Stocks to Watch:, ONGC, PNB Housing, RIL,

Thursday, Jun 24, 2021 - Morning brief for the stock market:

BIG PICTURE

* S&P cuts FY22 GDP forecast to 9.5% from 11.0% on 2nd COVID wave

* Moody's cuts India growth forecast for 2021 to 9.6% from 13.9% earlier (PTI)

TOP EVENTS TODAY

* Nifty 50 company detailing Jan-Mar earning:

+ OIL & NATURAL GAS CORP, (Net profit seen 30.95 bln rupees)

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* Jan-Mar earnings to be detailed by:

Duroply Industries, Moongipa Capital Finance, Aadhaar Ventures India, Allied Computers International (Asia), Dynavision, Moongipa Securities, Almondz Global Securities, Edynamics Solutions, Mudra Financial Services, Amrapali Fincap, Eldeco Housing & Industries, Nagarjuna Agri Tech, Andhra Petrochemicals, Elegant Marbles & Grani Industries, Nath Bio-Genes India, Arman Financial Services, Ema India, Natraj Proteins, Arrow Greentech, Essar Shipping, Naturite Agro Products, , Euro Asia Exports, Nibe, Asian Petroproducts & Exports, Everest Kanto Cylinder, Nirlon, Authum Investment & Infrastucture, Fundviser Capital (India), Nutech Global, Baba Arts, Future Supply Chain Solutions, Peeti Securities, Bemco Hydraulics, Gala Global Products, Perfect-Octave Media Projects, BLS Infotech, Geekay Wires, Pioneer Agro Extracts, Bodal Chemicals, Gowra Leasing & Finance, Polo Queen Industrial and Fintech, Chandni Machines, Gujarat Terce Laboratories, Polychem, Charms Industries, High Street Filatex, Prakash Woollen & Synthetic Mills, Citi Port Financial Services, Imagicaaworld Entertainment, Premco Global, CL Educate, Indian Card Clothing Co, Prime Securities, Coastal Roadways, Lancer Container Lines, PTC India, Computer Point, LKP Finance, Raghuvir Synthetics, Cosyn, Mahaan Foods, Raj Oil Mills, Crestchem, Mangalam Global Enterprise, Richfield Financial Services, D&H India, Medi Caps, Rishi Laser, Deep Industries, Microse India, Rita Finance and Leasing, Devki Leasing & Finance, Mishra Dhatu Nigam, Rushil Decor, Digjam, Miven Machine Tools, Sarda Proteins,

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* Board Meetings of:

+ Andhra Petrochemicals, to consider dividend

+ Arrow Greentech, to consider dividend

+ Bodal Chemicals, to consider dividend

+ Eldeco Housing & Industries, to consider dividend

+ Everest Kanto Cylinder, to consider dividend

+ Gowra Leasing & Finance, to consider dividend

+ Lancer Container Lines, to consider dividend

+ LKP Finance, to consider dividend

+ Mangalam Global Enterprise, to consider dividend

+ Mishra Dhatu Nigam, to consider dividend

+ Nath Bio-Genes India, to consider dividend and buy back of shares

+ Nirlon, to consider dividend

+ Oil & Natural Gas Corp, to consider dividend

+ Premco Global, to consider dividend

+ Prime Securities, to consider dividend

+ PTC India, to consider dividend

+ Rushil Decor, to consider dividend

+ Seacoast Shipping Services, to consider declaration of dividend.

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+ Som Datt Finance Corp, to consider voluntary delisting of shares

+ South India Paper Mills, to consider dividend

+ Sumedha Fiscal Services, to consider dividend

+ Sunil Agro Foods, to consider dividend

+ Thangamayil Jewellery, to consider dividend

+ West Coast Paper Mills, to consider dividend

* Annual General Meetings of: , Linde India, Pil Italica Lifestyle, Rallis India, , Shriram Transport Finance Co, Suraj

INDICATORS (previous session)

* NSE provisional net buy/(sell) in bln rupees, Jun 23: FIIs 31.57, DIIs 13.17

* Institutional net buy/(sell) in bln rupees, Jun 22: FIIs (6.8)

* FII NSE futures net buy/(sell) in bln rupee, Jun 23: index 3.72, stock 4.79

* Sensex: 52306.08, down 282.63 points; Nifty 50: 15686.95, down 85.80 points

* Crude: $73.08/bbl; Rupee: 74.28/$1; Gold: $1,783.4/ounce; 10-year yield: 6.0179%

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GLOBAL MARKETS

* US: Indices ended mixed on Wednesday, while Nasdaq Composite scaled a lifetime high, boosted by gains in shares of Tesla Inc. Investors also cheered data showing a record peak for US factory activity in June.

