Market View 12th April 2024

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

The majority of share indices in the Asia-Pacific area were trading down due to market participants retreating from their bets on a Federal Reserve rate decrease. This was due to consecutively solid economic data from US. As of 06:37 a.m., the Nikkei 225 was trading 191.50 points, or 0.49% higher, at 39,634.13, while the S&P ASX 200 was down 28.80 points, or 0.37%, at 7,784.80. At 06:37 a.m., the KOSPI index was trading at 2,695.66, down 11.30 points, or 0.42%. Technology companies saw a rise, which helped Wall Street benchmark indices recover. As of Thursday, the Nasdaq 100 index has increased 1.65%. In the end, the Dow Jones Industrial Average closed unchanged while the S&P 500 increased by 0.74%. At $90.14 a barrel, Brent crude was up 0.40% on the day.

Economic Calendar:

• USD : Retail Sales (MoM) (Mar) on 15^th April, 2024
• USD : Building Permits (Mar) on 16^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:

Dr. Reddy’s Laboratories: The company launched drug-free migraine management device Nerivio in Germany through its step-down subsidiary Betapharm.

The Phoenix Mills: The company reported a total consumption jump of 27% year-on-year at Rs 2,818 crore in the fourth quarter, gross retail collections went up 37% at Rs 791 crore while total consumption was up 22% YoY at Rs 11,327 crore for the end of the financial year 2024, gross retail collections up 27% at Rs 2,743 crore.

Metropolis Healthcare: The company’s core business revenue grew by 15% year-on-year for the end of the fourth quarter. The company’s B2C revenues grew by 18%. The company repaid debt, resulting in a debt-free status as of March 31.

Trident: The company commissioned a capacity of 1.1 MWp solar power project in Madhya Pradesh. The total installed capacity of the Madhya Pradesh plant is now at 29.5 MWp.

Computer Age Management Services: The Reserve Bank of India has granted authorisation to the company to operate as an online payment aggregator. CAMSPAY, the payment business unit of the company achieved a record-setting registration of more than 1.2 million mandates for UPI Autopay in the month of March.

UNO Minda: The company secured a land parcel in IMT Kharkhoda and initiated a ceremony for a greenfield alloy wheel plant.

Varun Beverages: The company approved the investment In two special-purpose vehicles, Huoban Energy 11 and Aspirative Creative Ventures.

Wipro: The company appointed Malay Joshi as CEO for Americas 1 Strategic Market Unit.

DCX Systems: The company appointed Diwakaraiah N J as CFO effective April 11.

PVR Inox: The company opened a 9-screen multiplex in Kochi, Kerala.

Cupid: The company secured a commercial deal to provide 5.9 million female condoms in Brazil, valued at Rs 23.07 crore.

CESC: The company’s subsidiary Purvah Green Power acquired 100% shareholding of Bhadla Three SKP Green Ventures for 3.83 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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