Market View 08th April 2024

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

Early trading on Monday saw gains in Asia-Pacific stocks as Wall Street posted a good weekly closing and the jobs report showed a robust U.S. economy. At 6:20 am, the NIKKEI was trading 1.18% higher at 39,450, while the KOSPI was trading 0.08% higher at 2,716). China’s stock market will return following a two-day break. According to Bloomberg, US markets closed the week higher after a stunning jobs report indicated that Corporate America will continue to be driven by the US economy. Friday’s closing values for the Nasdaq Composite and S&P 500 index were 1.24% and 1.11% higher, respectively. By 0.80%, the Dow Jones Industrial Average reached a settlement. At $89.55 per barrel, Brent crude was down 1.78% on the market. An ounce of gold was worth $2,307.75, down 0.94%.

Economic Calendar:

• USD : CPI (YoY) (Mar) on 10^th April, 2024
• USD : PPI (MoM) (Mar) on 11^th April, 2024
• INR : CPI (YoY) (Mar) on 12^th April, 2024
• INR : Industrial Production (YoY) (Feb) on 12^th April, 2024

Brokerage Radar:

JEFFERIES ON BANDHAN BK: Downgrade to U-P, TP Rs 170; In a surprise move, Bk’s founder-CEO resigned wef 9 July; Smooth succession is key, as most Sr. Mgt. are new at bank. Uncertainty may lead to slower growth & higher credit cost

MS ON TITAN: EW, TP Rs 3290; Reported better top-line growth, led by 19% growth in India jewellery biz; Both buyer & same store-sales growth for jewellery division grew double digits. Watches – Sales rose 6% YoY, after 21% growth in 3Q; EyeCare revenue declined 1% YoY vs -4% in 3Q

International Markets:

U.S & Europe:

*As per 08^th April.

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Bajaj Finance: Bajaj Housing Finance is mandatorily required to list by Sept. 30, 2025. The company’s board will undertake discussions with respect to the mandatory listing requirement, including considering various options based on the prevailing market conditions, at its meeting scheduled on April 24, 2024.

Wipro: The IT major appointed Srinivas Pallia as its new chief executive officer and managing director, following the resignation of Thierry Delaporte.

JSW Energy: The company raised Rs 5,000 crore via qualified institutional placements at an issue price of Rs 485 per share. The issue price is at a 4.92% discount to the floor price of Rs 510.09 per share.

Vodafone Idea: The company will raise Rs 2,075 crore via issuance of shares to Oriana Investments. The telecom company will issue 139.5 crore shares at Rs 14.87 per share.

Tata Power: The company signed a share purchase agreement and acquired 100% equity stake in Jalpura Khurja Power Transmission Ltd. It will build, own, operate and transfer electrical power transmission system to establish twin 400 KV GIS substations at Jalpura and Metro-Depo, Greater Noida.

Tata Steel: The company achieved highest ever annual crude steel production of 20.8 million tons, a growth of 4% year-on-year. It achieved debottlenecking across sites and achieving higher steel production at Neelachal Ispat Nigam Ltd.

Adani Wilmar: The company witnessed double-digit growth in edible oils and foods at the end of the fourth quarter. Food and FMCG volume growth stood at 10% YoY, while edible oil was at 13%.

Bandhan Bank: MD and CEO Chandra Ghosh will step down from the post after the completion of his current tenure.

Zee Entertainment Enterprises: MD and CEO Punit Goenka has proposed the implementation of a lean and streamlined management structure to the board.

Punjab National Bank: The company reported total deposits stood at Rs 13.7 lakh crore, up 7% YoY as of March 31, total advances stood at Rs 9.86 lakh crore, up 11.5%, and total business stood at Rs 23.56 lakh crore, up 8.8%.

Titan: The company revenue rose by 17% YoY in the fourth quarter, with the with the jewellery business up 18%, the watches and wearables business up 6%, the eye care business down 1%, emerging businesses up 24%, and the Carat Lane business up 30%.

Source: Moneycontrol, Bloomberg Quint, Investing 

 

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