*SERNET Midnight News Update – Jun 30th 2021*
Reliance has entered into a partnership with the Abu Dhabi National Oil Company or ADNOC to set up a facility at Ruwais near Abu Dhabi to position as a world class chlor alkali and PVC player. The new facility will have the capacity to produce 940,000 tons of chlor Alkali, 1.1 million tons of ethylene dichloride and 360,000 tons of PVC each year. The agreement is well timed as it will allow the company to capitalize on the growing demand for chlor alkalis. The project will be an important step in globalizing India operations.
GIC Re reported net profit of Rs.1,992 crore for the FY21. This compares favourably with a net loss of Rs.187cr reported in the FY20 fiscal year. The stellar performance in FY21 was due to, and despite, the pandemic uncertainties. However, the gross premium collections for FY21 were nearly 8% lower at Rs47,014 crore even as the incurred claims ratio improved from 97.5% in FY20 to 92.4% in FY21. Income from investments showed 22% spike to Rs.8,821 crore. Solvency ratio improved from 1.53 to 1.74 in FY21.
SEBI in its latest board meeting amended its REITS regulations in order to reduce the minimum application value for REITs and INVITs to a range of Rs.10,000 to Rs.15,000 per lot. This is a reduction of nearly 70% from the current levels, which had kept many retail players outside the ambit of REITs. This move is likely to give a boost to retail participation in REITs and improve liquidity. The current investment limits are Rs.50,000 for REITs and Rs.100,000 for INVITs. REITs have become popular in India in the last two years.
EID Parry, India’s leading sugar manufacturers, reported 145% increase in standalone net profit at Rs.169 crore in Q4. This was largely on account of better realizations from sugar and distillery business. In addition, higher export volumes and cost controls also helped. While overall revenues were lower yoy, the company also took an exceptional write-off to the tune of Rs.14 crore towards asset impairment charges. EID parry exported 41,037 tonnes of sugar. Overall cane crushed stood 8.1% higher at 3.97 MT.
Bharti Airtel proposes to invest an additional Rs.3,700 crore into OneWeb. It may be recollected that OneWeb is the satellite communications company that Bharti had rescued from bankruptcy last year, along with the UK government. This is the outcome of Bharti exercising its call option. With this deal, Bharti will now hold 38.6% in OneWeb while the UK government, Eutelsat and SoftBank will hold 19.3% each. The entire transaction is expected to be consummated in the second half of calendar year 2021.
The much awaited Monsoon Session of Parliament will start on 19-Jul and end on 13-Aug and including a total of 20 sittings. The monsoon session is likely to take up many of the proposed COVID related measures as well as higher outlays on a priority basis. However, with the NDA having a clear majority in the Lower House and a virtual dominance in the Upper House, it does not look like the ruling combine could face too many challenges at this point. Government will adhere to all COVID related protocols during the session.
NTPC plans to list its arm, NTPC Renewable Energy Ltd, in order to raise funds for its ambitious target of achieving 60 GW installed renewable energy capacity by 2032. In fact, NTPC has also declared its energy compact goals at the UN High Level Dialogue. India’s leading thermal power producer will also look to reduce its net energy intensity 10% before 2032. To add nearly 8 GW each year, NTPC needs substantial funds and that will be partially managed via NTPC Renewable listing. NTPC is likely to use blended finance.
Cipla received DCGI approval to import Moderna COVID-19 vaccine for restricted emergency use in India. The permission has been given in public interest. Cipla will have to submit 7 days safety assessment of the vaccine in first 100 beneficiaries before rolling it out.
Reliance has entered into a partnership with the Abu Dhabi National Oil Company or ADNOC to set up a facility at Ruwais near Abu Dhabi to position as a world class chlor alkali and PVC player. The new facility will have the capacity to produce 940,000 tons of chlor Alkali, 1.1 million tons of ethylene dichloride and 360,000 tons of PVC each year. The agreement is well timed as it will allow the company to capitalize on the growing demand for chlor alkalis. The project will be an important step in globalizing India operations.
