International Markets:

U.S & Europe

Particulars 20th  Dec Chg Chg(%)
Nasdaq 8924.96 37.74 0.42
Dow* 28455.09 78.13 0.28
FTSE 7582.48 8.66 0.11
CAC 6021.53 49.25 0.82
DAX 13318.90 106.94 0.81
Dow Fut.* 28494.50 12.50 0.04

*As per 23th Dec

Asian markets:

Particulars 23th   Dec. Chg Chg(%)
SGX Nifty* 12297.50 5.00 0.04
Nikkei 23862.11 45.48 0.19
Straits Times 3210.18 -2.21 -0.07
Hang Seng 27904.92 33.57 0.12
Shanghai 3007.10 2.16 0.07


ADR Watch:  

Particulars 20th  Dec. Chg Chg(%)
Dr Reddy 40.64 0.06 0.15
HDFC Bank 64.40 0.25 0.39
ICICI Bank 15.25 0.17 1.13
Infosys 10.29 0.02 0.19
Tata Motor 12.49 -0.11 -0.87
Wipro 3.86 0.07 1.85


Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.1225 0.11
Brent 66.02 -0.18
Gold 1483.25 0.16
Silver 17.273 0.28



Particulars 20th  Dec. 19th  Dec.
FIIs 338.86 739.43
DIIs -285.41 -493.95


View on market: Buy on dips

Asian shares started the week mixed, with volumes subdued as investors count down to the holiday break. Equities were little changed in early trading in Tokyo and Seoul, and fell in Sydney. S&P 500 futures were little changed. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 12,297.50 as of 8:00 a.m.

Key Data/ Action and Board meeting to watch:

Mahindra & Mahindra to meet Rare Enterprises and HDFCLife Insurance fromDec.23-24.

Mahindra & Mahindra Financial Services to meet Matthews International Capital Management on Dec. 24.

Fund View:

Mindtree Citi Maintained ‘Neutral’; hiked price target to Rs 800 from Rs 765 Management continues to focus on improving FY20 revenue growth, margins and reduce quarterly volatility in earnings See comfort in top client growth, as per management commentary Merger of MindTree and LTI needs to be monitored in the medium-term.

IndiaMart InterMesh Jefferies Initiated ‘Buy’ with a price target of Rs 2,500. Dominant B2B classified platform in India with strong moats to defend it against competition. Expect 20 percent revenue CAGR over FY20-22 despite macro headwinds related to economic slowdown. Expect sharp margin expansion to 28 percent by FY22 versus 16 percent in FY19 given strong economies of scale. Also free cash flow positive helped by upfront collections and low capex.

Power Grid Morgan Stanley Maintained ‘Overweight’; hiked price target to Rs 237 from Rs 229. Expect steady 9% earnings CAGR over FY19-22 in a volatile macro. Lower capex vs. history and asset monetization through Invit implies higher FCF and dividends. No AGR dues are outstanding as per management.

SBI B&K Securities Upgraded to ‘Buy’ from ‘Hold’; hiked price target to Rs 390 from Rs 325. Key beneficiary of rising NPAs recovery. Non-corporate slippages are volatile but efforts are underway. Value unlocking in subsidiaries imminent. Risk return turning favourable.

News Update:

Hindalco: Novelis received approval from China’s State Administration for Market Regulation for its aquisition of Aleris, as part of which Novelis agreed to sell the Aleris plant in Duffel, Belgium to an independent, third party, according to Bloomberg report.

ICICI Bank acquired 45 lakh shares or 18.75 percent stake in Karvy Data Management Services pursuant invocation of pledged shares of the company for recovery of outstanding dues of Karvy Stock Broking. On Dec. 19, Bajaj Finance had acquired 10 percent stake in the same arm due to invocation of pledged shares.

Glenmark Pharma: Bausch Health will grant Glenmark non-exclusive license effective till 2026 for its intellectual property relating to Bryhali Solution, according to Bloomberg report.

Prestige Estate Projects: Board approved allotment of 1.34 crore shares at a floor price of Rs 323.22 to Gamnat aggregating to Rs 434.5 crore. The floor price is at discount of 7 percent to the closing prices on Dec. 20. Gamnat is an investment firm managed by Singapore’s wealth fund GIC.

Power Finance transferred a transmission project in UP to Power Grid Corporation.

Tata Global Beverages appointed Sunil D’Souza as the managing director and chief executive officer with effect from April 4, 2020 till 2025. He will leave the post of MD in Whirlpool in March next year.

International Paper APPM promoter West Coast Paper Mills pledged 2.03 crore shares or 51 percent equity amounting to Rs 343 crore in favour of Standard Chartered Bank, Aditya Birla Finance and Axis Finance. This has been done to fund the acquisition of shares in International Paper APPM. West Coast Paper Mills has a stake of 72.2 percent in the company.

Tourism Finance Corporation: Merlin Holdings increased stake to 8.08 percent from 5.55 percent in the company.

KEC International secured Rs 1,520 crore for various business segment i.e. urban & transport, railways and T&D.

Dilip Buildcon bagged an EPC four-laning project with a cost of Rs 458 crore.

PSP Projects emerged as L1 bidder for EPC design and build construction of tech hub at Gift city. The company has emerged as the lowest bidder with bid value of Rs 308 crore.

Sun Pharma: Promoters released pledge on 68.5 lakh shares.


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