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, Tata Steel, Mahindra & Mahindra, HCL Technologies, Hindustan Petroleum, Cipla, Lupin, Aurobindo Pharma, Petronet LNG, Siemens, Voltas 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 India 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 Adani Green Energy (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) Cummins 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) Rajesh Exports (RJEX) 1Q Ramco Cements (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) Welspun Corp (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 Castrol India 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 Bank of India (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 Fortis Healthcare (FORH): 1Q net income 678.1m rupees; revenue 11.4b Gujarat State Fertilizers (GSFC): 1Q profit drops 10% Y/y to 633.3m rupees Indiabulls 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