View on market: Stay Cautious, be with quality business:

Asian markets were set for a mixed open on Friday after US benchmarks declined for a third day as risks like rising interest rates, economic growth and earnings kept sentiment in check. Australian and Japanese shares were little changed while Hong Kong was set for gains. The selloff in US stocks showed some signs of easing, with the S&P 500 ending down 0.8% on Thursday and less than the 1.6% slide a day earlier. At 5:58 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.02% to 18,118. Crude prices rose more than 1%, and Bitcoin was up to trade above $21,000-level. Indian benchmark indices snapped their two-day rally to close lower, dragged by auto and bank stocks. Rupee closed lower against the U.S. dollar on the back of muted performance of domestic equity market.

Economic Calendar:

  • USD : Existing Home Sales (Dec) on 20th January, 2023
  • USD : GDP (QoQ) (Q4) on 26th January, 2023
  • INR : FX Reserves, USD on 20th January, 2023
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2023

Q3FY23 Results Today: Reliance Industries, HDFC Life Insurance Company, JSW Steel, LTIMindtree, Union Bank of India, Bandhan Bank, RBL Bank, Aether Industries, Atul, Coforge, DCM Shriram, Heritage Foods, Indian Energy Exchange, JSW Energy, NELCO, Petronet LNG, Ramkrishna Forgings, Shakti Pumps, Tanla Platforms

Brokerage Radar:

UBS ON PVR: Buy, TP Rs 2300; Modest Q3; likely to improve steadily; On normalization trend despite mixed BO performances; occupancy at 29%; Merger process likely to complete in 6-8 wks; Joint entity to trade @ 13x FY25E, think there is some potential for a re-rating

MS ON ASIAN PAINTS: UW, TP cut to Rs 2516; 3Q below consensus on top line; Expect changing industry dynamics & rising aggression on investments to drive de-rating

Co maintained gross margin guidance in 38-40% band, but widened EBITDA margin band to 17-20% (from 18-20%)

JEFFERIES ON SUN PHARMA: OW, TP Rs 1150; Concert acquisition addresses two key investor concerns – expansion of specialty portfolio to drive mid-term growth & capital allocation clarity. Deuruxo appears promising & have strong sales potential

International Markets:

U.S & Europe

Particulars 19th January Chg. Chg.(%)
Nasdaq 10852.27 -104.74 -0.96
Dow 33044.56 -252.40 -0.76
FTSE 7747.29 -83.41 -1.08
CAC 6951.87 -131.52 -1.89
DAX 14920.36 -261.44 -1.75
Dow Fut.* 33073.70 29.10 0.09

Asian markets

Particulars 20th January Chg. Chg.(%)
SGX Nifty 18139.50 26.00 0.14
Nikkei 26411.94 6.71 0.03
Straits Times 3277.76 1.58 0.05
Hang Seng 21821.32 170.34 0.79
Shanghai 3256.81 16.53 0.51

ADR Watch:

Particulars 19th January  Chg.       Chg.(%)
Dr. Reddy 53.51 -0.50 -0.93
HDFC Bank 69.45 0.80 1.17
ICICI Bank 21.39 0.16 0.75
Infosys 18.81 0.06 0.32
Tata Motor 24.31 -0.09 -0.37
Wipro 5.02 0.05 1.01

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.36 0.14
Brent 86.58 0.49
Gold 1931.30 0.38
Silver 24.060 0.80

FIIs & DIIs:

Particulars 19th January 18th January
FIIs                           399.98 -319.23
DIIs -128.96 1225.96

News Update:

Vedanta: The company approved sale of assets of subsidiary Zinc International to Hindustan Zinc for $2,981 million.

Sun Pharmaceuticals Industries: The company acquired U.S.-based alopecia medicine manufacturer Concert Pharmaceuticals for $576 million.

Tata Consultancy Services: The company has been selected as the a strategic partner by Bombardier to accelerate its digital transformation.

Surya Roshni: The company won an order worth Rs 147.30 crore for API 5L grade coated pipes from IOCL and powder coated GI pipes from GAIL.

Bata India: The company appointed Anil Somani as chief financial officer. The date of appointment will be announced in due course.

Sundaram-Clayton: The board of the company will consider dividend for the current fiscal during its meeting on Jan. 25.

Jubilant FoodWorks: The company will spend Rs 900 crore on capex over the next 12-18 months, funded via internal accruals. The company will invest Rs 500-600 crore on stores and Rs 300 crores on commissaries.

KPI Green Energy: The company commissioned 25 MWDC solar power project for Greenlab Diamonds LLP, Surat under its CPP business vertical. The company also appointed Salim Suleman Yahoo as its chief financial officer.

L&T Technology Services: The company has been selected as strategic engineering partner to Airbus for advanced capabilities and digital manufacturing services under a multi-year contract.

RITES: The board will consider third interim dividend for the current fiscal during its meeting on Feb. 9.

Bharat Heavy Electronics: Bagged an order worth Rs 300 crore for renovation and modernisation of steam turbines at Ukai Thermal Power Station in Gujarat.

 Source: Moneycontrol, Bloomberg Quint, Investing

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