Market View 19th April 2024

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

Japan’s benchmarks fell as data revealed that the nation’s inflation increased less than anticipated, which dampened investors’ hopes for a rate increase in the near future.  Following Wall Street’s overnight dip following a rise in Treasury yields, markets in Australia and South Korea were trading lower. US Treasury yields increased somewhat as expectations that the Federal Reserve would not quickly lower interest rates were stoked by positive economic statistics. As of Thursday, the Nasdaq Composite and S&P 500 index were down 0.52% and 0.22%, respectively. 0.06% more was added to the Dow Jones Industrial Average.

Economic Calendar:

• USD : Building Permits on 23^rd April, 2024
• USD : Manufacturing PMI (Apr) on 23^rd April, 2024
• INR : FX Reserves, USD on 19^th April, 2024
• INR : Infrastructure Output (YoY) (Mar) on 30^th April, 2024

Brokerage Radar:

JEFFERIES ON TCS: Hold, TP Rs 4030; 4Q beat estimates, but demand pressures persist. Despite strong deal bookings, management commentary was cautious. Continued headcount decline & sharp reduction in subcontractors do not offer comfort on growth.

MS ON EXIDE: OW, TP raised to Rs485 from Rs373

Share price could rise significantly over next 10 yrs, as it could become a leading player in battery cell localisation. Govt. support for “Made in India” EVs, strong auto & industrial customer tie-ups, tech tie-ups, all in its favor; Addressable TAM for Exide could rise sharply, as est. 150GWh/US $13bn TAM by 2030 for India’s lithium battery segment; Hyundai/Kia contract validates capabilities; Likely a multi-year contract

CLSA ON VEDANTA: Upgrade to Buy, TP Raised to Rs 390 from Rs 260; Co guided for group Ebitda to rise from US$5bn (VEDL: US$4.7bn) to US$6bn/US$7.5bn by FY25/27. While debt at parent Vedanta Resources (VRL) has now declined meaningfully, leverage at VEDL has increased

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Nestle: The company clarified media reports and reaffirmed its commitment to high standards of nutrition, quality, and safety. It also mentioned that the media reports had no material impact on its operations or performance.

Gokaldas Exports: The Bengaluru-based apparel maker has launched a qualified institutional placement to raise Rs 600 crore. The issue price has been set at Rs 775 apiece, representing a discount of 4.05% to the last closing price. The floor price is Rs 789.99.

ITC: The company’s arm has acquired a 100% stake in Blazeclan Tech for Rs 485 crore.

Infosys: The company’s arm will acquire a 100% stake in In-Tech Holding GmbH, engaged in engineering R&D services.

GMR Airports Infrastructure: The company’s Delhi, Hyderabad, and Mopa airports reported increased passenger traffic and handled the highest-ever cargo volumes in FY 24.

BSE: The company clarified that the CEO doesn’t endorse any investment advisory communication based on a fake video of MD and CEO Sundararaman Ramamurthy being circulated on social media.

Rail Vikas Nigam: The company signed a MoU with Turkish engineering consulting and contracting firm TUMAS India for collaboration in public transportation and infrastructure projects in India.

Torrent Power: The company acquired SPV MSKVY Ninth Solar as part of the 306 MW Nasik project for Rs 50 lakh.

Container Corporation of India: The company signed a MoU with PSA Mesa Supply Chain to collaborate in offering seamless and cost-effective end-to-end logistics services to customers.

Hindustan Construction Company: Rahul Rao has resigned from the position of Chief Financial Officer and Key Managerial Personnel of the company effective April 18 and appointed Girish Gangal for the same.

Oriental Hotels: The company appointed Paras Puri as CFO effective April 19. Nitin Bengani will step down as CFO due to internal transfers.

Source: Moneycontrol, Bloomberg Quint, Investing 

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