International Markets:

U.S & Europe

Particulars 18th Feb Chg Chg(%)
Nasdaq 9732.74 1.56 0.02
Dow 29232.19 -165.89 -0.56
FTSE 7382.01 -51.24 -0.69
CAC 6056.80 -29.13 -0.48
DAX 13681.19 -102.70 -0.75
Dow Fut.* 29284.50 73.50 0.25

*As per 19th feb

Asian markets:

Particulars 19th Feb. Chg Chg(%)
SGX Nifty* 12073.50 55.00 0.46
Nikkei 23358.47 164.67 0.71
Straits Times 3211.01 14.38 0.45
Hang Seng 27650.76 120.56 0.44
Shanghai 2986.39 1.42 0.05

 

ADR Watch:

Particulars 18th  Feb Chg Chg(%)
Dr Reddy 45.26 -0.19 -0.42
HDFC Bank 58.75 0.01 0.02
ICICI Bank 15.07 -0.02 -0.13
Infosys 11.21 0.20 1.82
Tata Motor 11.21 -0.50 -4.27
Wipro 3.80 0.00 0.00

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.5612 0.38
Brent 57.87 +0.21
Gold 1604.25 0.04
Silver 18.198 0.26

 

FIIs & DIIs

Particulars 18th  Feb. 17th  Feb.
FIIs -74.39 -374.06
DIIs -309.43 -154.25

 

View on market: Buy on dips

 

Stocks in Asia chalked up modest gains on Wednesday after the biggest daily decline in almost three weeks, with investors continuing to assess prospects for the coronavirus impact to prove short-lived. But equities were firmer in Japan and South Korea; Australia saw more modest gains. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.18 percent to 12,040.50 as of 8:00 a.m.

 

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

 

Nifty Next 50

Inclusion Adani Transmission, IDBI Bank, Info Edge, Larsen & Toubro Infotech, Torrent Pharmaceuticals.

Exclusion Ashok Leyland, Indiabulls Housing Finance, L&T Finance Holdings, Shree Cement, Vodafone Idea.

 

Fund View:

 

Jindal Stainless Emkay Maintained ‘Hold’; raised price target to Rs 79 from Rs 78. Co reported in line set of earnings. Higher than expected raw material cost offset better than expected topline. At 3.7x Sep-21E EV/Ebitda, stock seems fairly valued.
Biocon Citi Maintained ‘Buy’; raised price target to Rs 360 from Rs 350 Revise our EPS estimated for the current and the next financial year at 9.6 percent and 3.8 percent respectively. An interesting play on the global biosimilars opportunity. Expect EM sales to lead growth for biopharma business.

LIC Housing: Morgan Stanley Maintain ‘Equal-Weight’; cut price target to Rs 400 from Rs 440. LIC Housing Finance and IDBI Bank have denied merger plans. Lack of compliance with RBI norms will remain an overhang. Yet a merger wouldn’t be easy to execute either. Not moving to UW – we think a merger is not a straightforward conclusion.

 

News Update:

 

Reliance Industries in talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, Bloomberg reported quoting people familiar with the matter.

HCL Technologies to launch Global Delivery Centre in Connecticut, USA with anchor client, Stanley Black & Decker.

Siti Networks: Brickwork Ratings downgraded the company’s long-term bank loan facilities worth Rs 883.46 crore to BWR D from BWR BB (negative). The downgrade was due to the delays in debt servicing.

Den Networks, TV18 Broadcast, Hathway Cable & Datacom: Board approved the merger scheme of the afore-mentioned companies into Network18 Media & Investments.

Avenue Supermarts promoter sold 1.48 crore shares (2.28 percent) in pubic via OFS. Promoter holding now stands at 74.99 percent of the total paid-up capital of the company.

Infosys has partnered with GE Appliances for digital solutions.

Bharat Road Networks said that application has been filed against the company by ILFS before NCLT claiming a sum of Rs 70 crore. The company stated that it has an outstanding of Rs 139.02 crore against the ILFS group for which they have initiated the recovery proceedings.

Balkrishna Industries: HDFC MF decreased its stake from 8.06% to 5.99% on February 17.

Future Consumer promoters hold 46.29 percent stake in the company, out of which 89.1 percent is pledged.

Tata Consumer Products (Tata Global Beverages) sold 7.05 lakh shares (0.28 percent) and Tata Chemicals sold 1.6 lakh shares (0.06 percent) to promoter Tata Sons, respectively on Feb. 18.

Ruchi Soya Industries: SBI Cap Trustee on behalf of lenders increased its stake from 50.7 percent to 98.87 percent in the company on encumbrance via pledge on Feb. 17.

Quess Corp approved merger 4 wholly-owned arms with self.

 


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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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