Coal India floates e-tender for import of coal
In a first ever, Coal India Limited (CIL) on Wednesday floated an international competitive bidding e-tender, seeking bids for import of 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants 0PPs) is based on the indents received from them. It is for July-September period of the current fiscal year.
#OnCNBCTV18 | Policy normalisation is the big theme globally. Prefer the energy space in the US market
Seeing a rebound in the Chinese markets
Manpreet Gill of @StanChart tells CNBC-TV18 pic.twitter.com/ctYQ4FjN8u— CNBC-TV18 (@CNBCTV18Live) June 9, 2022
Market at 11.00 AM
Indices trade positive at days high, Sensex trading higher by around 50 points, Nifty above 16,350
The Sensex was trading higher by 103.7 points or 0.19% at 54,996.2 and the Nifty was higher by 33.5 points or 0.2% at 16,389.75. About 1679 shares have advanced, 1342 shares declined, and 135 shares are unchanged.
Reliance to cross Rs 3,000 once markets stabilize, Gautam Shah, Goldilocks Premium
Gautam Shah, Founder and Chief Strategist of research firm, Goldilocks Premium expect Reliance to go beyond Rs 3,000 once the stability comes back to Indian markets. He expects Nifty to hold firm around 16,000 levels in the medium term and is of the opinion that the banking (bank nifty) stocks can lead the next level of rally. He is positive on Wipro and large cap tech stocks
The move to link credit card-UPI from RBI is positive from a customers point of view,CEO-SBI Card
The move to link credit card-UPI from RBI is positive from a customers point of view, said Rama Mohan Rao Amara, CEO – SBI Cards. He doesn’t see merchant discount rates (MDR) going down to Zero. He expect the linkage of Rupay credit card will improve the convenience of customers and sees small value transactions moving to credit cards.
HDFC Bank asks parent to cut exposure to certain loans before merger
India’s largest private sector lender HDFC Bank is said to have asked its parent Housing Development Finance Corporation (HDFC) to cut exposure to a certain category of loans that are not permitted for banks under Reserve Bank of India (RBI) regulations. These are mostly short-term loans that include certain corporate loans and loans to developers. It is estimated that the value of this chunk of loans will be around Rs 20,000-25,000 crore on HDFC’s book at present, part of which will get extinguished over the next few quarters. Even then, it is estimated that HDFC will have less than approximately Rs 10,000 crore such loans on its books prior to the merger.
Prabhudas Liladhar reiterates a ‘buy’ on Oil India
Oil India at an inflexion point as major oil and gas projects along with Numaligarh Refinery expansion to 9MTPA comes on stream in FY25. Crude oil and gas production is to increase by 30%/70% by FY25E. NRL with high complexity has 69% diesel and 15% petrol is well placed to benefit from high margins. Q1FY23E results will reflect high crude oil and gas prices (icnreased to $6.1 frm $2.9 in April 22) along with high NRL GRM
At CMP stock trades at 4x PER FY23. Our est factor crude oil of $85/75/bbl for FY23/24E.
Rate hikes will not dampen demand on the ground, Pavitra Shankar of Brigade Enterprises
Rate hikes will not dampen demand on the ground, affordability in the real estate sector is good, said Pavitra Shankar of Brigade Enterprises. The company has started increasing prices across the board. She expects that people may buy low ticket homes in the long run but it will not impact the demand.
Market at 10.00 AM
Indices stuck in a range, Sensex trading lower by around 150 points, Nifty around 16,300
The Sensex was trading lower by 120.5 points or 0.22% at 54,772 and the Nifty was lower by 24.4 points or 0.15% at 16,331.85. About 1440 shares have advanced, 1325 shares declined, and 113 shares are unchanged.
Nifty Realty biggest loser of the day, down 0.73 percent
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
With the monetary policy coming on expected lines without any significant market impact, the focus now will be on the US inflation data and its implications for interest rates and equity markets. The fact that the trading volume in US markets is very low indicates that the market is waiting for direction. Big market moves are likely after the data is out. In India, the near-term texture of the market is ‘sell on rallies’. FPI’s sustained selling has become almost predictable. Only a declining inflation rate in the US and the possibility of the Fed turning less hawkish than now can change the trend of FPI selling. FPI selling in banking stocks has led to depressed valuations in this segment, particularly in high quality banking majors. This is an opportunity for medium- long- term investors.
Markets at Opening
Indices lose close to 0.5 percent at opening with Sensex down 225.8 points or 0.41 percent at 54,666.6 and Nifty is trading down by 71.1 points or 0.43 percent at 16,285.15. All sectors in red except pharma which is up 0.25 percent