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Thursday, June 8, 2023
Dividend Dates
*Dividend Dates*
Ex-Dividend *09 June 2023 (Tomorrow)*
Last date for Cum-Dividend *Today*
*Asian Paints Ltd.*
Dividend Per Share Rs.21.25
Previous day Closing Price – Rs. 3223.85
*Bhansali Engineering Polymers Ltd.*
Special Dividend Per Share Rs.14
Final Dividend Per Share Rs.1
Previous day Closing Price – Rs. 160.7
*Caplin Point Laboratories Ltd.*
Dividend Per Share Rs.2
Previous day Closing Price – Rs. 777.55
*Cigniti Technologies Ltd.*
Special Dividend Per Share Rs.2.5
Final Dividend Per Share Rs.3.0
Previous day Closing Price – Rs. 907.6
*Dynamatic Technologies Ltd.*
Dividend Per Share Rs.7
Previous day Closing Price – Rs. 3374.1
*Elecon Engineering Co.Ltd.*
Dividend Per Share Rs.2
Previous day Closing Price – Rs. 561.65
*Elpro International Ltd.*
Dividend Per Share Rs.0.23
Previous day Closing Price – Rs. 60.74
*HDFC Asset Management Company Ltd*
Dividend Per Share Rs.48
Previous day Closing Price – Rs. 1994.8
*Himadri Speciality Chemical Ltd*
Dividend Per Share Rs.0.25
Previous day Closing Price – Rs. 131.6
*Indian Hotels Co.Ltd.*
Dividend Per Share Rs.1
Previous day Closing Price – Rs. 395.9
*National Fertilizers Ltd.*
Dividend Per Share Rs.1.53
Previous day Closing Price – Rs. 71.8
*NRB Bearings Ltd.*
Dividend Per Share Rs.4.1
Previous day Closing Price – Rs. 195.8
*Solar Industries India Ltd.*
Dividend Per Share Rs.8
Previous day Closing Price – Rs. 3887.3
*Maruti Interior Products Ltd*
Dividend Per Share Rs.0.5
Previous day Closing Price – Rs. 149
*Voltas Ltd.*
Dividend Per Share Rs.4.25
Previous day Closing Price – Rs. 805.65
STOCKS IN ACTION 8 June
STOCKS IN ACTION 8 June
Punjab & Sind Bank board to consider raising upto Rs 750 cr via Bonds in one or more tranches on June 12
Titagarh Wagons: Board to consider raising funds via QIP/Rights Issue on June 10
Bank Stocks: To be in focus ahead of the Monetary Policy Committee decision on policy repo rate. MPC is likely to continue its status quo on the key lending rate at its second meeting in the new fiscal, amidst easing inflation and resilient growth.
Zydus Life gets USFDA approval for Tadalafil tablets, which are used to treat Pulmonary Arterial Hypertension & improve exercise capacity in both men & women
Mazagon Dock Shipbuilders: Thyssenkrupp, Co Sign Submarine MoU
Thyssenkrupp, Mazagon Intend To Build Submarines In India
Lemon Tree Hotels signs licence agmt for a 60-room property in Rajamundry, Andhra Pradesh; the hotel is expected to be operational by Q3 of FY25
Sula Vineyards identifies new CFO, who will come on board in August
Company launches three new luxury lakeside villas in Nashik
Tata Elxsi launches InnovationHub & nearshore engineering centre in Troy, Michigan
Tata Elxsi partners with ISRO to enable the upcoming GaganyaanMission
Tata Elxsi to design & develop Crew Module Recovery Models (CMRM) for recovery team training of the space mission
Hatsun Agro to consider sale of its windmill division by way of transfer of assets & liabilities on July 5, 2023
Wipro & Cisco launches managed private 5G-as-a-Service solution
Gati: Total volume, including surface and air express, rose 8% sequentially in May. It rose 1% from the year ago period. Company said volumes in May continued to show an improving trend owing to an uptick in preparations for the upcoming festive season starting in the last week of May. This is expected to continue over the coming months.
Aether Industries: Company signed a Letter of Intent with U.S. based oil field services company for strategic supplier and contract manufacturing partnership. The letter specifies four strategic products that will be supplied to the global energy and oil and gas locations of the U.S. based company, including a significant supply within India.
Nelco invests in Piscis Networks to bolster its portfolio of Satellite Communication Solutions
Adani Enterprises: Spokesperson Says Adani Group To Go Slow On Dealmaking As High Global Cost Of Capital Weighs
Says Adani Group To Focus On Completion Of Existing Projects
Haldyn Glass: Says One Of The Furnace At Plant Located At Vadodara Will Remain Shut For A Period Of 90 Days To Undertake Relining
Operation At Second Furnace Will Continue As Usual
Life Insurance Corp: Company increased stake in Tech Mahindra by 2%, from 6.87% to 8.89%. The holding increased at an average cost of Rs 1,050.77.
Stove Kraft: Chief Financial Officer Balaji A S has resigned from the company citing personal reasons. The company is in the process of hiring a professional for the position of chief financial officer.
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BUY 200,000 Shares @ Rs 109.35/ Share
SNOWMAN LOGISTICS: Large Trade
Promoter GATEWAY DISTRIPARKS LIMITED
BOUGHT 11,00,000 Shares @ Rs 40.02/ Share
EKI ENERGY SERVICES: Large Trade
NEXT ORBIT VENTURES FUND
SELL 200,000 Shares @ Rs 492.35/ Share
DEEPAK FERTILISERS: Large Trade
SMALLCAPWORLD FUND INC
SELL 23,54,000 Shares @ Rs 548.42/ Share
DLINK INDIA: Large Trade
ASHISH KACHOLIA
SELL 194,662 Shares @ Rs 228.5/ Share
BSE Sensex performance
BSE Sensex performance (%):
2023: +3.22%*
2022: +4.44%
2021: +21.69%
2020: +15.60%
2019: +13.8%
2018: +6.7%
2017: +28.2%
2016: +1.8%
2015: -5.05%
2014: +30.1%
*Till June 7
(BSE)
Market Indication
Market Indication:
Global: FLAT to POSITIVE
NIFTY: FLAT to POSITIVE
BANKNIFTY: FLAT to POSITIVE
BULK Deals:Ceinsys Tech, Gravita India etc.
Stocks In F&O Ban Period: Indiabulls Housing Finance, India Cements, and Manappuram Finance
Results Today: Nil
SGX NIFTY: (Positive)
18830 +18.00 +0.10%
News and Impact
News and Impact
· Expects market to open a flat note on ahead of key RBI credit policy to be announce today (expected time 10am). Expectation of RBI to keep unchanged interest rate while RBI commentary will be important for the market sentiment. SGX Nifty is trading flat to positive. Technically, Nifty has given a range breakout on daily frame and gave the second highest ever close. Nifty just less than 1% or 160 points lower of all time high. Yesterday, Nifty close at 6-month high of above 18700 level and Sensex topped above 63k for first time in 2023. Expects higher intra-day volatility today on ahead of RBI policy outcome and weekly Nifty and Bank F&O expiry. Positive factor that the FIIs were continued buying in Indian equity and net buyers nearly Rs1400cr yesterday. Moreover, IMD forecast monsoon may Start in 48 hours, better than expected PMI, GDP and auto monthly sales will be positive for the market sentiment. Among the global markets, U.S. stocks ended mostly lower (Nasdaq slipped 1%) on Wednesday, feeling pressure after the Bank of Canada unexpectedly raised interest rates by 25bps after a long pause, sparking concern the US Federal Reserve also might not be done tightening policy. US 10-year and 2-year bond yield spiked by 2% yesterday. Moreover, the U.S. trade deficit jumped 23% in April to a six-month high of $74.6 billion is also concern in the global markets. However, small cap index major Russel 2000 index soared by 1%. Euro zone and Japan GDP data will be announce today. Traders focus on interest sensitive sectors like auto, nbfc and realestate on ahead of RBI policy today. Expects momentum to be continue on defence stocks.
· US Market –A drop in tech shares drove US equity indexes lower, while Treasuries retreated after a surprise Bank of Canada rate increase fueled bets the Federal Reserve is not done with its own tightening. The tech-heavy Nasdaq indexes fell more than 1%, with the likes of Alphabet Inc. and Microsoft Corp. off at least 2.5% while Dow Jones managed to ended positive territory.
· Global market summary –US Yields on the policy-sensitive two-year rose more than 8 basis points to 4.56% as traders drove up bets for a quarter point hike in US interest rates by July.
· Asian Market – Asian markets are poised to open lower in the wake of a slide on Wall Street as traders boosted bets on a U.S. rate hike after a surprise increase by the Bank of Canada. Shares in Australia, Japan and Hong Kong, Taiwan Index marginally decline. Japan GDP data to be announce today.
· European Market –-- European shares were steady as strong updates from Zara-owner Inditex SA and Danske Bank A/S failed to stir a risk-on mood among investors watchfully preparing for key central bank meetings next week. UK, Germany and France Index ended flat to negative. Policy decisions are due from the Federal Reserve and the European Central Bank next week.
· Oil – Oil futures rose 2% to above $77/bbl, finding support after data showed China's crude imports rose in May and fall in US Inventory.
· Gold – Gold slipped over 1% to $1945/ounce after the spiked in US bond yield on ahead of US rate decision to be announce next week.
