Market View 24th August 2022

View on market: Stay Cautious, be with quality business:

Asian equities and US futures stabilized Wednesday amid concerns over economic slowdown due to Federal Reserve’s commitment to hike rates to tackle inflation. South Korea led modest early gains among Asian markets, while S&P 500 remained volatile after the gauge logged losses on Tuesday. At 6:30 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.12% lower at 17,586.5 points. Elsewhere, crude oil pared a rally.

Economic Calendar:

• USD : GDP (QoQ) (Q2) 24^th Aug, 2022
• USD : Core Durable Goods Orders (MoM) (Jul) 24^th Aug, 2022
• INR : M3 Money Supply 24^th Aug, 2022
• INR : FX Reserves, USD 26^th Aug, 2022

Who’s Meeting Whom:

Meghmani Finechem: To meet investors and analysts on Aug. 24.

Tech Mahindra: To meet investors and analysts on Aug. 26.

UltraTech Cement: To meet investors and analysts on Aug. 24.

Persistent Systems: To meet investors and analysts on Aug. 24.

PI Industries: To meet investors and analysts on Aug. 24 and Aug. 26.

Brokerage Radar:

GS ON AFFLE INDIA: Initiate BUY, TP Rs 1,495; Operates in a global large TAM ($65Bn in 2021) & which is expected by eMarketer to grow at 30% over 2021-25; Expect Affle to maintain its current global market share of 0.17% & grow its revenues at 32% CAGR over FY22-25

JEFFERIES ON INDUSIND BANK: BUY, TP Rs 1,330; AR analysis shows further improvement in retail deposit franchise & ALM that is helping narrow the gap in rates vs. larger banks; Will watch out for progress here, especially when rates are rising & growth is improving

HSBC ON RIL: HOLD, TP Rs 2,620; New energy businesses are still incubating, with minimal investment, while capex intensity for retail/digital remains high; Expect capex intensity for New Energy and decarbonisation businesses to rise over next 12 months

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Adani Enterprise/NDTV: The Adani Group company’s indirect subsidiary Vishvapradhan Commercial (VCPL) has exercised certain warrants for acquiring 99.5 percent shareholding in RRPR Holding (RRPR), a promoter company of New Delhi Television Limited (NDTV). The acquisition will result in VCPL acquiring control of RRPR. RRPR holds 29.18 percent stake in NDTV. VCPL, along with AMG Media Networks (AMNL) and Adani Enterprises will launch an open offer to acquire up to 26 percent stake in NDTV.

Ugro Capital: The company said its Investment and Borrowing Committee will meet on August 26 to approve raising of funds by way of issuance of non-convertible debentures through private placement basis.

Chennai Petroleum: has decided to form a joint venture company along with Indian Oil Corporation and other seed equity investors (Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company) for implementing the 9 MMTPA refinery project at Cauvery basin refinery, at estimated cost of Rs 31,580 crore. Chennai Petroleum received board approval for equity investment of upto Rs 2,570 crore in the joint venture, towards its contribution of 25 percent.

SecMark Consultancy: decided to issue of bonus share in the ratio three fully paid-up equity shares for every two shares held by shareholders. This is subject to the approval of the shareholders of the company.

Devyani International: Dunearn Investments (Mauritius) Pte Ltd sold 2,63,29,516 equity shares or 2.18 percent stake in the company via open market transactions at an average price of Rs 183.11 per share. Dunearn held 8.13 percent stake or 9.8 crore equity shares in the company as of June 2022.

  Source: Moneyontrol, Livemint,, Bloomberg, Investing

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