Market View 26th December 2022

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

Markets opened higher in Tokyo, on Monday as Japan and mainland China took center stage for traders, with most other Asia-Pacific markets closed for holidays. Chinese markets could see a damped appetite for risk-taking over its ability to cope after abandoning its Covid Zero policy. The S&P 500 and the tech-heavy Nasdaq 100 in the U.S. suffered their third week of losses, the longest losing streak for both indexes since late September, even as the benchmarks ended higher on Friday. The Indian markets will take cues from global trends including the Covid spread in China and expiry of derivatives locally in the week ahead. On Friday, the Sensex closed 981 points, or 1.61%, lower at 59,845.29, while the Nifty 50 ended 321 points, or 1.77%, lower at 17,806.80. Foreign portfolio investors invested a net sum of Rs 11,557 crore in equities during December 1-23, according to data with the depositories. The local currency closed at 82.87 on Friday, depreciating 11 paise from Thursday’s close. At 6:31 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.20% to 17,900.

Economic Calendar:

• USD : Pending Home Sales (MoM) (Nov) on 28th December, 2022
• USD : Initial Jobless Claims on 29th December, 2022
• INR : Infrastructure Output (YoY) (Nov) on 30th December, 2022
• INR : Foreign Debt (USD) (Q3) on 30th December, 2022

Brokerage Radar:

MOSL ON NMDC: Buy, TP Raised To Rs 138; Focus On Finishing Real Estate Projects In China To Boost Steel, Ore Demand; Raise FY23/24 EBITDA Est. By 3%/4%; See Higher Vols From Karnataka & Chhattisgarh; No More Steel Plant Capex Hangover; Expect Strong Dividend

MOSL ON CAN FIN: Buy, TP Rs 630; Could Be Near-term Transitory Compression In Margin; It Can Sustain NIM Of 3.3-3.4% In Medium Term; Model Loan Book/PAT CAGR Of 17%/19%, over FY22-FY25; Despite Vacant MD/CEO Position, Biz Momentum Remained Strong

KOTAK INST EQ ON RESTAURANTS: Moderating Est. In View Of Consumption Slowdown; Cut FY23-24 EBITDA Est. By 2-9%; Jubilant Food & Sapphire Preferred Picks; Jubilant Food TP Cut To Rs 610; Devyani TP Cut To Rs 177; Sapphire Foods TP cut to Rs 1600

International Markets:

U.S & Europe

Asian markets

ADR Watch:

Commodities & Currency

Commodities & Currency

FIIs & DIIs:

News Update:

NDTV: Promoters Prannoy Roy and Radhika Roy will sell 27.26% stake to RRPR Holding, giving Adani Group control over 64.71% shares of the company. The company also appointed Sanjay Pugalia and Senthil Chengalvarayan as non-executive non-independent directors.

Karnataka Bank: The bank received RBI approval for appointment of Sekhar Rao as the executive director for a period of three years.

Quess Corp.: The company withdrew the scheme of amalgamation of Allsec Technologies with itself. Its board approved appointment of Kamal Pal Hoda as the group CFO.

Tata Motors: Subsidiary TML CV Mobility Solutions signed a definitive agreement with Delhi Transport Corporation for operating 1,500 electric buses in New Delhi for 12 years.

Alkem Labs: The company sold 8% post-money shareholding in subsidiary Enzene Biosciences for Rs 161.49 crore.

SJVN: The company won the full quoted capacity of 100 MW wind power project from Solar Energy Corporation of India for Rs 700 crore at Rs 2.90 per unit on build own and operate basis through e-reverse auction.

SpiceJet: The company clarified to the exchanges that it continues to explore various options for settlement of its outstanding dues with its creditors to normalize its obligations.

HDFC: The mortgage lender received a $400 million loan from International Finance Corporation to bridge the urban housing gap and promoter green housing in India.

United Breweries: The NCLAT upheld the CCI order imposing Rs 751.83 crore fine on the company over charges of price co-ordination in beer market in India.

 Source: Moneycontrol, Bloomberg Quint, Investing

 

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