Who’s Meeting Whom
DCM Shriram: To meet Nippon India Mutual Fund on July 29.
Deepak Fertilisers and Petrochemicals Corporation: To meet BOI AXA Mutual Fund and KR Choksey on July 29
DCM Shriram: To meet Nippon India Mutual Fund on July 29.
Deepak Fertilisers and Petrochemicals Corporation: To meet BOI AXA Mutual Fund and KR Choksey on July 29
Trading Tweaks
Ex-Date Final Dividend: Alembic, Amara Raja Batteries, Andhra Paper, Balaji Amines, Dabur India, Delta Corp, Emkay Global Financial Services, Gandhi Special Tubes, ICICI Bank, Igarashi Motors India, Indo Amines, Kriti Industries (India), Sobha, Sudarshan Chemical Industries, Symphony, Timken India, VRL Logistics, Whirlpool of India, Wim Plast
Ex-Date Dividend: Bandhan Bank, IFGL Refractories, Pokarna, Quick Heal Technologies, Saksoft, Uniphos Enterprises
Ex-Date Interim Dividend: Stylam Industries
Ex-Date Bonus Issue: Power Grid Corporation of India
Ex-Date AGM: Rane Holdings, Indian Overseas Bank
Record Date Final Dividend: Computer Age Management Services, Mrs. Bectors Food Specialities, Prataap Snacks
Price Band Revised From 10% To 5%: JSW Energy
Move Into Short-Term ASM Framework: Alkyl Amines Chemicals
Move Out Of Short-Term ASM Framework: Wheels India
Move Into ASM Framework: Wheels India, Equitas Holdings
Ex-Date Final Dividend: Alembic, Amara Raja Batteries, Andhra Paper, Balaji Amines, Dabur India, Delta Corp, Emkay Global Financial Services, Gandhi Special Tubes, ICICI Bank, Igarashi Motors India, Indo Amines, Kriti Industries (India), Sobha, Sudarshan Chemical Industries, Symphony, Timken India, VRL Logistics, Whirlpool of India, Wim Plast
Ex-Date Dividend: Bandhan Bank, IFGL Refractories, Pokarna, Quick Heal Technologies, Saksoft, Uniphos Enterprises
Ex-Date Interim Dividend: Stylam Industries
Ex-Date Bonus Issue: Power Grid Corporation of India
Ex-Date AGM: Rane Holdings, Indian Overseas Bank
Record Date Final Dividend: Computer Age Management Services, Mrs. Bectors Food Specialities, Prataap Snacks
Price Band Revised From 10% To 5%: JSW Energy
Move Into Short-Term ASM Framework: Alkyl Amines Chemicals
Move Out Of Short-Term ASM Framework: Wheels India
Move Into ASM Framework: Wheels India, Equitas Holdings
Money Market Update
The rupee ended at 74.37 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 74.46.
The rupee ended at 74.37 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 74.46.
*Federal Reserve Keeps Fed Funds Range Unchanged at 0.00% to 0.25%*
*Fed Discount Rate Unchanged 0.25%*
*FOMC: Voted 11-0 For Fed Funds Rate Action*
*FOMC: Fed Will Further Assess Progress On Goals Over Coming Meetings*
*FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month*
*Fed Announces Launch Of Standing Repo Facility*
*Fed Discount Rate Unchanged 0.25%*
*FOMC: Voted 11-0 For Fed Funds Rate Action*
*FOMC: Fed Will Further Assess Progress On Goals Over Coming Meetings*
*FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month*
*Fed Announces Launch Of Standing Repo Facility*
🇺🇸 *#FED: ECONOMY HAS MADE PROGRESS TOWARDS GOALS LAID OUT TO TAPER - BBG
*FED: WILL CONTINUE TO ASSESS PROGRESS IN COMING MEETINGS
*FED: WILL CONTINUE TO ASSESS PROGRESS IN COMING MEETINGS
*Fed Interest Rate Decision*:
Actual 0.25%
Forecast 0.25%
Previous 0.25%
(BREAKING: Fed holds rates near zero, says economy has gotten better even with pandemic worries)
Actual 0.25%
Forecast 0.25%
Previous 0.25%
(BREAKING: Fed holds rates near zero, says economy has gotten better even with pandemic worries)
Breaking: Fed leaves policy settings unchanged, dollar strengthens modestly #Breaking #Fed #CentralBanks
*SERNET News Update – Jul 29th 2021*
Maruti Suzuki reported net profits of Rs.441 crore for the Jun-21 quarter as against net loss of Rs.249 crore in the Jun-20 quarter. The sales of cars remained disrupted in the Jun-21 quarter due to localised lockdowns for COVID 2.0. Maruti sold a total of 353,614 units during the Jun-21 quarter of which 308,095 units were sold in India and 45,519 units were exported. Its revenues for the Jun-21 quarter were up four-fold in the Jun-21 quarter at Rs.17,771 crore. Sequentially, EBITDA margin contracted 370 bps at 8.3%.
SEBI is seriously considering restructuring IPO and preferential issue norms. Recently, SEBI had simplified the framework for minimum public shareholding to enable large companies to launch IPOs with ease. Tyagi also added that SEBI may also look at directed listing like in the US SPAC model in the Indian context. Tyagi also added that the debt market in India also needed to develop like equity markets and they were keen to provide an enabling environment, especially since bond issues are now 36% above bank credit.
Nestle India reported 10.7% growth in net profits at Rs.539 crore for Jun-21 quarter. Net sales were up 13.8% at Rs.3,463 crore. Operating performance got impacted by the 24% jump in raw material costs in Q1. EBITDA was up 10% in the Jun-21 quarter at Rs.840 crore while EBITDA margins contracted 88 bps. Nestle raised prices on a many marquee products including the popular Maggi noodles. Out of its Rs.2,600 crore investment plan, Nestle has already invested Rs.1,000 crore to expand its manufacturing capacity.
