View on market: Stay Cautious, be with quality business:

Asian markets were poised to decline across the region on Monday after the worst week for stocks and bonds this year as traders increased interest rate expectations ahead of crucial the U.S. inflation data due Tuesday. The S&P 500 ended the week 1.1% lower, while the tech-heavy Nasdaq 100 fell 2.1%, the worst weekly performance this year for the two indexes. At 5:50 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.12% at 17,883.5. Meanwhile, the yield on 10-year U.S. Treasuries was at 3.74%. Crude price was trading around $85-mark, while Bitcoin traded below $22,000-level. The Indian benchmark indices closed the week lower after a rangebound day of trading, following weak global cues and MSCI rejig of Adani Group stocks weighing on its indexes. On Friday, after market hours, Moody’s took ratings action on eight Adani Group companies. Rupee closed 2 paise higher against the U.S. dollar at the end of the week, which saw another rate hike by MPC and weaker-than-expected economic data from the U.S.

Economic Calendar:

  • USD : CPI (MoM) (Jan) on 14th February, 2023
  • USD : GDP (QoQ) (Q4) on 14th February, 2023
  • INR : Bank Loan Growth on 10th February, 2023
  • INR : Manufacturing Output (MoM) on 10th February, 2023

Q3FY23 Results Today: FSN E-Commerce Ventures, which runs Nykaa, Zee Entertainment Enterprises, Power Finance Corporation, Sun Pharma Advanced Research Company, Shree Renuka Sugars, SAIL, Wockhardt, Ahluwalia Contracts, Allcargo Logistics, Bajaj Healthcare, Bajaj Hindusthan Sugar

Brokerage Radar:

CITI ON DELHIVERY: Buy, TP raised to Rs 489; Continued sequential improvement in profitability; Multiple levers drive 330bp improvement in adj. Ebitda margin in 3Q

Management confident in a pickup in express parcels & PTL vol in 2023.

NOMURA ON ABB: Neutral, TP Rs 3121; Strong EBITDA margins despite rev miss

Management targets Rs 18bn in strategic acquisitions; EBITDA margins significantly above est. PAT beat almost entirely due to superior operational performance

MACQUARIE ON HINDALCO: O-P, TP cut to Rs 516; Modest 3Q EBITDA miss driven by aluminium segment; Expect more moderate costs to drive margin improvement in both domestic & global downstream businesses; Lower FY23E/FY24E EBITDA by 1%/3%

International Markets:

U.S & Europe

Particulars 10th February Chg. Chg.(%)
Nasdaq 11718.12 -71.46 -0.61
Dow 33869.27 169.39 0.50
FTSE 7882.45 -28.70 -0.36
CAC 7129.73 -58.63 -0.82
DAX 15307.98 -215.44 -1.41
Dow Fut.* 33785.50 -83.80 -0.25

Asian markets

Particulars 13th February Chg. Chg.(%)
SGX Nifty 17861.50 -15.50 -0.09
Nikkei 27354.81 -316.17 -1.16
Straits Times 3333.75 -26.94 -0.80
Hang Seng 21053.01 -137.41 -0.65
Shanghai 3276.45 15.78 0.48

ADR Watch:

Particulars 10th February  Chg.       Chg.(%)
Dr. Reddy 54.91 0.54 0.99
HDFC Bank 67.97 0.32 0.47
ICICI Bank 20.58 -0.12 -0.58
Infosys 19.16 -0.18 -0.93
Wipro 4.90 0.01 0.20

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.50 -0.02
Brent 85.69 -0.81
Gold 1872.10 -0.13
Silver 21.875 -0.91

FIIs & DIIs:

Particulars 10th February 09th February
FIIs                           1458.02 -144.73
DIIs -291.34 -205.25

News Update:

Adani Enterprises/Adani Green Energy/Adani Ports and SEZ/Adani Transmission: Ratings agency Moody’s affirmed its ratings for eight Adani Group companies and revised the outlook on four of them. Moody’s affirmed ‘Ba3’ rating for Adani Green Energy, and changed outlook to negative from stable. Rating for Adani Ports and Special Economic Zone affirmed at ‘Baa3’, while outlook remains stable. Adani Transmission Step-One rating has been affirmed at ‘Baa3’, and outlook changed to negative from stable. Adani Transmission Restricted Group 1 rating affirmed at ‘Baa3’, and outlook remains stable.

Mahindra & Mahindra: The company will sell its entire stake in Mahindra Consulting Engineers to Paris-based Artelia Holding SAS for Rs 10.32 crore.

Kotak Mahindra Bank: The bank will acquire 100% stake in Sonata Finance for Rs 537 crore. After the acquisition the bank will leverage Sonata’s distribution network and provide wider suite of banking products to Sonata’s customer base matching heir emerging banking needs.

TVS Motor Company: Life Insurance Corporation of India decreased its shareholding in the company to 3.36% from 5.37%.

BEML: The company received an order worth Rs 377.98 crore for supply of 118 track width mine plough for Arjun MBT MK-1A. The supplies are expected to be completed by January 2026.

Thermax: The company won an order worth Rs 251.7 crore to renovate and modernise electrostatic precipitator package from an Indian public sector company.

 Source: Moneycontrol, Bloomberg Quint, Investing

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