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ICICIdirect Research Posted on 09:36am 12-Oct-2021

Three PSU banks are now in the FNO ban list.

* Market Outlook

Indian markets are likely to open on a negative note on the back of negative Asian cues on concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry.

 

*  Markets Yesterday

• Domestic markets ended higher tracking gains in auto, metals and BFSI stocks despite mixed global cues.

• US markets ended lower on the back of concerns on the inflation outlook with more data on corporate earnings awaited.

 

* Key Developments

• According to Business Standard, NBFCs sold loans worth | 25,000 crore through the securitisation and direct assignment (DA) in Q2FY22, up 65% over the same period last year. Sequentially, it was up 45% vs. | 17,200 crore in the June 2021 quarter, thus reflecting receding investor concerns about collections and asset quality.

• Sunteck Realty posted robust pre-sales of | 272 crore (up 36% YoY: 55% QoQ) and sturdy collections of | 207 crore (up 47% YoY; 20% QoQ) during Q2FY22. With projects across the pricing spectrum in MMR, the company is confident of maintaining the sturdy growth in pre-sales driven by new launches and ready-to-move-in inventory.

• Glenmark Pharma has launched Tavulus (bioequivalent of Tiotropium Bromide, dry powder inhaler) in Spain. The drug is indicated for the treatment of chronic obstructive pulmonary disease (COPD).

• Three PSU banks namely Bank of Baroda, Punjab National Bank and Canara Bank are now in the F&O ban list.

• PI Industries has executed two joint venture agreements with Polymath Holdings, LLC for undertaking the business of manufacturing and selling products for bio chemistry processes and bio chemical enabled pharmaceutical intermediates. The financial details are undisclosed.

• Ashoka Buildcon has achieved commercial operation date (CoD) on October 9, 2021 for its HAM Project viz. six laning of Khairatunda to Barwa Adda section from km 360.3 to km 400.1 in Jharkhand. Consequent to the declaration of CoD, the company is eligible for receipt of annuity payments for the operation period of 15 years at the interval of every six months from the date of achievement of CoD.

• Prestige Estates registered highest quarterly sales of | 2,112 crore in Q2FY22 (up 88% YoY) on volume of 3.54 mn sq ft (up 100% YoY) and has clocked collections of | 1,551.5 crore (up 35% YoY). The sales were backed by the healthy response to its newly launched Bengaluru project, Prestige Great Acres (sold out within one day of launch) and existing inventories across geographies. The sales volume run rate implies strong recovery while the festive season ahead is likely to maintain the ongoing momentum.

• According to Exchange4Media, Sun TV Network is all set to launch its regional GEC Sun Marathi on October 17, after a delay of more than two years since the launch was put on hold. Maharashtra is a major regional market with ad revenue potential of | 900-1100 crore, albeit it is fiercely competitive with the presence of all major broadcasters in Marathi GEC.

• HCL Tech expanded its strategic partnership with Google Cloud to jointly launch healthcare and life sciences solutions. HCL Tech will establish a joint centre of excellence for Google Cloud, which will develop solutions to address critical industry issues such as interoperability, data governance & security.

• Invesco Developing Markets Fund has expressed concern in an open letter to Zee shareholders, about some terms of Sony Pictures Networks India’s proposed purchase of Zee, which the investor claims favour the promoters over ordinary shareholders. Also, it reiterated its demand to oust Puneet Goenka and strengthen Zee’s board with independent directors who will act in the interest of shareholders.

• Indian Bank has expanded the partnership with Fisdom, a fintech player, by adding new digital products to widen the suite of wealth management products for its customers. In addition to existing products of mutual fund investment and e-NPS, new digital products such as mutual fund HNI advisory products, digital gold and e-tax filing were on-boarded under the association, according to Business Line.

• Eclerx informed the stock exchanges about opening and closing date of buyback of shares. The opening and closing dates are October 18, 2021 and November 1, 2021, respectively.

• According to The Economic Times, Aditya Birla Group chairman Kumarmangalam Birla is considering infusing some of his own capital into Vodafone Idea while the Vodafone Group may sell at least a part of its stake in tower firm - Indus Towers - and channel the proceeds into the loss-making telco. This will be followed by external funding. There has been no confirmation of the same by the company.

• Radico Khaitan has launched two new premium IMFL namely Magic Moments Dazzle Vodka and Royal Ranthambore Heritage Collection Royal Crafted Whisky (blended malt scotch) in the brown and white spirit categories. Both liquor will be available in select stores in Delhi, Karnataka, Uttar Pradesh, Goa, Maharashtra, Rajasthan and Haryana in the first phase of launch.

• According to The Times of India, Adani Ports will not handle Exim containerized cargo, originating from Iran, Afghanistan and Pakistan starting November 15, 2021. The advisory will apply to all terminals operated by APSEZ and including third party terminals at any APSEZ Port.

 

*  Today's Highlight

Results: GM Breweries.

Events: India CPI, India industrial production, India manufacturing output, India cumulative Industrial production, UK unemployment rate.