Windlas Biotech, a leading CDMO player in India, is all set to launch its IPO on 04-Aug. The IPO will consist of a fresh issue of Rs.165 crore plus an OFS of another 51.42 lakh shares by existing shareholders. Apart from the promoter, Tano India PE Fund will divest its entire 22% holding through the OFS. The price band for the IPO is yet to be announced. Windlas Biotech will use the proceeds to purchase equipment required for capacity expansion at Dehradun Plant and for repaying certain high-cost borrowings of the company.
Rakesh Jhunjhunwala plans to procure 70 aircraft in next 4 years for a new ultra-low-cost airline. Rakesh plans to invest $35 million to own 40% of the airline. The approval from the Aviation Ministry is awaited. The airline will be called Akasa Air and typical planes will carry 180 passengers. Jhunjhunwala made his billions investing in the Indian equity story and some of his major holdings like Titan and Lupin are the stuff that legends are made of. However, the challenge of high costs and post-pandemic paradigm remain.
India’s private sector weather forecaster, Skymet, raised Rs.12 crore in debt funding from Northern Arc and Caspian Impact Investments. Skymet will use the funds to boost ground observation plus accurate prediction of floods and cyclones in East India. This additional data investment will mitigate the risks and provide accurate data to farmers, especially in the East. The global weather forecasting market is expected to double to $2.70 billion by 2023. Indian weather forecasting market is pegged at nearly $100 million.
JSW Cement will raise Rs.1,500 crore from two global PE funds; Apollo Global and Synergy Metals. Under the terms of the deal, CCPS will be issued to investors, convertible to equity linked to future performance of JSW Cement. JSW Cement will be able to accelerate its capacity expansion from the current level of 14MTPA to 25 MTPA by 2024. JSW Cement is planning IPO in next 18 months. JSW has a strong focus on green building materials, which appeals to global funds. JSW Cement is part of the $13 billion JSW group.
Gupshup, a messaging platform to manage customer interactions, raised $240 million in follow-on funding from investors including Fidelity Management and Tiger Global. The earlier infusion of $100 million into Gupshup by Tiger Global in Apr-21 had valued Gupshup at $1.4 billion. Gupshup use AI-powered journey of conversations to manage customer requirements.
Maruti Suzuki reported net profits of Rs.441 crore for the Jun-21 quarter as against net loss of Rs.249 crore in the Jun-20 quarter. The sales of cars remained disrupted in the Jun-21 quarter due to localised lockdowns for COVID 2.0. Maruti sold a total of 353,614 units during the Jun-21 quarter of which 308,095 units were sold in India and 45,519 units were exported. Its revenues for the Jun-21 quarter were up four-fold in the Jun-21 quarter at Rs.17,771 crore. Sequentially, EBITDA margin contracted 370 bps at 8.3%.
SEBI is seriously considering restructuring IPO and preferential issue norms. Recently, SEBI had simplified the framework for minimum public shareholding to enable large companies to launch IPOs with ease. Tyagi also added that SEBI may also look at directed listing like in the US SPAC model in the Indian context. Tyagi also added that the debt market in India also needed to develop like equity markets and they were keen to provide an enabling environment, especially since bond issues are now 36% above bank credit.
Nestle India reported 10.7% growth in net profits at Rs.539 crore for Jun-21 quarter. Net sales were up 13.8% at Rs.3,463 crore. Operating performance got impacted by the 24% jump in raw material costs in Q1. EBITDA was up 10% in the Jun-21 quarter at Rs.840 crore while EBITDA margins contracted 88 bps. Nestle raised prices on a many marquee products including the popular Maggi noodles. Out of its Rs.2,600 crore investment plan, Nestle has already invested Rs.1,000 crore to expand its manufacturing capacity.
Windlas Biotech, a leading CDMO player in India, is all set to launch its IPO on 04-Aug. The IPO will consist of a fresh issue of Rs.165 crore plus an OFS of another 51.42 lakh shares by existing shareholders. Apart from the promoter, Tano India PE Fund will divest its entire 22% holding through the OFS. The price band for the IPO is yet to be announced. Windlas Biotech will use the proceeds to purchase equipment required for capacity expansion at Dehradun Plant and for repaying certain high-cost borrowings of the company.
Rakesh Jhunjhunwala plans to procure 70 aircraft in next 4 years for a new ultra-low-cost airline. Rakesh plans to invest $35 million to own 40% of the airline. The approval from the Aviation Ministry is awaited. The airline will be called Akasa Air and typical planes will carry 180 passengers. Jhunjhunwala made his billions investing in the Indian equity story and some of his major holdings like Titan and Lupin are the stuff that legends are made of. However, the challenge of high costs and post-pandemic paradigm remain.
India’s private sector weather forecaster, Skymet, raised Rs.12 crore in debt funding from Northern Arc and Caspian Impact Investments. Skymet will use the funds to boost ground observation plus accurate prediction of floods and cyclones in East India. This additional data investment will mitigate the risks and provide accurate data to farmers, especially in the East. The global weather forecasting market is expected to double to $2.70 billion by 2023. Indian weather forecasting market is pegged at nearly $100 million.
JSW Cement will raise Rs.1,500 crore from two global PE funds; Apollo Global and Synergy Metals. Under the terms of the deal, CCPS will be issued to investors, convertible to equity linked to future performance of JSW Cement. JSW Cement will be able to accelerate its capacity expansion from the current level of 14MTPA to 25 MTPA by 2024. JSW Cement is planning IPO in next 18 months. JSW has a strong focus on green building materials, which appeals to global funds. JSW Cement is part of the $13 billion JSW group.
