KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
-The local currency weakened 10 paise to close at 83.47 against the US dollar.
-It closed at 83.37 on Wednesday.
Source: Bloomberg
Sensex, Nifty Extend Recovery As SBI, IT Stocks Lead Gains: Closing Bell
Benchmark equity indices extended their recovery for a second consecutive session after the steep fall they witnessed on the counting day.
The Nifty closed around 400 points lower than its highest ever close on Monday and the Sensex was nearly 1,400 points below its highest close.
The Nifty closed at 22,851.75, up 231.40 points or 1.02% and the Sensex closed 692.27 points or 0.93% higher at 75,074.51.
According to Kunal Rambhia, founder of The Street, 22,200 to 22,250 is a good support for the Nifty, and the resistance is at 23,000.
Shares of Infosys Ltd., State Bank Of India, Larsen & Toubro Ltd., Tata Consultancy Services Ltd., and Reliance Industries Ltd. contributed the most to the gains.
Meanwhile, those of Hindustan Unilever Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., Hindalco Industries Ltd., and Asian Paints Ltd. weighed on the Nifty.
Most sectoral indices ended higher. Nifty Realty was the top gainer and Nifty FMCG along with Nifty Pharma were the indices that fell.
The broader markets outperformed the benchmark indices on Thursday as the BSE MidCap closed 2.28% higher and the BSE SmallCap ended 3.06% higher.
All 20 sectoral indices on the BSE rose. BSE 250 SmallCap Index rose the most by 3.18%.
The market breadth was skewed in the favour of buyers. Around 3,010 stocks advanced, 833 declined, and 102 remained unchanged on the BSE.
ITC Approves Demerger Of Hotel Business
Shareholders approve demerger of hotels business with 99.6% majority
Source: Exchange filing
Indoco Remedies Gets US FDA Approval
Gets tentative US FDA approval for ANDA of canagliflozin and metformin hydrochloride tablets
Source: Exchange filing
Go Digit Shares Hit Highest Level Since Listing
IMD On Southwest Monsoon
Southwest Monsoon has further advanced into some more parts of central Arabian Sea; most parts of Karnataka; some more parts of Maharashtra, Telangana & Coastal Andhra Pradesh; most parts of Westcentral Bay of Bengal and some more parts of Northwest Bay of Bengal.
Zee Board Approves Raising Up To Rs 2,000 Crore
Board approves fund raising up to Rs 2,000 crore via QIP & other means
Source: Exchange Filing
Bajaj Auto Hits Lifetime High
Nifty Open Interest Distribution Ahead Of Weekly Expiry
Nazara Tech Jumps As Company's US Arm Acquires Content Website SoapCentral.com
Shares of Nazara Technologies Ltd. surged a day after its US arm Absolute Sports announced the acquisition of a US entertainment content website SoapCentral.com for an all-cash consideration of $1.4 million or Rs 11.6 crore.
"The company expects to unlock massive synergies with its content scaling and operating playbooks to establish Soap Central as a leading entertainment content destination for fans in the US," an exchange filing by the company said.
It added, "The entertainment publishing industry is more than twice the size of sports publishing (Similarweb, 2024) and allows us a great canvas for expansion into multiple content categories."
The scrip rose as much as 15.88% to Rs 808 apiece, the highest level since June 3. It pared gains to trade 14.64% higher at Rs 799.05 apiece, as of 12:28 p.m. This compares to a 0.63% advance in the NSE Nifty 50 Index.
It has risen 14.6% on a year-to-date basis but fallen 6.7% in the last 12 months. Total traded volume so far in the day stood at 2.05 times its 30-day average. The relative strength index was at 66.46.
Out of the 12 analysts tracking the company, seven maintain a 'buy' rating, four recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.8%.
Orchid Pharma Gets DCGI Nod For First Invented, Made In India Antibiotic
Gets DCGI nod for first invented and Made In India antibiotic drug combination
Gets DCGI nod for drug combination of Cefepime and Enmetazobactam
Drug combination of Cefepime and Enmetazoba is used to treat Urinary Tract Infection
Source- Exchange filing
Moody's on India's Power Sector
Power sector investments to be driven by renewable energy, transmission projects
India needs investment of $190- $215 billion over 7 years to meet capacity target
Expect $150- 170 billion of investments for electricity T&D, energy storage
Coal to play key role in power generation despite
Renewable energy capacity expansion
Expect India to add 40GW-50GW of coal-based capacity over 5-6 years
Stable regulations, policy framework to support power companies' carbon transition
Nifty, Sensex Off Day's High As HUL Weighs: Midday Market Update
Benchmark equity indices came of their day's highs through the midday as shares of Hindustan Unilever weighed on them. Intraday both the Nifty and Sensex rose over 1%.
