- Electrosteel Castings says promoter holding reduced to 11.11 percent from 45.23 percent post allotment of shares to lenders.
- Shriram EPC resolves customer dispute in Iraq; order of $230 million restored to its joint venture with Iraqi Co.
- Indian Bank hikes MCLR by 10 basis points for different tenures.
Asian stocks edged lower Friday after a risk-off session in global markets where technology stocks retreated and Brazilian assets slumped.
Japanese, Australian and South Korean stocks showed modest losses. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded 0.6 percent lower at 10,710 as of 7:45 a.m.
Stocks To Watch In Friday’s Trade
- IIFL Real Estate Investment Trust receives certificate of registration from SEBI to undertake REIT activities.
- Omax Autos approves expansion of existing capacity for an investment of Rs 100- 120 crore over 2-3 years.
- Electrosteel casting says promoter holding reduced to 11.11 percent from 45.23 percent post allotment of shares to lenders.
- Shriram EPC resolves customer dispute in Iraq; order of $230 million restored to its joint venture with Iraqi Co.
- Indian Bank hikes MCLR by 10 basis points for different tenures.
- Time Technoplast receives order worth Rs 40 crore.
- McNally Bharat issues 1.20 lakh CCPS to promoters.
Bulk Deals
- Ashiana Housing: Goldman Sachs India Fund sold 28.94 lakh shares or 2.8 percent equity at Rs 147 each.
- Indoco Remedies: DSP Blackrock MF sold 15 lakh shares or 1.6 percent equity at Rs 190 each.
- Sharda Cropchem: Goldman Sachs India Fund sold 13.70 lakh shares or 1.5 percent equity at Rs 400 each.
Future Retail
- PI Opportunities Fund I bought 2.27 crore shares or 4.5 percent equity at Rs 560 each.
- Pioneer Investment Fund bought 71.42 lakh shares or 1.4 percent equity at Rs 560 each.
- Cedar Support Services sold 3.03 crore shares or 6 percent equity at Rs 560 each.
Who’s Meeting Whom Today
- Thyrocare Technologies to meet Samatva Investments on June 8.
- Endurance Technologies to meet Citigroup Global Markets India and American Century Investments on June 8.
- Shriram Transport Finance to meet LionRock Capital, Columbia Wanger Asset Management on June 8.
Trading Tweaks
- Kwality, Excel Realty and Oceanaa Biotek placed under ASM by BSE.
- HDFC Bank, Indusind Bank and Cyient FII window open.
- Soril Holdings And Ventures Ltd. name changed to Indiabulls Integrated Services Ltd.
Insider Trades
- Piramal Enterprises promoter Piramal Corporate Services Ltd. sold 1.70 lakh shares from June 4 – 5.
- Panama Petrochem promoter acquired 27,841 shares from June 5 – 6.
- Asian Granito promoters acquired 17,649 shares on June 6.
- Viaan Industries promoter Shilpa Shetty Kundra acquired 20,000 shares on June 6.
- Alkem Laboratories promoters acquired 14,000 shares from June 4 – 5.
- Laurus Labs promoter Dr. Satyanarayana Chava acquired 1.70 lakh shares from June 4 – 6.
F&O Cues
- Nifty June Futures closed trading at 10,765.2 discount of 3.1 points versus premium of 1.6 points.
- June series-Nifty open interest up 6 percent and Bank Nifty open interest up 3 percent
- India VIX ended 12.7, up 1.8 percent
- Max open interest for June series at 11,000 Call, open interest at 39.9 lakh, open interest down 4 percent
- Max open interest for June series at 10600 Put, open interest at 43.2 lakh, open interest up 7 percent
F&O Ban
- In ban: Dewan Housing, Balrampur Chini
- New in ban: None
- Out of ban: None
Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions.
Active Stock Futures
Brokerage Radar
Morgan Stanley on Bajaj Finance
- Maintained ‘Overweight’ with a price target of Rs 2,500.
- Strong momentum in AUM growth and customer acquisition.
- Liquidity environment challenging, but liability positioning is conservative.
- New avenues of funding to help in challenging liquidity environment.
- Mortgages to see 35-40 percent growth p.a. in medium term.
Ventura Securities on Byke Hospitality
- Initiated ‘Buy’ with a price target of Rs 351; Potential Upside 106 percent over 24-30 months.
- Expect industry to report much better performance than entire past decade.
- Byke well positioned to benefit from hotel industry uptrend.
- Positives: asset light model, strategic hotel locations and adequate new capacity.
- Expect revenue to compound at 22 percent over the financial year 2018-2021.
- Expect occupancy rate to rise to 71 percent by March 2021, despite aggressive room expansion.
JPMorgan on Asian Paints Annual Report Highlights
- Maintained ‘Neutral’ with a price target of Rs 1,300.
- Positive 2018-19 demand outlook.
- Expects healthy domestic demand and better overseas performance.
- Expanded distribution, new retail formats, product innovation and new segments to aid.
- Rising raw material prices remains the key challenge.
- FCF/Return ratios moderate owing to lower margins and higher capital deployment.
Nomura on M&M Financial
- Maintained ‘Buy’ with a price target of Rs 600.
- Management upbeat on growth trends.
- Confident of normalisation of asset quality and credit costs in 2018-19.
- RoE ramp-up to be faster with improving asset quality and strong growth trends.
- Current valuations look undemanding.
JPMorgan on Vedanta
- Maintained ‘Overweight’ with a price target of Rs 400.
- Vedanta addresses key investor concerns related to copper smelter.
- Vedanta says that plant follows Zero Liquid Discharge policy.
- Past sample checks by regulator found no abnormalities in water.
- Plant accounted for 33% of India’s copper market.
Brokerages On Tata Motors
Credit Suisse
- Maintained ‘Outperform’ with a price target of Rs 460.
- Second month of positive retail sales though the base has been favourable.
- Demand in China should bounce back from July.
- Jaguar portfolio continues to see sharp declines.
- Discovery range have been steady; RR twins continue to be in ramp up mode.
Citi
- Maintained ‘Buy’ with a price target of Rs 480.
- Strong show in U.K. (low base) and North America.
- Deferment of purchase in Chinese market post the reduction in import duties.
- Demand environment subdued in Europe, partly reflecting anti-diesel trend.
- E-Pace aids Jaguar; New models/refreshes drive Land Rover.
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