Market View 30th May, 2024

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

Markets in Asia-Pacific region were trading in losses early on Thursday, tracking similar move in Wall Street after the US Treasury yields increased. The Nikkei 225 was 844.26 points or 2.19% down at 37,712.61, and the S&P ASX 200 was 36.00 points or 0.47% down at 7,629.60, as of 06:30 a.m. The US stock market came under pressure, with traders on high alert before a $44 billion sale of seven-year notes that follows two weak auctions on Tuesday, Bloomberg said. The S&P 500 Index and Nasdaq Composite fell 0.74% and 0.58%, respectively, as of Wednesday. The Dow Jones Industrial Average fell 1.06%. Brent crude was trading 0.08% lower at $83.53 a barrel. Gold fell 0.12% to $2,335.30 an ounce. The GIFT Nifty was trading 70 points or 0.31% down at 22,652.00 as of 06:37 a.m.

Economic Calendar:

• USD : GDP (QoQ) (Q1) on 30^th May, 2024
• USD : Initial Jobless Claims on 30^th May, 2024
• INR : FX Reserves, USD on 31^st May, 2024
• INR : RBI Monetary and Credit Information Review on 31^st May, 2024

Brokerage Radar:

JEFFERIES ON HINDALCO: Buy, TP raised to Rs 810; Novelis’ 4Q EBITDA rose 28% YoY(+13% QoQ) & inline; Vol grew 2% YoY while EBITDA/t rose 8% QoQ to $540, Raise FY25-26E EPS by 2-3%; Vals reasonable at 6.1x FY25E EV/EBITDA

CITI ON MARICO: Buy, TP raised to Rs 610; 4Q In-line; Pricing Action to Drive Growth Expect trajectory to improve in FY25E:

a)vol growth acceleration

b)pricing-led growth

NOMURA ON LUPIN: Buy, TP Rs 1949; 4Q: EBITDA 8% higher than est. Co expects stronger FY25 (vs FY24) driven by growth across key geographies & improvement in EBITDA margins; Think US product launches & a tight leash on costs could present upside potential to current earnings est.

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Edelweiss Financial Services: The Reserve Bank of India has stopped Edelweiss Asset Reconstruction Co., the subsidiary of the company, from acquiring any stressed assets, according to a supervisory action notification.

SJVN: The company has signed a pact with Indian Oil for JV in renewable, new tech projects.

Avantel: The company gets a Rs 110 crore order for the supply of SATCOM equipment from the Defence Ministry.

Aditya Birla Capital: The company invests Rs 300 crore in its arm, Aditya Birla Housing Finance, on a rights basis.

Ramco Systems: RAMS Solutions announces the expansion of its strategic partnership with the company.

ONGC: The S&P Global rating changed the outlook from stable to positive. The company has stronger standalone credit profiles.

RVNL: The company gets an order worth Rs 38 crore for signalling work.

IndiaMART InterMESH: The company has entered into an agreement to acquire 10% of the share capital of Baldor Technologies.

ICICI Bank: S&P Global Ratings has affirmed ICICI Bank’s rating and revised its outlook to BBB-/positive/A-3 from BBB-/Stable/A-3. The bank’s stand-alone credit profile was revised upwards from BBB to BBB+.

State Bank of India: S&P Global Ratings has revised the outlook of the bank from stable to positive.

G.R. Infraprojects: The company issued non-convertible debts on a private placement basis up to Rs 200 crore.

CESC: A fire incident occurred at the company’s West Bengal plant owned by Haldia Energy Operations at Unit 1 of the West Bengal plant, which was partially disrupted.

Nazara Technologies: Nazara Mauritius has completed the sale and transfer of its existing 100% stake held in NZMobile to Lychee Ventures for an aggregate consideration of $260000, paid in cash by Lychee Ventures.

Source: Moneycontrol, Bloomberg Quint, Investing 

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