Sensex, Nifty Halt Three-Day Winning Streak On Hawkish Fed

• ICICI Securities: The Mumbai-based brokerage firm rose as much as 3.43 percent to Rs 369.25 after CLSA initiated coverage on the stock with a 'buy' for target price of Rs 520.
• Alembic Pharma: The Vadodara-based drugmaker rose as much as 7.74 percent to Rs 529.90 after the U.S. drug regulator approved Doxycycline Hyclate capsules, Alembic Pharma said in an exchange filing.
• Hindusthan National Glass: The Kolkata-based glass bottle maker was locked in a 20 percent upper circuit at Rs 89 after sold 11.23 percent stake in HNG Float Glass JV for $19.3 million to Trakya Cam Sanayii AS.
• Reliance Industries: The Mukesh Ambani-led oil-to-telecom conglomerate rose in 10 out of 11 sessions to a record of Rs 1,012. The stock has gained 8.5 percent so far this month.

Shares of the Delhi-based state-run tourism development firm rose 20 percent, the most in over a month, to hit an upper circuit of Rs 465.05.

Trading volume 8.3 times its 20-day average.

• Gujarat Gas: The Ahmedabad-based city gas distribution company fell 0.12 percent to Rs 820. Trading volume was 17.5 times its 20-day average.
• Vinati Organics: The Maharashtra-based chemical maker fell 1.48 percent to Rs 974.25. Trading volume was 9.1 times its 20-day average.
• SKF India: The Mumbai-based metal ball and bearings maker fell 1.1 percent to Rs 1,784. Trading volume was 2.7 times its 20-day average.
• Eris Lifesciences: The Ahmedabad-based drugmaker fell 2.2 percent to Rs 750. Trading volume was 6.4 times its 20-day average.

The Delhi-based dairy products maker rose 4.7 percent to Rs 29.95.

SICOM sold 47 lakh Kwality shares in yesterday's session upon pledge invocation, Bloomberg reported.

Shares of the Noida-based IT firm rose 1.3 percent to Rs 935.85.

The company has received an infrastructure service contract from Flack, a global leader in healthcare and ambulance markets, HCL Tech said in a press release.

Shares of the Mumbai-based e-governance service provider was locked in a five percent upper circuit for sixth day in a row at Rs 43.35. ahead of its March quarter earnings.

The stock risen 33.6 percent in last six sessions.

Wholesale prices rose to their highest level in 14 months in May. WPI inflation in May rose 4.43 percent on higher fuel and power prices, according to data shared by Ministry of Commerce and Industry. The WPI was higher than the Bloomberg estimate of 4.00 percent and 3.18 percent in April.

Key highlights of May WPI data:

• Vegetables inflation at 2.5 percent versus -0.89 percent (MoM)
• Non-food articles inflation at -0.58 percent versus -1.81 percent (MoM)
• Core inflation at 4.4 percent versus 3.6 percent (MoM)
• Egg, meat, fish inflation at 0.15 percent versus -2 percent (MoM)
• Onion WPI at 13.20 percent versus 13.62 percent (MoM)
• Cement, lime, plaster inflation at -0.09 percent versus 1.60 percent (MoM)
• Basic metals wpi at 15.79 percent versus 13.04 percent (MoM)
• Food inflation at 1.12 percent versus 0.67 percent (MoM)
• March inflation WPI revised to 2.74 percent from 2.47 percent
• Manufactured product inflation at 3.73 percent versus 3.11 percent (MoM)
• Fuel, power inflation at 11.22 percent versus 7.85 percent (MoM)
• Primary articles inflation at 3.16 percent versus 1.41 percent (MoM)

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Shares of the Bengaluru-based IT company fell as much as 4 percent to Rs 988.65 after Citi downgraded the stock to 'sell' from 'neutral' and raised target price to Rs 970 from Rs 875.

Citi in a note said:

• Mindtree’s business has seen a good turnaround.
• Valuations at are sector-leading; Don’t leave any room for disappointment.
• Raised EPS estimates by 6 percent primarily due to rupee depreciation.
• Turnaround in the business priced in.

Shares of the Ahmedabad-based electricity transmission and distribution company rose as much as 2.94 percent to Rs 147.

Adani Transmission has received letter of intent from REC Transmission Projects Company to build, own, operate and maintain the transmission project in the state of Uttar Pradesh, the company said in an exchange filing.

Shares of the Vadodara-based drugmaker rose as much as 7.74 percent to Rs 529.90 after the U.S. drug regulator approved Doxycycline Hyclate capsules, Alembic Pharma said in an exchange filing.

The drug is therapeutic equivalent to Vibramycin Capsules of Pfizer and is used to treat wide variety of bacterial infections.

Shares of the Delhi-based infrastructure construction company fell as much as 4.2 percent to Rs 16.05 after National Companies Law Tribunal (NCLT) agreed to hear ICICI Bank's insolvency plea against Punj Lloyd.

NCLT has issued notice to Punj Lloyd on ICICI Bank's plea.

In an exclusive conversation with BloombergQuint market veteran Vallabh Bhanshali tells what made him advise all his clients back in 1993 to buy Infosys and hold on?

Key highlights of the conversation:

• Infosys benefited from having strong leadership, managers and founders.
• If you asked me if the bet on Infosys was for national interest, I would have said yes.
• Given the state of the economy then, the Infosys opportunity was big.
• Promoters and founders did not take super salaries, neither behaved like super class
• There is importance of Narayana Murthy taking up issues with Infosys openly

• Bharti Infratel has 33.7 lakh shares change hands in a block on the BSE. Stock down 1.3 percent at Rs 296.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Kolkata-based glass bottle maker rose as much as 14.10 percent, the most in over two months, to Rs 89.

