This technical analyst provides strong buy calls in pharmaceutical and hospitality sectors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Soni Patnaik, from JM Financial Services, recently shared her insights on the Indian stock market during an interview with CNBC-TV18. Patnaik discussed the pharmaceutical sector, highlighting the strong rollovers and potential investment opportunities. Additionally, she provided specific buy recommendations for Glenmark Pharmaceuticals and Indian Hotels, citing their robust performance and anticipated growth.

Patnaik expressed her confidence in the pharmaceutical sector, emphasizing the strong rollovers that she had observed. One of her top recommendations within this sector is Glenmark Pharmaceuticals, which has displayed an impressive 82 percent rollover rate. Currently, the stock is securely supported at the Rs 640-645 level. Patnaik believes that from its current levels, Glenmark has the potential to reach the Rs 720-740 range, indicating a significant upward movement.

Over the last month, the stock has already witnessed a notable gain of more than 12 percent, further strengthening the case for investment.

Glenmark Pharmaceuticals emerges as a strong buy opportunity based on its exceptional rollover rate and the stability it has exhibited at the Rs 640-645 level. Investors can consider initiating positions in Glenmark with the expectation of a potential rise towards the Rs 720-740 range. The stock’s recent performance and overall growth prospects make it an attractive option for those seeking to capitalize on the pharmaceutical sector’s momentum.

Patnaik’s second buy call revolves around the hospitality sector, with a specific focus on Indian Hotels. Currently trading around Rs 390, Indian Hotels has demonstrated considerable strength in recent times. Notably, it has exhibited robust support levels at Rs 378-375 over the past three days. Patnaik recommends placing a stop loss at Rs 375 while targeting levels above Rs 430. This implies a potential upside of more than 10 percent from its current trading range. Moreover, the stock has already shown a growth of over 2 percent in the last month, reinforcing its positive trajectory.

Investors looking for opportunities in the hospitality sector can consider Indian Hotels as an attractive investment prospect. The stock’s resilience and ability to maintain strong support levels at Rs 378-375 suggest a favorable risk-reward ratio. With a stop loss set at Rs 375, investors can anticipate the stock’s upward movement towards the Rs 430 plus range. Indian Hotels’ consistent performance and upward trajectory over the past month further support the investment case put forth by Patnaik.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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Mahila Samman Saving Certificate facility now available in public sector banks, four private banks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Widening the scope of small saving schemes, the government has notified that just like other small savings schemes, Mahila Samman Savings Certificate accounts can now be opened across all public sector banks and in designated private banks. The Ministry of Finance, via a gazette notification notified that the facility of investment in Mahila Samman Savings certificate will also be available in private banks like ICICI, Axis, HDFC and IDBI Bank.

Earlier in April, the Mahila Samman Savings Certificates was made available in 1.59 lakh post offices. The scheme was announced during Union Budget 2023-24 by the Finance Minister to commemorate ‘Azadi Ka Amrit Mahotsav’ with an aim of financial inclusion and empowerment of the women, including the girls.

The notification issued by the government says that the authorisation to operate the scheme is subject to a few conditions, like the banks should have dedicated software for operation and accounting of National Savings Schemes with specific functionality for each scheme. Banks have also been asked to manage and offer the scheme through online mode also in all branches.

The bank will be required to declare in advance the list of branches that will not operate any of the National Savings Schemes. Every bank will be required to submit a periodic report or any other requisite information from time to time to the Central Government concerning the deposits of subscription and withdrawals under the said Scheme, the notification said.

According to government data, the two-year scheme offers a fixed interest of 7.5 percent compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of two lakh rupees. To invest in this scheme, you can now visit the nearest post office or designated banks with a copy of your PAN, Aadhaar, a cheque for the deposit amount, and ask for the opening of your account.

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Election sweetener: Cabinet raises sugarcane prices by Rs 10 per quintal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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To help alleviate the challenges faced by sugarcane farmers ahead of the upcoming general elections, the Union Cabinet on June 28 increased sugarcane prices by Rs 10 per quintal. According to CNBC Awaaz, sugarcane farmers will now get fair and remunerative prices (FRP) of Rs 315/quintal instead of Rs 305/quintal.

During a Wednesday afternoon Cabinet and Cabinet Committee on Economic Affairs (CCEA) briefing, Union Minister Anurag Thakur and Health Minister Mansukh Mandaviya announced that it is the highest-ever FRP approved for sugarcane farmers.

For LIVE updates on the Cabinet briefing, check here.

