{LONGTERMINVESTORS} INDIA DAYBOOK: Modi in Mozambique, PNB Housing IPO, Lupin Recall

 

 

Today: Prime Minister Narendra Modi begins 4-nation visit of Mozambique, South Africa, Tanzania and Kenya; Power Minister Piyush Goyal, others to speak at INFOCOM conference. WHAT TO WATCH:

• Modi in Mozambique today

• Cabinet approves importing pulses from Mozambique
• India to import 100,000 tons of pulses from Mozambique

• India hopes to conduct spectrum auction on time, Telecom Secretary says
• Toshiba sees $20 billion opportunity in India nuclear project
• India's June oilmeals exports slide 48% to 88,514 tons
• Modi shuffles cabinet to soothe spats before India state polls
• Confident GST bill will be passed in monsoon session: Gangwar
• SEBI revised rules for financial results reporting in Ind-AS

• Existing formats of balace sheet shall continue till Dec. 31

• Telecom watchdog proposes longer prepaid data vouchers
• BSE allows sovereign gold bonds as cash collateral
• Indian sugar stuck at ports on export duty, F.O. Licht Says
• Modi focus on railways, housing set to double India steel demand
• Uncertainty in global economy prominent risk for EMs, India's FSDC says
• Global funds bought net INR2.66b of local stocks on July 5; domestic funds sold net INR4.47b: provisional data
• Havens climb amid Brexit angst revival; crude buoys Asian stocks

MEDIA REPORTS:

• India pulses output may rise to 20m tons this crop year: PTI
• Bharat Financial may raise 100b rupees in FY17: PTI
• India antitrust regulator clears JSW's buy of JSPL plant: PTI
• Essar Steel's lenders start talks for debt restructuring: Mint
• CESC said to secure 7b-rupee loan from four banks: PTI
• Vodafone said to be frontrunner to buy Telenor India ops: ET
• SBI invites independent valuers for merger of associates: PTI
• India panel to examine change in financial year period: Business Line
• Petronet LNG plans 50 billion rupees terminal in Bangladesh: PTI
• India ministry seeks higher import duty on aluminum products: Business Line
• Reliance seeks government approval to supply subsidised LPG: ET
• Reliance AIF to raise 10b rupees to invest in real estate: ET
• India's FIPB approves FDI proposals valued at 6.43b rupees: PTI

GOVERNMENT:

• 10am: Agriculture Minister Radha Mohan Singh, at conference on 'Innovations in Agricultural Mechanism' in New Delhi
• 4pm: Piyush Goyal to speak at inaugural ceremony of INFOCOM 2016-New Delhi Chapter

EARNINGS:

• Zee Learn (ZLL) 1Q

CONFERENCES/CORPORATE EVENTS:

• 9:30am: VAS Business Convention Digital Services Asia 2016 in New Delhi
• 2:30pm: A.M. Naik, L&T group chairman, to address media at L&T Infotech IPO Road Show in New Delhi
• AGMs:

• Polaris Consulting Services

OFFERINGS:

• PNB Housing seeks approval to sell up to INR25b of shrs in IPO

ANALYST RATINGS/RESEARCH:

• Tech Mahindra cut to sell from neutral at UBS
• Coal India assumed overweight at Credit Suisse, PT 400 rupees
• Vedanta raised to buy vs hold at Deutsche Bank

MARKETS:

• S&P 500 +0.5% to 2,099.73
• Stoxx Europe 600 -1.7% to 318.76
• MSCI Asia Pacific Index +0.3% to 128.91
• Global Commodity Prices Overview

• Gold spot +0.4% to $1,368.64 oz
• Brent futures +0.5% to $49.04/bbl

• SGX CNX Nifty Index futures for July delivery +0.6% to 8,346

• Sensex -0.41% to 27,166.87 on July 5
• Nifty -0.42% to 8,335.95

• Yield on 7.59% bonds due January 2026 at 7.39% on July 5
• INR -0.3% to 67.4550/USD

ADRs (traded value):

• WNS Holdings -3.0% ($4.3m), Infosys -1.1% ($63.5m), HDFC Bank -0.7% ($28.3m), ICICIBank -0.7% ($96.1m), Tata Motors +0.6% ($32.3m), Wipro -0.6% ($7.4m), Dr Reddy's +0.3% ($25.1m)

EQUITY PREVIEW:

• 3i Infotech (III): To issue new FCCBs of up to $52m to existing bondholders
• Asian Oilfield (AOS): Oilmax Energy makes open offer for 26% at INR32.4/shr
• Axis Bank (ASXB): India approves higher foreign investment limit
• Camlin Fine (CFIN): To raise INR556.8m via QIP issue; to allot shares at INR85.4/shr
• Dr. Reddy's (DRRD): Co. recalled 84,240 bottles of acid- control tablets, FDA says
• Educomp Solutions (EDSL): Says unit completed sale of its land & building
• Fiem Industries (FIEM): Gets LOI for INR123.2m LED bulb order
• Insecticides India (INST): Pact with Momentive Performance
• ITD Cementation (ITCE): Says JV gets LOA from Mumbai Metro for contract valued at INR28.3b
• J. Kumar Infra (JKIL): JV with CRTG wins INR50.1b Mumbai Metro work order LOA
• Larsen & Toubro (LT): NHAI awards INR8.95b highway work project to co.
• Lupin (LPC): Co. recalled blood pressure drugs that failed testing, FDA says
• NBCC India (NBCC): Says won INR5.87b of contracts in June
• Reliance Industries (RIL): Unit Reliance Jio to raise up to INR20b via debentures sale
• Shipping Corp. (SCI): To resume sailing to Iran in July post sanctions, CMD says
• Somany Ceramics (SOMC): To issue INR250m of commercial paper

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