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

Asian markets were primed to open higher on Monday as positive momentum from a rally on Wall Street and signs of moderating U.S. inflation underpinned support for global stocks. Futures contracts for equities in Japan, Australia and Hong Kong all pointed to early gains, as did a gauge of U.S.-listed Chinese companies, which advanced 1% on Friday. The Nasdaq 100 rose almost 2% last week and notched its best ever first-half of a year, with Apple Inc. hitting the $3 trillion milestone along the way. The S&P 500 reached the highest since April 2022 and posted its best first half since 2019. Meanwhile, Brent crude was trading around $75 a barrel and West Texas Intermediate was below $71-mark. The yield on the 10-year U.S. bond was trading at 3.84%, whereas Bitcoin was above 30,000-level. At 5:20 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.38% or 73.5 points at 19,364.5.

Economic Calendar:

  • USD : ISM Manufacturing PMI (Jun) on 03rd July, 2023
  • USD : Services PMI (Jun) on 06th July, 2023
  • INR : Nikkei S&P Global Manufacturing PMI (Jun) on 03rd July, 2023
  • INR : Nikkei Services PMI (Jun) on 05th July, 2023

Brokerage Radar:

MS ON APOLLO TYRES: Downgrade to EW, TP raised to Rs 425; Commodity cycle & competitive intensity are benign; In FY24, expect co to post EBITDA margin of 15.7% & RoCE of around 11%; With FY25 RoE at 12.3% & P/B at 1.7x, risk-reward balanced

CITI ON ULTRATECH CEMENT: Buy, TP Rs 9,050; Reported 20% yoy growth in grey cement sales vol in 1QFY24 (capacity utilization at 90%), likely driven by strong industry demand + new capacities commissioned over past yr; While demand strong, prices largely rangebound

CLSA ON TATA COM: Buy, TP Rs 1755; Kaleyra acquisition will boost co’s CPaaS offering; Kaleyra is a CPaaS provider with proprietary platforms & revenue of $339m of which 54% is from US market; Deal attractively valued at 0.75x vs TCom’s own valuation 2.5x EV/Sales

International Markets

U.S & Europe:

Particulars 30th June Chg. Chg.(%)
Nasdaq 13787.92 196.59 1.45
Dow 34407.60 285.18 0.84
FTSE 7531.53 59.84 0.79
CAC 7400.06 87.33 1.18
DAX 16147.90 201.18 1.25
Dow Fut.* 34408.80 1.20 0.00

Asian markets

Particulars 03rd July Chg. Chg.(%)
GIFT Nifty 19380.00 35.00 0.18
Nikkei 33704.73 515.69 1.53
Straits Times 3214.20 8.29 0.26
Hang Seng 19167.15 250.72 1.33
Shanghai 3230.62 28.56 0.89

ADR Watch:

Particulars 30th June  Chg.       Chg.(%)
Dr. Reddy 63.11 0.46 0.73
HDFC Bank 69.70 0.25 0.36
ICICI Bank 23.08 -0.03 -0.13
Infosys 16.07 0.17 1.07
Wipro 4.72 0.02 0.43

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.04 -0.07
Brent 75.42 0.01
Gold 1922.80 -0.34
Silver 22.977 -0.19

FIIs & DIIs:

Particulars 30th June 28th June
FIIs                          6397.13 12350
DIIs 1197.64 -1021.01

News Update:

Adani Transmission: GQG Partners bought 2.13 crore shares in Adani Transmission in two bulk deals. GQG Partners Emerging Markets Equity Fund bought 72.59 lakh shares at Rs 786.19 per share in a bulk deal. Goldman Sachs GQG Partners International Opportunities Fund has purchased 1.40 crore shares in Adani Transmission at Rs 786.19 apiece in a bulk deal. Fortitude Trade and Investment has sold 3.39 crore shares in Adani Transmission at Rs 786.17 per share.

Vedanta: SEBI has imposed a penalty of Rs 30 lakh on the company for violating disclosure norms. Vedanta made incorrect disclosures about its plan to enter the semiconductor business. Separately, the company said in an exchange filing that it will consider a potential strategic sale of its steel businesses to maximise stakeholder value. The company has engaged advisors to assist in this review.

State Bank of India: The bank’s Chief Financial Officer, Charanjit Surinder Singh Attra, has resigned from the position. The resignation has been accepted and comes into effect after business hours on June 30.

Hero MotoCorp: The automaker raised the prices of its motorcycles and scooters by around 1.5% with effect from July 3, 2023. The price revision is part of a price review that the company undertakes from time to time.

Reliance Industries: RIL and BP have started gas and condensate production from the third deepwater field in India’s KG D6 Block, the MJ Field. The output from the block at peak will account for one-third of India’s domestic gas production. MJ Field, R-Cluster Field, and Satellite Cluster are the three deepwater fields of Block KG D6 off the east coast of India.

Mazagon Dock Shipbuilders: The company has signed a contract worth Rs 2,724.63 crore with the Indian Navy for medium-refit cum Life Certification of the second Shishumar class submarine INS Shankush.

PVR Inox: The company opened a 10-screen multiplex in Delhi and a 5-screen multiplex in Ahmedabad. With this launch, the company now operates the largest multiplex network with 1697 screens at 360 properties in 114 cities, including India and Sri Lanka.

Source: Moneycontrol, Bloomberg Quint, Investing 

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