Asian stocks were set for a cautious open on early Monday as traders braced for a week that brings interest rate decisions from the U.S. and Europe to China and Japan.
Equity futures for Japan suggested a small gain, while contracts for Hong Kong pointed to a minor loss. Australian markets were closed for a holiday. Futures for U.S. benchmarks rose slightly in Asia after the S&P 500 inched further into bull-market territory on Friday.
Technology shares have continued to climb amid bets the Federal Reserve is nearing the end of its hiking cycle. The European Central Bank is projected to lift its benchmark rate on Thursday.
Oil held losses amid persistent concerns around the demand outlook as Goldman Sachs Group Inc. cut its price forecast again.
Meanwhile, Brent futures traded below $75 a barrel and West Texas Intermediate was below $70. The yield on the 10-year U.S. bond was trading at 3.74%, whereas Bitcoin was below 26,000-level.
At 05:33 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index's performance in India was up 0.28% at 18,662.
Domestic benchmark stock indices declined for the second day after swinging between gains and losses through Friday. While PSU banks, fast moving consumer goods and I.T. sectors declined, realty and private banking shares were buoyant. The local currency strengthened about 10 paise to close at 82.47 against the U.S. dollar on Friday.
Foreign investors turned net sellers after three straight days of buying on Friday. Foreign portfolio investors sold stocks worth Rs 308.97 crore, while domestic institutional investors were net buyers and mopped up stocks worth Rs 1,245.51 crore, the NSE data showed.
Stocks To Watch: TVS Motors, Cochin Shipyard, CMS Info Systems, Gati, Info Edge In Focus
Cochin Shipyard: Company won a contract by Indian Navy for MR/Mid Life Upgrade of an Indian naval ship at an estimated contract value of Rs 300 crore. The estimated duration of the contract is around 24 months.
Gati, Allcargo Logistics: Allcargo completed acquisition of 30% stake in Gati-Kintetsu Express from KWE-Kintetsu World Express and KWE Kintetsu Express. Allcargo Logistics now holds 30% stake and Gati holds the existing 70% stake in Gati-Kintetsu.
TVS Motor Company: TVS Credit Services has successfully raised equity capital of ₹480 crore from Premji Invest. Premji Invest will buy additional equity shares for Rs 257 crore. After completion of primary and secondary investments Premji Invest will hold a 9.7% equity stake in TVS Credit.
Info Edge: Company has agreed to sell its entire shareholding, held through unit Startup Investments (Holding) Ltd., in its associate company Happily Unmarried Marketing to VLCC Health Care for approximately Rs 61 crore through a mix of cash and share swap.
Karnataka Bank: Srikrishnan Hari Hara Sarma has formally assumed the responsibilities of managing director and the chief executive officer of the company.
Karur Vysya Bank: Lender revised base rate to 11.20% from 10.75% and benchmark prime lending rate to 16.20% from 15.75% with effect from Jun. 16.
Easy Trip Planners: EaseMyTrip.com has become the official travel partner of the World Padel League 2023. The partnership will provide travel solutions to players, officials and fans attending the game.
Power Finance Corporation: Company's unit PFC Consulting incorporated two special purpose vehicles for development of independent transmission projects.
Jupiter Wagons: NCLT Bench in Kolkata approved the resolution plan submitted by company to acquire controlling stake in Stone India under corporate insolvency resolution process. Stone India will become subsidiary of Jupiter Wagons upon implementation of the resolution plan.
GHCL: BSE and NSE have granted approval for the listing and admission to dealings of equity shares of company's unit GHCL Textiles with effect from Jun. 12.
Brightcom Group: Company predicted a revenue between Rs 9,196.03 crore to Rs 9,667.63 crore in fiscal 2024, suggesting a mid-point growth of 27.51% versus 2023. It expects profit after tax at Rs 1,659.14 crore- Rs 1,744.23 crore, a mid-point growth of 24.12% versus 2023.
Who's Meeting Whom?
Galaxy Surfactants: To meet investors and analysts on June 12.
Bulk Deals
Kotak Mahindra: Canada Pension Plan Investment Board sold 3.3 crore shares (1.7%) at Rs 1,855.64.
