LUPIN: USFDA WARNING LETTER TO LUPIN SOMERSET PLNT REPEAT VIOLATIONS AT MULTIPLE SITES || REPEATED VIOLATIONS AT MULTIPLE SITES DEMONSTRATE CO’S OVERSIGHT AND CONTROL OVER MANY OF DRUGS INADEQUATE ||
HDFC Bank Working to Regain Card Market Share When RBI Curb Ends…Stock trades Flat …Positive development
· HDFC Bank, once India’s top credit card issuer, has lost customer market share in the past six months, following a central bank order banning it from acquiring new users after repeated tech glitches, Parag Rao, the bank’s head of payments and digital banking, says at a briefing.
· The bank’s market share in terms of value of spends on credit cards hasn’t been impacted, according to Rao.
· HDFC Bank has new card products lined up and is awaiting comments from RBI on its plan on digital infrastructure, Rao says, adding that the bank is “ready to be back with a bang” when the embargo is lifted.
· The bank will look to get back to its market share levels last November, before the RBI curbs came.
· It plans to spend more on technology over the next two to three years, compared with its global peers, Rao says
· The bank has also improved its monitoring to predict technology outages better
· HDFC Bank, once India’s top credit card issuer, has lost customer market share in the past six months, following a central bank order banning it from acquiring new users after repeated tech glitches, Parag Rao, the bank’s head of payments and digital banking, says at a briefing.
· The bank’s market share in terms of value of spends on credit cards hasn’t been impacted, according to Rao.
· HDFC Bank has new card products lined up and is awaiting comments from RBI on its plan on digital infrastructure, Rao says, adding that the bank is “ready to be back with a bang” when the embargo is lifted.
· The bank will look to get back to its market share levels last November, before the RBI curbs came.
· It plans to spend more on technology over the next two to three years, compared with its global peers, Rao says
· The bank has also improved its monitoring to predict technology outages better
Govt. cuts import duty on Crude Palm oil to 10% from 15% … Positive for FMCG and First Food companies
Expects positive for FMCG and First Food companies like Hindustan Unilever, Marico, Godrej Agrovet, ITC, Pratap Sancks after the news that the government on Tuesday reduced basic customs duty on crude palm oil to 10 per cent from 15%, which will help bring down the edible oil prices in the retail market.
Expects positive for FMCG and First Food companies like Hindustan Unilever, Marico, Godrej Agrovet, ITC, Pratap Sancks after the news that the government on Tuesday reduced basic customs duty on crude palm oil to 10 per cent from 15%, which will help bring down the edible oil prices in the retail market.
Government to become self-reliant in phosphatic fertilisers …Positive RCF, Zuari Agro, Deepak Fertlizer and GSFC
In order to improve the availability of phosphatic fertilisers (DAP and NPK) and to reduce the dependence on imports by making India truly Aatmnirbhar in fertilisers. The Action Plan included the steps to minimize the import dependency of costly raw material imported from abroad and make it accessible and affordable to farmers. Expects positive for RCF, Zuari Agro, Deepak Fertlizer and GSFC
In order to improve the availability of phosphatic fertilisers (DAP and NPK) and to reduce the dependence on imports by making India truly Aatmnirbhar in fertilisers. The Action Plan included the steps to minimize the import dependency of costly raw material imported from abroad and make it accessible and affordable to farmers. Expects positive for RCF, Zuari Agro, Deepak Fertlizer and GSFC
Metal Momentum May Continue… Govt extent Import duty on Flat Steel products