At 11:43 a.m., the Nifty was at 22,795.20, up by 174.85 points or 0.77% while the Sensex rose to 74,953.58, up 571.34 points or 0.77%.
Rahul Ghose, CEO of Hedged.in said that the 23,000-mark is an important level for Nifty and a true move on the upside will only be deciphered when it crosses this level. Until then we are in the woods, he added.
Shares of State Bank Of India, Larsen & Toubro Ltd., Reliance Industries Ltd., Infosys Ltd., and NTPC Ltd. contributed the most to the gains.
While those of Hindustan Unilever Ltd., Mahindra and Mahindra Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and Hindalco Industries Ltd weighed on the Nifty.
Defensive sectors like FMCG and Pharma fell. Nifty Realty and Nifty PSU Bank were the top gainers.
Broader markets outperformed. The S&P BSE Midcap was 2.31% higher and the S&P BSE Smallcap rose 2.96%. Three out of 20 sectoral indices on the BSE declined and 17 rose. BSE Realty was the top gainer.
The market breadth was skewed in the favour of buyers. Around 2,968 stocks rose, 705 fell, and 136 remained unchanged on the BSE.
Nifty Auto Hits Lifetime High
Tata Motors, Bharat Forge, and Maruti Suzuki contributed the most to the rise.
KPI Green Locked In Upper Circuit Limit On Winning 26.15 MW Solar Project
Fitch Ratings On Election Outcome
India’s elections bring broad policy continuity but with greater reform challenges
NDA appears set to retain power with the govt continuing to prioritise infra capex, business environment & slow fiscal consolidation
Coalition politics, weakened mandate could make passing ambitious legislations a challenge for NDA
Source: Fitch Ratings
NBCC Snaps Two-Day Fall On Winning 13 Orders Worth Rs 491 Crore
Shares of NBCC (India) Ltd. snapped their two-day fall after the company announced that it has received 13 orders with a total worth of Rs 491 crore.
The scrip rose as much as 8.42% to Rs 141 apiece, the highest level since June 4. It pared gains to trade 7.38% higher at Rs 139.60 apiece, as of 10:43 a.m. This compares to a 1.04% advance in the NSE Nifty 50 Index.
It has risen 71.37% on a year-to-date basis and 253% in the last 12 months. Total traded volume so far in the day stood at 0.69 times its 30-day average. The relative strength index was at 50.99.
Uno Minda Hits Lifetime High On Pact With Lnovance
Uno Minda shares rose to a lifetime high after the company announced that is in a tech license pact with Lnovance for combined charging units, and high-voltage EV products.
Aurionpro Unit To Partner With A Myanmar Bank
Unit Integro Solutions to partner with Myanmar's Yoma Bank for SME lending operations
Source: Exchange filing
Heritage Foods Jumps Hits 10% Upper Circuit Limit
Shares of Chandrababu Naidu's Heritage Foods Ltd. hit a high of 10% on Thursday after his swooping victory in the 2024 Lok Sabha Elections. Today marks the fourth consecutive session of the company's lifetime high.
RVNL Shares Rise On Order Win From Eastern Railway
Shares of Rail Vikas went up by 7% after it accepted a contract for construction of the Sitarampur bypass line under Asanol Division for Eastern Railway with a broad consideration of Rs 390.97 crore.
The contract was approved on June 5 of 2024 and is to be executed within a period of two years.
BHEL Locked In Upper Circuit On Order Win
Shares of Bharat Heavy Electricals Ltd. were locked in at its upper circuit limit after it received an order to set up a 2x800 MW thermal power plant at Raipur, Chhattisgarh from Adani Power Ltd. with a broad consideration of Rs 3,500 crore.
Tata Steel's Clarification On Dutch Government Payment To Clean Up Plant
Clarifies on news report of Dutch Govt paying as much as €3 bn to clean up its plant
Says it already disclosed that it is in discussions with the Dutch Govt on proposed decarbonisation roadmap
Discussions with Dutch Govt will run over several months before any terms can be agreed upon
Calls it 'premature' to draw any final conclusions at this time
Source: Exchange filing
Nifty, Sensex Open Higher As RIL, HDFC Bank Lead Gains: Opening Bell
Benchmark equity indices extended their gains to the second consecutive session on gains in the shares of Reliance Industries and HDFC Bank.