· Previous Day market Update –. There was renewed buying in TCS, Bajaj Auto, Reliance, Titan, L&T that lifted Nifty over 100 points to close at 6-month high of above 18700 level and Sensex topped above 63k for first time in 2023 ahead RBI credit policy to be announce tomorrow. Auto, metal, FMCG, sugar, real estate, mid and small cap stocks were major gainers today. IMD forecast monsoon may Start in 48 hours, FIIs turned into net buyers yesterday after net sellers in the last three trading sessions and hope of RBI to keep unchanged interest rate in the tomorrow credit policy meeting have positive impact in the market. Moreover, better than expected PMI, GDP and auto monthly sales boosted the market sentiment. Among the global market, Bigger-than-expected drop in Chinese exports and disappointing Germany economy data pulled down European Index. However, Asian markets ended mixed bag after the China announced stimulus to boost its economy. Nifty rose 127 points or 0.6% to end at 18726 and Sensex advance 350 points (0.6%) to close at 63143. Nifty 500 stocks advance decline ration was remain strong at 3:1. Both FIIs and DIIs were net buyers Rs1383cr and Rs392cr respectively.
· Nifty Technical Levels – Nifty formed a Bullish candle on daily scale with longer lower shadow indicating support based buying at any minor dip. Index has given a range breakout on daily frame and gave the second highest ever close. Now it has to continue to hold above 18666 zones to witness an up move towards 18800 and 18888 zones while on the downside support exists at 18636 and 18580 zones.
· Bank Nifty Technical Levels – Bank Nifty relatively underperformed the broader market and remained consolidative in narrow range of 200 points. Now it has to continue to hold above 44144 zones for an up move towards 44500 then 44750 zones while on the downside support exists at 44044 and 43750 zones.
· Actionable BUY – Tata Steel, Olectra, ITI, Heramba Industries, Sona Comstar, Tata Motor
· Brokers Radar – Morgan Stanley on Oil marketing companies - HPCL TGT at 249, BPCL TGT at 425 and IOC TGT at 111. Morgan Stanley TGT on Zomato at 85.
· Events –RBI Credit policy, Nifty and Bank Nifty weekly expiry. IKIO IPO subscribed 6.8 times in DAY-3, NIIT Ltd de-merger
· Corporate Action - Tata Power Rs2.00, Uniparts India Rs6, Seshasayee Paper - AGM and ex-dividend Rs6
· Global Data – Consumer Credit, Initial Jobless Claims and Household data (US). Housing Price Index (UK). Industrial Production (Germany). Eurozone GDP and Japan GDP data.
· Market Summary – Thyssenkrupp Bids For $5.2bn Indian Submarine Contract with Mazagoan Dock. Tesla sets up for India entry for electric vehicles, Monsoon Rains May Start in 48 Hours, Cabinet okays $11 billion revival plan for state-owned BSNL, Monsoon Rains May Start in 48 Hours, Founder Firm Buys $17.8M Worth of Adani Ports Shares, HCL Technologies launches advanced testing facility for 5G Infrastructure.
· Interest sensitive sectors to be focus ahead of RBI Policy today - expected time 10am– Bank, auto and real estate stocks will be focus ahead of the Monetary Policy Committee decision on policy repo rate. MPC is likely to continue its status quo on the key lending rate at its second meeting in the new fiscal, amidst easing inflation and resilient growth. Expectation that the RBI to keep unchanged interest rate and may hike GDP growth forecast after a strong quarterly GDP reported during the month of May.
· Aether Industries – One of India's leading speciality / fine chemical manufacturer and preferred provider of Contract Research and Manufacturing Services, has today signed a Letter of Intent (LoI) with one of the top 3 leading global Oil Field Services companies based in USA towards the finalization of a strategic supplier and contract manufacturing partnership – Positive
· Mazagoan Dock - European defense manufacturer Thyssenkrupp Marine Systems and India’s Mazagon Dock Shipbuilders Ltd are set to construct submarines for India worth nearly Rs48000cr, signaling the country’s growing importance as ties between China and Russia deepen. – positive
· Stove Kraft: Chief Financial Officer Balaji A S has resigned from the company citing personal reasons. The company is in the process of hiring a professional for the position of chief financial officer – Avoid.
· Tech Mahindra – LIC Insurance Corp. has picked an additional stake in Tech Mahindra Ltd. at a time when the software services firm is staring at stagnant growth.The state-run insurer increased its stake in India’s fifth-largest IT services firm to 8.89% from 6.87% earlier at an average share price of Rs 1,050.77 – Positive
· Tata Elxsi - Company expands its automotive and smart mobility focus in North America with an Innovation Hub and nearshore engineering centre in Troy, working with some of the leading OEMs, suppliers, and automotive ecosystems in the region.- positive
· Adani Ports Shares - Resurgent Trade and Investment, a Mauritius-based investment fund related to the Adani Group’s founders, bought 2 million shares of Adani Ports on June 6, according to data from the BSE. The value of the shares bought was disclosed as Rs147cr or $17.8mn
· Monsoon update - Monsoon rains will likely start in 48 hours after a severe storm delayed the weather event vital for the economy. Conditions are becoming favorable for the onset of monsoon over Kerala –IMD said .- Expects positive FMCG (HUL, Dabur India, Tata Consumer), auto (Herpo Motocorp, TVS Motor, Tata Motor, Maruti) and NBFC (M&M Finance)
· HCL Technologies– Company announced the launch of advanced testing facility lab in Chennai for developing 5G infrastructure. The lab is currently equipped to test 5G telecom antennas for frequency bands up to 7 GHz - positive
· KPI Green Energy - Company recieves LOI for 40 MW hybrid power project from Anupam Rasayan India. The hybrid project has 21.50 MW wind and 18.50 MW solar capacity
· Venus Remedies – Company receives Ukrainian GMP approval for Carlapenem and Oncology production facilities in Baddi. Company is looking to expand in other EU markets after Ukrainian GMP approval – positive
· Persistent Systems - Company is strengthening its relationship with Amazon Web Services (AWS) and becoming a collaborator for the latest Generative AI services from AWS. As part of its goal to drive developer productivity. – Positive
· Nelco – Company announced its investment in Piscis Networks Pvt an OEM and one of the pioneers in providing Software Defined Wide Area Network that improves network performance and reliability. This investment is an important step for Nelco to expand its service portfolio and elevate its position as an integrated network solution provider. This also reinforces Nelco's commitment to deliver comprehensive and innovative satellite communication solutions to its customers. – Positive
· Infosys – Company announced a new Proximity Centre in Oslo, Norway as part of its continued expansion plan in the Nordics. The new state of the art centre will enable Infosys to attract, re-skill, and upskill local talent to work on global opportunities through next-gen technologies like cloud, AI, IoT, 5G, and software engineering. – positive
· Wardwizard Innovations - Leading manufacturers of electric vehicles under the brand name "Joy e-bike', announced during this period, the company has successfully sold 993 units of electric two and three-wheelers.- positive
· Aurionpro - Company launched its first homegrown EMV Card Type Payment terminal (ECR-one) at the UITP Global Public Transport Summit, the world's leading conference and exhibition, being held in Barcelona, where public transport professionals converge to exchange ideas, foster innovation, and establish valuable connections. – positive
· Maruti Suzuki – Company announces the launch of its highly anticipated off-roader Jimny at a starting price of Rs1,274,000. The Jimny will be available for deliveries starting today across all NEXA showrooms in the country. - positive
· R Systems International - Company acquires Pune-based product engineering company Velotio Technologies for Rs 297 crore.- Positive
· Wabag bags Rs 420 crore water treatment plant contract from CIDCO for 270 MLD capacity at Raigad. The plant will pump the treated water to the Vihal reservoir for further distribution. – positive
· Focus on telecom stock as Cabinet okays $11 billion revival plan for state-owned BSNL - Cabinet has approved a revival package of 890.47 billion rupees ($10.79 billion) for state telecom operator Bharat Sanchar Nigam Ltd (BSNL) – expects positive for ITI, HFCL
· Focus on Major EV Supplier - Tesla Sets Up For India Entry: - Tesla Inc, under the leadership of its CEO Elon Musk, has reportedly agreed in principle to the Indian government’s proposal to not just assemble its electric vehicles in India, but also to establish a local vendor base. The government has requested a roadmap from Tesla outlining the timeframe for establishing a local supply chain, expecting a response within three to six months.- Expects positive for long term – Bharat Forge, Sandhar Tech, Kabra Extrusion, Fiem Industries, Sona Somstar and Amara Raja Batteries .
· China to Review Anti-Dumping Duties on Chemical From India - The Ministry of Commerce will review anti-dumping duties on meta phenoxy benzaldehyde imported from India from June 8, according to a statement from the ministry. Existing anti-dumping measures will continue to be implemented during the review, which will last as long as one year - Expects positive for Heranba as the company is a major player to produce phenoxy benzaldehyde.
· Jindal Poly Films has entered into an agreement to acquire the 100% shareholding of JPF Netherlands Investment B.V. a Netherlands based entity, which is engaged into the business of packaging films business through its three operational wholly owned subsidiaries based out of France, Italy, and United Kingdom. – positive
· Zydus Life - Company has received final approval from the USFDA for Tadalafil Tablets USP, 20 mg - positive
· Lemon Tree Hotels – Company has signed a License Agreement for a 60 room property in Rajamundry, Andhra Pradesh under the Company's brand "Lemon Tree Hotel". – positive
· Sula Vineyards – Company announced the signing on of a new CFO, and the launch of three new luxury villas at their iconic Beyond resort in Nasik. – positive
· Wipro launched a managed private 5G-as-a-Service solution in partnership with Cisco . The new offering enables enterprise customers to achieve better business outcomes through the seamless integration of private 5G with their existing LAN/WAN/Cloud infrastructure. - positive
· Datamatics – Company announced that it has been appraised at Level 5, the highest maturity level of the Capability Maturity Model Integration (CMMI) for Software Development and Business Process Management (BPM) Services. - positive
· Tata Elxsi – Company has partnered with the prestigious Indian Space Research Organization (ISRO) to enable the upcoming Gaganyaan Mission
· Loyal Equipments – Company wins Rs11.36cr of work order from Numaligarh Refinery – Positive
· K&R Rail Engineering – Company has signed the Memorandum of Understanding (MOU) on 06th June, 2023 with Bhalaji Toll Road Private Limited with the intention of carrying out the services in the infrastructure segment of Toll Management, Construction and Maintenance of Highways and allied infrastructure facilities as per the Contract, for Operation and maintenance of roads and highways under the infrastructure sector.- positive
· Titagarh Wagons – Company’s board meeting on 10th June for fund raising plan - Positive
Derivatives update
*Derivatives update*
Good morning
Derivatives update for Thursday, 8th June 2023.
