

·      Gold – Gold is trading flat to $1908/ounce after intra-day fell to below $1900/ounce following US unemployment data that raised expectations for more tightening by the Federal Reserve

 

·      Previous Day market Update –  Bulls was back in the Dalal Street ring after a long time. Equity market scaled record high levels as across the major Index – Nifty, Bank Nifty, Fin-Nifty and Sensex surged to record high amid strong domestic cues were supported by gains in global markets. The benchmark index Nifty rose nearly a percent to hit its fresh all-time high level of above 19,000, while the Sensex also jumped to a record level, crossing 64,000-mark. Bank Nifty and Fin-Nifty soared to record above 44500 level and 19950 level respectively. Nifty took nearly seven months for the Nifty to cross its earlier record level of 18,887 hit on December 1 last year. Strong buying from foreign institutional investors (FII), improving domestic macroeconomic conditions, better corporate earnings and fall in monsoon deficiency boosted the market sentiment.  Auto, metal, FMCG, Pharma and IT stocks were major gainers today.  Nifty soared 154 points 0r 0.8% to close 18972 while touched intra-day high of 19011. Bank Nifty advance 206 points or 0.5% to close at 44327 while touched intra-day high of 44508. FIIs were net buyers Rs12350cr (Block deal on Adani Group) while DIIs were net sellers Rs1021cr previous day.

 

·      Nifty Technical Levels – Nifty formed a Bullish candle on daily scale and given a consolidation breakout of last ten trading sessions. It has been forming higher highs on weekly scale from last fourteen weeks and supports are gradually shifting higher. Now it has to continue to hold above 18888 zones to extend the move towards 19200 and 19250 zones while on the downside support exists at 18888 and 18777 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty overall trend is strong with buy on dips stance. Now it has to hold above 44250 zones for an up move towards 44500 then new life high of 44750 zones while on the downside support is seen at 44250 then 44044 levels Actionable BUY – IndiGo, Indian Hotel, SBI, Bajaj Finance,

 

·      Brokers Radar – CLSA TGT on Tata Motor at 700, 360 One TGT by Citi at 600, Morgan Stanley TGT on MCX at 1125, JEF MAN 1830, MCX TGT . Man Jef 1830, L&T TGT by  JP Morgan at 2900. TATA Motor TGT by Macquarie at  624 and Nomura TGT at 610. Bajaj Auto TGT by Macquarie at 4541 and Nomura TGT at 5223.   

 

·      Events – Wipro Buy-back final day, Fiscal Deficit and Eight Infrastructure Industries data, Aadhar PAN card link final day today.

 

·      Corporate Action  - Aegis Logistic Rs1.20, Alufluoride Rs2, Bajaj Auto Rs140, Bajaj Holding Rs13, Bajaj Finance Rs30, Bank of Baroda Rs5.50, Ddev Plastiks Industries Bonus 1:10, Glaxo Pharma Rs32, Maharashtra Scooter Rs60, Nippon Life Rs7.50 and Sona BLW Rs1.53 

 

·      Global Data – Personal Income and Personal Spending  (US). Quarterly GDP, Private Consumption and Export & Import (UK). Retail Sales, Unemployment Change and Exports & Import (Germany).  CPI, Consumer Spending and PPI (Germany). – Manufacturing PMI and Non-Manufacturing PMI (China).

 

·      Market Summary – Tata Communications to Acquire US-based Kaleyra for About $100, Sheela Foam to acquire rival Kurlon in Rs 3,250 cr deal: Report, Tejas Mk 2 to be ready for first flight by 2025 after HAL-GE Aerospace deal, Bandhan Bank triples its branch presence in less than 8 years, US-India Plan to Make Artillery Guns, Armored Vehicles, Govt approves PM-PRANAM to boost balanced use of fertilisers; Rs 3.68 lakh cr subsidy on urea till Mar 2025, Bad-Debt Ratios Fall to Decade Low at Indian Banks, RBI Says, MCX extends support services contract with 63 Moons for another six months at ₹125 crore per quarter, ICICI Securities to be 100% subsidiary of ICICI Bank upon delisting

 

·      Tata Communications – Company agreed to acquire US-based communications services provider Kaleyra for about $100 million. The acquisition will help Tata Communications expand its communications platform-as-a-service business globally.