Rally may continue on metal stocks after the government extends anti-dumping duty on certain steel items till December 15. The government on Tuesday extended anti-dumping duty on certain variety of steel products till December 15 this year with a view to guarding domestic manufacturers from cheap imports from countries, including China, Japan and Korea. Positive for SAIL, Tata Steel, JSW Steel, Jindal Steel
Rally may continue on metal stocks after the government extends anti-dumping duty on certain steel items till December 15. The government on Tuesday extended anti-dumping duty on certain variety of steel products till December 15 this year with a view to guarding domestic manufacturers from cheap imports from countries, including China, Japan and Korea. Positive for SAIL, Tata Steel, JSW Steel, Jindal Steel
Brokrage Reports
Jefferies on Graphite India
Buy, TP Rs 875
Kotak Inst Eqt on Cummins
Buy, TP Rs 1030
CS on HPCL Neutral, TP Raised to Rs 280 from Rs 242
JPMorgan downgrades Indian cement stocks, says 'time for a breather in a strong demand cycle'
Downgrade Shree cement to UW from neutral
Downgrade Ultratech cement from OW to Neutral
Remain OW on ACC with Tgt price of 2450
Jefferies on LT buy with Tgt price of 1900
Hdfc sec on Repco buy with Tgt price of 411
Nomura on PNC Infratech buy with Tgt price of 364
Nomura on sbi maintain buy with Tgt price of 580
Jp Morgan on Grasim maintain buy with Tgt price of 1820
Jefferies on abb maintain buy with Tgt price of 2670
Jefferies on Graphite India
Buy, TP Rs 875
Kotak Inst Eqt on Cummins
Buy, TP Rs 1030
CS on HPCL Neutral, TP Raised to Rs 280 from Rs 242
JPMorgan downgrades Indian cement stocks, says 'time for a breather in a strong demand cycle'
Downgrade Shree cement to UW from neutral
Downgrade Ultratech cement from OW to Neutral
Remain OW on ACC with Tgt price of 2450
Jefferies on LT buy with Tgt price of 1900
Hdfc sec on Repco buy with Tgt price of 411
Nomura on PNC Infratech buy with Tgt price of 364
Nomura on sbi maintain buy with Tgt price of 580
Jp Morgan on Grasim maintain buy with Tgt price of 1820
Jefferies on abb maintain buy with Tgt price of 2670
*Global-Market Insight*
-The US markets closed flat but economic optimism put them at a record high
-S&P at 4292 is almost ready to reach 4400 and 4th month in a row to rise
-Japan, Australia, Hong Kong indicate the higher opening
-Crude may rise on low inventory
-Moderna says its vaccine works well against Delta variant
-Cipla to distribute Moderna vax in India
-The US markets closed flat but economic optimism put them at a record high
-S&P at 4292 is almost ready to reach 4400 and 4th month in a row to rise
-Japan, Australia, Hong Kong indicate the higher opening
-Crude may rise on low inventory
-Moderna says its vaccine works well against Delta variant
-Cipla to distribute Moderna vax in India
*Business News Headlines*🇮🇳
*Economic Times*
Ø CCI rejects complaint against NSE with respect to co-location facilities.
Ø NSE-BSE bulk deals: Standard Life sells 4.99% stake in HDFC Life Insurance.
Ø Resident Indian fund managers can now be part of FPIs: Sebi.
Ø Thyrocare all set for rapid growth under the new leadership.
Ø NBFCs focus on digital collections to protect staff.
Ø Limiting avenues for FPIs can lead to downgrade: MSCI.
Ø Anmi urges Maharashtra govt to allow stock brokers to travel by local trains.
Ø Maruti may report 100% growth in June sales; Bajaj Auto to lead two-wheelers.
Ø Adani Group aims to handle 80 million flyers a year.
Ø Chalet Hotels scouting for Covid-hit distressed assets.
Ø Sebi reduces REIT trading lot to one unit; move to enhance market depth.
*Business Standard*
Ø Bharti to invest Rs 3,700 cr into OneWeb; to become largest shareholder.
Ø NTPC to hive renewable arm and list it soon, plans to add 60 Gw capacity.
Ø India sees fuel demand recovery to pre-pandemic level by end-2021.
Ø Rs 1.75 trillion disinvestment target on track, says CEA Subramanian.