Gupshup, a messaging platform to manage customer interactions, raised $240 million in follow-on funding from investors including Fidelity Management and Tiger Global. The earlier infusion of $100 million into Gupshup by Tiger Global in Apr-21 had valued Gupshup at $1.4 billion. Gupshup use AI-powered journey of conversations to manage customer requirements.
Gupshup is exploring M&A opportunities to expand its business inorganically. While the platform may have evolved, Gupshup remains controversial in India.
Cabinet Briefing LIVE Updates: DICGC Bill cleared by Cabinet, bank deposits up to Rs 5 lakh to be insured, says FM Sitharaman
https://www.moneycontrol.com/news/business/economy/cabinet-briefing-live-updates-fm-nirmala-sitharaman-anurag-thakur-union-cabinet-decisions-7239881.html
https://www.moneycontrol.com/news/business/economy/cabinet-briefing-live-updates-fm-nirmala-sitharaman-anurag-thakur-union-cabinet-decisions-7239881.html
Moneycontrol
Cabinet Briefing Highlights: DICGC Bill Cleared By Cabinet, Bank Deposits Up To Rs 5 Lakh To Be Insured, Says FM Sitharaman
After the Deposit Insurance Credit Guarantee Corporation Bill is enacted into a law, depositors of troubled lenders would be able to retrieve up to Rs 5 lakh from their bank accounts within 90 days, Union Minister Anurag Thakur said. Apart from DICGC Bill…
RBI imposes monetary penalty on Axis Bank for rule violations
https://www.moneycontrol.com/news/business/rbi-imposes-monetary-penalty-on-axis-bank-for-rule-violations-7240821.html
https://www.moneycontrol.com/news/business/rbi-imposes-monetary-penalty-on-axis-bank-for-rule-violations-7240821.html
Moneycontrol
RBI Imposes Monetary Penalty On Axis Bank For Rule Violations
The RBI imposed a penalty of Rs 5 crore on Axis bank citing certain rule violations
July 28, 2021
Federal Reserve issues FOMC statement
For release at 2:00 p.m. EDT
Share
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have shown improvement but have not fully recovered. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy continues to depend on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. Last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. Since then, the economy has made progress toward these goals, and the Committee will continue to assess progress in coming meetings. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
Implementation Note issued July 28, 2021
Federal Reserve issues FOMC statement
For release at 2:00 p.m. EDT
Share
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have shown improvement but have not fully recovered. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy continues to depend on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks to the economic outlook remain.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. Last December, the Committee indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. Since then, the economy has made progress toward these goals, and the Committee will continue to assess progress in coming meetings. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.
Implementation Note issued July 28, 2021
The Federal Open Market Committee (FOMC) announced on Wednesday that it left the benchmark interest rate, the target range for federal funds, unchanged at 0%-0.25% as widely expected. In its policy statement, the Fed reaffirmed its commitment to using the full range of tools to continue to support the economy.
*Federal Reserve Keeps Fed Funds Range Unchanged at 0.00% to 0.25%
*Fed Discount Rate Unchanged 0.25%
*FOMC: Voted 11-0 For Fed Funds Rate Action
*FOMC: Fed Will Further Assess Progress On Goals Over Coming Meetings
*FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month
*Fed Says Standing Repo Will Take Treasurys, Agencies, Agency MBS
*Fed Says Standing Repo Facility Rate Will Be 0.25%
*Fed Says Standing Repo Facility Has Operation Limit Of $500 Billion, Effective July 29
*Federal Reserve Keeps Fed Funds Range Unchanged at 0.00% to 0.25%
*Fed Discount Rate Unchanged 0.25%
*FOMC: Voted 11-0 For Fed Funds Rate Action
*FOMC: Fed Will Further Assess Progress On Goals Over Coming Meetings
*FOMC: Maintains $80 Billion Treasury Buying, $40 Billion MBS Buying Per Month
*Fed Says Standing Repo Will Take Treasurys, Agencies, Agency MBS
*Fed Says Standing Repo Facility Rate Will Be 0.25%
*Fed Says Standing Repo Facility Has Operation Limit Of $500 Billion, Effective July 29
*Good Morning*
India Cabinet Approves Changes to LLP, Deposit Insurance Laws
India to Meet its Fiscal Target as Tax Collection Rises: Adviser
Indian State Oil Buyers Negotiate Jointly for Better Deals: Teli
India Aims to Complete Air India, BPCL Sale This Fiscal Year
India Court Says Twitter in ‘Total Non Compliance’ of New Rules
Vodafone Idea, Bharti to Seek Review of $14 Billion Dues Verdict
India Mulls Rules to Hold Controlling Shareholders Accountable
India’s Top Carmaker Misses Profit Estimate on Covid Disruptions
Maruti Suzuki net 4.4 billion rupees, half analyst est.
