View on market: Stay Cautious, be with quality business:

Asian stocks opened mixed Wednesday after U.S. equities treaded water near a record ahead of key inflation data.Shares slipped in Japan and South Korea and edged higher in Australia. U.S. equty contracts were steady after the S&P 500 ended little changed just shy of its May 7 record close.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 15,751 as of 8:10 a.m.Oil resumed its rally to top $70 a barrel in New York as investors grow more confident that the recovery from the pandemic will help demand. Bitcoin remains under pressure, trading below $33,500 after a retreat this week.

Key Data/ Action, Result, and Board meeting to watch

Major economic Data:

  • INR: Industrial Production YoY APR on 11th June, 2021
  • INR: Foreign Exchange Reserves on 11th June, 2021
  • USD: Trade Balance (Apr) on 8th June, 2021
  • USD: JOLTs Job Openings (Apr) on 8th June, 2021

Earnings to Watch:

Earnings: Gail (India), Bata India, Bajaj Healthcare, Star Cement, Digispice Technologies, Indian Metals & Ferro Alloys, Indraprastha Medical Corp., Dhanvarsha Finvest, TeamLease Services

International Markets:

U.S & Europe

Particulars    8th June. Chg Chg(%)
Nasdaq 13,924.91 43.19 0.31
Dow 34599.82 -30.42 -0.088
FTSE** 7,095.09 17.87 0.25
CAC** 6,551.01 7.45 0.11
DAX 15,640.60 -36.55 -0.23
Dow Fut.* 34,584.00 -2 -0.01

Asian markets:

Particulars    9th June. Chg Chg(%)
SGX Nifty 15,751.00 -12.5 -0.08
Nikkei 28,868.29 -95.27 -0.33
Straits Times 3,156.61 -10.53 -0.33
Hang Seng 28,739.95 -41.43 -0.14
Shanghai 3,584.43 4.32 0.12

ADR Watch:

Particulars       8th June. Chg Chg(%)
Dr Reddy 72.13 0.34 0.47
HDFC Bank 76.95 0.03 0.04
ICICI Bank 17.81 -0.11 -0.61
Infosys 19.5 0.1 0.52
Tata Motor 24.11 0.31 1.3
Wipro 8.2 0.01 0.12

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR        72.89 0.12
Brent 72.54 0.44
Gold 1895.15 0.04
Silver 27.727 -0.01

FIIs & DII

Particulars       8th June.   7th June.
FIIs 1422.71 -186.46
DIIs      -1626.98       983.97

Results:

Max Financial Services Q4FY21 (Consolidated, QoQ) Revenue up 9% at Rs 9,760 crore Vs Rs 8,990 crore Net profit down 65% at Rs 62.34 Vs Rs 175.81 crore Value of New Business up 31.71% at Rs 461 crore Vs Rs 350 crore Gross Written Premium up 53.51% at Rs 7,106 crore Vs Rs 4,629 crore Total Assets Under Management up 32% at Rs 90,407 crore in FY21

Galaxy Surfactants Q4FY21 (Consolidated, QoQ) Revenue up 16% at Rs 783.52 crore Vs Rs 674.70 crore Net profit down 8% at Rs 78.68 crore Vs Rs 85.23 crore Ebitda down 2% at Rs 117.38 crore Vs Rs 119.47 crore Ebitda margin at 15% Vs 17.7% Recommended final dividend of Rs 4 per share

Prestige Estates Projects Q4FY21 (Consolidated, QoQ) Revenue up 23% at Rs 2,268.10 crore Vs Rs 1,847.60 crore Net profit at Rs 1,350.50 crore Vs Rs 87.80 crore Ebitda up 23% at Rs 550.40 crore Vs Rs 447.60 crore Ebitda margin at 24.3% Vs 24.2% Appointed Amit Mor as CFO with effect from June 8.

Brokerage Radar;

Macquarie on MRF: Downgrade Neutral to Rs.90,000 (Prev TGT: Rs.1,00,000).Q4 margin declined sharply Q-o-Q due to commodity cost pressure.Both Revenue and margin have underperformed peers. Expect margin to face headwinds over the next few quarters. Full valuations limit near-term stock upside.Lower FY22/23 EPS Estimates by 14%/8%

News Update:

Tata Power: Competition Commission of India has approved the acquisition of 51% of the equity share capital in the three electricity supply companies of Orissa, viz. Western Electricity Supply Company, Southern Electricity Supply Company and Central Electricity Supply Company by the Tata Power Company.

Welspun Corp: Received multiple orders of approximately 164 KMT valuing close to Rs 1,725 crore. These include reinstatement of an offshore sour pipes supply contract (270 km / 87 KMT) in Australia for the Barossa Offshore Development Project. The company’s order book now stands at 525 KMT valued at approximately Rs 4,800 crore, after considering execution up to May 2021.

Tata Motors: Incorporated a wholly owned subsidiary called TML CV Mobility Solutions. The subsidiary will deal in sale and repair of electric vehicles, fuel cell buses and all types of commercial vehicles.

Adani Enterprises: Incorporated a wholly owned subsidiary called Mundra Windtech. The subsidiary will manufacture wind turbine generators and other auxiliaries.

Glenmark Pharmaceuticals: Interim data from Post Marketing Surveillance study on Favipiravir (FabiFlu) supports its safety and effectiveness in real world settings with no new safety signals or concerns in Covid-19 patients.

Religare Enterprises: To raise Rs 570 crore from a clutch of 17 investors. The company will issue up to 5,41,56,761 shares at an issue price of Rs 105.25 per share to existing shareholders

Bandhan Bank: Reserve Bank of India has approved re-appointment of Chandra Shekhar Ghosh as MD and CEO of the bank, for a period of three years, with effect from July 10.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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