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

Due to the holiday, there were no overnight indications from U.S. markets, which caused stocks in the Asia-Pacific region to fall in early trade on Tuesday. The record-breaking run in Japan’s major indices came to an end in early trade, with the Nikkei 225 falling as high as 0.53%. As of 06:28 a.m., the Nikkei 225 was down 0.07% at 35,875.78.

In contrast to the fall that market participants had anticipated, Japan reported that its corporate goods price index stayed constant in December on an annualized basis. When China releases its GDP figure on Wednesday, all eyes will be on Beijing. The economy is predicted to expand at an annual rate of 5.3%, down from the 4.9% growth rate seen in the previous quarter. Due to the Martin Luther King holiday, U.S. markets were closed on Monday.

Economic Calendar:

  • USD : Retail Sales (MoM) (Dec) on 17th January, 2024
  • USD : Building Permits (Dec) on 18th January, 2024
  • INR : FX Reserves, USD on 19th January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MOSL ON PNB HSG: Buy, TP Rs 1025; Set to deliver PAT CAGR of 25% over FY24E-FY26E & RoA/RoE of 2.5%/14% in FY26; Healthy loan growth to return in Retail while Corporate will be an enabler; Improvement in yields & lower CoF to boost NIM Trades @1.1x FY26E P/BV

CITI ON HFCs: HFC regulations harmonized with NBFC framework; LICHF & Can Fin has less than 2% of borrowings by ways of public deposits while PNBHF has almost one-third of borrowings through deposits

UBS ON ONE97COMM: Initiate Buy, TP Rs 900; Continued monetisation & EBITDA break-even to drive re-rating; Expect a moderating 21% top-line CAGR in FY24- 28, while operating leverage plays out as marketing expense ease & ESOP costs moderate; EBITDA margin to gradually reach 20%

International Markets:

U.S & Europe:

Particulars 15th January Chg. Chg.(%)
Nasdaq 14972.76 2.58 0.02
Dow 37592.98 -118.04 -0.31
FTSE 7594.91 -30.02 -0.40
CAC 7411.68 -53.46 -0.72
DAX 16622.22 -82.34 -0.50
Dow Fut.* 37469.23 -91.48 -0.24

Asian markets:

Particulars 16th January Chg. Chg.(%)
GIFT Nifty 22090.00 -53.50 -0.24
Nikkei 35792.06 -109.73 -0.31
Straits Times 3190.93 -8.49 -0.27
Hang Seng 16046.51 -169.82 -1.05
Shanghai 2882.99 -3.30 -0.11

ADR Watch:

Particulars 15th 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 82.94 0.11
Brent 77.94 -0.27
Gold 2054.45 -0.22
Silver 23.31 -0.35

FIIs & DIIs:

Particulars 15th January 12th January
FIIs                          1085.72 -340.05
DIIs -820.69 2911.19

News Update:

Bank of Baroda: The bank will issue long-term infrastructure bonds worth Rs 5,000 crore in the second tranche.

Nalco: India’s Khanij Bidesh India and Argentina’s Catamarca Minera Y Energetica Sociedad DEL ESTADO signed an agreement for the first-ever exploration and mining of lithium. The estimated project cost is Rs 200 crore.

PNC Infratech: The company, with its arm, executed definitive agreements with Highways Infrastructure Trust to divest 12 of the company’s road assets and one toll concession in the states of Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan. The enterprise value of the transaction is Rs 9,005.7 crore.

Patanjali Foods: The company, in its Q3 business update, reported that the food and FMCG segments accounted for 32% of total revenues, edible oils’ sequential volume growth was seen in single digits and branded sales continued to contribute 75% of the total edible oil sales volume.

Life Insurance Corp.: The company has temporarily closed its Mauritius branch due to ongoing Cyclone Belal in Mauritius.

Sarda Energy and Minerals: The company received an order worth Rs 150 crore from Gensol Engineering for the installation of a 50 MW solar power plant in Chhattisgarh.

BLS International Services: The company, through its arm, signed a definitive agreement to acquire a 100% stake in iDATA, a Turkey-based visa and consular services provider, to expand the existing business in new geographies and with new client governments.

Aster DM: Affinity Holdings and Alpha GCC aim to complete the sale of the Gulf business deal soon. The dividend from the upfront payment of $903 million is seen at Rs 110 to Rs 120 per share.

Usha Martin: The company’s Thailand-based arm will acquire a 50% stake in Tesac Usha wire rope company for Baht 74.45 million from Kobelco Wire Company.

HPL Electric and Power: The company bagged deals worth Rs 240 crore from leading AMISP clients for smart metres.

Source: Moneycontrol, Bloomberg Quint, Investing 

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