Indian Market Outlook:
The Key benchmark indices fell nearly one percent over the week led by mixed global and domestic cues including rise in US inflation higher than expectation, vaccinations supply issue and rising COVID-19 cases in India led to the extension of lockdown in various states. Nifty ended the week with 0.96 percent lower at 14677 points while the Sensex ended with 0.96 percent lower at 48732 points. Broader market outperformed the key benchmark indices. BSE Midcap index ended 0.49 percent lower, while the BSE Small cap index fell 0.08 percent, during the course of the week. Bank Nifty underperformed the key benchmark indices during the week. Foreign Institutional Investors were the net Sellers during the week; sell equities worth Rs.3620 crores while the DIIs were the net sellers of Rs.1244 crores. The US consumer prices rose sharply in April and drove the rate of inflation to the highest level seen in nearly 13 years – 4.2 percent versus expectations of a 3.6 percent increase. Rob Subbaraman, Head of Global Macro Research of Nomura believes that the retail inflation will go higher in May and in June it will rise further. Any potential hike in U.S. interest rates because of inflation would be an area of concern for India as foreign funds, which were supporting a rally in recent months, could move back to an extent. Falling COVID cases over the three days should provide support to the market. As automotive showrooms remain shut across the country following lockdown calls made by a number of states, auto companies stare at a poor Q1FY22. It will however be better than last year’s Q1 when there were zero sales for six weeks.
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Latest Spot Price (in US $)
|Precious Metal||Current Price||Change (%)||3 Month||6 Month||1 Year|
Global Weekly Events
|May 17,2021||INR||WPI Inflation (YoY) (Apr)||9.05%||7.39%|
|May 17,2021||CNY||Industrial Production (YoY) (Apr)||9.8%||14.1%|
|May 18,2021||USD||Building Permits (Apr)||1.770M||1.759M|
|May 19,2021||GBP||CPI (YoY) (Apr)||1.4%||0.7%|
|May 19,2021||USD||Crude Oil Inventories||–||-0.427M|
|May 20,2021||USD||Initial Jobless Claims||–||473K|
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Domestic Economy Indicators
|RBI Policy Rate||Policy Repo Rate||4.00%||4.00%|
|Reverse Repo Rate||3.35%||3.25%|
|Inflation Rate||Wholesale Price Index||7.39%||4.17%|
|Consumer Price Index||4.29%||5.52%|
|Trade Data||Export ($ Million)||30630||34450|
|Import ($ Million)||45720||48380|
|Domestic Indices||Closing (14th May)||Change||%Change|
|Global Indices||Closing (14th May)||Change||%Change|
|Net Inflow (Cr)||FII||DII|
|Top Gainers||Closing Price||Prev Close||Chg (%)|
|Top Losers||Closing Price||Prev Close||Chg (%)|
|Kotak Mahindra Bank||1706.65||1788.25||-4.56|
Source: Investing, NDTV, BSE, Livemint, Economic Times
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- India’s exports in April jumped nearly three-fold to USD 30.63 billion on account of healthy growth in sectors like gems and jewellery and engineering, even as the trade deficit widened to USD 15.1 billion, as per commerce ministry data released on Friday. The country’s merchandise exports stood at a lowly USD 10.36 billion in April 2020, hit by the COVID-19 lockdown. Trade deficit in that month was USD 6.76 billion. Imports too rose over three-fold to USD 45.72 billion last month as against USD 17.12 billion in April 2020. In percentage terms, exports and imports grew by a record 195.72 per cent and 167 per cent respectively, mainly due to the low base effect.
- Finance minister Nirmala Sitharaman will hold the next Goods and Service Tax Council meeting on May 28, via video conferencing, she said in a Twitter post on Saturday. “Smt Nirmala Sitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28th May 2021,” the Twitter post said. The meeting will be held after a gap of more than six months, following demands from state finance ministers including those of West Bengal and Punjab.
- Indian steel industry is facing an interesting scenario. First, the domestic flat category prices that increased around 47% during the last six months are still at a discount of minimum 10% with global prices. The current HRC 2.5 mm structural grade is ruling at an average price of Rs 67,000/t ($905/t) ex-works Mumbai (without GST) and the spread between HRC and CRC has widened to Rs 14,000/t against the normal premium of Rs 5,000-6,000/t. For rebar, while it is ruling at Mumbai at Rs 50,700/t ($685/t, without GST), the rebar for Turkey is prevailing at $770/t.
