How Did The Markets Fare This Week
Closing Bell: A Sluggish Day Of Gains
Indian equity markets ended with gains for the third straight session after trading in a narrow range throughout the session.
Both S&P BSE Sensex and the NSE Nifty 50 index ended with gains of 0.5% at 36,021 and 10,607 respectively. The Sensex traded in a 250 point range while the Nifty was confined to a 70 point range through the day.
Sectoral indices too remained largely flat. The Nifty realty index snapped a seven-day losing streak to end 1% higher. The Nifty I.T. and Auto indices too ended with gains of 1%. The PSU Bank index was the underperformer in today's session, ending 1.1% lower.
Broader markets were flat in today's session. The Midcap index ended 0.6% higher while the smallcap index ended with gains of 0.2%.
The India Volatility Index fell for the third straight day, ending at a four-month low of 25.76.
Market breadth turned adverse towards the close of trade. 851 stocks on the NSE ended with gains while 958 stocks posted losses.
On a weekly basis, the Sensex posted gains of 2.4% while the Nifty ended 2.2% higher.
Buzzing Stock: Kalpataru Power Transmission
- Gains as much as 5.6% to Rs 235.95
- Biggest single-day gain since April 30
- Up for the fourth straight day
- Trades at the highest level in nearly four months
- Has gained 10% in the last four trading sessions
- Today's volumes are 1.3 times higher than its 30-day average
- Trading near 100-Day Moving Average of 245
- Has gained 38% from its 52-week low of Rs 169.5 on March 27, 2020
- 18 out of the 21 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 37%
Covid-19 Impact: Finolex Cables
- Had to forego estimated sales of Rs 200 crore in the March quarter and FY20 along with the profit on such scales
- Until commencement of sales in FY21, saw almost no sales on leading products except few in selected locations.
- Strong financial position with strong net worth. Company is debt-free and carries no debt servicing risks.
- Half of the net worth remains invested in liquid resources.
- Do not foresee any further risks on logistics.
- Anticipate conversion of business from unorganised players.
- Expect market to operate with normalcy in the medium-term.
Shares are off the day's high, trading 0.6% higher at Rs 292.65.
Stock Reaction: RITES
The company has informed the exchanges regarding the renewal of its Memorandum of Understanding with Coal India for rail infrastructure works.
The MoU has been renewed for a period of five years for project management consultancy services of rail infrastructure business, construction of rapid loading systems, coal handling plants and silos.
The company is expecting to increase the fee income achieved from the MoU due to additional scope and several projects expected in the pipeline. Such MoU's earlier earned the company a fee income of Rs 100 crore, the company said.
Shares are trading 1.8% lower at Rs 263.45, after falling as much as 3.1%, snapping a six-day gaining streak.
Buzzing Stock: Garden Silk Mills
- Market capitalisation of Rs 70 crore
- Trades at the highest level since June 2019
- Gains as much as 8.2% to Rs 16.83
- Up for the 12th straight session
- Longest winning streak since January 2007
- Has gained 75% in the last 12 trading sessions
- Today's volumes are 5.6 times above its 30-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 90
- Has quadrupled from its 52-week low of Rs 4.75 on April 7, 2020
Stock Update: Aditya Birla Fashion
- Down for the eighth straight day
- Falls as much as 1% to Rs 121.55
- Longest losing streak since June 2017
- Trades at the lowest level in a month
- Has declined 10% in the last eight trading sessions
- Today's volumes are 48% below its 20-day average
- Looks for support at its 50-Day Moving Average at 119.1
- 22 out of the 24 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 20.8%
Second Tranche Of Bharat Bond ETF
Markets At 2:10 P.M.
- Markets continue to fluctuate between the day's high and day's low
- Nifty up 0.4% at 10,597
- Sensex up 0.4% at 35,992
- Nifty Bank down 0.5% at 21,857
- Nifty Midcap Index up 0.6%
- Nifty Smallcap Index up 0.2%
- India Volatility Index down 1.4% to 26.1
- Nifty PSU Bank remains top sectoral laggard; down 1%
- Nifty Metal, Nifty Media down 0.4% each
- Nifty Realty, Nifty I.T. up 0.8% each
- Adani Ports remains the top Nifty gainer; up 4.1%
- IndusInd Bank is the top sectoral laggard; down 1.5%
- 837 stocks on the NSE trade with gains while 948 decline
Money Market Update
The currency continued to strengthening, ending with gains for the second straight day against the U.S. Dollar.
