View on market: Stay Cautious, be with quality business:
Stocks in Asia were steady Friday as investors weighed the resilience of the global economic recovery to risks from tightening of U.S. Federal Reserve’s monetary policy and Russia’s military campaign in Ukraine. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, fell 0.23% to 17,263.2 points as of 7:00 am. Japanese, Australian and South Korean equities fluctuated in relatively narrow ranges. U.S. futures slipped after technology stocks helped the S&P 500 index to close at a more than six-week high. Treasuries pared some of the declines they posted Thursday. The U.S. 10-year yield was still in the vicinity of levels last seen in 2019. Oil retreated, though West Texas Intermediate crude remained above $110/barrel.
Economic Calendar:
- INR: Forex Reserve on 25th March 2022.
- INR: Forex Reserve on 1st April 2022.
- USD: Retail Inventory Ex Auto 28th March, 2022.
- USD: Wholesale Inventory on 28th March, 2022.
Brokerage Radar:
UBS ON ZEE ENTERTAINMENT: Neutral, TP Rs 315 Invesco announces withdrawal of EGM requisition This was a major overhang on proposed merger with Sony Withdrawal of requisition by Invesco, therefore, is a positive for Zee.
JP MORGAN ON TITAN: Neutral, TP Rs 2618 Unattractive risk reward in short term: Navigating gold price volatility & wallet share shifts Our store channel checks suggest a tapering of demand in recent weeks with increased gold price volatility & more alternatives for discretionary spends, With valuations at 77x/64x FY23/24E P/E & limited scope for EPS upgrades, share price returns could be modest in short term.
CLSA ON UPL: Buy, TP Rs 1100 Rising soft commodity prices due to ongoing geopolitical tensions, higher demand for UPL’s Glufosinate as a key competitor faces supply issues, & benefits of price increases taken last yr bode well co’s rev & profitability.
CLSA ON MARUTI: Sell, TP cut 6430 Spike in commodity costs & loss in market share are major challenges Believe street is too optimistic on volume & margin recovery Expect MSIL to lose 480bps market share over FY21-24 Have cut FY23CL earnings by 20%
International Markets:
U.S & Europe:
| Particulars | 24th Mar | Chg | Chg(%) |
| Nasdaq | 14,191.84 | 269.24 | 1.93 |
| Dow | 34707.94 | 349.44 | 1.02 |
| FTSE | 7,467.38 | 6.75 | 0.09 |
| CAC | 6,555.77 | -25.66 | -0.39 |
| DAX | 14,273.79 | -9.86 | -0.07 |
| Dow Fut.* | 34755.6 | 46.7 | 0.14 |
Asian markets:
| Particulars | 25th Mar | Chg. | Chg(%) |
| SGX Nifty | 17,278.00 | 56 | 0.33 |
| Nikkei | 28,062.18 | -48.21 | -0.17 |
| Straits Times | 3,416.82 | 17.12 | 0.5 |
| Hang Seng | 21,836.06 | -109.89 | -0.5 |
| Shanghai | 3,249.18 | -1.08 | -0.03 |
ADR Watch:
| Particulars | 24th Mar | Chg. | Chg.(%) |
| Dr Reddy | 56.22 | 3 | 5.64 |
| HDFC Bank | 60.8 | 0.41 | 0.68 |
| ICICI Bank | 18.26 | 0.15 | 0.83 |
| Infosys | 24.67 | 0.36 | 1.48 |
| Tata Motor | 28.58 | 0.43 | 1.53 |
| Wipro | 7.93 | 0.08 | 1.02 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.36 | 0.09 |
| Brent | 119 | 0.16 |
| Gold | 1962.00 | -0.02 |
| Silver | 25.977 | 0.20 |
FIIs & DII:
| Particulars | 24th Mar | 23rd Mar |
| FIIs | -1740.71 | 481.3 |
| DIIs | 2091.07 | -294.23 |
News Update:
Tata Consumer: The company will consider preferential issue of equity shares representing 1.5% of the paid-up share capital to a foreign company on March 29.
Punjab and Sind Bank: The bank will consider approval for the exercise of the Call Option on the Additional Tier I Bond Series on March 29.
Gulshan Polyols: The company approved allotment of 24,16,000 equity shares to five QIBs at the issue price of Rs 326.48 per share (including a premium of 325.48 at the face value of Rs 1 per share) which is at a discount of 5% to the floor price of Rs 343.66 per share.
Axis Bank: SEBI levied a penalty of Rs 5 lakh on the bank for violation of debt issuance norms. The matter related to issue of debt securities between 2016 and 2019, where the bank acted as a merchant banker.
Zen Technology: The company received a project order sanction from the Indian Army for design and development of a prototype of the Integrated Air Defence Combat Simulator. The equipment will help in imparting training to gunners at unit level.
Future Enterprises: The company couldn’t pay Rs 93.99 crore to Punjab National Bank and Canara Bank under one-time resolution plan.
Yes Bank: The bank will consider redemption/interest payment date of bonds on April 12.
Lupin: The company has received approval from the United States Food and Drug Administration for Sildenafil for oral suspension, 10 mg/ml to market a generic equivalent of Revatio for oral suspension. The drug will be manufactured at company’s facility in Goa.
NTPC: The company commissioned 42.5 MW of 100 MW Ramagundam Floating Solar PV Project in Telangana, taking the company’s total commercial capacity to 54,494.68 MW.
Union Bank/Bank of Baroda: The bank reduced its stake in National Asset Reconstruction company from 13.27% to 9.9%.
PNB Housing: The company entered strategic co-lending agreement with State Bank of India to offer retail loans to homebuyers. The two financial institutions will co-originate loans at an agreed ratio of 20:80 interest rates.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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