Indian indices closed higher on Monday with the Sensex ending the day above the 50,000 mark and the Nifty above 15,000 at market closing. Asian markets witnessed mixed close as cryptocurrencies climbed after carnage last week, as crypto mining businesses contemplated exiting China. All eyes will be on US inflation and personal consumption data this week.
Benchmark Indian equity indices closed higher on Monday. The Sensex was at 50,651.90, up 111.42 points, or 0.22%, while the Nifty was at 15,197.70, up 22.40 points, or 0.15%. FMCG, metal were top drags. Among broader indices, the BSE midcap and smallcap closed 0.86% and 0.70% higher, respectively. Meanwhile, the Nifty micap 100 and smallcap 100 closed 0.67% and 1% higher, respectively.
SBI, L&T, Axis Bank, and 14 other stocks on the 30-share Sensex closed in green, while IndusInd Bank, Titan, Bajaj Finserv, and 10 other stocks closed in red.
Icra pegs Q4 GDP growth 2%; FY21 at 8.45%
Domestic rating agency Icra on Monday forecast a 2% uptick in growth during the March FY21 quarter, and 3% from the gross value-added perspective.
This would mean that the NSO projection of a double-dip contraction is avoided. The agency has placed the full-year contraction at 8.45%.
Its chief economist Aditi Nayar expects the annualised GDP growth at 2% in the March quarter, up from 0.40% in the December quarter. (PTI)
Jaypee Infratech’s CoC defers voting; allows NBCC, Suraksha to submit final resolution plans
Jaypee Infratech’s Committee of Creditors (CoC) decided in its meeting
held today that it will defer the voting on the final Resolution Plan (RPs) of Suraksha Realty Ltd along with Lakshdeep Investments and Finance Private Ltd and other items. Instead, the CoC has allowed further time to both resolution applicants (Suraksha and NBCC) for submitting final RPs.
SAT imposes an interim stay on Sebi penalty order in Yes Bank AT-1 case
SAT has imposed an interim stay on an earlier Sebi order, which had slapped a penalty of ₹25 crore on Yes Bank, and three of its executives for misrepresentation and fraud by the bank for not informing investors of risk factors while facilitating the sale of the AT -1 bonds in the secondary market.
Dr Reddy’s lines up ₹1,000 cr capex for current fiscal
Drug major Dr Reddy’s Laboratories has earmarked a Capex of around ₹1,000 crore for the current fiscal as it remains positive about sustaining its growth trends in the current fiscal and beyond, as per a top company official.
The Hyderabad based firm invested about ₹1,000 crore in the 2020-21 fiscal.
“The Capex will be around the same numbers, maybe a bit higher if everything goes through,” Dr Reddy’s Laboratories chief executive Erez Israeli said in an analyst call.
However, it depends on the covid-situation that how much the company would be able to put in during the fiscal, he noted.
Canara Bank eyes fundraise
Canara Bank says its board will meet on 28 May to consider and approve its capital raising plan for FY21-22 through qualified institutional placement, follow-on public offer (FPO), a rights issue, preferential issue or any other mode or through a combination thereof and / or through issue of BASEL III bonds or such other securities.
Vaccination halted at all 400 sites for 18-44 age group in Delhi: Sisodia
Delhi deputy chief minister Manish Sisodia on Monday said Pfizer and Moderna have refused to sell coronavirus vaccines directly to the national capital and have said that they will only talk to the Centre.
In an online briefing, Sisodia said all the 400 vaccination sites for the 18-44 age group have been closed in Delhi after the vaccine stock was over, while the centres administering Covaxin to the 45 age group, healthcare workers and frontline workers too have been shut due to unavailability of jabs.
Stressing that vaccination is the need of the hour to protect people against the coronavirus, Sisodia said they have spoken to Moderna, Pfizer and Johnson and Johnson for vaccines.
“Pfizer and Moderna have refused to sell us directly saying they are talking to the Centre. The Centre has not approved Pfizer and
ADC India Communications
The company’s board has recommended a dividend of ₹2.50 per equity share of ₹10 each for the financial year ended 31 March 2021, subject to approval of the members at the Annual General Meeting. The dividend will be paid within 30 days of the AGM.