The rupee ended at 74.64 against the greenback, as compared to Thursday's close of 75. The currency has ended at the highest level in three months.
On a weekly basis - it was the second straight week of gains for the currency, which has gained in eight out of the last 10 sessions. This week's gains were the best in two months.
The rupee has ended as the best performing currency in Asia for the second straight day. It has also ended as Asia's best performer on a weekly basis.
We expect the 74.50 to act as a strong support, consistent trading above 75 may push prices towards 75.50.Rahul Gupta, Emkay Global Financial Services
Stock Reaction: JSW Steel
- Crude steel production down 30% year-on-year to 2.96 million tons in Q1FY21.
- Capacity utilisation at 76% in June
- Certain employees tested positive for Covid-19 at Vijayanagar works.
- Operations are stabilising with reduced employee strength with most infected employees recovering.
- Operations have begun at four iron-ore mines won by the company in Odisha in February this year.
Shares gave up gains to fall as much as 1.62% to Rs 192.45, post the announcement.
Active Stock Options
- Reliance Industries' 1,800 Call: Premium up 16.6% to Rs 61.2. The contract has added 1.32 lakh shares in Open Interest.
- HDFC Life's 600 Call: Premium up 171.8% to Rs 14. The contract has added 2.03 lakh shares in Open Interest.
- Bharti Airtel's 600 Call: Premium up 22.8% to Rs 13.45. The contract has shed 48,126 shares in Open Interest.
Buzzing Stock: Balaji Amines
- Trades at the highest level since September 2018
- Gains as much as 7.1% to Rs 572
- Has gained in six out of the last 10 trading sessions
- Up 30% in the last 10 trading sessions
- Today's volumes are 1.1 times higher than its 30-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 74
- Has nearly tripled from its 52-week low of Rs 200 on March 24, 2020
- Three out of the four analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 6.7% above its 12-month consensus price target of Rs 525, implying a negative return potential
All But One Stock On The PSU Bank Index Decline
Stock Reaction: NLC India
The company has informed the exchanges about the allotment of 10,000 commercial papers.
The papers with a face of Rs 5 lakh each, aggregate to Rs 500 crore.
Out of the Rs 500 crore, Rs 200 crore have been allotted to State Bank of India, while CPs worth Rs 200 crore have been allotted to Reliance Capital Trustee Ltd. - Nippon India Money Market Fund.
Reliance Capital Trustee Ltd. - Nippon India Low Duration Fund has received CPs worth Rs 100 crore, the company filing said.
Shares gained as much as 3.3% to Rs 46.9, post the announcement, snapping a four-day losing streak.
European Markets Open Flat
Benchmark indices in Europe, looking to gain for the fifth day in a row, have opened flat.
The Stoxx 600 index has opened 0.1% higher with gains led by technology and chemical stocks. Oil and Gas, Insurance stocks are the underperformers.
Most Asian markets have ended with gains while futures on the Dow Jones are trading higher by 70 points.
Brent Crude trades 1% lower at $42.72 per barrel while gold trades little changed at $1,776.6/Oz.
Let's take a look at how benchmarks across Europe have opened:
- Euro Stoxx 50 up 0.3% at 3,329
- DAX up 0.3% at 12,647
- CAC up 0.2% at 5,061
- FTSE 100 up 0.3% at 6,260
- IBEX 35 up 0.2% at 7,514
How Are The Sectoral Indices Faring
India To Not Allow Power Equipment Import From China, Says Power Minister
Power Minister Raj Kumar Singh told energy ministers and officials of states in a video conference that India will not allow imports of Power equipment from China and Pakistan, Bloomberg News reports.
The minister said that India has the domestic capability to make all kinds of power equipment asking the gathering to promote domestic procurement.
As of FY19, India imported power equipments worth Rs 71,000 crore or $9.5 billion, out of which Rs 21,000 crore worth of equipment was from China, according to the minister.
