Asian stocks pushed higher Tuesday after their U.S. peers closed at a record and a bond rally stalled ahead of a key Federal Reserve meeting.
Japanese and South Korean shares saw modest gains, while Australian stocks climbed after a holiday. U.S. futures were little changed after gains in technology shares pushed the S&P 500 to an all-time high Monday.
Markets will also reopen in Hong Kong and China after the holidays. The 10-year Treasury yield was steady under 1.5% after rising Monday.
The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 15,845.50 as of 7:15 a.m.
Investors are on the lookout for signals from the Fed about a timetable for scaling back emergency monetary stimulus. The decision is due Wednesday.
Bitcoin continued to gyrate amid a barrage of comments, briefly climbing above $41,000 only to pull back. The digital currency got a boost after veteran hedge fund manager Paul Tudor Jones re-endorsed the coin in a television interview.
Elsewhere, crude oil edged back above $71 a barrel on optimism that economic reopenings will boost summer demand in the U.S. and Europe.
Data To Watch
- 5pm: India May trade balance, est. -$6.31 billion, prior -$15.1 billion
- India May exports YoY, no est., prior 195.7%
- India May imports YoY, no est., prior 167.1%
Earnings Post Market Hours
Coal India Q4FY21 (Consolidated, QoQ)
- Revenues up 12.7% at Rs 26,700.1 crore Vs Rs 23,686 crore (Bloomberg Estimate: Rs 26,367.4 crore)
- Net profit up 48.6% at Rs 4,586.8 crore Vs Rs 3,085.4 crore (Bloomberg Estimate: Rs 4,841.5 crore)
- Ebitda up 23.5% at Rs 6,382.11 crore Vs Rs 5,164.78 crore (Bloomberg Estimate: Rs 5,942.9 crore)
- Ebitda margins at 23.9% Vs 21.8%
- Recommended final dividend of Rs 3.50 per share
Stocks To Watch
JSW Ispat Special Products: Promoter AION Investments Private II Ltd to sell up to 9.94 crore shares, representing 21.18% of the total equity share capital through an offer for sale. The floor price of Rs 27 per share is at a discount of 52.92% to Monday’s closing price. The OFS opens for non-retail investors today and for retail investors tomorrow.
SBI Cards and Payment Services: Approved allotment of 5,000 unsecured NCDs of Rs 10 lakh each aggregating to Rs 500 crore on a private placement basis. The coupon rate is fixed at 5.55% per annum for a period of 3 years.
Care Rating: Securities Appellate Tribunal has reduced the Rs 1 crore penalty imposed by SEBI in 2020 to Rs 10 lakh. SEBI after conducting adjudication proceedings in relation to credit ratings assigned to one of the customers had imposed a penalty on the company.
Clariant Chemicals (India): Clariant AG has agreed to sell its pigments business to Heubach Group and SK Capital Partners at an enterprise value of CHF 805 million to CHF 855 million on a cash and debt-free basis. Clariant will reinvest to become a 20% shareholder alongside Heubach and SK Capital in the ultimate holding company. The sale is expected to be completed in the first half of 2022.
NHPC: Signed an MoU with Bihar State Hydro-Electric Power Corporation for execution of 130.1 MW Dagmara HE Project in the state on ownership basis. The state government will provide a grant of Rs 700 crore for the project.
Zuari Agro Chemicals: Resumed production at Ammonia and Urea Plants at Zuarinagar in Goa on June 13.
Can Fin Homes: National Housing Bank has imposed a penalty of Rs 29.13 lakh plus applicable GST at 18%. The company had accepted individual deposits aggregating to Rs 14.56 lakh from five small depositors for a period of fewer than 12 months, in contravention of para 4 of the HFCs (NHB) Directions.
Ashiana Housing: Entered into a development agreement for developing a residential project with a saleable area of 8,95,000 sq. ft. in Pune on a revenue-sharing basis.
Sagar Cements: To consider a proposal to sub-divide the face value of the equity shares from Rs 10 each into an appropriate amount on July 1.
Karur Vysya Bank: Revised its Base Rate to 8.45% from 8.25%. BPLR rate changed from 13.25% to 13.45%.
Power Finance Corporation: Incorporated Mohanlalganj Transmission as a wholly-owned subsidiary of PFC Consulting for the development of a transmission scheme associated with the construction of 400/220/132kV GIS Substation at Mohanlalganj in Lucknow.
