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

DAILY REPORT 7th August, 2019

RBI to announce third bi-monthly monetary policy for FY20 at 11:45 a.m.; the central bank will also hold t-bills and two reverse-repo auctions; Adani Ports, , Mahindra & Mahindra, HCL Technologies, , , Lupin, , Petronet LNG, , among companies to report earnings.

WHAT TO WATCH:

 MPC meeting headed by RBI Governor Shaktikanta Das may cut repurchase rate by 25bps to 5.50%, according to 36 of 40 economists in Bloomberg survey; two see no change, one expect 50bps reduction & one forecast 35bps cut  Former External Affairs Minister Sushma Swaraj Dies  India Has Enough Resources to Borrow Domestically, Jalan Says  Dewan Fails to Pay INR433.3M Interest, Principal on Three Bonds  Gold Tops $1,500 as Investors Seek Shelter From Gathering Storm  India Parliament Approves Resolution to Repeal Kashmir Autonomy  Pakistan Will Go to ‘Any Extent’ Against India’s Kashmir Move o Foreign Minister Qureshi writes letter to UN Secretary General  Beijing Says India’s Kashmir Move ‘Undermines’ China Sovereignty  India, Singapore Exchanges to End Feud, Focus on Stock Connect o SGX, India’s NSE Get Regulatory Approval for Nifty Trades  BP, Reliance Expand Partnership to Sell Transport Fuels in India  India Top Court to Hear Essar Steel Insolvency Case Aug. 7  Essel Said in Talks to Sell Toll Roads to India Sovereign Fund o Asset sale could fetch around $350 million for Essel Group  Tata Steel’s Southeast Asia Sale Called Off in Second Setback o Co. had signed deal to sell stake to China’s HBIS Group  India Monsoon Rainfall at 6% Below Normal Aug. 6  Global Funds Sell Net INR21.1b of India Stocks on Tuesday: NSE  Foreign Investors Sell Net INR21.7B of Indian Equities Aug. 5

MEDIA REPORTS:

 Brookfield Drops Plan to Buy Suzlon Stake: Economic Times  India May Raise INR10b Selling Suuti’s Larsen Shrs: ET/Cogencis  China Warns India of Consequences If Huawei Is Blocked: Reuters  India rejects China’s opposition to formation of UT of Ladakh: PTI

CENTRAL BANKS (All times India Time):

 11:45pm: RBI 3rd Bi-monthly Monetary Policy Statement 2019-20 o RBI Benchmark Repurchase Rate, Est. 5.50% (prior 5.75%) o RBI Reverse- Repo Rate Est. 5.25% (prior 5.50%) o RBI Cash Reserve Ratio Est. 4% (prior 4%)  12pm: RBI Governor Das & deputy governors to hold a press conference  3pm: RBI Governor, deputy governors hold a teleconference with analysts

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

EARNINGS: (net income adj. ests. in INR where available)

 Adani Gas (ADGAS) 1Q  (ADANIGR) 1Q  Adani Ports (ADSEZ) 1Q 8.93b (9)  Adani Power (ADANI) 1Q  Allcargo Logistics (AGLL) 1Q 626m (7)  Aster DM Healthcare (ASTERDM) 1Q  AstraZeneca India (ASTR) 1Q  Aurobindo Pharma (ARBP) 1Q 6.24b (22)  Bajaj Electricals (BJE) 320m (6)  Balrampur Chini (BRCM) 1Q  Cipla (CIPLA) 1Q 4.69b (18)  India (KKC) 1Q 1.79b (13)  HCL Technologies (HCLT) 1Q 23.8b (22)  Hindustan Petroleum Corp. (HPCL) 1Q 10b (15)  India Cements (ICEM) 1Q 724m (8)  Ingersoll- Rand India (INGR) 1Q  ITI (ITI) 1Q  KEC International (KECI) 1Q 948m (17)  Lemon Tree Hotels (LEMONTRE) 1Q  Lupin (LPC) 1Q 3.12b (22)  Maharashtra Seamless (MHS) 1Q  Mahindra & Mahindra (MM) 1Q 9.62b (16)  Oracle Financial (OFSS) 1Q  Petronet LNG (PLNG) 1Q 5.83b (21)  Phoenix Mills (PHNX) 1Q 1.02b (6)  (RJEX) 1Q  (TRCL) 1Q 1.78b (15)  Schneider Electric (SCHN) 1Q  Siemens India (SIEM) 3Q 2.35b (10)  Sonata Software (SSOF) 1Q 700m (4)  Srei Infrastructure Finance (SREI) 1Q  Sudarshan Chemical (SCHI) 1Q  Sundram Fasteners (SF) 1Q  Tata Steel (TATA) 1Q 14.4b (12)  Voltas (VOLT) 1Q 1.9b (16)  (WLCO) 1Q

