Sensex, Nifty volatile; BSE Midcap Smallcap up over 1%

The broader markets have relentlessly been outperforming benchmarks. The BSE Midcap and Smallcap indices rallied 1.2 percent and 1.5 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1884 to 794 on the BSE.

12:27

Moneycontrol Bureau
Live Market Commentary Equity benchmarks recouped morning losses with the Nifty rising above 7400 level supported by metals stocks. The index rose 12.45 points to 7414.70 and the Sensex gained 13.78 points to 24819.61.

The broader markets have relentlessly been outperforming benchmarks. The BSE Midcap and Smallcap indices rallied 1.2 percent and 1.5 percent, respectively. Advancing shares outnumbered declining ones by a ratio of 1884 to 794 on the BSE.

Metals continued to shine with the BSE Metal Index rising 2.6 percent. Sesa Sterlite surged 6 percent followed by Tata Steel and Hindalco Industries with 2-3 percent.

Shares of Tata Motors, State Bank of India, Hindustan Unilever, Wipro and Bharti Airtel gained 1-2 percent whereas HDFC Bank, ICICI Bank, ITC, Reliance Industries, M&M, NTPC and Dr Reddy's Labs fell 0.3-1.7 percent.

11:00

Metal stocks are hogging limelight with Sesa Sterlite, Hindalco and Tata Steel gaining 2-7 percent each. HUL and Wipro are top gainers in the Sensex. HDFC Bnak, M&M, ICICI Bank, NTPC and Dr Reddy's Labs are major losers.

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10:00

India's largest private sector lenders ICICI Bank and HDFC Bank lost 1.8 percent and 1.4 percent, respectively. Index heavyweights Reliance Industries, HDFC and ITC fell close to 1 percent.

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09:15

Market participants across the world are awaiting the ECB's rate decision, expected today. With the eurozone CPI dropping further away from the ECB's 2 percent target, expectations of a stimulus package to stave off low inflation are high.

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Buy D-Link India; target of Rs 63: Ventura

Ventura Securities is bullish on D-Link India and has recommended buy rating on the stock with a target price of Rs 63 in its research report dated June 04, 2014.

Ventura Securities' report on D-Link India

"D-Link India, post formation of the new government in India, the management has expressed confidence that the networking industry will continue to grow at a robust pace on the back of higher enterprise spending, a further roll out of 3G/4G networks and increasing broadband penetration. With strong parental support from D-Link Taiwan, in terms of a pipeline of the latest and innovative products, we believe D-Link India is ideally placed to take advantage of the impending boom in networking and internet products. We initiate coverage on D-Link India with a BUY recommendation and a target price of Rs 63 at a P/E multiple of 10.0x to its FY16 EPS estimate, implying a potential upside of 61%. We expect revenue and profits to post a CAGR of 25% and 28%, respectively, through FY14-16. At the CMP, the stock is trading at 7.6x and 6.1x times its estimated earnings for FY15 and FY16. Historically, the stock has traded at an average P/E of 9.8x," says Ventura Securities research.

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Accumulate KEC International; target of Rs 140: P Lilladher

Brokerage house Prabhudas Lilladher is bullish on KEC International and has recommended 'Accumulate' rating on the stock with a target price of Rs 140 in its research report dated June 04, 2014.

Prabhudas Lilladher's report on KEC International

"The management believes that KEC's margin profile is likely to see steady improvement over the next few years. They expect margins to improve by 80-100bps per annum over the next three years. EBITDA margin for KEC came down from 11% in FY09 to a low of 5.5% in FY13; however, increased to 6.3% in FY14. Low margin orders in Railways and Water segment build PQ (pre-qualification) in this new business and cost overruns in these projects lead to margin erosion. Since the PQ has been successfully built in this business, KEC is taking fresh orders at much higher margin. Reducing backlog of low margin legacy orders and improved margin profile in new orders should help improve overall margin profile of the company.   