Post the minister's comments, shares of BHEL rose as much as 5.3% to Rs 38.65 and are up for the third straight session.
Stock Reaction: JB Chemicals
- KKR to acquire controlling stake in the company.
- Promoters enter into an agreement to sell 4.17 crore shares or 54% of total voting share capital for Rs 3,109 crore.
- Open offer of 26% stake worth Rs 1,497 crore and 2.01 crore shares triggered as per SEBI rules.
- Floor price set at Rs 745 per share, a 4% premium to Thursday's closing price.
- Deal to take place in four tranches.
- Promoter stake after first two tranches to fall to 17.01% from 55.91%.
Shares are trading 1% higher after fluctuating between the day's high of 3.9% and the day's low of a decline of 1.8%.
Buzzing Stock: IDBI Bank
- Among top gainers on the Nifty Midcap Index
- Trades at the highest level since February 2019
- Locked in an upper circuit of 5% at Rs 51
- Up for the 10th straight session
- Longest winning streak since November 2005
- Has been locked in an upper circuit for 9 out of the last 10 trading sessions
- Up 60% in the last ten trading sessions
- Market capitalisation of the lender now at Rs 52,941 crore - higher than RBL Bank
- Today's volumes are 81% below its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 87
- Has tripled from its 52-week low of Rs 17.25 on March 13, 2020
Markets At Noon
- Benchmark indices trade near the day's high
- Nifty up 0.7% at 10,623
- Sensex up 0.63% at 36,080
- Nifty Bank up 0.2% at 22,003
- Nifty Midcap Index up 0.8%
- Nifty Smallcap Index up 0.5%
- India Volatility Index down 1.5% to 26.1
- Nifty Metal (down 0.3%) and Nifty Pharma (down 0.4%) are the only sectoral laggards
- Nifty Auto, Nifty I.T. and Nifty Realty index up 1% each
- Adani Ports remains the top Nifty gainer; up 4.8%
- Hindalco is the top Nifty laggard; down 1.1%
- 928 stocks on the NSE trade with gains while 814 decline
India Inc Has Biggest Quarterly Fund Raise In At Least 12 Years
Indian companies raised funds at the fastest pace in at least 12 years for the quarter ended June 30, Bloomberg News reports. Bulk of the fund raise was the $7 billion rights issue from Reliance Industries.
Lenders such as Axis Bank have also announced plans to tap the market for funds as Covid-19 threatens to drive up bad loans.
Credit Suisse in a report in May had said that Indian Banks will have to raise $20 billion over the next year in order to fortify their balance sheet.
F&O Snapshot: Active Options Contracts
- Nifty July futures add 8.2% and 8.76 lakh shares in Open Interest.
- Nifty Bank July futures add 17.1% and 2.3 lakh shares in Open Interest.
Nifty: July 9 Expiry
- 10,600 Call: Premium up 9.9% to Rs 111.8. The contract has added 7.9 lakh shares in Open Interest.
- 10,500 Put: Premium down 12.7% to Rs 93.85. The contract has added 9.21 lakh shares in Open Interest.
- 10,700 Call: Premium up 11.2% to Rs 68.4. The contract has added 7.32 lakh shares in Open Interest.
Nifty Bank: July 9 Expiry
- 22,500 Call: Premium down 20.2% to Rs 224.2. The contract has added 3.35 lakh shares in Open Interest.
- 23,000 Call: Premium down 26.5% to Rs 104.2. The contract has added 3.61 lakh shares in Open Interest.
- 21,000 Put: Premium down 5.3% to Rs 143.35. The contract has added 2.6 lakh shares in Open Interest.
Stock Reaction: Muthoot Finance
The company in an exchange filing on Thursday, informed of a board meeting to be held on July 18.
The board will consider and approve the proposal of a split of equity shares, subject to shareholder approval.
It will also seek shareholder approval to increase the borrowing powers of the Board to Rs 75,000 crore from the existing Rs 50,000 crore.
Shares gained as much as 3.1% to Rs 1,144 and are up for the fourth straight day.
