Stocks to Watch: , Maruti , NMDC, NTPC,

Tuesday, Jul 6, 2021 - Morning brief for the stock market:

TOP EVENTS TODAY

* Jan-Mar earnings to be detailed by: Konark Synthetics

* Board Meetings of:

+ Classic Electricals, to consider voluntary delisting of shares

* Annual General Meetings of: Deccan Bearings, GM Breweries, Otco International, Simplex Mills Company, Simplex Papers

INDICATORS (previous session)

* NSE provisional net buy/(sell) in bln rupees, Jul 5: FIIs (3.38), DIIs 6.46

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* Institutional net buy/(sell) in bln rupees, Jul 2: FIIs (25.09)

* FII NSE futures net buy/(sell) in bln rupee, Jul 5: index (1.33), stock 13.70

* Sensex: 52880, up 395.33 points; Nifty 50: 15834.35, up 112.15 points

* Crude: $75.16/bbl; Rupee: 74.30/$1; Gold: $1,783.3/ounce; 10-year yield: 6.0877%

GLOBAL MARKETS

* US – Markets were closed for a holiday on Monday.

* Asia - Most Asian markets opened higher today amid bargain buying due to positive earnings expectations and gains in oil companies' stocks as global crude oil prices rose after the Organization of the Petroleum Exporting Countries and its allies failed to reach an agreement on increasing supply.

DOMESTIC OUTLOOK

* Mixed cues from Asian markets and some profit-taking due to concerns over valuation, after domestic benchmark indices hovered near lifetime highs on Monday, may pull headline indices lower at open today.

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IPO WATCH

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* Restaurant aggregator and food delivery company Zomato has received the Securities and Exchange Board of 's approval for its initial public offer.

* One97 Communications, the parent of Paytm, will file a draft prospectus on Jul 12 for a domestic initial public offering that seeks to raise $2.3 bln, sources said. (RTR)

SECTOR NEWS

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* AVIATION: The civil aviation ministry has increased the ceiling on utilisation of fleet capacity by Indian airlines to 65% from 50% earlier. The revised cap will remain in place till Jul 31.

* ECONOMY: The government has initiated a project on business platform "Open Network for Digital Commerce" and formed an advisory council of prominent citizens to suggest measures for designing and accelerating the adoption of the portal.

* HEALTHCARE: The COVID-19 vaccination registration platform Co- WIN will be made open source, Prime Minister said at the Co-WIN Global Conclave.

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* INFORMATION TECHNOLOGY: In an affidavit filed on Monday, the Ministry of Electronics and Information Technology informed the Delhi High Court that Twitter was not entitled to safe-harbour immunity under the Information technology Act on account of the social media company's non-compliance with the new IT rules.

* INSURANCE: Reliance Nippon Life Insurance Co has declared a bonus of 3.07 bln rupees for its policyholders for 2020-21 (Apr-Mar).

* PHARMACEUTICAL: The Indian pharmaceutical market witnessed a sales growth of 14.1% in June after having recorded a whopping 48% rise in May, data from research company AIOCD-AWACS showed.

* REGULATORY: The Securities and Exchange Board of India has issued new directions to stock exchanges, depositories and clearing corporations with regard to handling of technical glitches and payment of financial disincentives.

STOCKS

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* AXIS BANK: The bank is on track to execute organisation-wide transformation projects driven by technology and the implementation of one such project has helped the bank reduce loan approval time by nearly 75% in the commercial banking segment.

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* DELTA CORP: The company will resume casino operations in Sikkim from Tuesday. The company said the state government has allowed reopening of casinos subject to safety norms being followed.

* DR. REDDY'S LABORATORIES: The company has said that its overall business growth may remain volatile in 2021-22 (Apr-Mar) due to uncertainty created by the COVID-19 pandemic. However, the company is hopeful of various levers, primarily COVID-19 related products, contributing to its growth.

* : Total vehicle production was at 1,757 units in June compared to 879 units a year ago.

* INTERGLOBE AVIATION: The company-run IndiGo airlines started flights from Darbhanga in Bihar to Kolkata and from Monday.

* JET AIRWAYS (INDIA): At least 95% of Jet Airways' employees will have to give their consent to the Kalrock-Jalan consortium's proposal or lose benefits offered to them under the revival plan. (BS)

* KIRLOSKAR ELECTRIC CO: The company has extended the lay-off period for 39 workmen out of 63 workmen at Budihyal (unit-15) by 60 days. Accordingly, all 39 workmen will continue to be in lay off from today to Sep 4.

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* INDIA: The company's production in June tripled on year, but the company has said such a comparison isn't meaningful since production in June last year was far from normal owing to COVID-19 related lockdowns and disruptions.

* MINDA INDUSTRIES: Expects the value of its components to electric two-wheeler makers to rise by 60% in a few years, as it will soon start selling new parts that are under production.

* NMDC: The government has announced the sale of 117.2 mln shares of NMDC Ltd through an offer for sale at a floor price of 165 rupees a share. While the base issue is to sell 4% of the total equity, the government also kept a greenshoe option for sale of an additional 3.49% equity.

* NTPC: Even though the Central Electricity Regulatory Commission has allowed BSES to walk out of a power purchase agreement with the company's Dadri-I thermal plant, giving other discoms in the country hope that they could also exit costly PPAs with the state-run producer, the Union power ministry may come to the aid of the CPSE. (FE)

* OIL AND NATURAL GAS CORP: ONGC Petro additions plans to raise up to 14.8 bln rupees through two bonds--maturing in three years and another in five years--and has invited bids for the same on Wednesday. ONGC Petro additions is promoted by the company, and co- promoted by GAIL and STATE PETROLEUM CORP.

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* PIRAMAL ENTERPRISES: The board has approved the allotment of market linked non-convertible debentures aggregating to 1.25 bln rupees.

* PNB HOUSING FINANCE: The Securities Appellate Tribunal has adjourned the hearing in the PNB Housing Finance case as the company is said to have sought more time to file its rejoinder. (Var)

* RAYMOND: Joe Kuruvilla, chief executive officer of the company's lifestyle business, has decided to step down citing personal reasons.

* RELIGARE ENTERPRISES: At the extraordinary general meeting held on Saturday, shareholders of the company approved raising 5.7 bln rupees through preferential issue of equity shares.

* SHARIKA ENTERPRISES: The company has received an order worth 42.3 mln rupees from LS Cable India Pvt Ltd for the service of 220 kV extra high voltage cable and accessories.

* TATA MOTORS: Said it plans to increase prices of its passenger vehicle range due to increase in input costs. (PTI)

* : The company has partnered with digital supply chain solution provider StaTwig to implement VaccineLedger globally.

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* TITAN: The overall demand outlook for the company in the current financial year is 'somewhat' better than the previous financial year, and the management is more prepared to face COVID-induced challenges, the company said.

* : The department of telecommunications will seek the finance ministry's views on whether the two-year moratorium granted to telecom operators for payment of deferred spectrum instalment can be extended by another year. The two-year moratorium was given to the telecom operators for FY21 and FY22, but the company has recently written to the DoT requesting for a one more year's extension as it was unable to generate enough cash to pay the same. (FE)

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