GIC Re reported net profit of Rs.1,992 crore for the FY21. This compares favourably with a net loss of Rs.187cr reported in the FY20 fiscal year. The stellar performance in FY21 was due to, and despite, the pandemic uncertainties. However, the gross premium collections for FY21 were nearly 8% lower at Rs47,014 crore even as the incurred claims ratio improved from 97.5% in FY20 to 92.4% in FY21. Income from investments showed 22% spike to Rs.8,821 crore. Solvency ratio improved from 1.53 to 1.74 in FY21.
SEBI in its latest board meeting amended its REITS regulations in order to reduce the minimum application value for REITs and INVITs to a range of Rs.10,000 to Rs.15,000 per lot. This is a reduction of nearly 70% from the current levels, which had kept many retail players outside the ambit of REITs. This move is likely to give a boost to retail participation in REITs and improve liquidity. The current investment limits are Rs.50,000 for REITs and Rs.100,000 for INVITs. REITs have become popular in India in the last two years.
EID Parry, India’s leading sugar manufacturers, reported 145% increase in standalone net profit at Rs.169 crore in Q4. This was largely on account of better realizations from sugar and distillery business. In addition, higher export volumes and cost controls also helped. While overall revenues were lower yoy, the company also took an exceptional write-off to the tune of Rs.14 crore towards asset impairment charges. EID parry exported 41,037 tonnes of sugar. Overall cane crushed stood 8.1% higher at 3.97 MT.
Bharti Airtel proposes to invest an additional Rs.3,700 crore into OneWeb. It may be recollected that OneWeb is the satellite communications company that Bharti had rescued from bankruptcy last year, along with the UK government. This is the outcome of Bharti exercising its call option. With this deal, Bharti will now hold 38.6% in OneWeb while the UK government, Eutelsat and SoftBank will hold 19.3% each. The entire transaction is expected to be consummated in the second half of calendar year 2021.
The much awaited Monsoon Session of Parliament will start on 19-Jul and end on 13-Aug and including a total of 20 sittings. The monsoon session is likely to take up many of the proposed COVID related measures as well as higher outlays on a priority basis. However, with the NDA having a clear majority in the Lower House and a virtual dominance in the Upper House, it does not look like the ruling combine could face too many challenges at this point. Government will adhere to all COVID related protocols during the session.
NTPC plans to list its arm, NTPC Renewable Energy Ltd, in order to raise funds for its ambitious target of achieving 60 GW installed renewable energy capacity by 2032. In fact, NTPC has also declared its energy compact goals at the UN High Level Dialogue. India’s leading thermal power producer will also look to reduce its net energy intensity 10% before 2032. To add nearly 8 GW each year, NTPC needs substantial funds and that will be partially managed via NTPC Renewable listing. NTPC is likely to use blended finance.
Cipla received DCGI approval to import Moderna COVID-19 vaccine for restricted emergency use in India. The permission has been given in public interest. Cipla will have to submit 7 days safety assessment of the vaccine in first 100 beneficiaries before rolling it out.
Stocks To Watch
Cipla, Dr. Reddy’s Laboratories, Emcure Pharmaceuticals, Sun Pharmaceutical Industries and Torrent Pharmaceuticals will collaborate for clinical trial of investigational anti-viral drug Molnupiravir for the treatment of mild Covid-19 in an outpatient setting. The companies will jointly sponsor, supervise and monitor the clinical trial in India; trial expected to take place between June and September this year across the country with the recruitment of 1,200 patients.
AstraZeneca Pharma India: Told to pay Rs 157 crore by National Pharmaceutical Pricing Authority. NPPA issued the demand notice to AstraZeneca India alleging the company overcharged the same amount in the sale of Tagrisso tablets from March 8, 2019 to January 31, 2021. AstraZeneca said it has followed all applicable laws related to pricing of its product. The drugmaker has filed a petition in Delhi high court challenging the NPPA notice.
Reliance Industries: Has partnered with Abu Dhabi National Oil Company to set up a new petrochemical complex in Ruwais, Abu Dhabi. This will be a new chlor-alkali, ethylene dichloride and polyvinyl chloride production facility. The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ. Under the terms of the agreement, this integrated plant will have a capacity to produce 940 thousand tons of chlor-alkali, 1.1 million tons of ethylene dichloride and 360 thousand tons of PVC annually.
Cipla: Is supporting Moderna Inc. with the regulatory approval and importation of vaccines to be donated to India At this stage, there is no definitive agreement on commercial supplies.
