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

Asian equity futures pointed to a mixed start for the region’s stocks on Tuesday after U.S. shares eked out small gains as traders weighed the outlook for interest rates and debt-ceiling talks. Contracts for Japanese stocks edged up while those for Australia and Hong Kong pointed lower. The S&P 500 ended the day fractionally higher after jumping 1.9% Friday to halt its longest losing streak since February. Futures for the S&P 500 and Nasdaq 100 opened slightly lower in Asia. The tech-heavy Nasdaq 100 had advanced 0.25% as AI-capable chipmakers Advanced Micro Devices Inc. and Nvidia Corp. rose alongside Google-parent Alphabet Inc. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.51%. Crude prices rose 2% to trade above $77-mark, while Bitcoin declined below 28,000-level. At 5:27 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.27% at 18,300. Domestic benchmark indices—the BSE Sensex and NSE Nifty 50—closed over 1% higher with private banks, NBFCs, realty and auto stocks leading the rally. The Indian rupee closed flat against the U.S. dollar after paring early gains on the back of rising crude oil prices.

Economic Calendar:

  • USD : CPI (MoM) (Apr) on 10th May, 2023
  • USD : PPI (MoM) (Apr) on 11th May, 2023
  • INR : CPI (YoY) (Apr) on 12th May, 2023
  • INR : Industrial Production (YoY) (Mar) on 12th May, 2023

Q4 Results Today: Apollo Tyres, Lupin, SRF, Indraprastha Gas, Nuvoco Vistas Corporation, Birla Corporation, Godrej Agrovet, Raymond, Castrol India, Westlife Foodworld, Chalet Hotels, Poly Medicure, Nazara Technologies, Shanthi Gears,, Elantas Beck India, Eveready Industries India, Five-Star Business Finance, Ganesh Housing Corporation, Hatsun Agro Product, JM Financial

Brokerage Radar:

MACQUARIE ON PIDILITE: U-P, TP Rs 2000; 4Q: Sales miss, higher other expenses

4Q EBITDA below est.; Co pointing to near term uncertainty; Remain concerned on FY24/25 EPS given competitive pressures from paint players in key waterproofing segment

JEFFERIES ON UPL: Buy, TP Rs 925; Q4 missed JEFe due to sharp OPM decline (-440bpsYoY); EBITDA dragged by decline in post-patent product prices with higher supply from China, idle capacity costs due to steep fall in RM prices & rise in share of Lat-Am; Cut FY24/25e EPS by 7%/3%

MS ON KANSAI NEROLAC: UW, TP Rs 322; 4QF23 – Margin Miss; Consol. rev, EBITDA & PAT were +13%, +100% & +279% YoY – (+4%, -5% & -3%, respectively, vs MSe); Gross & EBITDA margins at 31.9% (MSe 30.4%) & 9.7% (MSe 10.7%); Miss on EBITDA margins largely on higher other expenses

International Markets

U.S & Europe:

Particulars 08th May Chg. Chg.(%)
Nasdaq 12256.92 21.50 0.18
Dow 33618.69 -55.69 -0.17
FTSE 7778.38 75.74 0.97
CAC 7440.91 7.98 0.11
DAX 15952.83 -8.19 -0.05
Dow Fut.* 33587.10 -31.60 -0.09

Asian markets

Particulars 09th May Chg. Chg.(%)
SGX Nifty 18338.00 -12.00 -0.07
Nikkei 29173.56 223.68 0.77
Straits Times 3248.59 -9.07 -0.28
Hang Seng 20211.10 -85.93 -0.42
Shanghai 3405.63 10.63 0.31

ADR Watch:

Particulars 08th May  Chg.       Chg.(%)
Dr. Reddy 60.45 -0.33 -0.54
HDFC Bank 67.12 0.10 0.15
ICICI Bank 23.07 0.12 0.52
Infosys 15.26 0.01 0.07
Wipro 4.62 -0.01 -0.22

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.81 0.03
Brent 76.72 -0.38
Gold 2030.05 -0.15
Silver 25.843 0.03

FIIs & DIIs:

Particulars 08th May 05th May
FIIs                           2123.76 777.68
DIIs 245.27 -2198.77

News Update:

Godrej Consumer Products: The company has completed the acquisition of Raymond Consumer Care by way of a slump sale.

Greenply Industries: The company announced a joint venture with Netherlands-based Samet BV on a 1:1 shareholding basis to manufacture and sell functional furniture hardware through a manufacturing facility in India.

Dev Information Technology: The company received an order worth Rs from Gujarat State Fertilizers & Chemicals for installation, supply, commission, implementation and maintenance of enterprise class mailing solution at the latter’s head office.

JSW Steel: The board of directors will convene on May 19 to consider a dividend on the company’s shares, raising long-term funds via qualified institutions placement of permissible securities, issuance of non-convertible senior unsecured fixed rate bonds in the international markets and issuance of redeemable non-convertible debentures, or other permissible means.

Ami Organics: The company’s board will meet on May 13 to consider the recommendation of a final dividend for the financial year 2022-23.

Easy Trip Planners: The company’s board approved identification and acquisition of certain entities and companies in domestic and overseas jurisdictions to drive inorganic growth. It also approved incorporation of a wholly owned subsidiary for venturing into the general insurance business.

Source: Moneycontrol, Bloomberg Quint, Investing

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