At pre-open, the Nifty was at 22,798.60, higher by 178.25 points or 0.79% and the Sensex rose to 75,078.70, up 696.46 points or 0.94%.
"In the near term, all eyes are on the government getting formed, which could affect how the market behaves based on what the different groups involved say and ask for," said Shrey Jain, founder of SAS Online. "Today, anticipated resistance for Nifty stands at 23,000 levels, while immediate support is expected around 22,200."
"Looking ahead, Bank Nifty is projected to trade within the broader range of 48,000 to 50,000 levels," Jain said.
Shares of State Bank Of India Ltd., HDFC Bank Ltd., Reliance Industries Ltd., Infosys Ltd., and NTPC Ltd. contributed the most to the gains.
While those of Hindustan Unilever Ltd., Larsen & Toubro Ltd., Sun Pharmaceutical Industries, Hindalco Industries Ltd., and Nestle India Ltd. capped the upside.
Except Nifty Pharma and Nifty FMCG, all sectoral indices rose. Nifty PSU Bank rose the most.
Nifty, Sensex Higher At Pre-Open
At pre-open, the Nifty was at 22,798.60, higher by 178.25 points or 0.79% and the Sensex rose to 75,078.70, up 696.46 points or 0.94%.
Kotak Institutional on Uno Minda
Retains 'Add' with Target Rs 930, Upside 8%
Signs TLA to manufacture 4W e-powertrain products
Suzhou Inovance Automotive one of the largest e-powertrain suppliers in China
Suzhou Inovance achieved over $4.2 billion in revenues in fiscal 2023
Uptick in EV adoption may lead to higher content share for the company
Estimate potential kit value of these e-axles along with AC chargers can range Rs 150k-Rs 250k
Expect revenue potential from supply of e-axles and chargers around Rs.2600 crore by 2030
Assuming 20% electrification of PV. 10% market share for Uno
Will pay royalty on sales in return for the technology exchange.
Believe Uno Minda is well-positioned to outperform industry growth due to:
1. Increase in premiumization trend across 2W and 4W segments resulting in higher content
2. Market share gains in select segments
3. Addition of newer products in the EV segment
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.01%.
It closed at 7.02% on Wednesday.
Source: Cogencis
Rupee Weakens Against U.S. Dollar
The local currency weakened 5 paise to open at 83.42 against the US dollar.
It closed at 83.37 on Wednesday.
Source: Bloomberg
Morgan Stanley On India
Expects macro stability to continue to inform policy
Sees structural reforms driving a 20% earnings CAGR
Sensex to grow at a CAGR of 12-15% over the next five years
Forecasts GDP growth of 6.8% in F2025, with headline CPI decelerating to 4.5%, on average
Earnings growth forecast through F2026 remains 500bps higher than consensus
12-month forward BSE Sensex target is 82,000, implying 14% upside
Key themes for the next five years
Consumption: Their first preference is for non-tradables such as airlines, hotels, and retail
Financials: Within financials, large-cap banks and non-bank lenders top their preference
Energy Transition: Present opportunities ranging from green hydrogen to gas to conventional power utilities, batteries, and other renewable businesses
Industrials: Next five years are likely to bring a major rise in corporate capex, leading to strong order books
Index Target
Base case (50% probability) – BSE Sensex: 82,000
Bull case (30% probability) – BSE Sensex: 92,000
Bear case (20% probability) – BSE Sensex: 63,000
Trident Reports 'Massive' Fire Accident At Dhaula Facility
Operations at facility, which includes textiles and paper manufacturing units, disrupted due to accident
Source: Exchange filing
UBS Maintains 'Buy' On HDFC Bank
Target price Rs 1,900
Foreign headroom at around 24.95% in March 24 vs 25% required
Post March 24, foreign investors have sold USD 1.1 billion of stocks in April in Financial Services and USD 3.1bn in May across sectors
Headroom for HDFC Bank may have increased
Becomes a candidate for increase in adjustment factor in the Aug MSCI review
May result in passive flows of $3-6 billion (8-17days of avg daily trading volume)
NIM ROA profile to gradually improve over the next 2yrs
Stock reasonably valued
Emkay Downgrades ITC To 'Add' With TP Rs 460