The CCEA approved the new FRP at Rs 315/quintal for the October 2023 – September 2024 sugar season for a basic recovery rate of 10.25 percent. Additionally, a minor increase or decrease of 0.1 percent in the recovery rate will also lead to a substantial premium or deduction of Rs 3.07 per quintal, respectively, the CCEA said.

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The timing of this decision is crucial as it aligns with the upcoming sugar season starting in October. According to CNBC Awaaz, this new price hike will benefit over 50 million sugarcane farmers and others dependent on it. About 5 lakh farmers are involved in sugar mills and related allied activities.

What is FRP?

FRP or the fair and remunerative price is the minimum price at which sugarcane is bought from farmers. Farmers directly benefit from an increase in FRP as they get higher prices for selling sugarcane. The FRP is recommended by the Commission of Agricultural Costs and Prices (CACP) to the government.

The government recently increased the sugarcane FRP in August 2022 by Rs 15 per quintal.

The Cabinet on Wednesday approved schemes with a total outlay of Rs 3,70,128.7 crore for farmers. As a part of that, the CCEA approved the continuation of the Urea Subsidy Scheme under which Rs 3,68,676.7 crore has been committed for urea subsidy for three years. Rs 1,451 crore was approved for the Market Development Assistance Scheme to exemplify India’s model of wealth from waste.

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The Cabinet gave its approval for the introduction of the National Research Foundation Bill, 2023, in Parliament to strengthen the research eco-system in the country. It also greenlit the ratification of the Headquarters Agreement between the Government of India and the Coalition for Disaster Resilient Infrastructure.

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Wipro extends closing date for Rs 12,000 crore-share buyback to June 30 — here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s third-largest IT exporter Wipro has extended the closing date for its Rs 12,000 crore-share buyback programme, the largest in its history, by one day to Friday (June 30) instead of June 29. The issue opened on June 22. The Bengaluru-based firm has extended the closing date as the stock market will remain closed for trading on Thursday (June 29) on the eve of Bakri Eid, instead of Wednesday.

“On account of change in working day from June 29, 2023 to June 28, 2023, SEBI vide its email dated June 27, 2023 has allowed extension in the tendering period by 1 (one) working day. Accordingly, the buyback closing date will be Friday June 30, 2023 instead of Thursday, June 29, 2023,” Wipro said in its filing to the exchanges.

The IT major further noted that eligible shareholders will be able to tender in the share buyback on June 28 and June 30, 2023.

According to the guidance, a buyback is required to be kept open for five working days, and thus, the buyback closing date was set on June 29 since June 28 was a public holiday.

“In addition to placing the bid through the stock broker, eligible shareholder’s holding equity shares in physical form should submit the duly filled in and signed tender form, TRS, and requisite documents to the registrar to the buyback before 5 pm on Friday, June 30, 2023,” Wipro said in a filing.

The Nifty company will buy back about 26.97 crore equity shares, being 4.91 percent of the total paid-up equity shares, at a price of Rs 445 through the tender route, which is at a 16 percent premium over Wednesday’s price of Rs 382.5.

The buyback will lead to the extinguishment of 4.91 percent of shares and involves 15 percent reservation for retail shareholders who are defined as those holding shares worth less than Rs 2 lakh.

Small shareholders are eligible to apply for 62 shares for every 265 shares held on the record date, which was June 16. In the general category, the ratio has been fixed at 26 shares for every 603 shares held.

Wipro said the retail entitlement ratio has been fixed at 23.4 percent while for others it is 4.3 percent.

“The buyback is being undertaken by the company to return surplus funds to its equity shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans, in an expedient, effective and cost-efficient manner,” the company stated earlier.

Shares of Wipro were trading 0.42 percent higher at Rs 382.50 apiece in Wednesday’s morning deals. The stock has fallen 1.11 percent in the previous five trading sessions. On a year-to-date basis, the stock has tumbled 2.68 percent, while it fell over 10 percent in the last one year.

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7.5 lakh youths to get jobs via PM-CM internship programmes says UP CM Yogi Adityanath

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Emphasising the significance of micro, small, and medium enterprises (MSMEs) as a means of livelihood for millions of people in Uttar Pradesh, Chief Minister Yogi Adityanath announced the provision of jobs for 750,000 youths through the PM and CM Internship Programs in the state.

During the loan distribution program organised by banks at Lok Bhavan in Lucknow on International MSME Day 2023, the Chief Minister urged the MSME department to establish MSME clusters along the Purvanchal, Bundelkhand, and Ganga Expressways by identifying suitable land. The state government’s statement outlined these developments.

