Market View 19th March 2024

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

While investors wait for clues from the different central bank decisions made this week, starting with the Bank of Japan, shares in the Asia-Pacific region were trading slightly under pressure. At 06:36 a.m., the Nikkei 225 was down 256.30 points, or 0.64%, at 39,484.14, while the S&P ASX 200 was down 27.66 points, or 1.03%, at 2,658.18. During night, a surge in tech companies propelled U.S. markets into the new week. Following rumors that it was in talks to integrate Google’s Gemini artificial intelligence engine into the iPhone, Alphabet Inc. As of Monday, the Nasdaq 100 and S&P 500 index both increased by 0.82% and 0.63%, respectively.

Economic Calendar:

• USD : Building Permits (Feb) on 19^th March, 2024
• USD : Fed Interest Rate Decision on 20^th March, 2024
• INR : Nikkei Services PMI on 21^st March, 2024
• INR : Nikkei S&P Global Manufacturing PMI on 21^st March, 2024

Brokerage Radar:

JEFFERIES ON LTMINDTREE: Buy, TP cut to Rs 5890; Resignation of LTIM’s CFO, alongside a slew of other senior-level exits, suggests that LTIM still faces integration issues. Given this, may take longer to realize rev synergies; Cut est. by 5-9% & expect 15% EPS CAGR in FY24-26

CLSA ON GAIL: Sell, TP Rs 165; Takeaways from Vijaipur site visit; Key pilot projects to supplement Gail’s sustainability goals; These initiatives, which include green hydrogen & captive solar power generation, underscore Co’s commitment for energy transition & to be net zero by 2040

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

TCS: Tata Sons is looking to sell 2.34 crore shares of the company at Rs 4,001 per share. Through this sale, Tata Sons will raise approximately Rs 9,362 crore or $1.13 billion.

L&T Finance: The board approved fund raising through debentures. Funds to be raised in a way that NCDs issued and those outstanding do not exceed Rs 1.01 lakh crore.

Adani Group: The Adani Group has denied a Bloomberg report that said U.S. prosecutors have widened their probe on alleged bribery in India, calling it “false”.

Aditya Birla Sun Life AMC: Two promoter entities of Aditya Birla Sun Life AMC Ltd. have offered to sell up to 11.47% stake through an offer for sale to achieve the minimum public shareholding norms. The floor price has been set at Rs 450 per share.

Poonawalla Fincorp: HDFC Bank veteran Arvind Kapil has been appointed as company’s new managing director and chief executive officer.

Tata Steel: Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. The company will increase imports of coke to offset the impact of the coke oven closures.

HG Infra Engineering: The company received four orders worth Rs 1,026 crore with Stockwell Solar Services JV consortium for solar business from Jodhpur Vidyut Vitran Nigam.

Paradeep Phosphates: The company shuts down ammonia and urea plants at Goa due to breakdown of synthesis gas compressor.

IRCTC: The company approved Rs 187 crore project cost for disaster recovery site at Secunderabad.

Sonata Software: The company signed joint go-to-market agreement with Zones to simplify enterprise application delivery through end-to-end cloud managed services.

IOL Chemicals and Pharmaceuticals: The company successfully completed the Brazilian Health Regulatory Agency GMP audit of all the 10 APIs manufacturing units situated in Punjab without any observation. The inspection was conducted from March 11 to 15.

Aegis Logistics: The company’s unit has approved the acquisition of the specialised storage terminals at Mangalore resulting in capacity addition at its facilities at Mangalore. The project will entail an investment of up to Rs 75 crore for acquired capacity and up to Rs 50 crore for additional capacity under construction.

Signature Global: The company completed the acquisition of 100% stake in Gurugram Commercity. GCPL is now a wholly owned subsidiary of company effective today.

Source: Moneycontrol, Bloomberg Quint, Investing 

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