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The broader indices outperformed their larger peers with both MidCap and SmallCap gauges gaining 0.5%. Ten of the 19 sectoral indices compiled by BSE declined, with Energy, I.T., Metal, Power, Utilities indices losing the most. On the flipside, Auto index advanced.
The market breadth was skewed in the favour of bulls. About 1,763 stocks rose, 1,530 fell and 149 remained unchanged.
UAE Imposes Moratorium On Export Of Wheat Originating From India For Four Months
UAE imposes moratorium on export and re-export of wheat and wheat flour originating from India for fourth months starting from May 13, 2022. The resolution applies to all wheat varieties.
The decision is due to 'international developments which have affected trade flows'.
Source: UAE Government
India May Trade Deficit At $24.3 Billion (Estimate: -$23.10 Billion)
Exports rose 20.55% YoY to $38.94 billion
Imports rose 62.8% YoY to $63.2 billion
Oil imports at $19.2 billion
Non-oil imports at $44.03 billion
Gold imports at $6.03 billion
Vegetable oil imports at $1.7 billion
Services exports at $23.28 billion
Services imports at $14.43 billion
Source: Directorate General of Commercial Intelligence & Statistics
The broader indices outperformed their larger peers, with both the SmallCap and MidCap gauges rising 0.75%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. rose which Auto and Consumer Discretionary measures rising 1%.
The market breadth is skewed in the favour of bulls. About 1,980 stocks rose, 1,168 fell and 144 remained unchanged.
Delhi 600MHz spectrum reserve price at Rs 2,545 crore per block.
Mumbai 600MHz spectrum reserve price at Rs 2,350 crore per block.
Delhi 3300MHz spectrum reserve price at Rs 400 crore per block.
Mumbai 3300MHz spectrum reserve price at Rs 350 crore per block.
Source: Department of Telecommunications
(Note: Delhi and Mumbai 3,300 MHz spectrum reserve price have been corrected)
Shares of Canara Bank fell over 3.5%, on course to extend losses for third day. The stock has lost nearly 10% this week so far.
In an exchange filing on Wednesday, Canara Bank said that it will consider and approve the capital raising plan for the financial year FY2022-23 on June 24.
Of the 14 analysts tracking the company, 13 maintain 'buy' and one suggests 'sell'. The return potential of the stock is 42.5%.
Source: Exchange filing, Bloomberg
Kotak Mahindra Bank’s ‘Industry-Best’ CASA Ratio Tells ‘Half-Truth’, Says Ambit Capital
Coinbase has laid off 18% of its global workforce, which includes 8% of its India staff.
CEO Brian Armstrong said managing costs “is critical in down markets” and that “a broader market downturn means that we need to be more mindful of costs as we head into a potential recession.”
Coinbase said India remains one of top market priorities and it will continue building its tech hub in Bengaluru.
Source: Brian Armstrong’s Twitter
Over 72 GHz of spectrum to be auctioned by the end of July, 2022 for a period of 20 years.
Cabinet also decided to enable the development and setting up of private captive networks.
The requirement of submitting a financial bank guarantee equivalent to one annual instalment has been done away with.
In a first, there is also no mandatory requirement to make upfront payment by the successful bidders. Payments can be made in 20 equal annual instalments to be paid in advance at the beginning of each year.
This is expected to significantly ease cash flow requirements, the government said.
Bidders would also be given an option to surrender the spectrum after 10 years with no future liabilities with respect to balance instalments.
Source: PIB
As a proactive measure, DFPD is conducting a #meeting on 15.06.2022 with Sugar Mills and Exporters to discuss Export of Sugar in ensuring the season 2022-23. pic.twitter.com/0lZz9OfMYX
— @FoodDeptGOI (@fooddeptgoi) June 14, 2022
Trading volume is 1.5 times the 30-day average. The company has a dividend of Rs 140, payable on July 30, 2022. The stock will trade ex-dividend on June 30, 2022. Of the 53 analysts tracking the company, 39 maintain 'buy', 10 suggest 'hold' and four recommend 'sell'. The return potential of the stock is 14.8%. The stock is the only loser in the 15-stock Nifty Auto index, which gained over 1.25% on Wednesday.
Source: UBS note, Exchange filing, Bloomberg
The broader indices outperformed their larger peers, with S&P BSE MidCap and SmallCap gaining 0.5%. Eleven of the 19 sectoral indices compiled by BSE Ltd. advanced, with with Auto and Utilities indices gaining 0.75%. On the flip side, S&P BSE Metal lost 1%.
