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

Asian stocks weakened after US shares fell and fear swept through cryptocurrencies, denting risk appetite ahead of crucial inflation data due later Thursday. Crude fell 2.4% on higher stockpiles and weak demand outlook from China, while gold remained mostly unchanged. Bitcoin tumbled by the biggest margin since March 2020 Wednesday to dip below $16,000 after Binance scrapped plans to acquire embattled exchange, which may face bankruptcy. Domestic benchmarks closed lower as the decline in realty, consumer durables, and metal stocks weighed down the indices. Rupee registered its third straight 50-paise rally against the U.S. dollar as the greenback slipped in the face of rising risk appetite in global markets and decline Treasury yields. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.4% to 18,121.

Economic Calendar:

  • USD : CPI (MoM) (Oct) on 10th November, 2022
  • USD : Initial Jobless Claims on 10th November, 2022
  • INR : CPI (YoY) (Oct) on 11th November, 2022
  • INR : Industrial Production (YoY) (Sep) on 11th November, 2022

Q2FY23 Result Today: Eicher Motors, Zomato, Adani Green Energy, Apollo Hospitals Enterprise, Ashok Leyland, Aster DM Healthcare, Bata India, Mrs. Bectors Food Specialities, Berger Paints India, Campus Activewear, Container Corporation of India, Gujarat State Petronet, Gujarat Gas, Indian Hotels, Jindal Steel & Power, Kalpataru Power Transmission, Kalyan Jewellers India, Linde India, Mazagon Dock Shipbuilders, Muthoot Finance, NHPC, Oil India, Page Industries, Power Finance Corporation, RITES, SAIL, Suzlon Energy, Torrent Power, and Trent

Brokerage Radar:

NOMURA ON LUPIN: Buy, TP Rs 863; 2Q sales & EBITDA came in 2.8%/11.7% above est.; Net earnings came in 12% below forecasts on higher interest income expense, lower other income & higher depreciation; Management expects EBITDA margin to reach 18% by end-FY23

CLSA ON TATA MOTORS: O-P, TP Raised to Rs 491; JLR performs better than; India biz in 2Q; JLR 2QFY23 Ebitda higher than est.; Targeting a double-digit margin for the CV business in near term; PV business going strong

CS ON METROPOLIS: U-P, TP raised to Rs 1250; 2Q:Non-Covid biz impacted by sharp contraction in vol of govt contracts; Expect EBITDA margin to decline going ahead, as it spends on:1)sales & marketing; 2)network expansion; 3)digitalization; Raise FY24E/25E EPS by 5% each

International Markets:

U.S & Europe:

Particulars 09th November Chg. Chg.(%)
Nasdaq 10353.17 -263.03 -2.48
Dow 32513.94 -649.89 -0.02
FTSE 7296.25 -9.89 -0.14
CAC 6430.57 -10.93 -0.17
DAX 13666.32 -22.43 -0.16
Dow Fut.* 32562.60 48.70 0.15

Asian markets

Particulars 10th November Chg. Chg.(%)
SGX Nifty 18100.50 -93.00 -0.51
Nikkei 27391.00 -325.43 -1.17
Straits Times 3175.02 9.52 0.30
Hang Seng 15989.59 -368.93 -2.26
Shanghai 3032.60 -15.57 -0.51

ADR Watch:

Particulars 10th November  Chg. Chg.(%)
Dr. Reddy 56.00 -0.41 -0.73
HDFC Bank 64.25 -0.70 -1.08
ICICI Bank 22.62 -0.31 -1.35
Infosys 18.48 -0.26 -1.39
Tata Motor 26.40 -1.00 -3.65
Wipro 4.77 -0.07 -1.45

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.44 -0.59
Brent 92.59 -0.06
Gold 1712.50 -0.07
Silver 21.203 -0.58

FIIs & DIIs:

Particulars 09th November 07th November
FIIs 386.83 1948.51
DIIs -1060.12 -844.20

News Update:

Axis Bank: Promoter SUUTI will offload the bank’s 4.65 crore equity shares, or 1.5% of the entire shareholding, at an offer price of Rs 830.63 apiece.

Tata Motors: Posted net loss of Rs 944.6 crore for Q2FY23, narrowing from loss of Rs 4,441 crore in same period last year, Revenue from operations at Rs 79,611 crore grew by 30% and EBITDA increased by 35.4% to Rs 5,572 crore compared to same period last year. It will delist American Depository Shares from the New York Stock Exchange after January 2023.

Hindustan Unilever: The company terminated its marketing, distribution and selling agreement with GlaxoSmithKline Asia and GlaxoSmithKline Consumer.

Adani Ports and Special Economic Zone: The company bought Oiltanking’s 49% stake in Indian Oiltanking and additional 10% in the latter’s subsidiary, IOT Utkal, for a consideration of Rs 1,050 crore.

M Financial: The board will meet on Nov. 14 to consider the proposal for interim dividend.

Balrampur Chini Mills: The company announced a Rs 145.44-crore buyback scheme, where it will buy back 40.4 lakh shares, or 1.98% of the entire shareholding, at Rs 360 each.

Tata Power: The company’s subsidiary, Tata Power Renewable, received a letter of award from Maharashtra State Electricity Distribution Corporation Ltd. to set up a 150 MW solar project in Solapur.

Source: Moneycontrol, Bloomberg Quint, Investing

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