*Asia : Asian markets edged higher today, with South Korea' Kospi hitting a lifetime high as investors hoped for a quick economic rebound. The headline index rose 0.4% and hit a high of 3291.81 points during the day.

DOMESTIC OUTLOOK

* With US markets ending mixed overnight and Asian equities being slightly higher in trade today, benchmark indices are expected to start the session on a tepid note. Although stock-specific action is more likely amid a slew of earnings, investors' eyes will be riveted on Reliance Industries' annual general meeting.

IPO WATCH

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* India Pesticides's initial public offer was subscribed 1.29 times on day one with the company receiving bids for 24.98 mln shares out of 19.3 mln shares on offer.

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EARNINGS FOR JAN-MAR

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* APOLLO HOSPITALS ENTERPRISE:

(Net profit 1.2 bln rupees vs 2.1 bln rupees a year ago

Revenue 24.1 bln rupees vs 25.7 bln rupees a year ago)

* SCHNEIDER ELECTRIC INFRASTRUCTURE

(Net loss 112.5 mln rupees narrowed from 257.5 mln rupees a year ago

Revenue 2.5 bln rupees vs 2.3 bln rupees a year ago)

SECTOR NEWS

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* BANKING: The Reserve has imposed a penalty of 600,000 rupees collectively on two Maharashtra-based co-operative banks for non-compliance with certain norms.

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The RBI has imposed a penalty of 800,000 rupees collectively on three Maharashtra-based co-operative banks for non-compliance with certain norms.

* CEMENT: Manufacturers in Tamil Nadu have agreed to slash cement prices by 25 rupees per 50 kg bag even as construction activity picked up since the easing of localised lockdowns.

* ECONOMY: The coronavirus pandemic continued to pile on the pressure on Indian households, with their financial debt rising even further to 37.9% of GDP by the end of 2020, according to data released by the RBI.

* FINANCE: Novo, a business banking partner for small and medium enterprises, start-ups and freelancers, has raised $40.7 mln in a Series A round of funding--the highest Series A funding for neo-banks.

* PORTS: Gujarat plans to build a greenfield multi-cargo port at Nargol in Valsad district, the state government said in a statement. The government is likely to invite bids today for the project which will have an annual capacity of 40 mln tn cargo.

* PRECIOUS : The RBI has allowed banks to provide an option to jewellery exporters or domestic manufacturers of gold jewellery to repay a part of the gold loans availed by them in physical gold.

* TELECOMMUNICATION: The Department of Telecommunications has issued revised guidelines for other service providers that include

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voice-based business process outsourcing as well as telebanking, telemarketing or telemedicine services, to make it easier for them to operate in India.

STOCKS

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* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Said it was working to comply with international sanctions on businesses linked to the Myanmar military.

* ALLCARGO LOGISTICS: The board of directors of the company have approved raising up to 10 bln rupees through the issuance of non- convertible debentures in one or more tranches.

* AMBER ENTERPRISES INDIA: The government's efforts to promote local manufacturing of consumer electronics will help electronic manufacturing services companies such as the company, said Goldman Sachs.

* APOLLO HOSPITALS ENTERPRISE: Launched healthcare platform Apollo HealthCo.

* DHUNSERI TEA & INDUSTRIES: Will issue one bonus share for every two shares held, subject to approval of the members. Bonus shares will

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be issued by capitalisation of free reserves of the company available as on Mar 31, 2021.

* DUCON INFRATECHNOLOGIES: Has emerged as the lowest bidder in reverse auction for flue gas desulpharisation system for the 500 MW Barauni thermal power project, Stage II by NTPC.