 

·      Multi Commodity Exchange - Company has extended the support services being rendered by its existing software vendor, 63 Moons Technologies Ltd. for six months beginning from July 1, 2023. In a regulatory filing, MCX informed that the consideration for the same would be ₹125 crore per quarter. – Avoid

 

·      ICICI Securities - Company will delist and become a wholly-owned subsidiary of parent ICICI Bank. The company stated that the board of directors had approved the delisting plans and agreed on a share swap ratio. The public shareholders of ICICI Securities would be allotted 67 shares of ICICI Bank for 100 shares each of the brokerage firm

 

·      Focus on Banking stocks - Soured-debt ratios at Indian banks narrowed to the lowest in 10 years as the nation’s financial system remained resilient despite global headwinds, according to the Reserve Bank of India. The bad-loan ratio was at 3.9% of the total loans at the end of March 2023 compared to 5.9% in the previous year. The central bank expects the ratio to fall further to

·      3.6% by March 2024. – expects positive for SBI, Bank of Baroda, Union Bank, Canara Bank, Indusind Bank, RBL Bank

 

 

·      Focus on Fertilizer stocks – Government approved a new scheme PM-PRANAM to incentivise states to promote alternative fertilisers and reduce the use of chemical fertilisers and also decided to continue the current urea subsidy scheme for three years ending March 2025, with an outlay  of Rs 3.68 lakh crore.- Expects positive for Chambel Fertilizer, Coromandel, GNFC,  GSFC, RCF, FACT.

 

·      IPO Listing Sebi has approved a proposal to reduce the time period for listing shares for initial public offerings (IPOs) from 6 days to 3 days. The new timeline will be implemented in two phases, with voluntary compliance starting from September 2023 and mandatory compliance from December 2023.

 

·      SBI Life – Company re-appoint Sharma as MD and CEO - Positive

 

·      Focus on defence stock - The US and India plan to jointly manufacture artillery guns and armored personnel carriers, said the US Ambassador to India Eric Garcetti in New Delhi on Wednesday.- expects positive for BEL, Bharat Dynamic, Bharat Forge.

 

·      Sheela Foam to acquire rival Kurlon in Rs 3,250 cr deal: Report - Sheela Foam will fully acquire rival Kurlon Enterprise Ltd, buying 100 percent of the company in two tranches for a cash consideration of Rs 3,250 crore. Acquiring Kurlon Enterprise, maker of the Kurl-on brand of mattresses, will help Sheela Foam, known for the Sleepwell brand, nearly double its market share.- positive

 

·      Bharat Petroleum: The company’s board approved raising up to Rs 18,000 crore via rights issue. - positive

 

·      PowerGrid: The company approved an aggregate investment of Rs 388.94 crore. It will invest in establishment of Telecom network for NTAMC at an estimated cost of Rs 164.38 crore, Western Region expansion scheme at an estimated cost of Rs 115.09 crore – positive

 

·      HDFC: The company acquired 612 equity shares of Xanadu Realty, representing 5.46% of its paid-up equity share capital upon conversion of 938 compulsorily convertible debentures held by it in Xanadu – positive

 

·      Canara Bank: The bank approved Rs 7,500 crore by way of debt instruments. – positive

 

·      Tata Chemicals: Life Insurance Corporation increased stake from 5.06% to 7.12%.- positive

 

·      IPO Update - PKH IPO open today with Price band between 140-148. Idea forging IPO subscribed over 50 time

 

·      ITC – Company has completed the acquisition of an additional 857 compulsorily convertible preference shares of Rs10 each of personal care products brand Mother Sparsh Baby Care for Rs11.54cr. With this, the company’s shareholding in Mother Sparsh has increased to 26.50% from 22% - Positive

 

·      TVS Motor Ties Up with Zomato for Last-Mile Deliveries – Company partnered with food ordering platform Zomato for last-mile deliveries using electric vehicles. TVS Motors will deploy 10,000 scooters to fulfill deliveries for Zomato and ensure the delivery partners will have access to charging stations – positive

 

·      Hariom Pipe – Company has completed installation and commenced production from two new MS Pipe Mills at plant located at Mahabubnagar District. With this, the total installed capacity of MS Pipes has gone up to 1,32,000 MTPA from the current 84000 MTPA – positive

 

·      Nykaa -  FSN E-Commerce Ventures has approved the following investment proposals: - To make further investment up to Rs20cr in FSN International Pvt a wholly owned subsidiary of the Company, on rights basis; and to make further investment up to USD 2mn by FSN International in one of its overseas subsidiaries viz., Nessa International – Long term positive

