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

After Wall Street gained ground ahead of crucial American data that would likely reveal how close the Federal Reserve is to stopping its rate hikes, Asian stocks are expected to open mixed. While Australian markets are expected to open flat and Hong Kong may decline, futures in Japan indicated to gains. With the Nasdaq 100 up 1.2%, tech stocks were the main drivers of growth in the US. As Morgan Stanley predicted that the Dojo supercomputer may increase in worth by much to $500 billion, Tesla Inc. saw a 10% increase. After Apple Inc. extended a contract with the chipmaker, Qualcomm Inc. rose. WTI Crude prices were above the $87 level, and Brent Crude prices remained stable at $90 per barrel. The yield on the 10-year U.S. bond was trading at 4.29% and Bitcoin was below 26,000-level. At 5:23 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 273 points or 1.37% at 20,135.5.

Economic Calendar:

  • USD : CPI (MoM) (Aug) on 13th Sep, 2023
  • USD : PPI (MoM) (Aug) on 14th Sep, 2023
  • INR : CPI (YoY) (Aug) on 12th Sep, 2023
  • INR : Industrial Production (YoY) (Jul) on 12th Sep, 2023

Brokerage Radar:

BERNSTEIN ON ZOMATO: Outperform Rating; Target Raised To Rs 120; Continues To Raise Profitability Bar With Break-even 3 Quarters Ahead Of Target; Strong Execution & Profit Has Reinforced Investor Confidence; Stock Has Graduated From ‘GMV Multiple’ To ‘Profit Multiple’; Medium-term EV/EBITDA Multiple Look Reasonable

NOMURA ON HUL: BUY, TP Rs 2950; 2Q24F: Anemic demand; GPM to improve but OPM muted; Weak 2Q expected as demand remains unchanged with ltd. signs of improvement; significant step up in A&P to drag down EBITDA growth; 2Q demand trends: Vol growth in low single-digits y-y

CLSA ON CEMENT: Strength in demand continued in July & Aug; There has been an unseasonal price increase in Sept.  However, that is partly offset by a sharp jump in fuel costs; As such, don’t see a case for upward revision in earnings yet while val remains elevated

International Markets

Particulars 11th September Chg. Chg.(%)
Nasdaq 13917.89 156.37 1.14
Dow 34663.72 87.13 0.25
FTSE 7496.87 18.68 0.25
CAC 7278.27 37.50 0.52
DAX 15800.99 56.24 0.36
Dow Fut.* 34657.03 -6.69 -0.02

Asian markets:

Particulars 12th September Chg. Chg.(%)
GIFT Nifty 20133.50 15.50 0.08
Nikkei 32665.71 197.95 0.61
Straits Times 3212.25 -6.03 -0.19
Hang Seng 18080.30 -16.15 -0.09
Shanghai 3140.56 -2.22 -0.07

ADR Watch:

Particulars       11th September  Chg.       Chg.(%)
Dr. Reddy 68.28 0.48 0.71
HDFC Bank 65.22 0.86 1.34
ICICI Bank 23.87 0.46 1.97
Infosys 17.95 0.20 1.13
Wipro 5.25 0.06 1.16

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.92 0.04
Brent 90.97 0.36
Gold 1945.85 -0.07
Silver 23.448 0.28

FIIs & DIIs:

Particulars   11th September  08th September
FIIs                          1473.09 -224.22
DIIs 366.24 1150.15

News Update:

Reliance Industries: KKR will invest Rs 2,069.5 crore in the company’s subsidiary, Reliance Retail Ventures, increasing its stake to 1.42% from 1.17%. The deal values the retail giant at Rs 8.36 lakh crore.

ICICI Bank: The private lender has received the RBI’s nod for the re-appointment of Sandeep Bakhshi as MD and CEO for three years with effect from Oct. 4.

NTPC: Subsidiary NTPC Green Energy, signed an MoU with Nayara Energy to explore opportunities in the green hydrogen and green energy space for captive usage.

Larsen & Toubro: The company has increased the buyback price to Rs 3,200 from Rs 3,000 apiece, while the number of shares has been reduced from 3.33 crore to 3.12 crore.

Power Grid Corp: The company won the bid for a 20 GW inter-state transmission project in Rajasthan on a build, own, operate, and transfer (BOOT) basis.

Lupin: The drugmaker plans to enter into a business transfer agreement with subsidiary Lupin Manufacturing Solutions to carve out two active pharmaceutical ingredient manufacturing sites at Dabhasa and Visakhapatnam and select R&D operations, including fermentation, at Lupin Research Park, Pune. The consideration expected to be received is Rs 750–850 crore, and the deal is likely to be entered into in October 2023.

Torrent Power: In a clarification on media reports, the company said it has received confirmation from the members of the promoter group that no plans to create any pledge over the promoter’s shares in the company are under consideration.

Krishna Institute of Medical Sciences: Subsidiary KIMS Hospital Enterprise has acquired a further equity stake of 13.24% in Kondapur Healthcare for Rs 20 crore. The total stake now stands at 19.86%.

Laurus Labs: The company signed a share purchase agreement with a promoter and other shareholders of Laurus Bio for 37,641 equity shares through secondary purchase for Rs 71.6 crore. With this acquisition, the company’s shareholding in Laurus Bio will become 87.58% on a fully diluted basis.

Source: Moneycontrol, Bloomberg Quint, Investing 

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