Hindusthan National Glass sold its 11.23 percent stake in HNG Float Glass JV for $19.3 million to Trakya Cam Sanayii AS.

Shares of the Mumbai-based brokerage firm rose as much as 3.43 percent to Rs 369.25 after CLSA initiated coverage on the stock with a 'buy' for target price of Rs 520.

CLSA in a note said:

• Benefits from financialisation of household savings and parent’s brand and reach.
• Distribution and margin financing will drive revenue expansion.
• Expect revenue and net profit to compound at 17 percent and 21 percent respectively over the fiscal 2018-2021.
• Dividend yield one of the highest among Nifty companies.
• ICICI Securities trades at discount to global peers.

Shares of the country’s largest private sector lender rose as much as 0.45 percent to Rs 2,044.50 after the Union Cabinet approved Rs 24,000 crore foreign direct investment in the bank.

The current foreign holding in HDFC Bank is 72.78 percent which is being raised to 74 percent through this infusion, Finance Minister Piyush Goyal said.

• Rupee opened higher at 67.56 per dollar against yesterday's close of 67.64.

Citi on Mindtree

• Downgraded to ‘Sell’ from ‘Neutral’; raised price target to Rs 970 from Rs 875.
• Mindtree’s business has seen a good turnaround.
• Valuations at are sector-leading; Don’t leave any room for disappointment.
• Raised EPS estimates by 6 percent primarily due to rupee depreciation.
• Turnaround in the business priced in.

Credit Suisse on Westlife Development Investor Conference

• Company targets doubling revenue and margins over the fiscal 2018-2022.
• McCafe and Delivery to drive aggressive growth plans over the fiscal 2018-2022.
• Store expansion to accelerate mostly in existing cities.
• Margin expansion driven by SSSG leverage and gross margins.
• Overall momentum for QSR industry intact.

Investec on BSE

• Maintained ‘Buy’ with a price target of Rs 1,270.
• Several levers to support revenue momentum.
• Investments in last few years to contribute meaningfully in the current and the next financial year.
• Cut core EBITDA estimates for 2018-19 by 4 percent to factor in higher expenses.

UBS on Infosys

• Maintained ‘Buy’ with a price target of Rs 1,335.
• Management commentary suggests growing confidence in margin outlook.
• U.S. hiring less expensive than expected, pricing commentary stable.
• Pace of investments could recede post 2018, helping earnings momentum.

CLSA on ICICI Securities

• Initiated ‘Buy’ with a price target of Rs 520; implying a potential upside of 46 percent from the last regular trade.
• Benefits from financialisation of household savings and parent’s brand and reach.
• Distribution and margin financing will drive revenue expansion.
• Expect revenue and net profit to compound at 17 percent and 21 percent respectively over the fiscal 2018-2021.
• Dividend yield one of the highest among Nifty companies.
• ICICI Sec trades at discount to global peers.

Motilal Oswal on India Strategy

• Weight of Metals to increase 130 basis points to 2.6 percent post rejig.
• Hike Sensex EPS estimates for the current and the next financial year by 1.7 percent and 1.8 percent respectively due to increase in free float net profit.
• Expect Sensex EPS at Rs 1,870 and Rs 2,241 for the current and the next financial year respectively.

Who's Meeting Whom

• Lemon Tree Hotels to meet investors on June 14.
• Bodal Chemicals to meet investors on June 14.
• Eicher Motors to meet Franklin Templeton, HSBC Securities and Motilal Oswal Asset Management on June 14.

Insider Trades

• Maharashtra Seamless promoter acquired 41,950 shares on June 1.
• KPR Mill promoters sold 30,000 shares between June 5-7
• Prozone Intu Properties promoter sold 27,500 shares between May 8-June 11

(As reported on June 13)

Bulk Deals

Dish TV

• Rare Enterprises bought 1.30 crore shares or 0.7 percent equity at Rs 71.3 each.

Supreme Industries

• Small Cap World Fund Inc sold 13 lakh shares or 1 percent equity at Rs 1,250.2 each.

Ruchi Soya

• Promoter Evershine Oleochem sold 25 lakh shares or 0.7 percent equity at Rs 12.66 each.

Trading Tweaks

• Jagran Prakashan ex-date for determining buyback eligibility.
• L.G. Balakrishnan & Bros ex-date for 1:1 bonus.
• United Spirits last trading day before 5:1 stock split.

F&O Cues

• Nifty June futures ended at 10,844.5 with a discount of 11.8 points versus a discount of 3.7 points.
• June series-Nifty open interest (OI) up 3.5 percent and Bank Nifty OI up 4.5 percent.
• India VIX ended 12.6, down 0.7 percent.
• Max OI for June series call at 11,000 strike price call option, OI at 38.5 lakh shares, up 1 percent.
• Max OI for June series put shifts to 10,700 strike price put option, OI at 51.6 lakh shares, up 13 percent.

Nomura Sees This As A Catalyst For Dr. Reddy’s Despite The Risk

U.S. President Donald Trump has been nominated for the Nobel Peace Prize.https://t.co/aWW307tLSf pic.twitter.com/dXIPCDhWWi

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Fed raises rates; officials boost outlook to four hikes in 2018.https://t.co/Cj7x3BDVfy pic.twitter.com/vyUb9ekeoa

— BloombergQuint (@BloombergQuint) June 13, 2018