Four Funds With $7 Billion in Adani Have History of Wrong Bets
Registration in Mauritius makes ultimate ownership opaque
India Cumulative Monsoon Rainfall 2% Below Normal as of July 28
Global Funds Sell Net INR22.7B of India Stocks on Wednesday: NSE
Domestic funds Buy net 9.21b rupees of stocks
Foreign Investors Sell Net INR5.58B of India Equities on July 27
Foreigners Buy Net INR7.52B Indian Equity Derivatives Wednesday
Finmin invites entries for new DFI’s name, logo: PTI
Parliament passes amendment bill to strengthen juvenile justice law: PTI
DRDO to get 2% royalty from Dr Reddy’s on sale of anti-Covid drug 2-DG in India: Govt: PTI
ABB India (ABB): 2Q net income 702.6m rupees vs. 162.8m y/y, est. 733.9m; revenue +44% y/y to 14.2b
Bajaj Healthcare (BAJAJHEA): To consider stock split on Aug. 13
Coal India (COAL): Says tribunal issues stay on Jharkhand dues demand; Unit CCL seeking reconciliation of dues
Mahanaga Gas MAHGL): 1Q net income 2.04b rupees vs. 452.5m y/y, est. 1.77b; revenue 6.67b vs. 2.77b y/y
Nestle India (NEST): 2Q net income +11% y/y to 5.39b rupees, est. 5.73b; To sell entire stake of 19.98% in Sahyadri Agro; transfer INR8.4b of general reserve to retained earnings
SRF Ltd. (SRF): Approves INR5.5b ependiture proposal for expansion of refrigerant gas capacity
United Breweries (UBBL): 1Q net income 308.4m rupees vs. loss 1.14b y/y, est. 391m; revenue 26.5b vs. 12.6b
Wabco India (WIL): 1Q net income 213.8m rupees vs. loss 313.6m y/y
Oracle Financial (OFSS): 1Q net income 5.24b rupees, up 9.2% y/y
India Cabinet Approves Changes to LLP, Deposit Insurance Laws
India to Meet its Fiscal Target as Tax Collection Rises: Adviser
Indian State Oil Buyers Negotiate Jointly for Better Deals: Teli
India Aims to Complete Air India, BPCL Sale This Fiscal Year
India Court Says Twitter in ‘Total Non Compliance’ of New Rules
Vodafone Idea, Bharti to Seek Review of $14 Billion Dues Verdict
India Mulls Rules to Hold Controlling Shareholders Accountable
India’s Top Carmaker Misses Profit Estimate on Covid Disruptions
Maruti Suzuki net 4.4 billion rupees, half analyst est.
Four Funds With $7 Billion in Adani Have History of Wrong Bets
Registration in Mauritius makes ultimate ownership opaque
India Cumulative Monsoon Rainfall 2% Below Normal as of July 28
Global Funds Sell Net INR22.7B of India Stocks on Wednesday: NSE
Domestic funds Buy net 9.21b rupees of stocks
Foreign Investors Sell Net INR5.58B of India Equities on July 27
Foreigners Buy Net INR7.52B Indian Equity Derivatives Wednesday
Finmin invites entries for new DFI’s name, logo: PTI
Parliament passes amendment bill to strengthen juvenile justice law: PTI
DRDO to get 2% royalty from Dr Reddy’s on sale of anti-Covid drug 2-DG in India: Govt: PTI
ABB India (ABB): 2Q net income 702.6m rupees vs. 162.8m y/y, est. 733.9m; revenue +44% y/y to 14.2b
Bajaj Healthcare (BAJAJHEA): To consider stock split on Aug. 13
Coal India (COAL): Says tribunal issues stay on Jharkhand dues demand; Unit CCL seeking reconciliation of dues
Mahanaga Gas MAHGL): 1Q net income 2.04b rupees vs. 452.5m y/y, est. 1.77b; revenue 6.67b vs. 2.77b y/y
Nestle India (NEST): 2Q net income +11% y/y to 5.39b rupees, est. 5.73b; To sell entire stake of 19.98% in Sahyadri Agro; transfer INR8.4b of general reserve to retained earnings
SRF Ltd. (SRF): Approves INR5.5b ependiture proposal for expansion of refrigerant gas capacity
United Breweries (UBBL): 1Q net income 308.4m rupees vs. loss 1.14b y/y, est. 391m; revenue 26.5b vs. 12.6b
Wabco India (WIL): 1Q net income 213.8m rupees vs. loss 313.6m y/y
Oracle Financial (OFSS): 1Q net income 5.24b rupees, up 9.2% y/y
*SGX Nifty +15 pts (15723) from last trade 15708 ,*
Nikkei +182 pts ,
Hangseng +747 pts ,
Now @6.57am .
