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

Asian markets are primed for a cautious open after a choppy day on Wall Street ended flat as investors balanced hot inflation data with Federal Reserve commentary suggesting US interest rates may soon peak. The U.S. futures edged lower in early Asian trading. The S&P 500 ended Tuesday little changed while the tech-heavy Nasdaq 100, which is more sensitive to higher interest rates, rose 0.7%. Meanwhile, the yield on 10-year Treasuries advanced to 3.74%. Crude prices were trading around $85-mark, while Bitcoin trading below 22,000-level. At 6:01 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.13% at 17,950. Domestic benchmark indices held on to steady gains and advanced in trade on Tuesday after a day of decline on rise in consumer price inflation. Rupee further weakened against a stronger U.S. dollar, declining 3 paisa after losing the strong opening earlier in the day.

Economic Calendar:

  • USD : Retail Sales (MoM) (Jan) on 15th February, 2023
  • USD : PPI (MoM) (Jan) on 16th February, 2023
  • INR : Exports (USD) on 15th February, 2023
  • INR : FX Reserves, USD on 17th February, 2023

Brokerage Radar:

JEFFERIES ON GRASIM: Buy, TP Rs 2000; A large miss in 3Q Ebitda (48% YoY decline); Chemicals Ebitda dipped 8% YoY ; VSF Ebitda slid 84% YoY led by weak demand/price & cost pressure. Progress is on track for keenly watched paints segment; launch in 4QFY24

CITI ON BHARAT FORGE: Sell, TP Rs 690; 3Q ahead of est., supported by fx revaluation gains; Marginal revenue beat reflected slightly better export revenue; Overseas subsidiaries continued to disappoint as losses expanded QoQ

NOMURA ON SIEMENS: Neutral, TP Rs 3008; Execution inline & order inflows a modest beat; EBITDA margin at multiqtr high driven by exceptionally high digital industries (DI) EBIT margins

International Markets:

U.S & Europe

Particulars 14th February Chg. Chg.(%)
Nasdaq 11960.14 68.36 0.57
Dow 34089.27 -156.66 -0.46
FTSE 7953.85 6.25 0.08
CAC 7213.81 5.22 0.07
DAX 15380.56 -16.78 -0.11
Dow Fut.* 33958.90 -130.40 -0.38

Asian markets

Particulars 15th February Chg. Chg.(%)
SGX Nifty 17862.00 -65.50 -0.37
Nikkei 27491.51 -111.26 -0.40
Straits Times 3275.56 -42.64 -1.29
Hang Seng 20763.98 -349.78 -1.66
Shanghai 3279.54 -13.74 -0.42

ADR Watch:

Particulars 14th February  Chg.       Chg.(%)
Dr. Reddy 55.40 0.09 0.16
HDFC Bank 69.65 0.74 1.07
ICICI Bank 20.89 0.22 1.06
Infosys 19.12 0.10 0.53
Wipro 4.88 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.93 0.03
Brent 85.25 -0.07
Gold 1860.45 -0.27
Silver 21.762 -0.51

FIIs & DIIs:

Particulars 14th February 13th February
FIIs                           1305.30 1322.39
DIIs 204.79 521.69

News Update:

LT Foods: The Competition Commission of India approved acquisition of certain equity share capital of LT Foods Limited by Riyadh-based SALIC International Investment Corporation.

Reliance Industries: The Ahmedabad bench of NCLT approved the resolution plan jointly submitted by Reliance Industries and Assets Care & Reconstruction Enterprise for Sintex Industries.

Adani Enterprises: Repaid commercial paper worth Rs 15 crore, due on Feb. 14, in full.

Vodafone Idea: Appointed Murthy GVAS as interim chief financial officer, effective Feb. 15.

Biocon: Entered into an agreement with Kotak Strategic Situations Fund for a structured funding up to Rs 1,200 crore.

ONGC: Recorded a 26% YoY growth in standalone profit at Rs 11,045 crore for quarter ended December FY23. Revenue for the quarter at Rs 38,583.3 crore increased by 35.5% over a year-ago period, with crude oil price realisation growing 26%. The board members have declared second interim dividend of Rs 4 per share.

Prestige Estates Projects: Recorded a massive 47.6% YoY growth in consolidated profit at Rs 127.8 crore for quarter ended December FY23, supported by healthy topline and operating income. Revenue from operations grew significantly by 74.5% YoY to Rs 2,317 crore for the quarter. On the operating front, EBITDA jumped 57.5% YoY to Rs 574.2 crore in Q3FY23, but margin fell by 268 bps YoY to 24.78%.

Apollo Hospitals Enterprise: Registered a 33.3% YoY decline in consolidated profit at Rs 162.3 crore for third quarter of FY23, impacted by weak operating performance. The higher purchase of stock-in-trade and employee expenses impacted operating numbers. Revenue for the quarter at Rs 4,264 crore increased by 17.2% over a year-ago period. On the operating front, EBITDA fell 14% YoY to Rs 505.35 crore with margin down by 428 bps for the quarter. The board declared an interim dividend of Rs 6 per share.

 Source: Moneycontrol, Bloomberg Quint, Investing

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