KEC has been showing a steady growth in core transmission businesses, both in domestic and international markets. However, the company expects Railways and Water to be the key growth drivers for company over the next few years. KEC believes the non-T&D business could be ~40% of sales (against ~15-20% currently) over the next 4-5 years. We believe KEC is ready to benefit from opportunity arising from expected uptick in capex in Railways and Water sector.

Order book for KEC stood at Rs102bn, up 8% YoY. Order inflow for the quarter was up 16% YoY to Rs19.8bn. The company expects orders from Power Grid to remain subdued in FY15, while SEB ordering could see a revival in the coming year. Outlook for International markets also continues to be healthy. We expect stock to deliver 15% CAGR order inflow over the next few years.

Outlook and Valuation: The stock is trading at 11.2x FY16E earnings. We believe that a strong order book and improving margin profile will help company deliver 12% sales and 71% earnings CAGR over FY14-16E.  We maintain our 'Accumulate' rating on the stock with a target price of Rs 140", says Prabhudas Lilladher research report.

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Gold, silver prices may trade sideways to lower: Angel

Gold and silver prices are expected to trade sideways to lower as the recent bout of selling is expected to continue this week also, says Angel Commodities.

Angel Commodities' report on bullion

Gold
For continuous fifth week in a row spot gold prices have been trading lower and trading below the $1300 mark. Prices were pressurized on ease of geo-political tensions after exit polls in Ukraine gave pro-Western billionaire Petro Poroshenko more than 55 per cent of the vote, a magnate with long experience in government and diplomatic ties to both Russia and the West could help the country troubled by geo-political tension. Rising equities in the US and optimism about the US economy also triggered heavy bout of selling. Expectations of rate cuts by the European Central Bank stoked investor appetite for equities.

The economic data released from US also paints a bright picture as orders for U.S.-made durable goods unexpectedly rose in April and consumer confidence perked up in May, supporting views of a rebound in economic growth. Besides, lack of investment demand and soft physical demand also exerted downside pressure on prices.

Silver
Taking cues from weakness in gold prices even spot silver prices continued to trade lower last week. Weakness across the base metals complex and strength in the Dollar index were the prime factors for decline of more than 2 percent in spot silver prices. In the domestic markets, silver prices declined taking cues from international markets coupled with weakness in domestic gold prices

Outlook
On an intraday basis, we expect gold and silver prices to trade sideways to lower as the recent bout of selling is expected to continue this week also. The spate of economic indicators released in the recent weeks shows that US is on a path of growth trajectory suggesting a decline in bullions safe haven appeal. Also, the tensions between Ukraine and Russia seem to have intensified as Russia has threatened to cutoff gas supplies to Ukraine as early as Tuesday will act as a positive factor. On the MCX, gold and silver prices are expected to trade on lower note on revision of base price for gold to $408/10 gms from $424/10 gms while silver base import prices revised from $617/kg from $650/kg.

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Expect Indian Rupee to trade on mixed note: Angel

From the intra-day perspective, expect Indian Rupee to trade on a mixed note on the back of month end dollar demand from importers coupled with weak economic growth in the country for Q4 of 2013 will act as a negative factor, says Angel Broking.

Angel Broking's report on rupee

On a weekly basis, Indian Rupee depreciated by more than 1 percent on the back of dollar demand from oil and other importers. Additionally, Reserve Bank of India (RBI) was spotted buying dollars through state run banks coupled with weak domestic market sentiments exerted downside pressure on the currency.

However, sharp downside in the currency was cushioned due to estimates of measures to be taken by Modi led government to bring down fiscal deficit and fight inflation. The Indian Rupee touched a weekly low of 59.215 and closed at 58.18-level on Friday.

For the month of May 2014, FII inflows totaled at Rs.14006.10 crores ($2354.25 million) as on 30th May 2014. Year to date basis, net capital inflows stood at Rs.45804.20 crores ($7599.20 million) as on 30th May 2014.

