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

Asian equities are edging higher in mid-week trading as markets trade near all-time high levels. Benchmark indices in Japan, Australia and South Korea advanced, even as peers on Wall Street ended lower overnight. Volumes on U.S. exchanges slipped below 10 billion shares for the first time this year. Treasuries held gains, oil prices fluctuated while the U.S. Dollar was steady. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.11% to 14,761.50, as of 7:58 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: RBI Bi-Monthly Monetary Policy on 7th April 2021
  • INR: Nikkei Services PMI (Mar) on 7th April 2021
  • USD: Crude Oil Inventories on 7th April, 2021
  • USD : FOMC Meeting Minutes on 7th April, 2021

International Markets:

U.S & Europe

Particulars        6th April Chg Chg(%)
Nasdaq 13,698.38 -7.21 -0.05
Dow 33430.24 -96.95 -0.29
FTSE 6,823.55 86.25 1.28
CAC 6,131.34 28.38 0.47
DAX 15,212.68 105.51 0.7
Dow Fut.* 33,327.00 12 0.04

 

Asian markets:

Particulars       7th April Chg Chg(%)
SGX Nifty 14,761.50 16.5 0.11
Nikkei 29,704.44 7.81 0.03
Straits Times 3,211.30 3.67 0.11
Hang Seng 28,843.50 -95.24 -0.33
Shanghai 3,458.92 -24.05 -0.69

 

  ADR Watch:

Particulars        6th April Chg Chg(%)
Dr Reddy 60.21 0.60 1.01
HDFC Bank 78.20 0.14 0.18
ICICI Bank 15.94 0.30 1.92
Infosys 18.46 -0.20 -1.07
Tata Motor 19.84 -0.08 -0.40
Wipro 6.26 0.27 0.38

 

Commodities & Currency

Particulars        Current Price     Chg(%)
USD/INR 73.43 0.19
Brent 62.64 -0.16
Gold 1738.75 -0.24
Silver 25.145 -0.33

 

 FIIs & DIIs

Particulars    6th April.      5th April
FIIs    -1092.75  -931.66
DIIs 416.59    75.48

 

Brokerage Radar:

Antique Stock Broking On Laurus Labs:

Initiate coverage with buy rating Price target of Rs 574 Growth story has entered its new phase on sustainably higher formulations business Custom synthesis business on the cusp of a major growth phase Can nearly double its earnings by FY24 with an aggressive capex program Expect formulations business from developed regions to grow faster from FY23 Expect 28% EPS CAGR over FY21-24

Motilal Oswal On Britannia:

Maintains buy rating Price target raised to Rs 4,575 from Rs 4,122 Offers attractive investment prospects for both long-term and near-term Opportunity for growth is significant Direct reach expansion in FY21 continues to deliver market share gains Recent traction in non-biscuit segment is encouraging Strong structural outlook, improving near-term narrative and inexpensive valuations.

Antique Stock Broking On Quick Service Restaurants:

Post Covid, chained QSRs should benefit from increase in share of organised restaurants Preference for chained QSRs should gain momentum with menu innovation, extensions, value for money proposition, higher operating efficiency and focus on delivery model Urbanisation and higher frequency of eating out to drive growth Jubilant Foodworks best placed among QSR peers and will continue to dominate the segment due to its store network and higher focus on delivery model Initiate coverage on Jubilant Foodworks with buy rating and price target of Rs 3,300 Initiate coverage on Westlife Development with hold rating and price target of Rs 460 Initiate coverage on Burger King India with a hold rating and price target of Rs 135

News Update:

Tata Steel:

India business achieved highest ever quarterly crude steel production of 4.75 MT, up 3% quarter-on-quarter. Delivery volumes for the quarter stood at 4.67 MT, up 16% year-on-year. The India business also achieved highest ever delivery volume of 17.3 MT in FY21. Production for the European business rose to 2.65 MT. Sales volumes for the European business rose 18% quarter-on-quarter and % year-on-year. Steel production and sales volumes for the European business were lower in FY21 due to the pandemic. The company remains focused on aggressively managing costs and cash flows while pursuing deleveraging.

Tata Steel Long Products:

The company saw highest ever quarterly crude steel production of 1.86 lakh tonnes, up 7% quarter-on-quarter and 19% year-on-year led by debottlenecking and arcing. Production for FY21 was also the highest ever, registering a growth of 11% over the previous year. Sales volumes rose 4% quarter-on-quarter and 25% year-on-year to 1.72 lakh tonnes led by higher production and improved market conditions. Annual sales volume of 6.39 lakh tonnes was also the highest ever, up 25% year-on-year. Sales volume of Direct Reduced Iron during the quarter rose 6% quarter-on-quarter and 12% year-on-year.

Tata Steel BSL:

The company achieved highest ever crude steel production and sales volume during the January-March period. Production rose 6% quarter-on-quarter and 5% year-on-year to 1.18 MT. Sales volumes rose 4% quarter-on-quarter and 22% year-on-year to 1.19 MT.

Max Financial Services:

Axis Bank and its two subsidiaries, Axis Capital and Axis Securities, have become the co-promoters of Max Life Insurance after the completion of acquisition of 12.99% equity stake in the company. The Axis Entities have a right to acquire an additional 7% stake in the company subject to regulatory approvals. Further, Max Life’s board will be recast with three Axis nominees.

Inox Leisure:

To raise funds up to Rs 300 crore through issue of securities either by way of public issue, rights issue or private placement but not limited only to QIP

Cholamandalam Investment & Finance:

Partnered with Zoho, Razorpay, Zerodha, Ujjivan and Airpay to submit new umbrella entity application on March 31

 

Source: MoneyControl, Business Standard, Bloomberg, Investing

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