View on market: Stay Cautious, be with quality business:
Asian stocks rose Tuesday after a climb in U.S. equities, a slump in crude oil and the prospect of more cease-fire talks between Russia and Ukraine helped to support investor sentiment. Oil extended a slide, taking West Texas Intermediate crude to about $105 a barrel, on concerns that China’s mobility curbs against Covid will sap demand. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 1.2% to 17,423.8 points as of 6:10 a.m. The dollar trimmed a gain, while the yen was around a six-year low against the greenback on the divergence between the hawkish Fed and dovish Japanese central bank.
Economic Calendar:
- INR: Export Data on 1st April 2022.
- INR: Forex Reserve on 1st April 2022.
- USD: GDP Quarter4 30th March, 2022.
- USD: Non Payroll Employement on 28th March, 2022.
Brokerage Radar:
JEFFERIES ON NEWGEN SOFTWARE: Buy, TP cut to Rs 650 In recent meeting, CEO & CFO highlighted that Middle East & APAC regions are doing well but US is lagging due to high employee attrition at clients, which is delaying decision-making Rev from SI-led engagements are also being delayed.
CREDIT SUISSE ON BHARTI AIRTEL: O-P, TP Rs 900 Well positioned to be one of leading integrated telcos in India Airtel expects TAM for its emerging enterprise product offerings to post a 25% CAGR to Rs700bn by 2025 & has revamped its strategy to go wider & deeper among its ent customers.
CREDIT SUISSE ON SBI CARDS: O-P, TP Rs 1100 Notes from AIC: Co remains confident in continued market share gains on cards outstanding & spends. Asset quality trends remain healthy & will likely continue to improve.
CREDIT SUISSE ON VOLTAS: Neutral, TP Rs 1225 Scorching summer & other challenges; prefer Havells over Voltas Revise earnings by -7% for FY22,23,24E to a/c for margin impact of higher commodities Believe risk reward is better in Havells which has a more diversified biz & at cheaper valuations.
CLSA ON MAX FINANCIAL: Buy, TP cut to Rs 1030 from Rs 1100 Val @ 1.7x/1.5x FY23/24 P/EV, is getting undemanding Operating entities may be insulated from a promoter group feud but this could be short-term headwind with the promoter pledge at 64%.
CLSA ON CHOLA INVESTMENT: Downgrade to O-P from buy, TP raised to Rs 825 Vehicle finance recovery story continues to play-out Barring 2W & tractors, all auto products are seeing a sequential pick-up Lift FY23-24 PAT est 1-4% See limited upside post recent O-P
International Markets:
U.S & Europe:
| Particulars | 25th Mar | Chg | Chg(%) |
| Nasdaq | 14,354.90 | 185.6 | 1.31 |
| Dow | 34955.89 | 94.65 | 0.27 |
| FTSE | 7,473.14 | -10.21 | -0.14 |
| CAC | 6,589.11 | 35.43 | 0.54 |
| DAX | 14,417.37 | 111.61 | 0.78 |
| Dow Fut.* | 34977.3 | 22.4 | 0.06 |
Asian markets:
| Particulars | 28th Mar | Chg. | Chg(%) |
| SGX Nifty | 17,375.50 | 96 | 0.56 |
| Nikkei | 28,110.73 | 166.84 | 0.6 |
| Straits Times | 3,437.40 | 5.41 | 0.16 |
| Hang Seng | 21,778.54 | 93.57 | 0.43 |
| Shanghai | 3,207.38 | -7.12 | -0.22
|
ADR Watch:
| Particulars | 25th Mar | Chg. | Chg.(%) |
| Dr Reddy | 55.23 | -1.02 | -1.81 |
| HDFC Bank | 60.27 | -0.01 | -0.02 |
| ICICI Bank | 18.56 | 0.37 | 2.03 |
| Infosys | 24.72 | -0.01 | -0.04 |
| Tata Motor | 28.54 | 0.14 | 0.49 |
| Wipro | 7.92 | 0.02 | 0.25 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.16 | -0.06 |
| Brent | 108.84 | -0.64 |
| Gold | 1962.55 | -0.67 |
| Silver | 25.105 | -0.35 |
FIIs & DII:
| Particulars | 25th Mar | 24th Mar |
| FIIs | -801.41 | -1740.71 |
| DIIs | 1161.70 | 2091.07 |
News Update:
Tata Power: The company and Rustomjee Group have collaborated to set up electric vehicle charging infrastructure at the commercial and residential projects of the latter across Mumbai metropolitan region.
GR Infraprojects: The company has emerged as L-1 bidder in financial bid opening for tenders invited by NHAI for two projects respectively – four laning of existing 2-lane stretch from Govindpur to Rajura in Maharashtra and another four laning of existing 2-lane stretch from Bamni to MH/TG border in Maharashtra.
Aurobindo Pharma: The company has approved the acquisition of business and certain assets of Veritaz Healthcare which is a pharmaceutical industry selling branded generic formulations and other health care related products.
Piramal Enterprises: The company approved allotment of 1,750 secured NCDs each of face value of Rs 10 lakh at a price of Rs 10,05,497 per debenture aggregating to Rs 175.96 crores on a private placement basis.
ICICI Bank: The bank signed an agreement for investment in India Debt Resolution Company. ICICI Bank will buy 15% stake in IDRC for Rs 7.5 crore with the first investment of Rs 3 crore by March 31.
Zensar Technologies: Opens a global delivery centre in Kolkata to support global clients and leverage local talent.
Ruchi Soya: The Rs 4,300-crore follow-on public offer was subscribed 3.6 times on the final day on Monday. SEBI, however, allowed investors other than anchor buyers to withdraw their bids for the company’s share sale citing misleading advertising, a rare such action.
Veranda Learning Solutions: Three-day IPO to open today to raise up to Rs 200 crore. Company is selling shares at Rs 130-137 apiece.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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