Jateen Trivedi, Senior Research Analyst at LKP Securities:
Rupee traded minor weak around 73.25 after Friday's bearish trend where dollar index rise kept the pressure on rupee around 72.80 as base resistance for the rupee. Higher Crude price also keeps rise on rupee pressured near 73.00. All eyes will be on FED FOMC meets this week which will give direction to USDINR pair which is now in range of 73.10-73.45 for sessions ahead.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:
The Nifty has respected the 15700 level on a closing basis. Despite the crack in the first hours of trade, it has managed to claw back its losses and has closed well above the lows of the day. 15900-16000 continues to remain the next target for the index and as long as 15700 holds, traders have no reason to be concerned. A buy on dips is a prudent strategy to adopt at these levels of the market.
Rupee Close:
Indian rupeeended 20 paiselower at 73.27 per dollar, amidvolatile trade sawin the domestic equity market.It opened 14 paise lower at 73.21 per dollar against previous close of 73.07 and traded in the range of 73.10-73.28.
Market Close
: Benchmark indices recovered smartly from the intraday lows and ended marginally higher in the volatile session.
At close, the Sensex was up 76.77 points or 0.15% at 52551.53, and the Nifty was up 12.50 points or 0.08% at 15811.90. About 1624 shares have advanced, 1625 shares declined, and 150 shares are unchanged.
Tata Motors, Reliance Industries, Wipro, Divis Labs and Bajaj Finance were among major gainers, while losers included Adani Ports, Coal India, Kotak Mahindra Bank, HDFC and Maruti Suzuki.
Mixed trend saw on the sectoral front with IT, energy and PSU bank indices ended in the green, while selling seen in the power, realty and metal names.
Lupin Healthcare gets UK marketing approval to market Luforbec
Lupin today announced that its UK subsidiary, Lupin Healthcare (UK) Limited has received approval from the Medicines and Healthcare products Regulatory Agency (MHRA) to market Luforbec (beclometasone dipropionate/formoterol fumarate dihydrate) 100/6 µg pressurized metered dose inhaler (pMDI), the first branded generic of Fostair (beclometasone dipropionate/formoterol fumarate dihydrate) 100/6 µg pMDI, which has the potential to offer significant cost savings for the NHS.
At 15:19 hrs Lupin was quoting at Rs 1,192.05, down Rs 38.30, or 3.11 percent.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed a swift recovery after the initial fall and an attempt to hold the support level around the Nifty 50 index level of 15650. Trading above 15650 is positive from a short-term perspective. Sustaining above 15650 levels, the market expects to gain momentum, leading to an upside projection of 15900 levels.
The momentum indicators like RSI, MACD start showing signs of recovery after the sharp fall the Nifty 50 Index. The market does not observe any divergence signal, alerting any potential deep correction.
Adani Group Clarification:
Adani group requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the 3 foreign funds and have their written confirmation clarifying that the Demat Account in which the 3 funds hold the shares of the company are not frozen.
Market at 3 PM
Benchmark indices recovered from the lows and trading in the green with buying seen in the PSU bank and IT names. However, power and realty indices were remained under pressure.
The Sensex was up 102.94 points or 0.20% at 52577.70, and the Nifty was up 18 points or 0.11% at 15817.40. About 1473 shares have advanced, 1577 shares declined, and 115 shares are unchanged.
Top losers were Adani Ports, Coal India, HDFC, Kotak Mahindra Bank and Maruti Suzuki, while gainers were Tata Motors, Reliance Industries, Bajaj Finance, Wipro and ONGC.
Nifty PSU Bank index added over 1 percent led by the Indian Bank, Union Bank of India, PNB, IOB:
Motilal Oswal on BHEL
We now estimate FY22E to be loss making and reduce our FY23E EPS estimate by 36%. While orders are few and far between, the pricing environment remains highly competitive, limiting scope for margin expansion. On its ongoing diversification strategy, the company has won its first order for an SRU for IOCL Panipat and is restructuring its Solar business division.
Any material financial impact is still a long time away. We maintain our sell rating, and change our valuation methodology to EV/EBITDA basis (from P/E earlier), with a target price of Rs 40/share (12x FY23E EV/EBITDA).
Gold Updates:
Gold fell nearly 1% on Monday to its lowest in more than a week, weighed down by a stronger dollar, while investors awaited the outcome of the U.S. Federal Reserve policy meeting due this week with recent spikes in consumer prices seen as a temporary blip.
Indian Overseas Bank Q4
Net profit at Rs 349.8 crore against Rs 143.8 crore (YoY). NII was down 8.4 percent at Rs 1,403.2 crore against Rs 1,531.8 crore (YoY). Provisions at Rs 1,596.6 crore against Rs 898.5 crore QoQ and against Rs 831 crore YoY. Gross NPA at 11.69 percent against 13.07 percent QoQ. Net NPA at 3.58 percent against 3.13 percent QoQ.
