Stock market news that you should not miss today as per IIFL

 Here is the important stock market news to watch out for today.

• Markets to open on a flat note; support @11,144, resistance at 11,350.
• FIIs bought shares worth Rs332.9cr (cash), sold Rs717.62cr in index futures.
• US markets close mixed; Asian markets opened flat.
• Oil trades lower at 45.19 USD/bbl.
• RBI lifted regulatory restrictions on the remuneration of Bandhan Bank's Managing Director and CEO; with this, all the regulatory restrictions imposed by the central bank are now withdrawn.
• RBL Bank to consider raising of funds by issuing equity shares on a preferential basis on Aug. 20.
• Zee Entertainment Enterprises may post a sharp drop in net profit in the quarter ended June as Covid-19 pandemic-induced lockdown significantly hurt advertising demand. The company is slated to announce its June quarter earnings on Tuesday.
• SEBI has imposed a penalty aggregating to Rs 10 Lakh on State Bank of India for non-compliance of mutual fund regulations with the directions issued by the SEBI in the case of holding, more than prescribed limit, equity shares of UTI AMC Ltd and UTI Trustee Company Pvt. Ltd.
• Telecom stocks: Supreme Court adjourns telecom dues case to Aug. 19.
• Jump Networks will grow its proprietary blockchain platform across India by partnering and investing with MOS Utility.
•  Delta Corp's temporary suspension of operations has had an impact on the revenue of casino and hospitality business but the online skill gaming business continues to operate and grow, the company said.
• Bharti Airtel Commercial papers issued on May 18 have been paid by the company on August 17 (on the maturity date).
• Triveni Engineering approved Rs65cr buyback through the tender offer process at a price of Rs105 per share.
• Canara Bank to exercise the call option for the redemption of 8.62% unsecured redeemable subordinate non-convertible upper tier-II bonds series III amounting to Rs1,000 crore subject to approval from RBI.
• Tata Steel fixes Aug. 28 as the record date for redemption of commercial papers worth Rs1,150cr.
• ICRA Ratings assigned AA- rating to Punjab National Bank's Base III Compliant Tier II bonds and Basel II compliant lower Tier II bonds.
• Quess Corp to disinvest 100% stake in its wholly-owned subsidiary Dependo Logistics Solutions Private Limited in an all-cash deal.
• Emami Promoters Diwakar Viniyog Pvt, Suraj Viniyog Pvt and Bhanu Vyapaar Pvt released 40,100 pledged shares.
• Ajanta Pharma Promoter Ravi Agrawal and Trustee Ravi Agrawal Trust released 10.5 lakh pledged shares.

RBI has put a freeze on your bank; what should you do now?

 

RBI has put a freeze on your bank; what should you do now? As per IIFL News.

In the case of possible deposit freeze, the best steps are those that are preventive in nature. The moment the freeze is placed, your choices become limited and time works against you.

 

It can be quite scary to get up one fine morning and suddenly realize that you cannot use the money kept in your own bank account. We have seen that happen in the case of Global Trust Bank in 2004, PMC Bank in 2019 and later Yes Bank in 2020. Both Global Trust Bank and Yes Bank were scheduled commercial banks with a large depositor base so the RBI intervened by finding a buyer to protect the depositors. However, PMC Bank being a much smaller cooperative, did not attract such an immediate response. What should you do in such circumstances.

First, there are preventive steps to take

Most cooperative banks do run the risk because they are not subject to the same level of stringent controls as scheduled commercial banks are. You need to keep this in mind when you open an account with a cooperative bank. Quite often, people open accounts with cooperative banks purely because the rates of interest offered are higher. When you place money in a bank, safety of principal  is more important so decide accordingly.

If you are going to keep a large sum in your bank, ideally spread it across more banks. Apart from spreading your risk, it also has another advantage, which we shall discuss later. The bigger chunk of your banking funds should still remain with large private banks and PSU banks, where the risk of such deposit freeze is much lower.

An important rule is to keep a tab on what is happening to you banker. For example, in the case of Yes Bank, the problems were visible for quite some time in the form of falling stock prices. Stock prices are a great lead indicator of likely problems and that is why you should prefer a listed bank. Once you see these signals, transfer your funds out at the first opportunity.

