Market View 12th December 2023

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

The majority of Asia-Pacific share indices increased on Tuesday, mirroring Wall Street’s overnight gains as investors shifted their attention to this week’s main central bank policy meetings and today’s important U.S. inflation data. Australia, South Korea, Japan, and share indices all saw increases. Nonetheless, Hong Kong’s equities indices fell cautiously ahead of China’s annual policymakers’ conference, which will establish the new agenda for the following year.  On Monday, the Nasdaq Composite and S&P 500 index increased by 0.20% and 0.39%, respectively. The increase was 0.43% for the Dow Jones Industrial Average. At $76.03 a barrel, Brent crude was up 0.25% from its last trade. An ounce of gold was trading at $1,984.83, up 0.15%.

Economic Calendar:

• USD : CPI (MoM) (Nov) on 12th December, 2023
• USD : PPI (MoM) (Nov) on 13th December, 2023
• INR : CPI (YoY) (Nov) on 12th December, 2023
• INR : Manufacturing Output (MoM) (Oct) on 12th December, 2023

Brokerage Radar:

CLSA ON ITC: O-p, TP Rs 482; Hosting its annual investor/analyst meet Today; Seek to get answers to following 1) An update on Next Strategy 2) Medium term margin aspirations  3) FMCG-cig growth outlook  4) Update on timeline for Hotels’ listing?

MS ON INFOSYS: OW, TP Rs 1600; Resignation of CFO unanticipated & could weigh on sentiment in light of past senior exits; Although expect transition to be a smooth; Co appointed Jayesh Sanghrajka (currently Executive VP  & Deputy CFO) as CFO, effective April 1, 2024

International Markets

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Infosys: The IT major’s chief financial officer and key managerial personnel, Nilanjan Roy, will resign from the position effective March 31, 2024. The company appointed Jayesh Sanghrajka as the chief financial officer and key managerial personnel of the company effective April 1, 2024.

Canara Bank: The bank has raised Rs 1,403 crore through the issue of additional tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40%.

Dixon Technologies: The company’s arm, Padget Electronics, received a manufacturing contract from Lenovo for manufacturing laptops and notebooks under the PLI 2.0 scheme.

Rail Vikas Nigam: The company with its JV URC (51:49) wins a bid of Rs 543 crore from the Madhya Pradesh metro project.

Sterling and Wilson Renewable Energy: The company launched its qualified institutional placement to raise Rs 1500 crore. The floor price for the QIP is set at Rs 365.02 per share, which is a discount of 13.75% to the stock’s previous close of Rs 423.20 on the NSE.

Jammu & Kashmir Bank: The company launched its qualified institutional placement to raise Rs 750 crore. The floor price for the QIP is set at Rs 112.66 per share, which is a discount of 10.02% to the stock’s previous close of Rs 125.20 on the NSE.

Wipro: The IT major has supported Marelli electronic systems in the development of its cabin digital twin, which enables original equipment manufacturers to introduce connected vehicle services to the market quickly.

DLF: The company’s CFO, Vivek Anand, tendered his resignation due to professional reasons. Managing Director Ashok Kumar Tyagi will now have oversight of the group’s finances.

BLS International Services: The company has been awarded the contract for outsourcing consular, passport, and visa services by the High Commission of India in Canada. This contract encompasses operations at HCI in Ottawa and Consulate Generals of India (CGIs) in Toronto and Vancouver.

PNC Infratech: The company received Rs 116 crore from the National Highways Authority of India towards the ‘Eligible Disputes’ raised by PNC Raebareli Highways Pvt., a subsidiary of the company for ‘one-time settlement’ under the ‘Vivad Se Vishwas II (Contractual Disputes)’ scheme of the Government of India.

Source: Moneycontrol, Bloomberg Quint, Investing 

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