India VIX was up by 0.55% from 11.38 to 11.44 levels. Volatility sunk below 10 zones during the day but finally closed a tad bit higher but overall comforted the bull for the fresh leg of rally in the index.
Nifty *Put/Call Ratio* (OI) increased from 1.01 to 1.38 level.
On option front, weekly maximum Call OI is at 18800 then 18700 strike while maximum Put OI is at 18600 then 18500 strike. Call writing is seen at 18850 then 18900 strike while Put writing is seen at 18700 then 18650 strike.
*Option data suggests a broader trading range in between 18450 to 18900 zones while an immediate trading range in between 18600 to 18800 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44000 then 44200 strike and maximum Call OI is placed at 44500 then 44300 strike. We have seen Call writing 44500 and Put writing is witnessed at 44300 strike.
Bank Nifty Put Call Ratio decreased from 0.97 to 0.95. Implied volatility rose from 12.6 to 12.7 levels.
Bank Nifty (CMP 44,275.30)
Data setup for Bank Nifty suggests a trading range in between *43750/44044 to 44500/44750 zones.*
Looking ahead at the FII’s derivatives activity, there was long built up in index futures, call buying & put selling in index options and long built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 1383 crores while DII’s were net buyers worth 392 crores. FIIs Index Long Short Ratio increased to 49.51%.
Derivatives data and price set up suggests, Nifty has to continue to hold above 18666 zones to witness an up move towards 18800 and 18888 zones while on the downside support exists at 18636 and 18580 zones.
Bank Nifty has to continue to hold above 44144 zones for an up move towards 44500 then 44750 zones while on the downside support exists at 44044 and 43750 zones.
Thank you. Have a great trading day and expiry ahead..!!
Pre-Market Derivatives and Technical Set-up
*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened gap up by 66 points near key level of 18666 marks and kept moving in the northward direction throughout the day. It held on to its higher zones with some consolidation in the first half of the session followed by a sharp rally in the next half of the day. It touched intraday high of 18738 zones and closed strongly near its day’s high with gains of around 130 points. It formed a Bullish candle on daily scale with longer lower shadow indicating support based buying at any minor dip. Index has given a range breakout on daily frame and gave the second highest ever close
◆ Now it has to continue to hold above 18666 zones to witness an up move towards 18800 and 18888 zones while on the downside support exists at 18636 and 18580 zones
◆ India VIX was up by 0.55% from 11.38 to 11.44 levels. Volatility sunk below 10 zones during the day but finally closed a tad bit higher but overall comforted the bull for the fresh leg of rally in the index
◆ On option front, weekly maximum Call OI is at 18800 then 18700 strike while maximum Put OI is at 18600 then 18500 strike. Call writing is seen at 18850 then 18900 strike while Put writing is seen at 18700 then 18650 strike. Option data suggests a broader trading range in between 18450 to 18900 zones while an immediate trading range in between 18600 to 18800 zones
◆ Bank Nifty opened on a positive note but failed to move above 44350 zones and gradually drifted towards its crucial 44144 level in the first half of the session. However some recovery was seen from lower levels in the last hour of the session and it formed a small bodied candle on daily scale with long lower shadow. It relatively underperformed the broader market and remained consolidative in narrow range of 200 points
◆ Now it has to continue to hold above 44144 zones for an up move towards 44500 then 44750 zones while on the downside support exists at 44044 and 43750 zones
◆ Bullish setup in Hindpetro, Glenmark, Canfin Homes, UBL, Tataconsum, Britannia, BPCL, Nestleind, Piind, Jswsteel, Tatacomm, Tatasteel, Tatamotors, HAL, ABB, Heromotoco, Powergrid, IOC, LT, Siemens, Cholafin, Apollo Hospital, Escorts, IRCTC, Bata India and SRF
◆ Bearish setup in Ibulhsgfin and Zydus Life
Wednesday, June 7, 2023
FII and DII data
FII and DII data Cash segment 7th june
FII net buy ₹ 1383 cr
DII net buy ₹393 cr
2day of time FII Buying in June month,
Both on Buying side today and hence ended in green
RBI policy due on Thursday
RBI policy due on Thursday and may trigger high volatility in bank nifty.
TRADING RANGE.
Nifty Future - 13750-13600
Bank Nifty Future - 44560-44000
Market Indication
Market Indication:
Global: FLAT to POSITIVE
NIFTY: FLAT to POSITIVE
BANKNIFTY: FLAT to POSITIVE
BULK Deals:Ceinsys Tech, Gravita India etc.
Stocks In F&O Ban Period: Indiabulls Housing Finance, India Cements, and Manappuram Finance
Results Today: Nil
SGX NIFTY: (Positive)
18705 +26.50 +0.14%
News and Impact
News and Impact
· Expects market to open on a positive note on account of rally in the global market while investors awaited inflation data and the Federal Reserve's policy meeting to be announce next week. Hope of US Fed and RBI to keep unchanged interest rate amid expectation of China to announce stimulus package will be positive for the market sentiment. US S&P 500 Index closed its highest level in 10 months and the Nasdaq Composite finished at a 14-month high, as investors wait for May inflation data due next week, just ahead of the Federal Reserve's June. US Mid-cap index major, Russel 2000 Index climbed up by 2.5% yesterday. Expectations that the US Fed will pause its monetary tightening at least temporarily. As a result, US Vix declined by 5% to close at below 14. Asian markets are witnessing mixed bag and SGX Nifty is up quarter percent. In the domestic front, expectation that the RBI may keep unchanged interest rate on account of stable domestic inflation. Positive factor that the FIIs were net buyers nearly Rs400cr yesterday after a net sellers in the last three trading sessions. Expects stock specific action in the market and traders focus on mid-cap and small cap counters. Focus on interest sensitive sectors like auto, financials and real estate stocks on ahead of RBI credit policy to be announce tomorrow . Expects rally to continue on defense stocks.
· US Market –U.S. stocks marginally gain on Tuesday as investors wait for May inflation data due next week just ahead of the Federal Reserve's policy meeting now that the federal debt ceiling issue has been resolved. US S&P 500 Index closed its highest level in 10 months and the Nasdaq Composite finished at a 14-month high
· Global market summary – Both US 2 years and 10-year bond surged by 1% to 2-week high ahead of US policy outcome next week. US Vix slipped 5% to close at below 14.
· Asian Market – Asian stocks are witnessing mixed bag today, with hopes for stimulus in China, a positive sign in geopolitics and hints of more broad-based strength in US shares bolstering sentiment. Benchmark indexes were higher at the open in South, Korea, Taiwan and Australia while Japan Index marginally decline.
· European Market – European stocks rose on Tuesday, boosted by strength in health care stocks, while chipmakers led the tech sector lower after a glum outlook from Taiwan Semiconductor Manufacturing Co. UK, Germany and France Index gained nearly quarter percent each.
· Oil – Brent Crude gained 1% to above $76/bbl after the news of fall in US inventory. The American Petroleum Institute (API) on Tuesday reported a decrease of 1.71 million barrels of crude oil in U.S. inventories for the week ending June 2.
· Gold – Gold futures rose 1% to $1965/ounce as investors assessed the outlook for interest rates ahead of next week's meeting of Federal Reserve policy
· Previous Day market Update –. Equity benchmark index recovered from lows but ended flat after a 2-day rally as a slide in IT stocks overshadowed the gains in auto, cement, real estate and private bank stocks amid hopes of a rate hike pause by the US Federal Reserve and ahead of RBI credit policy to be announce in the next couple of days. Sensex gained 5 points or 0.01% to settle at 62,793 while touched intra-day low of 62554. Nifty rose 5 points or 0.03% to end at 18,599 while touched intra-day low of 18532. Global markets were mixed today after a report that showed growth in service industries is slowing stoked concern the US economy is weakening. Ultratech, Maruti, Divi’s Lab, Kotak Bank and Grasim were major gainers while TCS, Tech Mahindra, HDFC twins and Infosys were among the major losers Nifty stocks. Nifty auto Index climbed up by 1% while Nifty it Index slipped 2%. small- and mid-sized companies extended their record runs as investors looked to rotate allocations following the end of the earnings season. FIIs were net buyers Rs386cr while DIIs were net sellers Rs489cr yesterday.
· Nifty Technical Levels – Nifty formed a Doji sort of candle on daily scale with longer lower shadow indicating support based buying on declines. Now it has to continue to hold above 18580 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18480 and 18442 zones.
· Bank Nifty Technical Levels – Bank Nifty formed a Doji sort of candle on daily scale as buying interest was seen at lower zones. Overall it remained consolidative in narrow range of 200 points as selective private banks continue to hold the Index while few public banks remained lacklustre . Now it has to continue to hold above 44044 for an up move towards 44500 then 44750 zones while on the downside support exists at 44000 and 43750 zones.