Adityanath instructed relevant authorities to expedite the establishment of Unity Malls in Lucknow, Varanasi, and Agra, while also catering to the needs of MSME entrepreneurs by providing the necessary facilities.

A total of Rs 20,000 crore was simultaneously disbursed to 341,000 MSME entrepreneurs to contribute to the overall development of the sector.

“Due to the lack of cooperation from the government, the entrepreneurs in this sector had become frustrated and disappointed. However, in the past six years, our government has been running nearly 96 lakh MSME units which serve as the source of livelihoods for crores of people,” he said as reported by ANI.

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During the event, Adityanath called for the opening of a Unity Mall in Avadh Shilpgram, Lucknow, within three months as part of the project’s initial phase. He acknowledged that entrepreneurs in the MSME sector had faced frustration and disappointment due to a lack of government support, but under his administration, nearly 9.6 million MSME units have been operating, serving as a source of livelihood for millions of people.

He proudly mentioned that Uttar Pradesh was the first state in the country to implement the “One District One Product” (ODOP) scheme to support the MSME sector. He also praised the state’s ODOP scheme, highlighting that Uttar Pradesh has received Geographical Indication (GI) tags for 52 of its products, making it one of the leading states in this regard.

The Chief Minister presented certificates to 11 ODOP entrepreneurs whose products have received GI tags. These entrepreneurs represented various products such as the “Dholak” (two-headed hand drum) from Amroha, locks (“Tala”) from Aligarh, home furnishings from Baghpat, Shajar stone from Banda, handloom from Barabanki, Nagina woodcraft from Bijnor, Kalpi handmade paper from Jalaun, Gaura stone (a radiant natural stone) from Mahoba, Tarakashi (a technique of inlaying brass, copper, or silver wires in wood) art from Mainpuri, horn handicraft from Sambhal, and Bakhira brassware from Sant Kabir Nagar.

(With inputs from ANI)

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Manchester City completes the signing of midfielder Mateo Kovacic from Chelsea

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Manchester City completed the signing of Mateo Kovacic from Chelsea on Tuesday on a four-year contract for 25 million pounds ($31.9 million) plus add-ons.

The 29-year-old Croatia midfielder, who was part of Chelsea’s Champions League-winning team of 2021, becomes City’s first signing since it won a treble of trophies last season.

Pep Guardiola’s team captured the Premier League title, Champions League and FA Cup, becoming only the second English team to achieve that feat.

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“This is a brilliant move for me, and I cannot wait to get started with City,” Kovacic said. “Anyone who has watched this team under Pep knows how good they are — for me, they are the best in the world.

“The trophies they have won are clear for all to see, but they are also the best footballing side out there. To be joining this squad really is a dream for any footballer.”

Kovacic will add depth in midfield with the signing coming one day after Ilkay Gundogan ended his trophy-laden seven-year stay with City by agreeing to join Barcelona on a free transfer.

Kovacic previously played for Inter Milan and Real Madrid. He was part of the Madrid squad that won three successive Champions League titles from 2016-18.

He is part of what is expected to be a slew of departures from Chelsea this summer.

N’Golo Kante (Al-Ittihad) and Kalidou Koulibaly (Al-Hilal) have left to play in Saudi Arabia, while Kai Havertz and Mason Mount remain targets for Arsenal and Manchester United, respectively.

Kovacic made 227 appearances for Chelsea and scored six goals. As well as the Champions League, he won the Europa League, Super Cup and Club World Cup.

“He can play as a 6 or an 8, has plenty of experience at top level clubs and he understands the Premier League. It was a very simple decision to bring him to City because he has the tactical and technical qualities we are looking for in a midfielder,” said Txiki Begiristain, City’s director of football.

“He is someone we have monitored for a very long time and always we were impressed whenever we watched him.

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Last day of Rain Industries in the Futures and Options segment – What should one do?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of specialty chemicals producer Rain Industries declined on Wednesday, which is the last day for the company to trade in the futures & options (F&O) segment.

With the expiry of the June series of contracts, the stock will be excluded from the F&O segment as per an earlier notice from the National Stock Exchange.

The NSE on April 24 had notified that the contracts for new expiry months in Rain Industries will not be issued on the expiry of existing contract months.

The decision was taken following the review of eligibility criteria of Rain Industries for the trade in F&O segment.

“Sebi’s guidelines for review of framework for stocks in derivatives segment state that after a period of one year from the date of the circular, only those stocks which meet the enhanced eligibility criteria shall remain in derivatives segment”, the NSE circular had stated.

