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Morning Call 04 March 2020

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Morning Call 04 March 2020 Morning Call 04 March 2020 Indices Close Previous Chg.% Markets snap seven-day losing streak on hopes of global SENSEX 38,623.7 38,144.0 1.26% policy easing amid virus spread 11,303.3 11,132.8 1.53% NIFTY Markets lifted by hopes of policy easing by major central banks of 29,177.1 28,868.4 1.07% NIFTY BANK the world to address the economic fallout from the spreading NIFTY AUTO 6,986.7 6,856.9 1.89% 15,723.2 15,427.7 1.92% coronavirus. NIFTY IT India’s central bank said it was closely monitoring global and TTM CY19E CY20E domestic developments in financial markets and was ready to take ++++++ Nifty PE 22.1 20.0 16.4 appropriate actions to ensure functioning of financial markets, Market depth Advance Decline T/O(bn) maintain market confidence and preserve financial stability. NSE 1,032 746 436 BSE 1,234 1,165 96 Global & Asian market overview Indices Close Previous Chg.% European stocks ended on a firm note, buoyed by an emergency DJIA 25917.41 26,703.3 -2.94% rate cut announcement by the U.S. Federal Reserve, and on hopes NASDAQ 8684.09 8,952.2 -2.99% other major central banks will follow suit and announce measures S&P 500 3003.37 3,090.2 -2.81% to counter the risks posted by the coronavirus outbreak. DAX 11985.39 11,857.9 1.08% US stocks: After seeing considerable volatility early in the session, CAC 40 5393.17 5,333.5 1.12% stocks moved sharply lower over the course of the trading day on FTSE 100 6718.2 6,654.9 0.95% Tuesday. With the pullback on the day, the major averages partly HANG SENG 26,284.8 26,291.7 -0.03% SSE INDEX 2,992.9 2,970.9 0.74% offset the strong gains posted in the previous session. ` NIKKIE 225 21,082.7 21,344.1 -1.22% Asian stocks ended mixed as expectations that central banks will provide financial stimulus helped offset fears of the coronavirus Spot Currency Close Previous Chg.% becoming a global pandemic. USD/INR 73.17 72.73 0.60% 81.29 80.70 0.73% EURO/INR Industry Buzz JPY/INR 0.68 0.67 0.94% GBP/INR 93.52 92.77 0.81% National Company Law Tribunal approved NBCC’s bid for Jaypee . G-Sec 10yr 6.36 6.35 0.09% Infratech with modifications. NCLT said that ₹ 750 crore deposited by Jaiprakash Associates in Supreme Court will be part of the Net Invest 03 March MTD CYTD resolution plan for Jaypee Infratech. FII’s (USD mn) -330.16 -18,932.07 -15,430.47 DII’s (USD mn) 428.49 56,777.62 64,617.02 Moody's Investors Service has downgraded Vedanta’s corporate family rating to B1 from Ba3. Moody's has also downgraded the Nifty Gainers Chg.% Nifty Losers Chg.% rating on senior unsecured bonds issued by Vedanta and those VEDANTA LTD 7.75 BAJAJ AUTO L -3.58 issued by its wholly owned subsidiary, Vedanta Resources Finance ZEE ENTERTAI 7.38 YES BANK LTD -1.11 SUN PHARMA I 6.51 ITC LTD -0.74 II Plc and guaranteed by Vedanta, to B3 from B2. The outlook on all TATA STEEL L 6.46 HDFC BANK LT 0.19 ratings is stable. Downgrade triggered by a sustained deterioration HINDALCO IND 6.38 TITAN CO LTD 0.23 in the company's credit profile. FII Derivatives Buy (bn) Sell (bn) Net (bn) INDEX FUT 80.1 77.7 2.4 STOCK FUT 202.6 182.2 20.4 Tata Teleservices and Tata Teleservices (Maharashtra) has paid additional ₹ 2,000 crore to Department of Telecommunications towards AGR dues. Both had earlier paid ₹ 2,197 crore to DoT on Feb. 17. Hindustan Aeronautics said that it has received notice from International Court of Arbitration on request for arbitration from RUAG Aerospace Services GMBH. The Company said that it has initiated necessary action with respect to the arbitration process. The amount in dispute partially quantified by the opposition party is $21,872,500 or ₹ 160.25 crore against alleged damages on breach of agreement regarding the supply of structural parts for the production of Dornier- 228, by the company. Indiabulls Real Estate said on the progress of merger of certain assets of Embassy Group with the company, stating that process of valuation of such Embassy assets by independent valuers for arriving at the share swap ratio for the proposed merger is progressing well. Additionally, Embassy has also reached an advanced stage of discussions with foreign financial investors such as Blackstone and others for an investment of up to $200 million. Upon the merger, these foreign investors will also become shareholders of the merged Indiabulls Real Estate, a listed entity. Both companies are trying to execute transaction documents on or before March 23. Max Financial Services: Board approved allotment of 7.54 crore shares (21.87%) at ₹ 565.11 per share aggregating to ₹ 