Axis Bank: Says GIC seeks reclassify change to public category from promoter
Earnings: Jubilant FoodWorks, LIC Housing Finance, Power Finance Corporation, Lemon Tree Hotels, Whirlpool of India, Easy Trip Planners, BLS International Services, Centum Electronics, Entertainment Network (India), Spencers Retail
IPO Watch
Aion Investments offer-for-sale in JSW Ispat Special Products, for up to 21.2% or 99.46 million shares open for non-retail investors; retail investor can bid on Wednesday
Shyam Metalics IPO gets 123% demand on the first-day sale, offer closes June 16
Sona BLW Precision IPO gets 11% demand on the first-day sale, offer closes June 16
Ruchi Soya seeks to raise up to Rs 4,300 crore in a follow-on public offer
Brokerage Radar
- Astral Ltd rated new reduce at InCred; price target Rs 1,720
- Century Ply rated new Add at InCred; price target Rs 469
- Cera Sanitary rated new Add at InCred; price target Rs 5,140
- Finolex Industries rated new Hold at InCred; price target Rs 180
- JK Cement cut to Accumulate at Dolat Capital; price target Rs 2,994
- Kajaria Ceramics rated new Add at InCred; price target Rs 1,176
- Steel Authority raised to Buy at Antique Stock Broking
- Supreme Indus rated new Hold at InCred; price target Rs 2,345
Pledge Share Details
- Apollo Tyres: Promoter PTL Enterprises bought 1.42 lakh shares between June 2-9.
- Gati: Promoter TCI Finance invoked pledge of 25,000 shares on June 10.
- JSW Holdings: Promoter OPJ Trading revoked pledge of 1.17 lakh shares on June 9.
- Laurus Labs: Promoter Chunduru Rao revoked pledge of 17 lakh shares on June 11.
- Max Financial Services: Promoter Max Ventures Investment revoked pledge of 33.54 lakh shares between June 10-14.
- SMC Global Securities: Promoter Pulin Investments created a pledge of 5 lakh shares between April 1 and June 14.
As reported on June 14.
Bulk Deals
- Globus Spirits: Templeton Strategic Emerging Markets Fund sold 2.66 lakh shares (0.92%) at Rs 393.23 per share.
- Zensar Technologies: DSP Mutual Fund bought 67.56 lakh shares (2.99%) at Rs 294.74 per share. Goldman Sachs India Fund bought 25.75 lakh shares (1.14%) at Rs 294.98 per share. Nippon India Mutual Fund bought 41.50 lakh shares at Rs 294.95 per share. Marina Holdco (FPI) sold 2.57 crore shares (11.41%) at Rs 295.16 per share.
Insider Trades
- Adani Green Energy: Promoter Infinite Trade and Investment bought 15 lakh shares on June 11.
- Accelya Solutions India: Promoter Accelya Group Bidco sold 21.81 lakh shares between June 10-11.
- Shree Pushkar Chemicals & Fertilisers: Promoter Gautam Makharia bought 19,083 shares on June 10.
- Valiant Organics: Promoter Hemchand Gala sold 1,153 shares on June 11.
- Westlife Development: Promoter Makino Holdings sold 13.15 lakh shares between June 9-11.
Block Deals
- HEG: Promoter Bharat Investments Growth bought 1 lakh shares (0.26%) at Rs 2,265 per share. Promoter Jhunjhunwala Ravi sold 1 lakh shares (0.26%) at Rs 2,265 per share.
- V-Guard Industries: SBI Mutual Fund bought 50 lakh shares (1.16%) at Rs 265 per share. Promoter Chittilappily Kochouseph sold 50 lakh shares (1.16%) at Rs 265 per share.
Who’s Meeting Whom
- Mahindra Logistics: To meet BOB Caps on June 15.
- Radico Khaitan: To meet Principal AMC on June 17.
- Tata Motors: To meet Capital International on June 15 and Capital World on June 18.
- Max Healthcare Institute: To meet Spark Capital on June 15, Edelweiss Wealth on June 16 and HDFC Securities and Goldman Sachs (India) Securities on June 17.
- Manappuram Finance: To meet Abu Dhabi Investment Authority on June 17.
Trading Tweaks
- Ex-Date AGM: Bil Energy Systems, PIL Italica Lifestyle
- Record Date Final Dividend: The Indian Hotels Company
- Price Band Revised From 10% To 5%: Future Enterprises
- Price Band Revised From 20% To 10%: Alok Industries, Deepak Fertilizers And Petrochemicals Corporation, eClerx Services, Fairchem Organics, Godawari Power & Ispat, Novartis India,
- Move Into Short-Term ASM Framework: Alok Industries, Skipper, Jaiprakash Power Ventures, Future Consumer
- Move Out Of Short-Term ASM Framework: Emami Paper Mills, Take Solutions, The Investment Trust Of India, Godawari Power & Ispat
- Move Into ASM Framework: eClerx Services, Reliance Capital, Gateway Distriparks, Reliance Infrastructure, Hinduja Global Solutions
Money Market Update
- The rupee ended at 73.27 against the U.S. Dollar on Monday as compared to Friday's closing of 73.06.
F&O Cues
- Nifty June futures ended at 15,836; a premium of 24.15 points.
- Nifty June futures shed 1.66% and 2,614 shares in Open Interest
- Nifty Bank June futures ended at 35,049.85; premium of 99.25 points
- Nifty Bank June futures shed 9.35% and 6,274 shares in Open Interest
- Securities added to ban list: PNB
- Securities that continue to be on the ban list: Canara Bank, Indiabulls Housing Finance, Nalco and Sun TV
- Securities removed from ban list: BHEL
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