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

As market anxiety about the possibility that monetary policymakers will continue rising interest rates fuels a fresh selloff in U.S. stocks and Treasuries, shares in Asia are expected to decline. Benchmark equity futures for Japan, Australia, and Hong Kong all fell. Early Asian trading saw a decline in contracts for U.S. indices as equities in New York on Thursday extended this week’s losses, with the Nasdaq 100 recording its worst three-day decline since February. West Texas Intermediate was trading above the $80 level while Brent crude was trading below the $85 level. The yield on a 10-year US bond was 4.27%, and the price of Bitcoin fell below the 27,000 mark. At 5:17 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was down 66 points or 0.34% at 19,317.

Economic Calendar:

  • USD : Existing Home Sales (Jul) on 22nd Aug, 2023
  • USD : Services PMI (Aug) on 23rd Aug, 2023
  • INR : FX Reserves, USD on 18th Aug, 2023
  • INR : GDP Quarterly (YoY) (Q1) on 31st Aug, 2023

Brokerage Radar:

JEFFERIES ON FINOLEX CABLES: Buy Rating; Target Rs 1,270; View Co As A Beneficiary Of Housing And Capex In India; Strong Vol Growth In Electrical Wires Drove Sales & PAT Growth In Q1; Communication Segment Is Likely To Benefit From 5G Rollout; Price Erosion In Optic Fiber Could Mitigate With Import ADD Levied From Aug 5; Raise FY24-26 EPS Est By 7-8% & Sales/PAT CAGR At +19%/22%; Expect More Than 500 bps Rise In RoCE In FY24-26

MS ON NBFCs: Valuations Are Reasonable To Attractive For Most Lenders; Overweight on Bajaj Fin, Target Rs 9,500; Overweight on Can Fin, Target Rs 1,000 Overweight on SBI Card,

CLSA ON VODA IDEA: Sell, TP Rs 7; 1Q revenue up 1% QoQ to Rs106bn, below est.

Ebitda down 2% QoQ while net loss up 22% QoQ; ARPU was up 3% QoQ and VIdea has followed Bharti’s entry tariff hike; Has sought 30 days grace to pay a 5G spectrum instalment

International Markets

U.S & Europe:

Particulars 17th August Chg. Chg.(%)
Nasdaq 13316.93 -157.70 -1.17
Dow 34474.83 -290.91 -0.84
FTSE 7310.21 -46.67 -0.64
CAC 7191.74 -68.51 -0.95
DAX 15676.90 -112.55 -0.72
Dow Fut.* 34501.60 26.80 0.08

Asian markets:

Particulars 18th August Chg. Chg.(%)
GIFT Nifty 19299.50 16.50 0.09
Nikkei 31565.21 -60.79 -0.19
Straits Times 3177.72 -19.03 -0.60
Hang Seng 18202.09 -124.54 -0.68
Shanghai 3168.30 4.56 0.14

ADR Watch:

Particulars    17th August  Chg.       Chg.(%)
Dr. Reddy 71.44 0.44 0.62
HDFC Bank 63.24 -0.33 -0.52
ICICI Bank 22.87 -0.06 -0.26
Infosys 16.97 -0.16 -0.93
Wipro 4.98 -0.02 -0.40

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.03 -0.08
Brent 84.32 0.24
Gold 1921.90 0.35
Silver 22.878 0.72

FIIs & DIIs:

Particulars   17th August 16th August
FIIs                          -1510.86 722.76
DIIs -313.97 2406.19

News Update:

Adani Green Energy: Its associate company, Mundra Solar Energy, has received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India. The plant has capacity of 2.0 GW per annum.

LTI Mindtree: The company is selected by U.S.-based Aflac as digital transformation partner for application modernization and cloud transformation. The company will rearchitect Aflac’s on-prem applications that are currently deployed on an out-of-support-platform.

NTPC: The company inked business transfer agreement to sell its coal mining business to unit, NTPC Mining. It will transfer all six coal mines to NTPC Mining.

Zydus Lifesciences: The company got final approval from the USFDA for Doxepin tablets used to treat insomnia. Doxepin tablets, 3 mg and 6 mg had annual sales of $43.4 million in the U.S.

Astral: Its U.K. unit Seal IT Services has incorporated one new step-down subsidiary to distribute, transmit and sell building chemicals from U.K. into Ireland as an EU-entity for importer responsibilities covering REACH, CPL packaging regulations and related safety responsibilities.

Gujarat Mineral Development Corp: The board has decided to upwardly revise the dividend for FY23 to Rs 11.45 per share having face value of Rs 2 each, as against dividend of Rs 9.10 recommended earlier on May 30.

Spandana Sphoorty Financial: The board has approved the issuance of non-convertible debentures up to Rs 75 crore, including green shoe option of Rs 25 crore on private placement basis. The debentures carry an interest rate of 10.60% quarterly, with a tenure of 18 months from allotment, which is Aug. 24. The instrument will be listed on the BSE.

Jain Irrigation Systems: The board has approved preferential allotment of 1.6 crore equity share warrants to promoters’ corporate entity. It also approved preferential allotment of 2.64 crore equity share warrants to non-promoter entities belonging to Alpha Alternatives Structured Credit Opportunities Fund associates.

Source: Moneycontrol, Bloomberg Quint, Investing 

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