India's fiscal deficit narrowed to Rs.5081.49 billion in March as against an earlier deficit of Rs.5992.90 billion in February. Gross Domestic Product (GDP) for the fiscal year of 2013-14 remained unchanged at 4.7 percent. Quarterly GDP declined marginally to 4.6 percent in Q4 of 2013 from 4.7 percent in Q3 of 2013.

Outlook: From the intra-day perspective, we expect Indian Rupee to trade on a mixed note on the back of month end dollar demand from importers coupled with weak economic growth in the country for Q4 of 2013 will act as a negative factor. While on the other hand, expectations of rise in manufacturing data of the country, optimistic fiscal deficit data in March along with upbeat market sentiments will act as a positive factor.

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Buy USDINR; target of 59.9: Way2Wealth

Way2Wealth has come out with its report on currencies. According to the research firm, one can buy USDINR at 59.21 with a stop loss of 58.89 for the target of 59.9, in its research report dated June 02, 2014.

Way2Wealth's report on currencies

USDINR
The pair continued it's upwards journey in the past session and is expected to continue the same until the next resistance levels of 59.9 is hit. The momentum indicator RSI is on the verge of entering the neutral zone from the oversold.

GBPINR
The prices ended the past session with hammer candlestick which indicates buying to continue. If the resistance levels of 99.65 are penetrated then pair will start rising in higher high/low formation. RSI (14) has given the positive crossover.

EURINR
The bullish head and shoulders chart pattern is under making on the hourly chart and neckline resistance of the same is placed at 81.21 levels. If the prices penetrates the same then the EUR can flare up to 82.4 levels. RSI (14) has given the positive crossover.

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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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RBI to keep rates unchanged in its June 3 policy: Poll

The GDP numbers for last year were as bad as expected but will they move the inflation-hunting RBI governor Raghuram Rajan to give a rate cut.

Rajan will formally roll out his red carpet for the new Modi government as he announces the Credit Policy on June 3. Expectations are that the governor may keep it simple this time.

Also Read: RBI rate decision key for shares

A CNBC-TV18 poll of bankers and economists show that 90 percent of bankers and economists expect RBI to keep repo rate unchanged at 8 percent and only 10 percent expect a 25 basis points cut. However, the market is divided over the future policy changes.

While 50 percent expect RBI to hold rates for the rest of the year, 20 percent see a hike and another 30 percent a rate cut before the year ends.

On growth, the Street is in consensus with RBI's FY15 guidance of 5-6 percent. Eighty percent of the bankers and economists expect GDP growth at 5-5.5 percent, while the remaining 20 percent see it between 5 percent and 6 percent.

On inflation, the market is in line with RBI's glide path of 8 percent by March 2015. Again, 80 percent of those polled see CPI inflation at 8 percent or below and the remaining 20 percent expect it to be above 8 percent.

While only 50 percent expect RBI to sound hawkish in the policy, the other half see the central bank to strike a neutral tone. But the market is all ears for any indication of RBI softening its hawkish stance and its position on inflation targeting.

V Srinivasan, ED, Axis Bank , said Budget will be the key event as it will show how exactly the new government is approaching the finances in the fiscal deficit situation. 

"Clearly, I would think the externals sector situation is broadly under control. We need to see how the government looks at finances and because there is a question in terms of when the capex cycle is going to start, who is going to kick start it and what role will the government play. Post this, you can take a call in terms of exactly what will happen to interest rates," he said.

Srinivasan thinks interest rates will stay stable for the next quarter or so.

Soumya Kanti Ghosh, Chief Economic Advisor, SBI , doesn't see a softening in the policy rates this year. 

"Our hope is RBI will very minutely watch movements in rainfall pattern. It has already indicated that CPI numbers could head down because of possibility from the base effect. That has been taken into consideration. If economic growth picks up, there are possibilities that there is a little softening of the rates at the mandi market. But as such we don't see a change in policy rates this year, " he said. 