Ø S&P Global cuts India's growth forecast to 9.5% from 11%, trims EM overall.
*Financial Express*
Ø Bharti to invest additional Rs 3,700 cr into OneWeb; to become largest shareholder.
Ø Cotton body seeks withdrawal of 10% customs duty.
Ø ITC rating – Hold: Core business concerns limit prospects.
Ø Skanray Technologies files IPO papers with Sebi.
*Mint*
Ø India mulls rules to encourage companies' shift to green energy.
Ø Govt extends anti-dumping duty on certain steel items till December 15.
Ø CCI rejects complaint of anti-competitive practices made against NSE.
Ø Indiabulls Housing Finance gets board nod for over ₹7,000 cr fund mop-up.
Ø The government’s credit-based stimulus may need some tweaks.
Ø Grid integration with EVs could prevent power failures.
*Business Line*
Ø SBI MF launches ETF on Nifty consumption index.
Ø Heritage Foods forays into ready-to-eat segment.
Ø TVS Automobile forms digital aftermarket arm with funds from tech investors.
Ø Sundram Fasteners bags GM’s Supplier of the Year for the 8th time.
*Economic Times*
Ø CCI rejects complaint against NSE with respect to co-location facilities.
Ø NSE-BSE bulk deals: Standard Life sells 4.99% stake in HDFC Life Insurance.
Ø Resident Indian fund managers can now be part of FPIs: Sebi.
Ø Thyrocare all set for rapid growth under the new leadership.
Ø NBFCs focus on digital collections to protect staff.
Ø Limiting avenues for FPIs can lead to downgrade: MSCI.
Ø Anmi urges Maharashtra govt to allow stock brokers to travel by local trains.
Ø Maruti may report 100% growth in June sales; Bajaj Auto to lead two-wheelers.
Ø Adani Group aims to handle 80 million flyers a year.
Ø Chalet Hotels scouting for Covid-hit distressed assets.
Ø Sebi reduces REIT trading lot to one unit; move to enhance market depth.
*Business Standard*
Ø Bharti to invest Rs 3,700 cr into OneWeb; to become largest shareholder.
Ø NTPC to hive renewable arm and list it soon, plans to add 60 Gw capacity.
Ø India sees fuel demand recovery to pre-pandemic level by end-2021.
Ø Rs 1.75 trillion disinvestment target on track, says CEA Subramanian.
Ø S&P Global cuts India's growth forecast to 9.5% from 11%, trims EM overall.
*Financial Express*
Ø Bharti to invest additional Rs 3,700 cr into OneWeb; to become largest shareholder.
Ø Cotton body seeks withdrawal of 10% customs duty.
Ø ITC rating – Hold: Core business concerns limit prospects.
Ø Skanray Technologies files IPO papers with Sebi.
*Mint*
Ø India mulls rules to encourage companies' shift to green energy.
Ø Govt extends anti-dumping duty on certain steel items till December 15.
Ø CCI rejects complaint of anti-competitive practices made against NSE.
Ø Indiabulls Housing Finance gets board nod for over ₹7,000 cr fund mop-up.
Ø The government’s credit-based stimulus may need some tweaks.
Ø Grid integration with EVs could prevent power failures.
*Business Line*
Ø SBI MF launches ETF on Nifty consumption index.
Ø Heritage Foods forays into ready-to-eat segment.
Ø TVS Automobile forms digital aftermarket arm with funds from tech investors.
Ø Sundram Fasteners bags GM’s Supplier of the Year for the 8th time.
Pledge Share Details
🔸Adani Ports and SEZ: Promoter group (Gautam Adani and Rajesh Adani) revoked pledge of 25,000 shares on June 28.
🔸Asahi India Glass: Promoter Sanjay Labroo created a pledge of 1.50 lakh shares on June 25.
🔸Emami: Promoter Sneha Enclave revoked pledge of 2 lakh shares on June 24.
🔸Jindal Steel & Power: Promoter Siddeshwari Tradex created a pledge of 14 lakh shares on June 24.