Dow -127.59 pts ,Nsdq +102.01 pts, S&P
-0.82 pts, Bovespa +1673 pts , Ftse +20 pts , Dax +51 pts , Cac +77 pts , Crude @ $72.41 brl (+0.02), Brent @ $74.74 brl (+0.00) , Gold @ 1808.30 (+8.60), Silver @ $25.05 (+0.13), Euro @ $1.1846, JPY @ $109.85, INR @ 74.495
*Today's Corporate Action*
*29th Jul Ex Date*
ADORFO
Dividend - Rs. - 2.2000
ALEMBICLTD
Final Dividend - Rs. - 0.2000
AMARAJABAT
Final Dividend - Rs. - 6.0000
ANDHRAPAP
Final Dividend - Rs. - 5.0000
BALAMINES
Final Dividend - Rs. - 4.0000
BANDHANBNK
Dividend - Rs. - 1.0000
DABUR
Final Dividend - Rs. - 3.0000
DELTACORP
Final Dividend - Rs. - 1.0000
EMKAY
Final Dividend - Rs. - 1.0000
GANDHITUBE
Final Dividend - Rs. - 9.0000
ICICIBANK
Final Dividend - Rs. - 2.0000
IFGLEXPOR
Dividend - Rs. - 4.0000
IFGLEXPOR
Special Dividend - Rs. - 6.0000
IGARASHI
Final Dividend - Rs. - 1.5000
INDOAMIN
Final Dividend - Rs. - 0.6000
KAYCEEI
Final Dividend - Rs. - 30.0000
KRITIIND
Final Dividend - Rs. - 0.2000
KRITINUT
Final Dividend - Rs. - 0.1800
LAKSELEC
Dividend - Rs. - 3.5000
MISHTANN
Interim Dividend - Rs. - 0.0010
PANCM
Resolution Plan -Suspension
POKARNA
Dividend - Rs. - 0.6000
POWERGRID
Bonus issue 1:3
PREMCO
Final Dividend - Rs. - 4.0000
QUICKHEAL
Dividend - Rs. - 4.0000
SAKSOFT
Dividend - Rs. - 2.5000
SOBHA
Final Dividend - Rs. - 3.5000
STYLAMIND
Interim Dividend - Rs. - 2.5000
SUDARSCHEM
Final Dividend - Rs. - 6.0000
SYMPHONY
Final Dividend - Rs. - 4.0000
TIMKEN
Final Dividend - Rs. - 1.5000
UNIPHOS
Dividend - Rs. - 3.4000
VRLLOG
Final Dividend - Rs. - 4.0000
WHIRLPOOL
Final Dividend - Rs. - 5.0000
WIMPLAST
Final Dividend - Rs. - 5.0000
*Today's Key Results/Board Meetings*
*29-Jul-21*
AAVAS
Quarterly Results
ADFFOODS
Quarterly Results
AEGISLOG
Quarterly Results
AJANTPHARM
Quarterly Results
ANDHRAPAP
Quarterly Results
BANARBEADS
Quarterly Results
BIGBLOC
General;Quarterly Results
BRIGHTBR
Quarterly Results
CCL
Quarterly Results
COLPAL
Quarterly Results
COMFINCAP
Quarterly Results
CONCOR
General;Quarterly Results
CONTILI
Quarterly Results
DANUBE
Quarterly Results
DEEPAKNI
Quarterly Results
DFM
Quarterly Results
DHANUKA
Quarterly Results
DHARFIN
Audited Results
DWARKESH
Quarterly Results
EIHOTEL
Quarterly Results
EMAINDIA
Quarterly Results
EMMESSA
Quarterly Results
EPL
Quarterly Results
ERIS
Quarterly Results
FERVENTSYN
Quarterly Results
FRETAIL
Audited Results
FSL
Quarterly Results
GANGOTRI
Quarterly Results
GENUSPOWER
Dividend;Quarterly Results
GESHIP
Quarterly Results
GHCL
Quarterly Results
GOLKUNDIA
Quarterly Results
GOODLUCK
Interim Dividend;General;Quarterly Results
GRWRHITECH
A.G.M.;Quarterly Results
GUJINTRX
Quarterly Results
HAWKINCOOK
Interim Dividend;Quarterly Results
HOMEFIRST
Quarterly Results
INCREDIBLE
Quarterly Results
INDINFR
Dividend;General
INDLEASE
Quarterly Results
INDUSTOWER
Audited Results;Quarterly Results
JKLAKSHMI
Quarterly Results
JSLHISAR
Quarterly Results
JYOTHYLAB
Quarterly Results
KGDENIM
Audited Results
KILPEST
Quarterly Results
KKCL
Audited Results
KSB
Quarterly Results
LAURUSLABS
Quarterly Results
LICHSGFIN
General;Quarterly Results
LKPSEC
Quarterly Results
LUHARUKA
Quarterly Results
MAFATIND
Quarterly Results
MAFATLAFIN
Quarterly Results
MENNPIS
Quarterly Results
MHRIL
Bonus issue;Quarterly Results
MOTILALOFS
Quarterly Results
MOTOGENFIN
Quarterly Results
MRPL
Quarterly Results
NEXTMEDIA
Quarterly Results
OBEROIRLTY
Quarterly Results
OLECTRA
Quarterly Results
ORIENTELEC
Quarterly Results
PARAGMILK
General;Quarterly Results
POLYMED
General;Quarterly Results
POPULARES
A.G.M.;General
PREMEXPLQ
Quarterly Results
PRIVISCL
Quarterly Results
PRSMJOHNSN
Quarterly Results
PSB
Quarterly Results
PVR
Quarterly Results
RAJATH
Nikkei +182 pts ,
Hangseng +747 pts ,
Now @6.57am .