Bharti Airtel: Bharti Global to invest additional $500 million in OneWeb, a U.K.-based satellite start-up. Bharti Global will become the biggest shareholder in OneWeb following the investment, according to a Financial Times report. Bharti’s stake now stands at almost 39%; U.K. government, Eutelsat and SoftBank each hold slightly over 19% in the company.
Induslnd Bank: Sold 70.67 lakh equity shares of McLeod Russel India on June 28.
Coal India: To create carbon offset of around 2.5 lakh tonnes in next five years. It aims to achieve carbon offset of more than 60,000 tonnes by end of this year. In a bid to reduce carbon footprint in its operational area, Coal India has put special thrust on energy efficiency measure and is forging ahead with a series of measures to offset carbon emission in mining operation in all its coal-producing companies.
CG Power and Industrial Solutions: CBI has registered an FIR against the company, its erstwhile promoters and some of the past directors/officials. The FIR is based on a complaint filed by State Bank of India on behalf of all the former lenders of the company. The company is extending full support and co-operation to CBI, it said in an exchange filing.
Isgec Heavy Engineering: Received an order for Wet Limestone Flue Gas Desulphurisation System and Flue Gas Conditioning System Package from Odisha Power Generation Corporation for their Thermal Power Station at Banharpalli.
DCM Shriram Industries: Approved sub-division of existing one share of face value of Rs 10 each into five shares of face value of Rs 2 each. This is being done to improve the liquidity of the company's shares on the stock market and to make the same available to small investors.
NBCC (India): Has been awarded the work order for engagement as Project Management Consultant for undertaking various civil works of Odisha Hydro Power Corporation.
Earnings: SpiceJet, Vodafone Idea, Balu Forge Industries, Anant Raj, BF Utilities, Cerebra Integrated Technologies, Coffee Day Enterprises, Dish TV India, IRCON International, Sadbhav Engineering, Srei Infrastructure Finance, Sequent Scientific, Jain Irrigation Systems, Rajesh Exports
Cipla, Dr. Reddy’s Laboratories, Emcure Pharmaceuticals, Sun Pharmaceutical Industries and Torrent Pharmaceuticals will collaborate for clinical trial of investigational anti-viral drug Molnupiravir for the treatment of mild Covid-19 in an outpatient setting. The companies will jointly sponsor, supervise and monitor the clinical trial in India; trial expected to take place between June and September this year across the country with the recruitment of 1,200 patients.
AstraZeneca Pharma India: Told to pay Rs 157 crore by National Pharmaceutical Pricing Authority. NPPA issued the demand notice to AstraZeneca India alleging the company overcharged the same amount in the sale of Tagrisso tablets from March 8, 2019 to January 31, 2021. AstraZeneca said it has followed all applicable laws related to pricing of its product. The drugmaker has filed a petition in Delhi high court challenging the NPPA notice.
Reliance Industries: Has partnered with Abu Dhabi National Oil Company to set up a new petrochemical complex in Ruwais, Abu Dhabi. This will be a new chlor-alkali, ethylene dichloride and polyvinyl chloride production facility. The project will be constructed in the TA’ZIZ Industrial Chemicals Zone, which is a joint venture between ADNOC and ADQ. Under the terms of the agreement, this integrated plant will have a capacity to produce 940 thousand tons of chlor-alkali, 1.1 million tons of ethylene dichloride and 360 thousand tons of PVC annually.
Cipla: Is supporting Moderna Inc. with the regulatory approval and importation of vaccines to be donated to India At this stage, there is no definitive agreement on commercial supplies.
Bharti Airtel: Bharti Global to invest additional $500 million in OneWeb, a U.K.-based satellite start-up. Bharti Global will become the biggest shareholder in OneWeb following the investment, according to a Financial Times report. Bharti’s stake now stands at almost 39%; U.K. government, Eutelsat and SoftBank each hold slightly over 19% in the company.
Induslnd Bank: Sold 70.67 lakh equity shares of McLeod Russel India on June 28.
Coal India: To create carbon offset of around 2.5 lakh tonnes in next five years. It aims to achieve carbon offset of more than 60,000 tonnes by end of this year. In a bid to reduce carbon footprint in its operational area, Coal India has put special thrust on energy efficiency measure and is forging ahead with a series of measures to offset carbon emission in mining operation in all its coal-producing companies.
