View on market: Stay Cautious, be with quality business:
Bonds were under pressure Tuesday after Chair Jerome Powell said that the US Federal Reserve is prepared to raised interest rates by half a percentage point at the next policy meeting. US and European equity futures dipped, while Asian stocks pushed higher. Stocks rose in Australia, South Korea and Japan. US futures were volatile. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 0.14% to 17,175.50 points as of 6:55 am. Oil extended a rally, with Russia’s war in Ukraine nearing the one-month mark, while the bitcoin hovered around $41,100.
Economic Calendar:
- INR: Forex Reserve on 25th March 2022.
- INR: Forex Reserve on 1st April 2022.
- USD: FOMC Member William Speaks 22nd March, 2022.
- USD:Jobless Claims on 24th March, 2022.
Brokerage Radar:
MACQUARIE ON BANDHAN BANK: Neutral, TP Rs 320 Assam’s MFI relief scheme outlay reduced to Rs25bn from Rs75bn This reduces recoverability of Assam portfolio significantly Assam A/Cs for 10% of microloan portfolio Bandhan has continued to accrue interest on restructured loans.
MACQUARIE ON HUL: O-P, TP Rs 2600 Checks suggest further weakness in demand trends in 4Q, rural impact more pronounced vs urban 4Q likely to see vol decline, with input cost pressures restricting Ebitda growth to 8% Inflationary pressures + weak rural remain a risk.
UBS ON MARUTI: Buy, TP Rs 10300 EV plans get a boost; should allay concerns Suzuki to invest Rs.100bn+ towards electrification in India Another +ve is that Suzuki Motor Gujarat (SMG), co which contract manufactures ICE cars, will be executing these investments
JEFFERIES ON L&T: Buy, TP Cut to Rs 2525 vs Rs 2675 Lower FY22E-25E EPS by 4-8% to factor in commodity price rise YTD March-April A/Cs for 50%+ of 4Q orders Co announced Rs143 bn orders in qtr till date & Rs412 bn more is needed to meet lower end of the FY22E guidance.
CLSA ON ICICI Bank : Buy, TP cut to Rs 1050 from Rs 1125 Management meet takeaways No material impact on asset quality Growth outlook remains robust Margins – repo action may be a near-term constraint Opex manageable; ROE core ROE of 16.5%-17%
International Markets:
U.S & Europe:
| Particulars | 21st Mar | Chg | Chg(%) |
| Nasdaq | 13,838.46 | -55.38 | -0.4 |
| Dow | 34552.99 | -201.94 | -0.58 |
| FTSE | 7,442.39 | 37.66 | 0.51 |
| CAC | 6,582.33 | -37.91 | -0.57 |
| DAX | 14,326.97 | -86.12 | -0.6 |
| Dow Fut.* | 34500.9 | 52.5 | -0.14 |
*As per 22ndMar.
Asian markets:
| Particulars | 22nd Mar | Chg. | Chg(%) |
| SGX Nifty | 17,170.50 | 19 | 0.11 |
| Nikkei | 27,242.88 | 415.45 | 1.55 |
| Straits Times | 3,350.07 | -5.44 | -0.16 |
| Hang Seng | 21,367.50 | 146.16 | 0.69 |
| Shanghai | 3,249.53 | -4.16 | -0.13 |
ADR Watch:
| Particulars | 21st Mar | Chg. | Chg.(%) |
| Dr Reddy | 52.45 | -1.1 | -2.05 |
| HDFC Bank | 61.85 | -1.03 | -1.64 |
| ICICI Bank | 18.67 | -0.31 | -1.63 |
| Infosys | 24.21 | -0.83 | -3.31 |
| Tata Motor | 27.82 | -0.77 | -2.69 |
| Wipro | 7.88 | -0.15 | -1.87 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.12 | 0.42 |
| Brent | 118.42 | 2.49 |
| Gold | 1925.90 | 0.35 |
| Silver | 25.495 | 0.72 |
FIIs & DII:
| Particulars | 21st Mar | 17th Mar |
| FIIs | 2962.12 | 2800.14 |
| DIIs | 252.91 | -678.45 |
News Update:
Wipro: To consider declaration of interim dividend on March 25.
Punjab National Bank: The lender will consider raising funds through Basel-III Compliant Additional Tier-1 Bonds and/or Tier-2 Bonds on March 29.
BHEL: The company has appointed Upinder Singh Matharu as director (power) on the board effective March 21, 2022, till August 31, 2023.
Bank of India: The lender has invested Rs 108.81 crore in the National Asset Reconstruction Company for 9% of its stake.
Sun Pharma: The company has agreed to acquire Daiichi Sankyo’s 11.28% stake in Hyderabad-based subsidiary Zenotech Laboratories.
Dhampur Sugar Mills: The company has declared an interim dividend of Rs 6 per equity share of face value Rs 10 each.
APL Apollo: The company has acquired 9.9% stake in Shankara Building Products for Rs 180.5 crore.
KM Sugar: The firm has approved modernisation, including updating the double sulphitation refining process, at its Ayodhya plant.
Kama Holdings: The company will consider declaration of a second interim dividend on March 28.
GR Infraprojects: The company has bagged the order to build a four-lane highway in the Ujjain-Badnawar sector of Madhya Pradesh at a cost of Rs 907 crore.
Gulshan Polyols: The company plans to raise Rs 150 crore through a qualified institutional placement. The floor price is Rs 343.66/share, a 7.96% discount to Monday’s closing price.
Equitas Small Finance Bank: The lender has raised the interest rate to 7% per annum for savings and retail term deposits from March 21. It has also approved merger of Equitas Holdings with itself at a share swap ratio 231:100.
Kohinoor Foods: To consider selling factory unit in Haryana.
Manappuram Finance: Defers fundraising meeting to March 26.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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