Markets:U.S & Europe

Particulars     23rd  Feb. Chg Chg(%)
Nasdaq 13,465.20 -67.85 -0.5
Dow 31,537.35 15.66 0.05
FTSE 6,625.94 13.7 0.21
CAC     5,779.84 12.4 0.22
DAX 13,864.81 -85.23 -0.61
Dow Fut.*    31,483.00 -9.00  -0.03

*As per 24th February

Asian markets:

Particulars       24th Feb Chg Chg(%)
SGX Nifty 14,790.50 76.5 0.52
Nikkei 29,923.82 -232.21 -0.77
Straits Times 2,933.19 42.49 1.47
Hang Seng 30,451.72 -180.92 -0.59
Shanghai 3,614.38 -21.98 -0.6


ADR Watch:

Particulars                 23rd Feb. Chg Chg(%)
Dr Reddy 61.12 0 0
HDFC Bank 79.87 -0.23 -0.29
ICICI Bank 17.26 0.31 1.83
Infosys 17.38 -0.23 -1.31
Tata Motor 21.93 0.97 4.63
Wipro        6.3 -0.14 -2.17


Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.34        – 0.05
Brent 64.00          -0.19
Gold 1810.65           0.27
Silver 27.95           0.93



Particulars 23rd Feb       22nd  Feb
FIIs    -1569          -893
DIIs      217          -920


View on market: Stay Cautious, be with quality business:

Most Asian equities have opened lower in mid-week trading as investors mulled comments from Fed Chair Jerome Powell on inflation and growth. Japanese markets are trading lower on their return from a holiday as are those in Australia while South Korean markets trade with modest gains. Treasury futures were volatile this morning after a Financial Times report on reduced vaccine effectiveness againt the new coronavirus variants. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.6% to 14,810 as of 8:10 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: Infrastructure Output (YoY) (Jan) on 26th February,2021
  • INR: GDP Quarterly (YoY) (Q3), on 26th February,2021

Fund View:

Motilal Oswal On Britannia Upgrade to buy from neutral Price target raised to Rs 4,120 from Rs 3,830 Structural opportunity is attractive Track record is the best among peers Exciting long-term opportunity with the widening of moats Valuations are attractive as compared to peers Recent underperformance leads to favourable risk-reward ratio.

Investec On Bharti Airtel

Initiate coverage with buy rating Price target of Rs 700 Leader in an oligopolistic market ARPUs are now on an upward path Bharti is the only player that improved active subscriber share despite Jio High-quality network has also allowed Airtel to command premium pricing Expect 35% Ebitda CAGR over FY21-23E and RoCE to improve to 11% by FY23E Highly regulated nature of telecoms is a key risk.

Morgan Stanley On Tata Motors

Maintains equal weight rating Price target of Rs 297 Shared aggressive financial targets driven by leverage gains, new model launches and cost optimisation measures More tailwinds than headwinds for CV business in FY22 Focused on EVs but business moat is not clear Competition and electrification headwinds for JLR keep us equalweight.

News Update:

Tata Consumer Products: To replace GAIL (India) on the NIfty 50 index from March 31, 2021.

Coal India:

A meeting of Board of Directors is scheduled on March 5, 2021 to consider and approve payment of 2nd Interim Dividend for 2020-21, if any. The company has fixed March 16, 2021 as the record date for the payment of dividend, if declared by the board.


Has executed Share Purchase Agreements with GAIL (India) for purchase of GAIL’s share of 25.51% in Ratnagiri Gas and Power and sale of NTPC’s share of 14.82% (on fully dilutive basis) in Konkan LNG. After transfer of shares as per the Share Purchase Agreements, the company will exit from KLL and its shareholding in RGPPL will become 86.49%.

United Spirits:

Has initiated a strategic review of selected brands under its popular category. The review is aimed at continuing the company’s strategy toward long-term profitable growth through premiumising the portfolio. USL’s Popular portfolio comprises around 30 brands and the strategic review will focus on approximately half of this portfolio by volume. This review will not include the McDowell’s or Director’s Special trademarks. The company aims to complete the strategic review by the end of the 2021 calendar year.

Sun Pharma Advanced Research Company:

The Office of New Drugs of the U.S. Food and Drug Administration has denied the company’s appeal of the Complete Response Letter in relation to the New Drug Application for Taclantis™. In its Appeal Denied letter, the OND requested the conduct of a new Phase 3 study in metastatic breast cancer patients to support any potential resubmission of the Taclantis™ ND.


Two workers died and 26 were injured after a fire broke out at the company’s Jhagadia Plant in Bharuch district in Gujarat. Other than that, five workers were missing. The company said the accident might have happened due to fire/explosion in the solvent but did not rule out foul play. The company said that the plant was shut from February 5 for its planned boiler inspection.

Mazagon Dock Shipbuilders:

Has executed a Memorandum of Understanding with Mumbai Port Trust to further the economic growth of the region and the country under the Maritime India Summit 2021.


Has priced $500,000,000, 2.25% Notes due 2026, on February 22, 2021 under its $7 billion Global Medium Term Note programme. The Notes will mature on September 1, 2026 and all principal and interest payments will be made in U.S. dollars. The settlement date for the Notes is expected to be March 1, 2021.

Source: MoneyControl, Business Standard, Bloomberg,Investing

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