MarketBuzz
1231: Marketbuzz Podcast with Hormaz Fatakia: What keeps Vodafone Idea, Sun Pharma in focus today?
Good morning and welcome to CNBCTV18's Market Bus Podcast with me, Harbas Patakya. It's the final trading day of the week. We are back after a holiday after gauging on some delicious Eid Biryani and we are heading into a weekend. But Friday, just like most other Fridays, brings along some big news developments. And the first major news development is related to Otofone idea who put out an exchange filing at 1.30am this morning to say that they will launch a follow-on public offer or an FPO on the 18th of April to raise up to 18,000 crore rupees. Remember, CNBCTV18 was the first to report about this on the 28th of February, just a day after the company had approved raising 20,000 crore rupees via equity. Now this also comes straight after the company raised 2,075 crores through a preferential issue of shares to a promoter group entity. But what needs to be kept in mind today is that the stock is in the FNO ban and so no new positions can be created there. The board will also meet later today to determine the FPO price and at any discount if there is any. The FPO will close on the 22nd of April. The other major development is the listing of Bharati Hexakom, the first listing of FY 25, the issue price is 570 rupees a share and the 3-day IPO was subscribed nearly 30 times. Financial has already initiated coverage on the stock with a price target of 790 rupees which is a 40% upside stating that its RPU or average revenue per user will grow to 285 rupees by FY 28 from 197 rupees that is in the first 9 months of FY 24. Big news also coming in from the pharma space as Sanfarma's Dada unit which is also a key unit for the company to supply drugs to the United States has been issued an official action indicated or an OAI status by the US FDA. The regulator had inspected that unit in December of last year and had issued 6 observations and OAI status means that the regulatory or administrative actions are recommended against the unit. Plants that get an OAI status are generally required to be re-inspected by the FDA officials to give it an all clear. Now all of these stocks may or may not have a bearing on the overall market but may what have a bearing is the handover from Wall Street remember we have two days of market reaction to adjust to since we were closed for trade on Thursday. On Wednesday night the US indices fell over a percent after a hotter than expected inflation print but staged a rebound on Thursday at least the S&P 500 and the NASDAQ definitely did. What may also have some reaction on the market is the taxation amendments between India and Mauritius the details of which are available on CNBCTV18.com and that may have some bearing on the market. Now Chetan Shait of Nomura wrote in his note that the US core inflation is unlikely to decelerate quickly which may push out the timing of the market expectations of a fed rate cut. He also wrote that any sharp rise in the US 10 year treasury yields will be a key risk for the market including the Asian indices as was the case between August and October of last year. The 10 year in the US is currently up 22 basis points in the last two trading sessions. All of these factors aside our own markets have seen a significant run up in the last few sessions. The NFT is just a percent away now from 23,000 and has risen over 1,000 points from the March 20 low of 2,1710. For the NFT chart is suggest that 2,600 is a key support while 22,977 appears to be a resistance band based on the weekly upper Bollinger band. In case the index does manage to close higher today it will be the 4th straight weekly gain for the NFT. It will also be the 4th straight day of gains for the NFT bank as well 4th straight week I beg your pardon which crossed the 49,000 mark with the NFT bank on Wednesday but could not sustain above it. Nonetheless it is still very close to 49,000 and the weekly upper Bollinger band on the NFT bank starts suggests a level of 49,312 on the upside. Running season for the NFT 50 companies also begins today with TCS reporting results after market hours and will also announce a dividend. A CNBC TV18 poll expects the company to report the highest revenue growth among its peers led by a revival in the largest BFSI vertical and a ramp-up of its BSNL contract. My colleague Rima Tendulkar has given a lowdown of all the expectations from TCS on CNBCTV18.com and will continue to do so all day long on the channel as well. In some other stocks, Maharashtra's stimulus has won a 674 crore order from ONGC for the supply of casing seamless pipes. Now Metropolis healthcare also reported a 10% growth in its revenue for the March quarter and its core business grew by 15% that was led by substantial volume growth and higher revenue per patient. Asian markets have opened mixed ahead of some key data from China and the gift NFT as we speak is indicating a slightly lower start for our own markets. Now that's all for today. We wish you a happy Friday and a happier trading day ahead and of course a happy weekend. Stay tuned to CNBCTV18 for the sharpest market insights. [Music] [BLANK_AUDIO]