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The Biggest Earnings Upgrades And Downgrades So Far This Fiscal
India approved the sale of shares in state-run insurer Life Insurance Corp. of India, a key step in moving ahead with the mega-listing.
The cabinet committee on economic affairs cleared the initial public offering proposal, according to Disinvestment Secretary Tuhin Kanta Pandey. A group of ministers will now decide on various issues related to the proposed offering, he said.
The mega-IPO of the country’s biggest insurer is expected to happen as soon as March 2022. The government, which owns 100% in LIC, will next determine the embedded value of the company to determine the stake sale details, including the amount and price band.
Shares of Brightcom Group were locked in 5% upper circuit ahead of today’s board meeting on preferential issue of equity shares.
Shares of the India-based digital marketing company have gained nearly 172% over the past month with the stock being frozen in upper circuit for 17 successive sessions on the BSE.
Brightcom Group also announced the signing of Letter of Intent to acquire a domestic digital marketing services company on July 9. The details of the company targeted for acquisition are yet to be revealed.
The company’s board will discuss the LoI of the acquisition as well as the preferential issue of shares to select individuals and entities in the meeting scheduled later today.
NTPC options volume 2.6x the 20-day average, with 28,477 calls changing hands vs 4,683 puts
Stock up 1.8%, volume 1.2x the 20-day average for this time of day
Sun Pharma options volume 2.3x the average, with 22,975 calls vs 6,867 puts
Stock up 2.6%, volume 1.8x the average
ICICI Bank options volume 1.8x the average, with 41,496 calls vs 19,429 puts
Stock up 2.6%, volume 1.1x the average
Grasim options volume 1.7x the average, with 11,383 calls vs 3,873 puts
Stock up 1.4%, volume 1.2x the average
Nifty 50 options volume 0.5x the average, with 4.2 million calls vs 3.78 million puts; gauge up 0.7%
Cost of hedging as measured by the 90/110, one-month skew ranks in the 15th percentile over the past year
Nifty Bank index options volume 0.5x the average, with 7.99 million calls vs 6.9 million puts; gauge up 1.2%
90/110, one-month skew in the 64th percentile
India VIX Index down 2.5%
Shares of Central Depository Services (India) Ltd. gained as much as 14.9%, the most since Sept. 02 of last year to Rs 1244.70 - a new all-time high for the stock.
The stock has risen for the last four sessions in a row.
The shares are up 18% in the past 5 days and rose 24% in the past 30 days.
Trading volume was more than eight times the 20-day average for this time of day.
The relative strength index on the stock was 85, indicating it may be overbought.
On July 8, CDSL said it has become the first depository to open four crore plus active demat accounts. "CDSL is pleased to announce it becomes the first depository to open four crore plus (40 million) active Demat accounts. It is currently the largest depository in the country in terms of active Demat accounts," the depository said in a statement on July 8.
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Indian sovereign bonds rise after data showed retail inflation for June and core inflation were below estimates.
Yield on 5.63% 2026 bond drops 5bps to 5.7%, while that on 6.64% 2035 bond falls 3bps to 6.74%
USD/INR down 0.2% to 74.4425
Consumer price inflation accelerated 6.26% in June y/y, the Statistics Ministry said in a statement on Monday after close of market hours.
That’s slower than the median forecast of a 6.59% gain in a Bloomberg survey, although well above the upper limit of the Reserve Bank of India’s 2%-6% target band
Softer-than-expected CPI inflation along with broad-based moderation in core inflation is expected to provide relief to the MPC to continue with the pro-growth policy guidance in the near term, according to a Kotak Mahindra Bank note
While much depends on the incoming data, we expect the onset of gradual policy normalization towards the end of FY2022
The shares are up 3.9% in the past 5 days and rose 23% in the past 30 days.
Total return is 75.5% year-to-date vs 10.9% for Sensex Index
The relative strength index on the stock was above 70, indicating it may be overbought.
Demand for New Homes Sends India’s Realty Index to a Decade High
Investors are looking ahead to Infosys’s results on Wednesday, after rival Tata Consultancy Services posted an earnings miss last week.
The outlook for rainfall may weigh on the economy, with India receiving 242 millimeters of rains during this monsoon season, which runs through September, compared with the typical 261.8 millimeters. The season waters more than half of India’s farmland.
“Progress of monsoon, Q1FY22 corporate earnings and Covid-19 positivity rates will be in focus in the near term,” said Binod Modi, head of strategy at Mumbai-based Reliance Securities Ltd. Investors must focus on quality stocks with robust earnings visibility and margins of safety, he said.
A block of 34.3 lakh shares in Shree Renuka Sugars Ltd., equivalent to 0.4% of float, traded at a market value of Rs 13.99 crore at 9:15 a.m. Mumbai time.
The price was Rs 40.75 per share, a premium of 4.6% from Monday's close; Shree Renuka rose 4.9% Monday and is up 236% this year
The block represents 14% of the 20-day average volume
Reliance Jio Adds Most Active Users For Second Straight Month In April
CPI Inflation Remains Above RBI's Target Band For Second Straight Month
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