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

U.S. stocks recovered early losses amid diplomatic efforts to control the Israel-Hamas battle and avert a protracted confrontation in the Middle East, oil prices dropped after reaching $90 per barrel on Friday. As of 2:15 p.m. New York time, the S&P 500 index and Nasdaq 100 both decreased by 0.56% and 0.99%, respectively. By 0.57 percent, the Dow Jones Industrial Average fell. At $92.02 per barrel, Brent crude was trading 0.39% lower. At $1,978.03 an ounce, gold was up 0.18%. ITC Ltd. and Larsen & Toubro Ltd. losses caused India’s key stock indices to end the day down. The leading indices ended two weeks of increases on a weekly basis. Sectors like real estate, consumer goods, and energy saw declines, while private banks saw gains.

Economic Calendar:

  • USD : Services PMI (Oct) on 24th Oct, 2023
  • USD : Building Permits on 25th Oct, 2023
  • INR : Balance of Payments (USD) (Q2) on 26th Oct, 2023
  • INR : FX Reserves, USD on 27th Oct, 2023

Brokerage Radar:

JEFFERIES ON KFIN TECH: Buy, TP raised to Rs 560; While Asian mkt will be organic, it may explore M&A in western mkt.; Domestic MFs & issuer solutions are growing at steady pace; Raise earnings by 1-2% & see 17% Cagr in profit over FY23-26; cashflows can aid M&A.

GS ON TCS: Buy, TP Rs 4020; Rev growth of -0.1% qoq (constant Fx; +2.8% YoY) below GSe of +1% qoq; 1% qoq decline in headcount suggests weak near term rev outlook; Lower rev est. by up to 1%, with FY24 rev growth of 3.8% (constant Fx; vs 5% earlier)

International Markets

 U.S & Europe:

Particulars 20th October Chg. Chg.(%)
Nasdaq 12983.81 -202.37 -1.53
Dow 33127.28 -286.89 -0.86
FTSE 7402.14 -97.39 -1.32
CAC 6816.22 -105.15 -1.54
DAX 14798.47 -246.76 -1.67
Dow Fut.* 33156.47 29.19 0.09

Asian markets:

Particulars 23rd October Chg. Chg.(%)
GIFT Nifty 19475.50 -46.00 -0.24
Nikkei 31007.12 -252.24 -0.81
Straits Times 3068.65 -8.04 -0.26
Hang Seng 17172.13 -123.76 -0.72
Shanghai 2955.94 -27.12 -0.91

ADR Watch:

Particulars       20th October  Chg.       Chg.(%)
Dr. Reddy 66.22 -0.99 -1.47
HDFC Bank 57.27 0.02 0.03
ICICI Bank 22.26 -0.11 -0.49
Infosys 16.97 -0.12 -0.70
Wipro 4.61 -0.06 -1.28

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.19 -0.06
Brent 91.44 -0.78
Gold 1985.08 -0.47
Silver 23.385 -0.51

FIIs & DIIs:

Particulars   20th October     19th October
FIIs                          456.21 -1093.47
DIIs 8.53 736.15

News Update:

DCB Bank: The bank’s board recommended names of candidates for position of MD & CEO. Current MD & CEO Murali Natrajan’s term to end on April 28, 2024.

JSW Steel: Periama Holdings to acquire remaining 10% stake in JSW USA. Stake to be bought from Green Suppliers and Services for a consideration of $1,000. Following the acquisition, Periama will hold 100% stake in JSW USA.

Samvardhana Motherson: Company unit in pact to buy 100% stake in France’s Topco for €35 million. Topco manufactures components for aircraft engines and medical devices. The company is also in a pact to buy 73.05% stake in Irillic Private and will hold 74.19% of the share capital of the target.

Adani Energy Solutions: The company received smart meter LOAs worth Rs 17,000 crore. It Added 219 circuit kilometers to operational network and also sold 2,446 million units, up 9.53% year-on-year.Adani Green Energy announced the resignation of Ahlem Friga-Noy as nominee director w.e.f. Oct. 23  

Zydus Lifesciences: The company received U.S. FDA approval for ANDA of Sitagliptin tablets, which is used to treat adult patients with type 2 diabetes mellitus.

Power Grid Corporation of India: The company will invest Rs 119.95 crore in its Eastern Region Expansion Scheme.

JSW Energy: The company appointed Ashok Ramachandran as COO effective Oct. 20.

Tata Power Renewable Energy: The company signed a 12.5 MW PDA with Supreme Petrochem in Achegaon, Maharashtra. Plant expected to reduce carbon emissions by 20,075 metric tonnes annually.  

Tejas Networks: The company appointed Sumit Dhingra as CFO effective Dec. 1.

ONGC: Participates in the bidding process for the acquisition of a 100% stake of PTC Energy, a wholly owned subsidiary of PTC India.

Blue Star: The company received a Rs 3.4 crore demand notice from Mumbai Stamps Collector. The demand is based on alleged non-payment of stamp duty from 2008.

Aditya Birla Fashion and Retail: The company’s unit is to buy a 51% stake in Styleverse Lifestyle for Rs 155 crore. The Acquisition is part of the company’s expansion of digital-first brands.

Astral: The company completed the acquisition of 80% shares of Gem Paints (51% against redemption of optionally convertible debentures amounting to Rs 194 crores and 29% towards the second tranche). Balance 20% equity stake will be acquired over a period of 5 years.

Source: Moneycontrol, Bloomberg Quint, Investing 

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