Kajaria Ceramics Q4:
Consolidated net profit at Rs 131.2 crore against Rs 48 crore (YoY). Consolidated revenue was up 46.1 percent at Rs 952.5 crore against Rs 652 crore (YoY). Consolidated EBITDA at Rs 190.1 crore against Rs 93.3 crore (YoY). Consolidated EBITDA margin at 20 percent against 14.3 percent(YoY).
Fitch Ratings on Indian pharma companies
: Indian pharmaceutical companies’ sales will grow robustly in the financial year ending March 2022 (FY22) as sales normalise in categories affected by the pandemic in the previous year, says Fitch Ratings. Most Indian pharma companies reported resilient operating performance in FY21, benefitting from gradual stabilisation after 1QFY21, geographical diversification and sales of pandemic-related drugs.
Fitch expects sales of drugs used to treat acute medical conditions and elective procedures to continue to recover in FY22. Sales in these categories fell in FY21 as travel restrictions reduced doctor visits and hospitals prioritised Covid-19 treatment over elective procedures. Sales of some of these products are still 10% below pre-pandemic levels, although they started to recover with the easing of curbs.
Market update
: Sensex is up 38.61 points or 0.07% at 52513.37, and the Nifty shed 3.80 points or 0.02% at 15795.60. Reliance Industries, Bajaj Finance and Divis Labs are the top gainers while Adani Ports and Adani Enterprises are the most active stocks.
Among the sectors, IT and pharma are trading in the green while metals and banks are under pressure.
Gayatri Projects Q4 earnings:
Gayatri Projects has posted consolidated net profit at Rs 18.6 crore against loss of Rs 81 crore and revenue was up 49.5% at Rs 1,360.1 crore versus Rs 910.1 crore (YoY).
Gayatri Projects was quoting at Rs 33.30, down Rs 0.05, or 0.15 percent on the BSE.
Indices recover, trades flat:
Benchmark indices recovered all the intraday losses and trading flat with Nifty above 15750.
The Sensex was down 14.97 points or 0.03% at 52459.79, and the Nifty was down 15.60 points or 0.10% at 15783.80. About 1347 shares have advanced, 1646 shares declined, and 129 shares are unchanged.
RattanIndia Power pares Rs 1,219 crore debt:
During the last 15 months, RattanIndia Power has repaid the debt of Rs. 1,219 crore to lenders, including Rs 200 crores as prepayment, even in the face of challenges posed by the pandemic," the company said in a BSE filing.
RattanIndia Power was quoting at Rs 4.70, down Rs 0.20, or 4.08 percent on the BSE.
Gaurav Garg, Head of Research, CapitalVia Global Research:
In the morning session, Indian equity benchmarks remained in the red, owing to significant selling in prominent blue-chip stocks. Sentiments in the traders turned a little sceptical as former RBI Governor D Subbarao raised concerns about the country's economic recovery being " very uneven" and "sharpening inequities" between upper- and lower-income people.
The Indian market has been negative in the first half and has made an attempt to sustain near the level of 15600. 15500 will be an important level from a short-term perspective. Technical factors indicate a consolidated movement between 15500-15900 in the weeks to follow. Bajaj Finance and ONGC are the top gainers while Adani Ports and Coal India are the top losers on Nifty.
Shyam Metalics IPO subscribed 39% on day 1:
The public offer of Shyam Metalics and Energy has received a 39 percent subscription on June 14, the first day of bidding. However, qualified institutional buyers have not put in a single bid yet.
The offer has received bids for 83.27 lakh equity shares against the IPO size of over 2.1 crore equity shares, the subscription data available on the exchanges showed.
Here is list of stocks that have touched their 52 week highs during the day. Click for more
Rupee Updates:
Indian rupee is trading lower at 73.21per dollar, amid selling seen in the domestic equity market.It opened 14 paise lower at 73.21 per dollar against previous close of 73.07.
Lupin receives warning letter from USFDA
Lupin has received a warning letter from the US FDA for the company’s Somerset, New Jersey facility. The US FDA had inspected the Lupin Somerset site from September 10, 2020 to November 5, 2020.
Lupin was quoting at Rs 1,197.25, down Rs 33.10, or 2.69 percent on the BSE.
Market at 1 PM
Benchmark indices are trading lower in the volatile session with Nifty holding around 15750.
The Sensex was down 159.42 points or 0.30% at 52315.34, and the Nifty was down 57.40 points or 0.36% at 15742. About 1330 shares have advanced, 1653 shares declined, and 122 shares are unchanged.
Top losers were Adani Ports, Coal India, HDFC, Kotak Mahindra Bank and NTPC, while gainers were Bajaj Finance, ONGC, Tata Steel, Divis Labs and Cipla.
