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

Asia-Pacific markets began trading higher on Wednesday morning, following Wall Street’s overnight bounce as investors dismissed stronger-than-expected U.S. inflation data. The S&P ASX 200 was up 17.20 points, or 0.22%, at 7,729.70, while the Nikkei 225 was up 95.25 points, or 0.25%, at 38,892.76. Following its record high, the S&P 500 Index ended 1.12% higher, driven by advances in Oracle shares. On Tuesday, the Nasdaq Composite finished 1.54% higher. By 0.61%, the Dow Jones Industrial Average increased. A barrel of Brent crude was trading 0.37% higher at $82.29. Gold was higher by 0.02% at $2,158.75 an ounce.

Economic Calendar:

  • USD : Retail Sales (MoM) (Feb) on 14th March, 2024
  • USD : PPI (MoM) (Feb) on 14th March, 2024
  • INR : Trade Balance on 15th March, 2024
  • INR : FX Reserves, USD on 15th 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 12th March Chg. Chg.(%)
Nasdaq 16265.64 246.36 1.54
Dow 39005.49 235.83 0.61
FTSE 7747.81 78.58 1.01
CAC 8087.48 67.75 0.84
DAX 17965.11 218.84 1.22
Dow Fut.* 38986.39 -19.10 -0.05

Asian markets:

Particulars 13th March Chg. Chg.(%)
GIFT Nifty 22473.50 34.50 0.15
Nikkei 38636.12 -161.39 -0.42
Straits Times 3157.21 15.74 0.50
Hang Seng 17118.77 25.27 0.15
Shanghai 3039.62 -16.32 -0.53

ADR Watch:

Particulars 12th March  Chg.       Chg.(%)
Dr. Reddy 76.31 -0.95 -1.23
HDFC Bank 57.00 1.10 1.97
ICICI Bank 26.14 0.06 0.23
Infosys 19.41 0.19 0.99
Wipro 6.18 0.05 0.73

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.80 0.01
Brent 82.35 0.52
Gold 2164.85 -0.06
Silver 24.33 -0.28

FIIs & DIIs:

Particulars 12th March 11th March
FIIs                          73.12 4212.76
DIIs 2358.18 3238.39

News Update:

ITC: British American Tobacco, the largest public shareholder of the company, has launched a block trade to offload up to a 3.5% stake in the company for over Rs 17,482 crore.

Vedanta: The Securities Exchange Board of India ordered the company to pay Rs 77.62 crore to Scottish explorer Cairn for delay in payment of dividends and barred the firm’s entire board from accessing the capital market for the same.

Aurobindo Pharma: Eugia Pharma has restarted distribution of aseptic products and will start commercial production from aseptic lines in a phased manner beginning next week.

Glenmark Pharma: The company completed the transfer of the remaining 20% stake in Glenmark Life Sciences to Nirma.

Shree Cement: The company has entered into an asset purchase agreement with Starcrete LLP for the purchase of five ready-mix concrete plants located in Maharashtra for Rs 33.5 crore.

SRF: The company incorporated a wholly owned subsidiary, SRF Middle East, in Dubai for trading in refrigerant gases.

Oriental Rail Infrastructure: The company received an order worth Rs. 1,249 crore from the Ministry of Railways for the manufacturing and supply of 3,055 BOXNHL wagons.

Ramco Cements: The company inaugurated the Gati Shakti Cargo Terminal project in Andhra Pradesh to transport crushed limestone through railway wagons from the company’s mines in Budawada to its integrated cement plant in Jayanthipuram.

Allcargo Logistics: The company LCL volume for the month of February increased 7% YoY and FCL volume up 5% YoY for the month of February.

Muthoot Capital: The company partners with Greaves Cotton unit Greaves Finance 100% EV-focused lending platform evfin for electric two-wheeler financing across India.

Indoco Remedies: The company approved the purchase of 2,860 sq m of land in Mumbai.

Sterling & Wilson: The company has issued clarification on the Shapoorji stake sale report and said it is not aware of negotiations.

Titagarh Rail Systems: The company launched its second 25T Bollard Pull Tug, Bahubali, for the Indian Navy.

Vakrangee: The Reserve Bank of India has renewed the authorization issued to the company for white-label ATMs.

Source: Moneycontrol, Bloomberg Quint, Investing 

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