 

·      Bandhan Bank – Company has achieved a milestone of tripling its branch presence in less than 8 years of its operations. The Bank now has a total of more than 1,500 bank branches – positive

 

·      Kamdhenu Ventures – company’s Board recommends Bonus Issue in the ratio of 1:1 – positive

 

·      BEML – Company wins 385cr order for supply of high mobility vehicle – positive

 

·      Promoter entities raise $1 bn by selling shares in Adani Green Energy, AEL -  The promoter entities of Adani group sold part of their stake in Adani Green Energy and flagship Adani Enterprises to raise $1bn The proceeds will be used by the promoters to pre-pay debt, banking sources said. About 4.8cr shares, or 3 per cent of total equity of Adani Green changed hands and 1.6 per cent stake or 18 million shares in AEL was sold via block deals to several investors. Total shares worth Rs 8,542 crore were sold.

 

·      Focus on Sugar stocks – Sugar cane price hike from Rs305 to 415/100kg – expects positive for Balrampor Chini,, Dhampur Sugar

 

·      Tejas Mk 2 to be ready for first flight by 2025 after HAL-GE Aerospace deal - Tejas Mk 2 light combat aircraft (LCA), which has faced delays, is expected to make its first flight in 2025 with an American engine. GE Aerospace has signed a deal with Hindustan Aeronautics Limited (HAL) to produce fighter jet engines.

 

·      Kamdhenu Ventures – Company has, considered, approved and recommended a Bonus Issue in the ratio of 1:1 – positive

 

·      IDFC FIRST Bank - Company has announced raising Rs. 1,500 crore of Tier-2 bonds in domestic Indian Bond markets.

 

·      Star Housing – Company announced the appointment of Kalpesh Dave as the Chief Executive Officer and Anoop Saxena as the Chief Operating Officer

 

·      Inflame Appliances – Company has bagged an order for 3650 Chimneys from LIVPURE PRIVATE LIMITED, Haryana amounting to Rs. 1.95 crores, and thereby expanding its customer base and adding one more milestone to its expansion. – positive

 

·      Gland Pharma - The US FDA has conducted Pre-Approval Inspection (PAI) for Seven (7) Products and Good Manufacturing Practice (GMP) Inspection at the Company's Pashamylaram Facility at Hyderabad between 15th June 2023 and 27th June 2023. The inspection was concluded with ONE (1) 483 Observation. – Avoid

 

·      Swan Energy – Company to raise Rs. 690 crore through preferential issue at Rs300 a share (CMP 256) – Positive

 

·      Ramco Cements – Company have commissioned Line III at its Ramasamy Raja Nagar of 3,000 TPD capacity of clinkerisation. This is the first integrated cement line, commissioned in the last 15 years in the South of Tamil Nadu. – positive

 

·      Pearl Global – One of the largest garment exporters has announced its strategic expansion into Guatemala, company has acquired a 55% stake in Pearl GT Holdco Ltd for a consideration of USD 550,000. – positive

 

·      Shalby Ltd – Company has signed an agreement with Divine Super Specialty Hospital Pvt. Ltd., a leading hospital in Ranchi having capacity of 60 beds, to establish a Franchise‐Owned Shalby‐Managed (FOSM) hospital in the region. – positive

 

·      PNC Infratech – Company signing of a concession road agreement projects  between Ministry of Road Transport & Highways Govt of India for implementation of the Hybrid Annuity Mode (HAM) road Project in  Uttar Pradesh – positive

 

·      ICICI Lombard and ICICI Prudential Life – Both companies have jointly launched an insurance solution, 'iShield', which will provide customers with both health and life insurance.- positive

 

·      South Indian Bank – Company signed an MOU with Mahindra and Mahindra Ltd (Automobile division) for providing the latter's dealers with financing solutions.- Positive

 

·      ZIM Laboratories – Company has announced strategic investments in Australia and the MENA region to expand its presence in Developed and Pharmerging markets. – positive

 

·      Zydus Lifesciences – Company has received tentative approval from the USFDA for Palbociclib Tablets - positive

 

·      Focus on Real Estate stocks - Home prices up 14.7% in June quarter in top cities: ET Report - Expects positive for real estate stocks after the media report that the robust demand has helped residential property prices across India's top 13 cities witness 14.7% growth from a year ago and 2.2% rise sequentially during the quarter ended June 30, showed a Magicbricks PropIndex report. Expects positive DLF, Oberoi Realty, Godrej Properties, Prestige Estate and Lodha