Except IT and pharma, all other sectoral indices were trading in the red. Midcap and Smallcap indices also trading lower.
Shriram Transport Finance Company raises Rs 1,998.98 crore via QIP:
Shriram Transport Finance Company has successfully raised Rs 1,998.98 crore via a qualified institutions placement of equity shares. The company had launched its QIP on June 7, 2021 and received 6.3x oversubscription. The QIP was priced at Rs 1,430 per share, representing a discount of 0.23% to the SEBI floor price of Rs 1,433.32.
Shriram Transport Finance Corporation was quoting at Rs 1,464.40, down Rs 10.95, or 0.74 percent.
BSE Power index plunged over 2 percent dragged by the BHEL, Adani Green, Adani Transmission
Sona Comstar IPO subscribed 3%:
The Rs 5,550-crore public issue of Sona BLW Precision Forgings (Sona Comstar) has been subscribed 3 percent on June 14, the first day of bidding supported by retail investors.
The portion set aside for retail investors has been subscribed 16 percent, while the non-institutional investors have put in bids for 20,145 equity shares against their reserved portion of over 2.92 crore equity shares. Qualified institutional investors are yet to put in their bids. Also Read
Transformers and Rectifiers bags orders of Rs 63 crore
Transformers and Rectifiers (India) has been awarded orders of Transformers for total contract value of Rs 63 crore from Gujarat Energy Transmission Corporation Limited (GETCO).
With this order, the company’s order book as on date stands around Rs 966 crore.
Transformers and Rectifiers India was quoting at Rs 29.55, up Rs 1.00, or 3.50 percent on the BSE.
Subscribe Sona BLW Precision Forgings for long term: Motilal Oswal
We like Sona BLW Precision Forgings given its presence in fast growing global EV market, diversified portfolio across categories and robust financials. The issue is valued at 74.1x FY21 P/E on post issue basis. Though the valuation appears fully priced in, given its thrust in fast evolving EV space both in India and globally, market would like to give premium to such emerging growth story. Hence, we recommend subscribe for long term.
JUST IN
| May Wholesale Price Index (WPI) at 12.94% versus 10.49% (MoM). The food inflation at 8.11% versus 7.58% and Fuel & Power inflation was at 37.61% versus 20.94% (MoM).The Core inflation stood at 10% against 8.3% (MoM).
Vaishali Pharma launches immunity booster products:
Vaishali Pharma has successfully launched worldwide, its series of immunity booster products such as Vipravita C (tablets and effervescent), Vipravita CZ (tablets), Vipravita D3, Viprafolic A, Vipravita, Vipramultivita, Ascorzee (tablet), Herbal Cough drops, Viprasure (powder), Vipra C (Gummies), Vipra B (Gummies), Vipra M (Gummies), Multi- Vitamin (effervescent), Women D (effervescent), to improve immunity and fight against disease causing germs like bacteria, COVID -19 viruses, parasites or fungi etc
Vaishali Pharma was quoting at Rs 42.85, up Rs 0.95, or 2.27 percent on the BSE.
Market at 12 PM
Benchmark indices recovered from the day's low but still trading lower with Nifty above 15700.
The Sensex was down 221.61 points or 0.42% at 52253.15, and the Nifty was down 81.60 points or 0.52% at 15717.80. About 1199 shares have advanced, 1734 shares declined, and 123 shares are unchanged.
Top losers were Adani Ports, Coal India, SBI, Kotak Mahindra Bank and HDFC, while gainers were Bajaj Finance, ONGC, Tata Steel, Divis Labs and Wipro.
Except IT, all other sectoral indices were trading in the red.
Yash Gupta, Equity Research Associate, Angel Broking
Adani group stocks have plummeted with, Adani Enterprises down by 20%, Adani Ports down by 15%, Adani Power down by 5% and Adani Total Gas Ltd down by 5%.
As per the different market news some of the mutual funds are holding very large quantities of Adani groups stocks and some complaints have been filed with SEBI also. From today four Adani group stocks have been shifted to T2T (Trade 2 Trade) which means that intraday trading will not be permitted and investors need to take/give holding for any trade.
We suggest investors be cautious on Adani group stocks, trading at very high valuations compared to peers. Buy on dips or averaging the buy position should be avoided for the time being.
Tata Motors approves to issue NCDs worth Rs 500 crore
Authorised committee of Tata Motors approved to offer for subscription, on a private placement basis, upto 5,000 Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures (NCDs) E30-A Series of face value Rs 10,00,000 each, at par, aggregating upto Rs 500 crore, as per the company's press release.
Tata Motors was quoting at Rs 347.90, down Rs 2.85, or 0.81 percent on the BSE.