The market breadth is skewed in the favour of bulls. About 1,699 stocks advanced, 705 fell and 93 remained unchanged.
Indian currency opened at 78 against dollar, before falling 2 paise to 78.02.
Rupee fell to record low of 78.28 on Monday.
Source: Bloomberg
Shares of firms that own franchises in IPL such as Reliance Industries, Sun TV, United Spirits will be in focus after the sale of the media rights.
In Focus: Reliance Industries, Sun TV, United Spirits
Also In Focus: Zee Entertainment, which failed to win broadcasting rights.
Source: Bloomberg
Paytm lending business rose in the two-months ending May with lending business seeing 471% YoY growth.
Loan disbursement during the two months ending May came in at 5.5 million and the loan value is Rs 3,576 crore.
The company also continued it leadership in offline payments, with 3.4 million devices deployed for the purpose.
User engagement on Paytm Super App is at 74.3 million monthly transacting users, up 48% YoY.
Merchant payment volumes for the two months ending May also rose 105% YoY to Rs 1.96 lakh crore.
Source: Exchange filing
Reiterates 'buy' with target price unchanged at Rs 10,000, an implied return of 28%.
New launches, return of product lifecycle, rising demand, easing of supply concerns and stable commodity costs are likely to propel market share recovery as well as margin expansion.
Recent decline in commodity prices and favourable Yen-Rupee movement can add to margin expansion.
Believes that Maruti Suzuki is planning to replicate product laddering strategy in the SUV segment with the launch of four new brands over the next two years.
Analysis shows that market shares in the PV segment are very highly correlated with the product lifecycles.
Believes that the company's three-pronged approach to expand product portfolio, network and add new markets aided exports.
Expects strong demand, improving chip supplies, moderation in commodity prices and favorable forex to aid the margin recovery of the company.
Source: Motilal Oswal note
FIR has been registered against the company, Executive Director Sunil Agarwal, Assistant General Manager Dilip Rajput, Deputy Manager Pankaj Singh
FIR filed under sections 7, 8, 9, 10 and 12 of the Prevention of Corruption Act, 1988 and section 120B of the Indian Penal Code.
Sunil Agarwal, Dilip Rajput and Pankaj Singh are under arrest.
Searches conducted at the residence of the chairman Vinod Kumar Agarwal and corporate office at Gurugram have been concluded
G R Infra says that all operations are functioning without any impediment as of now, but it is difficult to asset the impact of the development at present.
Source: Exchange filing
LIC: The company’s stake in Hero MotoCorp has increased from 9.163% to 11.256%. It has also increased its stake in Hindustan Unilever to 5.008%.
SBI: India's largest public sector lender has increased MCLR-based lending rates across tenors by 20 basis points.
NTPC: The company has started commercial operations for 15 MW out of 56 MW Kawas Solar PV Project at Kawas, Gujarat, taking its total operational capacity to 54,666.68 MW.
Wipro: The Bengaluru-based IT firm will increase its headcount in Norway to 350 to help clients capitalise on digital transformation.
Asian Paints: The company has acquired 51% stake in Weatherseal Fenestration for Rs 19 crore to make it a subsidiary.
Cipla: The drugmaker, along with Drugs for Neglected Diseases initiative, has launched an HIV drug for children in South Africa.
Bajaj Auto: Shekhar Bajaj has resigned as the non-executive director of the company due to health reasons.
Engineers India: The company was appointed as project management consultant by Nayveli Lignite Corp. for 1200 TPD lignite to methanol project. The project is expected to be commissioned in 2027.
Biocon: The Competition Commission of India has approved the sale of the global biosimilars portfolio of Viatris Inc. to the company.
IIFL Wealth: The Competition Commission of India has approved purchase of 24.98% stake of the company by Bain Capital.
GR Infraprojects: GR Bandikui Jaipur Expressway, a wholly owned subsidiary of the company, executed the concession agreement with the National Highways Authority of India.
Asian stocks struggled for direction on Wednesday after S&P 500 fell for a fifth straight trading session--the longest losing streak in five months.
U.S. treasury yields and the dollar rose ahead of an FOMC decision due tonight. Shares dipped in Japan, Australia and South Korea.
As of 6:45 am, the Singapore-traded SGX Nifty—an early barometer of India's benchmark Nifty 50—was 0.07% higher at 15,711.50 points.
Elsewhere, Bitcoin traded below $22,000. Oil held under $120 a barrel
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