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Most equity markets in Asia advanced as concerns over the U.S. Federal Reserve’s hawkish guidance eased.
India gave a record 8.5 million vaccine doses on Monday, the first day vaccines were available free to all adults. States have begin lifting curbs on businesses and the movement of people as the country sees a steady decline in coronavirus cases. The push to speed up inoculations comes with administered doses so far covering only about 10% of the population.
“India’s daily caseload falling below 60,000 and ramp-up in vaccination programme offer comfort,” Binod Modi, head of strategy at Reliance Securities Ltd. wrote in a note. “We believe expectations of a sharp improvement in high frequency key economic indicators from the current month supported by easing business curbs in various states should continue to offer support to corporate earnings.”
SEBI's New Norms For Large IPOs Come Into Effect
Large Trade Alert
GMR Infra has 11.5 million shares change hands in 4 large trades.
TV18 has 3.8 million shares change hands in 1 large trade.
Maruti Suzuki options volume 5.4x the 20-day average, with 132,754 calls changing hands vs 30,094 puts
Stock up 5.2%, volume 2.3x the 20-day average for this time of day
UPL options volume 1.9x the average, with 22,904 calls vs 4,909 puts
Stock up 3.6%, volume 1x the average
SBI Life options volume 1.5x the average, with 11,881 calls vs 2,207 puts
Stock up 2%, volume 1.1x the average
Nifty 50 options volume 0.5x the average, with 3.69 million calls vs 4.04 million puts; gauge up 0.7%
Cost of hedging as measured by the 90/110, one-month skew ranks in the 89th percentile over the past year
Nifty Bank index options volume 0.5x the average, with 7.24 million calls vs 7.78 million puts; gauge up 0.4%
90/110, one-month skew in the 63rd percentile
India VIX Index down 2.8%
MM Forgings jumped as much as 20%, the most since Sept. 18, after it reported net income for the latest quarter more than quadrupled.
Q4 net income rose to Rs 30.10 crore vs Rs 6.5 crore YoY; 4Q revenue Rs 285 crore vs Rs 156 crore YoY
The company will likely benefit from demand for medium and heavy commercial vehicles as domestic fleet operators push ahead with vehicle replacement in anticipation of and end to lockdowns, Anand Rathi analyst Vijay Sarthy wrote in a note
The company is also confident about export growth, given the strong momentum in Class-5 and -8 trucks in the U.S., Sarthy said
The analyst expects Ebitda margins to expand to 17.6% in FY22 and 18.1% in FY23 from 16.7% in FY21, driven by new products, higher machining content and strong volume growth; sees revenue growing at 25% compound annual rate over FY21-23 to Rs 1,130 crore
Anand Rathi maintains buy, price target Rs 697
India’s one-year interest-rate swaps climb to the highest in more than three months as surging oil prices fuel worries about inflation and policy normalization by the central bank sooner than expected.
One-year interest-rate swaps rise 1bp to 3.89% after touching 3.91% earlier, the highest since March 15; have climbed 16bps so far this month; 10-year bond yields traded little changed at 6.03%
USD/INR steady at 74.0813
The Competition Commission of India approved Heineken International B.V.’s purchase of an additional up to 16.4% stake in United Breweries Ltd., according to a statement from the South Asian nation’s corporate affairs ministry.
NOTE: As on June 22, Scottish & Newcastle India Pvt. is the largest shareholder in the Indian beer maker with 34% stake; Heineken International holds 9.28% stake and Heineken UK holds an additional 3.21%
Shares of the travel company gained as much as 5% after broking firm Anand Rathi initiated coverage on the online travel agency with a ‘buy’ rating.
The brokerage cited the company’s strong presence in the growing online ticketing market in India, lean business model, strong management, stronger balance sheet along with profitable growth outlook as reasons for the bullish rating.
It set a target price of Rs 475, implying a potential upside of 21%.
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India’s auto industry was under pressure over the last few months due to Covid surge, while rising commodity prices squeezed margins, analyst Nitij Mangal writes in a note
Demand is now starting to recover, with online searches for OEMs and clicks on car portals indicating improved consumer sentiment
“Commodity prices are also showing signs of peaking out as China plays a balancing act between decarbonisation and inflation control,” the note says
Jefferies prefers Bharat Forge, Maruti Suzuki and TVS Motor among auto stocks
We expect the RBI to begin unwinding the liquidity surplus and start a gradual interest rate hike cycle in April 2022.Abhishek Gupta, India Economist at Bloomberg
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