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JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

DAILY REPORT 24th September, 2019

Modi, Trump to hold bilateral meeting in New York; RBI to hold states-bond, term repo and reverse repo auctions; India Tribunal to hear Jet Airways insolvency case; Communications Minister , MSME & Road Transport Minister to speak.

WHAT TO WATCH:

 A $20 Billion Tax Cut May Undermine Rate Reductions in India  India Is Said to Keep 2H FY20 Borrowings Unchanged o Officials of the finance ministry and RBI will meet Tuesday to finalize the borrowings schedule  Goldman Sachs Raises Nifty Target on Tax Cuts Boosting Profits  Trump Finds Himself Caught in Khan-Modi Crossfire Over Kashmir  World Leaders Gather in New York as Global Climate Protests Grow o U.S. President Trump, Brazil’s Bolsonaro will skip the event  India Power Plants’ August Coal Imports Rise 6% Y/y, CEA Says  Sugar Output in Top Indian State Slumps on Floods, Hungry Cows o White Sugar Hits 2-Month High as Rain Hurts Indian Crops  Modi, Trump to Hold Bilateral Meeting in New York on Sept. 24  India Tribunal to Hear Jet Airways Insolvency Case Sept. 24  India Top Court Hear WhatsApp Message Tracing Case Sept. 24  India Antitrust Body Approves Apollo’s Pharmacy Business Sale  Lenders Pull Bond Sales as India Tax Stimulus Push Yields Higher  India Antitrust Body Approves Apollo’s Pharmacy Business Sale  Uber Ex-CEO Kalanick Grabs Slice of India’s Cloud Kitchen Arena  India’s 2019-20 Monsoon Food Grain Output Seen at 140.57M Tons  Kaveri Seed Co. to Consider Proposal for Buyback its Shares  L&T Finance to Consider Raising INR1.5b Via Preference Shares  Global Funds Buy Net INR26.8b of India Stocks on Monday: NSE  Foreign Investors Buy Net INR5.93B of India Equities Sept. 20  Foreigners Buy Net INR47.8B India Equity Derivatives Monday  Corporate Tax Cuts To Boost Earnings Growth Outlook, Says Ridham Desai: BQ  India ADR, GDR Equity Premium/Discounts for Sept. 23  Stocks in Asia Mixed; Treasuries, Dollar Gain

MEDIA REPORTS:

 India May Consider Raising Excise on Gasoline, Diesel: ET Now  India To Be Net Exporter Of Steel For Years: : PTI  No Need To Ban Petrol, Diesel Vehicles; EVs Picking Up Momentum Naturally: Nitin Gadkari: PTI

CORPORATE BONDS:

 ONGC PetroAdditions Plans to Sell Up to INR5b Bonds  India’s REC Plans to Sell Up to INR27b 2-Part Bond  Punjab & Sind Bank Plans to Sell Up to INR5b Tier 2

JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

GOVERNMENT:

 9:30am: New Delhi. President Ram Nath Kovind; Jal Shakti Minister , at inaugural of 6th India Water Week-2019  10:30am: Noida. HRD Minister ‘Nishank’ will inaugurate the new campus of Symbiosis International University, Noida  10:45am: New Delhi. Communications Minister Ravi Shankar Prasad, at FICCI’s Invest Digicom 2019  11am: New Delhi. MSME & Road Transport Minister Nitin Gadkari, at 16th Global SME Business Summit 2019  12:30pm: New Delhi. , MoS for AYUSH, to brief media on achievements of the Ministry of AYUSH in the last 100 days  1:30pm: New Delhi. Food Minister to review state of BIS Laboratories and its coordination with other Ministries/Departments  2:45pm: New Delhi. Health Minister Harsh Vardhan, hold a curtain raiser press conference on India International Science Festival 2019

BOND SALES/PURCHASES (All times India Time):

 Indian states to sell 203.5b rupees of bonds Sept. 24  RBI to conduct 250b rupees of 13-day term-repo auction  RBI to conduct INR1.1 trillion overnight reverse repo auctions  RBI to Auction Four Govt Bonds for Total INR170b on Sept. 27

ECONOMIC DATA (All times India Time):

 09/23-09/30: India 2Q BoP Current Account Balance, est. -$16.0b, prior -$4.6b

CORPORATE EVENTS:

 9:30am: New Delhi. Mines & Coal Minister , to inaugurate FIMI’s 53rd AGM  2:30pm: India Ratings’ conference call to discuss its outlook on Banking Sector  3pm: Mumbai. Prataap Snacks to hold investors & analysts meet  7pm: Mumbai. Umesh Dhatrak, CMD of Rashtriya Chemicals to discuss expansion plans, Joint Ventures  AGMs: Dishman Carbogen Amcis, Gujarat State Petronet, Indraprastha Gas, Jubilant Foodworks, Maharashtra Seamless, Max Financial Services, Rashtriya Chemicals & Fertilizers.

ANALYST ACTIONS:

 Bajaj Finance Raised to Buy at Axis Capital Limited  Cadila Health Rated New Buy at ULJK; PT 298 Rupees  Cipla Upgraded to Buy at IDBI Capital Market; PT 587 Rupees  Container Corp Cut to Reduce at Spark Capital Advisors  Laurus Labs Labs Rated New Buy at Spark Capital Advisors  Lupin Raised to Accumulate at IDBI Capital Market; PT 802 Rupees  MCX Upgraded to Overweight at Morgan Stanley; PT 1,260 Rupees  Thermax Upgraded to Neutral at Credit Suisse; PT 1,035 Rupees  Trent Rated New Buy at IDBI Capital Market; PT 586 Rupees JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

MARKETS:

 S&P 500 little changed at 2,991.78  STOXX Europe 600 down 0.8% to 389.8  MSCI Asia Pacific Index down 0.1% to 159.21  Gold spot down 0.1% to $1,520.96/oz  Brent Futures fall 0.4% to $64.50/bbl  Sensex up 2.8% to 39,090.03  Nifty Index up 2.9% to 11,600.20  SGX Nifty futures rises +0.5% to 11,656  INR little changed at 70.9350  Yield on 7.26% bonds maturing Jan 2029 at 6.75% on Sept. 23  Bonds Gain as Govt Says No Extra Debt for Now: Inside India

EQUITY PREVIEW:

 Apollo Pipes (APLP):Canara HSBC Oriental sold 140,000 shares in co., Ashish Kacholia buys 233,513 shares: BSE  Manappuram Finance (MGFL): Approves issue of up to INR4.65b of bonds  RattanIndia Power (RTPOW): To consider various debt reduction measures  Tata Global (TGBL): Paradice Global sells 4.67m Co.’s shares via bulk deal: NSE  Zee Entertainment (Z): Catalyst Trusteeship sells 7.25m shares via bulk deals: NSE