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Home , Aurobindo Pharma, Eicher Motors, Hero MotoCorp

Stocks to Watch: , Eicher, Hero MotoCorp, RIL, TCS

Friday, Jul 2, 2021 - Morning brief for the stock market:

BIG PICTURE * RBI Governor Das calls for sustained policy aid as new economic risks arise

TOP EVENTS TODAY * Jan-Mar earning to be detailed by: Sheshadri Industries

* Board Meeting of:

+ Infobeans Technologies, to consider declaration of dividend

* Annual General Meeting of:

INDICATORS (previous session) * NSE provisional net buy/(sell) in bln rupees, Jul 1: FIIs (12.45), DIIs 8.81 * Institutional net buy/(sell) in bln rupees, Jun 30: FIIs (11.20) * FII NSE futures net buy/(sell) in bln rupee, Jul 1: index (2.94), stock (4.09) * Sensex: 52318.60, down 164.11 points; Nifty 50: 15680, down 41.50 points

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* Crude: $75.23/bbl; Rupee: 74.5625/$1; Gold: $1,776.8/ounce; 10-year yield: 6.0392%

GLOBAL MARKETS * US - Benchmark indices in US ended higher on Thursday as investors cheered the prospects of strong economic recovery with data showing weekly jobless claims falling below 400,000 last week.

Asia - Most Asian markets opened higher today tracking overnight gains in US equities as weekly jobless claims fell last week in US.

DOMESTIC OUTLOOK * Benchmark indices are bound for a flat or marginally higher start as most Asian markets were up due to the US' weekly jobless claims data, which dropped to a new low of 364,000 since the COVID pandemic struck the country in March 2020.

SECTOR NEWS ======

* AUTOMOBILE: Cars dispatched 4,767 units in domestic market in June, up almost 241% on year due to a low base last year.

The government is considering incentives to buyers of electric vehicles, and plans to set up a financial institution which will focus on financing businesses producing electric vehicles, said Minister for Road Transport and Highways Nitin Gadkari in a virtual session organised by the India Global Forum.

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* BANKING: The Reserve extended the interest equalisation scheme for pre- and post-shipment rupee export credit, with the same scope and coverage, by three months until Sep 30.

* CORPORATE: The Enforcement Directorate has said it has recovered 172.5 mln rupees from fugitive diamond merchant Nirav Modi's sister, Purvi Modi, in the fraud case.

* ECONOMY: The government expects to proceed with the privatisation plan announced in Budget 2021-22 (Apr-Mar) without hesitation, Finance Minister Nirmala Sitharaman said.

* FINANCE: IIFL Home Finance has filed the draft shelf prospectus with the exchanges for the first tranche of its public issue of non-convertible debentures aggregating up to 10 bln rupees.

* REGULATORY: The Securities and Exchange Board of India has issued a consultation paper seeking public comments on the pros and cons of proposals to relax norms on superior voting rights shares for promoters.

The Securities and Exchange Board of India has issued a master circular, comprising all the circulars issued by the exchange since Jul 10, 2020, till Apr 30.

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STOCKS ======

* AUROBINDO PHARMA: In another step towards sharpening its focus on the fast-growing injectables business, the company will transfer the ownership of its Unit-4 to arm Eugia Pharma Specialities for 8.8 bln rupees.

* BHARAT HEAVY ELECTRICALS: India Ratings & Research has downgraded rating on the company's long-term bank facilities to 'AA-' from 'AA' and reaffirmed outlook at 'Negative'.

* : The telecom industry is under "tremendous stress" and there is an urgent need for tariff hikes, according to company Chairman Sunil Mittal.

* : In the post-COVID world, the company's biologics business will have a bigger opportunity to cement its position and have a greater say in the global landscape, the company said in its annual report for 2020-21 (Apr- Mar).

* : Hopes to produce 50 mln doses of its COVID-19 vaccine, ZyCov-D, by the end of December, Managing Director Sharvil Patel said.

Given the nature of COVID-19 and its progression, a booster vaccine shot may be required even if people have already received two doses, the company's Managing Director Sharvil Patel said.

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* : The company's offtake rose 23% on year to 51.3 mln tn during June, mainly due to a low base. The sales were hit in June last year due to a nationwide lockdown to curb the spread of COVID-19.

* DEEPAK FERTILISERS & PETROCHEMICALS CORP: The company's securities issue committee has approved the allotment of 5.48 mln shares to International Finance Corp pursuant to the conversion of first tranche of foreign currency convertible bonds issued to them in October 2019.

* DR REDDY'S LABORATORIES: Has received approval from the US Food and Drug Administration for the generic of Aptiom to treat seizures.

* : The company sold 43,048 in June, recording a growth of 13% on year.

* GAYATRI PROJECTS: The company has defaulted on repayment of 347.7-mln- rupee loan as on Jun 30. Therefore, four loan accounts have turned into non- performing assets.

