International Markets:

U.S & Europe

Particulars 17th Feb Chg Chg(%)
Nasdaq 9731.18 19.21 0.20
Dow 29398.08 -25.23 -0.086
FTSE 7433.25 24.12 0.33
CAC 6085.95 16.60 0.27
DAX 13783.89 39.68 0.29
Dow Fut.* 29300.50 -94.50 -0.32

*As per 18th feb

Asian markets:

Particulars 18th Feb. Chg Chg(%)
SGX Nifty* 12041.50 -31.50 -0.26
Nikkei 23249.43 -273.81 -1.16
Straits Times 3198.94 -14.06 -0.44
Hang Seng 27729.59 -230.01 -0.82
Shanghai 2989.42 5.80 0.19

 

ADR Watch:

Particulars 17th  Feb Chg Chg(%)
Dr Reddy 45.45 0.00 0.00
HDFC Bank 58.74 0.00 0.00
ICICI Bank 15.09 0.00 0.00
Infosys 11.01 0.00 0.00
Tata Motor 11.71 0.00 0.00
Wipro 3.80 0.00 0.00

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.2925 -0.11
Brent 57.17 -0.87
Gold 1588.95 0.14
Silver 17.823 +0.50

 

FIIs & DIIs

Particulars 17th  Feb. 14th Feb.
FIIs -374.06 -704.92
DIIs -154.25 219.54

 

View on market: Buy on dips

U.S. futures and stocks in Asia fell after Apple Inc. said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus. Equities in Tokyo and Seoul opened lower, while there were more modest declines in Sydney. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.26 percent to 12,041.50 as of 8:05 a.m.

 

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

Mahindra Logistics to meet RWC Partners, Spark Capital and other investors from Feb. 18-20.

 

Fund View:

Ashok Leyland UBS Maintained ‘Buy’ with a price target at Rs 106. High likelihood of strong FY22 recovery. Meaningful dispatches of BS-VI vehicles will only happen from the next quarter. Sharp destocking hurt margins in the third quarter. Discounts remain high; the company sees a growth 20 percent in the next financial year. Management now expects to incur capex of Rs 1,200-1,300 crore in the the current financial year.

BHEL Nomura Maintained ‘Reduce’; cut price target to Rs 33 from Rs 48. Weak order inflows in 9MFY20, with order inflows in the current financial year is unlikely to exceed Rs 30000 crore, execution is an issue Operating cash flow outflow continues. Estimate Rs 29000-31000 crore of sales required just to break even at operating cash flow levels. BHEL can turn net debt by the next financial year. Ebitda margin improvement expected to be slower than expected.

Zee Entertainment Citi Maintained ‘Neutral’; cut price target to Rs 260 from Rs 280. Expect a more subdued business outlook in the near term. Softer operating trends, margins may dip to below 30 percent. Receivables from Dish and Siti a key monitorable. Execution is the key to management talking about—Board reconstitution, improving cash flows, changes in treasury investment policies.

JSW Energy JPMorgan Maintained ‘Overweight’ with a price target at Rs 90. Company’s RoE and EPS accretive growth potential is beginning to play out Consolidation of Kamalanga would increase company’s Ebitda by 27 percent, EPS by 9 percent, raise net debt to equity slightly to 1.2x versus 0.76x clocked in December quarter.

 

News Update:

Reliance Industries: TV18 Broadcast, Hathway Cable & Datacom and Den Networks will be merged into Network18 Media & Investments, according to an exchange filing.

Vodafone Idea: The company decided to pay to the Department of Telecom a portion of the dues calculated based on AGR aggregating to a sum of Rs 2,500 crores on Feb. 17 and a further Rs 1,000 crore before the end of the week.

Tata Teleservices and Tata Teleservices (Maharashtra) Ltd. made a payment of Rs 2,197 crore to the Department of Telecom towards license fees and spectrum usage charges.

JSW Energy has signed a share purchase agreement to acquire a 100 percent stake in GMR Kamalaganga Energy for an enterprise value of Rs 5,321 crore. The target company owns a 1,050-megawatt power plant in Odisha.

DHFL: At least 15 bidders submit expressions of interest for DHFL’s businesses under IBC, people in the know told BloombergQuint on the condition of anonymity. KKR, Bain Capital, Welspun Group, Asset Reconstruction Company of India Ltd. and Oaktree Capital seek to purchase DHFL’s entire loan book. Deutsche Bank, Edelweiss Group, Piramal Group, Baring Capital seek to buy partial loan book under IBC.

JSW Steel declared preferred bidder for three Odisha iron ore mines, whose combined iron ore resources stand at 1,092 million tonnes.

Finolex Industries said that due to force majeure declared by company’s major vinyl chloride monomer supplier during March 2020, the operations of the company with respect to its VCM to polyvinyl chloride route will be affected for 30 to 35 days. This would result in a shortage of PVC production of approximately 15,000 MT.

KPI Global Infra received a letter of intent for an order to execute a solar power project of 900 KW capacity from JPB Fibers.

NIIT Technologies has set March 12 as the record date for the share buyback.

Future Lifestyle Fashions to consider raising funds on Feb. 20.

 


DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

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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