Market View 7th June, 2024

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

Most stocks in the Asia-Pacific region were trading higher on Friday after a mixed session in the US ahead of this key jobs data. The Nikkei 225 was 17 points or 0.05% up at 38,730, and the KOSPI was 19 points, or 0.68% higher at 2,070 as of 06:40 a.m. US stocks and bonds passed their rally and ended mixed ahead of the key US jobs reading that will help shape the outlook for the Federal Reserve’s next steps. The S&P 500 fell 0.02% and the Nasdaq Composite declined 0.09% as of Thursday. The Dow Jones Industrial Average advanced by 0.20%. Brent crude was trading 0.26% higher at $80.08 a barrel. Gold fell 0.05% to $2,374.92 an ounce. The GIFT Nifty was trading 28.5 points, or 0.12% lower at 22,919.5 as of 06:43 a.m.

Economic Calendar:

• USD : Nonfarm Payrolls (May) on 07^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:

ICICI Bank: SEBI has issued an administrative warning to the bank regarding the outreach by bank employees to influence votes for delisting equity shares of ICICI Securities.

Hero MotoCorp: India’s largest two-wheeler maker picked up an additional 2.2% stake in the Bengaluru-based electric mobility startup Ather Energy for Rs 125 crore.

Wipro: The company has been awarded a $500 million deal by a leading US communication service. The contract value is around Rs 4,175 crore.

Rail Vikas Nigam: The company received a letter of acceptance from NTPC for a project worth Rs 495 crore.

Hindustan Unilever: The company appointed Arun Neelakantan as Executive Director, effective July 1.

Mastek: The company introduced the icxPro platform with NVIDIA AI. icxPro is a cloud-native platform designed for building scalable AI apps.

Bajaj Finserv: The board of Bajaj Housing Finance has approved an IPO of Rs 4,000 crore.

PB Fintech: SEBI issues show cause notice to CEO Yashish Dahiya and it sent a notice over the investment of $2 million by the Dubai unit for a 26.7% stake in YKNP Marketing Management. The company is seeking legal advice on the SEBI notice.

Tata Steel: NCLT approved the Scheme of Amalgamation of Bhubaneshwar Power with the company.

Alkem Laboratories: The company will make an investment of Rs 30 crore in compulsorily convertible preference shares of HaystackAnalytics.

Rites: The company has received an order from Tata Steel for Loco Hiring, along with operation and maintenance.

Tata Chemicals: The UK Court orders Tata Chemicals Europe to pay a GBP 1.1 million fine. The order relates to a safety incident that occurred in 2016.

Dixon Technologies: The company signed a term sheet with HKC Corp. for a prospective joint venture.

Muthoot Microfin: The company entered into a co-lending agreement with SBI to empower women entrepreneurs.

Source: Moneycontrol, Bloomberg Quint, Investing 

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