PROGRESSIVE’S EVENING STROLL DATE: 03 June, 2021

Market Snapshot: After a strong gap-up opening, Index remained range bound throughout the day to finally settled at 15,690.35 with the gains of 114.15 points. Media was the top performing sector followed by BankNifty. Mixed trend was seen in Auto sector. Only Pharma sector ended the day in negative territory. Extending its morning moves, Mid and Small-cap sectors outperformed Benchmark Index.

HOW THE DAY TRENDED

INDICES MARKET ACTION Index Close Points % chg A/D BSE NSE Sensex 52232.43 382.95 0.74 Advances 2188 1334 Nifty 15690.35 114.15 0.73 Declines 986 594 Nifty Midcap 100 26362.55 244.55 0.94 Unchanged 137 325 Nifty Small Cap 100 9440.35 112.60 1.21 A/D TREND BULL BULL

SECTORAL GAINERS / LOSERS NIFTY TOP GAINERS / LOSERS Sectors Close Points % chg Gainers %chg Losers % chg NIFTY MEDIA 1799.65 29.10 1.64 TITAN 6.65 INDUSIND BANK (2.16) NIFTY BANK 35649.00 275.25 0.78 ONGC 4.03 WIPRO (0.73) NIFTY METAL 5268.05 34.75 0.66 EICHER MOTORS 3.36 CIPLA (0.68) NIFTY PHARMA 14114.40 (37.45) (0.26) LT 2.71 DR REDDY (0.56)

INDICES LEVELS FOR June 04,2021

Nifty (future) Bank Nifty (future) Resistance 15,850 Resistance 36,185 Support 15,590 Support 35,425 PROGRESSIVE’S EVENING STROLL DATE: 03 June, 2021

KEY TAKEAWAYS OF THE DAY

 Wipro sells stake in Denim Group for USD22.42mn, acquires stake in Squadcast: Wipro announced that it has sold its stake in Denim Group, a provider of application security firm for USD22.42mn. Wipro, in 2018, had acquired 33.33% stake in Denim Group, an independent application security firm, for USD8.83mn. This is the second company in which Wipro has sold its stake. Wipro sold the stake as PE player KKR acquired Ensono. Meanwhile, Wipro also announced that it has acquired a minority stake of less than 20% on a fully diluted basis in US-based IT incident response services provider Squadcast for USD1.2mn.

 Phoenix Mills, GIC set up a USD733mn JV: Phoenix Mills Ltd (PML) and Singapore’s sovereign wealth fund GIC Pte Ltd have entered into a partnership to establish a USD733mn investment platform for retail‐led mixed‐use assets in India. GIC will acquire a significant minority stake in the portfolio of projects that will be located Mumbai and Pune. The transaction closes at a time when shopping malls and offices have been shut for over a month due to regional curbs.

 RIL, Tata, Adani, Suzuki JV to tap PLI plan for Li-ion business: India’s top conglomerates, renewable energy firms and battery makers seeking to take advantage of the govt’s Rs18,100cr production linked incentive scheme to make lithium-ion cells. Through the scheme, the govt is looking to attract investments worth Rs45,000cr. The PLI scheme also comes against the backdrop of India’s plan to relax some of the conditions after some interested firms voiced concerns on eligibility criteria, penalties, and high localization norms to claim benefits under the scheme.

 India brings forward target of 20% ethanol-blending in petrol to 2023: Last year, the government had set a target of reaching 10% ethanol-blending in petrol (10% of ethanol mixed with 90% of diesel) by 2022, and 20% doping by 2030. Earlier this year, the target for 20% blending was brought forward to 2025. And now, it has been further advanced to April 2023. India is the world's third-biggest oil importer, relying on foreign suppliers to meet over 85% of its demand. In the current ethanol supply year, which started in October, India plans to have 10% ethanol-blending with gasoline. As much as 4bn litres of ethanol will be needed for achieving a 10% mixing ratio. For 20% by 2023, 10bn (1,000 crore) litres will be needed. The sugar industry will divert 6mn tonnes of surplus.

 Rossari Biotech to acquire Unitop Chemicals for Rs 400 crore: Rossari Biotech Limited has agreed to acquire 100% of the total equity share capital of Unitop Chemicals Private Limited. Rossari will initially acquire a 65% equity stake in Unitop Chemicals, and the remainder 35% over the next two years. It plans to fund the investment through cash on balance sheet and does not intend to raise any debt for this acquisition. The company has three manufacturing plants in India with a capacity of 86,000 tonnes per annum.

 Snowman Logistics partners with Dr Reddy’s for Sputnik vaccines in India : Snowman Logistics, in a strategic partnership with Dr. Reddy's, will provide temperature-controlled end-to-end logistics solutions for the delivery of the two-dose Sputnik Covid-19 vaccine across India. It will be the largest 3PL service provider for vaccines in the country offering national reach to Dr. Reddy's Lab.

Source: Media Reports