GOVERNMENT:

 10:30am: New Delhi. Prabhakar Singh, DG at CPWD, at the launch of skilling Programme of unskilled Horticulture workers  11am: New Delhi. Textiles Minister Smriti Irani, to speak at 5th National Handloom Day function  4:45pm: New Delhi. MSME & Road Transport Minister Nitin Gadkari, to speak at the MoU signing between NSIC & WAPCOS on strategic business partnership  5:30pm: New Delhi. Krishnamurthy Subramanian, Chief Economic Advisor to address media at EXIM Bank IERA 2018 Awards  6pm: New Delhi. Textiles Minister Smriti Irani, to felicitate states & districts for their performance under Beti Bachao Beti Padhao Scheme JOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH000002061 / INZ000174034

BOND SALES/PURCHASES (All times India Time):

 Govt to sell INR70b 91-days, INR50b of 182-days and INR40b of 364-days T-bills  RBI to conduct two 800b rupees, overnight reverse repo auction

CORPORATE BONDS:

 Bangalore Intl Airport Raises INR102.1b for Funding Expansion  Macrotech to Use London Inventory to Repay Dollar Bonds: Ind-Ra

CORPORATE EVENTS:

 9:30am: New Delhi. Sanyukta Samaddar, Adviser-GCS of NITI Aayog, to inaugurate the Rural Marketing Summit India  3:30pm: CARE Ratings to Host Webinar on Indian IT Industry  4:30pm: India Ratings webinar to discuss 360: Real Estate Sector- Evolving Trends and Progress  5pm: HCL Technologies hold conference call to share the 1Q FY20 results  5:30pm: Lupin conference call for media briefing on 1Q FY20 earnings  AGMs: Adani Enterprises, AstraZeneca Pharma, Cummins India, Lupin, Mahindra & Mahindra

ANALYST ACTIONS:

 AIA Engineering Rated New Buy at ICICI Securities  Upgraded to Buy at HSBC; PT 142 Rupees  Dilip Buildcon Upgraded to Buy at Anand Rathi; PT 586 Rupees  Heritage Foods Cut to Hold at Batlivala & Karani; PT 370 Rupees  IRB Infra Upgraded to Buy at Phillip Secs; PT 190 Rupees  L&T Infotech Rated New Overweight at Morgan Stanley  Mangalam Cement Raised to Buy at Reliance Securities  SRF Cut to Neutral at Phillip Secs; PT Set to 3,000 Rupees  Titan Co Cut to Accumulate at Dolat Capital; PT 1,172 Rupees

MARKETS:

 S&P 500 gains 1.3% to 2,881.77  STOXX Europe 600 down 0.5% to 367.71  MSCI Asia Pacific Index falls 0.17% to 150.59  Gold spot gains 0.9% to $1,486.89  Brent Futures gains 0.24% to $59.1/bbl  Sensex up 0.75% to 36,976.85  Nifty Index up 0.79% to 10,948.25  SGX Nifty futures down 0.4% to 10,921.50  INR up 0.1% to 70.8250  Yield on 7.26% bonds maturing Jan 2029 at 6.34% on Aug. 6  Rupee Bonds Advance Before Rate Decision Wednesday: Inside India

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

OFFERING:

 Spandana Sphoorty Financial IPO gets 30% demand on 2nd day sale; offer to close Aug. 7  Sterling & Wilson Solar IPO gets 9% demand on first day sale; offer to close Aug. 8

EQUITY PREVIEW:

 Avenue Supermarts (DMART): Founder Damani to sell 1% stake in open market from Aug. 8-Sept. 14  Central (CBOI): Swings to profit of INR1.18b vs 15.2b loss a year ago, as provisions decline to INR10.3b vs 27.7b y/y  (FORH): 1Q net income 678.1m rupees; revenue 11.4b  State Fertilizers (GSFC): 1Q profit drops 10% Y/y to 633.3m rupees  Housing (IHFL): 1Q net income 8.02b rupees, misses est. 9.98b o Shadow Lender Indiabulls Misses Estimates as Bad Loans Rise  IRB Infrastructure (IRB): 1Q profit 2.07b rupees, beats est. 1.93b; GIC to invest INR44b in Co. Road Ops  Lakshmi Vilas Bank (LVB): Posts wider 1Q loss 2.37b rupees, provisions 2.12b; Gross NPA 17.3% vs 15.3% q/q  Hindalco (HNDL): Unit Novelis 1Q adjusted Ebitda rises 11% on year to $372 million  Tata Steel (TATA): Tata Steel Thailand says T S Global scraps planned stake sale  Thomas Cook (TC): 1Q net income 227.9m rupees, revenue 23.2b  Zensar Technologies (ZENT): 1Q profit 745.1m rupees, misses est. 849.3m