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

Before a monthly data on U.S. payrolls that would help determine the direction of Federal Reserve interest rates, shares in Asia were largely unchanged. While shares in Japan and Hong Kong equity futures clung within narrow ranges, Australian stocks moved higher. Early Asian trade for the two U.S. benchmark futures saw little change. For a weeklong holiday, China’s markets are still closed. Despite being well off their day’s lows, both the S&P 500 and the tech-heavy Nasdaq 100 declined on Thursday. WTI Crude and Brent Crude were both trading for less than $83 per barrel at the time. The yield on a 10-year US bond was 4.73%, and the price of Bitcoin was above the 27,000 mark.

Economic Calendar:

  • USD : Unemployment Rate (Sep) on 06th Oct, 2023
  • USD : Nonfarm Payrolls (Sep) on 06th Oct, 2023
  • INR : Interest Rate Decision on 06th Oct, 2023
  • INR : FX Reserves, USD on 06th Oct, 2023

Brokerage Radar:

JEFFERIES ON CONCORD BIOTECH: Initiate Buy, TP Rs 1260; A wide portfolio and adequate capacities should drive industry-leading revenue growth and operating leverage; Est. 30% PAT Cagr over FY23-26E; Maintain 1HFY24E should see order flow traction

MS ON TATA MOTORS: OW, TP Rs 711; JLR posted strong F2Q volumes, with wholesales up 29% YoY, & guided for FCF of £300mn for qtr; A strong mix should support 2Q margins, & forms upside risk to FY24 EBIT margin est. of 6.6%; A de-leveraging play in FY24 & India EV play in FY25

International Markets

 U.S & Europe:

Particulars 05th October Chg. Chg.(%)
Nasdaq 13219.83 -16.18 -0.12
Dow 33119.57 -9.98 0.00
FTSE 7451.54 39.09 0.52
CAC 6998.25 1.52 0.02
DAX 15070.22 -29.70 -0.20
Dow Fut.* 33113.11 -6.46 -0.02

Asian markets:

Particulars 06th October Chg. Chg.(%)
GIFT Nifty 19602.00 46.50 0.24
Nikkei 30998.80 -76.56 -0.25
Straits Times 3166.71 11.61 0.37
Hang Seng 17579.24 365.37 2.12
Shanghai 3110.48 3.16 0.10

ADR Watch:

Particulars       05th October  Chg.       Chg.(%)
Dr. Reddy 65.74 -0.13 -0.20
HDFC Bank 59.28 0.02 0.03
ICICI Bank 22.85 0.18 0.79
Infosys 17.61 0.17 0.97
Wipro 4.88 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.22 -0.17
Brent 84.42 0.42
Gold 1837.65 0.32
Silver 21.163 0.69

FIIs & DIIs:

Particulars   05th October     04th October
FIIs                          -1864.20 -4424.02
DIIs 521.41 1769.49

News Update:

TCS: The IT major completed the acquisition of Kaleyra Inc. and its merger with TC Delaware Technologies, making the merged entity a direct subsidiary of TCS. Kaleyra will apply for delisting on the New York Stock Exchange.

Tata Motors: Retail sales for JLR grew 21% year-on-year to 1,06,561 units, while wholesales were at 96,817 units, up 29% year-on-year. JLR’s order book stands at 1.68 lakh units and states an expectation of becoming free cash flow positive with £300 million in Q2 FY24.

Bajaj Finance: The company will raise an aggregate of Rs 10,000 crore through a combination of preferential issues and qualified institutional placements. The company’s board approved raising Rs 8,800 crore via QIP, along with approval to raise Rs 1,200 crore via preferential issue of warrants.

L&T: The company announced the voluntary liquidation of its joint venture L&T Hydrocarbon Caspian (Azerbaijan), which has been approved by the Azerbaijani government. Consequently, L&T Hydrocarbon Caspian has ceased to be a JV.

Sun Pharma: The drugmaker will acquire a 37.76% stake in Ezerx Health Tech for Rs 28.69 crore and a 4.04% stake in Agatsa Software for Rs 4.5 crore.

Tata Steel/TCIL: Tinplate Company of India, a listed subsidiary of Tata Steel, received a penalty of Rs 39.87 crore for non-payment of an earlier tax demand order of Rs 13.31 crore for FY17. The demand order is presently pending appeal before the Commissioner of Commercial Taxes.

Vedanta: CRISIL updated its rating to CRISIL AA/Watch Negative/CRISIL A1+ from earlier CRISIL AA/Negative/CRISIL A1+.

Godrej Consumer: The company estimated double-digit growth in organic sales in the September quarter despite facing challenges in a tough macroeconomic environment. It reported mid-single-digit growth in the home care segment and consolidated volumes. Consolidated sales grew in the low single digits.

Adani Wilmar: Edible oil volumes grew 5% year-on-year during the second quarter of FY24. Food and FMCG volumes grew 18% YoY, and industry essentials volumes grew 25% YoY. However, standalone sales value growth fell 13% over the previous year, reflecting the price cuts taken on account of the sharp fall in global edible oil prices.

BHEL: The company received two awards in arbitration proceedings against Jaiprakash Power Ventures in two separate cases.

Lupin: The drugmaker received tentative approval from the USFDA for Tolvaptan tablets to be manufactured at its Nagpur facility. The Tolvaptan tablets had estimated annual sales of $287 million in the U.S.

Source: Moneycontrol, Bloomberg Quint, Investing 

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