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

DAILY REPORT 25th July, 2019

Tata Motors, Bajaj Finance, Bajaj Finserv, Ambuja Cements, Bank of Baroda, Biocon, Mphasis, Persistent Systems among companies scheduled to report earnings; RBI to hold two reverse repo auctions; Health Minister Harsh Vardhan to speak.

WHAT TO WATCH:

 India Panel Accepts INR30.5B Penalty on Telecom Firms: Official o Vodafone Idea says will explore all options, including legal recourse to protect its interest  India’s IL&FS Says Taken Steps to Address Over INR200B of Debt  India Said to Plan $10 Billion Global Bond Sale in October  India to Create 4 Million Tons of Sugar Reserves to Curb Supply  India Will Face Power Shortage In Next 2-Years: JSW Energy: BQ  Indian Bank That’s Risen 1,500% Bets on a Merger to Extend Gains  HP Enterprise to Boost Workforce in India by 20% Next 3-5 Years  Global Funds Sell Net INR32b India Equity Derivatives Wednesday  Global Funds Sell Net INR13.9b of India Stocks on Wednesday: NSE  Foreign Investors Sell Net INR27.5B of India Equities on July 23  India Names Atanu Chakraborty Economic Affairs Secretary; Garg Named Secretary at Power Ministry

MEDIA REPORTS:

 Jammu & Kashmir Bank Merger Announcement Likely Soon, BTVI Says  SBI Moves NCLT Against HDFC’s Claim On Jet Airways’ BKC Property: PTI  JSW Energy Plans To Raise $750 Mln By Selling Masala Bonds: PTI

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

 Ambuja Cements (ACEM) 2Q 4.01b (14)  AU Small Finance (AUBANK) 1Q 1.13b (9)  Bajaj Finance (BAF) 1Q 12.2b (7)  Bajaj Finserv (BJFIN) 1Q 7.45b (3)  Bank of Baroda (BOB) 1Q 8.82b (16)  Biocon (BIOS) 1Q 2.1b (11)  Grindwell Norton (GWN) 1Q 449m (5)  GRUH Finance (GRHF) 1Q  IFB Industries (IFBI) 1Q 129m (3)  Mphasis (MPHL) 1Q 2.69b (15)  Persistent Systems (PSYS) 1Q 899m (21)  PVR (PVRL) 1Q 435m (13)  South Indian Bank (SIB) 1Q 740m (8)  Tata Coffee (TCO) 1Q  Tata Motors (TTMT) 1Q 18.7b loss (7)  Westlife Development (WLDL) 1Q

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

GOVERNMENT:

 9:45am: New Delhi. Navy Chief Karambir Singh; Secretary Defence Production Ajay Kumar to address FICCI seminar on Shipbuilding  5:30pm: New Delhi. MoS for Shipping Mansukh Mandaviya to address FICCI Seminar on Shipbuiding  6pm: Delhi. H&F Welfare Minister Harsh Vardhan at book launch on Healthcare for India’s Poor – The Health Insurance Way

BOND SALES/PURCHASES (All times India Time):

 RBI to conduct INR750b, overnight & INR150b, 7-day reverse repo auction

CORPORATE BONDS: CORPORATE EVENTS:

 3pm: New Delhi. Surupa Gupta, professor at University of Mary Washington, Fredericksburg, USA to address RIS seminar on ’US- India trade relations’  AGMs: Bajaj Finance, Bajaj Finserv, Canara Bank, Edelweiss Financial, Federal Bank, IDFC First Bank, JSW Steel, Mphasis, PVR

ANALYST ACTIONS:

 Hindustan Unilever Raised to Accumulate at Elara Secs India  Torrent Pharmaceuticals Raised to Buy at Batlivala & Karani  Yes Bank Long-Term Ratings Downgraded By ICRA; Outlook - Ve  M&M Financial Cut to Hold at Batlivala & Karani; PT 340 Rupees

OFFERING:

 Affle India IPO Price Band Set at 740-745 Rupees/Share; Offer open July 29, close July 31

MARKETS:

 S&P 500 up 0.5% to 3,019.56  STOXX Europe 600 little changed at 391.73  MSCI Asia Pacific Index up 0.2% to 160.99  Gold spot down 0.1% to $1,423.83  Brent Futures up 0.2% to $63.28/bbl  Sensex down 0.36% to 37,847.65  Nifty Index down 0.53% to 11,271.30  SGX Nifty futures up 0.1% to 11,333.50  INR down 0.1% to 68.9825  Yield on 7.26% bonds maturing Jan 2029 at 6.44% on July 24  Bonds Gain as Govt Said Plan $10B Global Bond Sale: Inside India

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

EQUITY PREVIEW:

 Adani Enterprises (ADE): Says founders pledge 13.5m shares w/ IndusInd Bank  Axis Bank (AXSB): To shut half its offshore branches including Hong Kong  Bharat Heavy (BHEL): Signs pact with NTPC to set up coal-fired power plant o Indian Power Firms Sign Accord For Low-Emission Coal Power Plant  Bharti Infratel (BHIN): 1Q net income 8.87b rupees, beats est. 5.84b  Birla Corp (BCORP): To consider NCDs issue in Aug. 2 board meeting  Cox & Kings (COXK): Defaults on 1.74B Rupees of Payment  Dewan Housing (DEWN): Defaults on 80.7m rupees of payment on NCD  ICICI Prudential (IPRU): 1Q Net Income 2.85b rupees, misses est. 3.34b  InterGlobe Aviation (INDIGO): To operate daily flight on Kolkata-Yangon route; start flying Kolkata- Myanmar from Sept. 20  McNally Bharat (MCNA): Wins 6.1m Euro order from Hong Kong’s SGTORE  NBCC India (NBCC): Has been appointed by court to compalete Amrapali projects; Commission/Fees for projects fixed at 8%  PI Industries (PI): 1Q net income 1.01b rupees, meets est. 1b  Oberoi Realty (OBER): 1Q net income 1.52b rupees, misses est. 2.28b  Quess Corp (QUESS): 1Q net income 539.5m rupees, misses est. 752.5m  Sandhar Technologies (SANDHAR): Signs jv pact with Han Shin Corp. to make, sell electronic parts for automotive sector  Shriram Transport (SHTF): 1Q net income 6.34b rupees, meets est. 6.4b  Syndicate Bank (SNDB): Posts 1Q loss of 9.8b rupees; Gross NPA widens Q/q to 11.8% end-June vs 11.4% end March  IDFC First Bank (IDFCB): Posts 1Q loss of 6.12b rupees