 

 

 

News and Impact

News and Impact 

 

 

·      Expects market to open on a flat note on account of mixed bag opening in the Asian markets and marginally positive on US Future. Domestic sentiment remain robust on account of  monsoon deficiency sharply decline this month from 47% to 28%,  S&P Global ratings agency saying India will be the fastest-growing economy among Asia Pacific nations and stable inflation will be positive for the market sentiment. SGX Nifty is up 30 points or 0.1%. Overnight, US Tech Index major Nasdaq Composite slipped over 1% after the Fed Chair Jerome Powell reiterated last week that the US may need one or two more rate increases in 2023, to bring down inflation at 2%. Expects market would be rangebound as June F&O series expiry is scheduled on Thursday and market will be close tomorrow. While a good news for Indian markets, as per IMD the Monsoon deficiency has down to 28% from 47% in a week which means a buy on dip is around the corner. Nifty’s 200 DMA at 17929 mark. Yesterday, market ended flat but mid-cap and small cap Index soared 1% each. Nifty 500 stocks advance decline ratio was favorable at 2:1. Expects rally to continue on mid-cap and small cap stocks. Pharma stocks rally may continue and hope of good monsoon will be positive for tractors stocks.  

 

·      US Market   –  US stocks declined as investors assessed whether central banks will need to raise interest rates higher than expected, furthe r hampering a decelerating economy. The S&P 500 Index fell 0.5% and those on the tech-heavy Nasdaq 100 closed 1.4% lower. Dow Jones ended marginally lower

 

·      Global market summary – US 2-Year and 10-Year Bond Yield marginally decline. US Vix gained 6% to above 14. Gold fell to 3-momth low.

 

·      Asian Market – Asian shares fell for a seventh day Tuesday after US stocks slid amid concern that the Federal Reserve and its peers around the world will push economies into recession. The region’s equity gauge is now on its longest losing streak in a year. Japan Index slipped 1%. Taiwan, South Korea and Australia Index fell 0.5% each. However, Hong Index is up 0.50%

 

·      European Market –European equities were steady after falling the most since mid-March last week, as investors mulled the risks from an attempted armed uprising in Russia and focused on the outlook for economic growth and monetary policy. Germany, France and UK Index bounced back into positive territory.

 

·      Oil –  Oil steadied as jitters from the short-lived armed uprising in Russia gave way to persistent concerns over the demand outlook. Brent Crude is trading flat at $74/bbl.

 

·      Gold – Gold was steady at $1923/ounce near a three-month low on prospects for more interest-rate hikes from major central banks.

 

·      Previous Day market Update –Equity benchmark Nifty Index managed to ended in positive territory after a fall of last two trading sessions amid buying interest on pharma, auto, realty and shipbuilding stocks. Weak global markets and ahead of June series F&O expiry kept the domestic bourses in a narrow range for most part of the day. Nifty was moving merely in a 70 points or 0.50% range between intra-day high of 18722 and low of 18646.  However, there was stocks specific action in the markets and action shifted to mid-cap and small cap counters. Both Nifty small and mid-cap index gained 1% each. That’s why Nifty 500 stocks advance decline ratio was favorable at 2:1. Nifty advance 26 points to close at 18691 while Sensex marginally decline by 9 points to close at 62970. Among the global markets, both Asia and European equities dropped for a sixth day after falling the most since mid-March last week, as investors mulled the risks of geo-political tension in Russia, concern of outlook for economic growth and monetary policy tightening.  US market on Friday declined up to 1% and US Future slipped nearly 0.5%. Hawkish signals from the US Federal Reserve and other major central banks revived concerns that higher borrowing costs threaten to tilt the economy into a recession. Yesterday, FIIs were net sellers Rs409cr while DIIs were net buyers Rs250cr

 

·      Nifty Technical Levels – Nifty formed a Doji sort of candle on daily frame and respected its previous day’s lower zone. Now it has to hold above 18666 zones to witness an up move towards 18750 then 18888 zones while on the downside support exists at 18550 and 18500 zones.