Realty Index Snaps Seven-Day Losing Streak
Stock Reaction: PI Industries
The company launched a QIP issue on Thursday, with an indicative deal size of up to Rs 2,000 crore.
The floor price for the same has been set at Rs 1,534.24 per share, which is a 2% discount to Thursday's closing price.
The company may offer a discount of not more 5% on the floor price of the QIP issue as per SEBI guidelines.
Shares gained as much as 3% to Rs 1,608.9 and are up for the third straight session.
Buzzing Stock: Balkrishna Industries
- Trades at the highest level since August 2018
- Gains as much as 2.6% to Rs 1,312
- Up for the sixth straight day
- Longest winning streak in a month
- Has gained in nine out of the last 10 trading sessions
- Today's volumes are 1.2 times higher than its 30-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 77
- Has gained 93.8% from its 52-week low of Rs 677.6 on March 23, 2020
- 12 out of the 25 analysts tracking the stock have a buy recommendation; 6 sell calls
- The stock trades 3.1% above its 12-month consensus price target of Rs 1,268.6, implying a negative return potential
June Services PMI At 33.7
India's services index improved in June for the second straight month as the country continues to have a phased exit from the world's largest lockdown to contain the Covid-19 pandemic.
The Market India Services PMI rose to 33.7 in June from April's record low of 5.4. A reading below 50 indicates a contraction in activity
“It is certainly going to spill over into the second half of this year unless the infection rate can be brought under control,” Joe Hayes, an economist at IHS Markit, wrote in a note.
India's services sector accounts for about 55% of the country's GDP.
Edelweiss Clarifies On Media Reports
- Group entities in the past year and a half sold certain loan book assets to some investors including two large institutional investors.
- Asset sale was part of ordinary course of business and part of the strategy to reduce the wholesale credit book.
- Negotiations on with a set of investors to sell additional set of loan book assets.
- Financing is also expected to be provided by the investors for completion of projects.
Shares gained as much as 3.4% to Rs 62.55. The stock has gained in 11 out of the last 12 trading sessions.
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has secured the order book for its alloy wheel plant in Mehsana.
The order book visibility starts from May 1, 2020 and will continue till 2024-25.
The total visibility of the order book for the coming five years is nearly approximately Rs 3,750 crore, it said in an exchange filing.
At a capacity of three million, the company has the potential to generate a revenue of Rs 1,100 crore per annum by multiplying its operational efficiency, the statement said.
The company expects its Mehsana plant to contribute close to 25% of the total revenue going forward.
Shares gained as much as 3.1% to Rs 447, post the announcement.
Stock Reaction: Hindustan Aeronautics
India's Ministry of Defence cleared proposals worth Rs 38,900 crore on Thursday, out of which acquisitions from the Indian industry would be worth Rs 31,130 crore.
The panel approved procurement of 12 Su-30 MKI aircraft along with 21 Mig-29 planes.
The Su-30 MKI aircraft will be procured from Hindustan Aeronautics at an estimated cost of Rs 10,730 crore.
Shares gained as much as 9.5% to Rs 848.95, its highest level in over five months.
Other Defence Stocks Buzzing:
- Bharat Electronics - Up as much as 4.66% to Rs 93.20. The stock is up for the seventh straight day - its longest streak in six months.
- Walchandnagar - Shares locked in an upper circuit of 10% at Rs 59.50, up for the second straight day.
- Bharat Dynamics - Up as much as 7.5% to Rs 359.8, up for the second straight day.
Markets At 10:10 A.M.
- Benchmark indices trade in a range
- Nifty up 0.42% at 10,595
- Sensex up 0.35% at 35,970
- Nifty Bank down 0.3% at 21,895
- Nifty Midcap Index up 0.4%
- Nifty Smallcap Index up 0.2%
- India Volatility Index unchanged at 26.48
- Nifty PSU Bank is the top sectoral laggard; down 0.9%
- Nifty Metal is the other sectoral laggard; down 0.4%
- Nifty I.T. is the top sectoral gainer; up 1.2%
- Nifty FMCG and Nifty Realty gain 0.9% and 0.7% respectively
- Adani Ports is the top gainer on the Nifty 50 index; up 4.3%
- IndusInd Bank is the top Nifty laggard; down 1.1%
- 910 stocks on the NSE trade with gains while 757 decline
Money Market Update
The currency opened higher for the second straight day after witnessing its biggest single-day gain in over three months on Thursday.