· Actionable BUY – HAL, Mazagoan Dock, Paras Defense, GMR Infra
· Brokers Radar – ONGC TGT by Goldman at 160. Goldman Sachs TGT on Reliance Industries at 2890 and Nomura TGT at 2850. Eicher Motor TGT by Morgan Stanley at 3533 and Citi TGT at 4800. Kotak Bank TGT by Morgan Stanley at 2215. ITC TGT by JP Morgan at 475.
· Events – Final day of MPC meeting on of ahead of RBI Credit policy to be announce tomorrow, IKIO IPO subscribed by 1.5 time. Australia and India test champion final at London. Cabinet and CCEA meet
· Corporate Action - Tata Power Rs2.00, Uniparts India Rs6, Seshasayee Paper - AGM and ex-dividend Rs6
· Global Data – Mortgage Application and Trade Balance (US). Trade Balance and Current account balance (France).
· Market Summary – Bajaj Finserv enters mutual fund business, NSE changes Nifty Bank F&O expiry day to Friday, Aditya Birla to Invest $605M on Branded Jewelry Retail Foray, NTPC Declares Second Part of Solar Power Project in Gujarat, Bharti Airtel Bags Mandate to Power Indian Government's, Germany May Build India Submarines - Mazagon Dock likely to jointly bid for an estimated $5.2bn, NHPC Signs Accord for 7.35GW Clean Energy Projects
· Mazagoan Dock - Germany and India are closing in on a deal to build diesel submarines. Thyssenkrupp AG’s marine arm and India’s Mazagon Dock are likely to jointly bid for an estimated $5.2bn project to build six submarines for the Indian navy, according to people with knowledge of the matter. The preliminary agreement or memorandum of understanding will be signed in the presence of Defense Minister Boris Pistorius who arrived in New Delhi Tuesday for a two-day visit, German and Indian officials said.
· GMR Infra - GMR Group on 6 June announced divestment of an 8,18,000 sqft warehouse facility located at Hyderabad's Rajiv Gandhi International Airport.- positive
· Bank of Maharashtra – Company’s QIP price settelted at Rs28.50 worth Rs1000cr (CMP Rs30) - positive
· Bajaj Finserv – Company is entering the highly competitive mutual funds business and has plans to make it big over the next few years, drawing in on the 'late mover advantage'. To begin with, the company is launching three schemes in the fixed income, liquid and money market products by the end of the month – positive
· Torrent Power – Company signed a MoUs with the government of Maharashtra for development of pumped hydro storage projects. A statement by Torrent Power said that the projects would entail an investment of about ₹27,000 crore – long term positive
· NHPC has signed a MoU with the Maharashtra state in western India for building 7,350MW of clean power projects. The projects include solar, wind, hybrid and pumped hydro energy storage capacity - Positive
· Aditya Birla to Invest $605M on Branded Jewelry Retail Foray - Aditya Birla Group is foraying into the branded jewelry retail business in India, the world’s second- biggest bullion market, with an investment of around Rs5000cr ($605mn).
· NTPC Declares Second Part of Solar Power Project in Gujarat - NTPC has declared the second part capacity of 10 MW of its 20 MW Gandhar Solar PV Project in Gujarat as commercially operational. The first portion capacity of 10 MW was declared commercially operational in August 2022. With this development, the standalone installed and commercial capacity of NTPC increased to 56,378 MW – positive
· Man Industries – Company to consider stock split and bonus on June 9 board meeting
· Government has earned Rs4185cr through the sale of a 3% stake in state-owned miner Coal India. With the divestment through offer-for-sale, the holding of the government in Coal India has come down to 63.13%.
· Thermax -An arbitration panel ruled against the turbine and boiler maker in a matter related to breakdown of two gas turbo generators at one of its customers. The award would have an estimated financial impact of about Rs 250 crore. – Stock decline 3% yesterday …We are long term positive on the stock
· TCS - Company launches data exchange and marketplace platform Dexam on Google Cloud. Dexam is a software-as-a-service product that enables data exchange across enterprises and ecosystems. - positive
· Man Infra (MICL)– Company announces luxury residential project In Ghatkopar, Mumbai. The project has an estimated revenue potential of Rs 1,200 crore and it is expected to be completed in four years. – positive
· L&T – Company wins significant category order worth Rs 1,000 to Rs2,500cr. The EPC contract entails construction of the tallest building in India with a height of 300.5 meters. - positive
· IndiGo: IndiGo aims to carry 100 million passengers in the year ending March 2024, as the carrier adds more domestic and international routes, its CEO Pieter Elbers said. – positive
· Hindustan Unilever: The fast-moving consumer goods player Hindustan Unilever (HUL), in an interview to a TV channel, said that it will soon cut prices of soaps, detergents, and shampoos over the next few weeks.
· Indoco Remedies – Company a fully integrated, research based pharma company with a strong global presence has acquired 85% of equity stake of the US based FPP Holding Company, LLC ("FPP Holding") for USD 4 Million from Contract Pharmacal Corp. ("CPC"). – positive
· NSE changes Nifty Bank F&O expiry day to Friday - The National Stock Exchange of India has decided to change the Bank Nifty Futures and Options (F&O) expiry day to Friday from Thursday. The new rule will come into effect from July 14.
· Bharti Airtel Bags Mandate to Power Indian Government's - Bharti Airtel secured the cloud and content delivery network mandate from the Digital India for the Digital Infrastructure for Knowledge Sharing platform, India’s national platform for open education digital content. – positive.
· Advait Infratech – Company has received an order for OPGW installation work on 20th May, 2023 worth Rs. 30.27 Crores. – positive
· Valiant Organics- Company's subsidiary Valiant Laboratories Ltd files DRHP with SEBI for IPO – positive
· G R Infraprojects: Company’s unit GR Hasapur Badadal Highway executed concession agreement to construct six lane Surat-Nashik-Ahmednagar-Solapur- Maharashtra/Karnataka border greenfield stretch on hybrid annuity mode at a bid project cost of Rs 872.17 crore. – positive
· Hardwyn India: Company allots 8.72 crore equity shares as fully paid bonus shares to existing shareholders of the company in 1:3 ratio. - Positive
· Ugro Capital: The Board has allotted 2,500 Non-Convertible Debentures with a face value of Rs 1 lakh each through private placement. - positive
Derivatives update
*Derivatives update*
Derivatives update for Wednesday, 7th June 2023.
India VIX was up by 2.15% from 11.12 to 11.38 levels. Volatility negated its lower highs formation on daily frame but overall lower levels is keeping the index in a smaller range.
Nifty *Put/Call Ratio* (OI) increased from 1 to 1.01 level.
On option front, weekly maximum Call OI is at 18600 then 18800 strike while maximum Put OI is at 18500 then 18600 strike. Call writing is seen at 18750 then 18800 strike while Put writing is seen at 18550 then 18400 strike.
*Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18450 to 18700 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44000 then 42000 strike and maximum Call OI is placed at 44200 then 45500 strike. We have seen Call writing 45500 with significant unwinding at 44000 and Put writing is witnessed at 44100 strike.
Bank Nifty Put Call Ratio increased from 0.87 to 0.97. Implied volatility fell from 12.8 to 12.6 levels.
Bank Nifty (CMP 44164.55)
Data setup for Bank Nifty suggests a trading range in between *43750/44000 to 44500/44750 zones.*
Looking ahead at the FII’s derivatives activity, there was long liquidation in index futures, position unwinding in index options and short built up in stock futures.
In the cash market, FIIs were net buyers to the tune of 386 crores while DII’s were net sellers worth 489 crores. FIIs Index Long Short Ratio decreased to 46.19%.
Derivatives data and price set up suggests, Nifty has to continue to hold above 18580 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18480 and 18442 zones.
Bank Nifty has to continue to hold above 44044 for an up move towards 44500 then 44750 zones while on the downside support exists at 44000 and 43750 zones.
Pre-Market Derivatives and Technical Set-up
*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened positive but failed to hold above 18620 zones and drifted lower for the first half of the session to touch 18530 zones. It recovered in the next half of the session and managed to close near 18600 with gains of around 5 points. It moved in a rather staggered way for most part of the day followed by a swift recovery in the last hour. It formed a Doji sort of candle on daily scale with longer lower shadow indicating support based buying on declines
◆ Now it has to continue to hold above 18580 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18480 and 18442 zones
◆ India VIX was up by 2.15% from 11.12 to 11.38 levels. Volatility negated its lower highs formation on daily frame but overall lower levels is keeping the index in a smaller range
◆ On option front, weekly maximum Call OI is at 18600 then 18800 strike while maximum Put OI is at 18500 then 18600 strike. Call writing is seen at 18750 then 18800 strike while Put writing is seen at 18550 then 18400 strike. Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18450 to 18700 zones
◆ Bank Nifty opened on a flattish note but failed to hold above 44200 and gradually drifted towards 44000 zones in the first half of the session. However some recovery seen from lower levels in the last hour of the session and it formed a Doji sort of candle on daily scale as buying interest was seen at lower zones. Overall it remained consolidative in narrow range of 200 points as selective private banks continue to hold the Index while few public banks remained lacklustre
◆ Now it has to continue to hold above 44044 for an up move towards 44500 then 44750 zones while on the downside support exists at 44000 and 43750 zones
◆ Bullish setup in Ambujacem, Oberoirlty, HAL, Ultracemco, ACC, Glenmark, TVS Motor, IDFC, BEL, Tatacomm, Axis Bank, Tatamotors, Maruti, Cumminsind, Grasim, M&M, Bajfinance and Deepakntr
◆ Bearish setup in IEX, Mphasis, Coforge, Voltas, LTTS, OFSS, INFY, Techm, TCS, ONGC and Hcltech
Tuesday, June 6, 2023
IKIO LIGHTING LIMITED IPO
*IKIO LIGHTING LIMITED IPO*
*Open : 06-JUNE-2023*
*Open : 08-JUNE-2023*
*QIB : 50%*
*NII : 15%*
*Retail : 35%*
*Price : ₹270 - ₹285*
*Market Lot : 52 Shares*
*Retail*
*Shares : 52*
*App Amt : ₹14,820*
*Retail Form : 143235*
*Small HNI (2-10 Lakh)*
*Shares : 728*
*App Amt : ₹207,480*
*Forms : 1462*
*Big HNI (10+ Lakh)*
*Shares : 3536*
*App Amt : ₹10,07,760*
*Forms : 2923*
*Basis of Allotment *JUNE 13, 2023*
*Initiation of Refunds JUNE 14, 2023*
*Credit of Shares to Demat JUNE 15, 2023*
*IPO Listing Date JUNE 16, 2023*
*MUST APPLY☝🏻*
BIG BREAKING NEWS
BIG BREAKING NEWS
CHINA ANNOUNCES STIMULUS PACKAGE FOR ECONOMY
CHINA ASKS BIGGEST BANKS TO CUT DEPOSIT RATES TO BOOST THE ECONOMY.
