View on market: Stay Cautious, be with quality business:

Asian markets were set to advance on Friday after dovish comments from U.S. policymaker led stocks to snap two days of losses. The S&P 500 jumped the most in more than two weeks after Federal Reserve Bank of Atlanta President Raphael Bostic said that the central bank could be in a position to pause rate hikes sometime this summer. The Nasdaq 100 also rose as equity investors considered Bostic’s comments somewhat dovish. Meanwhile, the yield on 10-year Treasuries advanced to 4.07%. Crude prices were trading around $84-mark, while Bitcoin was trading below 23,500-level. At 6:20 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.63% at 17,464. The domestic benchmark indices snapped their eight-day-long losing streak supported by the rally in metal and bank stocks.

Economic Calendar:

  • USD : ISM Non-Manufacturing PMI (Feb) on 03rd March, 2023
  • USD : JOLTs Job Openings (Jan) on 08th March, 2023
  • INR : FX Reserves, USD on 03rd March, 2023
  • INR : Industrial Production (YoY) (Jan) on 10th March, 2023

Brokerage Radar:

CLSA ON AXIS BANK: Buy, TP Rs 1250; Key +ve – post-deal CET-1 would be +13.7%, & this reduces risk of an immediate capital raise; Attrition in biz between 5%-20% for cards & deposits; Management maintained its profitability est. at Rs8bn-Rs8.5bn

MS ON ADANI PORTS: OW, TP Rs 697; Promoter stake sale to GQG & 10% vol growth in Feb; In APSEZ, promoters sold 88.6m sh @Rs596.2/sh (totaling $640m); Cargo vol of 26.5mn MT in Feb-23have grown 10% & for 9MF23 are up 8.5%; This implies ask rate for Mar-23 is 27.4mn MT

MS ON GAIL: OW, TP Rs 124; Regulators’ new proposed unified pipeline tariff of Rs60.92/mmbtu for GAIL is about a 41% increase in co’s weight average tariff across its pipelines assets. However, it is 10% lower than that proposed by GAIL

International Markets:

U.S & Europe

Particulars 02nd March Chg. Chg.(%)
Nasdaq 11462.98 83.50 0.73
Dow 33003.57 341.73 1.05
FTSE 7944.04 29.11 0.37
CAC 7284.22 49.97 0.69
DAX 15327.64 22.62 0.15
Dow Fut.* 32955.20 -48.40 -0.15

Asian markets

Particulars 03rd March Chg. Chg.(%)
SGX Nifty 17455.50 100.50 0.58
Nikkei 27898.37 399.50 1.43
Straits Times 3247.39 12.49 0.39
Hang Seng 20498.16 68.70 0.34
Shanghai 3305.22 -5.43 -0.16

ADR Watch:

Particulars 02nd March  Chg.       Chg.(%)
Dr. Reddy 53.66 0.46 0.86
HDFC Bank 66.65 -0.05 -0.07
ICICI Bank 20.80 0.14 0.68
Infosys 18.09 0.07 0.39
Wipro 4.74 0.06 1.28

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.34 -0.02
Brent 84.42 -0.39
Gold 1843.85 0.18
Silver 21.062 0.77

FIIs & DIIs:

Particulars 02nd March 01st March
FIIs                           12770.81 -424.88
DIIs 2128.80 1498.66

News Update:

Adani Green Energy: The company’s 700 MW wind-solar hybrid plant in Jaisalmer, Rajasthan became fully operational, taking its operating wind-solar hybrid portfolio to 2,140 MW. The facility has a power purchase agreement at Rs 3.24 per kwh for 25 years.

Alembic Pharmaceuticals: The company will take an impairment charge of Rs 1,150.43 crore on three manufacturing facilities under construction in Gujarat. The three plants are expected to take a hit to their profitability and generate less cash than expected.

Happiest Minds Technologies: The board approved allotment of 12,500 non-convertible debentures on private placement basis to raise Rs 125 crore.

Indian Bank: The bank will increase its lending rates across the board in the range of 5-10 basis points, effective March 3, 2023.

MOIL: The company recorded 10% jump year-on-year during February in production of manganese ore at 1.31 lakh tonnes, while sales increased 19% on-year to 1.32 lakh tonnes.

Karnataka Bank: The bank appointed Abhishek Sankar Bagchi as its chief financial officer, with effect from March 2, 2023.

Pidilite Industries: The company investment additional Rs 10 crore in Buildnext Construction Solutions, taking its stake to 24.15%.

Natco Pharma: The board of the company will meet on March 8 to consider a share buyback.

Hindustan Petroleum Corporation: The company issued 1 lakh debentures on private placement basis to raise Rs 1,650 crore.

India Grid Trust: The company completed the acquisition of 49% of paid-up capital and management control of Khargone Transmission Ltd. from Sterlite Power Transmission for Rs 1,497.5 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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