All You Need To Know Going Into Trade On June 24

Asian stocks opened mostly steady Thursday after U.S. shares moved in narrow ranges as traders digested commentary from Federal Reserve officials on the outlook for stimulus.

Shares slipped in Japan and Australia, and rose in South Korea, while futures pointed lower in Hong Kong. The Singapore-traded SGX Nifty, an early indicator of India's Nifty 50 Index’s performance, was little changed at 15,704 as of 7:05 a.m.

U.S. contracts climbed, after a modest drop in the S&P 500 despite gains among firms that benefit from economic reopening. The benchmark 10-year U.S. Treasury yield remained below 1.50%.

Dallas Fed President Robert Kaplan, who’s penciled in a rate hike next year, said the economy will likely meet the Fed’s threshold for tapering asset purchases sooner than people think. His Atlanta counterpart Raphael Bostic said the central bank could decide to slow such purchases in the next few months. Neither are currently voting members of the Fed’s rate setting committee.

The dollar was little changed, while the yen held a slump, in part as the rebound from the pandemic dents the allure of haven currencies. China’s open will be in the spotlight after a report that the U.S. is poised to bar some solar products made in the Xinjiang region over alleged human rights abuses.

Data Wednesday showed U.S. manufacturing activity expanded in June at the fastest pace in records dating back to 2007. Factories are grappling with supplier delays, record growth in input costs and hiring difficulties.

Elsewhere, crude oil held above $73 a barrel. Bitcoin traded at around $33,500, steadying after a slide earlier in the week.

Stocks To Watch

• Tata Motors: Guenter Butschek to step down as CEO & MD on June 30, to continue as consultant till the end of the financial year. Girish Wagh, President of the commercial vehicles unit also appointed as the Executive Director to the board from July 1.

• Adani Ports and SEZ: May abandon Myanmar project if it violates U.S. sanctions and will write-down investments in the project in full, the company said. The write down will not materially affect the balance sheet as it is equivalent to about 1.3% of the total assets of the company. APSEZ is in discussion with its U.S. based counsels to ensure that it is in compliance with the OFAC sanctions programs. Further, the company declined to comment on KLP Fund share sale report.

• Jaypee Infratech: Suraksha ARC wins the bid for Jaypee Infratech by a small margin. The final resolution plans of Suraksha Realty along with Lakshdeep Investments and Finance got 98.7% votes.

• HDFC: Chairman Deepak Parekh calls for regulatory clarity as housing finance companies come under RBI regulation and supervision. Difference in accounting standards used by NBFC/HFCs versus banks leading to differences in interpretation between inspectors, auditors and regulated entities, Parekh said. HFCs should be allowed to retain customers by lowering interest rate on loans, without these loans being seen as restructured. Home loan insurance and home insurance should be classified as a component of home loans.

• Reliance Industries: Fitch Ratings has upgraded the company’s foreign-currency debt rating to a level higher than India’s sovereign ranking, citing strong external debt-servicing capabilities. RIL now has a long-term foreign-currency rating of BBB, while the local-currency rating stands at BBB+.

• UCO Bank: Approved raising up to Rs 500 crore in Tier II capital.

• Orchid Pharma: Promoter Dhanuka Laboratories to sell up to 32.80 lakh shares, representing 8.04% of the total equity share capital, through an Offer for Sale. The floor price is set at Rs 375 per share. The OFS opens for non-retail investors today and for retail investors tomorrow.

• Piramal Enterprises: Board to meet on June 28 to considerraising up to Rs 1000 crore through the issue of secured NCDs on private placement basis. The base issue size will be Rs 100 crore with an oversubscription of up to Rs 900 crore.

• Union Bank of India: Extended the tenure of BS Venkatesha, General Manager as Chief Risk Officer of the bank for a further period of six months.

• Earnings: ONGC, Ashok Leyland, PTC India, Authum Investment & Infrastructure, Bodal Chemicals, Everest Kanto Cylinder, Mishra Dhatu Nigam, Nath Bio-Genes (India), Nirlon, Rushil Décor, Take Solutions, Thangamayil Jewellery, West Coast Paper Mills

Listing Alert

• Sona Comstar to make stock market debut after IPO gets 2.28 times demand.