Dow -127.59 pts ,Nsdq +102.01 pts, S&P
-0.82 pts, Bovespa +1673 pts , Ftse +20 pts , Dax +51 pts , Cac +77 pts , Crude @ $72.41 brl (+0.02), Brent @ $74.74 brl (+0.00) , Gold @ 1808.30 (+8.60), Silver @ $25.05 (+0.13), Euro @ $1.1846, JPY @ $109.85, INR @ 74.495
*Today's Corporate Action*
*29th Jul Ex Date*
ADORFO
Dividend - Rs. - 2.2000
ALEMBICLTD
Final Dividend - Rs. - 0.2000
AMARAJABAT
Final Dividend - Rs. - 6.0000
ANDHRAPAP
Final Dividend - Rs. - 5.0000
BALAMINES
Final Dividend - Rs. - 4.0000
BANDHANBNK
Dividend - Rs. - 1.0000
DABUR
Final Dividend - Rs. - 3.0000
DELTACORP
Final Dividend - Rs. - 1.0000
EMKAY
Final Dividend - Rs. - 1.0000
GANDHITUBE
Final Dividend - Rs. - 9.0000
ICICIBANK
Final Dividend - Rs. - 2.0000
IFGLEXPOR
Dividend - Rs. - 4.0000
IFGLEXPOR
Special Dividend - Rs. - 6.0000
IGARASHI
Final Dividend - Rs. - 1.5000
INDOAMIN
Final Dividend - Rs. - 0.6000
KAYCEEI
Final Dividend - Rs. - 30.0000
KRITIIND
Final Dividend - Rs. - 0.2000
KRITINUT
Final Dividend - Rs. - 0.1800
LAKSELEC
Dividend - Rs. - 3.5000
MISHTANN
Interim Dividend - Rs. - 0.0010
PANCM
Resolution Plan -Suspension
POKARNA
Dividend - Rs. - 0.6000
POWERGRID
Bonus issue 1:3
PREMCO
Final Dividend - Rs. - 4.0000
QUICKHEAL
Dividend - Rs. - 4.0000
SAKSOFT
Dividend - Rs. - 2.5000
SOBHA
Final Dividend - Rs. - 3.5000
STYLAMIND
Interim Dividend - Rs. - 2.5000
SUDARSCHEM
Final Dividend - Rs. - 6.0000
SYMPHONY
Final Dividend - Rs. - 4.0000
TIMKEN
Final Dividend - Rs. - 1.5000
UNIPHOS
Dividend - Rs. - 3.4000
VRLLOG
Final Dividend - Rs. - 4.0000
WHIRLPOOL
Final Dividend - Rs. - 5.0000
WIMPLAST
Final Dividend - Rs. - 5.0000
*Today's Key Results/Board Meetings*
*29-Jul-21*
AAVAS
Quarterly Results
ADFFOODS
Quarterly Results
AEGISLOG
Quarterly Results
AJANTPHARM
Quarterly Results
ANDHRAPAP
Quarterly Results
BANARBEADS
Quarterly Results
BIGBLOC
General;Quarterly Results
BRIGHTBR
Quarterly Results
CCL
Quarterly Results
COLPAL
Quarterly Results
COMFINCAP
Quarterly Results
CONCOR
General;Quarterly Results
CONTILI
Quarterly Results
DANUBE
Quarterly Results
DEEPAKNI
Quarterly Results
DFM
Quarterly Results
DHANUKA
Quarterly Results
DHARFIN
Audited Results
DWARKESH
Quarterly Results
EIHOTEL
Quarterly Results
EMAINDIA
Quarterly Results
EMMESSA
Quarterly Results
EPL
Quarterly Results
ERIS
Quarterly Results
FERVENTSYN
Quarterly Results
FRETAIL
Audited Results
FSL
Quarterly Results
GANGOTRI
Quarterly Results
GENUSPOWER
Dividend;Quarterly Results
GESHIP
Quarterly Results
GHCL
Quarterly Results
GOLKUNDIA
Quarterly Results
GOODLUCK
Interim Dividend;General;Quarterly Results
GRWRHITECH
A.G.M.;Quarterly Results
GUJINTRX
Quarterly Results
HAWKINCOOK
Interim Dividend;Quarterly Results
HOMEFIRST
Quarterly Results
INCREDIBLE
Quarterly Results
INDINFR
Dividend;General
INDLEASE
Quarterly Results
INDUSTOWER
Audited Results;Quarterly Results
JKLAKSHMI
Quarterly Results
JSLHISAR
Quarterly Results
JYOTHYLAB
Quarterly Results
KGDENIM
Audited Results
KILPEST
Quarterly Results
KKCL
Audited Results
KSB
Quarterly Results
LAURUSLABS
Quarterly Results
LICHSGFIN
General;Quarterly Results
LKPSEC
Quarterly Results
LUHARUKA
Quarterly Results
MAFATIND
Quarterly Results
MAFATLAFIN
Quarterly Results
MENNPIS
Quarterly Results
MHRIL
Bonus issue;Quarterly Results
MOTILALOFS
Quarterly Results
MOTOGENFIN
Quarterly Results
MRPL
Quarterly Results
NEXTMEDIA
Quarterly Results
OBEROIRLTY
Quarterly Results
OLECTRA
Quarterly Results
ORIENTELEC
Quarterly Results
PARAGMILK
General;Quarterly Results
POLYMED
General;Quarterly Results
POPULARES
A.G.M.;General
PREMEXPLQ
Quarterly Results
PRIVISCL
Quarterly Results
PRSMJOHNSN
Quarterly Results
PSB
Quarterly Results
PVR
Quarterly Results
RAJATH
Quarterly Results
RAYMOND
Quarterly Results
RIGASUG
A.G.M.;General
SAINTGOBAIN
Quarterly Results
SHOPERSTOP
Quarterly Results
SHREDIGCEM
Quarterly Results
SHRIRAMCIT
General;Quarterly Results
SOLARINDS
Quarterly Results
STHINPA
Quarterly Results
STOVEKRAFT
Quarterly Results
TECHM
Quarterly Results
TVSMOTOR
Quarterly Results
UFO
Quarterly Results
UNIONBANK
Quarterly Results
VAIBHAVGBL
Interim Dividend;Quarterly Results
VERITAS
General
VIPULORG
Quarterly Results
VJLAXMIE
Audited Results
VTL
Quarterly Results
WELCORP
Quarterly Results
WELENT
Quarterly Results
ZARDIINV
Quarterly Results
ZHINDHSG
Quarterly Results
*Stock under F&O ban on NSE*
*29-Jul-21*
1IDEA
2SUNTV
RAYMOND
Quarterly Results
RIGASUG
A.G.M.;General
SAINTGOBAIN
Quarterly Results
SHOPERSTOP
Quarterly Results
SHREDIGCEM
Quarterly Results
SHRIRAMCIT
General;Quarterly Results
SOLARINDS
Quarterly Results
STHINPA
Quarterly Results
STOVEKRAFT
Quarterly Results
TECHM
Quarterly Results
TVSMOTOR
Quarterly Results
UFO
Quarterly Results
UNIONBANK
Quarterly Results
VAIBHAVGBL
Interim Dividend;Quarterly Results
VERITAS
General
VIPULORG
Quarterly Results
VJLAXMIE
Audited Results
VTL
Quarterly Results
WELCORP
Quarterly Results
WELENT
Quarterly Results
ZARDIINV
Quarterly Results
ZHINDHSG
Quarterly Results
*Stock under F&O ban on NSE*
*29-Jul-21*
1IDEA
2SUNTV
*Business News Headlines* 🇮🇳
*Economic Times*
Ø Institutional buyers put in Rs 870 cr of bids for HUDCO share sale
Ø Fed says progress made toward conditions for tapering bond buys
Ø Airtel makes big pricing move in prepaid, ups entry level plan to Rs 79
Ø Government mulling long-term measures to boost health of stressed telecom sector