CG Power and Industrial Solutions: CBI has registered an FIR against the company, its erstwhile promoters and some of the past directors/officials. The FIR is based on a complaint filed by State Bank of India on behalf of all the former lenders of the company. The company is extending full support and co-operation to CBI, it said in an exchange filing.
Isgec Heavy Engineering: Received an order for Wet Limestone Flue Gas Desulphurisation System and Flue Gas Conditioning System Package from Odisha Power Generation Corporation for their Thermal Power Station at Banharpalli.
DCM Shriram Industries: Approved sub-division of existing one share of face value of Rs 10 each into five shares of face value of Rs 2 each. This is being done to improve the liquidity of the company's shares on the stock market and to make the same available to small investors.
NBCC (India): Has been awarded the work order for engagement as Project Management Consultant for undertaking various civil works of Odisha Hydro Power Corporation.
Earnings: SpiceJet, Vodafone Idea, Balu Forge Industries, Anant Raj, BF Utilities, Cerebra Integrated Technologies, Coffee Day Enterprises, Dish TV India, IRCON International, Sadbhav Engineering, Srei Infrastructure Finance, Sequent Scientific, Jain Irrigation Systems, Rajesh Exports
Insider Trades
Adani Green Energy: Promoter Infinite Trade and Investment bought 17 lakh shares on June 28.
Adani Ports and SEZ: Promoter Worldwide Emerging Market Holding bought 10 lakh shares on June 28.
GHCL: Promoter Ram Krishna Dalmia Foundation sold 75,000 shares between June 28-29.
JK Cement: Promoter Ramapati Singhania sold 2,000 shares on June 28.
Kabra Extrusiontechnik: Promoter Kolsite Industries bought 26,000 shares on June 23.
NCL Industries: Promoters (K Ravi, Divya P, K Anuradha, Bimal Goradia, Meera Goradia and Utkal Goradia) bought 1.08 lakh shares on June 28. Promoter NCL Holdings sold 1.80 lakh shares on June 28.
Page Industries: Promoters (Sunder Genomal, Ramesh Genomal and Nari Genomal) sold 9,982 shares between June 24-28.
Ultramarine & Pigments: Promoters (Sridhar Sundararajan and Jayalakshmi Venkataraman) sold 15,013 shares on June 28.
Adani Green Energy: Promoter Infinite Trade and Investment bought 17 lakh shares on June 28.
Adani Ports and SEZ: Promoter Worldwide Emerging Market Holding bought 10 lakh shares on June 28.
GHCL: Promoter Ram Krishna Dalmia Foundation sold 75,000 shares between June 28-29.
JK Cement: Promoter Ramapati Singhania sold 2,000 shares on June 28.
Kabra Extrusiontechnik: Promoter Kolsite Industries bought 26,000 shares on June 23.
NCL Industries: Promoters (K Ravi, Divya P, K Anuradha, Bimal Goradia, Meera Goradia and Utkal Goradia) bought 1.08 lakh shares on June 28. Promoter NCL Holdings sold 1.80 lakh shares on June 28.
Page Industries: Promoters (Sunder Genomal, Ramesh Genomal and Nari Genomal) sold 9,982 shares between June 24-28.
Ultramarine & Pigments: Promoters (Sridhar Sundararajan and Jayalakshmi Venkataraman) sold 15,013 shares on June 28.
Money Market Update
The rupee ended at 74.23 against the U.S. Dollar on Tuesday as compared to Monday's closing of 74.19.
The rupee ended at 74.23 against the U.S. Dollar on Tuesday as compared to Monday's closing of 74.19.