* GODAWARI POWER & ISPAT: Has received environment clearance from the government for expansion of iron ore production capacity to 2.35 mln tn per year from 1.41 mln tn at the Ari Dongri iron ore mines in Kachche, Chhattisgarh and for setting up of a beneficiation plant of 600,000 tn per year capacity.

* : Has reduced prices of aluminium ingots, billets and wire rods for the third time in a row with effect from Saturday. The company has cut prices by 3,250 rupees per tn or around 1.5%.

* HOUSING DEVELOPMENT FINANCE CORP: Chairman Deepak Parekh has called for uniform accounting norms for financial institutions, saying that non-banking financial companies migrated to the Indian Accounting Standards three years ago, whereas banks and insurance companies are still to do the same.

* INDIA CEMENTS: There has been no interruption of production at Sankarnagar Cement Works plant owing to a police investigation into an alleged explosive device at the plant. The unit is completely safe and there has been no untoward accident.

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* INDIA GRID TRUST: Plans to raise up to 5 bln rupees through bonds maturing in 10 years, and has invited bids on Friday, sources said.

* JAYPEE INFRATECH: The committee of creditors has accepted the proposal submitted by the consortium of Suraksha Realty Ltd and Lakshdeep Investments and Finance Pvt Ltd for the resolution of the company.

* KNR CONSTRUCTIONS: Wholly-owned subsidiary KNR Tirumala Infra has received provisional certificate of completion for the road project for six laning of Chittoor-Mallavaram section of national highway-140 in Andhra Pradesh under Bharatmala Pariyojana on hybrid annuity mode. The provisional certificate is effective from May 10.

* MCDOWELL HOLDINGS: Investor Padrone Marketing has sold 106,311 shares representing nearly 0.8% stake in the company via bulk deal on the National Stock Exchange.

* MINDA INDUSTRIES: Apart from its entry into Uzbekistan with the acquisition of 51% stake in the country's automobile headlights and lamps maker UzChasys LLC, the company expects to gain access to markets in Belarus, Georgia, Kazakhstan, Kyrgyzstan and Central Asia.

* ORCHID PHARMA: Promoter Dhanuka Laboratories will sell up to 3.28 mln shares, representing 8.04% stake, in the company through an offer for sale.

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* PNB HOUSING FINANCE: The proposed capital raising by the company will support the growth of the company by augmenting capital base, improving leverage and capital adequacy ratio, Chairman S.S. Mallikarjuna Rao said.

* PIRAMAL ENTERPRISES: The board of the company will meet on Monday to consider and approve the issuance of non-convertible debentures aggregating up to 10 bln rupees.

* RBL BANK: Asia Capital Financial Opportunities Pte has sold 472,000 shares, representing 0.08% stake, in the company through a block deal on the National Stock Exchange.

* RELIANCE INDUSTRIES: Fitch ups the company's foreign-currency issuer rating to BBB from BBB.

* SOBHA LTD: Expects to reduce its debt by 1.5-2.0 bln rupees in the current financial year started April and take debt-to-equity ratio to 1.1 by the second or the third quarter of the next financial year.

* TATA MOTORS: Tata Motors has announced that Guenter Butschek, managing director and chief executive officer, would relocate to Germany at the end of the contract for personal reasons, and would therefore be stepping down from his role from Jun 30. Girish Wagh, president commercial vehicles, was being appointed as executive director. (TH)

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* UCO BANK: The board of directors of the bank have approved raising up to 5 bln rupees through Basel-III compliant tier-II bonds.

* VARDHMAN SPECIAL : Has obtained environmental clearance for expansion of capacity at its plant in Ludhiana, Punjab, up to 280,000 tn per annum of rolled production.

* WABCO INDIA: Promoter ZF International UK will exercise the oversubscription option in the offer for sale to additionally sell up to 150,000 shares, or 0.79% stake, in the company, taking the total offer size to up to 650,000 shares or 3.43%.

The non-retail portion of the offer for sale by promoter of the company was oversubscribed today, with bids coming in for nearly twice the number of shares on offer.

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