Stocks fell and US treasuries held gains on Friday amid worries about a global economic slowdown.
Shares declined in Japan but rose in Australia and South Korea. Hong Kong's markets are closed for a holiday to mark the 25th anniversary of Chinese rule. The S&P 500 and Nasdaq 100 futures were volatile. At 6:45 am, the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.10% to 15,739.
The dollar inched higher. Crude trimmed losses. Bitcoin rose to reclaim the $20,000 level.
Stocks To Watch
Bharti Airtel: The company has opted for deferment of payment of adjusted gross revenue dues up to FY19 for four years. Separately, the Competition Commission of India has approved investment of Rs 5,224.38 crore ($700 million) by Google International.
Jubilant Pharmova: A wholly owned subsidiary in Canada announced that Government of Quebec has granted a loan of CAD 25 million (Rs 153.48 crore), including a forgivable portion of CAD 6.3 million, to fund capacity expansion at the Montreal facility.
Lupin: The company has received US FDA approval for Paliperidone Extended-Release Tablets, to market a generic equivalent of Invega Extended-Release Tablet. The product will be manufactured in Goa and has an estimated annual sales of $152 million in the US.
Hero MotoCorp: An arbitration tribunal has allowed India's largest two-wheeler maker to use the 'Hero' trademark for selling its electric vehicles. Hero Electric had sought an injunction against the company in the matter.
UPL: The company has acquired Nature Bliss Agro for Rs 1 lakh. The company, which has yet to commence operations, will be involved in the manufacture and sale of crop protection and allied products.
Hindustan Unilever: India's largest consumer goods maker has approved the appointment of CEO Sanjiv Mehta on the board of PT Unilever Indonesia TBK as president commissioner.
Hindustan Copper: The company has approved raising Rs 34.83 crore via a qualified institutional placement and Rs 500 crore through non-convertible debentures.
Phoenix Mills: Reco Zinnia has competed the second tranche of its investment of Rs 400 crore in the company and its subsidiaries.
Punjab National Bank: The state-run lender has raised its marginal cost of funds-based lending rate by 15 basis points across tenors.
Greenlam Industries: The firm has agreed to merge HG Industries with itself in a share swap ratio of 1:2. Shareholders will get one Greenlam share of face value Rs 1 for every two they hold in HG Industries.
Indian Bank: The bank has raised MCLR by 15 basis points across tenors. The base rate was revised to 8.7% from 8.3% and the repo-linked lending rate was raised to 4.9% from 4.3%.
CSB Bank: The lender has raised MCLR by 10-15 basis points across tenors. The base rate was revised to 9.9% from 9.35% and benchmark prime lending rate to 12.95% from 12.55%.
Union Bank: The lender has approved raising of Rs 8,100 crore and declared dividend of Rs 1.9 per share.
Federal Bank: Approved fundraising of Rs 4,000 crore.
Indus Towers: Bharti Airtel has acquired an additional 2.06% stake in India's largest telecom towers operator.
Lodha, Oberoi, Godrej Properties: The real estate stocks are in focus amid a buoyant Mumbai market. The number of units registered and stamp duty collected was the highest ever for the month of June.
Analyst Actions
All-India average price slipped 1-2% month-on-month in June 2022.
Dealers indicated improved demand, but an increase in supply is weighing on prices.
Cement stocks in India have seen a modest bounce recently, probably reflecting positive demand sentiment in June and broader recovery.
Earnings estimates, however, continue to be at risk, given the elevated costs and weak exit prices.
Expect stocks to remain soft during monsoon.
Neutral, Target Price Rs 8,627; Launches 2022 Brezza
Received more than 45,000 bookings within first eight days.
Factor in 25%/9% volume growth in FY23/24F on new models.
Market share to improve to 45% in FY23F from 43.5% in FY22.
Pledged Share Details
Chambal Fertilisers & Chemicals: Promoter Zuari Industries Limited created a pledge of 8.4 lakhs on June 24.
Max Financial Services: Promotor Max Ventures Investment Holdings created a pledge of 19.96 lakh shares between June 24 and June 28 and revoked a pledge of 25.03 lakh shares on June 29.