• Shyam Metalics to make stock market debut after IPO gets over 121 times demand.

Pledge Share Details

• Aurobindo Pharma: Promoters (Kambam Spoorthi and M Sumanth Reddy) revoked pledge of 35.30 lakh shares between June 17-21.

• Asian Granito India: Promoter Kamleshkumar Patel revoked pledge of 2.63 lakh shares between June 19-21.

• Kuantum Papers: Promoter Kapedome Enterprises created a pledge of 4.45 crore shares on June 22.

  As reported on June 23.

Bulk Deals

• Nureca: Hornbill Orchid India Fund bought 1.95 lakh shares (1.96%) at Rs 1,549.97 per share.

• United Breweries: Heineken International BV bought 3.96 crore shares (14.99%) at Rs 1,471.25 per share. Recovery Officer I Drt II sold 3.96 crore shares (14.99%) at Rs 1,471.25 per share.

Insider Trades

• Adani Ports and SEZ: Promoter Worldwide Emerging Market Holding bought 10 lakh shares on June 22.

• Adani Green Energy: Promoter Infinite Trade and Investment bought 19.19 lakh shares on June 22.

• JK Cement: Promoter Ramapati Singhania sold 3,692 shares between June 21-22.

• Kotak Mahindra Bank: Promoter Janak Desai sold 1,500 shares between June 3-21.

• Kabra Extrusiontechnik: Promoter Kolsite Industries bought 14,300 shares between June 17-18.

• LG Balakrishnan & Bros: Promoter V Rajvirdhan sold 55,350 shares between June 17-18.

• Titagarh Wagons: Promoter Titagarh Logistics Infrastructures bought 2.37 lakh shares between June 17-18.

• Solara Active Pharma Sciences: Promoter Triumph Venture Holdings LLP sold 5,989 shares on June 15.

• Ultramarine & Pigments: Promoters (Sridhar Sundararajan HUF and Kala Sundarvedha) sold 12,469 shares on June 22.

• Vardhman Special Steels: Promoter Sachit Jain bought 9,000 shares between June 22-23.

Block Deals

• HEG: Promoter Giltedged Industrial Securities bought 1.39 lakh shares (0.36%) at Rs 2,200 per share. Promoter Riju Jhunjhunwala sold 69,000 shares (0.18%) at Rs 2,200 per share. Promoter Jhunjhunwala Rita sold 70,000 shares (0.18%) at Rs 2,200 per share.

• Minda Industries: Promoter Minda Investments bought 8.30 lakh shares (0.31%) at Rs 638 per share. Promoter Nirmal Minda sold 8.30 lakh shares (0.31%) at Rs 638 per share.

• RBL Bank: Asia Capital Financial Opportunities Pte sold 4.72 lakh shares (0.08%) at Rs 212.2 per share. Jagdish Chanrai bought 4.72 lakh shares (0.08%) at Rs 212.2 per share.

Trading Tweaks

• Ex-Date Dividend: Adani Total Gas, Adani Ports and SEZ, Vinati Organics, Torrent Power

• Ex-Date Stock Split: Inventure Growth & Securities

• Price Band Revised From 20% To 10%: Khadim India

• Move Into ASM Framework: Venky's (India), Ramky Infrastructure

• Move Into Short-Term ASM Framework: Hindustan Construction Company, The South Indian Bank, LG Balakrishnan & Bros, Sadbhav Infrastructure Project, HFCL

• Move Out Of Short-Term ASM Framework: Vardhman Holdings, Ramky Infrastructure

Money Market Update

• The rupee ended at 74.28 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 74.36.

F&O Cues

• Nifty June futures ended at 15,694; a premium of 7.05 points.

• Nifty June futures shed 30.46% and 24,727 shares in Open Interest

• Nifty Bank June futures ended at 34,610; a premium of 36 points

• Nifty Bank June futures shed 18.67% and 8,059 shares in Open Interest

• Securities that continue to be on ban list: Sun TV and Vodafone Idea