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

While investors await a plethora of regional and US economic data, the majority of markets in the Asia-Pacific region saw gains in early trade on Monday, following the rebound in U.S. stocks. As of 06:25 a.m., the Nikkei 225 was up 178.16 points, or 0.46%, at 39,276.84, and the S&P ASX 200 was up 9.20 points, or 0.12%, at 7,652.80. As of 06:25 a.m., the KOSPI index was down 9.32 points, or 0.35%, at 2,658.38. China’s official PMI data is expected to be released on Friday, while Japan will disclose its CPI data on Tuesday. Personal Consumption Expenditure, the favored inflation measure of the Federal Reserve, is scheduled to be revealed on Thursday. On Friday, the Nasdaq Composite dropped by 0.28% while the S&P 500 index increased by 0.03%, respectively.

Economic Calendar:

  • USD : New Home Sales (Jan) on 26th February, 2024
  • USD : Core Durable Goods Orders (MoM) (Jan) on 27th February, 2024
  • INR : GDP Quarterly (YoY) (Q3) on 29th February, 2024
  • INR : RBI Monetary and Credit Information Review on 29th February, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Steady performance; Key highlights:

  1. a) Beat in India mobile business revenues and EBITDA led by improving subscriber mix;
  2. b) flattish capex qoq coming lower than our estimate;
  3. c) robust cash flow generation.

MACQUAIRE ON MARUTI: Neutral , TP Rs 10608; Analysis of entry level PVs indicates market-share loss for MSIL in Rs400-700k (base model price; hatchback + micro SUVs) price range. Near-term demand for small cars will remain tepid, given product price hike in last couple of yrs

JEFFERIES ON GRASIM:Buy, TP raised to Rs 2600; Came back +vely surprised seeing scale of launch & Co’s readiness for biz scaleup ahead. Mgmt guided for a Rs100bn gross rev and breakeven in 3 yrs for paints biz; Runrate trend on segment rev/profitability will be key

International Markets:

U.S & Europe:

Particulars 23rd February Chg. Chg.(%)
Nasdaq 16003.97 -37.65 -0.23
Dow 39131.53 62.42 0.16
FTSE 7706.28 21.79 0.28
CAC 7966.68 55.08 0.69
DAX 17419.33 48.88 0.28
Dow Fut.* 39070.62 -60.91 -0.16

Asian markets:

Particulars 26th February Chg. Chg.(%)
GIFT Nifty 22238.00 -11.00 -0.05
Nikkei 39309.80 211.12 0.54
Straits Times 3158.10 -26.81 -0.84
Hang Seng 16652.53 -73.33 -0.44
Shanghai 2991.77 -13.11 -0.44

ADR Watch:

Particulars 23rd February  Chg.       Chg.(%)
Dr. Reddy 77.61 0.80 1.04
HDFC Bank 54.00 -0.40 -0.74
ICICI Bank 25.63 -0.33 -1.27
Infosys 20.11 -0.20 -1.01
Wipro 6.36 0.04 0.55

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.88 -0.01
Brent 80.44 -0.45
Gold 2040.45 -0.44
Silver 23.02 -0.73

FIIs & DIIs:

Particulars 23rd February 22nd February
FIIs                          1276.09 -1410.05
DIIs 176.68 1823.68

News Update:

Kotak Mahindra Bank: Zurich Insurance Company plans to buy a 70% stake in Kotak Mahindra General Insurance Company for Rs 5,560 crore via primary and secondary acquisitions in a single tranche.

Zee Entertainment Enterprises: The company said its board has constituted an independent advisory committee to review the alleged widespread circulation of misinformation, market rumours and speculation about the company.

Housing and Urban Development: To reach 25% of the minimum public shareholding, the government plans to sell up to 0.17% of the stake over a period of 12 months. It currently holds 75.17% equity in the developer.

Union Bank of India: The company approved Rs 135.65 per share as the issue price of the share. The QIP is fully subscribed.

LIC Housing: The board is to meet on March 7 to mull the FY25 borrowing budget.

JSW Infra: The company has received a letter of award from the V.O. Chidambaranar Port Authority for handling dry bulk cargo at V.O. Chidambaranar Port on a design, build, finance, Operate and transfer (DBFOT) basis through a PPP basis.

Swan Energy: The board will consider the issue price for QIP on Feb. 28.

Sanofi India: The company reported revenue of Rs 694 crore and net profit of Rs 138 crore in the December quarter.

Bharti Airtel: The company strengthened its retail footprint in Agartala, Hyderabad, Jalandhar, Chandigarh, and Vizag.

KIOCL: The company’s pellet plant has been suspended due to an ongoing downward trend in pellet market conditions.

Suven Pharmaceuticals: The USFDA conducted an inspection at the company’s plant from Feb. 12 to 23 and no Form 483 has been issued because of the inspection.

Punjab and Sind Bank: The company will raise Rs 2,000 crore in one or more tranches via shares or bonds on Feb. 28.

Dixon Technologies: The company has launched a manufacturing unit in Uttarakhand to manufacture washing machines. The company’s unit, Padget Electronics, has a pact with Compal for the manufacturing of mobile phones.

Source: Moneycontrol, Bloomberg Quint, Investing 

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