International Markets:

U.S & Europe

Particulars 4th March Chg Chg(%)
Nasdaq 9018.09 334.00 3.85
Dow 27090.86 1173.45 4.53
FTSE 6815.59 97.39 1.45
CAC 5464.89 71.72 1.33
DAX 12127.69 142.30 1.19
Dow Fut.* 26759.00 -206.00 -0.76

*As per 5th  March

Asian markets:

Particulars 5th  March Chg Chg(%)
SGX Nifty* 11219.00 -28.00 -0.25
Nikkei 21245.35 145.29 0.69
Straits Times 3041.45 16.42 0.54
Hang Seng 26376.55 154.48 0.59
Shanghai 3034.57 22.90 0.76

 

ADR Watch:

Particulars 4th March Chg Chg(%)
Dr Reddy 42.70 1.52 3.69
HDFC Bank 52.98 -0.74 -1.38
ICICI Bank 13.58 -0.34 -2.44
Infosys 10.47 0.26 2.55
Tata Motor 8.57 -0.12 -1.38
Wipro 3.56 0.07 2.01

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.2250 -0.10
Brent 51.89 1.49
Gold 1638.75 -0.26
Silver 17.203    -0.25

 

FIIs & DIIs

Particulars 4th  March 3rd  March
FIIs -878.38 -2415.80
DIIs 764.13 3135.24

 

View on market: Buy on dips

Asian stocks extended a global equity rally after an emergency U.S. spending bill to combat the impact of the coronavirus added to signs of support from policy makers around the world. Equities in Japan and Australia opened more than 1 percent higher, with regional shares set for a fourth day of gains. U.S. futures dipped. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.25 percent to 11,219.00 as of 8:05 a.m.

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

Fund View:

HDFC Bank Citi Maintained ‘Buy’ with a price target of Rs 1,600. Market share gains to drive growth and asset quality outlook. Bank to prioritise sustainable deposit garnering over margins. Increase in consumer leverage is manageable.

L&T Credit Suisse Maintained ‘Neutral’; cut price target to Rs 1,325 from Rs 1,460. Retain cautious view; valuation support inadequate given weak macro. Believe that growth levers are weak; growth assumptions would face continuing challenges. Public sector spending momentum has slowed; debatable whether L&T will achieve year’s guidance.

Dalmia Bharat Kotak Securities Upgraded to ‘Buy’ from ‘Add’; maintained price target at Rs 1,050. Gaining scale without adding leverage; good proxy to play consolidation in East markets. On track to reach 37 MTPA capacity from current 26 MTPA in two years. Concerns on treasury overblown; attractive valuations make risk-reward favorable.

Embassy Office Park REIT Nirmal Bang Initiated ‘Accumulate’ with a price target of Rs 468. Strong fundamentals already priced in; expect strong demand growth to continue. Benign interest rate environment and revenue growth to help in cap rate contraction. Strong sponsors and experienced managers give additional comfort for revenue growth.

News Update:

Allcargo Logistics received SEBI approval for its open offer to acquire 26 percent stake in Gati. The company is set to acquire 3.17 crore shares at Rs 75 per share and to increase its stake in Gati by up to 46.83 percent. The company said in a media statement that it has already deposited Rs 238 crore in an escrow account as per SEBI norms and the open offer expected to be launched in the month of March and closed by April. This action marks the completion of the acquisition process which was initiated on Dec. 5, last year.

IL&FS Group: NCLAT dismissed Deloitte, BSR & Co. and IL&FS’ independent director’s appeal against NCLT order allowing their impleadment in oppression and mismanagement case.

HDFC reduced its retail prime lending rate on housing loans by 5 basis points, which will under effect from March 9.

IndusInd Bank to consider raising funds via debt on March 9.

HDFC Bank has reconstituted search committee to identify the next managing director. Renu Karnad has been appointed in the afore-mentioned committee. The bank said that Aditya Puri shall continue to act as an advisor to the committee. The search committee reconstituted owing to the cessation of Keki Mistry’s directorship from the board.

Deepak Nitrite: Board approved investing $7.71 million or Rs 56.4 crore for a stake up to 20 percent in its Oman arm. The target company is setting up a project to manufacture chlor-alkali and downstream products.

Future Consumer said out of the total 46.28 percent stake the promoters have in the company, 91.02 percent of those share are encumbered as in March 4.

Religare Enterprises said that it has extended the long stop date to March 20 for the proposed sale of its two arms to TCG Advisory Services.

SBI Life Insurance’s board approved re-appointment of Sanjeev Nautiyal as the managing director and the chief operating officer of the company with effect from March 10, subject to approval from Insurance Regulatory and Development Authority of India and members of the company.

Maruti Suzuki said that it has partnered with HDB Financial Services to provide car loans.

Reliance Industries acquires 100 percent stake in Shri Kannan Departmental Store Pvt. Ltd. for a consideration of Rs 152.5 crore. SKDS currently operates 29 stores across Coimbatore and nearby areas with a retail area of over 6 lakh sq. ft.

 


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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