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

Asian markets saw a muted open on Tuesday while the U.S. equity futures fell as investors weighed the prospect that central banks will have to tighten policy settings more than expected to tame inflation. Contracts for the S&P 500 fell, indicating further downward pressure on the U.S. stocks after declines on Thursday and Friday. U.S. equity and bond markets were closed for a holiday on Monday. Meanwhile, the yield on 10-year Treasuries advanced to 3.85%. Crude prices were trading around $84-mark, while Bitcoin was trading below 25,000-level. At 5:55 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.12% at 17,886.5. Benchmark indices back home ended lower after a volatile session, with oil and gas, financials and banking stocks leading the decline. Rupee started the week by closing in green against the U.S. dollar, tracking gains among its Asian peers.

Economic Calendar:

  • USD : Existing Home Sales (Jan) on 21st February, 2023
  • USD : GDP (QoQ) (Q4) on 23rd February, 2023
  • INR : Deposit Growth on 24th February, 2023
  • INR : GDP Quarterly (YoY) (Q3) on 28th February, 2023

Brokerage Radar:

CITI ON MARICO: Buy, TP Rs 585; Volume Growth Acceleration In Core Brands; Expect healthy uptick across Co’s business segments starting 4QFY23; Foods and digital brands on track; Believe that there is room for stock’s valuation gap vs. peers to narrow

MS ON SAMVARDHANA MOTHERSON: UW, TP Rs 70; SAMIL is buying SAS at 0.6x EV/2022 sales and added that the transaction is EPS-accretive. SAS makes good margin and could open more strategic opportunities for SAMIL

GS ON ITC: Buy, TP Rs 450; Val in-line with 15-year avg. despite ramp up of FMCG biz & improved capital allocation; Val disc. to India FMCG way below long-term avg.

Premium to global tobacco in line with history; Cigarette DCF value also leaves room for upside

International Markets:

U.S & Europe

Particulars 20th February Chg. Chg.(%)
Nasdaq 11787.27 -68.56 -0.58
Dow 33733.40 -93.29 -0.28
FTSE 8014.31 9.95 0.12
CAC 7335.61 -12.11 -0.17
DAX 15477.55 -4.45 -0.03
Dow Fut.* 33694.80 -42.00 -0.12

Asian markets

Particulars 21st February Chg. Chg.(%)
SGX Nifty 17874.00 9.00 0.05
Nikkei 27519.50 -12.44 -0.05
Straits Times 3306.93 -1.82 -0.06
Hang Seng 20818.51 -68.45 -0.33
Shanghai 3301.40 11.06 0.34

ADR Watch:

Particulars 17th February  Chg.       Chg.(%)
Dr. Reddy 55.24 0.35 0.64
HDFC Bank 69.43 0.20 0.29
ICICI Bank 20.81 -0.06 -0.29
Infosys 19.08 -0.04 -0.21
Wipro 4.85 -0.07 -1.42

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.76 0.08
Brent 83.31 -0.48
Gold 1850.25 0.00
Silver 21.742 -0.33

FIIs & DIIs:

Particulars 20th February 17th February
FIIs                           -158.95 -624.61
DIIs 86.23 -85.29

News Update:

United Breweries: The Supreme Court has stayed an NCLAT order, which dismissed the company’s appeal against a CCI order imposing a penalty of Rs 751.83 crore against the company over charges of cartelisation, as well as recovery proceedings in the matter. The apex court has ordered the company to deposit 10% of the penalty amount, over and above the amount already subsisting 10% deposit before the NCLAT.

Adani Enterprises: The company’s subsidiaries—Ambuja Cement and ACC—and transporters in Himachal Pradesh reached an amicable solution to the dispute between them over freight rates. This clears the way for reopening of cement factories in Darlaghat and Barmana after 67 days.

Bharat Petroleum Corporation: The company is planning to raise Rs 1,500 crore via private placement of unsecured non-convertible debentures.

Bharat Electronics: India’s first ever indigenously developed train control and supervision system, jointly developed by the company and Delhi Metro Rail Corporation was launched for operations on the Red Line corridor of Delhi Metro.

BEML: The company signed an MoU with a Delhi Metro Rail Corporation-led special purpose vehicle that has been shortlisted for constructing the first phase of Bahrain Metro Rail Project. BEML will manufacture and supply metro rolling stock, while DMRC will offer its expertise in project development, budgeting and facilitation of contractual obligations.

Asian Paints: The company’s wholly owned subsidiary Asian Paints (Polymers) signed an agreement with the Gujarat government to set up a manufacturing facility for vinyl acetate ethylene emulsion and vinyl acetate monomer at Dahej.

GR Infraprojects: The company emerged as the successful bidder for two National Highways Logistics Management projects based in Uttarakhand cumulatively worth Rs 3,613 crore.

JK Tyre & Industries: The company will raise Rs 240 crore by issuing 24,000 compulsorily convertible debentures at the face value of Rs 1 lakh to International Finance Corporation on private placement basis. The amount raised can be converted into equity shares of the company at a conversion price of Rs 180.50.

 Source: Moneycontrol, Bloomberg Quint, Investing

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