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

After Wall Street equities reached record highs on the strength of an optimistic outlook for Nvidia Corp., stocks in the Asia-Pacific region were trading higher on Friday. At 06:37 a.m., the S&P ASX 200 was up 23.66 points, or 0.31%, while the KOSPI increased 0.96% to 2,680.95. Japan observed the Emperor’s birthday by keeping the stock market closed. Nvidia Corp. jumped 16% overnight, reflecting the euphoric attitude on Wall Street, while new statistics indicated that the U.S. economy is still expanding, according to Bloomberg. As of Thursday, the Nasdaq 100 had gained 2.96% and the S&P 500 had increased by 2.11%. The value of the Dow Jones Industrial Average increased by 1.18%.

Economic Calendar:

  • USD : New Home Sales (Jan) on 26th February, 2024
  • USD : Core Durable Goods Orders (MoM) (Jan) on 27th February, 2024
  • INR : FX Reserves, USD on 23rd February, 2024
  • INR : GDP Quarterly (YoY) (Q3) on 29th February, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Steady performance; Key highlights:

  1. a) Beat in India mobile business revenues and EBITDA led by improving subscriber mix;
  2. b) flattish capex qoq coming lower than our estimate;
  3. c) robust cash flow generation.

MACQUAIRE ON MARUTI: Neutral , TP Rs 10608; Analysis of entry level PVs indicates market-share loss for MSIL in Rs400-700k (base model price; hatchback + micro SUVs) price range. Near-term demand for small cars will remain tepid, given product price hike in last couple of yrs

JEFFERIES ON GRASIM: Buy, TP raised to Rs 2600; Came back +vely surprised seeing scale of launch & Co’s readiness for biz scaleup ahead. Mgmt guided for a Rs100bn gross rev and breakeven in 3 yrs for paints biz; Runrate trend on segment rev/profitability will be key

International Markets:

U.S & Europe:

Particulars 22nd February Chg. Chg.(%)
Nasdaq 16041.62 460.75 2.96
Dow 39069.11 456.87 1.18
FTSE 7684.49 21.98 0.29
CAC 7911.60 99.51 1.26
DAX 17370.45 252.33 1.45
Dow Fut.* 39097.83 29.72 0.08

Asian markets:

Particulars 23rd February Chg. Chg.(%)
GIFT Nifty 22304.00 37.00 0.17
Nikkei 39098.68 836.52 2.14
Straits Times 3183.67 -39.27 -1.22
Hang Seng 16714.60 -28.35 -0.17
Shanghai 2990.89 2.53 0.08

ADR Watch:

Particulars 22nd February  Chg.       Chg.(%)
Dr. Reddy 76.80 1.14 1.51
HDFC Bank 54.38 0.28 0.53
ICICI Bank 25.95 0.47 1.82
Infosys 20.30 0.52 2.63
Wipro 6.33 0.16 2.51

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.87 0.03
Brent 83.33 -0.41
Gold 2033.90 0.16
Silver 22.75 -0.14

FIIs & DIIs:

Particulars 22nd February 21st February
FIIs                          -1410.05 284.66
DIIs 1823.68 -411.57

News Update:

Vodafone Idea: The board will meet on Feb. 27 to consider fundraising proposals. KM Birla has said the Aditya Birla Group does not plan to exit the business and is looking for new investors.

Bank of Baroda: The lender raised Rs 2,500 crore via Tier II bonds at a 5.57% coupon.

IRCTC: Entered into a pact with Swiggy Foods for the supply and delivery of pre-ordered meals. The first phase of the supply pact will include Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam stations.

IRB Infrastructure: The company approved raising up to $550 million via FX bonds.

Power Finance Corp.: The company will consider a fundraising proposal on Feb. 29.

Ramkrishna Forgings: The company received board approval for the commencement of manufacturing and supplies from the company’s Mexico location.

Oil India: The company signed an MoU with Fertilisers and Chemicals Travancore (FACT) for green hydrogen.

Prataap Snacks: The company clarified that it is not in negotiations with ITC for a stake sale.

Concord Biotech: The company has received a certificate of good manufacturing practices from Kenyan authorities at its Ahmedabad plant.

ION Exchange India: NCLT, Mumbai-approved scheme of amalgamation of Global Composites and Structurals and Ion Exchange Environment Management with Ion Exchange (India).

Bandhan Bank: Rajeev Mantri is appointed as the CFO. Accordingly, Abhijit Ghosh ceases to be the interim CFO.

IRB INVIT: Toll collection on the IRB Pathankot Amritsar Toll Road has been temporarily stopped due to farmers’ agitation in Punjab.

Paisalo Digital: The board will consider and approve the allotment of NCDs for private placement on Feb 27.

Dilip Buildcon, a wholly owned subsidiary, executed the concession agreement with the Public Works Department, Goa for Rs 270.07 crore for the construction of Zuari Observatory Towers.

Source: Moneycontrol, Bloomberg Quint, Investing 

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