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

After Wall Street advances proved insufficient to counteract the S&P 500’s third monthly decline, Asian equities opened mixed. Shares in South Korea and Australia increased little, but Hong Kong futures declined. Stocks in Japan also increased. S&P 500 contracts saw a slight decline following the index’s recovery on October 31st, but the run was still the worst for the month since the pandemic’s start. Bond yields were eased by the Bank of Japan on Tuesday, however this action didn’t seem to live up to investors’ expectations for a more pronounced indication of policy tightening. Meanwhile, Brent crude was trading above $87 per barrel while WTI crude was above the yield on the 10-year U.S. bond, which was trading at 4.92%.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Oct) on 01st Nov, 2023
  • USD : ADP Nonfarm Employment Change (Oct) on 01st Nov, 2023
  • INR : Nikkei S&P Global Manufacturing PMI (Oct) 01st Nov, 2023
  • INR : M3 Money Supply on 01st Nov, 2023

Brokerage Radar:

JEFFERIES ON BHARTI AIRTEL: Buy, TP Rs 1085; Encouraging 2Q with higher postpaid/4G subscriber additions, higher margin in India, higher growth in Africa & strong FCF generation ; Maintain rev/Ebitda est. & expect Bharti to deliver 16/17% India revenue/EBITDA CAGR over FY24-26.

GS ON KPIT: Buy, TP Rs 1500; Auto OEMs using b/s to close gap on EV/ADAS leaders; Management remains confident of further opportunities for breadth & depth in KPIT’s CASE Technologies offerings; Core customer CASE Tech R&D budgets continue to grow in annualized 20%-25% range

International Markets

 U.S & Europe:

Particulars 31st October Chg. Chg.(%)
Nasdaq 12851.24 61.75 0.48
Dow 33052.87 123.91 0.38
FTSE 7321.72 -5.67 -0.08
CAC 6885.65 60.58 0.88
DAX 14810.34 93.80 0.63
Dow Fut.* 32990.36 -62.51 -0.19

Asian markets:

Particulars 01st November Chg. Chg.(%)
GIFT Nifty 19142.00 -21.00 -0.11
Nikkei 31475.62 616.77 1.96
Straits Times 3077.58 9.84 0.32
Hang Seng 17106.14 -6.34 -0.04
Shanghai 3023.27 4.50 0.15

ADR Watch:

Particulars 31st October  Chg.       Chg.(%)
Dr. Reddy 65.13 0.36 0.56
HDFC Bank 56.55 -0.75 -1.31
ICICI Bank 22.19 -0.35 -1.55
Infosys 16.42 -0.08 -0.48
Wipro 4.55 0.01 0.22

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.27 -0.10
Brent 85.36 0.40
Gold 1986.95 -0.37
Silver 22.78 -0.75

FIIs & DIIs:

Particulars   31st October     30th October
FIIs                          -696.02 -1761.86
DIIs 340.25 1328.47

News Update:

SBI: Deputy Managing Director and Chief Risk Officer Sureddi Srinivasa Rao to superannuate from his services at the close of business hours on Oct. 31. Rama Mohan Rao Amara will be entrusted as ‘Deputy Managing Director and Chief Risk Officer’ and will assume charge on Nov. 1.

ITC: The company acquired 2296 equity shares of Rs 10 each of Delectable Technologies. post-acquisition shareholding in the company now stands at 39.32%.

Lupin: The company received an EIR from the U.S. FDA for the Mandideep Unit-2 manufacturing facility. The inspection closed with the facility receiving the classification ‘No Action Indicated’.

Tata Consumers: The company will merge three subsidiaries—NourishCo Beverages, Tata SmartFoodz, and Tata Consumer Soulfull Private—with itself. L. Krishnakumar, the Executive Director and Group CFO, resigned effective the close of business hours on Oct. 31, 2023. Navaneel Kar, President and Head of India Sales, submits his resignation w.e.f. Nov. 17. Current Senior CP of Strategy and M&A Punit Gupta to assume the role of Head of Sales India.

GMM Pfaudler: Acquisition of Mixpro delayed by a month to Nov. 30.

SBI Cards: Company and Reliance Retail to roll out Reliance SBI Cards. Cardholders to benefit from Reliance Retail’s presence and large portfolio of brands and SBI Card’s value propositions and offers.

Mahanagar Gas: M. V. Iyer has ceased to be the Director and Chairman of the Company, w.e.f. Oct. 31. The board appoints Sandeep Kumar Gupta as Non-Executive Non-Independent Director, designated as Chairman of the Company, with immediate effect.

Bharti Airtel: The Department of Tax imposes a penalty of Rs 1.72 lakh for alleged violations of subscriber verification norms. The board approved the approved the appointment of Douglas Anderson Baille as additional director, w.e.f Oct. 31, for a term of five years.

Zee Media: Company to strike off Zee Media Americas LLC, the entity formed by the company to be the wholly owned subsidiary of the company, in the State of Delaware, USA.

Zydus Lifesciences: Parties that entered the Sale and Purchase Agreement previously approved by the board have executed the SPA.

Source: Moneycontrol, Bloomberg Quint, Investing 

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