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

According to a Bloomberg article, Asian stocks were set for a cautious opening while the dollar fluctuated in small ranges against its major peers early Monday. After the S&P 500 index dropped on Friday to end its worst week since March, futures for the index were up 0.2% in early Asian trading. After the underlying index closed Friday with little change, Nasdaq 100 futures rose 0.2%, helped by advances in Apple Inc. as its most recent iPhones and watches went on sale. West Texas Intermediate was trading close to $90 a barrel, and Brent crude increased to $93.69 a barrel. The 10-year U.S. bond’s yield was 4.43% at the time. At 4:52 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.26% or 51 points trading at 19,651.

Economic Calendar:

  • USD : New Home Sales (Aug) on 26th Sep, 2023
  • USD : Building Permits on 26th Sep, 2023
  • INR : FX Reserves, USD on 29th Sep, 2023
  • INR : RBI Monetary and Credit Information Review on 29th Sep, 2023

Brokerage Radar:

JEFFERIES ON BAJAJ FIN: Buy, TP Rs 8830; Board will consider capital raise via pref issue &/or QIP on 5 Oct.; Assuming BAF raises 10-15% of net worth, issue size may be c.Rs80bn/$1bn.; This would lead to dilution of 2% whereas FY24E EPS & BVPS may rise 6% & 11%

MS ON SBI CARDS: OW, TP Rs 1155; Management meet takeaways; Spending growth trending well ahead of festive season; Share of interest-bearing assets continues to rise; Expects NIM to be stable to slightly lower in 2QF24; Guides for F24 operating cost to income ratio of 58-60%

CITI ON MARUTI: Buy, TP raised to Rs 13600; Even As Car Sales Remain Sluggish, An Improving Mix (Higher Proportion of UVs) Augurs Well for Earnings; Recent trends in product-mix bolster +ve stance

International Markets

 U.S & Europe:

Particulars 22nd September Chg. Chg.(%)
Nasdaq 13211.81 -12.18 -0.09
Dow 33963.84 -106.58 0.00
FTSE 7683.91 5.29 0.07
CAC 7184.82 -29.08 -0.40
DAX 15557.29 -14.57 -0.09
Dow Fut.* 34008.79 44.95 0.13

Asian markets:

Particulars 25th September Chg. Chg.(%)
GIFT Nifty 19702.00 -6.50 -0.03
Nikkei 32590.33 187.92 0.58
Straits Times 3205.53 0.71 0.02
Hang Seng 17805.39 -252.06 -1.42
Shanghai 3121.35 -11.08 -0.35

ADR Watch:

Particulars       22nd September  Chg.       Chg.(%)
Dr. Reddy 66.50 -1.41 -2.08
HDFC Bank 58.87 -0.52 -0.88
ICICI Bank 22.83 0.07 0.31
Infosys 17.78 0.04 0.23
Wipro 5.20 -0.06 -1.18

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.06 -0.05
Brent 92.18 0.24
Gold 1943.00 -0.13
Silver 23.765 -0.33

FIIs & DIIs:

Particulars   22nd September  21st September
FIIs                                 -1326.74 -3007.36
DIIs 801.27 1158.14

News Update:

State Bank of India: The country’s largest lender has raised Rs 10,000 crore at a coupon rate of 7.49% through its fourth infrastructure bond issuance. The investors were across provident funds, pension funds, insurance companies, mutual funds and corporates. The proceeds of bonds will be utilised in enhancing long-term resources for funding infrastructure and the affordable housing segment.

JSW Steel: The company has executed the Termination Agreement with National Steel Holding (NSHL) for termination of the joint venture agreement for establishing scrap shredding facilities in India and the Securities Purchase Agreement with NSHL to purchase NSHL’s 50% stake held in NSL Green Recycling. After the transaction, NSL will become a wholly owned subsidiary of JSW Steel.

Shree Renuka Sugars: The sugar company has received the board approval for entering into binding agreements to acquire Anamika Sugar Mills for Rs 235.5 crore, to build up a presence in Uttar Pradesh. It will also infuse up to Rs 110 crore in Anamika through equity shares for redemption of 100% of outstanding cumulative redeemable preference shares (CRPS) issued by Anamika in favour of SICPA India. Also it received board approval for raising of funds up to Rs 285 crore through issue of non-convertible debentures on a private placement.

Emami: The FMCG company has appointed Manish Gupta at President – sales, consumer care division, with effect from September 19. He has more than 25 years of professional experience in FMCG sales and distribution.

Wipro: Wipro Appirio, K K, a step-down subsidiary of the IT services company, has been voluntarily liquidated with effect from September 5. The completion of its liquidation reflected in the commercial registry records on September 22.

Vaibhav Global: Subsidiary Shop TJC Ltd (UK) has successfully executed an Asset Sale Agreement to acquire assets of Ideal World, a teleshopping brand in the United Kingdom. With this agreement, Shop TJC will acquire the Ideal World’s IP rights, broadcasting rights, studio equipment along with other intangible assets. The transaction will be funded through internal accruals.

Lemon Tree Hotels: The hotel chain has opened its latest franchised property – Lemon Tree Hotel, Mcleodganj. This is the third property of the group in Himachal Pradesh.

 Source: Moneycontrol, Bloomberg Quint, Investing 

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