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

After U.S. equities dropped and bonds rose on Friday as traders sought shelter with the growing possibility of a ground offensive in Gaza, Australian stocks also sank, along with those in Japan and South Korea. The Nasdaq 100 fell more than 1% on Friday in New York, as big tech stocks fell. After announcing that it was looking into 737 Max quality issues, Boeing Co. fell. Profits from strong earnings helped JPMorgan Chase & Co. and Wells Fargo & Co. The yield on the 10-year U.S. bond was 4.64% at the time, while Bitcoin was trading above the 27,000 mark. WTI Crude was trading above the $87 level while Brent Crude was trading above $90.

Economic Calendar:

  • USD : Retail Sales (MoM) (Sep) on 17th Oct, 2023
  • USD : Building Permits (Sep) on 18th Oct, 2023
  • INR : M3 Money Supply on 18th Oct, 2023
  • INR : FX Reserves, USD on 20th Oct, 2023

Brokerage Radar:

JEFFERIES ON KFIN TECH: Buy, TP raised to Rs 560; While Asian mkt will be organic, it may explore M&A in western mkt.; Domestic MFs & issuer solutions are growing at steady pace; Raise earnings by 1-2% & see 17% Cagr in profit over FY23-26; cashflows can aid M&A.

GS ON TCS: Buy, TP Rs 4020; Rev growth of -0.1% qoq (constant Fx; +2.8% YoY) below GSe of +1% qoq; 1% qoq decline in headcount suggests weak near term rev outlook; Lower rev est. by up to 1%, with FY24 rev growth of 3.8% (constant Fx; vs 5% earlier)

International Markets

 U.S & Europe:

Particulars 13th October Chg. Chg.(%)
Nasdaq 13407.23 -166.98 -1.23
Dow 33670.29 39.15 0.12
FTSE 7644.78 24.75 0.32
CAC 7104.53 -26.68 -0.38
DAX 15425.03 -34.98 -0.23
Dow Fut.* 33706.11 35.82 0.11

Asian markets:

Particulars 16th October Chg. Chg.(%)
GIFT Nifty 19725.50 -5.00 -0.03
Nikkei 31786.78 -529.21 -1.66
Straits Times 3164.52 -21.27 -0.67
Hang Seng 17751.61 -61.84 -0.35
Shanghai 3070.87 -17.23 -0.56

ADR Watch:

Particulars       13th October  Chg.       Chg.(%)
Dr. Reddy 66.43 0.33 0.50
HDFC Bank 58.24 -0.56 -0.95
ICICI Bank 22.75 0.12 0.53
Infosys 16.92 0.46 2.79
Wipro 4.86 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.26 -0.03
Brent 90.89 0.00
Gold 1932.75 -0.45
Silver 22.828 -0.29

FIIs & DIIs:

Particulars   13th October     12th October
FIIs                           317.01 -1862.57
DIIs -102.88 1532.08

News Update:

Adani Enterprises: The Office of Regional Director-Southeast Region, Hyderabad, Ministry of Corporate Affairs, initiates investigation into accounts of Mumbai International Airport and Navi Mumbai International Airport. The documents sought pertain to the period from FY18 to FY22, prior to their acquisition by the company.

Tata Motors: The company will sell a 9% stake in Tata Technologies to TPG Rise Climate for Rs 1,467 crore and another 0.9% stake in TTL to Ratan Tata Endowment Foundation for Rs 146.7 crore.

Mahindra & Mahindra: September sales rose 18.14% year on year to 73,185 units, while production increased by 21.88% to 79,410 units. The Income Tax Department has filed an appeal in Bombay High Court against relief previously granted to the company over a Rs 432 crore tax dispute.

Laurus Labs: Associate ImmunoACT received marketing authorization approval for India’s first CAR-T cell therapy, NexCAR19, for cancer treatment therapy from the Central Drugs Standard Control Organisation.

NHPC: The company expects Rs 788 crore worth of damages due to flash floods impacting its 510 MW Teesta-V Power Station in Sikkim. The damages are fully insured, and the company said it will lodge a formal claim for the damages.

L&T Finance Holdings: NCLT has approved the amalgamation of L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee with L&T Finance Holdings on Oct. 13.

Infosys: The New York State Taxation Department has imposed a penalty of $15,076 for underpayment of advance tax in FY22.

Bajaj Electricals: The company bagged a service contract worth Rs 564 crore from Power Grid Corp. for 400 kV transmission lines in Andhra Pradesh. The project is to be completed in 21 months.

HDFC Life: Board approves re-classification of Abrdn (Mauritius Holdings) 2006 from ‘Promoter’ to ‘Public’ category. HDFC Bank will be the sole promoter post-reclassification.

Mankind Pharma: The company has resumed operation at the Sikkim facility as of Oct. 13. It has reported no damage to property due to flash floods when the facility’s operations were disrupted.

Federal Bank: International Finance Corp. acquires an additional 7.26 crore shares (3% stake) via preferential issue, increasing its stake to 7.32%.

Gati: Total volume in Q2 volume rose 18% year-on-year to 333,000 metric tonnes on account of strong pre-festive ordering. Also, the company’s Bengaluru transshipment hub is now online.

Source: Moneycontrol, Bloomberg Quint, Investing 

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