Stocks in the News highlights (16-June-2021)
1) IPOs today: Dodla Dairy, KIMS Hospitals, Shyam Metalics & Energy Ltd. and Sona BLW Precision Forgings Ltd.
2) Axis Bank: Axis Bank board allotted 68,765 equity shares under ESOP. The board has also approved the re-classification of General Insurance Corporation of India to Public category from Promoter category. This is subject to approval from authorities and shareholders.
3) Coal India: Coal India said that it would reduce 5% manpower every year for the next 5-10 years to reduce costs.
4) India's trade deficit rose to $6.28 billion in May from $3.15 billion during the same period a year earlier.
Exports rose 69.35% in May from a year earlier to $32.27 billion. When compared to April 2021, exports rose by around 5%.
The rise in exports came from growth in sectors such as engineering, petroleum products, and gems and jewelry.
Imports were up 73.64% to $38.55 billion from the same month last year. Imports fell around 15% from April this year.
6) HDFC Bank: HDFC Bank said that the board of directors in a meeting scheduled on Friday will consider a proposal for the recommendation of a dividend on the equity shares of the bank for Q4FY21.
7) Wipro: Fitch Ratings has assigned long-term foreign currency and local currency issuer default ratings (IDR) and foreign currency senior unsecured rating of A-minus.
8) BPCL: Media reports say that the Government of India may raise foreign investment limit to aid the sale of BPCL.
9) Indian Overseas Bank’s (IOB) net profit jumped by 64% sequentially in Q4 to ₹350 crore. The soaring profits were led by a drop in provisioning for bad loans and a 30% rise in non-interest income.
10) Whirlpool: The shares of home appliances manufacturers spiked by 7% today after the company posted strong Q4 numbers. The company’s net profit rose by 41% YoY to ₹130 crore in the March quarter.
11) JB Chemicals & Pharmaceuticals’ net profit doubled on a year-on-year basis to ₹100 crore in the March quarter. The revenue also rose by 19% to ₹528 crore led by a strong revenue growth in the international business.
12) Satin Creditcare Network: The microfinance institution’s shares rose by 10% as it reported a net profit of ₹38 crore in March 2021 compared to ₹13 crore in March 2020. Despite the rise in assets under management, the company’s net interest income dropped by 10% year-on-year.
13) Index of Industrial Production (IIP) witnessed a growth of 134.4% in Apr 2021 as compared to growth of 22.4% in the previous month.
14) The World Bank has lowered its forecast for India's Gross Domestic Product (GDP) to 8.3% for FY22, down from 10.1% previously.
15) Bond yields fell marginally on decline in U.S. Treasury yields after weaker-than-expected U.S. nonfarm payroll report for May 2021. Yields eased further on expectations of the Reserve Bank of India’s (RBI) bond purchases even after the central bank devolved the 10-year benchmark paper on primary dealers in weekly gilt auction.
• Yield on the 10-year benchmark paper (5.85% GS 2030) eased 2 bps to close at 6.01% as compared to the previous week’s close of 6.03% after moving in a narrow range of 6.00% to 6.05%.
16) RBI conducted the auction of three government securities- 4.26% GS 2023, 5.85% GS 2030 and 6.76% GS 2061 for a cumulative amount of Rs. 26,000 crore, which was oversubscribed along with devolvement on primary dealers. Greenshoe amount of Rs. 750 crore have been accepted on 4.26% GS 2023. 5.85% GS 2030 security saw devolvement on primary dealers of Rs. 9,975.763 crore. The cut-off stood at Rs. 100.12/4.1929%, Rs. 98.97/5.9938% and Rs. 97.27/6.9625%, respectively.
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