Market View 31st May, 2024

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

Asia Pacific markets were trading higher early Friday on expectations of the Federal Reserve rate cuts this year as US economic data signalled slowing momentum. The Nikkei 225 was 156 points or 0.41% up at 28,215, and the S&P ASX 200 was 51 points or 0.68% higher at 7679, as of 06:37 a.m. Traders in Wall Street traders sent US stocks down for the second consecutive session and bonds up after the latest round of economic data signalled momentum is slowing. The S&P 500 Index and Nasdaq Composite fell 0.60% and 1.08%, respectively, as of Thursday. The Dow Jones Industrial Average fell 0.86%.

Economic Calendar:

• USD : Core PCE Price Index (MoM) (Apr) on 31^st May, 2024
• USD : Manufacturing PMI (May) on 31^st May, 2024
• INR : FX Reserves, USD on 31^st May, 2024
• INR : GDP Quarterly (YoY) (Q4) 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:

Sunteck Realty: The company approved raising up to Rs 2,250 crore through private placement and the issue of equity shares, post the approval of shareholders. The company is to raise Rs 1,500 crore through private placements in one or more tranches and Rs 750 crore by way of equity shares or other securities convertible into equity.

Subex: The company’s arm won a contract worth $1.1 million from a telecom operator in Europe for fraud management on the HyperSense AI/ML platform.

Jio Financial Services: The company unveils the JioFinance App in a beta version, marking a significant step forward in its digital transformation journey to enhance the financial well-being of every Indian.

Hero MotoCorp: The company launched the Splendor+ model at Rs 82,911 ex-showroom price in Delhi.

Aarti Industries: The board appointed Suyog Kalyanji Kotecha as CEO effective June 17. CEO Rajendra V. Gogri will continue to be Chairman and MD of the company.

Orient Electric: The board appointed Ravindra Singh Negi as MD for 5 years, effective May 31, and designated her as MD and CEO.

Tube Investments: The company arm acquired a 23.69% stake in IPLTech Electric for Rs 185 crore. The company’s stake now stands at 89.46%, up from 65.77% earlier.

Krishna Institute of Medical Sciences: The company, through its subsidiary KIMS Hospital Bengaluru Private, has entered into a lease agreement for setting up a super specialty hospital in Bengaluru, Karnataka, with the Peoples Education Society.

Kewal Kiran: The company acquired a 50% stake in Kraus Casuals for Rs 166.51 crore.

ICICI Prudential Life: IRDAI approved the appointment of Sandeep Batra as Chairman effective June 30.

Sun Pharma: The company will acquire a 14.3% stake in the Indian Foundation for Quality Management for Rs 12.5 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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