Markets ended higher amidst monsoon progress
Ø Benchmark indices gained for the seventh straight day amid hopes on improvement in monsoon may lead to an earlier-than-expected rate cut by the RBI.
Ø Global risk appetite was firm lifted by a wave of optimism that Greece and its international creditors would strike a last-minute deal that will see it avert default.
Ø Indiabulls Real Estate surged 30% on reports its promoters will buy 10% stake in the property development company for INR 5.38bn.
Ø Skymet suggest that 80% of cultivation areas have seen normal to above normal rains.
Ø Road ministry and NHAI are looking to award 10,000km of road projects in FY16.
Global Macro
Ø Sales of existing homes in US rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009.
Ø Investor leverage in Chinese stocks fell to 1.479tn Yuan from 1.483 tn Yuan, making for the first decline since May 22.
Corporate Buzz
Ø Wockhardt gets USFDA nod to market pain-relieving drug Oxycodone HCl liquid; market size estimated to be about USD 58mn.
Ø Aurobindo Pharma receives final approval from the USFDA to manufacture and market two generic products, Entacapone tablets and Azithromycin injection.
Ø Hero MotoCorp enters in to consumer electronics market by acquiring a majority stake in Mybox technologies; to invest INR 5bn over the next few years.
Ø Reliance Jio gets provisional nod for TV content distribution at pan-India level in digital cable TV space; aims 100% national coverage within the next three years.
Ø GVK Power and Infrastructure receives buy-out notice from APTransco.
Ø Blue Dart Express buys majority stake (from 49% to 70%) in Blue Dart Aviation.
Ø JSW Steel to drastically reduce iron ore imports in FY16 as the domestic iron ore production is set to increase this year.
Ø SAIL prepares feasibility report to set up a 3 MT capacity integrated steel plant in Telangana.
Ø ICICI Bank ties up with Alibaba to provide easy finance to SMEs.
Ø Jain Irrigation expects INR 1bn export from Jalgaon unit annually.
Ø L&T wins fresh orders worth INR 15bnfrom Emirates Global Aluminum and SAIL.
Ø Tata Docomo launches free roaming incoming calls for 6 months for its pre-paid GSM and CDMA customers in Mumbai.
Ø SoftBank, Bharti Enterprises and Foxconn to enter solar power; aim to set up 20 GW of solar power generation capacity over the next 10 years.
Outlook
Ø Benchmark indices are likely to open on a flat note with positive bias amidst optimism as euro leaders seek a solution to the Greek debt impasse.
Ø Benchmark indices gained for the seventh straight day amid hopes on improvement in monsoon may lead to an earlier-than-expected rate cut by the RBI.
Ø Global risk appetite was firm lifted by a wave of optimism that Greece and its international creditors would strike a last-minute deal that will see it avert default.
Ø Indiabulls Real Estate surged 30% on reports its promoters will buy 10% stake in the property development company for INR 5.38bn.
Ø Skymet suggest that 80% of cultivation areas have seen normal to above normal rains.
Ø Road ministry and NHAI are looking to award 10,000km of road projects in FY16.
Global Macro
Ø Sales of existing homes in US rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009.
Ø Investor leverage in Chinese stocks fell to 1.479tn Yuan from 1.483 tn Yuan, making for the first decline since May 22.
Corporate Buzz
Ø Wockhardt gets USFDA nod to market pain-relieving drug Oxycodone HCl liquid; market size estimated to be about USD 58mn.
Ø Aurobindo Pharma receives final approval from the USFDA to manufacture and market two generic products, Entacapone tablets and Azithromycin injection.
Ø Hero MotoCorp enters in to consumer electronics market by acquiring a majority stake in Mybox technologies; to invest INR 5bn over the next few years.
Ø Reliance Jio gets provisional nod for TV content distribution at pan-India level in digital cable TV space; aims 100% national coverage within the next three years.
Ø GVK Power and Infrastructure receives buy-out notice from APTransco.
Ø Blue Dart Express buys majority stake (from 49% to 70%) in Blue Dart Aviation.
Ø JSW Steel to drastically reduce iron ore imports in FY16 as the domestic iron ore production is set to increase this year.
Ø SAIL prepares feasibility report to set up a 3 MT capacity integrated steel plant in Telangana.
Ø ICICI Bank ties up with Alibaba to provide easy finance to SMEs.
Ø Jain Irrigation expects INR 1bn export from Jalgaon unit annually.
Ø L&T wins fresh orders worth INR 15bnfrom Emirates Global Aluminum and SAIL.
Ø Tata Docomo launches free roaming incoming calls for 6 months for its pre-paid GSM and CDMA customers in Mumbai.
Ø SoftBank, Bharti Enterprises and Foxconn to enter solar power; aim to set up 20 GW of solar power generation capacity over the next 10 years.
Outlook
Ø Benchmark indices are likely to open on a flat note with positive bias amidst optimism as euro leaders seek a solution to the Greek debt impasse.
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