View on market: Stay Cautious, be with quality business:

Asian equities rose on the final trading day of the week as sentiment remains risk-on after the passage of the pandemic relief bill in the U.S. The MSCI Asia-Pacific index rose along with an outperformance in South Korean equities, while those in Japan are fluctuating. The U.S. Dollar has edged higher while oil prices are little changed this morning. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 15,427 as of 8:15 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data

  • INR: Industrial Production (YoY) (Jan) on 12th, March,2021
  • INR: CPI (YoY) (Feb) on 12th, March,2021

International

Markets:U.S & Europe

Particulars    11th  Mar. Chg Chg(%)
Nasdaq 13,398.67 329.84 2.52
Dow 32485.59 188.57 0.58
FTSE 6,736.96 11.36 0.17
CAC 6,033.76 43.21 0.72
DAX 14,569.39 29.14 0.2
Dow Fut.* 32,539.00      60 0.18

 

Asian markets:

Particulars       12th Mar. Chg Chg(%)
SGX Nifty 15,385.00 -34 -0.22
Nikkei 29,488.74 277.1 0.95
Straits Times 3,101.80 -4.21 -0.14
Hang Seng 29,209.09 -176.52 -0.6
Shanghai 3,421.14 -15.69 -0.46

 

ADR Watch:

Particulars                 11th Mar.  Chg Chg(%)
Dr Reddy 61.6 0.37 0.6
HDFC Bank 83.75 0.76 0.92
ICICI Bank 17.44 0.19 1.1
Infosys 19.08 0.4 2.14
Tata Motor 22.47 0.56 2.56
Wipro 6.73 0.18 2.75

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.69         0.00
Brent 69.48         -0.22
Gold 1715.10         -0.44
Silver       26.01         -0.69

 

FIIs & DIIs

Particulars 10th Mar       9th  Mar
FIIs      -16        2801
DIIs      448        1250

 

Fund View:

Jefferies On Indian Midcaps Price-to-Earnings of Nifty Midcap has outpaced Nifty 50 but Price-to-Book is still lower Earnings growth could be aided by cyclical recovery in property, electrodes, auto, select industrials and healthcare Key growth catalysts can be government initiatives, housing revival, indigenisation, new product launches and balance sheet strength Recommend bottom-up stock picking approach Top Picks: Crompton Greaves Consumer, Blue Star, KEI Industries, Sobha, Supreme Industries, IPCA Labs, Max Healthcare.

Antique Stock Broking On Godrej Properties Initiate coverage with buy rating Price target of Rs 1,979 Well-placed to ride the ongoing consolidation Steadily gaining market share in the top four real estate markets Sales velocity as well as acquisition of new projects is expected to gain further pace Set for next round of growth with robust balance sheet and substantial cashflow expected from the QIP.

Emkay On Indian Pharma Indian pharma market grew 2.6% year-on-year in February as compared to 6.6% in January All major therapies, except respiratory, continued to grow, albeit at a slower pace Sun Pharma grew at the fastest rate of 4% in February, followed by Lupin and Dr Reddy’s at 2% each While volume growth may remain weak in the near-term, we expect IPM to grow at high-single to low double-digit rate in the coming months. Cadila Healthcare, Dr Reddy’s and Cipla are our top picks.

News Update:

SBI Life Insurance : BNP Paribas is looking to sell 3.5 crore shares of the company through an accelerated placement, according to terms of the deal obtained by Bloomberg News. Shares are offered at a price ranging between Rs 870 – Rs 917 per share, representing a discount of 2.5%-7.5% to Wednesday’s closing price. There is also an option to increase the deal size by about 1.5 crore shares, according to the term sheet. As per the December quarter shareholding pattern, BNP Paribas held 5.2% stake in the company.

Infosys: Extends strategic collaboration with Newmont Corporation to standardise and digitise delivery models across mine sites. Newmont Corporation is the world’s largest gold mining company. The renewed engagement, Infosys will provided enhanced end-to-end digital service to Newmont with its analytics-driven platform-as-a-service offering.

REC: The board has approved launch of Capital Gains Tax Exemption Bonds (Series XV) on private placement basis for an amount of Rs 1,500 crore with green shoe option to retain over-subscription. The said bonds are secured debentures of face value Rs 10,000 each. The issue will open on April 1, 2021 and close on March 31, 2022. Further the board has approved market borrowing programme of Rs 1.10 lakh crore under different debt segments for FY21. It has also declared a second interim dividend of Rs 5 per equity share for FY21 and has fixed March 19 as the record date.

Power Grid: HVDC Bipole Link between Western Region (Raigarh, Chhattisgarh) and Southern Region (Pugalur, Tamil Nadu) has been put under commercial operation from March 9. In a separate filing, the company has announced the separation of itself and the function of Central Transmission Utility from April 1, 2021.

HCL Technologies: The company’s wholly-owned step-down subsidiary HCL America Inc. has issued $500 million 1.375% senior notes due in 2026. The notes will be listed on the Singapore Exchange Securities Trading Ltd. The notes are guaranteed by the company and is capped at $525 million or 105% of the aggregate principal amount. The corporate guarantee will be treated as a contingent liability for the company.

Wipro: The company has appointed Pierre Bruno as Chief Executive Officer for Europe. Bruno will lead Wipro’s business in six distinct regions across Europe.

JSW Steel: Crude steel production for February 2021 stood at 13.06 lakh tonnes, down 1% year-on-year. Average capacity utilisation during the month of February stood at 93%.

BPCL: Board to meet on March 16 to consider second interim dividend for FY21.

Source: MoneyControl, Business Standard, Bloomberg,Investing

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