Market View 26th December 2023

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

The absence of any noteworthy clues on Tuesday led to mixed trading in the Asia-Pacific markets. Australia’s and Japan’s share indices were mostly trading flat. The Hong Kong markets went down. As of Friday, the Nasdaq 100 and S&P 500 indexes had increased by 0.12% and 0.17%, respectively. The Dow Jones Industrial Average was down 0.05 percent at the time. At $73.53 per barrel, Brent crude was down 0.04% on the market. Gold was trading at $2,053.08, up 0.35%. India’s main indices ended a seven-week run on Friday, but they closed higher for the second day in a row.

Economic Calendar:

• USD : Initial Jobless Claims on 28^th December, 2023
• USD : Pending Home Sales (MoM) (Nov) on 28^th December, 2023
• INR : FX Reserves, USD on 29^th December, 2023
• INR : RBI Monetary and Credit Information Review on 29^th December, 2023

Brokerage Radar::

JEFFERIES ON BANKS: While banks offer higher rates, large banks are offering lower rates & in some cases termrates are lower savings rates of small banks. Among smaller bks, IIB has lower rates & wider sources. Lower NIMs may be risk to earnings, but expect some offsets

MS ON DLF: DLF expects to launch 1st 500 units of Arbour 2/Privana South at Sector 77 on Dec 21^st; Project spans over 28 acres (5m sq. ft GFA) with ASP of Rs. 18K psf, potential sales of Rs 90bn; Assuming 50% pre-sales in Dec, it could contribute Rs 45bn to 3Qpre-sales

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Aurobindo Pharma: U.S FDA’s pre-approval inspection—from Dec. 11-22—at the U.S.-based unit Eugia ended with 10 observations.

Adani Power: A consortium of Adani Power received letter of intent from resolution professional of Coastal Energen after lenders approved the resolution plan.

Adani Green Energy: Completed power purchase agreement with the Solar Energy Corp of India to supply 1,799 MW of solar power. Concludes power offtake tie-up for the entire 8,000 MW manufacturing-linked solar tender awarded by SECI.

Zydus Lifesciences: The USFDA conducted an inspection at the API site situated in Ahmedabad between Dec. 14 and 22. The inspection was closed with six observations.

Bank of Baroda: The company raised its stake in Open Network for Digital Commerce (ONDC) to 8.51% from 5.56% for Rs 30 crore.

KPIT Technologies: The company approved the initial strategic acquisition of 13% shareholding in N-Dream AG, a cloud-based game aggregation platform for €2.7 million as a primary investment and €0.3 million as a secondary investment.

RBL Bank: RBI-appointed director, named in 2021 when the bank was going through an unexpected leadership transition, retired on Dec 23.

Talbros Automotive Components: The company approved divesting and selling its entire 40% stake in Nippon Leakless Talbros to Nippon Leakless Corp. and Leakless Gasket for a consideration of Rs 81.80 crore.

Adani Wilmar: The company’s promoters, Adani Commodities and Lence, have proposed to sell their stakes to comply with the minimum public shareholding norms. The promoters sell up to a 1.24% stake between Dec. 26 and Jan. 31.

AstraZeneca Pharma: The company received a Rs 14.1 crore tax demand from the Income Tax Department for AY 2021–22.

Archean Chemical Industries: The company’s unit was declared the successful bidder for acquiring Oren Hydrocarbons.

NHPC: The company will monetize future cash flow in respect of the Kishanganga power station or any other power station of the company for 8–10 years in a single tranche during FY 2023–24 or beyond.

Rites: The company signed a MoU with Northeastern Electric Power Corp. for consultancy work.

Polycab India: The Income Tax Department has commenced search operations at the company’s premises.

Crompton Greaves Consumer Electricals: The company launched a new product ‘CAVELO’ in the category of 70W well glass trade to cater to the domestic market.

Source: Moneycontrol, Bloomberg Quint, Investing 

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