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

For the third day in a row, Japanese share indices were rising; as of 06:22 a.m., the benchmark Nikkei 225 was up 0.51% at 36,736.65. Market players will also be intently watching how the Chinese stock market responds to Premier Li Qiang’s request for additional action from the government to help the nation’s collapsing stock market. According to Bloomberg, the benchmark CSI 300 hit a three-year low on Monday. U.S. stocks closed marginally higher as Wall Street’s appetite for risk was piqued by positive company earnings and economic indicators, according to Bloomberg. As of Monday, the Nasdaq 100 and S&P 500 index had gained 0.09% and 0.22%, respectively. There was a 0.36% gain in the Dow Jones Industrial Average.

Economic Calendar:

  • USD : Manufacturing PMI (Jan) on 24th January, 2024
  • USD : Services PMI (Jan) on 24th January, 2024
  • INR : FX Reserves, USD on 26th January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MOSL ON PNB HSG: Buy, TP Rs 1025; Set to deliver PAT CAGR of 25% over FY24E-FY26E & RoA/RoE of 2.5%/14% in FY26; Healthy loan growth to return in Retail while Corporate will be an enabler; Improvement in yields & lower CoF to boost NIM Trades @1.1x FY26E P/BV

CITI ON HFCs: HFC regulations harmonized with NBFC framework; LICHF & Can Fin has less than 2% of borrowings by ways of public deposits while PNBHF has almost one-third of borrowings through deposits

CLSA ON TATA COMM: O-P, TP Rs 2045; Data rev up 29%; Kaleyra is Ebitda +ve in 1st qtr. Revenue in line & Ebitda above est. High growth in digital portfolio services Comfortable gearing and Kaleyra added debt; Play on enterprise data growth

International Markets:

U.S & Europe:

Particulars 22th January Chg. Chg.(%)
Nasdaq 15360.29 49.32 0.32
Dow 38001.81 138.01 0.36
FTSE 7487.71 25.78 0.34
CAC 7413.25 41.61 0.56
DAX 16683.36 128.23 0.77
Dow Fut.* 38013.54 11.73 0.03

Asian markets:

Particulars 23rd January Chg. Chg.(%)
GIFT Nifty 21798.00 186.50 0.86
Nikkei 36920.27 373.32 1.01
Straits Times 3152.65 3.53 0.11
Hang Seng 15271.01 309.83 2.07
Shanghai 2746.79 -9.55 -0.35

ADR Watch:

Particulars 19th January  Chg.       Chg.(%)
Dr. Reddy 67.39 -0.51 -0.74
HDFC Bank 56.10 0.26 0.47
ICICI Bank 24.46 0.58 2.43
Infosys 19.86 -0.13 -0.65
Wipro 5.76 -0.02 -0.35

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.13 0.01
Brent 79.91 -0.19
Gold 2023.35 0.06
Silver 22.28 -0.09

FIIs & DIIs:

Particulars 20th January 19th January
FIIs                          -545.58 -3689.68
DIIs -719.31 2638.46

News Update:

Zee Entertainment Enterprises: Sony Group Corp. has officially notified that it plans to call off the merger between its India unit and Zee. The Sony Group has invoked arbitration against Zee and sought a termination fee of $90 million on account of alleged breaches of the deal.

Kotak Mahindra Bank: The company approved the proposal to raise Rs 10,000 crore by way of the issuance of NCDs on a private placement basis.

Adani Ports and Special Economic Zone: S&P affirmed the ratings of both Adani Group companies while revising their outlook to ‘Stable’ from ‘Negative’.

Tata Motors: The automaker increased prices by 0.7% on average across its personal vehicle portfolio, including EVs. The price hike is to be effective on Feb. 1.

JSW Group: The Odisha government has sanctioned a special incentive package for JSW Group’s electric vehicle and component manufacturing projects.

Tata Steel: The steel manufacturer approved the allotment of 8.65 crore shares to eligible shareholders of Tinplate Co. The company will allot shares at an exchange ratio of 33:10.

Cyient: The company’s US-based unit agreed to settle a civil class action anti-trust lawsuit for $7.4 million.

Keystone Realtors: The company will redevelop two societies in Malad, Mumbai, with a gross development value of about Rs 1,200 crore.

SML Isuzu: The company won an arbitration award worth Rs 11.52 crore from Delhi Metro Rail Corp.

Cigniti Technologies: The company redesignated its non-executive director, Srikanth Chakkilam, as the executive director and chief executive officer.

Vikas Lifecare: Acquired a 60% stake in SKY 2.0 Club, Dubai, for about $79 million.

Tata Consultancy Services: The IT major enabled Euroclear Finland to integrate the core platform with ECB’s T2S platform. The integration is set to ease cross-border settlements for investors in Finnish securities.

Sobha: The company approved the rights issue of shares worth up to Rs 2,000 crore.

Shree Cement: The cement manufacturer started commercial production at its Nawalgarh cement plant in Rajasthan.

Hero MotoCorp: The automaker appointed CG Motors as its distributor in Nepal. Hindustan Petroleum Corp: The company incorporated a new unit, HPCL Renewable and Green Energy, to consolidate its existing green business operations.

Source: Moneycontrol, Bloomberg Quint, Investing 

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