Market View 10th August 2022

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

U.S. stocks retreated ahead of Wednesday’s inflation report to gauge the path of Federal Reserve tightening. The S&P 500 dropped for a fourth consecutive session, while the Nasdaq 100 underperformed. Treasury yields climbed, while the dollar fell. As of 6:15 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was 0.14% lower at 17,516.5 points. Equities fell in Japan, South Korea and Australia. Oil reversed an earlier decline as Russian shipments via the southern leg of a major pipeline to Europe were suspended. Brent futures rose as much as 1.6% to trade near $98 a barrel, after earlier dropping 1.8%. On Monday, the Indian benchmarks had got off to a volatile start but ended the day with clear gains. The S&P BSE Sensex gained 0.8% to 58,853.07, while NSE Nifty 50 Index gained a similar magnitude to end at 17525.1.

Economic Calendar:

• USD : Core CPI (MoM) (Jul) 10^th Aug, 2022
• USD : CPI (YoY) (Jul) 10^th Aug, 2022
• INR : M3 Money Supply 10^th Aug, 2022
• INR : CPI (YoY) (Jul) 12^th Aug, 2022

Q1FY23 Result Today: Coal India, Eicher Motors, Hindalco Industries, Tata Consumer Products, IRCTC, Aarti Industries, Abbott India, Arvind Fashions, Ashoka Buildcon, CESC, Cochin Shipyard, Cummins India, Endurance Technologies, General Insurance Corporation of India, Glenmark Pharmaceuticals, Indiabulls Housing Finance, Ipca Laboratories, Indian Railway Finance Corporation

Q1FY23 Result:

Bharti Airtel Q1 FY23 (Consolidated, YoY) posted over a five-fold jump in its consolidated profit to ₹1,607 crore, mainly on account of hike in tariffs. The company had posted a profit of ₹283.5 crore in the same period a year ago. Consolidated revenue from operations of increased by about 22% to ₹32,805 crore during the reported quarter from ₹26,854 crore earlier.

Tata Chemicals Q1 FY23 (Consolidated, YoY) reported an 86.25% increase in consolidated net profit at ₹637 crore during the quarter ending June. The company’s net profit stood at ₹342 crore in the corresponding quarter of the previous fiscal. Revenue from operations went up by 34.15% during the quarter under review at ₹3,995 crore compared to ₹2,978 crore in the same period of last fiscal.

JK Tyre Q1 FY23 (Consolidated, YoY) posted 39% YoY increase in revenue to ₹3,650 crore in the first quarter of the current financial year. EBIDTA for the first quarter of 2022-23 stood at ₹291 crore. The company’s PBT stood at ₹57 crore for the quarter.

Brokerage Radar:

NOMURA ON ABB: Maintain NEUTRAL, TP Rs 2268; Significant EBITDA Margin, Strong Order Inflows; Strong Sales growth beats estimates; Sluggish industrial capex and commodity price rises are downside risks

JPM ON INDIAN HOTELS: Maintain Overweight, TP Rs315; Q1 beats on all counts and provides a preview of what an upcycle could look like; Revise FY23-25 Profit estimate by 23%, see 3.5% Revenue over FY23-26

JEFFERIES ON BHARTI AIRTEL: Maintains Buy, TP 704, Revenue EBITDA largely in-line with estimates; ARPU roses 3% QoQ, Further rise will require tariff hikes; Tweak FY23-25 Revenue/EBITDA Estimates by up to 1%; lower profit estimates by 4-12% to factor in Q1 results

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Strides Pharma: has a target to launch 20 products every year in the U.S. market and has a growth outlook of $250 million in FY23 for the U.S. business.

AU Small Finance Bank: approved issue price for QIP at Rs 580 per share (including a premium of Rs. 570 per share) which is at a discount of 1.83% to the floor price.

Spandana Sphoorty: The Reserve Bank of India imposed a penalty of Rs 2.33 crore for failure to adhere to pricing of credit guidelines for NBFCs.

HFCL: entered into an agreement with Qualcomm Technologies for the design and development of 5G millimetre wave fixed wireless access products for broadband services.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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