International Markets:

U.S & Europe

Particulars 10th  Jan Chg Chg(%)
Nasdaq 9178.86 -24.57 -0.27
Dow* 28823.77 -133.13 -0.46
FTSE 7587.85 -10.27 -0.14
CAC 6037.85 -5.44 -0.09
DAX 13483.31 -11.75 -0.09
Dow Fut.* 28843.50 66.50 0.23

*As per 13th Jan

Asian markets:

Particulars 13th   Jan. Chg Chg(%)
SGX Nifty* 12329.00 38.00 0.31
Nikkei 23850.57 110.70 0.47
Straits Times 3258.16 2.21 0.07
Hang Seng 28707.03 68.83 0.24
Shanghai 3081.92 -10.37 -0.34

 

ADR Watch:

Particulars 10th Jan. Chg Chg(%)
Dr Reddy 41.06 -0.18 -0.44
HDFC Bank 61.90 -0.62 -0.99
ICICI Bank 15.04 -0.10 -0.66
Infosys 10.65 0.17 1.62
Tata Motor 13.61 0.28 2.10
Wipro 3.87 0.02 0.52

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 70.9412 -0.38
Brent 64.96 -0.03
Gold 1557.75 -0.15
Silver 18.067 -0.21

 

FIIs & DIIs

Particulars 10th  Jan. 9th  Jan.
FIIs 578.28 -431.11
DIIs -431.11 419.22

 

View on market: Buy on dips

Asian stocks were mixed Monday after a decline in U.S. shares following Friday’s lacklustre employment report. Shares slipped in Australia and were little changed in South Korea. Futures in Hong Kong pointed higher while Japanese markets were closed for a holiday. U.S. futures inched upward. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.31 percent to 12,329.00 as of 7:50 a.m.

Key Data/ Action,Result and Board meeting to watch:

Delta Corp

Tata Elxsi

Fund View:

Infosys Citi Research Maintained ‘Buy’; hiked price target to Rs 865 from Rs 830. Results: Slow December quarter; guidance and investigation outcome positive. Continues to execute well and deal wins provide visibility. Expect Infosys to continue to grow faster than other large peers.

Bajaj Finance UBS Initiated ‘Neutral’ with a price target of Rs 4,600. Expect customer growth and cross-selling to drive FY19-24 loan CAGR of 30 percent. Fee income growing faster than loans; operating leverage to aid EPS growth. Expect credit cost to normalise at 1.7 percent over FY21-22; GNPLs to rise marginally to 1.8 percent in FY20-22

L&T Finance UBS Initiated ‘Buy’ with a price target of Rs 165. Risks on infrastructure projects have come-off; execution key for real estate. Lower competitive intensity and new initiatives to support loan growth. Easing liquidity to reduce the cost of funds; counter-cyclical provisions to limit credit costs.

Reliance Industries CLSA Maintained ‘Buy’ with a price target of Rs 2,010. The largest but still fastest-growing player across telecom and retail. Big earnings kicker to drive EPS up 27 percent in FY21 and 160 basis points jump in RoE. 2020 should show a grand plan in action.

Avenue Supermarts JPMorgan Maintained ‘Neutral’; hiked price target to Rs 1,960 from Rs 1,750. December quarter was inline; pace of store additions picks up. Remains key beneficiary of rising share of organised retail chains. Expensive valuation leave limited scope for near-term outperformance.

News Update:

 

Infosys: Audit Committee has found no evidence of financial impropriety or executive misconduct in the independent investigation into allegations contained in whistleblower complaints company disclosed on Oct. 21.

Yes Bank: Board to look at allegations raised by Uttam Prakash Agarwal in his resignation letter Bank has received Agarwal’s letter. RBI had directed the bank to review Agarwal’s fit and proper status and the Board had sought opinions of eminent jurists on Agarwal’s fit and proper status.

Edelweiss confirmed receiving communication from Enforcement Directorate to appear and provide about the Group’s dealing with company called Capstone Forex. Group said that none of its companies has any transaction with Capstone Forex and denied baseless allegations contained in the news items which are apparently attributed to unidentified sources.

Reliance Industries: Delhi High Court sought Centre’s reply on plea to recall orders asking the company to file affidavit on its assets. (PTI)

ICICI Bank: Enforcement Directorate attached flat, land, seized cash, plant & machinery located in Tamil Nadu and Maharashtra totalling to Rs 78.15 crores in possession of Chanda Kochhar, Deepak Kochhar and the companies controlled by Deepak Kochhar, under PMLA.

Tata Steel’s Netherlands arm has executed agreements for the refinancing of its bank debt and has raised term loan facilities of 1.75 billion euros from 19 banks. This represents a reduction of 500 million euros versus the external debt outstanding in Tata Steel Europe as of March 2019.

Cholamandalam Investment & Finance issued non-convertible debentures worth Rs 400 crore to CDC Group.

Tata Chemicals: NCLT Mumbai has sanctioned the scheme of demerger of the firm’s consumer products business to Tata Global Beverages. On Jan. 8, even NCLT Kolkata has sanctioned this scheme.

Lupin: U.S. FDA completes inspection of Lupin’s Nagpur facility that was carried out between Jan.6-10, 2020. The inspection closed with two 483 observations.

 


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Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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