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Indian stocks may continue to consolidate; Glenmark, Cipla, HDFC Bank in focus

US stock futures declined in early Asian trade on Monday as rising coronavirus cases in the the country led to deepening concerns about a quick economic rebound
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MUMBAI: Indian equities will likely trade in a narrow range on Monday, trying to consolidate and following global peers. SGX Nifty trends pointed to a subdued start for Indian benchmark indices.

US stock futures declined in early Asian trade on Monday as rising coronavirus cases in the the country led to deepening concerns about a quick economic rebound.

Data from Johns Hopkins University shows new cases in the US on Saturday hit the highest level since early May.

The pandemic has been accelerating globally with the World Health Organization (WHO) reporting a record increase in global coronavirus cases on Sunday. Investors were also wary of developments in Hong Kong after details of a new security law for the territory showed Beijing will have overarching powers over its enforcement.

China’s top legislative body, the National People’s Congress Standing Committee, will meet on June 28, and the Global Times reported it would likely enact the Hong Kong security law by July 1.

Back home, India has reset the rules of engagement with Chinese troops along the entire stretch of their 3,488-km long border, with the Indian Army now given a free hand to deal with any provocation by China. Defence minister Rajnath Singh on Sunday approved the new tactical approach in a meeting with Chief of Defence Staff Bipin Rawat and the three service chiefs, according to Mint.

Promoters of Analjit Singh-led Max Group plan to raise 2,300 crore by selling their stakes in the group’s healthcare and financial services companies, according to a Mint report.

The Centre has given yet another extension to companies to set aside part of deposits and debentures maturing in FY21 in a dedicated account, which is a statutory requirement under the Companies Act.

India’s current account may turn surplus in the June quarter after a gap of 12 years, the finance ministry said, as a stringent coronavirus lockdown squeezed domestic economic activity and crimped imports.The last time India’s current account turned positive was in the March quarter of 2006-07 at $4.2 billion.

Drug firm Glenmark Pharmaceuticals on Saturday said it has launched antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate covid-19 at a price of about 103 per tablet. The drug will be available as 200-mg tablet at a maximum retail price of 3,500 for a strip of 34 tablets, the company said. FabiFlu is the first oral favipiravir-approved medication in India for the treatment of covid-19, it added.

Homegrown pharmaceutical major Cipla Ltd announced the launch of its generic version of remdesivir–under its brand name Cipremi–which has been authorised for emergency use in treatment of covid-19 patients by the US FDA.

HDFC Bank on Saturday said its board has approved a proposal to raise up to 50,000 crore in the next twelve months by issuing various debt securities.

In the currency market, the risk averse mood pushed the Australian dollar 0.2% lower to $0.6822 but other major currencies were mostly steady. The euro traded at $1.1181, having hit a two-week low of $1.1169 on Friday. The yen changed hands at 106.88 per dollar, not far from a one-month high of 106.58 to the dollar hit earlier this month.

Gold rose to $1,750 per ounce, near its May peak of $1,764.8, which was its highest since October 2012.

Reuters contributed to the story

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