Shoppers Stop’s Q4 satisfies, but second covid wave to hinder recovery ahead
During covid-19, Shoppers Stop Ltd’s recovery has been relatively slower than other retailers. One reason for this is the company’s higher presence in shopping malls, where footfalls fell due to the pandemic-induced restrictions. Of the 84 department stores, 73 are in malls while the rest are standalone.
Understandably, Shoppers Stop’s shares reflect business conditions. The stock has almost halved from its pre-covid highs seen in early 2020. (Read here)
Trade body appeals to FM to extend time for filing GSTR 3B
The local chapter of the Indian Chamber of Commerce and Industry on Monday requested Union Finance Minister Nirmala Sitharaman to extend the time limit for filing of the GSTR 3B till26 June 26 it would give great relief to tax-payers.
The government has not extended the due date for filing of GSTR-3B for April 2021 for traders who have more than ₹5 crore turnover, instead relief has been given to the tax-payers by way of nil or reduced interest for certain period of delay in discharging the tax liability, the Chamber said in a letter to the minister. (PTI)
Shree Cement falls 3% despite strong performance in March quarter
Shares of Shree Cement declined as much as 3.01% on Monday after the cement maker reported a 49% jump in consolidated net profit after tax at ₹799.79 crore in the last quarter of FY21 as against ₹536.65 crore in the same period last year, owing to lower finance cost and higher other income.
At 01:57 pm, Shree Cement was trading at ₹26,980.90, down 2.27% from its previous close, while the benchmark index, Sensex gained 0.31% to 50,697.89.
Ultracab secures orders worth ₹1,352 lakh
Ultracab (India) Ltd was trading at ₹141.70 apiece, up 1.70 points, or 1.21%. The company said its has received a purchase orders from Indian Railways (RDSO), Power Grid Corporation of India Ltd, Gail (India) Ltd, NHPC Ltd, PGVCL and other PLCs (Domestic and Overseas) total worth nearly ₹1,352.00 lakh.
Punjab & Sind Bank shares jump nearly 7% after Q4 profit
Shares of Punjab & Sind Bank on Monday jumped nearly 7% as the company turned profitable in the fourth quarter of FY21 after eight consecutive quarters of losses. The stock rallied 6.60% to ₹21.80 on BSE. On NSE, it jumped 6% to ₹21.80.The state-run bank turned profitable in the fourth quarter of FY21 after eight consecutive quarters of losses, posting a profit after tax of ₹161 crore on the back of improvement in recoveries and decline in bad loans. (PTI)
Ericsson flags risk of losing 5G market share in China
Ericsson said on Monday it might get lower share in China’s 5G roll-out than its share of the current telecom infrastructure market there, partly due to a spat over exclusion of Chinese vendors from Sweden’s roll-out of ultra-fast networks.
The warning was included in an updated prospectus for investors related to Ericsson’s issue of a 500 million euro ($610 million) unsecured 8-year bond.
Ericsson said while it had been invited to various ongoing tender processes in China, the final outcome remains uncertain.
Oil rises above $64 as investors track virus fight, Iran talks
Oil advanced above $64 a barrel as more signs the U.S. economy is rapidly bouncing back from the pandemic outweighed concern a revival of the Iranian nuclear deal will lead to an increase in global supply.
West Texas Intermediate was 0.8% higher, after rising 2.5% on Friday. The spread of coronavirus in the U.S. has slowed further, with the country ending its first week since June with no days of infections exceeding 30,000. Death rates continue to ebb in France and Italy, boding well for energy consumption.
Singapore approves Covid breath test that gives results in a minute
A breath test designed to detect Covid-19 and give accurate results within a minute has been approved for use in Singapore, the National University of Singapore said in a statement.
The test, developed by NUS spin-off startup Breathonix, works much like a standard breathalyzer test that police might use to see if an erratic driver is drunk. A person blows into a one-way valve mouthpiece, and compounds in the person’s breath — think of it as a breath signature — are compared by machine learning software against the sort of breath signature that would be expected from someone who’s Covid-positive.
Crypto recovery stalls as miners eye exits
Cryptocurrencies fought to find a footing on Monday after even weekend cheerleading from Tesla boss Elon Musk seemed unable offset selling pressure from spooked investors or nerves stemming from a gathering crackdown on the asset class in China.