* HERO MOTOCORP: Reported a strong rebound in June in terms of total dispatches at 469,160 units of motorcycles and scooters due to a gradual easing of the COVID-19-related restrictions and lockdowns across key markets in the country.

* : Raised the prices of its aluminium ingots, billets and wire rods for the fourth time in a row with effect from Wednesday. The company has hiked prices by 5,750 rupees per tn or nearly 3%.

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* CORP: Rajneesh Narang has been appointed as chief financial officer with effect from Thursday.

* HOUSING DEVELOPMENT FINANCE CORP: Sold 2.36 mln shares, representing 3.97% of the paid-up share capital, of ANSAL HOUSING.

* ICICI BANK: The bank has launched a comprehensive digital banking solution called 'Salute Doctors', which provides customised banking as well as value- added services for doctors, medical students or owners of hospitals or clinics.

* JSW STEEL: The debtors turnover for the company fell by a day to 18 days in 2020-21 (Apr-Mar), while that of peer doubled to 14 days during the year.

* LUPIN: Subsidiary Lupin Pharmaceuticals, Inc., has received US Food and Drug Administration's approval to expand the use of Solosec (secnidazole) for treatment of trichomoniasis in adults.

* MARUTI INDIA: Extended free service, standard warranty, and extended warranty for its customers till Jul 31 as states gradually ease restrictions imposed to curb the spread of the second wave of COVID-19.

* MOTILAL OSWAL FINANCIAL SERVICES: The Bombay High Court has by way of an interim order on Monday directed Dhanera Diamonds not to sell or dispose its assets, which thereby ensures that Motilal Oswal Financial Services would

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receive 890 mln rupees as compensation. It includes an interest of around 80 mln rupees.

* NATIONAL ALUMINIUM CO: Raised the prices of its aluminium ingots by nearly 5%, or 9,600 rupees per tn, with effect from Wednesday. This price hike comes after the company increased prices by nearly 2% last week.

* NCC: The company received five new orders worth 21.5 bln rupees in June.

* NMDC: Iron ore sales rose 28.2% on year to 3.18 mln tn in June, and production was up 18.3% on year to 2.98 mln tn.

* NTPC: Will jointly develop offshore wind power plants with the OIL AND NATURAL GAS CORP, and the potential capacity of these projects can run up to "tens of thousands of mega-watts", a senior official of the power generator said. The investment required for 1 MW of wind power is around 50 mln rupees. (FE)

* : Is considering Dholera Special Investment Region, about 100 km from Ahmedabad, as a possible location for an electronics unit, sources said.

* : Is in talks with Singapore based-Cube Highways for the sale of its four road assets for an enterprise value of 14.3 bln rupees, sources said. (PTI)

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* RELIANCE POWER: Has defaulted on 24.4-mln-rupee interest payment on term loan from and DBS Bank, payable on May 31.

* ROUTE MOBILE: Will acquire Rajasthan-based Sarv Webs' artificial intelligence- enabled, cloud-based email communication platform, Sendclean, and its associated identified customer contracts for an upfront consideration of 262.5 mln rupees, on a slump sale basis.

* SAGAR CEMENTS: The board has approved sub-division of each share of face value 10 rupees into five shares with face value of 2 rupees each.

* SREI INFRASTRUCTURE FINANCE: Srei Group has said it is re-assessing and re-negotiating terms of loans worth 85.8 bln rupees after the Reserve Bank of India flagged exposure to certain borrowers as part of its inspection.

* SUN PHARMACEUTICAL INDUSTRIES: Has received approval from the US Food and Drug Administration for generic of Cleocin T to treat acne.

* TATA CONSULTANCY SERVICES: Has secured an order from US-based multinational publishing company John Wiley & Sons to modernise its e- commerce platform with SAP Commerce for seamless customer experience.

The company President (Asia Pacific) Girish Ramachandran believes reskilling talent will unleash business opportunities worth $450 bln in the country amid a massive digital transformation.

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* : The automobile industry will see significant disruptions in terms of technology and safety in the next 10 years, said Rajendra Petkar, chief technology officer of the company, speaking at the India Global Forum.

* CO: Board has withdrawn the proposal for amalgamation of wholly-owned subsidiary Tata Power Solar Systems with the company, after considering recent developments in the renewable sector, the present business environment and other options available for renewable business.

* TATA STEEL: Plans to increase its steel-making capacity in India to 35-40 mln tn by 2030 through a combination of expanding capacities at its existing plants and inorganic growth.

* VEDANTA: Raised the prices of its aluminium ingots by nearly 3% or 5,500 rupees per tn with effect from Wednesday. This is the fourth consecutive price hike taken by the company.

Has planned a capital expenditure of $5 bln over three years. (BS)

* : Has approached the government to seek one year moratorium on payment of over 82 bln rupees as spectrum instalment, due in April 2022. (BS)

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