Market View 9th January 2023

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

Asian stocks rose in early trading after US equities had their best day in more than a month on Friday. Australian stocks gained 1% while US equity futures edged higher. Contracts for Hong Kong equities climbed 1.5% on Friday. Japanese markets are closed Monday for a public holiday. Indian stock markets will take cues from earnings of information technology companies and the macro data during the week. On Friday, The S&P 500 rose 2.3%, while the Nasdaq 100 jumped 2.8%. The yield on 10-year Treasuries declined 16 basis points to 3.56%. Back home, the S&P BSE Sensex closed 453 points or 0.75% lower at 59,900.37, while the NSE Nifty 50 declined 133 points or 0.74% lower to 17,859.45 on Friday. The Indian currency depreciated by 17 paise to 82.73 at the close against the greenback on Friday. At 6:17 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.84% to 18,109.5.

Economic Calendar:

• USD : Initial Jobless Claims on 12th January, 2023
• USD : CPI (MoM) (Dec) on 12th January, 2023
• INR : Manufacturing Output (MoM) (Nov) on 12th January, 2023
• INR : CPI (YoY) (Dec) on 12th January, 2023
• INR : Industrial Production (YoY) (Nov) on 12th January, 2023

Q3FY23 Result Today: Tata Consultancy Services

Brokerage Radar:

MS ON MACROTECH: EW, TP Rs 1145; Key themes for MDL include pre-sales momentum, project acquisition via JDA/JV route & de-leveraging; Cash repatriation from London projects should accelerate

MS ON ZYDUS LIFE: OW, TP Rs 513; New niche launches in US should cushion potential gAsacol HD competitive headwinds, & still grow overall US business. gRevlimid and gTrokendi are long-duration niche opportunities

CLSA ON TITAN: O-P, TP Rs 3000; Healthy demand & strong execution sustains growth;Titan noted strong double-digit growth across all its segments (jewellery 11%, watches & wearables 14%, eyecare 10%, & emerging businesses 75%), which led to c.12% growth in overall rev

International Markets:

U.S & Europe

Asian markets

ADR Watch:

Commodities & Currency

FIIs & DIIs:

News Update:

Lupin: The company received U.S. FDA approval for Abbreviated New Drug Application Fesoterodine Fumarate Extended-Release Tablets to market a generic equivalent of Toviaz Extended-Release Tablet of Pfizer Inc. The tablet has an estimated annual sale of $177 million in the U.S.

Gland Pharma: The company through its wholly owned subsidiary has entered into a share purchase agreement with FPCI Sino French Midcap Fund, as the controlling seller to acquire 100% stake in Cenexi and the Cenexi holding entities.

HCL Tech: The company has been selected as the primary IT partner for The ODP Corporation, a business-to-business distribution company. HCL Tech will be the IT partner for ODP for end-to-end IT operations and enterprise-wide digital transformation to support ODP’s business strategy in its Office Depot, ODP Business Solutions and Veyer business units.

Krishna Institute of Medical Sciences: Made a further investment of acquiring 5.53% stake in Sarvejana Healthcare at Rs 340 apiece, taking its total stake to 56.61%.

Tata Steel: Provisional production volumes rose to 7.52MT in Q3 Vs 7.5MT in Q2. Deliveries dipped to 6.98MT in Q3 Vs 7.08MT in Q2.

Tata Steel Long Products: The provisional production volumes of Direct Reduced Iron rose to 1.83 lakh tons in Q3 from 2.28 lakh tons. Production volumes for crude steel rose 2.28 lakh tons in Q3, compared to 1.61 lakh tons in the previous quarter.

Asian Paints: The board approved setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum at an approximate investment of Rs 2,000 crore, to be commissioned within three years after acquisition of land.

Keystone Realtors: The company has been selected to redevelop the plot and premises of Basant Park Co-operative Housing Society Limited on a plot spanning 16,896.40 square meters in Chembur, Mumbai. This redevelopment will lead to a sale potential of approximately 2.75 lakh square feet of RERA carpet area.

Source: Moneycontrol, Bloomberg Quint, Investing

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