🔸Adani Ports and SEZ: Promoter group (Gautam Adani and Rajesh Adani) revoked pledge of 25,000 shares on June 28.
🔸Asahi India Glass: Promoter Sanjay Labroo created a pledge of 1.50 lakh shares on June 25.
🔸Emami: Promoter Sneha Enclave revoked pledge of 2 lakh shares on June 24.
🔸Jindal Steel & Power: Promoter Siddeshwari Tradex created a pledge of 14 lakh shares on June 24.
*RVNL:* Net profit of Rs 313.0 crore against Rs 270.0 crore and revenue was up at Rs 5578.0 crore against Rs 4221.0 crore, YoY. (Positive)
*Sandesh:* Net profit of Rs 19.2 crore against Rs 13.5 crore in the yea-ago. Revenue was up Rs 91.4 crore against Rs 82.9 crore. (Positive)
*GOCL Corp:* Net profit of Rs 27.5 crore versus Rs 13.8 crore, YoY. Revenues at Rs 115.0 crore versus Rs 133.0 crore, YoY. (Positive)
*Bal Pharma:* Net profit of Rs 4.4 crore versus loss Rs 3.50 crore, YoY. Revenues at Rs 70.2 crore versus Rs 37.8 crore, YoY. (Positive)
*Warren Tea:* Net profit of Rs 19.6 crore versus loss Rs 15.9 crore, YoY. Revenues at Rs 12.25 crore versus Rs 9.65 crore, YoY. (Positive)
*Manali Petro:* Net profit of Rs 91.4 crore versus Rs 14.1 crore, YoY. Revenues at Rs 365.0 crore versus Rs 236.0 crore, YoY. (Positive)
*Ruchi Soya:* Net profit of Rs 314.33 crore against a net loss of Rs 41.24 crore, YoY. Total income rose to Rs 4,859.5 crore from Rs 3,209.02 crore, YoY. (Positive)
*Uflex:* Net profit jumped to Rs 264.95 crore from Rs 100.90 crore, while revenue rose 45.05 percent to Rs 2,571.77 crore from Rs 1,773 crore, YoY. (Positive)
*NBCC:* Company has received work order of Rs 206 crore (Positive)
*Reliance Industries:* ADNOC and Company Sign Strategic Partnership for World-Scale Chemical Projects at TA’ZIZ in Ruwais (Positive)
*Bharti* to invest an additional $500m in OneWeb. (Positive)
*Pharma stocks:*| Pharma majors including Cipla, Dr Reddy’s Laboratories, Sun Pharmaceutical Industries and Torrent Pharmaceuticals will collaborate for the clinical trial of the investigational oral anti-viral drug Molnupiravir. (Positive)
*Cipla:* The company said it is supporting Moderna with the regulatory approval and importation of vaccines to be donated to India. (Positive)
*Indiabulls Housing Finance:* The company’s board has approved a proposal to raise over Rs 7,000 crore through various means. (Positive)
*Tata Coffee:* ICRA has upgraded the long term rating to AA+/Stable from AA/Stable, and re-affirmed the short term rating at A1+. (Positive)
*Bharat Electronics:* The Indian Navy inked a pact with the company to develop emerging technologies related to artificial intelligence, quantum computing and robotics (Positive)
*Steel Stocks:* Anti-Dumping duty extend on 'Cold-Rolled flat products of alloy or non-alloy steel'. (Positive)
*FMCG Stocks:* Government Cuts Import Tax On Crude Palm Oil to 10% from 15% for 3-Months (Positive)
*Godrej Prop:* Promoter Godrej Industries bought 70,42,374 equity shares in Godrej Properties (Positive)
*Godrej Agrovet:* Promoter Godrej Industries acquired 31,26,102 equity shares in Godrej Agrovet (Positive)
*KRBL:* Net profit of Rs 139.0 crore versus Rs 142.5 crore, YoY. Revenues at Rs 973.0 crore versus Rs 1062.0 crore, YoY. (Neutral)
*MTNL:* The company posted a loss of Rs 602.1 crore against a loss of Rs 623.6 crore in the yea-ago. Revenue was down at Rs 316.0 crore against Rs 319.0 crore. (Neutral)
*Sintex:* The company posted a loss of Rs 144.0 crore against a loss of Rs 296.0 crore in the yea-ago. Revenue was up at Rs 721.6 crore against Rs 444.7 crore. (Neutral)