Trading Tweaks
Ex-Date Final Dividend: HDFC Life Insurance Company, Vaibhav Global
Ex-Date AGM: Bank of Baroda
Record Date Dividend: HDFC Bank
Price Band Revised From 20% To 10%: The Andhra Sugars, Nelco
Move Into ASM Framework: Orchid Pharma, VLS Finance, Ador Welding, Brightcom Group, Kopran, Shivalik Bimetal Controls, RattanIndia Power, Shree Renuka Sugars
Move Out Of Short-Term ASM Framework Ruchi Soya Industries, Thomas Cook (India), Brightcom Group, Ador Welding
Ex-Date Final Dividend: HDFC Life Insurance Company, Vaibhav Global
Ex-Date AGM: Bank of Baroda
Record Date Dividend: HDFC Bank
Price Band Revised From 20% To 10%: The Andhra Sugars, Nelco
Move Into ASM Framework: Orchid Pharma, VLS Finance, Ador Welding, Brightcom Group, Kopran, Shivalik Bimetal Controls, RattanIndia Power, Shree Renuka Sugars
Move Out Of Short-Term ASM Framework Ruchi Soya Industries, Thomas Cook (India), Brightcom Group, Ador Welding
Results on June 30 |
More than 900 companies will release their quarterly earnings today including SpiceJet,
Vodafone Idea,
Alankit,
Anant Raj,
Archies,
BF Utilities,
BGR Energy Systems,
Binani Industries,
Dish TV India,
Emami Realty,
Fiem Industries,
GM Polyplast,
Indowind Energy,
IRCON International,
IVRCL,
Liberty Shoes,
McNally Bharat Engineering,
MEP Infrastructure Developers,
Ortel Communications,
Sadbhav Engineering,
Sanwaria Consumer,
Sequent Scientific,
Simbhaoli Sugars,
Simplex Infrastructures,
SREI Infrastructure Finance,
Ucal Fuel Systems,
Vikas EcoTech,
VIP Clothing,
Zenith Exports, and
Zodiac Clothing.
More than 900 companies will release their quarterly earnings today including SpiceJet,
Vodafone Idea,
Alankit,
Anant Raj,
Archies,
BF Utilities,
BGR Energy Systems,
Binani Industries,
Dish TV India,
Emami Realty,
Fiem Industries,
GM Polyplast,
Indowind Energy,
IRCON International,
IVRCL,
Liberty Shoes,
McNally Bharat Engineering,
MEP Infrastructure Developers,
Ortel Communications,
Sadbhav Engineering,
Sanwaria Consumer,
Sequent Scientific,
Simbhaoli Sugars,
Simplex Infrastructures,
SREI Infrastructure Finance,
Ucal Fuel Systems,
Vikas EcoTech,
VIP Clothing,
Zenith Exports, and
Zodiac Clothing.
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GM jsk stock in news tanla,Marico, Godrej ind,hul,ruchi,cipla, torent pharma,drreddy,nbcc,ntpc,ircon,rvnl,indianhotel,bgr,ludloo,isgec,nam,IDFC,hdfcamc,vindhyatel,idea,bharatiair,finolex. Negative stocks AstraZeneca,national paroxide,eid. Nifty range 15625-15875.
HUDCO:
Q4 CONS NET PROFIT 5.26B RUPEES VS 4.41B (YOY) | 3.91B (QOQ)
Q4 REVENUE 17.59B RUPEES VS 18.88B (YOY)
CO HAS RECOMMENDED A FINAL DIVIDEND OF RUPEES 1.43 PER EQUITY SHARE
Q4 CONS NET PROFIT 5.26B RUPEES VS 4.41B (YOY) | 3.91B (QOQ)
Q4 REVENUE 17.59B RUPEES VS 18.88B (YOY)
CO HAS RECOMMENDED A FINAL DIVIDEND OF RUPEES 1.43 PER EQUITY SHARE
Steel Companies on Focus 1/1
Anti-Dumping duty extend on 'Cold-Rolled flat products of alloy or non-alloy steel' originating in or exported from China, Japan, Korea, Ukraine, up to and inclusive of December 15, 2021
Steel Companies on Focus 1/2
Anti-Dumping duty extended on 'Hot-Rolled flat products of alloy or non-alloy steel' originating in or exported from China, Japan, Korea, Russia, Brazil, or Indonesia, up to and inclusive of December 15, 2021
Anti-Dumping duty extend on 'Cold-Rolled flat products of alloy or non-alloy steel' originating in or exported from China, Japan, Korea, Ukraine, up to and inclusive of December 15, 2021
Steel Companies on Focus 1/2
Anti-Dumping duty extended on 'Hot-Rolled flat products of alloy or non-alloy steel' originating in or exported from China, Japan, Korea, Russia, Brazil, or Indonesia, up to and inclusive of December 15, 2021