Stocks To Watch: Sun Pharma, IDBI Bank, MM Forgings

Asian stocks posted modest gains one day after a bruising selloff, despite lingering concerns around the U.S. and Chinese trade war that show little sign of abating. Shares in South Korea, Japan and Australia edged higher.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded nearly 0.2 percent higher at 10,964 as of 7:15 a.m.

Here Are The Stocks To Watch Out For In Today’s Trade

• Idea Cellular said that the current approval of DoT for merger with Vodafone is conditional and not a final approval.
• Power Grid arm started full commercial operations in Maharashtra.
• MRO-Tek Realty received empanelment with BSNL for enterprise business.
• Shree Ajit Pulp and Paper received export order for 1240 MT of kraft paper worth Rs 4.06 crore.
• India Telecom panel accepted TRAI net neutrality views, reported PTI.
• Coffee Day Enterprises arm entered into an agreement for five years with UBER for distribution of food products.
• Quinaq Acquisition (FPI) increased stake to 9.94 percent from 3.09 percent in Mannapuram Finance.
• Rinkoo Somani appointed as Interim CFO of IDFC.
• M&M Forgings to issue bonus shares in ratio 1:1.
• Satin Creditcare Network approved transfer of MSME business to arm; to acquire 11 lakh shares in subsidiary for Rs 3.3 crore.
• Bank of Baroda clarified candidature of its MD & CEO PS Jayakumar to succeed Axis Bank CEO Shikha Sharma is speculative.
• Omaxe bagged Gandhi Maidan project for development of multilevel car parking space by NMDC.
• LIC-IDBI Bank deal may conclude by September, PTI reported.
• Chambal Fertilisers and Chemicals approved voluntary winding up its arm Inuva.
• Sun Pharma arm filed lawsuit against Bifrontera for patent infringement and trade secret misappropriation.
• IFCI hiked its short-term benchmark rates by 10 basis points to 9.1 percent from July 12.
• MCX probing software, hardware lapses causing glitch, Bloomberg reported.
• Bank of Baroda and Korea's KB Financial Group ink MoU to set up financing corridor.
• IDBI Bank raises MCLR by 10 basis points to 9.6 percent from July 12.
• Shree Cement arm completed acquiring 97.61 percent stake in UAE based UCC.
• NCLT to hear insolvency plea against RHC holding on July 25, Bloomberg reported.
• India Gylcols mull raising Rs 250 crore via issue of securities.
• Max India promoters clarifies SEBI has not mandated an open offer in its order.
• Cipla’s wholly owned subsidiary acquired South African company –Mirren (Pty) Ltd. for Rs 228 crore.
• India Glycols seeks shareholders’ approval for fund raising of Rs 250 crore.
• Kwality to close its its dairy products business in UAE.
• Max Group promoters said that SEBI has not mandated promoters to carry out an open offer anywhere in its order.

India Datawatch

• 5:30pm: India June CPI year-on-year, estimate 5.3 percent, prior 4.87 percent.
• 5:30pm: India May Industrial Production YoY, estimate 4.5 percent, prior 4.9 percent.

Earnings To Watch

• Cyient
• Karnataka Bank
• Talwalkars Lifestyles

Earnings Reaction To Watch

Reliance Industrial Infrastructure Ltd (Q1, YoY)

• Revenues down 12.4 percent to Rs 21.2 crore.
• Net profit up 5.6 percent to Rs 1.9 crore.
• EBITDA down 51.8 percent to Rs 2.7 crore.
• Margins at 12.7 percent versus 23.1 percent.

Bulk Deals

Indiabulls Venture

• Jasmine Capital Investments Pte Ltd acquired 72.9 lakh shares or 1.4 percent equity at Rs 286.5 each.
• Cinnamon Capital Ltd sold 72.9 lakh shares or 1.4 percent equity at Rs 286.5 each.

Who’s Meeting Whom

• Eris Lifesciences to meet Edelweiss Asset Management on July 12.
• Mahindra & Mahindra to meet investors on July 13.
• Allcargo Logistics to meet Birla Mutual fund and Morgan Stanley Investment Management on July 12.
• Finolex Industries to meet Birla MF, Franklin Templeton and other investors on July 12.

Insider Trades

• Century Enka promoter group sold 3.9 lakh shares on July 9.
• Liberty Shoes promoter group Anmol Gupta acquired 5,000 shares from July 5-6 and promoter group sold 1,300 shares on July 10.
• Vaibhav Global promoter and director Rahimullah sold 1.2 lakh shares on July 9.
• Maxheights Infra promoter and director Naveen Narang sold 12,600 shares on July 10.
• V-Mart Retail promoter group sold 15,000 shares from July 9 to July 10.

Trading Tweaks

• Hathway Cable & Datacom circuit filter revised to 10 percent.
• Ashoka Buildcon ex date for 1:2 bonus.
• General Insurance Corporation of India ex date for 1:1 bonus.
• Talwalkars Lifestyles Limited last trading day before shifting to B group.

Rupee

• Rupee ends at 68.77/$ on Wednesday versus 68.82/$ on Tuesday.

F&O Cues

• Nifty July Futures closed trading at 10,938.6 discount of 9.7 points.
• July series-Nifty Open Interest up 3 percent and Bank Nifty Open Interest down 7 percent.
• India VIX ended flat at 12.7, up 3 percent.
• Maximum Open Interest for July series at 11,000 Call, Open Interest at 43 lakh, Open Interest up 17 percent.
• Maximum Open Interest for July series at 10,600 Put, Open Interest at 52.8 lakh, Open Interest up 2 percent.

F&O Ban

In Ban: IDBI Bank

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.

Put Call Ratio

• Nifty PCR at 1.66 versus 1.65
• Nifty Bank PCR at 1.11 versus 1.31

Active Stock Futures

Brokerage Radar

Jefferies on HEG

• Maintained ‘Buy’ with a price target of Rs 4,400.
• Expect realisation to remain robust as demand supply tightness continues.
• Phillips66 needle coke debottlenecking will help improve utilisation.
• Expect the demand for Graphite Electrode within China to increase.
• Mgmt. looking at different avenues within carbon space for cash utilisation.

IDFC Securities on Tata Steel

• Maintained ‘Outperform’ with a price target of Rs 755.
• Company reiterated that it will pursue growth opportunities in India.
• Tata Steel working on to supply excess iron ore to Bhushan Steel plants.
• Balance sheet leveraged, but capable of servicing debt.
• Negative already priced in; Advise buying on declines.