NSE, BSE Key Circuit Filter Revisions
NSE, BSE Key Circuit Filter Revisions
- From 5% to 20%
Adani Power
Kamdhenu
RVNL
- From 5% to 10%
Adani Transmission
BTST : BUY
BTST : BUY TVS MOTOR , CUMMINS , HAL , ULTRATECH, MARUTI, M&M, TATA MOTOR, AXIS BANK , SYNGENE
From Advisory Desk 6th June 2023
From Advisory Desk 6th June 2023
Market Outlook: US stocks ended slightly lower as the data from S&P and ISM on services activity was a bit weaker than expected. Following the news, Bond yields reacted and reversed the earlier gains. Asian markets have started with a mixed performance, while the SGX Nifty indicates a flat opening. On the domestic front, our markets started the week on a positive note yesterday, closing higher by 0.35%. After the recent consolidation breakout, the Nifty is moving within a range of 18450-18670 levels from the past few sessions. However, the positive trend remains intact and expect stock specific action to continue. The RBI MPC meeting is set to begin today, with the outcome announcement scheduled for 8th June.
Actionable: Buy M&M, L&T.
Global market:
DOW: - 199
SGX NIFTY: - 10 (prev. close 18725)
NIFTY 50 : 18593
Sensex : 62787
Institution:
FII: - 701 Cr
DII: + 1196 Cr
NSE:
Advances: 2128 / Declines: 1543
Currency:
Dollar: $ 82.67
Dollar Index: 103.99
Commodity:
Gold: $ 1975 per ounce
Crude: $ 76.15 per barrel
Bonds:
10 year US bond rate: 3.69
10 year Indian Bond rate: 7.00
Derivative:
PCR: 0.95
VIX: 11.13
Updates:
SBI Cards: SBI Cards and Payment Services Ltd on Monday announced that its board of directors has approved the raising of funds by way of issuance of Non-Convertible Debentures (NCDs) to ₹3,000 crore in one or more tranches, on a private placement basis.
Adani Group | The group on Monday said it has repaid loans totalling $2.65 billion that were taken by pledging shares in the conglomerate's listed firms and another $700 million in loans taken for the acquisition of Ambuja Cement.
Godrej Consumer Product - Company announced the appointment of Aasif Malbari as its Chief Financial Officer, with effect from August 10, 2023. Aasif Malbari is currently the CFO of Tata Passenger Electric Mobility and Director of Tata Motors Passenger.
Sugar Sector - Sugar prices tumbled to 6-week lows yesterday. The arrival of monsoon rains in India and ramped-up sugar production in Brazil are weighing on sugar prices.
Securities in ban: IBULHSGFIN, INDIACEM, MANAPPURAM FINANCE.
Derivative View: On option front, weekly maximum Call OI is at 18600 then 18700 strike while Maximum Put OI is at 18500 then 18600 strike. Option data suggests an immediate trading range in between 18400 to 18700 zones.
Pre-Market Derivatives and Technical Set-up
*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened gap up by around 80 points but moved in a consolidative manner throughout the day. It respected support of 18580 zones but failed to move above 18640 zones and remained in a narrow range of 50 points. It formed a small bodied candle on daily scale and negated its lower highs formation of the last three sessions to close with gains of around 60 points
◆ Now it has to hold support of 18580 zones to witness an up move towards 18750 and 18888 zones while on the downside support exists at 18480 and 18442 zones
◆ India VIX was up by 0.16% from 11.12 to 11.13 levels. Volatility is marginally up but has been overall cooling off and thus in turn creating swings within a smaller range in the indices
◆ On option front, weekly maximum Call OI is at 18600 then 18700 strike while maximum Put OI is at 18500 then 18600 strike. Call writing is seen at 18700 then 18650 strike while Put writing is seen at 18500 then 18400 strike. Option data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18400 to 18700 zones
◆ Bank Nifty opened on a positive note near 44100 zones but remained consolidative in a narrow range of 100 points between 44150 to 44250 zones for most part of the trading session. It formed a Doji candle on daily scale as some profit booking was seen from higher zones in the last hour of the session and it closed at it opening zones. However it negated the formation of lower highs after four sessions to close with gains of around 160 points. It is holding well above its 20DEMA on daily scale and buy on dips stance likely to continue
◆ Now it has to continue to hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones
◆ Bullish setup in HAL, M&M, BHEL, ICICI Pru, Axis Bank, BEL, Tatamotors, Grasim, Tatapower, LT, Deepakntr, Reliance, Maruti, Tatasteel, Indusind Bank, Cumminsind, SRF, Indigo and Glenmark
◆ Bearish setup in AU Bank, Manappuram, VEDL, MFSL, BPCL, MGL, TCS and Kotak Bank
Securities in Ban For Trade Date 06-JUN-2023
*Securities in Ban For Trade Date 06-JUN-2023:*
1 IBULHSGFIN
2 INDIACEM
3 MANAPPURAM
Market Indication
Market Indication:
Global: FLAT to NEGATIVE
NIFTY: FLAT to NEGATIVE
BANKNIFTY: FLAT to NEGATIVE
BULK Deals:Ceinsys Tech, MTAR Technologies etc.
Stocks In F&O Ban Period: Indiabulls Housing Finance, India Cements, and Manappuram Finance
Results Today: Nil
SGX NIFTY: (Negative)
18704 -21.00 -0.11%
News and Impact
News and Impact
· Expects market to open on a flat note on account of global cues. US market declined upto half percent and Asian market open on a mixed bag after US announced lower than expected Service PMI data. US Treasuries drifted after a report the US services sector nearly stagnated in May (Service PMI 54.9 while expectation 55.1). The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy. However, risks still loom with market increasingly speculating the Federal Reserve will hold rates steady in June, but keep its options open for hikes later on. US Banking stocks declined after the Treasury debt issuance, proposed new capital requirements. SGX Nifty is trading flat to negative. Expects rangebound market today on ahead of RBI credit policy to be announce on Thursday. Two days MPC (monetary policy committee) meeting will commence from today while expectation of RBI may keep unchanged interest rate. Yesterday, market gained marginally but momentum continued on mid-cap and small cap stocks. Nifty 500 stocks advance decline ratio was favorable yesterday at 1.4:1. Undertone bullish sentiment in the market on account of better than expected domestic GDP and PMI data during the month of May. May Service PMI data announced while it has eased slightly, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins. Expects rally on defence stocks to continue after the US Defense Secretary said that the country is increasingly interested in sharing defense technology with its south Asian partner. Banking, Auto and Real Estate stocks will be in focus ahead of RBI policy outcome this week.
· US Market – US Market declined marginally after a report the US services sector nearly stagnated in May. The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy. Dow Jones slipped half percent while Nasdaq Composite ended marginally lower.
· Global market summary – Brent crude nearly 2-week high. US Dollar Index surged to above 104.
· Asian Market – Asian equities open on a mixed bag after the US stocks pulled back short of entering a bull market. Shares declined nearly half percent in South Korea, Taiwan and Australia while Japan market posted modest gain. Speculation that the Fed may plan to keep rates steady in June but keep options open for later hikes ramped up after the Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy
· European Market – European stocks fell on Monday, trimming Friday’s rally, after weaker-than-expected data from the US stoked investor concern about the health of the economy. UK, France and Germany Index declined nearly half percent each.
· Oil – Oil edged lower by 1% to below $77/bbl as traders weighed the outlook for supply and demand after Saudi Arabia’s surprise pledge for extra supply cuts.
· Gold – -- Gold advanced 1% to $1962/ounce as Treasury yields fell after weak US service-sector activity made traders rethink the Federal Reserve’s interest-rate hike path.
