Market Update - 16th June 2022
Global Market
Stocks and bonds in Asia gained after U.S. Federal Reserve raised rates by 75bps, but indicated that rate hikes of similar magnitude will be unlikely, going forward.
Equities in Japan, South Korea and Australia advanced after U.S. markets snapped a five-day, 10% rout in the S&P 500. US contracts climbed almost 1%
Bonds in Australia and New Zealand rose. A dollar gauge and the yen slipped, while risk-sensitive currencies like Australia’s dollar advanced. As of 6:30 am, the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--was 0.84% higher at 15,802 points.
Cryptocurrencies staged a recovery while crude oil pushed higher and gold held a rally.
Indian ADR Check
· ICICI Bank +1.83%
· HDFC Bank +0.28%
· Tata Motors +3.16%
· WIPRO -0.53%
· Infosys +0.27%
· Dr Reddy's +1.48%
Stocks To Watch
UPL: National Company Law Tribunal approved the company’s resolution plan for revival of Kudos Chemie. Company’s newly incorporated wholly owned subsidiary UPL Speciality Chemicals has acquired Kudos Chemie for Rs 40 crore.
SBI: The bank increased minimum interest rate for home loan to 7.55%.
Zomato: Jio-bp will provide EV mobility services to Zomato along with access to ‘Jio-bp pulse’s battery swapping stations.
Tata Steel: Wholly owned subsidiary of the company, Tata Steel Mining has acquired 10% stake in equity stake in Rohit Ferro-Tech for Rs 20.06 crore. RFT will become a wholly owned subsidiary of TSML. Tata Steel invested the same amount in TSML through rights basis.
Equitas Small Finance Bank: RBI approved Managing Director and Chief Executive Officer Vasudevan PN’s reappointment for a year effective from July 23.
NBCC: The company secured total business of Rs 330.35 crore during the month of May.
Indian Overseas Bank: The bank approved issue of equity shares of Rs 1,000 crore via Follow on Public Offer/Rights Issue with or without participation from government of India/issue of equity shares to Qualified Institutional Buyers/issue of shares to employees/issue of shares on preferential basis to LIC and other insurance companies/mutual funds. It also approved raising Tier II capital upto Rs 1,000 Crore.
Pledged Shares Details
Chambal Fertilisers & Chemicals: Promoter Zuari Global created a pledge of 10 lakh shares on June 13.
GATI: Promoter Mahendra Kumar Agarwal invoked a pledge of 1.2 lakh shares on June 13.
Insider Trades
Mukand: Promoter Group Bachhraj Factories bought 13,473 shares between June 9 and June 14.
Confidence Petroleum India: Promoter Group Essenn LPG Bottling bought 1 lakh shares on June 13.
KEC International: Promoter Group Summit Securities bought 4,000 shares on June 13. Promoter Group Instant Holdings bought 13,776 shares between June 13 and June 14.
Jagran Prakashan: Promoter & Director Dhirendra Mohan Gupta bought 8,000 shares on June 13.
Block Deals
NXTDigital: Hinduja Reality Ventures bought 8.13 lakh (2.41%) shares at Rs 357.25 apiece. Aasia Exports sold 8.13 lakh (2.41%) shares at Rs 357.25 apiece.
Trading Tweaks
Record Date Dividend: Canara Bank, Newgen Software Technologies, KEC International
Record Date Annual General Meeting: Newgen Software Technologies
Ex-Date Dividend: Cigniti Technologies, Apollo Tyres, Xpro India, Galactico Corporate Services
Ex-Date Annual General Meeting: UCO Bank, Cigniti Technologies, Apollo Tyres, Xpro India
Ex-Date Bonus: Cosmo Films
Move Out Of ASM-Framework: Elecon Engineering Company, Mangalore Chemicals & Fertilizers, Monte Carlo Fashions
Money Market Update
The rupee ended at Rs 78.07 against the U.S. Dollar on Wednesday as compared to Tuesday's closing of 77.99
F&O Cues
Nifty June futures ended at 15,701 a premium of 8.85 points.
Nifty June futures shed 1.98% and 4,250 shares in Open Interest.
Nifty Bank June futures ended at 33,400, a premium of 61 points.
Nifty Bank June futures shed 4.14% and 4,508 shares in Open Interest.
By: via @AlliesFin Serve Stock Market