*IndusInd Bank, McLeod Russel:* IndusInd Bank has sold more than 70 lakh shares, which it acquired through the invocation of pledged shares (Neutral)
*AstraZeneca Pharma:* The company has filed a writ petition before the Delhi High Court challenging a demand notice from the NPPA alleging overcharging of Tagrisso 80 mg tablets by the company. (Neutral)
*Godrej Ind:* Godrej Seeds and Genetics sold 84,86,859 equity shares in Godrej Industries at Rs 575 per share. (Neutral)
*Sandesh:* Net profit of Rs 19.2 crore against Rs 13.5 crore in the yea-ago. Revenue was up Rs 91.4 crore against Rs 82.9 crore. (Positive)
*GOCL Corp:* Net profit of Rs 27.5 crore versus Rs 13.8 crore, YoY. Revenues at Rs 115.0 crore versus Rs 133.0 crore, YoY. (Positive)
*Bal Pharma:* Net profit of Rs 4.4 crore versus loss Rs 3.50 crore, YoY. Revenues at Rs 70.2 crore versus Rs 37.8 crore, YoY. (Positive)
*Warren Tea:* Net profit of Rs 19.6 crore versus loss Rs 15.9 crore, YoY. Revenues at Rs 12.25 crore versus Rs 9.65 crore, YoY. (Positive)
*Manali Petro:* Net profit of Rs 91.4 crore versus Rs 14.1 crore, YoY. Revenues at Rs 365.0 crore versus Rs 236.0 crore, YoY. (Positive)
*Ruchi Soya:* Net profit of Rs 314.33 crore against a net loss of Rs 41.24 crore, YoY. Total income rose to Rs 4,859.5 crore from Rs 3,209.02 crore, YoY. (Positive)
*Uflex:* Net profit jumped to Rs 264.95 crore from Rs 100.90 crore, while revenue rose 45.05 percent to Rs 2,571.77 crore from Rs 1,773 crore, YoY. (Positive)
*NBCC:* Company has received work order of Rs 206 crore (Positive)
*Reliance Industries:* ADNOC and Company Sign Strategic Partnership for World-Scale Chemical Projects at TA’ZIZ in Ruwais (Positive)
*Bharti* to invest an additional $500m in OneWeb. (Positive)
*Pharma stocks:*| Pharma majors including Cipla, Dr Reddy’s Laboratories, Sun Pharmaceutical Industries and Torrent Pharmaceuticals will collaborate for the clinical trial of the investigational oral anti-viral drug Molnupiravir. (Positive)
*Cipla:* The company said it is supporting Moderna with the regulatory approval and importation of vaccines to be donated to India. (Positive)
*Indiabulls Housing Finance:* The company’s board has approved a proposal to raise over Rs 7,000 crore through various means. (Positive)
*Tata Coffee:* ICRA has upgraded the long term rating to AA+/Stable from AA/Stable, and re-affirmed the short term rating at A1+. (Positive)
*Bharat Electronics:* The Indian Navy inked a pact with the company to develop emerging technologies related to artificial intelligence, quantum computing and robotics (Positive)
*Steel Stocks:* Anti-Dumping duty extend on 'Cold-Rolled flat products of alloy or non-alloy steel'. (Positive)
*FMCG Stocks:* Government Cuts Import Tax On Crude Palm Oil to 10% from 15% for 3-Months (Positive)
*Godrej Prop:* Promoter Godrej Industries bought 70,42,374 equity shares in Godrej Properties (Positive)
*Godrej Agrovet:* Promoter Godrej Industries acquired 31,26,102 equity shares in Godrej Agrovet (Positive)
*KRBL:* Net profit of Rs 139.0 crore versus Rs 142.5 crore, YoY. Revenues at Rs 973.0 crore versus Rs 1062.0 crore, YoY. (Neutral)
*MTNL:* The company posted a loss of Rs 602.1 crore against a loss of Rs 623.6 crore in the yea-ago. Revenue was down at Rs 316.0 crore against Rs 319.0 crore. (Neutral)
*Sintex:* The company posted a loss of Rs 144.0 crore against a loss of Rs 296.0 crore in the yea-ago. Revenue was up at Rs 721.6 crore against Rs 444.7 crore. (Neutral)
