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While weakening rupee, rising crude prices and taper talk in the U.S. aggravated investors’ concerns in last couple of days, India’s daily caseload falling sharply and ramp-up in vaccination programme offer comfort. We believe expectations of sharp improvement in high frequency key economic indicators from current month supported by ease of business curbs in various states should continue to offer support to corporate earnings.Binod Modi, Head Strategy at Reliance Securities
Shares of Indian paper manufacturing companies surge as economic activities in the country continue to recover as pandemic-induced curbs are eased by the country’s states.
JK Paper rises as much as 9.2% and is set for its third day of gains; West Coast Paper Mills gains 7.8%
Seshasayee Paper and Boards +5.6%, Andhra Paper +4.2%
Paper stocks were among most impacted sectors during the lockdown. However, most companies reported impressive earnings for the March ended quarter due to cost-control measures, Sandeep Jain, a strategist with Jaipur-based Tradeswift Broking told Bloomberg News
“There is also talk that the government may tighten rules on single-use plastic, which would benefit paper companies, as their products are used for packaging,” Jain said.
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Bharat Electronics rose as much as 12% to the highest level since Feb. 2018 after the Indian state-run defense equipment maker’s quarterly profit beat analyst estimates.
Second-best performer on Nifty Midcap 100 index; trading volume 5.7x 3-month full-day avg
The company reported net income of Rs 1,350 crore for the March-ended quarter, ahead of all 8 analyst estimates, while its revenue of Rs 6,910 crore was ahead of consensus
The company has Rs 12,500 crore of missile contracts from state-run enterprises and Rs 38,000 crore of orders from Hindustan Aeronautics for a light combat aircraft programme, providing near-term visibility for its pipeline, ICICI Securities analyst Abhijit Mitra wrote in a note
Rs 1,000 crore of order inflow won from the Indian Navy for software defined radio tactical use is a significant opportunity
The company aims expand its civilian segment, including medical equipment, to 15% of revenue in the next 2-3 years from 7% currently and plans to improve revenue from the service sector
Retains buy, raises price target to Rs 177 from Rs 153
Godrej Agrovet jumps as much as 8.1%, the most since May 12, after founders raised stake in the Mumbai-based animal feed and agribusiness company via open market deal.
Godrej Industries, which holds ~60.2% stake in the company, acquired additional 976,047 shares, or 0.5% stake yesterday, according to data on bulk deals released by BSE
Balram Singh Yadav, an individual investor, holding about 2.2% stake in the company as of March 31, sold 1m shares yesterday, the data showed
Trading vol. 5.4x 3-month full-day avg; shares are set for 3rd day of gains
Wabco India jumps as much as 7.3%, their biggest single-day gain since June 16, after founder group plans to sell as much as 2.6% stake, a move that will increase the number of free float shares in the closely-held automotive parts maker.
Founder Group and related entities hold 80.4% in the company, according to BSE’s data
ZF International UK Ltd., one of the company’s founders, has proposed to sell 500,000 shares through market transactions. The offer starts today for institutional investors while retail investors can place bids tomorrow, according to an exchange filing
The floor price for the sale is set at Rs 6,550 per share
ZF International also has an option to sell additional 150,000 shares in the offer
Shares of the Bengaluru-based beer maker swung between gains and losses after 15% equity changed hands in a single large trade.
Heineken acquired an additional 39.6 million shares in United Breweries, taking its shareholding in UBL from 46.5% to 61.5%.
This after SEBI exempted Heineken from making an open offer for UB shares.
While the increase in ownership may not translate into material benefits in medium-term, Emkay said UBBL seems to be in a stronger position and remains an attractive recovery play post Covid.
"Annual report indicates sustained investments in brands, increased footprint for premium brands, impressive savings in fixed costs, and initiatives for water conservation and reducing carbon footprint," the broking firm said.
It maintained 'Buy'rating and raised target price to Rs 1,570 from Rs 1,450.
Venky’s India Ltd., an operator of hatcheries and poultry farms, rose to its highest level in over three years after its general manager told CNBC-TV18 television channel that the company will benefit from bumper crops of soya and maize.
“Over a period of time, soya and maize production will grow in large quantity and poultry is a prime consumer of both soya and maize in India. So definitely, the benefits will come to poultry when production goes up,” Prasanna Pedgaonkar, said in an interview to the channel
Company has recorded good performance despite Covid due to diversification, he said
Stock climbed 11% to its highest level since May 2018
Global funds sell net Rs 1,030 crore of India stocks Tuesday: NSE
They bought Rs 20 crore of sovereign bonds under limits available to foreign investors, and added Rs 95 crore of corporate debt
State-run banks bought Rs 900 crore of sovereign bonds on June 22: CCIL data. Foreign banks sold Rs 1,320 crore of bonds
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