4,264 crore on a preferential basis to Mitsui Sumitomo Insurance, for consideration other than cash, being transfer of 39.47 crore shares (20.57%) at ₹ 108.02 per share worth ₹ 4,264 crore held by to Mitsui Sumitomo Insurance, in Max Life Insurance. Both these transactions are subject to corporate and regulatory approvals. EGM of shareholders to be held on April 2 to seek approval for this action. Raymond received sanction from NCLT Mumbai for the reorganization and consolidation of its FMCG Business and appointed date for the scheme has been fixed as Dec. 1, 2018. New consolidated entity Ray Universal Trading will be converted into a public company and renamed as Raymond Consumer Care. Godrej Properties to be included in the Futures and Options Segment with effect from March 27 (April 20 Series), subject to fulfilment of eligibility criteria. Newgen Software Technologies received a patent for Mark Detection System and Methodology from U.S. Patent Office. GTPL Hathway: Promoter Jio Content Distribution Holdings reduced stake from 4.48% to 0.64% in the company on Feb. 28 via offer for sale. Monnet and Ispat Energy said that integrated operations at its Raigarh Plant have restarted with effect from March 2. Reliance Capital: Axis Capital Trustee Services increased stake via share pledge from 16.5% to 21.42% on Feb. 26. Infosys: The company got an order from K+S AG to set up hybrid cloud data centres. Kolte Patil: NCLT approved scheme of the merger by absorption of Bellflower Properties with the company. Max Financial: The company will issue 7.54 crore shares to Mitsui Sumitomo at ₹ 565.11 per share. HAL: The company got the International Court of Arbitration notice on request for arbitration from RUAG Aerospace. Bharti Airtel: The company paid ₹ 1,950 crore to government towards deferred spectrum dues, reported PTI. Indian Macro Markets regulator SEBI revised norms of compensation and penalty applicable on termination of contracts under the regaining matched book regulations for commodity derivatives segment. The regulator in September 2016 had come out with risk-mitigating tools, christened as regaining matched book rule, for the commodity market. Markets regulator Sebi has revised its investment manager eligibility norms for Infrastructure Investment Trusts (InvITs) and also permitted fast-track rights issue by REITs and InvITs without filing draft offer document with the regulator. The investment manager needs to have an experience of at least five years in fund management or advisory services or development in the infrastructure sector. Global Macro The Jibun Bank Japan Services PMI declined to 46.8 in February 2020 from 51.0 in the previous month, pointing to the steepest contraction in the sector since April 2014, final data showed. The figure was revised slightly up from a preliminary 46.7. Respondents mentioned that the novel coronavirus outbreak has hit hard tourism industry, which was a key source of demand for services. Both new orders and export sales contracted, while employment stagnated. In terms of prices, output price inflation eased, while input prices rose at a faster pace. Lastly, confidence softened but stayed positive. The Australian economy advanced a seasonally adjusted 0.5% in the December quarter of 2019, after an upwardly revised 0.6% growth in the previous period and beating market expectations of a 0.3% expansion. Both household consumption (0.4% vs 0.1% in Q3) and government spending (0.7% vs 1.1%) grew further. Meanwhile, gross fixed capital formation fell (-1% vs 0.6%) as private investment dropped (-1.1% vs flat reading), led by falls in non-dwelling construction and dwellings, and public investment was also down (-0.4% vs 3%), driven by falls in public corporations. Total inventories rose AUD 118 million, following a drop of AUD 743 million in Q3, mainly led by a build up in mining inventories. Exports of goods and services were flat (vs 0.5% in Q3). Imports of goods and services fell 0.5% (vs -0.3%). On the production side, most sectors grew except construction. Through the year to Q4, the economy grew 2.2%, following a 1.7% advance in Q3. The Hong Kong Monetary Authority/HKMA lowered its base rate by 50 basis points to 1.5% on March 4th, 2020, following a similar move by the US Federal Reserve as Hong Kong's currency is pegged to the US dollar. The central bank sets its base rate at either 50 basis points above the lower end of the prevailing target range for the US federal funds rate or the average of the five-day moving averages of the overnight and one-month Hong Kong Interbank Offered Rates (HIBORs), whichever is the higher.
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