International Markets:

U.S & Europe

Particulars 18th March Chg Chg(%)
Nasdaq 6989.84 -344.94 -4.70
Dow 19898.92 1338.46 6.30
FTSE 5080.58 -214.32 -4.05
CAC 3754.84 -236.94 -5.94
DAX 8441.71 -497.39 -5.56
Dow Fut.* 19226.00 -627.00 -3.16

*As per 19th March

Asian markets:

Particulars 19th  March Chg Chg(%)
SGX Nifty* 8190.50 -304.50 -3.58
Nikkei 16612.78 -113.77 -0.68
Straits Times 2372.32 -53.30 -2.20
Hang Seng 21621.90 -670.02 -3.01
Shanghai 2691.55 -37.21 -1.36

ADR Watch:

Particulars 18th March Chg Chg(%)
Dr Reddy 34.75 -2.34 -6.31
HDFC Bank 41.22 -5.52 -11.81
ICICI Bank 9.14 -0.83 -8.32
Infosys 7.35 -0.52 -6.61
Tata Motor 4.91 -0.40 -7.53
Wipro 2.63 -0.15 -5.40

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.2300 -0.02
Brent 25.70 3.30
Gold 1484.65 -0.45
Silver 11.977 1.74

FIIs & DIIs

Particulars 18th  March 17th  March
FIIs -5085.35 -4044.69
DIIs 3636.44 3422.12

 

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

Stocks in Japan gained along with the Euro, while U.S. futures pared losses after the European Central Bank announced a temporary program of asset purchases worth €750 billion or $820 billion to fight the impact of the Coronavirus. The Nikkei 225 index in Japan was up 1.4 percent while shares in Australia traded with modest gains. The Dow Futures are trading with gains of 350 points as of 6:15 a.m. The dollar strengthened for the seventh straight day. The pound sterling fell to its lowest against the dollar since 1985. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 1.71 percent to 8,350 as of 8:00 a.m.

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

Fund View:

Motherson Sumi Nomura Buy rating maintained Price target of Rs 157 Well prepared to deal with Covid-19 crisis U.S. operations remain on track China plants have mostly returned to normalised levels There is no liquidity concern at either company or promoter level Global valuations have corrected a lot and according to management will make acquisitions attractive
MCX Morgan Stanley Overweight rating maintained Price target of Rs 1,600 Seeing higher average daily traded volume due to increased volatility Expect strong revenue in the fourth quarter Valuations are attractive.

Oil & Gas Edelweiss Oil stocks bear the brunt of virus Downstream gas relatively insulated Cut price targets of OMCs as steady marketing margins to offset declines in volumes Weak petchem margins for RIL should be partially buffered by relatively steady digital business Cut price targets for City Gas Distributors as we lower CNG volume growth estimates.

Telecom SBICAP Telcos running out of options Duopoly looks imminent Staggered payments over 15 years and above may see Vodafone Idea surviving Vodafone Idea needs significant tariff hikes and capital infusion to arrest market share decline.

Aviation SBICAP Growth led by higher capacity unlikely to sustain Base for Q4FY20 looks strong as those were early days of Jet’s capacity absence Expect weakness in yields to continue Capacity reduction may start from this month to offset benefits of lower crude.

News Update:

Yes Bank: Promoter Madhu Kapur sold 2.48 crore shares at Rs 65.07 per share for Rs 161.4 crore. Her holding stake in the Bank has fallen from 17.28 crore shares to 14.8 crore shares in terms of value and holding declined to 1.18 percent of the paid-up share capital of the bank.

Yes Bank: Announced that its branch operations will open one hour earlier at 08:30 hours from March 19 to 21. It has also extended banking hours to 5:30 p.m. across branches for senior citizen customers, from March 19 to March 27.

ITC: The dividend payout ratio in the medium-term is expected be around 80-85 percent of the company’s net profit. The average dividend payout in the last three years was 69 percent. The dividend could be Rs 10 to 10.6 per share, based on Bloomberg Consensus EPS estimates for FY20 which implies a dividend yield of 6.6-7 percent at current market price.
InterGlobe Aviation: IndiGo, Vistara may ground jets as virus cases pick up in India. On March 17, Go Air had announced the cancellation of its international flights. (Bloomberg News)

Motherson Sumi: The company in its conference call said that customers in Germany and Spain have been affected due to shutdowns. Business in Europe is impacted but there has been no reduction in demand. Plants in the U.S. are running normally. Only one out of the company’s 27 manufacturing units in China is non-operational, while the rest have 70 to 80 percent attendance. Indian operations are running smoothly and the company wants to conserve cash and not considering share buyback.

Equitas Holdings: The company in its conference call has stated that it has delayed the IPO of Equitas Small Finance Bank as the markets are volatile and it s not an opportune moment to get listed.

Ashok Leyland: Board approved a proposal to acquire up to an additional 19 percent stake in its NBFC-arm Hinduja Leyland Finance for Rs 1,200 crore.

Srikalahasthi Pipes: The company has stated that commercial operation of the company’s second furnace to produce Ferro Silicon has started.

Bajaj Finserv: MD & CEO Sanjiv Bajaj appointed as Chairman of the company with effect from March 17.

 


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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