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

Asian markets opened higher on Monday after the U.S. stocks ended last week on a positive note, driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels, as it is already priced in. Australian shares rose at the open while the U.S. futures declined. A rally in the S&P 500 on Friday helped snap a three-week losing streak while the Nasdaq 100 scored its best day since early February. Meanwhile, the yield on 10-year Treasuries advanced to 3.96%. Crude prices were trading around $85-mark, while Bitcoin was trading below 23,000-level. At 5:45 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.56% at 17,730. Indian benchmark indices—Sensex and Nifty—closed with 1.5% gains, which was the biggest single-day advance in four weeks. Rupee strengthened against the U.S. dollar amid high foreign fund inflow and rise in domestic equities.

Economic Calendar:

  • USD : JOLTs Job Openings (Jan) on 08th March, 2023
  • USD : Initial Jobless Claims on 09th March, 2023
  • INR : Industrial Production (YoY) (Jan) on 10th March, 2023
  • INR : Deposit Growth on 10th March, 2023

Brokerage Radar:

CLSA ON TECH MAHINDRA: U-P, TP Rs 1100; Analyst meet takeaways; Healthy medium-term outlook; macro impact transitory; Bringing coherence to its product & platform strategy; Increased focus on margin management; Expect a weaker 4QFY23 vs peers

CS ON CIPLA: O-P, TP cut to Rs 1050; Likely re-inspection of Indore facility pushes out near-term catalysts + risk of more competition in Albuterol & Lanreotide; Cut FY24E EPS by 10% to factor in delay of gAbraxane & gAdvair Diskus, & weakness in Albuterol inhaler market in US

CITI ON MGL: Buy, TP Rs 1030; 1st Inorganic Foray: acquires 100% in Unison Enviro, a small city gas distributor with licences for 3 geographical areas; Not Cheap, at 6.4x trailing P/B, but Strategically +ve, could Improve Growth Outlook

International Markets:

U.S & Europe

Particulars 03rd March Chg. Chg.(%)
Nasdaq 11689.01 226.02 1.97
Dow 33390.97 387.40 1.17
FTSE 7947.11 3.07 0.04
CAC 7348.12 63.90 0.87
DAX 15578.39 250.75 1.61
Dow Fut.* 33433.00 42.00 0.13

Asian markets

Particulars 06th March Chg. Chg.(%)
SGX Nifty 17720.50 88.50 0.50
Nikkei 28259.97 332.50 1.18
Straits Times 3230.35 -1.67 -0.05
Hang Seng 20556.37 -11.17 -0.05
Shanghai 3315.13 -13.26 -0.40

ADR Watch:

Particulars 03rd March  Chg.       Chg.(%)
Dr. Reddy 54.29 0.63 1.17
HDFC Bank 67.72 1.07 1.61
ICICI Bank 21.23 0.43 2.07
Infosys 18.18 0.09 0.50
Wipro 4.81 0.07 1.48

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.79 0.13
Brent 85.16 -0.98
Gold 1859.80 0.28
Silver 21.367 0.61

FIIs & DIIs:

Particulars 03rd March 02nd March
FIIs                           246.24 12770.81
DIIs 2089.92 2128.80

News Update:

HDFC Ltd.: The NCLT approved merger of wholly owned subsidiaries HDFC Property Ventures and HDFC Venture Capital with subsidiary HDFC Capital Advisors.

Ashoka Buildcon Ltd./Mahanagar Gas Ltd.: The company, with Morgan Stanley-managed North Haven India Infrastructure Fund, will sell 100% stake in subsidiary Unison Enviro Pvt., comprising 13.54 shares, to Mahanagar Gas for Rs 531 crore.

Exide Industries Ltd.: The NCLT approved merger of Chloride Power Systems and Solutions Ltd. with parent entity Exide Industries.

Info Edge (India) Ltd.: The company’s wholly owned subsidiary Redstart Labs (India) will invest Rs 5.2 crore in pet care company Sploot, making it an associate entity.

Vakrangee Ltd.: Equity shareholders and unsecured creditors, in separate meetings, have approved the demerger of e-governance and IT/ITeS business of the company into VL E-Governance & IT Solutions.

Power Grid Corp.: The company has been declared as the successful bidder for two expansion projects in Chhattisgarh.

Easy Trip Planners Ltd.: The company signed an MoU with Andhra Pradesh government for promotion of tourism in the state.

Kansai Nerolac Paints Ltd.: The joint venture between Kansai Nerolac Paints and Polygel Industries will acquire 40% in Nerofix for a cash consideration of Rs 37 crore.

Zydus Lifesciences Ltd.: The company received final approval from the U.S. FDA for Vigabatrin for Oral Solution USP, 500 mg. The formulation had annual sales of $233.7 million in the U.S.

Hindustan Aeronautics: The company has received Income Tax refund order from Office of Joint Commissioner of IT for Assessment Year 2012-13, pursuant to the direction of ITAT, Bangalore. ITAT allows R&D expenditure of Rs 725.98 crore as capital expenditure, resulting in refund of Rs 570.05 crore. This refund includes interest of Rs 163.68 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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