- HDFC Bank gets Cabinet nod for Rs 24,000 crore foreign direct investment.
- Lupin launches generic Tobramycin Inhalation Solution USP in the U.S.
- Cipla receives Final U.S.FDA approval for generic isuprel injection.
- Oberoi Realty QIP opens; floor price fixed at Rs 509.29 per share.
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Stocks in Asia followed U.S. equities lower as the Federal Reserve struck a hawkish tone in its latest policy statement. The dollar maintained losses and Treasury yields stabilised after briefly touching 3 percent. Equities fell in Japan, Australia and South Korea, which reopened after a holiday.
The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded 0.3 percent lower at 10,810.50 as of 7:10 a.m.
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Here Are The Stocks To Watch Out For In Today’s Trade
- Cabinet approves raising of additional share capital of HDFC Bank up to a maximum of Rs 24,000 crore.
- ICICI Bank to sell up to 2.87 crore shares or 2 percent equity in ICICI Prudential Life Insurance through stock exchange mechanism.
- Lupin launches generic Tobramycin Inhalation Solution USP in the U.S.
- Cipla says Ugandan unit CiplaQCI exploring IPO. Appoints Renaissance Capital Kenya as book runner.
- Cipla received final U.S. FDA approval for generic Isuprel injection.
- Kansai Nerolac starts commercial production at Gujarat unit.
- Oberoi Realty QIP opens; floor price fixed at Rs 509.29 per share.
- Ruchi Soya declared Adani Wilmar as highest bidder for company.
- Hindustan National Glass to sell 11.23 percent stake in HNG Float Glass joint venture for $19.3 million.
Trading Tweaks
- Jagran Prakashan ex date for determining buyback eligibility.
- L.G. Balakrishnan & Bros ex date for 1:1 bonus.
- United Spirits last trading day before 5:1 stock split.
Who’s Meeting Whom Today
- Lemon Tree Hotels to meet investors.
- Bodal Chemicals to meet investors.
- Eicher Motors to meet Franklin Templeton, HSBC Securities and Motilal Oswal Asset Management.
Insider Trades
- Maharashtra Seamless promoter acquired 41,950 shares on June 1.
- KPR Mill promoters sold 30,000 shares from June 5-7.
- Prozone Intu Properties promoter sold 27,500 shares from May 8-June 11.
(As reported on June 13)
Economic Data
- India to report May wholesale price inflation data today.
Money Market Check
- Rupee closed at 67.64/$ on Wednesday versus 67.49/$ on Tuesday.
Bulk Deals
- Dish TV: Rare Enterprises bought 1.30 crore shares or 0.7 percent equity at Rs 71.3 each.
- Supreme Industries: Small Cap World Fund Inc. sold 13 lakh shares or 1 percent equity at Rs 1,250.2 each.
- Ruchi Soya: Promoter Evershine Oleochem sold 25 lakh shares or 0.7 percent equity at Rs 12.66 each.
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F&O Cues
- Nifty June Futures closed trading at 10,844.5 discount of 11.8 points versus 3.7 points
- June series-Nifty open interest up 3.5 percent & Bank Nifty open interest up 4.5 percent
- India VIX ended 12.6, down 0.7 percent
- Max open interest for June series at 11,000 Call, open interest at 38.5 lakh, open interest up 1 percent
- Max open interest for June series shifts to 10,700 Put, open interest at 51.6 lakh, open interest up 13 percent
F&O Ban
- In ban: Dewan Housing, Balrampur Chini, Jet Airways, Just Dial
- New in ban: None
- Out of ban: None
Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions.
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Fuel Price Update
- Petrol and diesel prices were unchanged for the third day in a row. Petrol costs Rs 84.26 in Mumbai and diesel costs Rs 72.24, according to the data available on Indian Oil Corporation Ltd.’s website.
Brokerage Radar
Citi on Mindtree
- Downgraded to ‘Sell’ from ‘Neutral’; raised price target to Rs 970 from Rs 875.
- Mindtree’s business has seen a good turnaround.
- Valuations at are sector-leading; Don’t leave any room for disappointment.
- Raised EPS estimates by 6 percent primarily due to rupee depreciation.
- Turnaround in the business priced in.
Credit Suisse on Westlife Development Investor Conference
- Company targets doubling revenue and margins over the fiscal 2018-2022.
- McCafe and Delivery to drive aggressive growth plans over the fiscal 2018-2022.
- Store expansion to accelerate mostly in existing cities.
- Margin expansion driven by SSSG leverage and gross margins.
- Overall momentum for QSR industry intact.
Investec on BSE
- Maintained ‘Buy’ with a price target of Rs 1,270.
- Several levers to support revenue momentum.
- Investments in last few years to contribute meaningfully in the current and the next financial year.
- Cut core EBITDA estimates for 2018-19 by 4 percent to factor in higher expenses.
UBS on Infosys
- Maintained ‘Buy’ with a price target of Rs 1,335.
- Management commentary suggests growing confidence in margin outlook.
- U.S. hiring less expensive than expected, pricing commentary stable.
- Pace of investments could recede post 2018, helping earnings momentum.
CLSA on ICICI Securities
- Initiated ‘Buy’ with a price target of Rs 520; implying a potential upside of 46 percent from the last regular trade.
- Benefits from financialisation of household savings and parent’s brand and reach.
- Distribution and margin financing will drive revenue expansion.
- Expect revenue and net profit to compound at 17 percent and 21 percent respectively over the fiscal 2018-2021.
- Dividend yield one of the highest among Nifty companies.
- ICICI Sec trades at discount to global peers.
Motilal Oswal on India Strategy
- Weight of Metals to increase 130 basis points to 2.6 percent post rejig.
- Hike Sensex EPS estimates for the current and the next financial year by 1.7 percent and 1.8 percent respectively due to increase in free float net profit.
- Expect Sensex EPS at Rs 1,870 and Rs 2,241 for the current and the next financial year respectively.
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