Near-term headwinds to limit valuations
Downgrade on account of cigarette margin stress, demand in paper business & margin weakness and slowdown in agri business
Cigarette margin compression of ~60bps YoY likely for FY25, recoup likely in FY26
Additional pressure is likely to be from the surge in competition
Expectations of higher tax hike in Budget to fund populist measures
Citi on India Gas: Election Result Impact
NDA led govt raises possibility of bringing natural gas under GST regime
Brining natural gas under GST stands less politically contentious
Timelines of development remain uncertain
Key beneficiaries: GAIL to see 3% earnings benefit through tax savings
CGDs to benefit from potential tax savings, higher volumes & conversions
Citi On India Consumer
Potential policy interventions to stimulate consumption/volume growth
Highlights potential for favorable regulatory action towards liquor in Andhra Pradesh
Believes improvement in consumption and company’s self-help initiatives to accelerate volume growth
Key Buys – HUL, GCPL, Britannia, Honasa; Key Sells – Colgate India, Dabur and UB
Believes any favorable policies by the government likely hike MSP could support rural consumption
Believes that listed players could see market share gains
They estimate AP used to contribute 5-6% to both United breweries and United spirits before adverse policy change in 2019
Preferred Stocks:
Top Buys are HUL (to benefit from an uptick in rural consumption; replace TCPL), GCPL, Britannia and Honasa
Top Sells are Colgate India, Dabur and United Breweries.
They have positive coverage watch open on Emami (rural growth, summer portfolio performance)
Also have pair trade overweight on Britannia and underweight Dabur
Citi Retains Constructive View on Indian Gas Sector
Preferred Picks: GAIL, IGL, MGL
Consolidation in CGD sector to benefit larger and experienced CGDs
PNGRB's latest notice introduces new guideline for CGD marketing exclusivity
Regulatory withdraws Sept'21 notice that states marketing exclusivity period
Regulator to now consider each GA on a case-by-case basis
Recent development helps CGDs with ongoing litigations
New guideline enables PNGRB introduce competition in sector
Higher competition to not risk larger players- IGL, MGL
Systematix On Asian Paints
Maintains buy on; Target Rs 3,280 (+11%)
Annual Report Takeaways
Emphasis on dealer/influencer initiatives
Expectations of rural demand resurgence in FY25
A&P and brand building to be prioritized over price cuts
Roce and roe to come off due to: Higher opex & capex
6% EPS CAGR FY25-27E
Value it at 53x FY26E
Risks: volume growth slowdown, increased competition
Global Cues
US Dollar Index at 104.07.
US 10-year bond yield at 4.30%.
Brent crude up 0.41% at $78.73 per barrel.
Nymex crude up 0.57% at $74.49 per barrel.
Bitcoin was flat at $71,212.5
The GIFT Nifty was 37.5 points, or 0.17% lower at 22,675.00 as of 7:45 a.m.
F&O Cues
Nifty June futures up by 3.08% to 22,584 at a discount of 36.35 points.
Nifty June futures open interest down by 6.8%.
Nifty Bank June futures up by 4.04% to 48,992.9 at a discount of 61.7 points.
Nifty Bank June futures open interest up by 20.1%.
Nifty Options June 6 Expiry: Maximum Call open interest at 24,000 and Maximum Put open interest at 20,200.
Bank Nifty Options June 12 Expiry: Maximum Call Open Interest at 52,000 and Maximum Put open interest at 48,000.
Securities in ban period: Zee Entertainment Enterprises.
Trading Tweaks
Price Band revised from 10% to 5%: Jai Prakash Associates.
Price Band revised from 20% to 10%: Heritage Foods.
Moved out of short-term Framework: Finolex Cables, Johnson Controls - Hitachi Air Conditioning India.
Bulk Deals
Bhagiradha Chemicals and Industries: Shantilal Shah Chetan sold 43.1 lakh shares (41.42%) at Rs 188.49 apiece, while Derive Trading and Resorts Private Limited bought 43.06 lakh shares (41.38%) at Rs 188.49 apiece.
Apollo Pipes: Meenakshi Gupta sold 9.8 lakh shares (2.49%) at Rs 647.05 apiece while Ohana India Growth Fund bought 7.72 lakh shares (1.96%) at Rs 647.05 apiece.
Shilpa Medicare: Plutus Wealth Management LLP bought 7.5 lakh shares (0.86%) at Rs 492.34 apiece.
