News Shots

  • Regarding the Telecom AGR issue, the Department of Telecommunication said while telecom operators have filed affidavits, they still need time (given time till July 3rd week) to reply on the road maps and timelines for the payment of their AGR dues to the government and the security they seek to provide against it. Vodafone Idea in no position to furnish bank guarantee, has stated they have been in loss since a long time, and can pay the dues only from earnings in the future. Vodafone Idea has also requested for a payback period of more than 20 years and interestingly mentioned that its parent company has “written off” the investment in them!
  • 11th Deal for Reliance Jio –  Saudi Arabia’s Public Investment Fund to invest Rs 11,367 crore in Jio Platforms.
  • Moody’s downgrades Tata Motors rating to B1, changes outlook to negative.
  • CIpla expanded partnership with Roche Pharma India to further improve access to key oncology medicines.
  • Porinju Veliyath’s Equity Intelligence India bought 79,435 shares in Orient Bell (Ceramic wall and floor tile manufacturing company) at Rs 77.83 per share. (Assignment – Do Fundamental Analysis of Orient Bell :P)
  • Mahindra & Mahindra is looking to attract private equity (PE) funding for its decade-old electric vehicle business.
  • PNB Housing said it has seen a sharp decline in requests for moratorium from its customers, with its asset under management (AUM) under the scheme falling from 56 per cent in the March-May period to 31 per cent as of June 5
  • Chemicals maker Vinati Organics aims to double its revenue every three-four years by continuing to develop scalable manufacturing processes for niche chemicals, which will ensure better margins than commoditising existing processes for mainstream substances.

What to expect today?

  • Yesterday, the Indian market regained strongly and closed well above 10,000. It is a clear indication that market sentiments are still positive, amidst rising COVID 19 cases and heavy FII selling. The border issue with China is gradually becoming a non-event.
  • The entire Global Market was volatile and mixed yesterday. SGX NIFTY is currently trading lower at 10,030, indicating a nearly flat or a small gap down opening in the Indian Market!
  • NIFTY is likely to trade between 9,900 and 10,150 today. There is support at 9750, followed by 9900 and resistance at 10,180. 
  • Highest Call Open Interest at 10,000, followed by 10,500. Highest Put Open Interest at 9,600, followed by 9,900. The shift in OI in Put Options towards 10,000 further strengthens the positive sentiment in the market.
  • FIIs finally ended as net buyers after so many days. FIIs and DIIs bought worth Rs 1500 crores.