- Variable rate repo auction of Rs 75,000 crore scheduled for Monday.
- RBI had scheduled a Rs 50,000 crore variable rate repo auction for Friday.
- Alert: Repo auctions follow an increase in call money market rate to above 4%.
- Alert: Repo auctions despite surplus liquidity conditions, even though size of surplus has reduced.
Source: RBI
India Yield Curve Steady, Stocks Down
Maturities across the India sovereign yield curve were little changed in Friday morning trading.
- The 1-year yield remained unchanged at 4.345%
- The 10-year yield fell 1bp to 6.604%
- The 18-year yield remained unchanged at 7.133%
- The 2-year-10-year yield spread was 192.1bps, vs previous close 193.1bps
Source: Bloomberg
Shoppers Stop Surges The Most In Intraday Trade In Three Months
Shares of Shoppers Stop surged over 17.57% in intraday trade, the most in three months after the company reported net profit and sequential growth in revenue in Q3.
- Share price rose to Rs 425 apiece, highest intraday level since July 2019.
- ICICI Securities maintains ‘add’ and revises target price higher to Rs 405 from Rs 360.
Source: Exchange filing, Bloomberg, Brokerage Note
HUL Logs Biggest Intraday Gain In Three Months As Analysts Remain Bullish Post Q3
Shares of Hindustan Unilever logged the biggest intraday gain in three months, 2.44%, to Rs 2,317 apiece after analysts remained bullish on the company after it reported decade-high market share gains in the quarter-ended December.
- Analysts expect improving portfolio mix, cost optimisation and price hikes to support operating margin.
- They also expect synergies from GSK takeover to aid company’s growth.
Of the 39 analysts tracking the company, 32 maintained ‘buy’, four maintained ‘hold’ and three maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 21.4%.
- Trading volume on the stock was over six times the 30-day average volume, at this time of the day.
Source: Exchange Filing, Brokerage notes, Bloomberg