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

Early on Thursday, most Asian-Pacific markets saw increases, driven by Wall Street gains following Nvidia Corp.’s better-than-expected sales forecast. As of 06:33 a.m., the Nikkei 225 was up 411.30 points, or 1.07%. There was a 4.70 point, or 0.06%, decline in the S&P ASX 200. As predicted by Bloomberg Survey, the Bank of Korea maintained its benchmark seven-day repurchase repo rate at 3.5% today. The massive chipmaker Nvidia Corp. projected $24 billion in sales for the current quarter, compared to an average expert prediction of $21.9 billion. As of Wednesday, the Nasdaq 100 fell 0.38% and the S&P 500 dipped 0.13%. The value of the Dow Jones Industrial Average increased by 0.13%.

Economic Calendar:

  • USD : Initial Jobless Claims on 22nd February, 2024
  • USD : Manufacturing PMI (Feb) on 22nd February, 2024
  • INR : Nikkei Services PMI on 22nd February, 2024
  • INR : FX Reserves, USD on 23rd February, 2024

Brokerage Radar:

MS ON BHARTI AIRTEL: EW, TP Rs 1015; Steady performance; Key highlights:

  1. a) Beat in India mobile business revenues and EBITDA led by improving subscriber mix;
  2. b) flattish capex qoq coming lower than our estimate;
  3. c) robust cash flow generation.

GS ON ASHOK LEYLAND: Buy, TP Rs 230; 3Q beat as a combination of pricing discipline, favorable RM prices & ongoing optimization in cost Gross margin of 27.8% was 150bps higher than BBG cons; EBITDA margin of 12.%, highest 3Q margin in co’s history (+320bps yoy)

CLSA ON REC: Buy, TP Rs 510; 3Q net profit of Rs33bn up 14% YoY driven by healthy growth in net interest income; Loan growth of 21% YoY strong; Expected negative credit cost in 3Q, but recoveries in one of resolved projects lower
36bp QoQ decline in GNPA is healthy

International Markets:

U.S & Europe:

Particulars 21st February Chg. Chg.(%)
Nasdaq 15542.87 -87.92 -0.56
Dow 38612.24 48.44 0.13
FTSE 7662.51 -56.70 -0.74
CAC 7812.09 16.87 0.22
DAX 17118.12 49.69 0.29
Dow Fut.* 38645.52 33.28 0.09

Asian markets:

Particulars 22st February Chg. Chg.(%)
GIFT Nifty 22137.00 89.00 0.40
Nikkei 38913.84 651.68 1.67
Straits Times 3200.78 -16.33 -0.51
Hang Seng 16540.74 37.64 0.23
Shanghai 2970.05 19.09 0.65

ADR Watch:

Particulars 21st February  Chg.       Chg.(%)
Dr. Reddy 75.65 -0.39 -0.51
HDFC Bank 54.10 -0.69 -1.26
ICICI Bank 25.49 0.02 0.08
Infosys 19.78 -0.24 -1.20
Wipro 6.17 -0.15 -2.37

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.95 0.02
Brent 82.95 0.02
Gold 2037.25 0.15
Silver 22.93 0.23

FIIs & DIIs:

Particulars 21st February 20th February
FIIs                          284.66 -1335.51
DIIs -411.57 1491.33

News Update:

Sugar stocks: The government announced hiking the sugarcane Fair and Remunerative Price by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October. FRP is the minimum price that mills have to pay to sugarcane growers.

Eureka Forbes: Promoter Lunolux plans to divest up to 12% stake in the company for Rs 1,148.7 crore via block deals.

Zee Entertainment Enterprise: SEBI might issue a show cause notice to company next month in a fund diversion case.

Axis Bank: Moody’s affirmed the lender’s Baa3 long-term deposit ratings at ‘Baa3’ with a stable outlook saying India’s favourable operating environment offers the bank an opportunity to further strengthen its market position.

NBCC: The company received in-principal approval from Greater Noida Authority for the development of unused and purchasable Floor Area Ratio in furtherance of existing projects of Amrapali valued Rs 10,000 crores.

Brigade Enterprises, PVP Ventures: The companies signed joint development agreement to develop a 2.5 million square feet, high-rise residential project in Chennai with a revenue potential of about Rs 2,000 crore. The company unit signed a 45-year lease agreement with the landowners to build a 250-room resort on East Coast Road in Chennai.

Home First Finance: The company received corporate agent license from Insurance Regulatory Development Authority of India for soliciting life, general and health insurance.

Grasim Industries: The company will launch Birla Opus Paints Business and will inaugurate three plants.

UPL: The company incorporated step-down subsidiary Advanta Seeds Hungary for seeds business.

South Indian Bank: Announced Rs 1,151 crore rights issue. It will offer 52 crore shares at Rs 22 per share. The issue opens March 6 and closes on March 20 and the record date is set as Feb. 27. The rights ratio set at 1 share for every 4 shares held.

Salasar Techno Engineering: Said it is confident of getting firm orders to manufacture and supply monopoles amounting to Rs 200 crores within the next 12 months.

Source: Moneycontrol, Bloomberg Quint, Investing 

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