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

Asian stocks were mixed early Wednesday and Treasuries trimmed a rally as traders awaited inflation readings from China and the U.S. Shares fluctuated in Japan, edged up in Australia and fell in South Korea. U.S. futures slipped after the S&P 500 dipped for the first time in nine sessions, hurt by financial shares. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.62% to 17,968.50, as of 8:10 a.m. Oil extended an advance toward $85 a barrel on speculation that the Biden administration may pull the plug on any plans to release crude from the nation’s emergency reserves after a U.S. energy report showed supplies rising next year.

Economic Calender:

  • INR: CPI (YoY) (Oct) on 12th November, 2021.
  • INR: Manufacturing Output (MoM) (Sep) on 12th November, 2021.
  • USD: Core CPI (MoM) (Oct) on 10th November, 2021.
  • USD: Crude Oil Inventories on 10th November, 2021.

Earnings: Pidilite Industries, Zomato, Oil India, Bank of Baroda, Berger Paints India, Birla Corporation, Crisil, Gujarat Fluorochemicals, Metropolis Healthcare, Alembic Pharmaceuticals, Glenmark Life Sciences, Narayana Hrudayalaya, NIIT, Nuvoco Vistas Corporation, Rail Vikas Nigam, Firstsource Solutions, Affle (India), India Cements, Mazagon Dock Shipbuilders, RCF, Marksans Pharma, EPL, Equitas Holdings, Eveready Industries India, Filatex India, Galaxy Surfactants, GE T&D India, General Insurance Corporation of India, Hawkins Cookers, Hemisphere Properties India, Indostar Capital Finance, Jamna Auto Industries, Kalyan Jewellers India, Krishna Institute of Medical Sciences, KSB, MOIL, NGL Fine-Chem, Paisalo Digital, Sansera Engineering, Strides Pharma Science, Suprajit Engineering, Timken India, Tata Teleservices (Maharashtra), Vinati Organics.

Results:

Power Grid Corporation of India Q2FY22 (Consolidated, YoY): Revenue up 8% at Rs 10,266.98 crore Vs Rs 9,529.68 crore Net profit up 9% at Rs 3,376.38 crore Vs Rs 3,094.10 crore Ebitda up 8% at Rs 9,110.54 crore Vs Rs 8,441.41 crore Margin at 88.7% Vs 88.6%.

Indraprastha Gas Q2FY22 (Consolidated, YoY): Revenue up 40% at Rs 2,015.99 crore Vs Rs 1,440.74 crore Net profit up 10% at Rs 418.63 crore Vs Rs 380.45 crore Ebitda up 30% at Rs 530.18 crore Vs Rs 407.12 crore Margins at 26.3% Vs 28.3%.

International Markets:

U.S & Europe

Particulars 9th Nov Chg Chg(%)
Nasdaq 15,886.54 -95.82 -0.60
Dow 36,319.98 -112.24 -0.31
FTSE 7,274.04 -26.36 -0.36
CAC 7,043.27 -4.21 -0.06
DAX 16,040.47 -6.05 -0.04
Dow Fut.* 36,128.00 81.00 -0.22

Asian markets:

Particulars 10th Nov Chg Chg(%)
SGX Nifty 17,968.50 -111.50 -0.62
Nikkei 29,200.31 -85.15 -0.29
Straits Times 3,223.42 -20.00 -0.62
Hang Seng 24,739.55 -73.58 -0.30
Shanghai 3,471.60 -35.40 -1.01

ADR Watch:

Particulars 9th Nov Chg Chg(%)
Dr Reddy 64.66 -0.17 -0.26
HDFC Bank 72.11 0.13 0.18
ICICI Bank 21.11 0.07 0.33
Infosys 23.30 -0.14 -0.60
Tata Motor 33.61 -0.47 -1.38
Wipro 9.08 -0.12 -1.30

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.04 0.03
Brent 85.08 -0.07
Gold 1830.25 -0.03
Silver 24.328 0.04

FIIs & DII

Particulars 9th Nov 8th Nov
FIIs -860.65 -860.65
DIIs 1911.77 1911.77

Brokerage Radar:

CLSA ON AUROBINDO PHARMA: Maintain buy at the price of Rs 677 for the target price of Rs 830. Profit fell 13% YOY & is 5% below their estimate US revenue surprised positively & grew 11% QoQ. ARV sales saw another quarter with a sharp decline R&D efforts towards dvpt of high-entry-barrier pdts progressing well. Lower their FY22-24 EPS estimates by 2-4%.

JEFFERIES ON IGL: Maintain buy at the price of Rs 494 for the target price of Rs 660. Sharp beat in EBITDA margin is impressive leading to a 13% EBITDA beat. Near-term volume outlook will be helped by re opening. Build in a near double-digit volume CAGR over FY 20-24 expect co to maintain margin amid rising APM gas costs ahead.

News Update:

Adani Green Energy: has set a target of achieving 45 GW renewable energy capacity by 2030, with the average tariff below the average power purchase cost at the national level. The company will also invest $20 billion in renewable energy development over the next decade and develop a 2 GW per year solar manufacturing capacity by FY23. Adani Transmission, which distributes electricity in parts of Mumbai, is on course to increase the share of renewables in its power procurement to 30% by FY23 & to 70% by FY30 from current 3%.

Cipla: The Company’s unit Cipla Technologies LLC will continue to reimburse Pulmatrix Inc for 50% of all third-party costs for the development of Pulmazole, which would include 40% of dedicated personnel and consulting costs and another 10% upon the timely achievement of certain development milestones. Pulmatrix has also granted Cipla Technologies exclusive rights to develop and sell Pulmazole in India, Nepal, Yemen, Iran, South Africa, Sri Lanka, Myanmar and Algeria for 2% royalties on net sales.

IDFC: Board, as part of simplification of corporate structure, has approved the merger of IDFC Alternatives, IDFC Trustee Company and IDFC Projects into IDFC subject to regulatory approvals from various authorities, as applicable.

Dixon Technologies (India): The company has entered into joint venture agreement with Beetel Teletech for manufacturing of telecom and networking products. The JV company Dixon Electro Appliances will be 51% owned by Dixon and 49% owned by Beetel

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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