BSE Realty Index fell 1.4 percent dragged by the DLF, Indiabulls Real Estate, Mahindra Lifespace Developers
Vivek Rathi, Director - Research, Knight Frank India:
The IIP number for April 2021 was expected to be heavily influenced by the base period, which saw a strict national lockdown and consequent standstill of economic activities. While the second wave of COVID-19 infection in the country has been disastrous for lives, the economic impact of associated graded regional lockdowns has been moderate.
With these graded lockdowns and responsible citizen behaviour towards the pandemic, the country is making an encouraging progress to come out of the second wave. Going forward, we believe that the progress on vaccination will be a key factor that shall instil consumption confidence and ensure sustained demand pick-up. This should also chart out the way forward for improved production capacity utilisation and sustained IIP growth.
Market update
: Sensex is down 274.73 points or 0.52% at 52200.03, and the Nifty shed 95.50 points or 0.60% at 15703.90. ONGC, Bajaj Finance and Infosys are the top gainers while Adani Ports, Adani Enterprises and Tata Steel are the most active stocks.
Among the sectors, banks and metals are down a percent each while the IT index managed to stay in the green.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
Market signals do not indicate clarity on the direction of the market. While increasing FII buying, selective high-quality buying by DIIs & enthusiastic retail activity are positives for the market, the froth building up in the broader market is an area of concern.
Nifty Small-cap index trading at a premium to Nifty reflects the 'irrational exuberance' of retail investors. But exuberance may continue. Meanwhile, the news on the Covid front is very good with fresh cases dropping steadily. Progressive unlocking will pave the way for recovery in growth & earnings. Investors should be selective & cautious in investment preferring high-quality stocks to small caps.
Nifty Bank index fell 1 percent dragged by the PNB, IDFC First, RBL Bank
Reliance Power board approves fundraising up to Rs 1,325 cr:
The board of Reliance Power has approved the plan to raise funds up to Rs 1,325 crore through preferential issue of equity shares, the Anil Ambani-backed company announced on June 13.
The Board of Directors, who met earlier in the day, gave their assent to the proposed plan of preferential allotment of up to 59.5 crore equity shares to group company Reliance Infrastructure Limited. The shares would be allotted at an issue price of Rs 10 each.
Reliance Power touched a 52-week high of Rs 13.37 and quoting at Rs 13.35, up Rs 0.61, or 4.79 percent on the BSE.
Anil Kumar Bhansali - Finrex Treasury Advisors:
USDINR a bit on the stronger side as dollar index rises with inflation and equities fall. Range for the day 72.80 to 73.40. Exporters now getting a chance to sell which should be used for near term sales. Dollar has risen for five consecutive days and maybe higher today also. Importers to take a back seat for now.
Zydus Cadila receives tentative USFDA approval:
Zydus Cadila has received tentative approval from the USFDA to market Brivaracetam Tablets, in the strengths of 10 mg, 25 mg, 50 mg, 75 mg, and 100 mg (US RLD: Briviact Tablets). Brivaracetam is used to treat partial-onset of seizures (epilepsy), company said in its release.
Cadila Healthcare was quoting at Rs 653.60, down Rs 11.40, or 1.71 percent on the BSE.
Rupee Opens:
Indian rupee opened 14 paise lower at 73.21 per dollar on Monday against previous close of 73.07, amid selling seen in the domestic equity market.
On June 11, rupee ended near the day's low at 73.07 per dollar against previous close of 73.06.
Adani Group stocks tumble 5-20% after NSDL freezes 3 FPI accounts
Adani group stocks have taken a beating on June 14 after NSDL freezed three FPI accounts owning Adani Group shares.
National Securities Depository Ltd (NSDL) has frozen the accounts of three Foreign Portfolio Investors (FPI) — Albula Investment Fund, Cresta Fund and APMS Investment Fund — which together own over Rs 43,500 crore worth of shares in four Adani Group companies-Adani Enterprises, Adani Green Energy, Adani Transmission, Adani Total Gas. As per the depository’s website, these accounts were frozen on or before May 31, according to a Economic Times report.
Market at 10 AM
Benchmark indices erased some of the early losses but still trading lower with Nifty around 15700.
Adani group stocks have taken a beating after NSDL freezed three FPI accounts owning Adani Group shares.
At 10:01 IST, the Sensex was down 190.81 points or 0.36% at 52283.95, and the Nifty was down 75.80 points or 0.48% at 15723.60. About 884 shares have advanced, 1839 shares declined, and 111 shares are unchanged.
Tata Steel, Infosys, Wipro, TCS and Shree Cements were among major gainers, while losers were Adani Ports, UPL, Coal India, SBI and HDFC.
Except IT, all other sectoral indices trading in the red. BSE Midcap and Smallcap indices shed 1 percent each.
