Markets: U.S & Europe

Particulars     17th  Feb. Chg Chg(%)
Nasdaq 13,965.50 -82 -0.58
Dow 31,613.02 90.27 0.29
FTSE 6,710.90 -37.96 -0.56
CAC 5,765.84 -20.69 -0.36
DAX 13,909.27 -155.33 -1.1
Dow Fut.* 31,572.00 23 0.07

*As per 18th February

Asian markets:

Particulars       18th Feb Chg Chg(%)
SGX Nifty 15,226.50 30.5 0.2
Nikkei 30,332.14 39.95 0.13
Straits Times 2,913.86 -6.57 -0.22
Hang Seng 30,929.52 -155.42 -0.5
Shanghai 3,698.28 43.19 1.18

ADR Watch:

Particulars                  17th Feb. Chg Chg(%)
Dr Reddy 62.65 -1.37 -2.14
HDFC Bank 81.81 -1.26 -1.52
ICICI Bank 17.96 -0.16 -0.88
Infosys 17.6 -0.15 -0.85
Tata Motor 22.36 0.15 0.68
Wipro 6.49 -0.09 -1.37

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.76        -0.07
Brent 65.26         0.59
Gold 1779.65         0.39
Silver 27.39         0.28


Particulars 17th Feb 16th  Feb
FIIs 1008 1144
DIIs -1283 -1559

View on market: Stay Cautious, be with quality business:

Asian stocks are mixed this morning but mostly trade with a negative bias. Treasury yields are steady after pulling back from a one-year high, while Brent Crude crossed the $65 per barrel mark. Benchmark indices fell in Japan and South Korea while Australia’s benchmark fluctuates. China’s markets reopen after the Lunar New Year break. The U.S. Dollar fell while Bitcoin rose past the $52,000 mark. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 15,259 as of 8:10 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: Infrastructure Output (YoY) (Jan) on 26th February,2021

  • INR: GDP Quarterly (YoY) (Q3), on 26th February,2021

Non-Nifty Earnings Today: Ambuja Cements.

Fund View:

Morgan Stanley On State Bank of India

Maintains overweight rating Price target raised to Rs 600 from Rs 525 Macro backdrop for banks is looking increasingly like the early 2000s SBI looks best placed in the current cycle Has built a strong retail franchise and sustained deposit market share Expect earnings estimate upgrades and significant re-rating as the corporate cycle turns Assume >1% RoA in in FY22/23 and 1.6x FY23e price-to-book value Bull case price target of Rs 765 implies potential upside of nearly 90%.

BofA Securities On Bharti Airtel Maintains neutral rating Price target of Rs 650 Currently trading at 10x FY22E proportionate Ebitda Estimate FY21 DTH Ebida of Rs 2,120 crore Do not consider announcements to be material enough for any major stock price movement Remain neutral as we find risk-reward to be balanced.

Motilal Oswal On Cement Demand has improved but pricing remains muted Prices in north and west see hikes but those in south and east are declining Volumes remain strong; peak season demand kicks in Demand in February is up 8-10% year-on-year led by north, central, east and revival in the west Demand in South continues to remain weak Higher energy cost to be partly offset by operating leverage. UltraTech, Dalmia Bharat and ACC are the top picks.

News Update:

Bharti Airtel: To acquire 20% stake in its DTH arm Bharti Telemedia from an affiliate of Warburg Pincus for about Rs 3,126 crore. The Warburg Pincus affiliate, Lion Meadow Investment, had acquired 20% equity stake in Bharti Telemedia for Rs 2,310 crore in 2018 after the announcement of deal in December 2017. The transaction will involve issuance of about 3.64 crore equity shares of Airtel at a price of Rs 600 per share and up to Rs 1,037.8 crore in cash. The proposed transaction is part of Airtel’s strategy to align the shareholding of its customer facing products, services and businesses under the same holding group. Further Airtel will issue its shares to the Warburg Pincus affiliate at a premium of 0.50% to the floor price determined as per ICDR regulations. The remaining consideration of Rs 937.8 crore will be paid in cash on the closing date of the proposed transaction. There may also be minor customary closing adjustments not exceeding Rs 100 crore.

IndiaMART InterMESH: Launched its QIP issue on Wednesday in order to raise funds. The floor price of the issue is set at Rs 9,065.61 per share, which is a 6% premium to Wednesday’s closing price. The board may offer a discount of 5% on the floor price at its discretion.
Dish TV India: The Board of Directors granted approval to initiate fund-raising through permissible modes and issue of permissible securities, for an amount of up to Rs 1,000 crore, in one or more tranches. In this regard, the board has constituted a Fund Raising Committee for recommending, taking actions and monitoring in the matters of raising funds.

Bajaj Electricals: ICRA has revised the long-term rating of the company to A from A- and the short-term rating to A1 from A2+.

Jubilant Foodworks: Appoints Ashish Goenka as CFO from February 17. Goenka was earlier Executive Vice President and Group Finance Controller at Bharti Airtel.

Titan: CaratLane Trading Private Limited (CaratLane), a subsidiary of the Titan Company Ltd has acquired 100% stake in US-based ‘StudioC Inc’ worth $150,000.

Tech Mahindra, Wipro: Indian tech majors Wipro and Tech Mahindra have signed agreements with Telefónica Germany/O2 for transforming the telecommunications provider’s business support systems and IT systems.

Source: MoneyControl, Business Standard, Bloomberg,Investing

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