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

As investors refrained from making new wagers prior to the announcement of the U.S. CPI print for February, share indices in the Asia-Pacific region were trading in a mixed manner. The Nikkei 225 was down 466.02 points, or 1.20%, at 38,354.47 as of 06:37 a.m. as traders began to anticipate that the Bank of Japan would stop its negative interest rate policy next week following the nation’s avoidance of a recession. For the sixth straight session, the yen’s rise against the US dollar persisted. On Monday, the Nasdaq Composite and S&P 500 Index both saw declines of 0.41% and 0.11%, respectively. At the close, the Dow Jones Industrial Average was up 0.12%.

Economic Calendar:

  • USD : CPI (YoY) (Feb) on 12th March, 2024
  • USD : PPI (MoM) (Feb) on 14th March, 2024
  • INR : CPI (YoY) (Feb) on 12th March, 2024
  • INR : WPI Inflation (YoY) (Feb) on 14th March, 2024

Brokerage Radar:

JEFFERIES ON LTMINDTREE: Buy, TP cut to Rs 5890; Resignation of LTIM’s CFO, alongside a slew of other senior-level exits, suggests that LTIM still faces integration issues. Given this, may take longer to realize rev synergies; Cut est. by 5-9% & expect 15% EPS CAGR in FY24-26

CLSA ON GAIL: Sell, TP Rs 165; Takeaways from Vijaipur site visit; Key pilot projects to supplement Gail’s sustainability goals; These initiatives, which include green hydrogen & captive solar power generation, underscore Co’s commitment for energy transition & to be net zero by 2040

International Markets:

U.S & Europe:

Particulars 11th March Chg. Chg.(%)
Nasdaq 16019.27 -65.84 -0.41
Dow 38769.66 46.97 0.12
FTSE 7669.23 9.49 0.12
CAC 8019.73 -8.28 -0.10
DAX 17746.27 -68.24 -0.38
Dow Fut.* 38810.03 40.37 0.10

Asian markets:

Particulars 12th March Chg. Chg.(%)
GIFT Nifty 22454.00 40.50 0.18
Nikkei 38586.92 -233.57 -0.61
Straits Times 3147.44 9.02 0.29
Hang Seng 16763.48 175.91 1.06
Shanghai 3050.98 -17.48 -0.57

ADR Watch:

Particulars 11th March  Chg.       Chg.(%)
Dr. Reddy 77.27 0.69 0.90
HDFC Bank 55.90 0.01 0.03
ICICI Bank 26.10 -0.08 -0.31
Infosys 19.23 -0.04 -0.18
Wipro 6.14 -0.04 -0.57

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.75 0.02
Brent 82.41 0.24
Gold 2183.85 -0.22
Silver 24.64 -0.30

FIIs & DIIs:

Particulars 11th March 07th March
FIIs                          4212.76 7304.11
DIIs 3238.39 2601.81

News Update:

Aditya Birla Capital: The board approved the amalgamation of the wholly owned unit Aditya Birla Finance with the company. The merger is subject to the sanction of the National Company Law Tribunal and other necessary approvals from the Reserve Bank of India and other shareholders.

ITC: British American Tobacco is preparing to kick off a sale of part of its stake in the company as soon as this week. Amidst this, about 12 million equity shares (0.09% stake) changed hands in a large trade on Monday. It increased its stake in Sproutlife Foods to 44.74% for Rs.50 crore.

SpiceJet: Chief Operating Officer Arun Kashyap and Chief CommercialOfficer Shilpa Bhatia has resigned from the airline, PTI reported.

Rail Vikas Nigam: The company emerged as the lowest bidder from Central Railway for signalling and telecommunication work for the provision of automatic block signalling on Khapri- Sewagram section of Nagpur Division. It also received a construction order worth Rs 339 crore from Maharashtra Metro Rail Corp.

Adani Enterprises: The survey of Dharavi will commence on March 18 from Kamla Raman Nagar to digitally collect data from lakhs of informal tenement residents.

H.G. Infra Engineering: The company received a letter of award worth Rs 862.11 crore from the National Highways Authority of India.

Jupiter Wagons: The company received an order worth Rs 957 crore from the Ministry of Railways to manufacture and supply 2,237 units of BOSM wagons.

Mahindra and Mahindra: The company reported total production at 73,380 units vs. 58,203 units YoY for the month of February.

Pitti Engineering: The company will buy Bagadia Chaitra Industries for an enterprise value of Rs 124.92 crore.

Wipro: The IT major has expanded its partnership with Nutanix to launch a new Nutanix-focused business unit.

Imagicaaworld Entertainment: The company announced its successful bid to establish a landmark concept at the iconic Sabarmati Riverfront in Ahmedabad for Rs 130 crore.

Triveni Engineering and Industries: The company acquired a 25.43% stake in Sir Shadi Lal Enterprises for Rs 35 crore with the objective of expanding its business operations in sugar and alcohol businesses.

IRB Infrastructure Developers: The company’s unit, IRB Lalitpur tollway, achieves financial closure for the NH-44 project with Rs 3,500 crore in project finance from the lender.

Source: Moneycontrol, Bloomberg Quint, Investing 

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