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

While oil’s rise faltered, Asian stocks appeared on track to experience their largest quarterly fall in a year. In Australia, shares opened higher, but they decreased in Japan. The U.S. indices increased as a result of strong performances by IT giants including Nvidia Corp. and Meta Platforms Inc., which led to a slight decline in the S&P 500 and Nasdaq 100 futures contracts. As mainland China begins its Golden Week holiday, markets are closed, which might affect activity in the area into the first week of October. WTI Crude prices were above $91 while Brent Crude prices were trading above $95 per barrel. The yield on a 10-year US bond was 4.58%, and the price of Bitcoin was above the 27,000 mark.

Economic Calendar:

  • USD : Core PCE Price Index (MoM) (Aug) on 29th Sep, 2023
  • USD : ISM Manufacturing PMI (Sep) on 02nd Oct, 2023
  • INR : FX Reserves, USD on 29th Sep, 2023
  • INR : RBI Monetary and Credit Information Review on 29th Sep, 2023

Brokerage Radar:

JEFFERIES ON L&T: Buy, TP Rs 3060; 2Q till date, co announced 44% of expected qtr announcements, with month to go; Rs623 bn(20% YoY growth) is 2Q order flow expectation & Rs139 bn is needed announcements assuming 60% unannounced orders

Maintain 1HFY24E should see order flow traction

MS ON NAVIN FLUORINE: OW, TP Rs 4951; Announced resignation of Radhesh Welling as MD& Director from Dec 15; Vishad Mafatlal (Executive Chairman) will take over till co appoints new MD; Expect to hear more from co on how it plans to tackle top management attrition

International Markets

 U.S & Europe:

Particulars 28th September Chg. Chg.(%)
Nasdaq 13092.85 29.24 0.22
Dow 33666.34 116.07 0.00
FTSE 7529.56 -63.66 -0.85
CAC 7116.24 44.45 0.63
DAX 15323.50 106.05 0.70
Dow Fut.* 33537.96 -12.31 -0.04

Asian markets:

Particulars 29th September Chg. Chg.(%)
GIFT Nifty 19654.00 130.50 0.67
Nikkei 31872.52 -499.38 -1.57
Straits Times 3206.99 6.96 0.22
Hang Seng 17373.03 -238.84 -1.37
Shanghai 3110.48 3.16 0.10

ADR Watch:

Particulars       28th September  Chg.       Chg.(%)
Dr. Reddy 66.04 0.28 0.43
HDFC Bank 59.13 0.69 1.18
ICICI Bank 22.91 0.10 0.44
Infosys 16.96 -0.48 -2.75
Wipro 4.85 -0.10 -2.02

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.16 -0.01
Brent 93.30 0.21
Gold 1881.85 0.17
Silver 23.047 1.35

FIIs & DIIs:

Particulars   28th September   27th September
FIIs                          -3364.22 -354.35
DIIs 2711.48 386.28

News Update:

SBI: The lender trimmed its stake in MSP Steel & Power to 2.47% from 4.83%.

Adani Energy Solutions, Adani Green Energy: Abu Dhabhi-based IHC Capital Holding’s units Green Energy Investment Holding and Green Transmission Investment Holding have entered into a definitive agreement with a buyer to dispose of their investments in Adani Green Energy and Adani Transmission, respectively.

Bajaj Finserv: The company appointed Ramaswamy Subramaniam as president of private equity.

SBI Life Insurance: The company appointed Amit Jhingran as MD and CEO with effect from Oct. 1 after Mahesh Kumar Sharma resigned.

Sun Pharmaceuticals: The drugmaker signed a letter of intent for acquiring the remaining 25% stake in the Mexican subsidiary Sun Pharma de México, S.A. de C.V.

Pidilite Industries: Subsidiary Pidilite Ventures acquired up to a 20% stake in toymaker Imagimake Play Solutions for Rs 20 crore.

Dr. Reddy’s Laboratories: The drugmaker’s Swiss unit incorporated another wholly-owned subsidiary in Jamaica, named Dr. Reddy’s Laboratories Jamaica.

Tata Communications: U.S.-based Kaleyra expects its $100 million acquisition by the Tata Group company to be completed by Oct. 5.

Uno Minda: The company will raise its stake in a joint venture with Italy’s Westport Fuel Systems to 76% from 50%. The two companies are amending the JV agreement to include future hydrogen components. The JV is for the sale of CNG, LNG, and LPG components and kits to OEMs.

Yes Bank: The lender acquired 1.79 lakh shares of unit Yes Securities for Rs 100 crore.

Navin Fluorine: Radhesh Welling resigned as MD with effect from Dec. 15, citing personal reasons. Vishal Mafatlal will steer the operations of the company while the board approves the appointment of Sudhir Deo as an additional director.

Emami: The company will acquire a 26% stake in Axiom Ayurveda, which markets beverage products under the brand ‘AloFrut’, to expand in the health and wellness segment.

NLC India: The company will set up three 800 MW thermal power projects in Odisha and has also signed a long-term power purchase deal with GRIDCO for 400 MW. NLC’s entire capacity of 2,400 MW has been tied up on a long-term basis with Tamil Nadu, Puducherry, Kerala, and Odisha.

Source: Moneycontrol, Bloomberg Quint, Investing 

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