International Markets:

U.S & Europe

Particulars 14th Feb Chg Chg(%)
Nasdaq 9731.18 19.21 0.20
Dow 29398.08 -25.23 -0.086
FTSE 7409.13 -42.90 -0.58
CAC 6069.35 -23.79 -0.39
DAX 13744.21 -1.22 -0.01
Dow Fut.* 29449.00 54.00 0.18

*As per 17th feb

Asian markets:

Particulars 17th Feb. Chg Chg(%)
SGX Nifty* 12120.00 -10.50 -0.09
Nikkei 23536.88 -150.71 -0.64
Straits Times 3220.90 0.87 0.03
Hang Seng 27965.00 149.40 0.54
Shanghai 2945.00 27.99 0.96

 

ADR Watch: 

Particulars 14th  Feb Chg Chg(%)
Dr Reddy 45.45 -0.40 -0.87
HDFC Bank 58.74 -0.99 -1.66
ICICI Bank 15.09 0.00 0.00
Infosys 11.01 -0.09 -0.81
Tata Motor 11.71 -0.12 -1.01
Wipro 3.80 0.01 0.26

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.3725 0.06
Brent 57.15 -0.30
Gold 1586.15 -0.02
Silver 17.837 0.58

 

FIIs & DIIs

Particulars 14th  Feb. 13th Feb.
FIIs -704.92 1061.39
DIIs 219.54 -960.48

 

View on market: Buy on dips

Japanese stocks led Asian equities lower on today after the country reported a much deeper economic contraction than expected before any hit from the coronavirus. The Topix Index slid more than 1 percent in early trading. Shares dipped in South Korea and Australia, but U.S. futures were slightly higher. Volumes may be lower than average Monday due to a U.S. holiday. Treasuries won’t trade. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.09 percent to 12,120 as of 8:15 a.m.

Key Data/ Action, Result and Board meeting to watch:

Dr Lal Pathlabs to meet Hermes Investment, Mathews International and Comgest on Feb. 17.

Fund View:

Sun TV CLSA Advertising and broadcast revenues were lower than expected with a 14 percent YoY decline Subscription revenues were ahead at 18 percent YoY growth Cut our 20-22 revenue and Ebitda estimates by 9-13 percent to factor in the ad revenue miss Reiterate Buy with Rs 600 target price based on 12.5 times PE.

Indusind Bank Morgan Stanley Maintained ‘Overweight’; cut price target to Rs 1,450 from Rs 1,800. Cut EPS estimates for the next two financial years by 29 percent and 11 percent respectively. Lower earnings estimates driven by continued credit challenges (led by telecom). Increased our credit cost estimates by around 95 basis points and 20 basis points for the next two financial years respectively. Expect stock to remain range-bound near term, after sharp de-rating, and do well over next year as NPL formation slows

Vodafone Idea CLSA Cut price target to Rs 3.5 from Rs 5.5. Encouraging 3QFY20 results, but retain Sell rating on adverse court order. Vodafone Idea’s AGR burden is huge at Rs44200 cr/US$6bn.

ONGC Nomura Maintained ‘Buy’ with a price target at Rs 175 Q3 miss driven by lower oil sales/realisation and higher opex Weak volumes, oil production fell 4 percent YoY and gas production fell 7.7 percent YoY Oil prices are weaker in 4Q and gas prices poised for further of more than 20 percent cut from April 1. OVL’s profitability improved despite lower oil production.

News Update:

Telecom AGR Issue: Bharti Airtel has told DoT it will deposit Rs. 10,000 crore of the AGR dues by Feb. 20. The operator will pay the remaining balance amount before the next date of hearing. The AGR dues case will come up in Supreme Court on March 17.

CARE Ratings to institute enquiry in the matter of interference by officials of the ratings agency including the erstwhile Chairman SB Mainak and the erstwhile MD and CEO Rajesh Mokashi in the rating process in the last 3 years. The board has already initiated the process of appointing the MD and CEO. SEBI has directed the company to start the enquiry. Forensic auditor’s report brings out prima facie findings of interference by the erstwhile MD in influencing the rating process, hence, a stringent action is required against the erstwhile MD.

Hero MotoCorp said that the ongoing issue of coronavirus in China has affected the supply of some components to the company’s manufacturing facilities in India. This is likely to impact planned production by around 10 percent for February. However, the wholesale dispatches of vehicles to the dealers during the month remain unaffected. Any further impact on production will depend on the developing situation in China.

Dr. Reddy’s Laboratories received zero observation by U.S.FDA for its formulations plant in Andhra Pradesh.

Lupin has launched Moxifloxacin Ophthalmic Solution. The drug is indicated for the treatment of bacterial conjunctivitis.

MT Educare promoters to sell 7.71 percent stake via offer for sale. Promoters to sell up to 55.65 lakh shares at a floor price of Rs 14.5 per share for Rs 8.07 crore. The floor price is at a discount of 7 percent to the closing price as on Feb. 14. Another five percent discount will be offered to retail investors at cut off price.

CCI approved the acquisition of Wabco Holding by ZF Friedrichshafen AG, subject to compliance of certain modifications.

Rites emerged as the successful bidder for supply of locomotives and coaches for Rs 680 crore to Indian Railways.

Avenue Supermart OFS to Non-Retail investors gets 3.4 times demand on Day 1.

HUDCO achieved loan sanctions of Rs 7,507.19 crore and loan releases of Rs 7,730.53 crore as on Jan. 31, for the current fiscal year.

Dilip Buildcon received a letter of acceptance from Airports Authority of India for EPC project in Gujarat, whose bid cost stood at Rs 570.1 crore.

 


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Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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