View on market: Volatility Prevails, Market is searching for better value
Asia markets dropped on Thursday, mirroring overnight declines in US stock indexes while investors awaited the release of U.S. statistics on GDP and personal consumption expenditure. Hong Kong’s share index increased, whereas those in Japan, Australia, and South Korea decreased. At 6:30 a.m., the S&P/ASX 200 dropped 0.36% to 7,511, while the Nikkei slid 1.31% to 33,233.35. At 6:30 a.m., the Hang Seng index was up 0.66% at 16,613.81. On Wednesday, the Nasdaq 100 and S&P 500 index fell 1.53% and 1.47%, respectively. The decline in the Dow Jones Industrial Average was 0.64%. Around $79.70 per barrel, Brent crude was up 0.59% on the market. An ounce of gold gained 0.12% to $2,033.77.
Economic Calendar:
- USD : GDP (QoQ) (Q3) on 21st December, 2023
- USD : Initial Jobless Claims on 21st December, 2023
- INR : FX Reserves, USD on 22nd December, 2023
- INR : RBI MPC Meeting Minutes on 22nd December, 2023
Brokerage Radar::
JEFFERIES ON BANKS: While banks offer higher rates, large banks are offering lower rates & in some cases termrates are lower savings rates of small banks. Among smaller bks, IIB has lower rates & wider sources. Lower NIMs may be risk to earnings, but expect some offsets
MS ON DLF: DLF expects to launch 1st 500 units of Arbour 2/Privana South at Sector 77 on Dec 21st; Project spans over 28 acres (5m sq. ft GFA) with ASP of Rs. 18K psf, potential sales of Rs 90bn; Assuming 50% pre-sales in Dec, it could contribute Rs 45bn to 3Qpre-sales
International Markets:
U.S & Europe:
Particulars | 20th December | Chg. | Chg.(%) |
Nasdaq | 14834.37 | -168.85 | -1.13 |
Dow | 37082.00 | -475.92 | -1.27 |
FTSE | 7715.68 | 77.65 | 1.01 |
CAC | 7583.43 | 8.76 | 0.12 |
DAX | 16733.05 | -11.36 | -0.07 |
Dow Fut.* | 37157.70 | 75.70 | 0.20 |
Asian markets:
Particulars | 21st December | Chg. | Chg.(%) |
GIFT Nifty | 21106.00 | -111.00 | -0.52 |
Nikkei | 33171.43 | -504.51 | -1.52 |
Straits Times | 3115.38 | 7.35 | 0.24 |
Hang Seng | 16536.77 | -77.04 | -0.46 |
Shanghai | 2901.82 | -0.29 | -0.01 |
ADR Watch:
Particulars | 20th December | Chg. | Chg.(%) |
Dr. Reddy | 66.37 | -1.81 | -2.65 |
HDFC Bank | 65.58 | -0.61 | -0.92 |
ICICI Bank | 23.96 | -0.53 | -2.16 |
Infosys | 18.42 | -0.37 | -1.97 |
Wipro | 5.16 | -0.10 | -1.90 |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.17 | -0.11 |
Brent | 79.52 | -0.23 |
Gold | 2049.45 | 0.09 |
Silver | 24.55 | -0.35 |
FIIs & DIIs:
Particulars | 20th December | 19th December |
FIIs | -1322.08 | -601.52 |
DIIs | 4754.34 | 294.35 |
News Update:
Mazagon Dock Shipbuilders: The company signed a contract worth Rs 1,615 crore with the Ministry of Defence for the construction and delivery of six next-generation offshore patrol vessels for the Indian Coast Guard.
Cochin Shipyard: The company received an order worth Rs 488.25 crore from the Defense Ministry to repair and maintain equipment and systems onboard the naval vessel.
Zee Entertainment: Culver Max and Bangla Entertainment have agreed to discuss the extension of the merger date. The deadline for the completion of the merger was set for Dec. 21.
BSE: The company received approval from the Securities Exchange Board of India for appointing Pramod Agrawal as chairman effective from Jan. 17, 2024.
UltraTech Cement: The company will buy a stake in renewable energy company Clean Max Terra for Rs 20.25 crore.
Adani Green Energy: The company will consider a proposal to raise funds via multiple instruments on Dec. 26.
ICICI Bank: The company received the Reserve Bank of India’s nod for the re-appointment of Sandeep Batra as executive director.
Raymond: The company’s unit has incorporated the wholly owned subsidiary Ten X Realty East with the objective of undertaking real estate business.
Flair Writing: The company reported revenue of Rs 257 crore for Q2 FY24 and a net profit of Rs 33.15 crore for Q2 FY24.
REC: The company unit incorporated a wholly owned subsidiary, Kankani Power Transmission.
Sonata Software: The company signed a contract with AMMEGA Group, a global leader in conveyor belts and power transmission with manufacturing sites and customer solution centres around the world.
Tarsons Products: The company will acquire German medical distributor Nerbe for about €10–15 million.
Manali Petrochemical: The company has resumed its operations at the Chennai plant.
Source: Moneycontrol, Bloomberg Quint, Investing
Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014
Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Kiran Tahlani, Elite Wealth Limited, kirantahlani@elitestock.com
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or e-mailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone: 011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
- Reports
- a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
- Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL
Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.