Emami: Promoter Group Sneha Enclave revoked a pledge of 11.82 lakh shares on June 27 and created a pledge of 18.75 lakhs shares on June 28.
Insider Trades
GHCL: Promoter Neelabh Dalmia bought 1,550 shares on June 28.
VIP Industries: DGP Enterprises bought 4 lakh shares on June 30.
Jtekt India: Promoter Jtekt Corp. sold 25 lakh shares on June 28.
Nilkamal Industries: Promoter & Directors Hiten V. Parekh bought 463 shares, Manish V. Parekh bought 413 shares, and Nayan S. Parekh bought 411 shares on June 27.
Greenply Industries: Promoter Group Showan Investment bought 23,000 shares on June 29.
Manappuram Finance: Promoter & Director Nandakumar VP bought 57,000 shares on June 29.
Astra Microwave Products: Promoter Group Prassana Lakshmi sold 95,884 shares on June 16. Promoter C. Praleemma sold 1.15 lakh shares on June 23.
Lux Industries: Promoter Group Hollyfield Traders bought 50,612 shares on June 27.
MAS Financial Services: Promoter Kamlesh Chimanlal Gandhi bought 6,855 shares on June 27.
MTAR Technologies: Promoter Mitta Madhavi sold 5,000 shares on June 28.
Nuvoco Vistas Corp: Promoter Niyogi Enterprise bought 3 lakh shares between June 28 and June 29.
Block Deals
HealthCare Global Enterprises: Aceso Co. bought 17.5 lakh (1.25%) shares at 285.65 apiece and Basavalingashetty Sadashivia Ajaikumar sold 17.5 lakh (1.25%) shares at 285.65 apiece.
Who's Meeting Whom
Valiant Organics: To meet investors and analysts on July 1.
AGMs Today
Dalmia Bharat
Trading Tweaks
Price Band Revised From 20% to 10%: Dhanvarsha Finvest
Record Date Dividend: Nippon Life India Asset Management, L&T Infotech, Bajaj Finance, Bajaj Finserv, Bajaj Auto, Maharashtra Scooters, Bajaj Holdings And Investment, Biocon
Record Date Final Dividend/Special Dividend: Syngene International
Record Date Bonus: Ratnamani Metals and Tubes, Indian Oil
Record Date Face Value Split: Paisalo Digital
Ex-Date Final Dividend: Anant Raj, Geojit Financial Services, Jyothy Labs, L&T Finance Holdings, Siyaram Silk Mills, Tide Water Oil (India)
Ex-Date Dividend: Motilal Oswal Financial Services
Ex-Date Buy Back: Matrimony.com
Ex-Date Bonus: Xpro India
Move Into Short-Term ASM Framework: Acrysil, Shalimar Paints
Promoter Buying
Nuvoco Vistas Corporation: Promoter Niyogi Enterprise bought 3 lakh shares between June 28 and June 29.
Manappuram Finance: Promoter & Director Nandakumar V P bought 57,000 shares on June 29
VIP Industries: Promoter DGP Enterprises bought 4 lakh shares on June 30.
Money Market Update
The rupee ended at Rs 78.97 against the U.S. Dollar on Thursday as compared to Wednesday's closing of 78.96
F&O Cues
Nifty June futures ended at 15,718, a discount of 62.25 points.
Nifty June futures rose 27.74% and 49,026 shares in Open Interest.
Nifty Bank June futures ended at 33,420.50, a discount of 4.6 points.
Nifty Bank June futures shed 63.65%, 24,460 shares in Open Interest.
Securities removed from the ban list: Sun TV.
Research Reports
IT Services Q1 Earnings Preview - Wage Hikes, Visa And Travel To Impact Margins: IDBI Capital
UltraTech Cement - Earnings Woes Continue; Stock Correction Factors In Concerns: Motilal Oswal
Rallis India - Margin Pressure Likely To Persist In Near Term: Prabhudas Lilladher
ITC - Steadily Progressing On A Sustainable Path: Motilal Oswal
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