Market View 1st April 2024

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

Asia’s markets began trading higher on Monday morning as risk appetite increased following data that indicated China’s industrial activity had recovered from a five-month downturn. As of 06:35 a.m., the Nikkei 225 was up 59.04 points, or 0.15%, at 40,428.48, and the KOSPI was up 7.32 points, or 0.27%, at 2,753.95. As of 06:37 a.m., the Nasdaq Composite dipped 0.12% while the S&P 500 index increased by 0.11%. By 0.12%, the Dow Jones Industrial Average increased. At $86.81 per barrel, Brent crude was down 0.19% on the market. An ounce of gold was trading at $2,256.77, up 1.21%. As of 06:40 a.m., the GIFT Nifty was up 20 points, or 0.09%, at 22,545.00.

Economic Calendar:

• USD : Manufacturing PMI (Mar) on 01^st April, 2024
• USD : JOLTs Job Openings (Feb) on 01^st April, 2024
• INR : Nikkei S&P Global Manufacturing PMI (Mar) on 02^nd April, 2024
• INR : Nikkei Services PMI (Mar) on 04^th April, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

HDFC Bank: The lender plans to sell its 100% stake in HDFC Education and Development Services through the Swiss challenge method. After the Swiss challenge process is over, the bank will decide on the purchaser.

Bank stocks: The RBI authorised 11 banks to import both gold and silver in FY25 from April 1. Axis Bank, HDFC Bank, SBI, Karur Vysya Bank are among eligible buyers for gold and silver and Indian Overseas Bank, PNB and Union Bank of India can buy only gold.

Infosys: The Co. expects a refund of Rs 6,329 crore from the Income Tax Department. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore.

NTPC: The company has discontinued operations of 2×110 MW Barauni Thermal Power Station Stage-I permanently.

JSW Steel: Unit JSW Vijayanagar Metallics commissioned 5 MTPA capacity hot strip mill at its Vijayanagar plant.

Muthoot Microfin: The company has raised $75 million via external commercial borrowings, to be utilized for on-lending and financing of eligible social loans.

Bank of India: The lender received a tax demand of Rs 564.4 crore from income tax department for AY18-19.

Punjab National Bank: The board approved raising capital up to Rs 10,000 crore via compliant bonds, in one or more tranches during FY25.

JM Financial: Atul Mehra ceases to hold office as Joint MD effective March 28 and Adi Patel redesignated as MD from Joint MD effective April 1.

Strides Pharma: The corporate insolvency resolution process against unit Strides Alathur has been stayed by the NCLT.

Shriram Finance: The company approved and allotted NCDs on private placement basis. The issue size is Rs 733 crore with a greenshoe option of Rs 617 crore.

Aurobindo Pharma: Unit CuraTeQ Biologics signed an agreement with Merck Sharpe & Dohme Singapore Trading for contract manufacturing operations.

Rail Vikas Nigam: The company emerged as the lowest bidder for a Rs 148 crore order from railways for upgradation of electric traction system.

Torrent Power: Received letter of award from its distribution unit for setting up 150 MW grid-connected wind solar hybrid project with a cost of Rs 1,825 crore.

Asian Paints: The board approved investment of Rs 200 crore in unit Asian Paints International.

Macrotech Developers: The company will acquire 50% stake in Siddhivinayak Realties under.

Source: Moneycontrol, Bloomberg Quint, Investing 

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