- UK’s Cairn Energy Plc has brought a lawsuit in the US to pierce the corporate veil between the Indian government and its owned flag carrier Air India so as to seize its overseas assets to recover USD 1.7 billion it has been awarded by an international arbitration tribunal for being taxed retroactively. Now, the firm has begin bringing lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover the money awarded, three sources with direct knowledge of the development said
- Larsen & Toubro Ltd.’s fourth-quarter profit rose beating estimates as its order flow remained higher than its quarterly average. Net profit of India’s largest engineering-to-construction company increased 24.8% over last year to Rs 3,281 crore in the quarter ended March, it said in its exchange filings. That compares with the Bloomberg consensus estimate of Rs 3,043 crore. Revenue rose 8.7% over last year to Rs 48,087.9 crore, compared with the consensus estimate of Rs 48,602 crore. Operating profit rose 24.8% to Rs 6,388.93 crore. Analysts polled by Bloomberg were expecting Rs 5,516.8 crore.
- Cipla reported a 68 per cent year-on-year rise in its consolidated net profit of Rs. 413.4 crore for the quarter ended March, which was sharply below analysts’ estimate. The company’s consolidated revenues for the quarter rose 5.2 per cent on-year to Rs. 4,606.45 crore, which was also sharply below Street’s estimate. The company’s board approved a final dividend of Rs. 5 per share for the financial year ended March. The drugmaker’s bottomline performance was affected by a sharp jump of 50 per cent on-year in tax expenses to Rs. 128.2 crore during the quarter
- The country’s largest two-wheeled maker Hero MotoCorp Friday said it is gearing up towards a gradual resumption of operations by starting single shift production at three of its plants – Gurugram and Dharuhera in Haryana and at Haridwar in Uttarakhand – from Monday, May 17. In addition to producing for the domestic market in India, these plants will also have enhanced focus on catering to the Global Business (GB) markets across the world.
- S. retail sales stalled in April following a sharp advance in the prior month when pandemic-relief checks provided millions of Americans with increased spending power. The value of overall retail purchases were essentially unchanged last month following an upwardly revised 10.7% gain in March that was the second-largest in records back to 1992, Commerce Department figures showed Friday. The median estimate in a Bloomberg survey of economists called for a 1% April gain
- Germany’s contagion rate fell further below a key threshold on Saturday, making it more likely that pandemic restrictions will ease in coming days as a third wave of the coronavirus recedes. Vietnam reported its first death from Covid-19 since September as domestic cases climb. Taiwan raised the alert level in Taipei to battle a surge in local infections, imposing restrictions on gatherings and ordered entertainment businesses to shutter operations.
(Source:Bloomberg Quint, Economic Times, BusinessToday, Business Standard, Financial Express,Investing, Moneycontrol, livemint)
Forthcoming Corporate Actions
|Security Name||Ex-Date||Purpose||Security Name||Ex-Date||Purpose|
|OFSS||17-May-21||Interim Dividend – Rs. – 200.00||GCCLINP||19-May-21||E.G.M.|
|CAPPL||18-May-21||Interim Dividend – Rs. – 1.50||IRBINVIT||19-May-21||Income Distribution (InvIT)|
|COFORGE||18-May-21||Interim Dividend – Rs. – 13.00||POWERINDIA||19-May-21||Dividend – Rs. – 2.00|
|MEGH||18-May-21||Amalgamation||GREENCREST||20-May-21||Consolidation of Shares|
|MEGH||18-May-21||Spin Off||IRCON||20-May-21||Bonus issue 1:1|
|SUNDRMFAST||18-May-21||Interim Dividend – Rs. – 3.40||JOSTS||20-May-21||Stock Split from Rs.10/- to Rs.5/-|
|VISAKAIND||18-May-21||Final Dividend – Rs. – 10.00||MINDSPACE||20-May-21||Income Distribution RITES|
Source: BSE, Elite wealth Research
Upcoming Board Meetings
|Symbol||Purpose||BM Date||Symbol||Purpose||BM Date|
|3IINFOTECH||Audited Results||17-May-21||JKTYRE||Audited Results;Dividend||19-May-21|
|BHARTIARTL||Audited Results||17-May-21||PRSMJOHNSN||Audited Results||19-May-21|
|BUTTERFLY||Audited Results||17-May-21||TANLA||Audited Results;ESOP;Final Dividend||19-May-21|
