Market View 6th June, 2024

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

Stocks in the Asia Pacific region were trading higher on Thursday after technology companies in the US drove stocks to all-time highs. The Nikkei 225 was 411 points, or 1.05% up at 38,891, and the KOSPI was 27 points, or 1.03% higher at 2,689 as of 07:02 a.m. The S&P 500 hit 25th record this year as US tech companies drove stocks to fresh highs, while bond yields fell with traders almost fully pricing in two Federal Reserve rate cuts in 2024, according to Bloomberg. The S&P 500 rose 1.18% and the Nasdaq Composite rose 1.96% as of Wednesday. The Dow Jones Industrial Average advanced by 0.25%. Brent crude was trading 0.36% higher at $78.69 a barrel. Gold rose 0.74% to $2,372.74 an ounce.

Economic Calendar:

• USD : Initial Jobless Claims on 06^th June, 2024
• USD: Unemployment Rate (May) on 07^th June, 2024
• INR: Interest Rate Decision on 07^th June, 2024
• INR: FX Reserves, USD on 07^th June, 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:

RVNL: The company emerged as the lowest bidder for a project worth Rs 391 crore by Eastern Railway.

Torrent Pharmaceuticals: The company signed a non-exclusive patent pact with Takeda Pharmaceuticals to commercialise Vonoprazan in India.

Intellect Design Arena: The company’s consumer banking unit announced the launch of the eMACH.ai Digital Engagement Platform (eMACH.ai DEP) at Money20/20 in Amsterdam. The platform offers a single origination platform for retail, SME and corporate entities and can co-exist with the older version.

Indian Energy Exchange: The company reported a total monthly volume of 10,633 MU, up 29% YoY, and renewable energy certificate volumes up 640% YoY and the green market achieved growth of 74% YoY.

NBCC India: The company received 13 orders worth Rs 491 crore.

KPI Green Energy: The company received new orders for a 26.15 MW solar power plant under the Captive Power Producer Segment’s

Century Textiles and Industries: The company’s arm has entered a joint venture with Barmalt India for a luxury residential group housing development in Gurugram. The land parcel is spread across 13.27 acres with a development potential of approx. 2.4 million sq feet, offering a revenue potential of approx. Rs 5,000 crore.

Bharat Heavy Electricals: The company received an order worth Rs 3,500 crore from Adani Power for setting up a thermal power project in Chhattisgarh.

Kalpataru Projects International: The company is considering raising funds on June 10 via the issuance of NCD on a private placement basis.

Sun Pharma Advanced Research Company: Chetan Rajpara has resigned from the post of CFO.

UNO Minda: The company is in a tech license pact with Lnovance for combined charging units and high-voltage EV products.

Hindustan Aeronautics: ISRO Chairman S. Somanath inaugurated state-of-the-art propellant tank production and computer numerical control machining facilities at the company’s Aerospace Division, boosting rocket manufacturing capacity.

Source: Moneycontrol, Bloomberg Quint, Investing 

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