Indian markets opened higher on Wednesday. Asian markets slipped lower on cue from Wall Street peers, as the latter saw a mixed close amid lack of market driving activity in stocks. The US Senate voted 68-32 to approve a sweeping package of legislation intended to boost the country’s ability to compete with Chinese technology.
RBI nod for Ghosh’s re-appointment as Bandhan Bank MD & CEO for 3 yrs
“The Reserve Bank of India vide its communicated dated June 8, 2021, has granted approval for re-appointment of Chandra Shekhar Ghosh, Managing Director & Chief Executive Officer (MD&CEO) of the bank, for a period of three years, with effect from July 10, 2021,” the lender said in a regulatory filing. (PTI)
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments on Nifty’s trajectory
“Although the markets are headed to 15,900-16,000, it is facing resistance at higher levels. The trend is bullish as long as we keep above 15,600 on a closing basis. Hence, any drop in the index can be positively utilized by entering long positions on the Nifty.”
Prestige Estates surges on Q4 earnings
Shares of Bengaluru-based Prestige Estate Projects Ltd surged more than 8% on the NSE in Wednesday’s opening morning trade. The Street cheered the company’s March quarter earnings performance. It’s pre-sales volume at 2.76 million square feet improved 35% year-on-year (y-o-y). In value terms, sales increased by 53% y-o-y to ₹18,540 million. For FY21, the company saw sales in value and volumes terms rise by 20% y-o-y. Collections also remained robust during the quarter.
Strong cash flows and asset monetisation deal with the Blackstone Group helped net debt reduce by ₹7,150 crore to ₹1,314 crore with debt/equity metric improving to 0.19 times. The company’s net profit for the quarter saw a multi-fold jump due to this transaction. Investors would reckon that the company signed a definitive agreements in March with global investment firm Blackstone to sell select assets in its completed office, retail and hotel properties portfolios in the first phase of this deal worth ₹9,160 crore.
Leading crypto exchanges scout entry into India despite potential ban
Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies. Opponents of the potential ban say it would stifle the economic power of a tech-savvy, young nation of 1.35 billion people. There is no official data, but industry analysts reckon there are 15 million crypto investors in India holding over 100 billion rupees ($1.37 billion). According to four sources, who declined to be identified as they were not authorised to comment on private discussions, U.S.-based Kraken, Hong Kong-based Bitfinex and rival KuCoin are actively scouting the market, which analysts say would only get bigger if it was given a free rein. (Reuters)
Covid update: At 92,596, new cases go up slightly; positivity rate below 5%
As many as 92,596 people tested positive for Covid-19 in the last 24 hours, the Union health ministry said on Wednesday. This marks a slight uptick in the new reported cases after falling to a 63-day low of 86,498 on Tuesday. The cumulative caseload now stands at 2,90,89,069. (Read here)
The Sensex opened at 52,401.41, up 125.84 points, or 0.24%, while the Nifty opened at 15,766.30, up 26.20 points, or 0.16% on Wednesday. ONGC, Power Grid were major gainers.
World Bank slashes India growth forecast in FY22 to 8.3%
The World Bank on Tuesday slashed its FY22 growth forecast for India to 8.3% from the 10.1% pace it estimated in April, as an economic rebound in the early part of this year collapsed amid a devastating resurgence of coronavirus infections in Asia’s third-largest economy. (Read here)
Coal India asks govt for vaccines after nearly 400 covid deaths
Coal India Ltd., one of the nation’s biggest employers, has asked Prime Minister Narendra Modi’s government to help accelerate the vaccination of its work force after the deaths of almost 400 staff from covid-19. The world’s top coal miner, which employs about 259,000 people, said it has written to government officials requesting about 1 million doses be made available for staff and their family members. So far, some 64,000 employees — about a quarter of the work force — have been vaccinated, and the company is seeking to speed up the inoculation drive after unions pressed the case. (Bloomberg)
Markets are likely to be ranged on Wednesday while trends in SGX Nifty suggest a marginally higher opening of Indian benchmark indices. On Tuesday, the BSE Sensex closed at 52,328.51up 228.46 points or 0.44%. The Nifty was at 15,751.65, up 81.40 points or 0.52%. (Read here)
Mehul Choksi’s bail hearing adjourned till 11 June
The Dominica High Court has adjourned the bail hearing of fugitive diamond merchant Mehul Choksi till June 11, local media reports stated.