The rupee opened at 74.58 against the U.S. Dollar, as compared to Thursday's close of 75. It ended as the best performing currency in Asia on Thursday.
The currency has gained in seven out of the last nine trading sessions and is poised for its second straight weekly advance.
India now has the fifth highest forex reserves globally at over $500 billion.
Stock Reaction: Affle India
The company will acquire 8% stake in OSLabs for a cash consideration of $2.6 million, it said in an exchange filing.
Affle has termed this as a strategic investment. OSLabs owns and operates Indus App Bazar - India's largest independent indigenous app store and it partners with OEMs in India.
The company intends to complete the acquisition on or before July 25, 2020.
We derive significant synergies with the Indus OS App Bazaar which through its multi-lingual capabilities, deeply enhances our vernacular scale and the verticalization strategy.Anuj Khanna Sohum, Chairman & MD, Affle India
Shares are locked in an upper circuit of 5% - the biggest single-day gain in a month to Rs 1,524.
Coronavirus Updates From India
- India adds 20,903 cases in the last 24 hours - the biggest addition in a single day.
- Total number of cases now at 6,25,544
- Active cases at 2,27,439
- Number of patients cured / discharged and migrated at 3,79,892
- Death toll rises to 18,213
- 379 deaths reported in the last 24 hours
- 20,032 patients recovered in the last 24 hours - most in a single day
Stock Reaction: HDFC Life
The life insurance company will be the latest entrant to the benchmark Nifty 50 index from July 31.
The company will replace Vedanta, which will be excluded on account of its proposed voluntary de-listing.
The replacement of HDFC Life will also be applicable to the Nifty 50 equal weight index.
Shares gained as much as 3.8% to Rs 568.9. It is the top performing stock on the Nifty Next 50 index.
Stock Reaction: Motherson Sumi
- Board of Directors approve reorganisation plan
- To demerge Domestic Wiring Harness business from Motherson Sumi into a new company, which is in the process of being incorporated into a wholly-owned subsidiary.
- For every one share of Motherson Sumi, one share of the new company will be allotted.
- The new company will eventually be listed.
- Subsequently merge Samvardhana Motherson International into Motherson SUmi to consolidate 100% shareholding in Samvardhana Motherson Automotive Systems Group.
- For every 10 shares held in Samvardhana Motherson International, 51 shares of Motherson Sumi will be allotted.
- Motherson Sumi will then be renamed as Samvardhana Motherson International Ltd.
- The transaction is likely to be completed by Q2FY22.
Brokerage firm Edelweiss in a note said that while a simplified business structure is welcome, the absence of a sharp rebound in key segments will lead to a downside risks on the valuations. It has maintained its buy rating on the stock with a price target of Rs 117.
Shares fell as much as 6.7% to Rs 96.70. It is the worst performing stock on the Nifty Auto index.
Opening Bell: Third Day Of Gains
Indian equity markets opened higher for the third straight day, setting itself up for a weekly advance.
The S&P BSE Sensex opened 0.5% higher at 36,025 while the NSE Nifty 50 opened above the 10,600 mark at 10,614, up 0.6%. Both benchmark indices gained 1% each in the last two trading sessions.
Among the sectoral indices, the Media index has opened 1% higher while the Pharma and Nifty Bank index gained 0.7% each. Most sectoral indices have opened with a positive bias.
Broader markets have opened in tandem with benchmarks with the midcap and smallcap index gaining 0.6% each at the start of trade.
Market breadth opened in favour of the advances. 1,116 stocks on the NSE opened with gains while 742 declined.
Latest On The Coronavirus
- Total number of cases near the 11 million mark
- Death toll rises to 5.19 lakh
- Cases in the U.S. jump the most in nearly eight weeks
- Brazil reports its second highest daily increase
- Mexico reports a record rise in new infections
- Thailand says it will allow wealthy tourists with private plans to visit
- Miami-Dade orders curfew from 10 p.m. to 6 a.m.
