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

Prior to the warning about the outcome of the Bank of Japan’s policy meeting and the economic data from China, the majority of Asian markets saw a decrease on Monday. Hong Kong markets saw an increase, whereas share indices in South Korea, Japan, and the Chinese mainland saw declines. Around $77.08 per barrel, Brent crude was up 0.69% on the market. An ounce of gold was trading at $2,022.48, up 0.14%. As of 06:58 a.m., the GIFT Nifty was trading 0.12% higher at 21,481.

Economic Calendar:

  • USD : Building Permits (Nov) on 19th December, 2023
  • USD : Existing Home Sales (Nov) on 20th December, 2023
  • INR : FX Reserves, USD on 22nd December, 2023
  • INR : RBI MPC Meeting Minutes on 22nd December, 2023

Brokerage Radar:

UBS ON DIXON TECH: Initiate Buy, Target Rs 7,700; Co Well Diversified With Large Opportunity In Mobile And IT Hardware; Co Trades At 63x FY25 PE; Believe The Higher Valuation Is Justified By Strong 41% Earnings CAGR In FY24-26; Execution Is a Key Risk

MS ON BHARTI AIRTEL: Are already assuming an ARPU increase of >20% cumulatively over next 24-30 months, which think is well reflected in current stock price.

International Markets

U.S & Europe:

Particulars 15th December Chg. Chg.(%)
Nasdaq 14805.64 44.08 0.30
Dow 37305.16 56.81 0.15
FTSE 7576.36 -72.62 -0.96
CAC 7596.91 21.06 0.28
DAX 16751.44 -0.79 0.00
Dow Fut.* 37326.87 21.71 0.06

Asian markets:

Particulars 18th  December Chg. Chg.(%)
GIFT Nifty 21493.00 -57.00 -0.26
Nikkei 32620.75 -349.80 -1.07
Straits Times 3100.55 -15.96 -0.51
Hang Seng 16636.39 -155.80 -0.93
Shanghai 2941.22 -1.34 -0.05

ADR Watch:

Particulars 15th December  Chg.       Chg.(%)
Dr. Reddy 66.63 -0.06 -0.09
HDFC Bank 66.06 -0.82 -1.23
ICICI Bank 24.55 -0.14 -0.55
Infosys 18.67 0.30 1.63
Wipro 5.28 0.08 1.44

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.97 -0.08
Brent 76.85 0.39
Gold 2036.70 0.05
Silver 24.21 0.24

FIIs & DIIs:

Particulars 15th December 14th December
FIIs                          9239.42 3570.07
DIIs -3077.43 553.17

News Update:

Zee Entertainment Enterprises: The company has requested Culver Max Entertainment Pvt. Ltd. — formerly known as Sony Pictures Networks India Pvt. Ltd. — and Bangla Entertainment Pvt. Ltd. to extend the timeline required to make their merger effective.

Mankind Pharma: The company acquired an additional 1.3% stake in Actimed Therapeutics for about £999,900. The company’s stake rises to 10.19%.

NBCC: The company conducted an auction for the sale of 2.23 lakh square feet in the World Trade Centre and sold commercial inventory worth Rs 905 crore. Total sales of commercial inventory through e-auction stand at Rs 9,656.6 crore.

Tata Power: The company signed Rs 418 crore pacts for supplying 152 MWp DCR solar PV modules to NTPC.

Lupin: The pharma major received approval from the United States Food and Drug Administration for its abbreviated new drug application for Allopurinol Tablets USP and Sitagliptin Tablets USP.

Indian Bank: The company raises Rs 4,000 crore by issuing 10.15 crore shares via QIP at Rs 394 per share, which indicates a discount of 4.9% to the floor price of Rs 414.44 per share.

Mahindra & Mahindra: The company’s unit incorporated a wholly owned subsidiary named Migos Hybren Pvt. for power and electricity generation.

Adani Green: The company unit incorporated two wholly owned subsidiaries, namely, Adani Renewable Energy Fifty Eight and Adani Renewable Energy Sixty One.

Sumitomo Chemical: The company acquired an 85% stake in Barrix Agro Sciences for Rs 78.2 crore.

Landmark Cars: The company has received a letter of intent from MG Motor India for opening a dealership in Ahmedabad, Gujarat. This dealership will be established by Aeromark Cars Private Ltd., a wholly owned subsidiary company of Landmark Cars.

TTK Healthcare: The company re-commenced production activities on Friday.

MSTC: The government appointed Manobendra Ghoshal as chairman and managing director.

Mazagon Dock Shipbuilders: The company signed individual shipbuilding contracts with the European client for the construction of three units of 7,500 DWT multi-purpose hybrid-powered vessels for $42 million.

Macrotech Developers: The company disposes of equity and investments in entities in the U.K.

Kokuyo Camlin: The company approved the acquisition of land and a building adjacent to the company’s existing factory at Samba, Jammu for Rs 4.60 crore.

United Spirits: The company gets a claim worth Rs 365.33 crore from an institutional customer in relation to a previously concluded settlement with the customer. The company cannot determine the financial implications of this claim.

Source: Moneycontrol, Bloomberg Quint, Investing 

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