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

As diplomatic efforts to stop the Israel-Hamas crisis from escalating into a regional conflict, Asian markets opened higher. On Tuesday, the stock markets in South Korea, Australia, and Japan all saw gains. Early Asian trading saw no change in contracts for American stocks. On Monday, the S&P 500 rose 1.1% as investors prepared for a flurry of earnings announcements. The 10-year U.S. bond yield was 4.71% at the time, while Bitcoin was trading above the 28,000 mark. While WTI Crude was trading below the $87 line, Brent crude was trading below the $90 mark.

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 16th October Chg. Chg.(%)
Nasdaq 13567.98 160.75 1.20
Dow 33984.54 314.25 0.93
FTSE 7630.63 31.03 0.41
CAC 7022.19 18.66 0.27
DAX 15237.99 51.33 0.34
Dow Fut.* 33956.51 -28.03 -0.08

Asian markets:

Particulars 16th October Chg. Chg.(%)
GIFT Nifty 19805.00 70.00 0.35
Nikkei 31944.31 285.28 0.89
Straits Times 3177.93 14.04 0.44
Hang Seng 17685.29 44.93 0.25
Shanghai 3066.95 -6.86 -0.22

ADR Watch:

Particulars       16th October  Chg.       Chg.(%)
Dr. Reddy 66.72 0.29 0.44
HDFC Bank 59.01 0.81 1.39
ICICI Bank 22.87 0.13 0.57
Infosys 17.21 0.31 1.83
Wipro 4.91 0.05 1.03

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.24 0.05
Brent 89.42 -0.26
Gold 1927.25 -0.36
Silver 22.602 -0.72

FIIs & DIIs:

Particulars   16th October     13th October
FIIs                          -593.66  317.01
DIIs 1184.24 -102.88

News Update:

Grasim Industries: The board approved a fund raise of Rs 4,000 crore via rights issue to fund capex and repay debt.

Gujarat Mineral Development Corporation: GMDC presented a Rs 269.44 crore dividend cheque to the Gujarat government, which holds 74% of the company. Bombay Dyeing: The company has received consideration of about Rs 4,675 crore towards Phase-I, located at Worli, Mumbai, after signing a conveyance deed with a subsidiary of Sumitomo Realty. The proceeds realised will be used for repaying loans, and the balance will be invested in approved securities for future developments.

Jio Financial Services: The company named AR Ganesh as group Chief Technology Officer w.e.f. Oct. 16.

Mphasis: Ayaskant Sarangi is the new Chief Human Resource Officer (CHRO) as of Oct. 16. Srikanth Karra will remain in the Chief Administrative Officer role (CAO) to assist with the transition and superannuate from the company on April 29, 2024.

NLC India: The company incorporated a new wholly owned subsidiary, ‘NLC India Green Energy’ (NIGEL), which currently undertakes projects of 2 GW of renewable energy.

Data Patterns: The company announced a licencing and transfer of technology (ToT) agreement with IN-SPACe, an autonomous agency in the Department of Space. This agreement will provide data patterns with miniature SAR radar capability.

Uttam Sugar Mills: The Board redeemed 1,38,850 (6.50%) and 1,80,575 (10%) non-cumulative redeemable preference shares.

Electronics Mart India: The company has commenced the commercial operation of a new multi-brand store under the brand name ‘BAJAJ ELECTRONICS’ on Oct. 15 in Andhra Pradesh.

JK Paper: The Board approved the acquisition of Manipal Utility Packaging Solutions Pvt. (MUPSPL), which is engaged in the business of manufacturing packaging products with a revenue of Rs 147.77 crore in FY23.

ICICI Securities: The board approved the payment of an interim dividend of Rs 12 per equity share with a face value of Rs 5 each. The record date is set for Oct. 27, 2023.

Piramal Pharma: The company announced the launch of a high-throughput screening facility that augments the existing in-vitro biology capabilities at its drug discovery services site in Ahmedabad, India.

Coal India: The company expects to exceed its demand projection of 610 MT of supply to the country’s power plant for FY24 after supplies to thermal power plants shot up by close to 6% to 23.5 million MT during the first fortnight of October 2023.

Source: Moneycontrol, Bloomberg Quint, Investing 

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