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

Asian markets were expected to decline on Monday as China’s property collapse worsened and Wall Street shares ended a bad week on a negative note. A measure of Chinese businesses with U.S. listings also headed lower, as did futures for stocks in Australia, Japan, and Hong Kong. A decline in tech megacaps and conflicting economic data caused weakness and a lack of direction in the equities during Friday’s U.S. trading session. Meanwhile, Brent crude was trading below $87 a barrel and West Texas Intermediate was around the $82-mark. The yield on the 10-year U.S. bond was trading at 4.15% and Bitcoin was below 30,000-level. At 5:17 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 36 points or 0.18% at 19,451.

Economic Calendar:

  • USD : Retail Sales (MoM) (Jul) on 15th Aug, 2023
  • USD : Building Permits (Jul) on 16th Aug, 2023
  • INR : WPI Manufacturing Inflation (YoY) (Jul) on 14th Aug, 2023
  • INR : CPI (YoY) (Jul) on 14th Aug, 2023

Brokerage Radar:

JEFFERIES ON ADANI PORTS: Buy, TP Rs 890; Board accepted resignation of its statutory auditors M/S Deloitte & approved appointment of M/s M S K A & Associates.

Auditor resignations are viewed -ve, but replacement with a reputed auditor (top 6) gives some comfort

MS ON VOLTAS: UW, TP Rs 735; No change in outlook & see downside risks to consensus margin estimates. Voltas continues to see AC market remaining extremely competitive & guides for a single-digit margin. Project business also continues to be a drag

CLSA ON HAL: Buy, TP raised to Rs 4110 (on roll fwd); Strong 1Q; Ebitda margins (+463bps YoY) & cash pile swelled to $2.5bn+; Backlog slowed to 3% YoY in 1Q on delay in Russian platforms- Su-30 fighter aircraft & engine orders; Decadal pipeline continues to grow at $45bn

International Markets

U.S & Europe:

Particulars 11th August Chg. Chg.(%)
Nasdaq 13644.85 -93.14 -0.68
Dow 35281.40 105.25 0.30
FTSE 7524.16 -94.44 -1.26
CAC 7340.19 -93.43 -1.27
DAX 15832.17 -164.35 -1.04
Dow Fut.* 35215.50 -65.90 -0.19

Asian markets:

Particulars 14th August Chg. Chg.(%)
GIFT Nifty 19431.00 -48.50 -0.25
Nikkei 32160.30 -313.35 -0.97
Straits Times 3238.02 -56.26 -1.71
Hang Seng 18630.45 -444.74 -2.33
Shanghai 3155.63 -33.62 -1.05

ADR Watch:

Particulars    11th August  Chg.       Chg.(%)
Dr. Reddy 71.53 -0.24 -0.33
HDFC Bank 66.32 -0.25 -0.38
ICICI Bank 23.15 -0.25 -1.07
Infosys 16.68 -0.19 -1.13
Wipro 4.97 -0.05 -1.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.97 0.01
Brent 86.17 -0.74
Gold 1943.80 -0.14
Silver 22.642 -0.44

FIIs & DIIs:

Particulars   11th August 10th August
FIIs                          -3078.28 331.22
DIIs 500.35 703.72

News Update:

Muthoot Finance: The company will seek shareholders’ approval to raise borrowing limit to Rs 1 lakh crore. The board has approved infusion of Rs 400 crore in its unit Muthoot Money and acquisition of 2.05% stake in Belstar Microfinance from existing promoters for Rs 43 crore.

Sterling and Wilson Renewable Energy: The company bagged a Rs 1,130 crore order from Gujarat Industries Power for its proposed 600 MWac solar project at Khavda. The project comprises two blocks of 300 MWac with a three-year operation and maintenance contract.

Reliance Industries: Jio Platforms’ arm Radisys completed the acquisition of wireless broadband solutions firm Mimosa from U.S.-based Airspan Networks Holdings. In March, the company had agreed to buy Mimosa for $60 million or about Rs 491 crore on a debt- and cash-free basis.

Redington: Rajiv Srivastava resigned as MD with immediate effect citing personal reasons. The board will initiate search for the vacancy at the earliest.

NBCC: The company received work orders worth Rs 279.31 crore for four different projects.

DCB Bank: The bank will acquire 9.9% stake in micro-lender Saksham Gram Credit for Rs 3.99 crore.

NLC India: The company has emerged as successful bidder for North Dhadu coal mine in Jharkhand. The mine has a coal reserve of 434.65 MT with peak rated capacity of 3 MTPA.

ITC: Sanjiv Puri was reappointed as Managing Director and Chairman for five years with effect from July 22, 2024.

RBL Bank: Chief Operations Officer Pankaj Sharma resigned and will be relieved from his duties on Sept. 20. Alok Rastogi, head – Corporate Centre, will now directly handle the Operations function also.

Source: Moneycontrol, Bloomberg Quint, Investing 

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