Bitcoin climbed as high as $35,970 from Sunday’s trough at $31,107, but the growing sense of a shakeout flowing through the frothy market left it struggling to make further gains and it remains some 45% below last month’s record peak of $64.895. (Reuters)
Natco Pharma gains
Natco Pharma was trading at ₹1090.85 apiece up 100.05 points or 10.10% at 10;49 am. Drug firm Eli Lilly has signed a voluntary licensing agreement with Natco Pharma to further expedite the availability of baricitinib for COVID-19 patients in India.
SBI retains gains, JSW Steel drags
HDFC twins, SBI drive gains
Firm realisations, expansions to drive JSW steel’s prospects
As one expected a strong performance by JSW steel Ltd, the company impressed with even better-than-expected Q4 show.
The company’s March quarter net sales and Ebitda at standalone level surged 60% and 149% year-on-year (y-o-y), respectively. The same was driven by sharp improvement in realisations. The rising steel prices in the country helped. However, the reported realisations were better than expectations. Analysts at Phillip Capital Institutional Equity Research in their note highlighted that blended realisations at ₹59,096 per tonne grew 46% y-o-y and 22% sequentially (6% better than estimates). (Read more)
Covid treatment drug: Roche’s antibody cocktail is now available in India
Roche India and Cipla Ltd today announced that the first batch of the antibody cocktail (Casirivimab and Imdevimab) is now available in India while a second batch will be made available by mid-June. The antibody cocktail drug (Casirivimab and Imdevimab) will be available through Cipla’s distribution network across the country.
Mylab aims to make 10 crore units of at-home covid test kits per week
Mylab Discovery Solutions has the capacity to ramp up production of its at-home COVID-19 test kits to 100 million units per week over the next few months based on demand, the Indian diagnostics company, Reuters reported.
Amara Raja sails through Q4, but no investment lithium-ion technology an overhang
Amara Raja Batteries Ltd posted decent earnings in the March quarter. The company’s operational performance was better-than-anticipated despite raw material cost pressures with Ebitda margins at 15.1%. Ebitda is short for earnings before interest tax depreciation and amortization.
Margins were aided by lower employee expenses and write-back of provisions. To tackle cost pressures, the company has taken price hikes of around 1.5% in April. Revenue at ₹2,100 crore also beat analysts’ expectations thanks to robust sales of inverter and other industrial segments. (Read more)
Rupee falls 4 paise to 72.87 against US dollar in early trade
Zydus Cadila launches breast cancer treatment drug
Zydus Cadila launched Trastuzumab Emtansine, the first antibody drug conjugate (ADC) biosimilar and a highly effective drug for treating both Early and Advanced HER2 positive Breast Cancer, under the brand name ‘Ujvira’. HER2 positive Breast Cancer is considered an aggressive form and constitutes 20 to 25% of all Breast Cancers. In a step that can significantly reduce treatment cost by almost 80%, the drug is being offered at ₹32,495 for a 100 mg vial. The current MRP of existing Trastuzumab Emtansine drug is ₹1,59,225 for
100 mg vial. Ujvira will be available in two strengths, 100 mg and 160 mg.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty’s trajectory
The Nifty has powered up further this morning and we should expect the index to head towards 15,300 as the next target. Any dip or intraday correction can be used to enter long positions for higher levels. The support has been upgraded to 15,000 and as long as this level holds, any fall can be utilized to accumulate.
Glenmark Pharma recives USFDA nod for Icatibant injection
Glenmark Pharmaceuticals Ltd said it has received final approval by the US Food & Drug Administration for Icatibant Injection, 30 mg/3mL (10 mg/mL) Single-Dose Prefilled Syringe, the generic version of Firazyr®1 Injection, 30 mg/3 mL (10 mg/mL) Single-Dose Prefilled Syringe, of Shire Human Genetic Therapies, Inc. This marks Glenmark’s first synthetic decapeptide injectable approval and will be manufactured in their North American
manufacturing facility based in Monroe, North Carolina.
Total deaths from covid-19 surpass 300,000
India’s overall death toll from covid-19 crossed 300,000 on Monday, as it reported 4,454 deaths over the last 24 hours. Its daily coronavirus infections rose by 222,315. Total coronavirus cases are now at 26.75 million, while total fatalities are at 303,720, according to health ministry data. (Reuters)
The Sensex opened at 50,683.75, up 143.27 points or 0.28%, while the Nifty was at 15,211.35, up 36.05 points or 0.24% on Monday. SBI, ONGC, HDFC Bank, and 19 other stocks opened in green on the 30-share Sensex, while UltraTech, IndusInd Bank, Nestle, and five other stocks opened in red.
