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

As investors wait for the People’s Bank of China to make a decision regarding its medium-term lending facility, markets throughout the Asia-Pacific region saw a rise in early trade on Monday. Market participants also evaluated the results of Taiwan’s election, which were made public over the weekend and revealed that the Democratic Progressive Party had been selected by voters. As of 06:35 a.m., the Nikkei was up 0.20% at 35,649.92, and the S&P ASX 200 was up 0.07% at 7,503.30. On Friday, the Nasdaq 100 ended the day 0.07 higher and the S&P 500 Index increased by 0.08%. The decline in the Dow Jones Industrial Average was 0.31%. Brent crude increased 0.08% to $78.21 a barrel. The price of gold was $2,047.86, down 0.06%.

Economic Calendar:

  • USD : Retail Sales (MoM) (Dec) on 17th January, 2024
  • USD : Building Permits (Dec) on 18th January, 2024
  • INR : WPI Inflation (YoY) (Dec) on 15th January, 2024
  • INR : FX Reserves, USD on 19th January, 2024

Brokerage Radar:

CLSA ON TATA POWER: Buy, TP Raised to Rs 955(on roll fwd); Europe, UK & China led significant vol growth in 3Q; CO raised JLR Ebit margin guidance to 8% from 6% for FY24 & expects Ebit margin to reach 10% by FY26; JLR expects to reduce net debt to £1bn by end of FY24

CITI ON ZEE ENT: Buy, TP Rs 340; News Flow Suggests Potential Uncertainty Around Merger Completion; However, assuming merger goes through (base case assumption), expect it to drive advt. & subscription revenue synergies along with potential cost synergies as well

UBS ON BAJAJ AUTO: Sell, TP Rs 5600; Buy-back announced at Rs10k/sh; promoters expected to participate; This means co will buy-back c1.41% of total equity& implies promoter group will potentially receive Rs22bn; Stk has already run-up c6% since news of a board meeting

International Markets:

U.S & Europe:

Particulars 12th January Chg. Chg.(%)
Nasdaq 14972.76 2.58 0.02
Dow 37592.98 -118.04 -0.31
FTSE 7624.93 48.34 0.63
CAC 7465.14 77.52 1.04
DAX 16704.56 157.53 0.94
Dow Fut.* 37596.51 3.53 0.01

Asian markets:

Particulars 15th January Chg. Chg.(%)
GIFT Nifty 22055.50 80.50 0.37
Nikkei 35870.73 293.62 0.82
Straits Times 3201.01 9.29 0.29
Hang Seng 16308.40 63.82 0.39
Shanghai 2894.17 12.19 0.42

ADR Watch:

Particulars 12th January  Chg.       Chg.(%)
Dr. Reddy 69.38 1.24 1.82
HDFC Bank 65.58 0.20 0.31
ICICI Bank 24.07 0.11 0.46
Infosys 19.60 0.78 4.14
Wipro 6.28 0.91 16.95

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.88 0.01
Brent 78.53 0.37
Gold 2060.50 0.43
Silver 23.48 0.63

FIIs & DIIs:

Particulars 12th January 11th January
FIIs                          -340.05 -865
DIIs 2911.19 1607.08

News Update:

Tata Consumer Products: The company has agreed to buy Capital Foods Pvt., the owner of Ching’s Secret and Smith & Jones, and Fabindia-backed Organic India in two separate deals valued at about Rs 7,000 crore as it expands its portfolio of high-margin businesses. The board will meet on Jan. 19 to consider fundraising via equity or debt issues.

Adani Enterprises: Unit Adani New Industries received the Letter of Award to set up a manufacturing capacity of 198.5 megawatts per annum for electrolysers under the Strategic Interventions for Green Hydrogen Transition scheme from Solar Energy Corp.

Bharat Heavy Electricals, NLC India: BHEL received a letter of award worth Rs 15,000 crore for an EPC package for the 3×800 MW Talabira thermal power project from NLC India.

Life Insurance Corp:  The state-run insurer received a tax demand worth Rs 1,370.6 crore from the Mumbai tax authority.

Avalon Technologies: The company entered into an agreement with the Centre for Development of Advanced Computing for indigenously manufactured HPC servers, ‘RUDRA’.

Sheela Foam: The company has completed the acquisition of a 2.57% stake in KEL for Rs 55.33 crore. The company now holds 97.23% of KEL.

Emudhra: The company opened its QIP at a floor price of Rs 443.56, which indicates a discount of 5% to the current market price.

Century Plyboards: The company’s newly set-up laminate unit started its commercial production on Jan. 12.

Goodluck India: The company opened its QIP at Rs 989.40 per share, which indicates a discount of 10% to the current market price.

Anant Raj: The company opened its QIP at Rs 310.78 per share, which indicates a discount of 5% of the current market price.

Dilip Buildcon: The company sold its entire 51% stake in DBL Nidagatta Mysore Highways for Rs 61.6 crore.

Source: Moneycontrol, Bloomberg Quint, Investing 

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