International Markets:

U.S & Europe

Particulars 21th Feb Chg Chg(%)
Nasdaq 9576.59 -174.38 -1.79
Dow 28992.41 227.57 0.78
FTSE 7403.92 -32.72 -0.44
CAC 6029.72 -32.58 -0.54
DAX 13579.33 -84.67 -0.62
Dow Fut.* 28984.00 -187.00 -0.64

*As per 24th feb

Asian markets:

Particulars 24th Feb. Chg Chg(%)
SGX Nifty* 11952.50 -82.00 -0.68
Nikkei 23386.74 -92.41 -0.39
Straits Times 3156.85 -24.18 -0.76
Hang Seng 26931.49 -377.32 -1.38
Shanghai 3023.30 -16.37 -0.54

 

ADR Watch:

Particulars 20th  Feb Chg Chg(%)
Dr Reddy 44.80 -0.05 -0.11
HDFC Bank 57.52 -0.45 -0.78
ICICI Bank 15.05 -0.11 -0.73
Infosys 11.41 0.05 0.44
Tata Motor 10.88 -0.17 -1.54
Wipro 3.81 -0.01 -0.26

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.6612 0.14
Brent 56.87 -2.79
Gold 1663.25 0.90
Silver 18.652      0.65

 

FIIs & DIIs

Particulars 20th  Feb. 19th  Feb.
FIIs 1495.25 -190.66
DIIs -699.62 590.12

 

View on market: Buy on dips

 

U.S. equity futures sank with Asian shares and gold surged after the number of coronavirus cases outside of China increased and concern grew that global economic growth could take a more sustained hit. S&P 500 Index futures fell about 1.3 percent, with shares in Seoul and Sydney also lower. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.68 percent to 11,952.50 as of 8:00 a.m.

Key Data/ Action, Result and Board meeting to watch:

Fund View:

Indusind Bank HSBC Maintained ‘Buy’, cut price target to Rs 1,825 from 2,000. Do not expect an outsized deterioration of asset quality. Investment case still intact with healthy buffers. Stabilization of asset quality and CEO transition key catalysts.

Ambuja Cement Citi Maintained ‘Buy’, raised price target to Rs 285 from Rs 270. Ebitda ahead of the estimates on better volumes and costs. December quarter was ahead of estimates; reversal of September quarter’s cost pressures. December volumes at 7 percent YoY ahead of ACC’s 3 percent YoY growth.

Max Financial UBS Maintained ‘Buy’; raised price target to Rs 700 from Rs 640. Seems uncertainty regarding long term partnership is about to be removed. Long term distribution certainty would be a positive. Fund flow to the promoter and deleveraging to remove overhang of promoter pledge.

News Update:

Axis Bank, Max Financial Services and its subsidiary Max Life Insurance sign confidentiality and exclusivity arrangement to explore the possibility of Axis Bank to enter into a long-term strategic partnership with Max Life.

Bharti Airtel: Chairman Sunil Mittal said that the company is committed to complying with Supreme Court’s ruling on telecom dues and the company will pay the dues before March 17 deadline, according to Bloomberg report.

Dr. Reddy’s gets EIR from the U.S. FDA for Duvvada formulations plant at Vizag, indicating closure of the audit. The facility has been classified at Voluntary Action Indicated.

AstraZeneca Pharma has launched QTERN tablets in India for the treatment of diabetes.
Greenply Industries: CARE Ratings has placed the ratings assigned to the company on credit watch with negative implications for bank facilities worth Rs 378 crore. The rating action follows the approval by the board of directors to extend the corporate guarantee to a foreign loan not exceeding Euro 12.5 million provided to the erstwhile MDF division of the company which has been shifted by way of demerger to Greenpanel industries.

IIFL Finance: Board of company’s material arm Infoline Finance completed allotment of $400 million senior secured notes.

Dhanlaxmi Bank: RBI approved the appointment of Sunil Gurbaxani as MD & CEO of the Bank for three years.

Dixon Technologies promoter Sunil Vachani decreased his stake from 36.27 percent to 34.67 percent in the company on Feb. 20.

ACC: Neeraj Akhoury resigned as MD and CEO with effect from February 20. The company said he will continue to be on the Board as non-executive independent director.

Aurobindo Pharma: U.S. FDA revokes voluntary action Initiated Status for Unit IV. It says Unit IV is still open and under review, U.S. FDA only had issued a ‘Voluntary Action Initiated’ status on Feb. 18.

CARE revised the rating for Prince Pipe’s long term bank facilities to CARE A- from CARE BBB+ and short term bank facilities from CARE A3+ to CARE A2+. The rationale for the rating being improved liquidity witnessed during 9MFY20 marked by elevation in gross cash accruals with expansion in operating profit margins coupled with a reduction in long term debt.
Biocon’s facility in Malaysia receives three observations under the U.S. FDA inspection.

Jagran Prakashan bought back 1.49 crore equity shares at an average price of Rs 66.24. The company has deployed Rs 98.96 crore which represents 97.74 percent of the maximum buyback size.

Strides Pharma: The scheme for Amalgamation amongst Arrow Remedies Pvt Ltd, Fagris Medica Pvt Ltd, Strides emerging markets ltd with Strides Pharma was approved by equity shareholders. The Company shall file a petition with the NCLT, Mumbai Bench for the final sanction of the Scheme.

 


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Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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