But, what to do if I am stuck with frozen deposits

That is a more practical problem. In the case of Yes Bank in 2020 or Global Trust Bank in 2004, the problem was resolved quickly as RBI coordinated the rescue of these banks. However, cases like PMC Bank have been more prolonged. Normally, when the deposits are frozen, the deposit holders are allowed to withdraw a small sum on a regular basis. There are two challenges that it creates viz. short term liquidity and long term recovery of deposits. Let us look at these two aspects separately.

Short term liquidity is the pressing issue, especially if a chunk of your savings is in that particular bank. Apart from the limits imposed by the RBI, there is a larger problem you will face. For example, if you have deposits and loans with the same bank, then your liquidity available will be calculated by adjusting the full loan against your deposit. That could exacerbate your problem.

The second issue is, what happens to your money? Fortunately, RBI has its own in-built checks and balances to prevent panic run on deposits. Normally, the RBI will not allow any bank of significant size to default on deposits as it endangers the entire banking system. Unless your bank is a cooperative bank or a small private bank, this will not be an issue. In the event of default, you still have insurance of up to Rs5lac per bank. This applies to all the savings and FD accounts in a bank. If your funds are spread across 5 banks, then your total insurance cover will be Rs25lac. That is an important reason to spread your funds across multiple banks.

Keep the pressure on so that the issue is not sidelined

Normally, when bank deposits get frozen, the choices in front of you are quite limited apart from ensuring that you take out funds to the extent permitted. However, it is essential for depositors to come together, form a pressure group, and keep the pressure on in a number of ways. For example, constant coverage in the press and media will ensure the matter is escalated to the highest echelons of power. Additionally, it is also essential to keep writing to the RBI and to the Ministry of Finance about the situation at the grassroots level so that the gravity of the problem is not lost sight of. Above all, keep the local MLAs and MPs under whose constituency most of the depositors fall in the loop. For most of them, such unrest among depositors has larger political consequences and they would take their own efforts to ensure the matter is escalated.

In the case of possible deposit freeze, the best steps are those that are preventive in nature. The moment the freeze is placed, your choices become limited and time works against you. At least, in this particular case, prevention is substantially better than cure.

Stock market news that you should not miss today

Here is the important stock market news to watch out for today as per IIFL.

Here is the important stock market news to watch out for today.

• Markets to open on a flat note; support @11,127, resistance at 11,300.
• FIIs bought shares worth Rs637.43cr (cash), sold Rs468cr in index futures.
• US markets close with gains; Asian markets opened in the red.
• Oil trades marginally higher at 45.23 USD/bbl.
• Lupin signed exclusive distribution pact with ForDoz Pharma for two complex injectable assets under development in the US.
• Jubilant FoodWorks announced that it has forayed into the FMCG category with a range of ready to cook sauces, gravies and pastes.
• HPCL: Q1FY20 profit at Rs2,813.8cr, revenue at Rs37,721cr vs. Rs66,154.8cr qoq .
• Mahindra & Mahindra and Cipla will annouce their financial results today.
• Welspun Corp board has approved listing of Welspun Middle East Pipes in the local stock exchange at Saudi Arabia.
• Wipro has collaborated with Intel to enable Wipro’s digital workspace solution with the Intel platform
• NIIT: SBI MF decreased stake from 5.94% to 3.81% in the company on Aug. 5.
• Shriram Transport Finance: Board approved allotment of 2.62 crore shares at issue price of Rs 570 per share, which is at a discount of 14% to closing prices as on Aug. 6.
• Deepak Nitrite’s arm Deepak Phenolics is expanding its capacity of production of lsopropyl Alcohol at its manufacturing facitity situated at Dahej, Gujarat from 30,000 to to 60,000 tons per annum.
• PNB Housing Finance has appointed Hardayal Prasad as MD and CEO till Aug. 2023.
• Minda Industries: Board to meet on Aug.11 to discuss details about the rights issue.
• MCX has clarified that it has not entered any discussion with 63 Moons Technologies for development of any direct market access system.
• Prince Pipes and Fittings has entered into a technical collaboration with Tooling Holland BV, a global player in the international plastic injection moulding industry based in The Netherlands.
• Alembic Pharma: Board closed the QIP issue at a price of Rs 932 per share, which was at a discount of 4.97% to the floor price and discount of 14% to the closing prices as on Aug.6.

Book your profit on today morning interday call on TvsMotor Target reach 417

#Share trading interday Target fullfill today morning call book your profit.Target 417 

reach TvsMotor

Trading Strategy

TVSMOTOR (Buy at Rs407-409, Target Rs417,

Stop Loss Rs404) 

Stock market news that you should not miss today as per IIFL

Here is the important stock market news to watch out for today.