The Sensex was at 50,637.01, up 96.53 or 0.19% from previous close, while the Nifty was at 15,175.30, up 269.25 points, or 1.81%, at market pre-opening on Monday.
China targets ‘speculators and hoarders’ to stop commodity boom
China intensified its weeks-long campaign to cool a raw-materials boom, pledging severe punishment for violations ranging from excessive speculation to spreading fake news.
The government will show “zero tolerance” for monopolies in spot and futures markets, and for speculation and hoarding, the National Development and Reform Commission said in a statement after leaders of top metals producers were called to a meeting on Sunday. China’s strengthening push to rein in surging prices rippled across its markets, with aluminum falling, steel dropping more than 5% and iron ore almost tumbling by the daily limit. (Bloomberg)
Crypto miners halt China biz after Beijing cracks down, bitcoin dives
Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.
A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday – the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world’s crypto supply. (Bloomberg)
Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a weak opening. On Friday, the Sensex ended at 50,540.48, up 975.62 or 1.97%. The Nifty was at 15,175.30, up 269.25 points or 1.81%.
Asian shares got off to a cautious start on Monday as investors anxiously awaited a key read on US inflation this week for guidance on monetary policy.
MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed in slow trade. Japan’s Nikkei added 0.1% and South Korea was flat. (Read here)
Stocks to Watch
The stocks of Adani Green, Amara Raja, JSW Steel, and Jaypee Infratech, among other will be in the news today. (Read here)
Lockdown extended in Delhi, Haryana, Rajasthan
Lockdown was extended on Sunday in Delhi, Haryana, Rajasthan and Puducherry, with many states already imposing covid-induced restrictions till May-end to rein in the spread of infection and the mounting deaths which crossed the three lakh mark.
Delhi chief minister Arvind Kejriwal announced that the ongoing lockdown in the national capital will continue for another week and said the process of “unlock” will start from May 31 in a phased manner if the number of COVID-19 cases continues to decline. (PTI)
BlackRock joins funds betting on Indian assets amid outbreak
Even as India is attracting all the global attention for the worst virus outbreak, the pandemic has done little to dent the confidence of overseas investors who are betting on a strong rebound.
BlackRock Inc. plans to use any weakness in the rupee to add to a modest long position while GW&K Investment Management LLC is boosting its stock holdings following a recent selloff. Invesco Hong Kong Ltd. and Lombard Odier favor debt linked to India’s sustainable investing and renewable energy sectors. (Bloomberg)
Gold prices firm on weaker US dollar, Treasury yields
Gold prices edged up on Monday, hovering near their highest in more than four months, as a weaker dollar and pullback in US Treasury yields supported the safe-haven metal. Spot gold was up 0.1% at $1,882.10 per ounce by 0050 GMT. Last week, gold prices hit their highest level since Jan. 8 at $1,889.75. US gold futures rose 0.3% to $1,882.90 per ounce. The dollar stood near its lowest levels in three months against the resurgent euro and other European currencies, making gold cheaper for other currency holders. Benchmark 10-year Treasury yields were hovering near a week low. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold. (Reuters)
Asian markets off to mixed start
Asian stocks and U.S. equity futures made a steady start early Monday as traders weighed the volatile slump in cryptocurrencies and the inflation outlook.
Shares edged higher in Japan but fluctuated in Australia and South Korea. S&P 500 futures posted modest gains after U.S. stocks closed mixed Friday. Bitcoin advanced to about $35,500 following another weekend of big price swings.
S&P 500 futures added 0.2% as of 9:30 a.m. in Tokyo. The index dipped less than 0.1% Friday.
All eyes will be on U.S. personal consumption and inflation figures this week.
A high reading for the core inflation figures would ring alarms and could revive talk of an early tapering by the U.S. Federal Reserve.
The diary has a crowd of Fed speakers this week, including the influential Fed Board Governor Lael Brainard, and markets will be keen to hear if they stick to the script on being patient with policy.
Nasdaq 100 contracts were flat. The gauge fell 0.6% on Friday.
Japan’s Topix index rose 0.8%.
Australia’s S&P/ASX 200 Index was flat.
South Korea’s Kospi index fell 0.3%.
The SGX Nifty was down 22.00 points or 0.14% to 15,209.80 at 7:21 am.
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