Market Insight - Dow, Dow Futures, Hangseng, SGX Nifty & Nikkei 22 Jan 17

Markets always tend to be interesting with something or the other happening all the time. Our Morning Mantra is released before the opening bell and it includes the market commentary along with Corporate & Global news for the day.

US stocks were higher after the close on Friday, as gains in the Consumer Goods, Consumer Services and Basic Materials sectors led shares higher.

Dow	Dow Futures	Hangseng	Nikkei	SGX Nifty
26071.7	26014.0	32262.4	23772.0	10915.5
+53.9	-32.0	+7.5	-36.0	+1.5
+53.9	-0.12%	+7.5	-0.15%	+0.01%

Asian stocks traded lower on Monday as investors kept an eye on political developments in the U.S. after a government shutdown began last week.

Market is expected to open on flattish note and likely to witness range bound session during the day.  

Reliance Industries to partly start petcoke gasification unit in Q4FY18.

ONGC board has approved the purchase of 51.11% Government holding in HPCL @Rs.473.97 for total cash consideration of Rs.36915cr. there will not be any open offer.

HDFC increases size of MTN program to $1.3 billion.

Piramal Enterprises has announced rights issue of 1 shares for every 23 shares held at the rate of Rs 2380. The record date for eligibility is 1st feb 2018.

J Kumar Infra gets Rs 57 crore contract from Delhi Metro Rail Corporation.

IFCI says government considering capital infusion of Rs 100 crore in FY18.

Pioneer Distilleries says workmen have agreed to call off the strike on Jan. 20.

Welspun Enterprises completes acquisition of 49% stake in the projects from MBL Group for a total consideration of Rs 2,300 cr.

ITD cementation board meeting on 22nd January for raising Rs. 350 Cr via QIP.

Board of director of Prakash Industries decided not to proceed with allotment of 91.07 lakh warrants Future Retail will acquire Travel News Services for Rs 100 cr, which will help the company to expand its presence at airports, metro stations and universities where the majority of retail outlets of TNSI and TNSI Retail are operating.

Grasim has received green nod for expanding the production of viscose staple fibre at Bharuch, Gujarat that would entail an investment of Rs 2,560 cr.

Parag Milk Foods is expecting a dip in revenue growth to up to 15% p.a. over the next three years

NMDC aims to produce about 45 million tonnes (MT) of iron ore during FY18-19 as against the expected 35 million tonnes in FY17-18, said a top official of the PSU. 

Apollo Micro Systems Ltd (AMSL) will be listing today. The issue price was Rs. 275 per share (Rs. 263 per share to retail investor). On the valuation front, at  Rs275 AMSL is offered at P/E of 30.6x on a fully diluted basis based on FY17 earnings. We had recommended subscribing to the issue with a long term horizon.