As per India Infoline News Service

Here is the important stock market news to watch out for today.

• Markets to open on a flat to a positive note ahead of RBI policy; support @11,064, resistance at 11,225.
• FIIs sold shares worth Rs60.18cr (cash), sold Rs425.98cr in index futures.
• US Indices close with gains; Asian markets opened in the green.
• Oil trades marginally higher at 45.23 USD/bbl.
• HDFC has launched QIP issue at a floor price of Rs1,838.94/share
• Apollo Tyres Board approved issue of NCDs worth Rs1,000cr to issue convertible preference shares up to Rs540cr to Emerald Sage Investment.
• Adani Gas CEO Suresh Manglani said that the Total-Adani Gas venture will apply for India’s fuel retail licensing in company’s conference call.
• Lupin on Wednesday launched its Favipiravir in India under the brand name Covihalt for the treatment of mild to moderate COVID-19. It will annouce its quarterly results today.
• HPCL and Vodafone Idea are slated to announce their June quarter earnings on Thursday.
• Vivimed Labs received an export order for the supply of 'Favulous' tablets 200 mg (Favipiravir) that is used for the treatment of mild to moderate cases of COVID-19.
• Birlasoft appointed Chandrasekar Thyagarajan as Chief Financial Officer.
• Xchanging Solutions to meet on Aug.13 to consider delisting offer.
• Inox Leisure Board has approved the enabling resolution for fund raising up to Rs250cr through the issuance of equity shares/other securities.
• National Fertilizers Q1FY21 sales up 20% at 18.79 lakh MT,Urea sales up 17% at 15.87 lakh MT.
• VIP Industries Board approved issue of NCDs worth Rs50cr on a private placement basis.
• Cera Sanitaryware to discontinue its business operations of its Dubai arm.
• Alkem Laboratories has launched Favipiravir under the brand name “Alfluenza”.
• GOCL Corporation Board approved to seek shareholders nod for raising of further capital/ resources in the form of debt, convertible debt or equity by way of various means such as QIPs, issue of ADRs/GDRs, etc up to $150 million.
• RBI has given in-principle approval to South Indian Bank for setting up of a wholly owned non-financial arm for undertaking activities permitted by RBI.
• India Ratings and Research has upgraded Eveready Industries’ long term credit ratings to ‘IND BB+’ from ‘IND BB’.
• InterGlobe Aviation to consider raising funds on Aug.10

Share Market Trading Strategy As per IIFL News Today

Trading Strategy

TVSMOTOR (Buy at Rs407-409, Target Rs417,

Stop Loss Rs404) 

On the hourly chart, the stock price has moved up 

above previous swing high, which is a bullish 

pattern. Hourly RSI is in a bullish crossover. The 

set-up is conducive for further up move in the near 

term. Hold long positions with mentioned stop loss.

Trading ideas (Time period: 1-14 days)

BUY IGL August future at Rs394-396, Stop Loss 

Rs387.25 & Target Rs403.

Derivative Strategy (Time Period: Hold Till 

expiry) 

BUY United Spirit August future at Rs585-589, 

Stop Loss Rs575.55 & Target Rs599.

Nifty Outlook: Nifty finds support around 11064 

while 11225 will act as resistance on the upside. 

Bank Nifty finds support around 21448 while 22000 

will act as resistance.

Asian markets opened in the green following up on 

the gains overnight in the US markets with most 

indices flirting with all time highs. Gold continues its 

dream run scaling fresh highs above US$ 2000. 

Chinese stocks join the party with mid caps seeing 

high beta trade as retail frenzy drives stocks higher. 

US jobs report due today evening will decide the 

trend going forward as markets get a reality check 

with macros.

Share Market News as per IIFL Today

Vivimed Labs received an export order for the 

supply of 'Favulous' tablets 200 mg (Favipiravir) 

that is used for the treatment of mild to 

moderate cases of COVID-19.

 Birlasoft appointed Chandrasekar Thyagarajan 

as Chief Financial Officer.

 HDFC has launched QIP issue at a floor price of 

Rs1,838.94/share

 Xchanging Solutions to meet on Aug.13 to 

consider delisting offer.

 Inox Leisure Board has approved the enabling 

resolution for fund raising up to Rs250cr 

through the issuance of equity shares/other 

securities.

