International Markets:

U.S & Europe

Particulars 2nd March Chg Chg(%)
Nasdaq 8952.17 384.80 4.49
Dow 26703.32 1293.96 5.09
FTSE 6654.89 74.28 1.13
CAC 5333.52 23.62 0.44
DAX 11857.87 -32.48 -0.27
Dow Fut.* 26510.00 42.00 0.16

*As per 3rd March

Asian markets:

Particulars 3rd  March Chg Chg(%)
SGX Nifty* 11150.00 28.50 0.26
Nikkei 21360.96 16.88 0.08
Straits Times 3035.49 27.77 0.92
Hang Seng 26375.07 83.39 0.32
Shanghai 3008.89 37.96 1.28

 

ADR Watch:

Particulars 2nd March Chg Chg(%)
Dr Reddy 40.13 -0.03 -0.07
HDFC Bank 54.65 -0.20 -0.36
ICICI Bank 14.11 0.24 1.73
Infosys 10.36 0.29 2.88
Tata Motor 8.96 -0.20 -2.18
Wipro 3.49 0.04 1.16

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.7325 0.77
Brent 53.23 2.56
Gold 1598.90 0.26
Silver 16.953     1.26

 

FIIs & DIIs

Particulars 2nd March 28th  Feb.
FIIs -1354.72 -1428.74
DIIs 1138.74 7621.16

 

View on market: Buy on dips

 

Asian stocks climbed today after the biggest advance in U.S. shares since their December 2018 rebound from a brush with a bear market. Futures on the S&P 500 rose in Asia after the benchmark gauge rallied 4.6 percent and stocks in Japan and Australia pushed higher. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.26 percent to 11,150.00 as of 8:05 a.m.

. Key Data/ Action, Result and Board meeting to watch:

Bharat Forge to meet Manulife Asset Management, Quantum MF, SBI MF from March 3-9.

Mahindra Lifespace Developers to meet Altavista Capital Advisory Services on March 3.

Eicher Motors to meet Kotak Securities on March 4.

Symphony to meet Wealth Managers India on March 6.

Fund View:

Ujjivan HSBC Maintained ‘Hold’; cut price target to Rs 350 from Rs 352. Focus stays on emerging as a mass market bank. AUM growth has recovered, along with diversifying mix. Liabilities improving and stable asset quality. Retail deposits now 43 percent of deposits versus 36 percent during last year. Promoter dilution is key overhang.

Voltas Citi Maintained ‘Buy’ with a price target at Rs 794. Hotter than usual summer bodes well for the AC demand. Large manufacturers have taken a 3-5 percent price hike. Component prices have increased on lower production in China, higher shipment cost.

Marico HSBC Upgraded to ‘Buy’; cut price target to Rs 370 from Rs 400. Marico has corrected 25 percent from the peak. The sharp correction seems to be overdone. The decline was due to the muted operating results during the past two quarters. Risk reward now looks favourable. Volume recovery to drive re-rating. Cut estimates post Q3 results.

News Update:

Hero MotoCorp: February sales fell 19 percent on a yearly basis to 498,242 units. Motorcycles sales fell 14 percent to 479,310 units. Scooter sales declined 68 percent to 18,392 units.

Infosys has paid compounding fees of Rs 6 lakh for certain alleged offences that pertain to matters relating to the severance agreement executed with a former Chief Financial Officer in October 2015. The company had sought compounding of these offences from Ministry of Corporate Affairs on Nov. 8.

Torrent Power: Maharashtra State Electricity Distribution Company has handed over Shil, Mumbra and Kalwa divisions and its operations to the company. On Jan. 3, the company had won distribution franchisee for distribution of electricity in the afore-mentioned areas.

Parag Milk Foods clarified that promoters have pledged 1.87 crore shares with Kotak Mahindra Investments as on date. The promoters have repaid Rs 31 crore out of the original loan amount taken from Kotak Mahindra Investments and the outstanding loan stands at Rs 33 crore only as of March. The company said in a media statement that they would pay the entire outstanding amount of Rs 33 crore within 90 days and release the entire share pledge from Kotak Mahindra Investments.

Newgen Software Technologies secured a patent for a system and method for automatic quality assessment of digital documents. The patent is valid until March 2030.

Mahindra Lifespace Developers: The Ministry of Commerce and Industry has granted approval to the company’s arm MWCDL for partial de-notification of 55.90 hectares in the non-processing area. This land is a part of approximately 89 hectares which was leased earlier to another subsidiary of the company for undertaking residential developments in the part of the non-processing area.

Ingersoll Rand said that it has completed the merger of its industrial segment business with Gardner Denver Holdings on Feb. 29.

Kohinoor Foods: Consortium lenders Oriental Bank of Commerce and IDBI Bank have served notice under the SARFAESI Act.

DB Realty defaulted in payment of inter-corporate deposit worth Rs 85.05 crore, which was due on Feb. 1. Total financial indebtedness from banks and financial institutions stands at Rs 645.7 crore.

Reliance Capital defaulted on term loan on January 31, 2020 due to HDFC and Axis Bank. Delay in debt servicing is due to the prohibition on the company to selloff its assets.

 


DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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