· Previous Day market Update –.Equity benchmark Index ended in the green for the second consecutive session on positive global cues amid hopes of a pause in rate hikes by the US Fed, ahead of RBI credit policy to be announce this week. Action shifted to defense, shipbuilding and auto stocks. Heavyweights like Reliance Industries, ICICI Bank, Tata Motor, L&T, Axis Bank and M&M were major gainers among the Nifty stocks. Sentiments were boosted across the global markets on the hope of US Fed to pause hike in interest rate and strong domestic economy data. Today, May Service PMI data announced while it has eased slightly, but registered the second-strongest rate of growth in close to 13 years, on favourable demand conditions and new client wins. Mid-cap and small cap stocks continued rally and Nifty 500 stocks advance decline ratio was 1.4:1. Sensex climbed 240 points or 0.40 per cent to settle at 62,787. During the day, it jumped 396 points or 0.63 per cent to 62,943. The Nifty advanced 60 points or 0.30 per cent to end at 18,594. . RBI credit policy would be announce on 8th June or Thursday while US Fed rate decision to be release on subsequent week or June 14. Expectation of RBI to keep unchanged interest rate on account of cooling down inflation. FIIs were net sellers Rs701cr while DIIs were net buyers Rs1196cr yesterday.
· Nifty Technical Levels – Nifty formed a small bodied candle on daily scale and negated its lower highs formation of the last three sessions to close with gains of around 60 points. Now it has to hold support of 18580 zones to witness an up move towards 18750 and 18888 zones while on the downside support exists at 18480 and 18442 zones.
· Bank Nifty Technical Levels – Bank Nifty formed a Doji candle on daily scale as some profit booking was seen from higher zones in the last hour of the session and it closed at it opening zones. However it negated the formation of lower highs after four sessions to close with gains of around 160 points. It is holding well above its 20DEMA on daily scale and buy on dips stance likely to continue. Now it has to continue to hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones.
· Actionable BUY – IDFC, Indusind Bank, Tata Power, Global Health, HAL
· Brokers Radar – ONGC TGT by Morgan Sanely at 206, Nomura – BHEL TGT at 61 from 79. PNC Infra TGT at 375. Jefferies on Power Sectors– Power Gird TGT at275, NTPC TGT at 205, Tata Power TGT at 185 from 175, IEX TGT at 120, JSW Energy TGT at 325. Tatat Consumers TGT by JP Morgan at 770, Axis Bank TGT by Jefferies at 1150
· Events – RBI’s MPC meeting commence from today while RBI credit policy to be announce on Thursday. IKIO IPO will be open today with price brand between 275-285 a share. Bajaj Finserv meeting for new product launch.
· Corporate Action - ex-dividend - Nelco Rs2.00
· Global Data – Constriction PMI (UK). Factory Order and Construction PMI (Germany). Exports, Imports and Trade Balance (China)
· Market Summary – Defence Stocks in India Rally as US More Open to Tech Sharing , L&T Finance to sell bad loans worth Rs 3,000 cr, Tata Chemicals Revises Holding Structure of US Operations, TCS bags 10-yr contract from UK, SBI Board to Meet on June 9 to Consider Fund Raising for FY24.
· SBI – Company plans to seek board approval on June 9 to raise funds for the year to March 31, Fund raising may be considered through private placement of INR and/or foreign currency debt – Positive.
· Focus on Defense stocks - US Defense Secretary Lloyd Austin said that the country is increasingly interested in sharing defense technology with its south Asian partner. Austin and his Indian counterpart Rajnath Singh signed a road map for a cooperation agreement in defense and technology – Expects positive for HAL, Paras Defense, Cochin Shipyard, Mazagoan Dock, BEL.
· Adani Group: The group made prepayment of margin linked share backed financing totalling $2.15. Promoters also prepaid $700 million debt taken for the Ambuja Cement acquisition. Cash balance of listed portfolio up 41.5% YoY to $4.75 billion (Rs 40,351 crore) in FY23.
· Mahindra & Mahindra: Sunrise Initiatives sells entire stake of 81.58% in Mahindra Marine to Ocean Blue Boating. Ocean Blue currently holds the balance 18.42% stake in Mahindra Marine – Positive
· Allcargo Logistics: Transindia Real Estate has agreed to further divest 10% stake each in five subsidiaries of Allcargo and a 100% stake in Allcargo Multimodal to Blackstone. – positive
· NELCO: Company inks pact to acquire 9.09% stake in Piscis Networks with an initial investment of Rs 99.99 lakhs. It plans to increase stake in the company to up to at least 30%. – positive
· Indian Energy Exchange: Company reported 8,251 MU overall volume in May, a gain of 8% year-on-year. The market clearing price declined 30% year-on-year to Rs.4.74 per unit. Power demand is expected to increase in coming months and supply side liquidity may improve due to enhanced coal supply - positive
· Emami: Company buys back a total of 23.68 lakh equity shares on Jun. 5. - Company announced impressive Q4 results.
· Wipro - Company said its cloud-based dynamic digital signage solution Wipro VisionEDGE will power television network Bowling Center TV across the U.S., a new US based digital TV network to be distributed across 1,000 bowling centers in the US. Cisco is also a technology partner signed by BCTV.
· K Cement: Company agrees to sign, execute share purchase agreement to buy 100% stake in Toshali Cements for Rs 157 crore in cash. The acquisition will help the Company expand its footprint into the Eastern Region. - positive
· CSB Bank: Mr. Satish Gundewar takes charge as chief financial officer of company from Jun.5 . He was former CFO of DCB Bank. – Positive
· Godrej Consumer Products: Company appointed Aasif Malbari as Chief financial officer - positive
· JSW Steel - has achieved a significant breakthrough in environmental sustainability by embarking on waste plastic injection in blast furnace. The company has accomplished a remarkable milestone by successfully injecting a substantial quantity of waste plastic into Blast Furnace 3 at their Vijayanagar Steel Plant – positive
· B.L. Kashyap one of the leading Civil Engineering and Construction Company has secured new order aggregating to ₹ 147 Crores approx. The total order book as on date stands at ₹ 2774 Crores – Positive
· Aptech Ltd fixes July 6, 2023 as record date for bonus issue
· Services PMI Eases to 61.2 in May - Services activity contracted in May as the seasonally adjusted S&P Global India Services PMI Business Activity Index eased to 61.2 in May as against 62.0 in April. The expansion was at the second-fastest pace in close to 13 years. Favorable demand conditions, new client wins and positive market dynamics reportedly supported output, S&P said.
· Tata Chemicals - company announced the restructuring of its US operations
· Indoco Remedies – Company's CRO arm AnaCipher updates on USFDA inspection, the USFDA has confirmed that no objectionable conditions were observed during their remote assessment. – positive
· PVR INOX - Company launches new 7-screen multiplex at Global Mall, Mysore Road in Bengaluru – positive
· Bajaj Finserv – Company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, to develop a Rs. 5000 crore project in Pune, one of the largest financial services investments in the country. – positive
· L&T Finance– Company has initiated a bidding process to sell non-performing loans worth Rs3,022 crore to asset reconstruction companies. These loans are spread across 10 accounts, including Nirmal Lifestyle Developers, Nirmal Lifestyle Malls, and Supertech. – positive
· Sbi Card – Company approves raising Rs3000cr funds via debt, bond, private plcement - Positive
· NSE, BSE To Introduce Enhanced Surveillance Mechanism For "Micro-Small" Companies From Jun 5 - To curb volatility in small-cap counters, leading stock exchanges BSE and NSE have put in place an enhanced surveillance mechanism for companies that have a market cap of less than Rs 500 crore
· TCS – Company has been awarded a 10-year contract by the UK Government's Department for Education to administer the Teachers’ Pension Scheme. The contract includes administration and further enhancement of customer experiences via a digitally enabled system.
· Mahindra Life - Company announced, Mahindra Industrial Park Chennai a JV between Mahindra World City Developers and Japan-based OMRON Healthcare will start operations at Origins by March 2025. The OMRON Healthcare factory will be built over 6.02 acres and will be manufacturing blood pressure monitors and supplying them mainly to the domestic market.- Positive
· Tata Power - Company will set up renewable energy plant in Bikaner, Rajasthan, to supply 211 million units to Kerala The project is expected to be completed in seven months – positive
· Suzlon – Company becomes first Indian wind energy company to cross 20 GW of wind energy installations through 12,467 wind turbines installed across 17 countries. – Avoid due to poor balance sheet
· Embassy Office Parks REIT – Company to Raise Rs 1,050 Crore Via Private Placement Of NCDs Company will allot 1,05,000 non-convertible debentures at a face value of Rs 1,00,000 each for the coupon rate of 7.77% per annum – positive.
· Greaves Cotton - Company's NBFC Arm Introduces online platform for EV financing Greaves finance launches electric vehicle financing platform 'evfin". - positive
· Patel Engineering receives a contract for the construction of a 6.70 km treated water tunnel from CIDCO worth Rs520
· Som Distilleries – Company announces 42% growth in its beer market share in Madhya Pradesh for the month of May.- positive
· HG Infra – Company gets Rs655cr railway EPC orders – positive
· Nava LTD – Company says its Zambia based colliery has lowered overall liabilities by about $277m. The unit Maamba Collieries Ltd. has leveraged upon the improved operational cash flows to discharge overdue loan instalment aside from meeting regular debt service from March. The unit has reduced its overall liabilities by $277m since start of December to $206m, which is a significant turnaround in its financial position – stock gained 7% yesterday
Monday, June 5, 2023
Market Indication
Market Indication:
Global: FLAT to POSITIVE
NIFTY: FLAT to POSITIVE
BANKNIFTY: FLAT to POSITIVE
BULK Deals:Jtekt India, Lyka Labs, Speciality Restaurants etc.
Stocks In F&O Ban Period: Nil
Results Today: Nil
SGX NIFTY: (Positive)
18721 +92.50 +0.50%
Bank Nifty opened on a positive note
Bank Nifty opened on a positive note but failed to surpass 44044 marks and drifted towards 43800 zones in the first hour of the day. However it recovered from lower zones and extended its movement towards 44088 zones. Later it consolidated in a range of 200 points in between 43800 to 44020 zones.
