Market View 10th April 2024

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

While traders anticipate the release of US CPI data for March, the majority of equities in the Asia-Pacific region saw a decline. The inflation report will provide new insights into the Federal Reserve’s future outlook for interest rates. As of 06:30 a.m., the KOSPI index was trading 12.49 points, or 0.46% lower at 2,705.16, and the Nikkei 225 was trading 124.87 points, or 0.31% lower at 39,648.26. As of 06:31 a.m., the S&P ASX 200 was up 35.70 points, or 0.46%, at 7,859.90. According to Bloomberg, Wall Street traders’ last-minute wagers on Wednesday’s crucial inflation data caused stocks to decline while bonds recovered from a recent decline. As of Tuesday, the Nasdaq Composite and S&P 500 index had dropped 0.32% and 0.14%, respectively. The Dow Jones Industrial Average saw a 0.02% decrease.

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 INDUS TOWER: U-P, TP raised to Rs 250; Scenario analysis suggests after a sharp 60% rally YTD, stk trades @6; % FCF yield, fully capturing potential improvement in growth; Tower/tenancy growth outlook likely to remain soft See downside from current level

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

CLSA ON VEDANTA: Upgrade to Buy, TP Raised to Rs 390 from Rs 260; Co guided for group Ebitda to rise from US$5bn (VEDL: US$4.7bn) to US$6bn/US$7.5bn by FY25/27. While debt at parent Vedanta Resources (VRL) has now declined meaningfully, leverage at VEDL has increased

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

One 97 Communications: Surinder Chawla, MD and CEO of Paytm Payments Bank, has resigned effective June 26.

Paisalo Digital: The company’s AUM grew by 32% YoY to Rs 4,622 crore in the foruth quarter, while disbursements jumped 38% to Rs 3,588 crore.

Lupin: The company launched first generic version of Oracea in the U.S.

Avenue Supermarts: The company opened a new store in Bengaluru. The total number of stores as on date stands at 366.

Gateway Distriparks: Sikander Yadav resigned as Chief Financial Officer due to personal reasons.

Insolation Energy: The company reported FY24 consolidated revenue up 164% YoY at Rs 738.8 crore.

Shyam Metallics: The company announced the establishment of a new stainless-steel hot rolled coils facility at its existing plant in Odisha.

Shoppers Stop: The company has collaborated with EaseMyTrip for sponsored holidays.

Rattan India Power: Manish Ratnakar Chitnis has been appointed as CFO after Ankur Mitra resigned.

ICICI Prudential: The company received GST order worth of Rs 20.5 crore from Gujarat tax authorities for FY19.

Exide Industries: The company to acquired 26% stake in Clean Max Arcadia for Rs 5.3 crore.

PB Fintech: The company incorporated a wholly owned subsidiary PB Pay Pvt.

Welspun Living: NCLT has approved the scheme of amalgamation of 5 wholly owned subsidiaries with company.

Source: Moneycontrol, Bloomberg Quint, Investing 

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