Birla Jute & Industries: Societe Generale bought 3.99 lakh shares (0.51%) at Rs 1,188.51 apiece.
CMS Info Systems: 360 One Mutual Fund, Abu Dhabi Investment Authority and IIFL Mutual Fund bought 12 lakh shares (0.78%), 20 lakh shares (1.3%) and 12.36 lakh shares (0.8%) respectively at Rs 300 apiece. Norges Bank On Account Of The Government Pension Fund Global, SBI Mutual Fund, Valuequest Investment Advisors also bought 25 lakh shares (1.62%), 67.13 lakh shares (4.35%), 10.08 lakh shares (0.65%) respectively at Rs 300 apiece. Mansi Shares & Stock Advisors bought 9.43 lakh shares (0.61%) at Rs 301.83 apiece and sold 9.08 lakh shares (0.59%) at Rs 309.31 apiece. Sion Investment Holdings sold 2.12 crore shares (13.76%) at Rs 300.23 apiece.
Indian Energy Exchange: Harsh Anand Jain bought 52.95 lakh shares (3.43%) at Rs 124.82 piece.
Time Technoplast: Crony Vyapar bought 14.92 lakh shares (0.66%) at Rs 105.45 apiece and sold 12.03 lakh shares (0.53%) at Rs 105.54 apiece.
EKI Energy Services: Next Orbit Ventures Fund sold 1.53 lakh shares (0.55%) for Rs 535.82 apiece.
Insider Trades
L.G. Balakrishnan: Promoter Nithin Karivardhan sold 10,000 shares on June 8.
Pidilite Industries: Promoter Group Neerav Parekh sold 7228 shares between June 7-8.
Mukand: Promoter Group Baroda Industries bought 35,000 shares between June 7-8.
Nava: Promoter Group AV Dwellings bought 35,000 shares between June 7-8.
Usha Martin: Promoter Peterhouse Investments Ltd. sold 1.5 lakh shares between June 7-8.
Indoco Remedies: Promoters Mahika Milind Panandikar, Megh Milind Panandikar and Rohan Anup Ramani bought 700 shares, 800 shares, 450 shares respectively on June 7. Aditi M Panandikar and Madhura Ramani bought 4,000 shares each on between June 8-9.
Shoppers Stop: Promoter and Director Ravi C Raheja bought 10,000 shares on June 8.
AGMs Today:
Trent Ltd.
Trading Tweaks
Ex-AGM: Apcotex Industries, Tejas Networks, Cyient, Tata Investment
Record Date Dividend: ICICI Lombard General Insurance, Reliance Industrial Infrastructure
Ex-date Dividend: Indian Bank, Tata Investment, ICICI Lombard General Insurance, Reliance Industrial Infrastructure
Ex/Record Date Stock Split: Ion Exchange
Move In of Short-Term ASM Framework: Cartrade Tech
Move Out of Short-Term ASM Framework: Dilip Buildcon, Force Motors
F&O Cues
Nifty June futures ended at 18,630, a discount of 79.95 points.
Nifty June futures fell 1.7%, with 3,349 shares in open interest.
Nifty Bank June futures ended at 44,110.10, a discount of 37.30 points.
Nifty Bank June futures fell 0.98%, with 939 shares in open interest.
Securities added to the ban period: Indiabulls Housing Finance, Indian Energy Exchange, India Cements.
Securities removed from the ban period: Manappuram Finance.
Money Market Update
Rupee closed 0.13% lower against the U.S. dollar at Rs 82.46 on Friday, compared to Thursday's close of 82.57.
Research Reports
DMart - Well Placed For Earnings Revival; Upgraded To 'Buy': Motilal Oswal
Tata Consumer - On Track To Become A Diversified FMCG Major: Prabhudas Lilladher
Oil & Gas Sector Update - Stars Are Aligning Well For A Strong FY24: ICICI Securities
Ahluwalia Contracts - Rich Valuations; Maintain 'Reduce': Yes Securities
Star Cement - Higher Volume, Lower Cost To Drive Growth: Axis Securities
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