Long built up was seen as OI was up (2.11%) and Price was up (0.37%). Last week on week (Thursday close to Thursday) OI change comes to 9.4% with price change by 0.5%
FIIs Long Short Ratio increased to 47.55%
Bank Nifty Put Call Ratio increased from 0.76 to 0.80
SGX Nifty June OI 197,043 contracts. (-1.82%)
SGX indicates a positive start and Dow closed positive.
*Important support level : 43500*
*Important resistance level : 44500*
*Broader trading range : 43500/43750 to 44250/44500 zones*
Derivatives update
*Derivatives update*
Good morning !!
Derivatives update for Monday, 5th June 2023.
India VIX was down by 4.09% from 11.59 to 11.12 levels. Volatility has been cooling off and thus in turn creating swings within a smaller range in the indices making it choppy for most part of the session.
Nifty *Put/Call Ratio* (OI) decreased from 1 to 0.95 level.
On option front, weekly Maximum Call OI is at 18600 then 18500 strike while Maximum Put OI is at 18500 then 18400 strike. Call writing is seen at 18600 then 18800 strike while Put writing is seen at 18500 then 18300 strike.
*Option data suggests a broader trading range in between 18200 to 18800 zones while an immediate trading range in between 18300 to 18700 zones.*
For weekly Bank Nifty, Maximum Put OI is at 44000 then 43000 strike and maximum Call OI is placed at 44000 then 46000 strike. We have seen Call writing 46000 and Put writing is witnessed at 41500 strike.
Bank Nifty Put Call Ratio increased from 0.76 to 0.80. Implied volatility fell from 14.3 to 12.7 levels.
Bank Nifty (CMP 43,937.85)
Data setup for Bank Nifty suggests a trading range in between *43500/43750 to 44250/44500 zones.*
Looking ahead at the FII’s derivatives activity, there was long built up in index futures, call & put buying in index options and short covering in stock futures.
In the cash market, FIIs were net sellers to the tune of 658 crores while DII’s were net buyers worth 582 crores. FIIs Index Long Short Ratio increased to 47.55%.
Derivatives data and price set up suggests, Nifty has to hold support of 18442 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18442 and 18333 zones.
Bank Nifty has to cross and hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones.
Thank you. Have a great trading day and week ahead..!!
Pre-Market Derivatives and Technical Set-up
*Pre-Market Derivatives and Technical Set-up*
◆ Nifty index opened positive but failed to surpass immediate hurdle of 18580 zones and remained volatile in broader trading range in between 18480 to 18580 zones for most part of the day. It formed a small bodied Bearish candle and an inside bar on daily scale with longer lower shadow indicating support based buying is intact. It has been forming lower highs from the last three sessions and closed the day with gains of around 45 points. It formed a small bodied Bearish candle on weekly frame but has been forming higher highs from the last ten weeks
◆ Now it has to hold support of 18442 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18442 and 18333 zones
◆ India VIX was down by 4.09% from 11.59 to 11.12 levels. Volatility has been cooling off and thus in turn creating swings within a smaller range in the indices making it choppy for most part of the session
◆ On option front, weekly Maximum Call OI is at 18600 then 18500 strike while Maximum Put OI is at 18500 then 18400 strike. Call writing is seen at 18600 then 18800 strike while Put writing is seen at 18500 then 18300 strike. Option data suggests a broader trading range in between 18200 to 18800 zones while an immediate trading range in between 18300 to 18700 zones
◆ Bank Nifty opened on a positive note but failed to surpass 44044 marks and drifted towards 43800 zones in the first hour of the day. However it recovered from lower zones and extended its movement towards its opening level near 44088 zones. Later on it consolidated in a range of 200 points in between 43800 to 44020 zones and formed an Inside Bar on daily scale. It has been forming lower highs - lower lows on daily scale from the past three sessions but holding well above its 20DEMA. It formed a Bearish candle on weekly scale but structure of higher highs is intact from the last ten weeks
◆ Now it has to cross and hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones
◆ Bullish setup in PFC, HAL, Hindalco, Heromotoco, Astral, Tatacomm, Apollo Hospital, DLF, Rec Ltd, Trent, Tatasteel, Poly Cab, TVS Motor, NMDC, Mphasis, Lauras Labs, Can Bank, M&M, Titan, Zydus Life, M&MFin, Sunpharma and Maruti
◆ Bearish setup in MGL, Gujgas, IGL, BPCL and Hindpetro
News and Impact
News and Impact
· Expects market to open on a strong note on account of across global market rally due to boosted sentiment after reported positive US economy data, hope of US Fed to pause hike in interest rate and strong domestic economy data. U.S. stocks climbed up to 2% (Dow Jones gained over 700 points) on Friday after a labor market report showing moderating wage growth in May, indicating the Federal Reserve may skip a rate hike in two weeks, while markets welcomed a Washington deal that avoided a catastrophic debt default. The Cboe Volatility Index, or VIX, dropped below 15 from an average of 23 in the past year after the US private sector payrolls increased by 339,000 in May, compared estimate of 190,000. Russell 2000 index of small caps, the home of several regional banks soared about 3.5%. SGX Nifty is up nearly 100 points or over half percent. On the domestic front, easing inflation, stronger-than-expected economic growth data (FY23 GDP 7.2% - expectation 6.9%), persistent FIIs buying interest, fast-paced expansion of India's factory output (May PMI 31-Month high) and better than expected auto monthly sales data will have positive impact on market sentiments. RBI credit policy would be announce on 8th June or Thursday while US Fed rate decision to be release on subsequent week or June 14. Expectation of RBI to keep unchanged interest rate on account of cooling down inflation. Among the sectors to be watch for today – metal stocks will be in focus after the news that the China is working on a new basket of measures to support the property market. Interest sensitive sectors like banks, finance, real estate and auto stocks will be in momentum ahead of RBI credit policy. Tech stocks may be positive after the global IT major Index, Nasdaq Composite surged to 9-month high.
· US Market – U.S. stocks jumped Friday, with the Dow Jones closing up 701 points orv over 2% , after the May jobs report showed the labor market is in surprisingly strong shape despite the Federal Reserve’s aggressive tightening of monetary policy in the past year. A mixed jobs report shaped the wagers on a Fed pause, with signs of labor-market slackening in May despite a pickup in hiring. Investor sentiment was high Friday following the blowout nonfarm payrolls growth in May reported by the Labor Department. Public and private sector payrolls increased by 339,000 in May, compared to the Dow Jones estimate of 190,000. Nasdaq Composite soared 1% while Dow Jones Index advance 2%.
· Global market summary – US CBOE Volatility Index fell to 2-year low to below 15, S&P 500 surged by 20% from the October low, indicating a bull market, US 2- year and 10-year spiked to 2-month low.
· Asian Market – Asian markets surged on Monday after the S&P 500 rose to the cusp of a bull market amid strengthening bets for a Federal Reserve rate pause this month. Japan Index surged over 400 points or 1.5%. Taiwan, South Korea, Australia Index gained over 1% each. A mixed jobs report shaped the wagers on a Fed pause, with signs of labor-market slackening in May despite a pickup in hiring.
· Oil – Oil advanced 3% to $77/bbl after the Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in prices.
· Previous Day market Update – Amid positive cues from global markets and strong domestic macroeconomic data, benchmark equity indices posted modest gains led by metal, select banking, pharma, and auto stocks. Easing inflation, stronger-than-expected economic growth data, and fast-paced expansion of India's factory output have improved investor confidence. Among the global markets, US, Europe and Asia markets gained between 1-2% (Hong Kong index gained 4%) after the US Senate passed legislation to suspend the country’s debt ceiling, ending a drama that weighed on market sentiment. Moreover, investors remain hopeful of US Fed to pause the hike in interest rate in the June policy meeting. Better than expected monthly sales data and USDINR fell to a 1-month low and persistent FIIs buying interest also added fuel to the market sentiment. Sensex advance 118 points or 0.20% higher to close at 62,547while Nifty gained 46 points or 0.2% to close at 18,534 against the previous day’s close. FIIs were net sellers Rs71cr while DIIs were net buyers Rs489cr yesterday.
· Nifty Technical Levels – Nifty has been forming lower highs from the last three sessions and closed the day with gains of around 45 points. It formed a small bodied Bearish candle on weekly frame but has been forming higher highs from the last ten weeks. Now it has to hold support of 18442 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18442 and 18333 zones.
· Bank Nifty Technical Levels – Bank Nifty has been forming lower highs - lower lows on daily scale from the past three sessions but holding well above its 20DEMA. It formed a Bearish candle on weekly scale but structure of higher highs is intact from the last ten weeks. Now it has to cross and hold above 44044 for an up move towards 44250 then 44500 zones while on the downside support exists at 43750 and 43500 zones.
· Actionable – Paytm, Tata Steel, National Aluminium, Bharat Forge, Tech Mahindra, Lemon Tree Hotel, SBI, Tata Chemical
· Brokers Radar – Vedanta – JP Morgan TGT at 280 from 350, Hindustan Zins TGT by JP Morgan to 205 from 235, Bharti Airtel TGT raised BY Goldman Sachs at 890 from 575 and Macquarie TGT at 1000, CITI TGT on AU Small Finance Bank at 765, M&M Finance TGT by Citi at 355 from 310, Bajaj Finance TGT by Morgan Stanley at 8500.
· Events – Maruti to launch new model Jimmy.
· Corporate Action - Hardwyn India – Bonus 1:3 and stock split from Rs10 to Re1. Shyam Metalic Rs1.80.