Ø Paytm founder to have protective rights after listing
Ø IRB Infrastructure Developers completes Rs 381.63 crore fundraising
Ø Foreign FIs halt plans to set up investment firms within IFSCs
Ø IndiGo plans flight to normalcy; savvy investors to book on profits
Ø Billionaire investor Rakesh Jhunjhunwala plans 70 planes for new airline
Ø SpiceJet borrowed Rs 127.51 crore, Go First Rs 25.65 crore under ECLGS scheme: Govt
Ø Sonata Software to acquire Encore Software to strengthen US presence
*Business Standard*
Ø Yes Bank, Indiabulls Housing Finance enter co-lending setup for home loans
Ø US, China moves may have big implications for Indian equity markets
Ø NSDL provides more clarity on frozen funds of Adani group-linked FPIs
Ø JSW Cement to raise up to Rs 1,500 crore from two global equity investors
Ø Hindustan Zinc gets down to check rising coal costs, meet ESG commitment
Ø Sebi chief Ajay Tyagi slams India Inc over poor disclosure standards
Ø Tourism economy fell by 42.8%, estimated 14.5 mn jobs lost in Q1FY21: Govt
Ø FDI in food processing sector falls 57% to $393 million in FY21
Ø India sees venture capital investments surge to $8 billion in Q2: KPMG
Ø ESAF Small Finance Bank files Rs 998-crore IPO papers with Sebi
*Financial Express*
Ø Large corporates setting up small subsidiaries to get public procurement tenders, will hurt MSEs: Experts
Ø KFC, Pizza Hut operator Devyani International IPO opens Aug 4; will join Burger King post listing
Ø Unemployment rate rises again to reach 7.14%
Ø NTPC offers to sell power directly to India Inc
Ø Basic customs duty removed, agri infra cess halved on lentils
Ø ICICI Prudential rating – Buy: Big beat on margins the highlight of Q1
Ø Sebi to RTAs: Develop inter-operable platform to enhance investor experience in MFs
Ø HCL Technologies appoints Jill Kouri as global chief marketing officer
*Mint*
Ø Dalmia Bharat’s pan-India ambition is making investors jittery
Ø CDC Group sells 3.7% stake in Equitas Holdings worth ₹104 crore
Ø RTGS, NEFT payment systems opened up for non-banks in phases: RBI
Ø JM Financial’s Q1 FY22 net profit rises 117% to Rs203 crore
Ø RBI imposes ₹5 cr penalty on Axis Bank for contravention of certain provisions
Ø Future-RIL deal: Will decide if Emergency Arbitrator award valid, says SC
Ø Zydus Cadila submits additional d voata on its Covid vaccine to DCGI: Report
Ø Sebi says valuation must for all preferential allotment plans
Ø Bajaj Auto exports its way out of a slump
Ø Customers to get deposit insurance in 90 days of bank failure
*Economic Times*
Ø Institutional buyers put in Rs 870 cr of bids for HUDCO share sale
Ø Fed says progress made toward conditions for tapering bond buys
Ø Airtel makes big pricing move in prepaid, ups entry level plan to Rs 79
Ø Government mulling long-term measures to boost health of stressed telecom sector
Ø Paytm founder to have protective rights after listing
Ø IRB Infrastructure Developers completes Rs 381.63 crore fundraising
Ø Foreign FIs halt plans to set up investment firms within IFSCs
Ø IndiGo plans flight to normalcy; savvy investors to book on profits
Ø Billionaire investor Rakesh Jhunjhunwala plans 70 planes for new airline
Ø SpiceJet borrowed Rs 127.51 crore, Go First Rs 25.65 crore under ECLGS scheme: Govt
Ø Sonata Software to acquire Encore Software to strengthen US presence
*Business Standard*
Ø Yes Bank, Indiabulls Housing Finance enter co-lending setup for home loans
Ø US, China moves may have big implications for Indian equity markets
Ø NSDL provides more clarity on frozen funds of Adani group-linked FPIs
Ø JSW Cement to raise up to Rs 1,500 crore from two global equity investors
Ø Hindustan Zinc gets down to check rising coal costs, meet ESG commitment
Ø Sebi chief Ajay Tyagi slams India Inc over poor disclosure standards
Ø Tourism economy fell by 42.8%, estimated 14.5 mn jobs lost in Q1FY21: Govt
Ø FDI in food processing sector falls 57% to $393 million in FY21
Ø India sees venture capital investments surge to $8 billion in Q2: KPMG
Ø ESAF Small Finance Bank files Rs 998-crore IPO papers with Sebi
*Financial Express*
Ø Large corporates setting up small subsidiaries to get public procurement tenders, will hurt MSEs: Experts
Ø KFC, Pizza Hut operator Devyani International IPO opens Aug 4; will join Burger King post listing
Ø Unemployment rate rises again to reach 7.14%
Ø NTPC offers to sell power directly to India Inc
Ø Basic customs duty removed, agri infra cess halved on lentils
Ø ICICI Prudential rating – Buy: Big beat on margins the highlight of Q1
Ø Sebi to RTAs: Develop inter-operable platform to enhance investor experience in MFs
Ø HCL Technologies appoints Jill Kouri as global chief marketing officer
*Mint*
Ø Dalmia Bharat’s pan-India ambition is making investors jittery
Ø CDC Group sells 3.7% stake in Equitas Holdings worth ₹104 crore
Ø RTGS, NEFT payment systems opened up for non-banks in phases: RBI
Ø JM Financial’s Q1 FY22 net profit rises 117% to Rs203 crore
Ø RBI imposes ₹5 cr penalty on Axis Bank for contravention of certain provisions
Ø Future-RIL deal: Will decide if Emergency Arbitrator award valid, says SC
Ø Zydus Cadila submits additional d voata on its Covid vaccine to DCGI: Report
Ø Sebi says valuation must for all preferential allotment plans
Ø Bajaj Auto exports its way out of a slump