*IndusInd Bank, McLeod Russel:* IndusInd Bank has sold more than 70 lakh shares, which it acquired through the invocation of pledged shares (Neutral)
*AstraZeneca Pharma:* The company has filed a writ petition before the Delhi High Court challenging a demand notice from the NPPA alleging overcharging of Tagrisso 80 mg tablets by the company. (Neutral)
*Godrej Ind:* Godrej Seeds and Genetics sold 84,86,859 equity shares in Godrej Industries at Rs 575 per share. (Neutral)
*MOSt Mid-Market Update*
Nifty opened positive and has been trading upwards since its opening levels. It took support at 15774 and bulls have charged the index above 15800 zones after the weakness of the last two sessions. It surpassed its previous day’s high levels with lower VIX indicating bullishness ahead. Market breadth remains in favour of the advancing counters which bodes well for the market.
On sectoral indices front, apart from profit booking decline in Realty, FMCG and Media stocks, all the other sectors are trading in green out of which PSU Banks, IT and Metal space is witnessing the most strength in the market today.
On options front, we are witnessing Call writing in 16000 – 15950 strikes, while Put writing is seen at 15800 – 15700 strikes. Highest open interest is placed at 16000 call and 15800 put of the weekly expiry.
Bank Nifty opened flattish and even though it is charged up by the PSU Bank counters, slight consolidation can be seen in the index. It has been forming lower highs – lower lows from the last two sessions and needs to cross and hold above 35200 levels for an upmove towards 35500 and 35700 zones. On the flipside, support is placed at 34800 and then 34600 zone.
Today, we are witnessing long build-up in stocks like Navin Fluorine, SRF, Metropolis, ABFRL, PFC, Mphasis etc. While shorts are getting formed in counters like Cipla, MGL, LTI etc.
Currently, Index is holding at higher zones and buy on decline strategy to continue in the market. Major support for Nifty is placed at 15700 and then 15500 zone; while resistance can be seen at 15900 zones. One should look for buying opportunities on dips as ongoing stock specific price action may continue in coming days. One can look to buy stocks like Reliance, SRF, Divis Lab and Burger King
*- Technical & Derivatives Research, MOFSL*
Nifty opened positive and has been trading upwards since its opening levels. It took support at 15774 and bulls have charged the index above 15800 zones after the weakness of the last two sessions. It surpassed its previous day’s high levels with lower VIX indicating bullishness ahead. Market breadth remains in favour of the advancing counters which bodes well for the market.
On sectoral indices front, apart from profit booking decline in Realty, FMCG and Media stocks, all the other sectors are trading in green out of which PSU Banks, IT and Metal space is witnessing the most strength in the market today.
On options front, we are witnessing Call writing in 16000 – 15950 strikes, while Put writing is seen at 15800 – 15700 strikes. Highest open interest is placed at 16000 call and 15800 put of the weekly expiry.
Bank Nifty opened flattish and even though it is charged up by the PSU Bank counters, slight consolidation can be seen in the index. It has been forming lower highs – lower lows from the last two sessions and needs to cross and hold above 35200 levels for an upmove towards 35500 and 35700 zones. On the flipside, support is placed at 34800 and then 34600 zone.