Jayesh Mehta, MD & Treasurer, BoFA-ML India, too doesn't expect much change from the April 1 policy.

"I think the governor's theme on inflation will remain, that's the priority at this juncture. Though we don't expect hawkishness or rate hikes. there is some probable built-in expectation that it might be a little bit more dovish than April 1. Maybe after Budget, the August 1 policy could be more dovish. The June policy will be a non-event," he added. 

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Cadila recalls over 10K bottles of anti-allergy drug in US

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

Cadila Healthcare is recalling over 10,000 bottles of an anti-allergy drug in the US because of a mix-up in tablets.

Zydus Pharmaceuticals USA, a unit of the company, is recalling 10,200 bottles of promethazine hydrochloride tablets that contain foreign tablets, according to information on the US Food and Drug Administration (FDA) website.

The recall is due to the "presence of atenolol 25 mg tablet mixed into promethazine 25 mg tablet bottles," the FDA said. The nationwide recall was initiated on May 8. The 25-mg tablets in 100-count bottles were manufactured by Cadila Healthcare and distributed in the US market by Zydus Pharmaceuticals, it added.

The withdrawal was classified as a Class-II recall, which the FDA defines as "a situation in which use of or exposure to a violative product may cause temporary or medically
reversible adverse health consequences or where the probability of serious adverse health consequences is remote."

Comments from Cadila Healthcare could not immediately be obtained.

Cadila Healthcare shares today closed at Rs 931.40 on the BSE, up 0.37 per cent.

Cadila Health stock price

On May 12, 2014, Cadila Healthcare closed at Rs 1000.25, up Rs 7.80, or 0.79 percent. The 52-week high of the share was Rs 1079.00 and the 52-week low was Rs 631.00.

The company's trailing 12-month (TTM) EPS was at Rs 43.13 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 23.19. The latest book value of the company is Rs 186.33 per share. At current value, the price-to-book value of the company is 5.37.

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Madhya Pradesh experiencing heat wave; Northeast remains cool

Just as temperatures drop a little in parts of Rajasthan, Madhya Pradesh and Vidarbha snatched its position of the hottest region. On Friday thunderstorm activity was observed over north Rajasthan, Punjab, Haryana, Delhi and parts of west Uttar Pradesh.

According to the latest weather update by Skymet Meteorology Division in India, moisture laden south westerly winds favoured the abating of heat wave from most parts of Rajasthan but such conditions prevailed at a few places over Gujarat, Rajasthan, east Uttar Pradesh, Madhya Pradesh and Vidarbha.

Maximum temperature of 46°C or more has been recorded at several places including Nowgong, Chandrapur, Kota, Damoh, Khajuraho, Wardha and Brahmapuri.

Weather in Northeast India and West Bengal

Meanwhile, West Bengal and Northeast India continues to remain cool and comfortable with maximums hovering around 32°C. Silchar in Assam received 14 mm, while Cherrapunji  received 21 mm of rain on Friday.

In West Bengal, Bankura received 34.4 mm of rain, Asansol received 10.6 mm, Burdwan 33 mm, Sriniketan 28 mm, Bahrampur 21 mm, Malda 24 mm of rain. In most of the places temperatures have come down to comfortable levels. Thundershowers will continue in the state and Northeast India for the next 48 hours.

According to the latest weather update by Skymet Meteorology Division in India, the cyclonic circulation over Gangetic West Bengal and a trough extending from the system up to Telangana is responsible for bringing such heavy showers.

By: Skymetweather.com

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India Gelatine Chemicals: Board recommends dividend

India Gelatine & Chemicals has informed that the Board of Directors of the Company at its meeting held on May 24, 2014, have recommended a Dividend of Rs. 1.80 per share for the year 2013-14.

India Gelatine & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2014, inter alia, have recommended a Dividend of Rs. 1.80 per share for the year 2013-14.Source : BSE

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