Ø Customers to get deposit insurance in 90 days of bank failure
*Automobiles*
*Demand uptick, recovery on track*
*Sector: Automobile*
*View: Positive*
The automotive monthly sales are expected to continue recovery in July 2021, as the lockdown restrictions have now been lifted in most states. We expect passenger vehicles (PV) sales to recover strongly followed by tractors, two-wheelers commercial vehicles (CV), as compared to pre-COVID level volumes. The new COVID cases are on a steady decline. However, the new variants and the fear of third wave of COVID has led the government to monitor the situation closely. As per the channel checks, the dealers are witnessing increased queries and orders in the passenger vehicle (PV) and two-wheelers segments.
*Sector view*
*Retain Positive view on automobile in the medium term:* We continue to remain positive on the sector, The passenger vehicle segment, both for two-wheelers and four-wheelers, is expected to remain strong amid COVID-19, as a preference for personal transport. Rural demand is expected to recover strongly in southern and western India, given the timely arrival of the monsoon season, higher reservoir levels, and higher kharif sowing last year. Tractor sales are likely to remain healthy ahead of the summer crop.
*Key risks*
The fear arising of new variants and the third wave of COVID-19 remain a potential concern. Any significant delay in recovery from COVID-19 infection or the vaccination rollout continue to be key risks going forward.
*Preferred picks:* In the OEM space, we prefer rural-centric companies with a strong balance sheet. In the two-wheeler space, we prefer Hero MotoCorp because of positive sentiments in rural and semi-urban areas. In the PV space, we like Maruti Suzuki and expect it to maintain its dominant market share and robust export growth. In the tractor segment, we like M&M, given its leadership in the tractor segment and its continued strong performance in other segments such as LCV and UVs. In the auto-ancillary space, we like Sundram Fasteners (beneficiary of strong growth traction in CV, PV, 2Ws, and tractor and its strategy to de-risk business from cyclicality), Suprajit Engineering (on account of increased share of business with existing clients and new client additions), Ramkrishna Forgings (beneficiary of CV upcycle in India, North America, and Europe), Gabriel India (due to its leadership position and brand recall in the suspension components segment and focus on the e-mobility space), Greaves Cotton (beneficiary of e-2W adoption and focus on non-automotive segment), and Apollo Tyres (strong brand recall in India and Europe, and focus on profitable growth).
*Demand uptick, recovery on track*
*Sector: Automobile*
*View: Positive*
The automotive monthly sales are expected to continue recovery in July 2021, as the lockdown restrictions have now been lifted in most states. We expect passenger vehicles (PV) sales to recover strongly followed by tractors, two-wheelers commercial vehicles (CV), as compared to pre-COVID level volumes. The new COVID cases are on a steady decline. However, the new variants and the fear of third wave of COVID has led the government to monitor the situation closely. As per the channel checks, the dealers are witnessing increased queries and orders in the passenger vehicle (PV) and two-wheelers segments.
*Sector view*
*Retain Positive view on automobile in the medium term:* We continue to remain positive on the sector, The passenger vehicle segment, both for two-wheelers and four-wheelers, is expected to remain strong amid COVID-19, as a preference for personal transport. Rural demand is expected to recover strongly in southern and western India, given the timely arrival of the monsoon season, higher reservoir levels, and higher kharif sowing last year. Tractor sales are likely to remain healthy ahead of the summer crop.
*Key risks*
The fear arising of new variants and the third wave of COVID-19 remain a potential concern. Any significant delay in recovery from COVID-19 infection or the vaccination rollout continue to be key risks going forward.
*Preferred picks:* In the OEM space, we prefer rural-centric companies with a strong balance sheet. In the two-wheeler space, we prefer Hero MotoCorp because of positive sentiments in rural and semi-urban areas. In the PV space, we like Maruti Suzuki and expect it to maintain its dominant market share and robust export growth. In the tractor segment, we like M&M, given its leadership in the tractor segment and its continued strong performance in other segments such as LCV and UVs. In the auto-ancillary space, we like Sundram Fasteners (beneficiary of strong growth traction in CV, PV, 2Ws, and tractor and its strategy to de-risk business from cyclicality), Suprajit Engineering (on account of increased share of business with existing clients and new client additions), Ramkrishna Forgings (beneficiary of CV upcycle in India, North America, and Europe), Gabriel India (due to its leadership position and brand recall in the suspension components segment and focus on the e-mobility space), Greaves Cotton (beneficiary of e-2W adoption and focus on non-automotive segment), and Apollo Tyres (strong brand recall in India and Europe, and focus on profitable growth).