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

Most Asian equities have edged higher this morning despite a subdued session overnight on Wall Street. Benchmark indices in Japan and Australia trade with gains while South Korean shares drop amid reports that North Korea fired two ballistic missiles. Oil prices continue to remain volatile as efforts to continue to dislodge a ship that has blocked the Suez Canal. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.4% to 14,600, as of 8:10 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: FX Reserves USD on 26th, March,2021
  • INR: Bank Loan Growth on 26th, March,2021

International

Markets:U.S & Europe

Particulars    24th  Mar. Chg Chg(%)
Nasdaq 12,961.89 -265.81 -2.01
Dow 32,420.06 -3.09 -0.009
FTSE 6,712.89 13.7 0.2
CAC 5,947.29 1.99 0.03
DAX 14,610.39 -51.63 -0.35
Dow Fut.*    32,444.00  125 0.39

 

Asian markets:

Particulars       25th Mar. Chg Chg(%)
SGX Nifty 14,583.50 23.5 0.16
Nikkei 28,709.27 303.75 1.07
Straits Times 3,139.03 5.72 0.18
Hang Seng 27,906.43 -11.71 -0.04
Shanghai 3,371.17 4.11 0.12

 

ADR Watch:

Particulars                24th Mar.  Chg Chg(%)
Dr Reddy 59.61 -0.16 -0.27
HDFC Bank 78.06 -1.11 -1.4
ICICI Bank 15.64 -0.3 -1.88
Infosys 18.66 -0.05 -0.27
Tata Motor 19.92 -0.75 -3.63
Wipro 6.34 -0.04 -0.63

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.61          0.03
Brent 63.61         -1.24
Gold 1733.90          0.04
Silver       25.11         -0.43

 

FIIs & DIIs

Particulars 24th Mar       23rd  Mar
FIIs   -1952         -108
DIIs    613         -530

 

Fund View:

Motilal Oswal On Divi’s Laboratories

Maintains buy rating Price target of Rs 4,530 Enhancing product offerings in the generic API space Well placed to capitalise on the carotenoid opportunity Encouraged by promising demand prospects and multiple growth levers Expect 27% sales CAGR over FY20-23 driven by enhanced product offerings and increased utilisation Better operating leverage to drive 38% earnings CAGR over FY20-23E.

Emkay On Jubilant Foodworks

Maintains buy rating Price target of Rs 2,750 Popeyes can substantially increase the addressable market size for Jubilant Popeyes offers Jubilant a new growth driver with a relatively young brand Will need to invest strongly to establish the brand and scale up the franchise in India Recent aggression with the launch of new formats, brands offers better growth outlook over the medium-term Expansion is likely to be aggressive and may drive some upsides to the revenue forecasts.

Antique Stock Broking On V-Mart Retail

Upgrade to buy from hold Price target raised to Rs 3,180 from Rs 2,331 Channel checks suggest that footfalls in March nearly at 90% of pre-Covid levels Any resurfacing of covid cases can pose a near-term challenge Company may resort to 5-8% price hikes to offset inflation in cotton and yarn prices Remains a structural penetration story with a strong balance sheet Raise Ebitda estimates for FY22E and FY23E by 3% and 4% respectively.

News Update:

Bharti Airtel:

NCLT has sanctioned the composite scheme of arrangement between the company, Bharti Airtel Services Ltd., Hughes Communications India Pvt. Ltd. and HCIL Comtel Pvt. Ltd. and their respective shareholders and creditors.

Tata Steel:

Board has approved the conversion of 7.02 crore partly paid-up equity shares of face value Rs 10 each into fully paid-up equity shares of face value Rs 10 each, against which the first and final call money of Rs 461 per share has been received.

Oil India:

Has announced that Mozambique Rovuma Offshore Area-l Project has satisfied all the conditions precedent for the first debt drawdown of the project financing. The first drawdown from project financing is expected in April 2021. Area-l project is Mozambique’s first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 13.12 million tons per annum.

TVS Motor Company:

Board has declared a second interim dividend for FY21 of Rs 1.40 per share. The record date for the same is April 2.

Bank of India:

To issue Basel-III Compliant Additional Tier I Bonds worth Rs 250 crore (base issue size) with a greenshoe option worth Rs 500 crore on March 26.

Voltas:

Has executed the Business Transfer Agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services for transfer of its domestic projects business. The transaction is expected to be completed by end of September 2021.

Rail Vikas Nigam:

Government to exercise the greenshoe option to the extent of 1.10 crore equity shares (representing 0.53% of the total issued and paid-up equity share capital of the company) in addition to the base offer size of 20.85 crore shares

Minda Industries:

Board of Tokai Rika Minda India, a joint venture company of UNO Minda Group and Tokai Rika Japan, has allotted 4.28 crore equity shares of Rs 10 each at par on Right Issue basis to the company. Subsequently, Minda Industries stake in TRMN has increased from 12.86% to 30%.

Wabco (India):

Promoter ZF International U.K. to sell 17.17 lakh equity shares of face value of Rs 5 each, representing 9.05% of total the equity share capital, through an Offer for Sale. The promoter will also have a greenshoe option to sell an additional 17.17 lakh equity shares or 9.05% of total the equity. The floor price of Rs 5,450 per share is at a discount of 10.67% to Wednesday’s closing price. The OFS opens for non-Retail Investors today and for retail investors tomorrow.

                                                                                                                                                                                                      Source: MoneyControl, Business Standard, Bloomberg,Investing

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