Today, we are witnessing long build-up in stocks like Navin Fluorine, SRF, Metropolis, ABFRL, PFC, Mphasis etc. While shorts are getting formed in counters like Cipla, MGL, LTI etc.
Currently, Index is holding at higher zones and buy on decline strategy to continue in the market. Major support for Nifty is placed at 15700 and then 15500 zone; while resistance can be seen at 15900 zones. One should look for buying opportunities on dips as ongoing stock specific price action may continue in coming days. One can look to buy stocks like Reliance, SRF, Divis Lab and Burger King
*- Technical & Derivatives Research, MOFSL*
HDFC Bank Working to Regain Card Market Share When RBI Curb Ends…Stock trades Flat …Positive development
· HDFC Bank, once India’s top credit card issuer, has lost customer market share in the past six months, following a central bank order banning it from acquiring new users after repeated tech glitches, Parag Rao, the bank’s head of payments and digital banking, says at a briefing.
· The bank’s market share in terms of value of spends on credit cards hasn’t been impacted, according to Rao.
· HDFC Bank has new card products lined up and is awaiting comments from RBI on its plan on digital infrastructure, Rao says, adding that the bank is “ready to be back with a bang” when the embargo is lifted.
· The bank will look to get back to its market share levels last November, before the RBI curbs came.
· It plans to spend more on technology over the next two to three years, compared with its global peers, Rao says
· The bank has also improved its monitoring to predict technology outages better
· HDFC Bank, once India’s top credit card issuer, has lost customer market share in the past six months, following a central bank order banning it from acquiring new users after repeated tech glitches, Parag Rao, the bank’s head of payments and digital banking, says at a briefing.
· The bank’s market share in terms of value of spends on credit cards hasn’t been impacted, according to Rao.
· HDFC Bank has new card products lined up and is awaiting comments from RBI on its plan on digital infrastructure, Rao says, adding that the bank is “ready to be back with a bang” when the embargo is lifted.
· The bank will look to get back to its market share levels last November, before the RBI curbs came.
· It plans to spend more on technology over the next two to three years, compared with its global peers, Rao says
· The bank has also improved its monitoring to predict technology outages better
Government to become self-reliant in phosphatic fertilisers …Positive RCF, Zuari Agro, Deepak Fertlizer and GSFC
In order to improve the availability of phosphatic fertilisers (DAP and NPK) and to reduce the dependence on imports by making India truly Aatmnirbhar in fertilisers. The Action Plan included the steps to minimize the import dependency of costly raw material imported from abroad and make it accessible and affordable to farmers. Expects positive for RCF, Zuari Agro, Deepak Fertlizer and GSFC
In order to improve the availability of phosphatic fertilisers (DAP and NPK) and to reduce the dependence on imports by making India truly Aatmnirbhar in fertilisers. The Action Plan included the steps to minimize the import dependency of costly raw material imported from abroad and make it accessible and affordable to farmers. Expects positive for RCF, Zuari Agro, Deepak Fertlizer and GSFC
Initiating coverage with a positive outlook on Specialty Chemicals space
Deepak Nitrite is our Top Pick in the space with a Target Price of Rs2300, We assign a Buy rating on Vinati Organics (TP Rs2,170), Galaxy Surfactants (TP Rs3,520), NOCIL (TP Rs275)
Deepak Nitrite is our Top Pick in the space with a Target Price of Rs2300, We assign a Buy rating on Vinati Organics (TP Rs2,170), Galaxy Surfactants (TP Rs3,520), NOCIL (TP Rs275)
Market update - Sensex, Nifty Open Higher…Tech, Metal and Auto stocks in limelight
· Equity benchmarks climbed, in line with Asia peers, as after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. Technology and Metal stocks lead rally in the market. Auto stocks were back in momentum ahead of June monthly sales data to announce tomorrow.
