Indian Market View
Market remained range bound on Thursday with Nifty facing resistance at 15900 while volumes remained on lower side on spot markets despite monthly derivatives expiry. Nifty is unable to put up significant gains in the past few days due to breakout in USDINR above 73.86 and we may see sharp reversal in markets if USDINR crosses the 74.35 mark. Bank Nifty is facing pressure around 35400, we need to remain cautious as long Nifty trades below 15900.
Global market cues are strong this morning. Dow ended up 322 points. US President Joe Biden says White House struck an infrastructure deal with bipartisan group of senators. Federal Reserve says banks can easily withstand a severe recession
- Railtel Corporation gets order worth Rs 89.09 cr from IAF MCC.
- ONGC reports Q4 earnings better than street estimates- Net Profit Jumps Over Fivefold Aided By Exceptional Item.
- IT stocks will remain in focus- Accenture reports strong Q3, raises revenue growth guidance.
- Ashok Leyland- reports string earnings for Q4, reports profit after four consecutive quarters.
- Steel stocks to be in focus- Russia imposes temporary export tax on all major metals.
- Aarti Industries- Floor proce for QIP at Rs 899.77 per share.
- BHEL- CARE downgrades rating to AA- from AA.
- Laurus Labs- CARE Ratings has upgraded the credit rating of the long-term banking facilities of the company to AA/Stable from AA-/Positive.
- Revenue from 5G services to be insignificant for late adopters including India: Moody’s
Key highlights from Reliance Industries AGM
- FY21 Consolidated Revenue at Rs 5.4 lakh crore, EBIDTA ~ Rs 98,000 crore, Profit up 34.8%
- Becomes net debt-free much ahead of March 2021
- To launch new energy biz in 2021, will invest Rs 75,000 crore in this biz over 3 years
- To invest Rs 60,000 crore in 4 giga factories over 3 years
- Targets 100 GW solar power capacity by 2030
- Data consumption on Jio Fiber network up over 3.5x over last year
- Launches ‘JioPhone Next’ jointly developed with Google
Product Note: India Pesticides Limited – IPO
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