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

The majority of Asia-Pacific share indices increased in response to a greater willingness to take risks following the announcement by China’s central bank of additional economic stimulus. The Nikkei 225 was up 6.99 points, or 0.01%, at 36,221.44, while the S&P ASX 200 was up 18.30 points, or 0.24%, at 7,537.50. As of 6:24 a.m., the KOSPI Index was down 9.44 points, or 0.38%, at 2,460.22. The governor of People’s Bank of China announced on February 5 that the reserve requirement ratio would be lowered by 0.5%, with further reductions perhaps in store. In Wednesday’s trading, U.S. equities continued to rise as investors remained upbeat about the economy following the release of new data that exceeded expectations and the strong earnings reports from technology giants.

Economic Calendar:

  • USD : Initial Jobless Claims on 25th January, 2024
  • USD : GDP (QoQ) (Q4) on 25th January, 2024
  • INR : FX Reserves, USD on 26th January, 2024
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Announces part prepayment of deferred liability for spectrum acquired in 2015 auctions; Believe this will be positive on an NPV basis over tenure of spectrum.; Assuming yield on cash of 6-7%, est. this prepayment could help earnings by 1% for F25

CITI ON AXIS BANK: Buy, TP Rs 1370; Deposit growth (at 4% QoQ) outpaced peers but was dominated by non-retail TDs (up 12% QoQ). Management signaled its focus on containing LDR & anchoring loan growth to deposit accretion. Amidst deposit challenges, tone down advances growth est.

CLSA ON REC: Buy, TP Rs 510; 3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income; Loan growth of 21% YoY strong; Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower 36bp QoQ decline in GNPA is healthy

International Markets:

U.S & Europe:

Particulars 24th January Chg. Chg.(%)
Nasdaq 15511.71 85.77 0.56
Dow 37806.39 -99.06 -0.26
FTSE 7527.67 41.94 0.56
CAC 7455.64 67.60 0.91
DAX 16889.92 262.83 1.56
Dow Fut.* 37877.83 71.44 0.19

Asian markets:

Particulars 25th January Chg. Chg.(%)
GIFT Nifty 21443.00 -22.50 -0.10
Nikkei 36162.01 -64.47 -0.18
Straits Times 3151.28 -2.05 -0.07
Hang Seng 15979.54 79.67 0.50
Shanghai 2861.76 40.99 1.45

ADR Watch:

Particulars 24th January  Chg.       Chg.(%)
Dr. Reddy 70.35 2.14 3.14
HDFC Bank 54.82 0.85 1.57
ICICI Bank 23.75 -0.59 -2.42
Infosys 19.99 0.20 1.01
Wipro 5.75 0.07 1.14

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.15 0.00
Brent 80.34 0.37
Gold 2015.75 -0.01
Silver 22.87 -0.10

FIIs & DIIs:

Particulars 24th January 23rd January
FIIs                          -6934.93 -3115.39
DIIs 6012.67 214.40

News Update:

Coal India, Reliance Industries, Adani Enterprises, BHEL, Gail, IOCL, NLC India: Cabinet approved the scheme for the promotion of coal gasification projects with an outlay of Rs 8,500 crore. Incentives for coal gasification projects to be implemented under 3 categories.

Zee Entertainment Enterprises: The company has moved the National Company Law Tribunal seeking directions to implement the merger with Sony Group Corp.’s Indian subsidiary.

Tata Motors: The company has sought to deregister all its U.S.-listed securities from the country’s capital markets regulator after meeting the set criteria for the action.

Mazagon Dock Shipbuilders: The company signed a contract worth of Rs 1,070 crore with the acquisition wing of the Ministry of Defense for the construction and delivery of Fourteen fast patrol vessels for the Indian Coast Guard.

DLF: The board approved the sale of the asset ‘DLF Centre’ to unit DLF cyber city developers for consideration of Rs 825 crore.

CEAT: The company approved a capex expansion plan of Rs 572 crore at existing Plants. The proposed amount is to be spent over 3 years and is to be funded by debt and internal accruals.

Coal India: The company and Bharat Heavy Electricals will invest up to Rs 11,782 crore in coal-to-ammonium nitrate joint venture project in Odisha. The company and GAIL invest up to Rs 13,053 crore in a coal-to-SNG JV project in West Bengal.

Piramal Enterprises: The company’s unit has agreed to buy a 10.39% stake in Annapurna Finance for Rs 300 crore through a mix of equity and debt.

Axis Bank: The private lender approved the investment of Rs 100 crore in a new wholly-owned unit. The new subsidiary will offer business correspondent and technological service providers to the Bank.

Bajaj Auto: Madhur Bajaj resigned from the position of non-executive vice-chairman.

Borosil: The company approved fundraising up to Rs 250 crore via qualified institutional placement.

Tasty Bite Eatables: Milin Bande resigned from the position of chief financial officer of the company.

Source: Moneycontrol, Bloomberg Quint, Investing 

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