International Markets:

U.S & Europe

Particulars 3rd  March Chg Chg(%)
Nasdaq 8684.09 -268.08 -2.99
Dow 25917.41 785.91 -2.94
FTSE 6718.20 63.31 0.95
CAC 5393.17 59.65 1.12
DAX 11985.39 127.52 1.08
Dow Fut.* 26111.00 231.00 0.89

*As per 4th  March

Asian markets:

Particulars 4th  March Chg Chg(%)
SGX Nifty* 11242.00 -28.00 -0.25
Nikkei 21074.26 -8.47 -0.04
Straits Times 3009.91 -9.65 -0.32
Hang Seng 26116.22 -2.36 -0.02
Shanghai 2986.50 -6.40 -0.21

 

ADR Watch:

Particulars 3rd  March Chg Chg(%)
Dr Reddy 41.18 1.05 2.62
HDFC Bank 53.72 -0.93 -1.70
ICICI Bank 13.92 -0.19 -1.35
Infosys 10.21 -0.15 -1.45
Tata Motor 8.69 -0.27 -3.01
Wipro 3.49 0.00 0.00

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.2975 0.78
Brent 52.38 1.00
Gold 1645.35 0.06
Silver 17.242     0.36

 

FIIs & DIIs

Particulars 3rd  March 2nd March
FIIs -2415.80 -1354.72
DIIs 3135.24 1138.74

 

View on market: Buy on dips

Markets began today in volatile fashion with U.S. stock futures swinging to gains, while bonds extended their recent surge, as investors weighed the impact of the Federal Reserve’s emergency interest-rate cut. Shares in South Korea advanced along with S&P 500 futures, though Japan and Australia remained lower. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.1 percent to 11,271 as of 7:50 a.m.

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

Fund View:

Reliance Industries Morgan Stanley Maintained ‘Overweight’ with a price target of Rs 1,753. Chemicals margins are outperforming refining margins for RIL. Cheap feedstock and supply rationalisation support chemical margins. Refining is seeing tailwinds of lower crude prices and weakness in jet fuel demand.

on Bharat Forge Emkay Maintained ‘Buy’ with a price target at Rs 550. FY21 is expected to be a year of revenue recovery; FY22 could be the year of revenue upsurge. Expect earnings to fall 34 percent in FY20, and recover at 21 percent CAGR over FY20-22. Significant growth potential for nascent segments – Defense, Aerospace and Railways – remains.

Pheonix Mills HSBC Maintained ‘Buy’; hiked price target to Rs 1,100 from Rs 1,000. Positive: consumption grows steadily, renewals up-tick, new mall pre-leasing satisfactory and new tenant pipeline strong. Expect significant renewals over next 3 years; new area addition to drive next leg of rental growth.

Aditya Birla Capital Investec Initiated ‘Buy’ with a price target at Rs 135. Derive comfort from its strong risk management, low cost of funds and professional management. RoE expansion in lending subs is key to value creation over the medium term. Expect consolidated net profit to grow 27 percent CAGR and RoE to cross 13 percent by FY23. Current valuation provides a high margin of safety.

News Update:

Tata Teleservices and Tata Teleservices (Maharashtra) has paid additional Rs 2,000 crore to Department of Telecommunications towards AGR dues. Both had earlier paid Rs 2,197 crore to DoT on Feb. 17.

GTPL Hathway: Promoter Jio Content Distribution Holdings reduced stake from 4.48 percent to 0.64 percent in the company on Feb. 28 via offer for sale.

Monnet and Ispat Energy said that integrated operations at its Raigarh Plant have restarted with effect from March 2.

Godrej Properties to be included in the Futures and Options Segment with effect from March 27 (April 20 Series), subject to fulfilment of eligibility criteria.

Newgen Software Technologies received a patent for Mark Detection System and Methodology from U.S. Patent Office.

Raymond received sanction from NCLT Mumbai for the reorganization and consolidation of its FMCG Business and appointed date for the scheme has been fixed as Dec. 1, 2018. New consolidated entity Ray Universal Trading will be converted into a public company and renamed as Raymond Consumer Care.

Max Financial Services: Board approved allotment of 7.54 crore shares (21.87 percent) at Rs 565.11 per share aggregating to Rs 4,264 crore on a preferential basis to Mitsui Sumitomo Insurance, for consideration other than cash, being transfer of 39.47 crore shares (20.57 percent) at Rs 108.02 per share worth Rs 4,264 crore held by to Mitsui Sumitomo Insurance, in Max Life Insurance.

Indiabulls Real Estate said on the progress of merger of certain assets of Embassy Group with the company, stating that process of valuation of such Embassy assets by independent valuers for arriving at the share swap ratio for the proposed merger is progressing well. Additionally, Embassy has also reached an advanced stage of discussions with foreign financial investors such as Blackstone and others for an investment of up to $200 million.

Hindustan Aeronautics said that it has received notice from International Court of Arbitration on request for arbitration from RUAG Aerospace Services GMBH. The Company said that it has initiated necessary action with respect to the arbitration process. The amount in dispute partially quantified by the opposition party is $21,872,500 or Rs 160.25 crore against alleged damages on breach of agreement regarding the supply of structural parts for the production of Dornier-228, by the company.

 


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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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