- U.S. centers for Disease Control and Prevention forecasts as many as 1.6 lakh deaths in the country y July 25.
- Kim Jong Un says successfully halted spread of virus. North Korea never reported any case
- Death toll in Peru crosses the 10,000 mark
Top Reads On Bloombergquint.com
How Did The Fund Flows Fare On The Weekly Options Expiry
Key Stocks In Focus
- Reliance Industries: Intel Capital to invest Rs 1,894.5 crore in Jio Platforms for 0.39% stake. Deal s Jio Platforms at Rs 4.91 lakh crore and an Enterprise Value of Rs 5.16 lakh crore. Total investment amount in Jio Platforms now at Rs 1,17,588.45 crore.
- HDFC Life: To be included in the Nifty 50 index from July 31. Vedanta to be excluded from the index on account of its proposed delisting. Replacement is also applicable to the Nifty 50 equal weight index.
- JB Chemicals: KKR to acquire controlling stake in the company. Promoters to sell 4.17 crore shares or 54% of the total voting share capital for Rs 3,109 crore. The deal will take place in four tranches. An open offer or 2.01 crore shares or 26% of the total voting share capital has been triggered. The open offer aggregates to Rs 1,497 crore at an offer price of Rs 745 per share. The offer price is a 4% premium to Thursday's closing price. Promoter stake after the first two tranches to fall to 17.01% from 55.91%, falling further in the next two tranches.
- PI Industries: Launches QIP issue at a floor price of Rs 1,534.24 per share. The floor price is a 2% discount to Thursday's closing price. The company may offer a discount of not more than 5% on the floor price. Indicative deal size is worth Rs 2,000 crore.
- Motherson Sumi: Announces group restructuring.
- Affle India: To acquire 8% stake in OSLabs for $2.86 million. OSLabs operates Indus App Bazaar, which is India’s largest independent indigenous apps store and partners with OEMs in India.
- Muthoot Finance: To seek shareholders approval for share split and to increase borrowing powers of the Board from existing Rs 50,000 crore to Rs 75,000 crore on July 18.
- Defence Stocks: Bloomberg News reports that the Ministry of Defence cleared proposals worth Rs 38,900 crore on Thursday. This includes acquisitions from Indian industry worth Rs 31,300 crore. The panel also approved proposal to procure 21 Mig-29 plans along with upgrading the existing 59 Mig-29 aircrafts. It also approved procurement of 12 Su-30 MKI Aircraft. Su-30 MKI will be procured from Hindustan Aeronautics at an estimated cost of Rs 10,730 crore.
To know more about the other key stocks in focus, brokerage updates and more, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
U.S. Markets On Thursday
- U.S. Markets pared gains but ended higher on Thursday on speculation that a second wave of Covid-19 infections can jeopardise an economic rebound.
- S&P 500 ended 0.5% higher on lower volumes ahead of the long weekend.
- Payrolls rose 4.8 million in June while May figures were revised higher to 2.7 million.
- President Donald Trump said the economy is 'roaring back.'
- White House Economic Advisor Larry Kudlow told Fox News that they are very unhappy with China and that there will be export restrictions.
- Bloomberg Dollar Spot index fell 0.1%
- Yield on the 10-year treasury fell to 0.67%
- West Texas Intermediate crude rose 1.2% to $40.29 per barrel. The commodity has given up gains in today's session
Get your daily fix of the global markets here.
Weekly Gains In Store?
Good Morning!
Indian equity markets are set to post gains for the week, after ending higher for the second straight day on Thursday.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 10,595 as of 8:00 a.m. The S&P BSE Sensex and the NSE Nifty 50 Index have risen 1.9% and 1.6% so far during the week.
Asian markets have opened higher on the final trading day of the week, albeit on thin volumes. Benchmarks in Japan edged higher with volumes about 30% lower than the past month's average. Markets in Australia are outperforming and those in South Korea, Hong Kong and China are seeing gains as well.
Futures on the Dow Jones are flat after the benchmark ended 0.4% higher overnight.
Treasuries and the U.S. dollar are steady, while gold is set for its fourth straight weekly advance.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
RECOMMENDED FOR YOU
POPULAR