Choksi had approached the high court after the magistrate rejected his bail petition.
The bail hearing took place before high court judge Wynante Adrien-Roberts through video-conferencing on the plea of Choksi’s local legal team comprising Julien Prevost, Wayne Norde, Wayne Marsh and Cara Shillingford-Marsh.
The government side represented by Director of Public Prosecution (DPP) Sherma Dalrymple “strongly objected” to Choksi’s plea calling him a flight risk, Dominica News Online reported.
The judge adjourned the matter till June 11, it said.
Petrol, diesel prices touch record highs in Delhi, Mumbai
Petrol and diesel prices were hiked again today after a day of halt, touching fresh record highs in India. Petrol and diesel prices were increased by 19 paise per litre each in Delhi, according to a price notification of oil marketing companies(OMCs). Petrol is priced at ₹95.56 a litre while diesel is now priced at ₹86.47 in Delhi. In Mumbai, petrol is being retailed at ₹101.76 per litre and diesel at ₹93.85 per litre.(Read here)
China May PPI +9.0% y/y, CPI up 1.3%
China’s factory gate prices increased at the fastest pace since September 2008, official data showed on Wednesday, while consumer inflation also accelerated but at a slower-than-expected rate.
The producer price index (PPI) rose 9.0% from a year earlier in May, according to a statement from the National Bureau of Statistics. Analysts in a Reuters poll had expected the PPI to rise 8.5% after a 6.8% increase in April.The consumer price index (CPI) rose by 1.3% from a year earlier, the statistics bureau said. Analysts in the poll had expected the CPI to rise 1.6% after a 0.9% increase in April. (Reuters)
Bitcoin price continues to fall; ether, dogecoin plunge over 8%
Cryptocurrencies prices continued to fall after the US Internal Revenue Service (IRS) called for lawmakers to provide authority for tighter reporting rules on crypto transfers. Bitcoin fell as much as below $32,000 mark in the last 24 hours while other digital coins like ether and dogecoin also declined.
Bitcoin was trading at around $32,600 level, down over 3% according to CoinDesk’s data. The world’s largest cryptocurrency has slumped by half since hitting a record of almost $65,000 in April. Ethereum prices dived 8% to hover below $2,500 while Dogecoin was trading at $0.31. Other cryptocurrencies like XRP, Litecoin also fell more over 4% in the last 24 hours.
JSW Steel sues top US competitors for metal ‘conspiracy’
India-based JSW Steel Ltd. claims three of the largest American steelmakers conspired to stifle competition by refusing to sell raw metal to its U.S. pipe and plate-making operations after the Trump administration imposed imports on cheaper foreign supplies. US Steel Corp., Nucor Corp. and Cleveland-Cliffs Inc. control more than 80% of domestic steelmaking capacity and conspired to cause direct harm to JSW, according to a lawsuit filed Tuesday in Houston federal court. (Read here)
Sona BLW Precision IPO to debut 14 June
The initial public offering (IPO) of Sona BLW Precision Ltd, or Sona Comstar, an automotive component manufacturer, backed by private equity firm Blackstone Group, will open on 14 June. Price band for the issue has been fixed at ₹285-291 per share. The issue will close on 16 June.
Mixed opening for Asian markets
Most Asian stocks edged lower Wednesday after U.S. equities treaded water near a record ahead of key data on price pressures in the global economy. Benchmark 10-year U.S. Treasuries held an advance.Shares slipped in Japan and Hong Kong and fluctuated in China, where surging commodity costs drove factory-gate inflation to its highest level since 2008. U.S. equity contracts were little changed after the S&P 500 ended just shy of its May 7 record close. A slide in biotech stocks after Monday’s rally offset gains in megacap technology shares.
S&P 500 futures were flat as of 10:54 a.m. in Tokyo. The index rose less than 0.1%
Nasdaq 100 futures were little changed. The gauge climbed less than 0.1%
Japan’s Topix index fell 0.2%
Australia’s S&P/ASX 200 index rose 0.1%
South Korea’s Kospi index fell 0.2%
Hong Kong’s Hang Seng index slipped 0.1%
China’s Shanghai Composite index fell 0.1%
SGX Nifty was up 0.01%
Wall Street sees mixed close amid lack of clear catalyst
Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.
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