 

·      Bank Nifty Technical Levels – Bank Nifty formed a small Bearish candle on daily scale and trading in between 20DEMA and 50DEMA from past seven sessions. Momentum is missing on either side as selective Banking stock continue to underperformed and it closed in marginal gains near 43650 zones. Now it has to continue to hold above 43500 zones for a bounce towards 43800 then 44044 zones while a hold below the same could see some weakness towards 43333 and 43250 marks.

 

·      Actionable BUY – IRCTC, Raymond, Cyient, M&M, Aurobindo Pharma, Zomatao

 

·      Brokers Radar – Macquarie TGT on Paytm at 800, Nomura TGT on Hindustan Unilever at  3025, Chola Investment TGT by Citi at 1200. Cipla TGT by Citi at 1110.

 

·      Events – National Company Law Tribunal (NCLT) hearing on Zee Entertainment, Cyient DLM IPO with price range between Rs250-265. Bajaj to lauch new bike at London, HAL board meeting for dividend and stock split. Idea Forge IPO subscribed nearly 4 time on Day1, Cricket world cup date will be announce today in India.

 

·      Corporate Action  - Supreme Petrochem Rs7, Bajaj Hindustan AGM, Bombay Oxygen Rs15, Sagarsoft Rs2,

 

·      Global Data – Durable goods orders, New Home sales, Dallas Fed Service Activities (US)

 

·      Market Summary – ICICI Pru Life gets GST demand notice for Rs 492 cr, Delhi Power Regulator Allows Distribution Companies To Charge Higher Tariff, Monsoon deficiency down to 28% from 47% in a week,  Infosys Strikes $450-Million Deal With Denmark's Danske Bank, Aditya Birla Capital launches QIP, floor price set at ₹175.9 per share, Sapphire Foods India Holder Seeks Up to $51m in Placement

 

·      ICICI Prudential Life – Company said it has received a GST demand notice of Rs 492.06 crore from tax authorities.

 

·      Sapphire Foods India block deal – Major shares holder WWD Ruby is offering 3m shares of Sapphire Foods India Ltd. at Rs1,345 to 1,391. Price range represents 0% to 3.3% discount to last close on NSE - Avoid

 

·      Aditya Birla Capital – Company announced that the company has launched a qualified institutional placement (QIP) issue at Rs175.99 a share worth Rs1250cr. The issue opened on

·      26 June, 2023.- Positive for fund raising

 

·      HDFC – Company sells Mumbai land Marg (LBS Marg), Bhandup to Lodha for Rs 70 crore to recover dues from borrower. – Positive

 

·      Power stocks Focus - The Delhi Electricity Regulatory Commission has allowed power distribution companies to levy higher tariffs—over and above the prevailing rates—to adjust the higher cost of power purchased, till next March. BSES Yamuna Power has been allowed to hike its tariff by an additional 9.42%, over and above the prevailing rate of 22.18%. – Expects positive for Tata Power

 

·      Railtel Corporation – Company wins Rs294cr order from Tamilnadu for a period of five years– Positive

 

·      IRCTC - Prime Minister Narendra Modi will flag off 5 new semi-high speed Vande Bharat Express trains on June 27. The new 8 coach Vande Bharat Express trains will be launched on 5 new routes; Mumbai-Goa, Indore-Bhopal, Patna-Ranchi, Jabalpur-Rani Kamlapati and Bengaluru-Hubballi-Dharwad. – Expects positive for IRCTC.

 

·      Bharti Airtel - The Chief Executive Officer of Bharti Airtel's enterprise arm, Airtel Business, Ajay Chitkara, has resigned from the company, according to a filing. Following the resignation, Bharti Airtel has restructured leadership in the enterprise arm by dividing it into three segments – We are long term positive on Bharti Airtel

 

·      Monsoon deficiency decline - The monsoon rains in the last couple of days have brought down the cumulative rainfall deficiency during June 1-25 to 28% of the benchmark long period average (LPA) from 47% reported a week ago. – Expects positive for auto stocks – M&M, Escorts.

 

·      S&P Global Ratings on June 26 retained India's GDP growth forecast at 6% saying India will be the fastest-growing economy among Asia Pacific nations. – Positive for the market sentiment.

 

·      Focus on Cyient – Company’s subsidiary (holding 92%) Cyient DLM Limited is going to hit primary market today. The public issue worth Rs592 crore will open for bidding till 30th June 2023. The company management has fixed Cyient DLM IPO price band at Rs250 to Rs265 a share.

