Actionable: Buy Infosys, JK Lakshmi Cement, Tata Chemicals, L&T.

Insight Online News

From Advisory Desk : Vikash Sahay

11th April 2023 : Market Outlook: US futures were trading flat after the major indices closed mostly higher in the regular session, as investors look ahead to key economic data and the kickoff of earnings season later this week. The 2-year bond yield rose above 4% again after the release of last week’s jobs data. Asian markets including SGX Nifty is indicating a positive opening. On the domestic front, FIIs have remained net buyers in the cash segment and have also covered decent short positions in the index futures for the past few sessions. We expect a minor pause in the ongoing market recovery near the resistance level, however, stock-specific action to continue.

Actionable: Buy Infosys, JK Lakshmi Cement, Tata Chemicals, L&T.

Global market:

DOW:  + 101
SGX NIFTY:   + 30   (prev. close 17685)
NIFTY 50 : 17624
Sensex : 59846
FII:              +   883    Cr
DII:              +   352    Cr

Advances:  1955  / Declines:  1669

Dollar: $ 81.98
Dollar Index: 102.42
Gold: $ 2008  per ounce
Crude: $ 84.65  per barrel
10 year US bond rate: 3.40
10 year Indian Bond rate: 7.23

PCR: 0.95
VIX:  12.27

Today’s Result Announcement – Delta Corp.

Shilpa Medicare – Company has received USFDA final approval for its ANDA, Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis. According to IQVIA MAT Q4 2022 data, the US market for this drug is approximately US $ 3.55 Billion.
Bank of Baroda – Q4 Business Update – Total gross advances grew 19% YoY and 5.4% QoQ to Rs.9.73 trillion. Total deposits grew 15% YoY and 4.7% QoQ to Rs.12.03 trillion. Retail advances expanded by 26.9% YoY to Rs.1.78 trillion. Total Business grew by 16.8% YoY to Rs.21.77 trillion. Domestic CASA deposits grew 7.9% YoY and 5.9% QoQ to Rs4.42 lakh crore.
Kotak Mahindra Bank – As per reports, According to the latest shareholding pattern released for March 23, it has been reported that Foreign Portfolio Investors (FPIs) have room to increase their shareholding above 25%, and as per reports this could potentially lead to a weighted increase and potential inflows of $ 750 million in the MSCI May-23 quarterly review.

IRB Infra – Company has recorded toll collection at Rs.369.9 crore for the month of March 2023, growing 20.6% YoY and 5.2% MoM.
Star Health and Allied Insurance – Q4 Business Update – Gross direct premium increased 13% YoY to Rs.12,950.9 crore. Health (retail) premiums increased 18% to Rs.11,947.5 crore, while health (group) declined 31% to Rs.807.5 crore. Overseas and travel segment saw premiums grow to Rs.2 crore, while personal accident premiums jumped 15% to Rs.193.9 crore.
Kalpataru Power Transmission – Order Updates – Company itself, along with its international subsidiaries, have secured new orders worth Rs.3,079 crore in the month of March, 2023, and till date in April, 2023.
Glenmark Pharma – As per reports, Company is considering selling a majority stake in Glenmark Life Sciences to pare debt. Glenmark pharma owns 82% stake in Glenmark Life and must bring it down to 75% by August 2024. The company needs to sell 7% over next 12-15 months to meet the listing guidelines.
The Indian Meteorological Department (IMD) is scheduled to release its Monsoon forecast by today afternoon.

Securities in Ban: NIL.
Derivative View: On option front, weekly Maximum Call OI is at 18000 then 17700 strike while Maximum Put OI is at 17600 then 17500 strike. Option data suggests an immediate trading range in between 17450 to 17800 zones.

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