Market View 29th May, 2024

View on market: Volatility Prevails, Market is searching for better value

Most Asian benchmarks declined as investors await the inflation reading from Australia, and as caution rose about the Federal Reserve’s policy path going forward. The Nikkei 225 was trading 23.87 points or 0.1% lower at 38,831.50, and the S&P ASX 200 was trading 53.80 points or 0.7% down at 7,712.90 as of 06:50 a.m. The S&P 500 Index and Nasdaq Composite rose 0.02% and 0.59%, respectively, as of Tuesday. The Dow Jones Industrial Average fell by 0.55%. Earlier on Tuesday, the Nasdaq Composite rose 0.66% to a fresh high of 17,032.66, tracking sharp gains in shares of chipmaker Nvidia Corp.

Economic Calendar:

• USD : GDP (QoQ) (Q1) on 30^th May, 2024
• USD : Initial Jobless Claims on 30^th May, 2024
• INR : FX Reserves, USD on 31^st May, 2024
• INR : RBI Monetary and Credit Information Review on 31^st May, 2024

Brokerage Radar:

JEFFERIES ON HINDALCO: Buy, TP raised to Rs 810; Novelis’ 4Q EBITDA rose 28% YoY(+13% QoQ) & inline; Vol grew 2% YoY while EBITDA/t rose 8% QoQ to $540, Raise FY25-26E EPS by 2-3%; Vals reasonable at 6.1x FY25E EV/EBITDA

CITI ON MARICO: Buy, TP raised to Rs 610; 4Q In-line; Pricing Action to Drive Growth Expect trajectory to improve in FY25E:

a)vol growth acceleration

b)pricing-led growth

NOMURA ON LUPIN: Buy, TP Rs 1949; 4Q: EBITDA 8% higher than est. Co expects stronger FY25 (vs FY24) driven by growth across key geographies & improvement in EBITDA margins; Think US product launches & a tight leash on costs could present upside potential to current earnings est.

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Mahindra And Mahindra Financial Services: The company has approved the issuance of bonds on a private placement basis up to Rs 2,000 crore with green shoe options up to Rs 500 crore.

Adani Total Gas: The Rating Agency ICRA has upgraded the long-term rating to AA, outlook stable, and re-affirmed the short-term rating at A1+.

Oil India: The company signed a MoU with HPCL to collaborate on conventional and alternative energy portfolios.

Wipro: The company to transform and modernise the IT operations of Close Brothers.

SpiceJet: The Delhi High Court grants time to return two aircraft and engines along with technical records by June 17.

Grasim Industries: Birla Group holdings increase their stake to 23.18% from 19.10%.

Havells India: The company has incorporated a joint venture between Havells International Inc. and KRUT LED, LLC to market and sell lighting products and solutions owned by Havells India Limited within the United States of America.

IKIO Lighting: Subhash Chand Agrawal, CFO and KMP of the company, has resigned from the position effective June 30, 2024.

TCPL Packaging: The company is to set up a greenfield facility in Chennai for manufacturing folding cartons, aiming at enhancing the company’s PAN India presence and improving its capability to serve both new and existing customers.

PNC Infratech: The company received a bonus worth Rs 56.4 crore for the early completion of the EPC project.

Hindware Home Innovation: The company appointed Naveen Malik as the CEO of the company.

Reliance Industries: Reliance Industries, the operator of the world’s biggest refining complex, has signed a one-year deal with Russia’s Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told Reuters.

Canara Bank: The bank announced that a meeting of the Board of Directors is scheduled to be held on May 31 to consider the capital raising plan for the financial year 2024-25.

Source: Moneycontrol, Bloomberg Quint, Investing 

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