IPO Offering
Kronox Lab Sciences: The public issue was subscribed to 118.22 times on day 3. The bids were led institutional investors (89.03 times), non-institutional investors (302.99 times), and retail investors (55.72 times).
Stocks to Watch
RVNL: The company emerged as the lowest bidder for a project worth Rs 391 crore by Eastern Railway.
Torrent Pharmaceuticals: The company signed a non-exclusive patent pact with Takeda Pharmaceuticals to commercialise Vonoprazan in India.
Intellect Design Arena: The company’s consumer banking unit announced the launch of the eMACH.ai Digital Engagement Platform (eMACH.ai DEP) at Money20/20 in Amsterdam. The platform offers a single origination platform for retail, SME and corporate entities and can co-exist with the older version.
Indian Energy Exchange: The company reported a total monthly volume of 10,633 MU, up 29% YoY, and renewable energy certificate volumes up 640% YoY and the green market achieved growth of 74% YoY.
NBCC India: The company received 13 orders worth Rs 491 crore.
KPI Green Energy: The company received new orders for a 26.15 MW solar power plant under the Captive Power Producer Segment's
Century Textiles and Industries: The company’s arm has entered a joint venture with Barmalt India for a luxury residential group housing development in Gurugram. The land parcel is spread across 13.27 acres with a development potential of approx. 2.4 million sq feet, offering a revenue potential of approx. Rs 5,000 crore.
Bharat Heavy Electricals: The company received an order worth Rs 3,500 crore from Adani Power for setting up a thermal power project in Chhattisgarh.
Kalpataru Projects International: The company is considering raising funds on June 10 via the issuance of NCD on a private placement basis.
Sun Pharma Advanced Research Company: Chetan Rajpara has resigned from the post of CFO.
UNO Minda: The company is in a tech license pact with Lnovance for combined charging units and high-voltage EV products.
Hindustan Aeronautics: ISRO Chairman S. Somanath inaugurated state-of-the-art propellant tank production and computer numerical control machining facilities at the company’s Aerospace Division, boosting rocket manufacturing capacity.
Heritage Foods: The company has launched a new product, Laddus and Ice-Creams, in the Sweet and Ice-Cream category.
Sterlite Technologies: The company terminated Paul Atkinson, CEO of Optical Networking Business, on June 5 and hired MD Ankit Agarwal to take up the additional role of heading the optical networking business on his behalf.
Endurance Technologies: The company has appointed R. S. Raja Gopal Sastry as the Chief Financial Officer of the company.
Nazara Technologies: The company’s subsidiary Absolute Sports announced the acquisition of the US entertainment content website SoapCentral.com for an all-cash consideration of $1.4 million (Rs 11.6 crore).
GIFT Nifty Trades Near 22,700
The June futures contract of the GIFT Nifty was 37.5 points, or 0.17% lower at 22,675.00 as of 7:45 a.m.
Stocks in the Asia Pacific region were trading higher on Thursday after technology companies in the US drove stocks to all-time highs.
The Nikkei 225 was 411 points, or 1.05% up at 38,891, and the Kospi was 27 points, or 1.03% higher at 2,689 as of 07:02 a.m.
The S&P 500 hit record high for the 25th time this year as US tech companies drove stocks to fresh highs, while bond yields fell with traders almost fully pricing in two Federal Reserve rate cuts in 2024, according to Bloomberg.
The S&P 500 rose 1.18% and the Nasdaq Composite rose 1.96% as of Wednesday. The Dow Jones Industrial Average advanced by 0.25%.
Brent crude was trading up 0.41% at $78.73 per barrel. Gold rose 0.55% to $2,368.31 an ounce.
India's equity gauges staged a recovery on Wednesday as they recovered most of the losses incurred by the worst market crash in four years in the previous session. The surge came after the National Democratic Alliance pledged support to form a government for the third term.
The NSE Nifty 50 closed 688.95 points higher, or 3.15%, at 22,573.45, while the S&P BSE Sensex ended 2,303.1 points up, or 3.2%, at 74,382.
Overseas investors of Indian equities remained net sellers on Wednesday for the second straight session. Foreign portfolio investors remained net sellers and offloaded stocks worth Rs 5,656.3 crore, while domestic institutional investors turned net buyers and mopped up equities worth Rs 4,555.1 crore, according to provisional data from the National Stock Exchange.
The Indian currency strengthened by 16 paise to close at 83.37 against the US dollar.
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