· Global Data – Service PMI, Manufacturing PMI, Durable Goods Orders (US). New Car Registration, Service PMI and Composite PMI (UK). Composite PMI and Service PMI (France). Composite PMI, Service PMI. Composite PMI, Service PMI (China)
· Market Summary – Apollo Hospitals Seeks $200m From Digital Unit Stake Sale: ET , Adani Ports hits lifetime high monthly cargo volumes in May 2023 , India’s Jobless Rate Falls to 3-Month Low of 7.7% in May: CMIE Data, ICICI Bank cuts lending rates, Mphasis Consulting Ltd to acquire eBECS Ltd., Mahindra Financial May Disbursements Rise 39% Y/y to Rs41.5B, Tata Chemical signed an MoU with the Gujarat Govt. to set up a 20 GW capacity lithium-ion cell manufacturing giga factory
· Focus on Forging stocks – Bharat Forge reported 10% surged its North America class 8 truck at 15500 unit (29% spiked MoM). Focus also, RK Forging, M&M Forging also
· Tata Chemicals: The company signed an MoU with the Government of Gujarat to set up a 20 GW capacity lithium-ion cell manufacturing giga factory with an investment of Rs 13,000 crore, the state government said in a statement. The company will reorganise its U.S. operations to rationalise the number of intermediate entities. – positive
· SBI Life Insurance: Insurance regulator IRDAI approved transfer of life insurance business of Sahara India Life Insurance Co. to SBI Life, with immediate effect. - positive
· Indian Overseas Bank: The Reserve Bank of India imposed a monetary penalty pf Rs 2.20 crore on the bank over regulatory non-compliance.- Avoid
· Tech Mahindra: The company’s subsidiary Comviva Technologies and step-down subsidiary Comviva Technologies B.V. have agreed to sell 0.04% and 99.96% shareholding, respectively in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação to Druid Internet Systems Comércio E Serviços for an upfront payment of $20,000 and deferred payment of $1.42 million. – We are positive on the stock
· Godrej Properties: The company bought the remaining 26% stake in Godrej Home Constructions for Rs 14.99 crore, taking its total shareholding to 100%. – positive
· Mahindra Lifespace Developers: Japan-based Omron Healthcare will start operations at Origins by Mahindra industrial cluster in Chennai by March 2025. – positive
· PI Industries: The company completed acquisition of 100% stake of Therachem Research Medilab (India) and Solis Pharmachem, as well as acquisition of certain identified assets of TRM U.S. by PI Health Sciences U.S.A. – positive
· IPCA Lab - The Income Tax Department has carried out survey proceedings at the Company's offices in Mumbai and at Sikkim manufacturing plants between 30th May, 2023 to 3rd June, 2023.- Any sharp decline will be buying opportunity
· Lemon Tree Hotel – Company announced the opening of two of its latest hotels - Lemon Tree Hotel, Agra and Lemon Tree Hotel, Bhopal. - positive
· NTPC –Company commissions last part capacity of 50 MW of 300 MW Nokhra Solar PV Project and 50:50 JV with IOC - positive for long term
· Wonder Holidays – Company has announced that the Government of Tamil Nadu has granted waiver of Local Body Tax (LBT) of 10% for a period of 10 years from the commencement of commercial operations, after persistent efforts by the Company.- Positive
· Lupin Labs – Company announced the launch of Darunavir Tablets in US MARKET of , 600 mg and 800 mg. Darunavir Tablets, 600 mg and 800 mg (RLD Prezista®) had estimated annual sales of USD 308 million in the U.S. (IQVIA MAT March 2023). – positive
· Indo Rama Synthetics – Company has successfully started commercial production of "Bottle grade PET resins" from its newly constructed Solid-State Polymerisation (SSP) Plant at Butibori, Nagpur, Maharashtra- Positive.
· Wipro – Company fixes June 16, 2023 as record date for buyback
· Hero Motocorp - Compnay launched a refreshing new range of its highly popular 100cc motorcycle - the HF Deluxe. – positive
· Zydus Lifesciences- Company announced that the group's animal health drug manufacturing facility at SEZ, Ahmedabad underwent a USFDA inspection from 30th May to 2nd June, 2023. The inspection closed with nil observations. – positive
· Indoco Remedies - The USFDA had inspected Indoco Remedies facility located at Goa, from February 20, 2023 to February 28, 2023. The said Facility had 4 observations in Form 483. – Avoid
· India’s Jobless Rate Falls to 3-Month Low of 7.7% in May: Unemployment rate fell to a three-month low in May as about 12 million people who were either employed or looking for work dropped out of the labor force, according to the Centre for Monitoring Indian Economy Pvt. (CMIE). Jobless rate in May was 7.7%, compared with 8.5% in April.
· TARC Ltd (Annad Raj) - Company announced another pre-payment of its NCD commitments. Company has made a payment of RS. 87.95 crores on June 1, 2023, out of which Rs.56.90 crores has been towards partial redemption of unlisted NCDs. – positive
· Tata Elaxsi – Company has partnered with Cultos Global to integrate a Blockchain mechanism from Cultos Global with its TETHER Connected Vehicle Platform, to create an innovative Driver Reward Program. – positive
· Hero Motocorp - Company reported May monthly sales volume at 519474 unit (up 7% YoY) – Expectation 418565 unit
· DCB Bank – Company names Ravi Kumar as CFO – positive
· ICICI Bank cuts lending rates - ICICI Bank has reduced its marginal cost-based lending rates (MCLR) for the month of June 2023. The one-month MCLR has been reduced from 8.50% to 8.35%, while the three-month MCLR has experienced a 15 basis point decrease, settling at 8.40%. – Positive
· Bank of Baroda – Company approved raising of additional capital worth Rs5000cr via Tier 1 and Tier 11 bond – Positive
· M&M Finance - Collection efficiency was at 96% for May, compared with 95% a year earlier, Mahindra and Mahindra Financial. Business assets at Rs85500cr ($10.4 billion), rise 3.3% over March. Stage-3 and Stage-2 assets continued to remain range-bound compared with March.
· Adani Ports hits lifetime high monthly cargo volumes in May 2023 – Company handled over 36 MMT of total cargo at its ports, implying 19% YoY growth. On YTD basis, APSEZ has clocked ~68.5 MMT of overall cargo volumes, which is a good 16% YoY growth – positive
· Allcargo Logistic – Company has announced several significant appointments in key leadership positions within the organisation. These strategic appointments post demerger, reinforce for growth. These appointments exemplify Allcargo Group's commitment to driving expansion and enhancing its presence in the dynamic logistics industry. Mr. Adarsh Hegde, who is the joint Managing Director, based out of Mumbai has been with the organization for over 30 years, has now been promoted to the position of Managing Director.- Positive
· Minda Corp - Company has considered and approved the proposal of raising of funds through public and/or private offerings including preferential issue, qualified institutions for an aggregate amount not exceeding Rs600 Crores – positive
· Ramco Systems – Company announced the inauguration of its wholly owned subsidiary in Qatar, to support and transform the region's business houses and MNCs in the area of ERP, HR, and payroll. – positive
· M&M - Swaraj Tractors, part of the Mahindra Group, launched a Compact Light Weight tractor range called the 'Swaraj Target'. - Positive
· Jyoti Ltd - Company has secured a prestigious order of Rs. 6.21 Crores from IOC – Positive
· Mphasis– Company has signed a definitive agreement to acquire 100% of the shares in eBECS Limited (a wholly owned subsidiary of DXC UK International Operations Limited), (the "Acquisition"), subject to fulfilment of closing conditions. eBECS Limited is a subsidiary of DXC UK International Operations Limited. It is one of the largest Microsoft Dynamics partners in the UK and Ireland region. – positive
· Apollo Hospitals Seeks $200m From Digital Unit Stake Sale: Apollo Hospitals plans to raise around $200million by selling as much as 6% stake in its omni channel health care digital unit Apollo HealthCo, The sale is expected to value the company $2.5 billion to $3 billion. Apollo HealthCo owns digital health platform Apollo 24/7, a pharmacy distribution business, and a 25.5% stake in Apollo Pharmacies.
· IndiGo to Start Flights to Six New International Destinations - Biggest airline InterGlobe Aviation, which flies under the IndiGo brand, will start flights to six new international destinations across Asia and Africa – Positive
· Bank of Maharashtra – Company announced the launch of its qualified institutional placement to raise funds, beginning June 1, 2023 late Thursday. The bank plans to raise funds via the QIP issue at the floor price of Rs 29.98 a share. The board of directors will reconvene on June 6, 2023, to determine the issue price for the allotment to QIP.
· SJVN: The company signed a project development agreement of 669 MW Lower Arun Hydroelectric Project in Nepal. The company is also developing a 217 km long associated transmission network for power evacuation and export to India. – Positive
· NTPC: Company signed a deal with Uttar Pradesh Rajya Vidyut Utpadan Nigam to develop renewable energy parks and project in Kalikot – positive
· GAIL (India): The company infused into JBF Petrochemicals Rs 2,101 crore, including equity worth Rs 625 crore and debt worth Rs 1,476 crore, under the resolution plan for the latter. With this, JBF Petrochemicals has become a wholly owned subsidiary of GAIL. - positive
· Prism Johnson: Of the proposed investment to acquire a 45% stake in Renew Green (MPR Two), the company has acquired 72.76 lakh shares for Rs 7.28 crore.- positive
· Affle (India): Affle International Pte., a wholly owned Singapore subsidiary of the company, has completed the 100% acquisition of YouAppi Inc. - positive
· Anmol India – Company approves bonus issue of 4 shares for every 1 held - Avoid
· Greenply Industry approves disposal of Myanmar unit asset – positive to exit non-core business.
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