As the existing contracts for expiry month of June are ending, the stock will be removed from the F&O segment. No contracts will be available for trading in Rain Industries with effect from June 30, 2023. Generally, stock exchanges carry out inclusion or exclusion of stocks in F&O segment annually based on SEBI guidelines.

A stock is excluded from the F&O trading for failing to meet the eligibility criteria like average median quarter sigma, MWPL value and average daily deliverable value for three consecutive months.

“There’s no impact on investors holding shares in demat. So they need not worry about this development. The positions in F&O segment will be squared off today at closing,” Ruchit Jain of 5paisa.com said.

Rain Industries Limited (RAIN) is one of the world’s leading producers of calcined petroleum coke, coal tar pitch and other high-quality basic and specialty chemicals.

The stock has rallied around 16 percent in the past three months.

Shares of Rain Industries are trading 2.3 percent lower at Rs 166. The stock has declined in five out of the last six trading sessions and is down nearly 10 percent on a year-to-date basis.

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Mumbai to face 10% water cut from July 1 due to inadequate rainfall

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai will face a 10 percent cut in water supply from Saturday, July 1 due to inadequate rainfall. The delayed monsoon rains hardly brought any changes to the water levels of reservoirs as the stock in lakes supplying water to the city is about 7 percent.

The Brihanmumbai Municipal Corporation (BMC) approved the water cut on the recommendation of the hydraulic department, said BMC chief Iqbal Singh Chahal, as per a report by Times of India. Chahal has also appealed to citizens to save water and use it judiciously.

The City and Industrial Development Corporation (CIDCO) is implementing 15 percent water cuts from today onwards. However, if the situation aggravates, the cut can go up to 25 percent, the CIDCO said.

Click here for live updates on monsoon

As of Tuesday morning, the water level in the seven lakes supplying water to Mumbai was at 7.26 percent at 6 am on Wednesday of the total 14 lakh million litres of water required to meet the city’s demand for the year. On the same day in 2022 and 2021, the lakes had 9.04 percent and 16.44 percent water stock respectively, as per the report.

Of the seven lakes, the maximum percentage of potable water is supplied by Bhatsa (48 percent), followed by upper Vaitarna (16 percent), Middle Vaitarna (12 percent), Modak Sagar (11 percent), Tansa (10 percent), and Tulsi and Vihar lakes (2 percent).

With inputs from PTI

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GQG, others likely buyers in Adani Enterprises, Adani Green block deals totalling Rs 8,000 crore: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sources tell CNBC-TV18 that GQG Partners, IHC and other investors are buyers in the block deals that took place in Adani Enterprises and Adani Green Energy, respectively, on Wednesday morning.

Shares of Adani Enterprises are the top gainers on the Nifty 50 index, gaining over 5 percent, after the stock saw large trades taking place in early trading on Wednesday.

Data from the exchanges said that 1.8 crore shares of Adani Enterprises, totalling nearly 1.6 percent of the overall equity exchanged hands in the transaction. Shares exchanged hands at a price of Rs 2,300 apiece, taking the total transaction value to Rs 4,130 crore.

A similar large deal was also seen in Adani Green Energy, where 4.8 crore shares or 3 percent of the overall equity exchanged hands. Shares exchanged hands at an average price of Rs 930 apiece, taking the total size to Rs 4,412 crore.

Shares of Adani Green Energy are trading with losses of nearly 4 percent. The stock is down for the second day in a row.

All other Adani Group companies – Adani Ports, Adani Total Gas, Adani Power, Adani Transmission, Adani Wilmar, ACC, Ambuja Cements and NDTV are trading with gains between 1-3 percent on Wednesday.

The overall market capitalisation of the Adani Group companies is hovering around the Rs 10 lakh crore mark after falling below it for the first time in a month on June 23. It has recovered more than 50 percent from the Hindenburg saga lows.

In an interaction with CNBC Asia earlier this month, Rajiv Jain of GQG Partners, who invested nearly Rs 15,000 crore in Adani Group companies earlier this year said that he sees a lot of opportunities in the conglomerate led by billionaire Gautam Adani. He also said that there is less political risk in the story than perceived and that Adani has the best infrastructure assets in India.

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Monsoon Session of Parliament likely from July 17 to August 10

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The monsoon session of Parliament will sta likely to begin from the third week of July and conclude on August 10, reports said.

The Cabinet Committee on Parliamentary Affairs chaired by Union Minister Rajnath Singh will finalise the dates.

Some of the key bills to be taken up in the session are National Financial Information Registry, Digital Personal Data Protection Bill, Insolvency and Bankruptcy Code (Amendment).

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