International Markets:

U.S & Europe

Particulars 8th  Jan Chg Chg(%)
Nasdaq 9129.24 60.66 0.67
Dow* 28745.09 161.41 0.56
FTSE 7574.93 1.08 0.01
CAC 6031.00 18.65 0.01
DAX 13320.18 93.35 0.71
Dow Fut.* 28789.50 19.50 0.07

*As per 9th Jan

Asian markets:

Particulars 9th   Jan. Chg Chg(%)
SGX Nifty* 12175.00 106.50 0.88
Nikkei 23636.57 431.81 1.86
Straits Times 3255.95 10.06 0.31
Hang Seng 28414.02 326.10 1.16
Shanghai 3091.87 24.98 0.81

 

ADR Watch:  

Particulars 8th Jan. Chg Chg(%)
Dr Reddy 40.88 0.61 1.51
HDFC Bank 61.34 0.65 1.07
ICICI Bank 14.71 0.13 0.89
Infosys 10.09 -0.01 -0.10
Tata Motor 12.86 0.04 0.31
Wipro 3.86 0.01 0.26

 

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 71.510 0.00
Brent 65.92 0.73
Gold 1561.35 0.07
Silver 18.183 0.09

 

FIIs & DIIs

Particulars 7th  Jan. 8th  Jan.
FIIs -515.85 -682.23
DIIs 748.40 311.19

 

View on market: Buy on dips

Asia stocks rallied, tracking gains in American equities, after the U.S. and Iran appeared to be stepping back from a deeper military conflict. Havens from the yen to Treasuries held losses and oil steadied after its slide. Shares rose in Japan and South Korea, with stocks in Australia higher along with bond yields, as risk appetite spread to Asia. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.88 percent to 12,175 as of 8:00 a.m.

Key Data/ Action and Board meeting to watch:

No major Data

Fund View:

Voltas HSBC Maintain Buy; hike target price to Rs 735 from Rs 720. Despite a strong 2019 base, expect room AC industry to post double-digit growth in 2020. Voltas to outperform industry. Narrative of increasing competitive pressure looks overplayed, expect margin improvement for room AC segment. Expect strong scale up in projects business and Beko joint venture.

Motherson Sumi UBS Downgrade to Neutral from Buy; hike target price to Rs 155 from Rs 140. Recent uptick in share price factoring in all positives. Expect a turn around in Samvardhana Motherson Peguform but muted medium-term growth. Indian car recovery and BS-VI ASP growth to drive robust FY21 growth.

ICICI Securities Citi Maintain Sell; hike target price to Rs 350 from Rs 200. Stepping up client acquisition and engagement. Near-term outlook to be aided by issues faced by competitors and easing base. Valuations are steep in context of an uncertain macro outlook Hike EPS estimates by 9-15 percent for FY20-22 on lower tax rate and higher client addition.
Finolex Industries HSBC Maintain Buy; hike target price to Rs 710 from Rs 680. Decline in raw material prices to help PVC resin earnings. Pipes business should recover too post extended monsoon. PVC remains the most resilient product chain.
News Update:

 

Bharti Airtel launched qualified institutional placement to raise Rs 14,400 crore at an indicative floor price of Rs 435 – discount of 5.2 percent to last closing. Fund raise via equity share at indicative floor price would lead to an equity dilution of 6.1 percent on the expanded equity base. The company will also be raising $1 billion via issue of foreign currency convertible bonds with a green-shoe option to raise another $250 million. Proceeds of the issue will be used by the company for payments of adjusted gross revenue dues, to pay debt and for general corporate purpose. In the third quarter of fiscal year 2020, Bharti Airtel added 2.1 crore 4G users – most in at least the last nine quarters.

SBI, Sunteck Realty: SBI launched residential builder finance loans with buyer guarantee. Bank has signed a memorandum of understanding with Sunteck Realty for financing three residential projects, said Rajnish Kumar, chairman of SBI. He also stated that the product aims at reducing the chances of insolvency petitions in residential projects. Product is to safeguard home buyers financially, with focus on affordable housing of up to Rs 2.5 crore.

Alembic Pharma’s joint venture Aleor received zero observations by U.S. Food and Drug Administration for its formulation manufacturing facility in Gujarat. Inspection was carried on from Jan. 6-8. Alembic Pharma has 60 percent stake in the joint venture, while the remaining stake is owned by Orbicular.

Reliance: Jio launched voice and video calls through WiFi at no additional cost.

Vedanta: Board approved raising capital via non-convertible debentures aggregating to Rs 2,000 crore. Supreme Court agreed to hear the company’s plea on Goa mine lease. (BN)

Sadbhav Engineering: Board of Directors of IndInfravit Trust approved preferential issue of 18.88 crore units at Rs 116.75 per unit aggregating to Rs 2,204.82 crore for the company and preferential issue of up to 6.21 crore units at Rs 116.75 per unit aggregating to Rs 725 crore to Sadbhav Infraprojects. Company expects to receive stake sale proceeds for certain road projects on Jan. 31.

Strides Pharma Sciences: R Ananthanarayanan was appointed new managing director and chief executive officer of the company with effect from January. The company’s founder and former Chairman and MD Arun Kumar to become Chairman with effect from April 1.

CSB Bank: Bank appointed BK Divakara as CFO w.e.f. February 5.

JSW Energy: CARE assigned the rating of ‘AA-/Credit Watch with Negative implications” for the company’s Rs 300 crore Non-Convertible Debenture (NCD) issue.

 


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