· NTPC is trading flat – Company intends to list its arm NTPC Renewable Energy Ltd to raise funds for achieving its ambitious target of 60 GW installed renewable energy capacity by 2032
· M&M gained marginally – Cash-strapped Korean car maker Ssangyong Motor has put up a controlling stake for auction as it looks to bring on board a new investors to take change.
· Uflex is up 16% - Company will double aspectic packaging capacity to 7 billion packs per annum by March 2022 and will invest Rs120cr for the proposed expansion
· Tanla Platforms gained 1% : Karix mobile and Truecaller announce partnership to offer Business Caller ID Solutions to enterprises.
· Indiabull Housing gained is trading flat - Board has approved a proposal to raise over Rs 7,000 crore through various means. This includes USD 275 million (Rs 2,043.43 crore) by issuing equity shares or other instruments
· Equity benchmarks climbed, in line with Asia peers, as after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. Technology and Metal stocks lead rally in the market. Auto stocks were back in momentum ahead of June monthly sales data to announce tomorrow.
· NTPC is trading flat – Company intends to list its arm NTPC Renewable Energy Ltd to raise funds for achieving its ambitious target of 60 GW installed renewable energy capacity by 2032
· M&M gained marginally – Cash-strapped Korean car maker Ssangyong Motor has put up a controlling stake for auction as it looks to bring on board a new investors to take change.
· Uflex is up 16% - Company will double aspectic packaging capacity to 7 billion packs per annum by March 2022 and will invest Rs120cr for the proposed expansion
· Tanla Platforms gained 1% : Karix mobile and Truecaller announce partnership to offer Business Caller ID Solutions to enterprises.
· Indiabull Housing gained is trading flat - Board has approved a proposal to raise over Rs 7,000 crore through various means. This includes USD 275 million (Rs 2,043.43 crore) by issuing equity shares or other instruments
IPO Allotment Link
Shyam Metalics and Energy Limited
https://kosmic.kfintech.com/ipostatus/
Dodla Dairy Limited
https://kosmic.kfintech.com/ipostatus/
Krishna Institute of Medical Sciences Limited
https://linkintime.co.in/IPO/public-issues.html
Sona BLW Precision Forgings Limited
https://kosmic.kfintech.com/ipostatus/
India Pesticides Limited
https://kosmic.kfintech.com/ipostatus/
Shyam Metalics and Energy Limited
https://kosmic.kfintech.com/ipostatus/
Dodla Dairy Limited
https://kosmic.kfintech.com/ipostatus/
Krishna Institute of Medical Sciences Limited
https://linkintime.co.in/IPO/public-issues.html
Sona BLW Precision Forgings Limited
https://kosmic.kfintech.com/ipostatus/
India Pesticides Limited
https://kosmic.kfintech.com/ipostatus/
Daily Market Highlights | 30th Jun 2021 📊
NIFTY50: ₹15,721.50 | -0.17%
Top Gainers 📈
COALINDIA: +1.28%
RELIANCE: +1.16%
DIVISLAB: +1.11%
INFY: +1.08%
TECHM: +0.79%
Top Losers 📉
SHREECEM: -1.90%
BAJAJFINSV: -1.82%
POWERGRID: -1.50%
UPL: -1.42%
ICICIBANK: -1.35%
NIFTY50: ₹15,721.50 | -0.17%
Top Gainers 📈
COALINDIA: +1.28%
RELIANCE: +1.16%
DIVISLAB: +1.11%
INFY: +1.08%
TECHM: +0.79%
Top Losers 📉
SHREECEM: -1.90%
BAJAJFINSV: -1.82%
POWERGRID: -1.50%
UPL: -1.42%
ICICIBANK: -1.35%
BGR ENERGY Q4 : Net Loss of Rs 55 cr against Rs 11.3 cr profit last year
Revenue Up 36 % to Rs 381 cr
Revenue Up 36 % to Rs 381 cr