 

·      Rating agency S&P Raises Long-Term Issuer Credit Ratings on Union Bank of India, Bajaj Finance, Shriram Finance Ltd., and Hero FinCorp – positive.

 

·      Cyient, Ltd - Company announced that it has fully integrated the Finland based acquired entity, Citec, into Cyient. As one of the final steps of the integration process - Positive

 

·      Sun Pharma Advanced Research – Company’s parent reported “promising” results from the trial of a drug being tested for type-2 diabetes and obesity.  The company said drug GL0034, discovered and developed by Sun Pharma, reduced body weight after a single dose in obese individuals without diabetes in its Phase-1 trial - Positive

 

·      Zee Entertainment – SAT defers hearing on Subhash Chandra, Punit Goenka's appeal challenging Sebi's interim order till 27 June.

 

·      REC  - State-owned Maharatna company, has decided on extending financial assistance of Rs 3,045 crores to Bangalore Metro Rail Corporation, for the establishment and development of lines under the Phase-II metro project – Positive .

 

·      Infosys - Infosys has won a $450mn digital transformation contract from Denmark's Danske Bank A/S for five years. The company will deploy Infosys Topaz, its recently launched Generative AI suite of services, to transform the IT operations of Danske Bank globally. – positive

 

·      Rail Vikas Nigam Targets Orders Worth Up To Rs 1 Lakh Crore In Next One Year – Company has an ambitious plan of garnering orders totalling Rs 75,000-Rs 1,00,000 crore in the next one year, according to Rajesh Prasad, its director of operations. It takes on railway projects—such as installing new lines, railway electrification, metro projects, workshops, bridges—on a turnkey basis. – positive

 

·      Tilaknagar Industries'- Flagship brand Mansion House Brandy became the world's fastest-growing brandy and the second-fastest growing alcoholic beverage brand, across categories, globally in the year 2022. Mansion House Brandy recorded an impressive year-on-year growth of 57.8 per cent in 2022 – Positive

 

·      Zydus Life - Its wholly owned subsidiary, Zydus Animal Health and Investments Ltd., will acquire the stake for Rs 106 crore from Rising Sun Holdings Pvt.—an investment firm owned by Adar Poonawalla, chief executive officer of Serum Institute of India Pvt – Positive

 

·      L&T Technology – Company  and BSNL have signed an agreement to enable private 5G network deployments for global enterprises. - positive

 

·      L&T – Company wins significant orders  in range of Rs 1,000-2,500cr for Power Transmission Business - positive

 

·      EPC India stock split  - The board of office spaces provider EFC (India) has approved the sub-division of equity shares of the company from face value of Rs10 each to a face value of Rs2 rupees each

 

·      Capacity Infra – Company secured an order worth Rs452cr from an undisclosed client for the construction of a residential and commercial tower in the National Capital Region – Positive

 

·      Ajanta Pharma - Company's formulation facility at Dahej was inspected by US FDA from 19th June 2023 to 23rd June 2023. At the end of inspection, no Form 483 was issued to us. - positive

 

·      Adani Power – Company has commenced operations at the 800 MW Unit 2 of Godda Thermal Power Plant. The plant will export entire power generated to Bangladesh as part of an existing 25-year contract with the country's Power Development Board

 

·      MIC Electronics – Company receives LoA for order worth Rs. 5.13cr from Jabalpur Railway Division, installation, testing and commissioning of passenger amenities at 15 Stations of Jabalpur division – positive

 

·      Bigbloc Construction - Company's JV inks agreement for Supply of Machinery & Technical Service. The Contract is executed for Supply of Machinery and Technical Service for Autoclave Aerated Concrete Blocks (AAC) Plant. – positive

 

·      TCS – Company has entered into a strategic partnership with Standard Life International DAC, a wholly owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions, powered by TCS BaNCS™. – long term positive

 

·      Vedavaag Systems – Company  have been allotted additional 2000 Customer Service Points (CSPs) by State Bank of India. These Customer Service points will be rolled out during the financial year 2023-24. Vedavaag Systems Limited has been continuously ranking as one of top three best performers of SBI banking correspondents for the last four years – Avoid

 

·      RattanIndia Power has refinanced its senior debt in a Rs 1,114 Crores transaction led by Kotak Mahindra Bank – positive

 

·      Vishwaraj Sugar – Company pact with oil marketing companies IOC, BPCL, HPCL for supply of 12mn litters Ethanol – Positive