 National Fertilizers Q1FY21 sales up 20% at 

18.79 lakh MT,Urea sales up 17% at 15.87 lakh 

MT.

 VIP Industries Board approved issue of NCDs 

worth Rs50cr on a private placement basis.

 Cera Sanitaryware to discontinue its business 

operations of its Dubai arm.

 Alkem Laboratories has launched Favipiravir 

under the brand name “Alfluenza”.

 Apollo Tyres Board approved issue of NCDs 

worth Rs1,000cr to issue convertible preference 

shares up to Rs540cr to Emerald Sage 

Investment.

 Adani Gas CEO Suresh Manglani said that the 

Total-Adani Gas venture will apply for India’s 

fuel retail licensing in company’s conference 

call.

 GOCL Corporation Board approved to seek 

shareholders nod for raising of further capital/ 

resources in the form of debt, convertible debt 

or equity by way of various means such as 

QIPs, issue of ADRs/GDRs, etc up to $150 

million.

 RBI has given in-principle approval to South 

Indian Bank for setting up of a wholly owned 

non-financial arm for undertaking activities 

permitted by RBI.

 India Ratings and Research has upgraded 

Eveready Industries’ long term credit ratings to 

‘IND BB+’ from ‘IND BB’.

 InterGlobe Aviation to consider raising funds on 

Aug.10

 ZydusCadila to commence phase II clinical trials 

of COVID-19 vaccine from August 6.

 Vodafone Idea pays Rs1,200cr dues towards 

license and spectrum says report.

 RCom insolvency case adjourned to Aug 19.

Economy Snippets:

 RBI monetary policy: Reserve Bank may cut 

interest rates by 25 bps; focus likely to be on 

transmission. (FE)

 Service sector falls sharply in July: No real sign 

of economic recovery; job cuts at record high. 

(FE)

 Scrutiny of income tax returns reduced to 0.25 

pc in assessment year 2018-19: FinMin

 Services activity contraction weakens in July but 

downturn not slowing: IHS Markit

 Diversification in supply chains will be key in 

post-COVID order: Hardeep Singh Puri.

stock market news to watch out for today.

Here is the important stock market news to watch out for today.As Per IIFL News

• Markets to open on a flat note; support @11,000, resistance at 11,200.
• FIIs bought shares worth Rs703.74cr (cash), sold Rs665.69cr in index futures.
• US Indices close with gains; Asian markets opened mixed.
• Oil trades marginally lower at 44.38 USD/bbl.
• Axis Bank has launched QIP Issue at Rs442.19/share which is at a premium of 3% to the closing prices on Aug. 4. The issue opened on Aug. 4.
• Tata Consumer Products Q1 profit at Rs327.6cr vs. Rs173.7cr; revenue at Rs2,713.9cr vs. Rs2,392.4cr yoy.
• Unichem Laboratories revenue up 16.1% at Rs317.3cr and Net profit at Rs7cr.
• Info Edge has launched QIP Issue at Rs3,177.18/share which is at a discount of 0.3% to the closing prices on Aug. 4. The issue opened on Aug. 4.
• SAIL's July steel sales up 50% at 1.58 million tons.
• Maruti Suzuki’s chairman R.C. Bhargava said that second half sales of fiscal will be near last year’s levels.
• Sun Pharma Advanced Research stated that as on June 30, company’s current liabilities exceed current assets and it is in the process of raising funds for its operations.
• Adani Ports & SEZ has raised $750 million via unsecured notes.
• LIC increased stake in Yes Bank from 0.76% to 4.99% from Sept. 2017 till July 31.
• Dixon Tech’s management stated in a concall that due to the announcement of moving to the import of television sets on restricted list, the company will further expand its capacity for LED TVs to 5.5 million units during the next 6 months.
• SRF stated it has capitalized and commissioned its BOPET film line in Hungary by its European arm for Euro 80 million.
• Havells to issue commercial papers worth Rs300cr to ICICI Bank and Rs200cr to ICICI Prudential Money Market Fund.
• HPCL issued NCDs worth Rs1,200cr on a private placement basis.
• SH Kelkar, on July 28, has completed acquisition Italy’s Creative Flavours and Fragrance for a total investment of Rs223cr.
• Astral Poly Technik Board appointed existing Managing Director, Sandeep Engineer as the new chairman with effect from Aug. 25.