|COLPAL||Audited Results||17-May-21||TCIEXP||Audited Results;Final Dividend||19-May-21|
|FEDERALBNK||Audited Results;Final Dividend||17-May-21||TDPOWERSYS||Audited Results;Final Dividend||19-May-21|
|GLAND||Audited Results||17-May-21||ZUARI||Audited Results||19-May-21|
|GNFC||Audited Results;Dividend||17-May-21||BOSCHLTD||Audited Results;Dividend||20-May-21|
|GOKULAGRO||Audited Results||17-May-21||COSMOFILMS||Audited Results||20-May-21|
|GRSE||Final Dividend;Quarterly Results||17-May-21||EMKAY||Audited Results;Final Dividend||20-May-21|
|MRPL||Audited Results||17-May-21||HAVELLS||Audited Results;Final Dividend||20-May-21|
|ORIENTCEM||Audited Results;Final Dividend||17-May-21||HINDPETRO*||Audited Results;Final Dividend||20-May-21|
|PPL||Audited Results;Final Dividend||17-May-21||IL&FSENGG||General||20-May-21|
|RBL||Audited Results;Dividend||17-May-21||JKLAKSHMI||Audited Results;Dividend||20-May-21|
|SHAKTIPUMP||Dividend;Quarterly Results||17-May-21||KNRCON||Audited Results;Final Dividend||20-May-21|
|SUBEX||Audited Results;Final Dividend||17-May-21||LIBORD||Audited Results||20-May-21|
|WABCOINDIA||Audited Results;Final Dividend||17-May-21||MANGALAM||Audited Results||20-May-21|
|AARTIIND||Results;Bonus issue;Final Dividend||18-May-21||NDTV||Audited Results||20-May-21|
|ABBOTINDIA||Audited Results;Final Dividend||18-May-21||RADIOCITY||Audited Results||20-May-21|
|ASTRAL||Audited Results;Final Dividend||18-May-21||RELAXO||Audited Results;Final Dividend||20-May-21|
|BIOGEN||Audited Results||18-May-21||TORNTPOWER||Audited Results;Final Dividend||20-May-21|
|BRIGADE||Audited Results;Final Dividend||18-May-21||USHAMART||Audited Results||20-May-21|
|CANBK||Audited Results||18-May-21||ZEEL||Audited Results;Final Dividend||20-May-21|
|CHALET||Audited Results;General||18-May-21||AARTISURF||Audited Results;Final Dividend||21-May-21|
|COROENGG||Audited Results||18-May-21||AFEL||A.G.M.;Issue Of Warrants;Results||21-May-21|
|DIAMINESQ||Results;Dividend;Final Dividend||18-May-21||ALLSEC||Audited Results||21-May-21|
|DOLAT||Audited Results||18-May-21||ANUHPHR||Audited Results;Final Dividend||21-May-21|
|GLAXO||Audited Results;Dividend||18-May-21||BSOFT||Final Dividend;Quarterly Results||21-May-21|
|GUJALKALI||Audited Results;Dividend||18-May-21||CONCOR||Audited Results;Final Dividend||21-May-21|
|GULPOLY||Audited Results||18-May-21||CROMPTON||Audited Results;Final Dividend||21-May-21|
|IIFLWAM||Audited Results;Quarterly Results||18-May-21||DCW||Audited Results||21-May-21|
|JBMA||Audited Results;Final Dividend||18-May-21||DHANUKA||Audited Results;Quarterly Results||21-May-21|
|JYOTHYLAB||A.G.M.;Audited Results;Dividend||18-May-21||DHARAMSI||Dividend;Quarterly Results||21-May-21|
|KICL||Audited Results||18-May-21||ESABINDIA||Audited Results;Dividend||21-May-21|
|KSL||Audited Results;Dividend||18-May-21||GLFL||Audited Results||21-May-21|
|MINDACORP||Audited Results;Final Dividend||18-May-21||GODREJIND||Audited Results||21-May-21|
|PIIND||Audited Results;Final Dividend||18-May-21||GRPLTD||Audited Results||21-May-21|
|ROUTE||Audited Results;Final Dividend||18-May-21||HINDALCO||Audited Results;Final Dividend||21-May-21|
|TATAMOTORS||Audited Results;General||18-May-21||ICSL||Audited Results;General||21-May-21|
|TATAMTRDVR||Audited Results;General||18-May-21||JSWSTEEL||Right Issue;Final Dividend||21-May-21|
|TORNTPHARM||Audited Results;Final Dividend||18-May-21||KOCL||Audited Results||21-May-21|
|UJJIVANSFB||Audited Results||18-May-21||LALPATHLAB||Audited Results;Final Dividend||21-May-21|
|ENDURANCE||Audited Results;Final Dividend||19-May-21||SBIN||Audited Results;Dividend||21-May-21|
|GRAVITA||Audited Results||19-May-21||SHREECEM||Audited Results;Final Dividend||21-May-21|
|HERITGFOOD||Audited Results;AGM: Dividend||19-May-21||SOUTHBANK||Audited Results;Dividend||21-May-21|
|IBULHSGFIN||Audited Results;Interim Dividend||19-May-21||TCIIND||Audited Results||21-May-21|
|INDORAMA||Audited Results||19-May-21||AMARAJABAT||Audited Results;Final Dividend||22-May-21|
|IOC||Audited Results;Final Dividend||19-May-21||AMBER||Audited Results;Quarterly Results||22-May-21|
Source: BSE, Elite wealth Research
Major Economy Indicators
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