🎯Good Morning All🎯
🌟 Morning Market News & Update
Stocks To Watch
🔹Vodafone Idea: Financial Times has reported that Google is considering buying a 5% stake in the telecom company. Talks are in a very early stage.
🔹Rain Industries' Covid-19 Update: Group’s plants in Europe and North America continued to operate, without any break during the second quarter of calendar year 2020. Commercial operations of hydrogenated hydrocarbon resins plant in Germany resumed on May 18.
🔹Bajaj Electricals’ Covid-19 Update: Supply chains have been put under stress, resulting in loss of business. There is temporary pressure on cash flow, liquidity and resultant pressure on profitability and margins due to lower collection of receivables. Most of the vendors of the company have also resumed operations with 30-35% capacity. The company will reduce the capital it employees in its EPC b
🔹Cadila Healthcare: Formulation manufacturing facility in Baddi has received an Establishment Inspection Report (EIR) with classification as No Action Initiated (NAI) from U.S. FDA. Inspection has been closed with zero observations.
🔹Pharma Stocks: News reports that the Government of India has freed export curbs on Paracetamol API with immediate effect.
🔹NHPC: Board approved proposal regarding diversification of business, by development of solar power projects as an intermediary procurer through solar power developers.
🔹Sandur Manganese’s Covid-19 Update: Earnings are expected to be severely impacted for the quarter ending June 2020. Demand conditions in the domestic steel industry are tepid. The company has requested term lenders to defer interest payable for March-May 2020. The repayment of monthly installments for the Rs 400 crore term-loan starts from March 31, 2021.
🔹Narayana Hrudayalaya’s Covid-19 Update: The present situation has impacted the financials of the company with consolidated operational revenue for the month of April 2020 registering around 35% of pre-Covid period. This has resulted in negative profitability and consequently negative cash flows during this period.
🔹Pidilite Industries: Completed acquisition of 70% stake in Tenax India Stone Products.
🔹Bank of India & Karnataka Bank: Reserve Bank of India imposes a penalty of Rs 5 crore and Rs 1.2 crore respectively for not following asset classification norms.
🔹Astron Paper’s Covid-19 Update: Production has been gradually stepped up and currently operating at around 70% of installed capacity at both plants. First half of financial year 2021 will bear the full brunt of Covid-19. Indian Kraft paper prices which broadly track global prices, have also remained muted. The supply chain disruption and rupee depreciation has resulted in higher costs in importing
🔹Texmaco Infra On Cyclone AMPHAN: Adverse impact on workings of plant at Kolkata for next 5-7 days. Main facility is protected and safe.
🔹Greenply Industries On Cyclone AMPHAN: Factory shed and building, machinery including chimney and some materials at the Kriparampur unit in West Bengal have been damaged. Plant is adequately covered under insurance and overall impact is not expected to be material.
🔹A2Z Infra’s Covid-19 Update: Unable to resume execution of most EPC projects. Staff, working labour moved away from sites as they aer mostly in remote areas. Do not foresee restart of EPC operations. Will require special concession from lenders during the short, medium-term till the revenue starts normalising. As of now, all company accounts are NPAs with all the lenders and the company has entered into settlement with various banks and financial institutions.
🔹LT Foods: Procurement is complete to meet demand for FY21.
🔹Tata Teleservices (Maharashtra): Board to consider raising Rs 5,000 crore on June 2, via debt and preference shares.
🔹Raymond: To consider raising Rs 80 crore via NCDs on May 31.
🔹Non-Nifty Earnings Today: P&G Health, Voltas, Equitas Holdings, RCF, V-Mart Retail, Dilip Buildcon, KEC International, Metropolis Healthcare, Lemon Tree, NCC, Shipping Corp, Symphony, Welspun Enterprises
Pledged Share Details
🔹Bodal Chemicals: Promoter Bhavin Patel created pledge of 24.75 lakh shares on May 26
🔹UFLEX: Promoter group Flex International revoked pledge of 2.25 lakh shares on May 27.
🔹Max India: Promoter group Max venture Investment Holdings created pledge of 12 lakh shares on May 21
Trading Tweaks
🔸Price Band Revised From 10% To 5%: Aries Agro, Hindustan Oil Exploration
🔸Price Band Revised From No Band To 20%: CESC, Yes Bank
🔸Move Into Short-Term ASM Framework: OCL Iron and Steel
🔸Move Out Of Short-Term ASM Framework: Shree Digvijay Cement, Orient Green Power, Rushil Decor
Money Market Update
💫The rupee ended little changed at 75.76 against the U.S. Dollar, posting marginal losses on Thursday, as compared to Wednesday's close of 75.71.
Asian markets have opened modestly lower on the final trading day of the week as tensions persist between U.S. and China.
Global equities are set to gain for the second straight month, even as U.S.-based investors are turning bearish on Chinese stocks.
The Singapore-traded SGX Nifty, an early indicator of the NIfty 50 index's performance in India, fell 1.25% to 9,342 as of 7:05 a.m. #NIFTY50