Market View 11th August 2022

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

Asian stocks extended a rally Thursday after softer-than-expected US inflation data, which stoked speculation that the Federal Reserve could pivot to a shallower pace of interest-rate hikes. Shares added about 1% in Australia and South Korea, while Hong Kong futures were up a similar amount. US and European contracts were in the green after the S&P 500 hit a three-month high and the technology-heavy Nasdaq 100 pulled 20% above a June low. At 7:05 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 1.1% higher at 17,742. The dollar held losses in the wake of the optimism in the US session, which saw a greenback gauge retreat the most since the onset of the pandemic. Crude oil held most of a jump above $91 a barrel, while Bitcoin broke past $24,000 in a sign of the brighter spirits in markets.

Economic Calendar:

• USD : PPI (MoM) (Jul) 11^th Aug, 2022
• USD : Initial Jobless Claims 11^th Aug, 2022
• INR : Trade Balance 12^th Aug, 2022
• INR : CPI (YoY) (Jul) 12^th Aug, 2022

Q1FY23 Result Today: Aurobindo Pharma, Apollo Hospitals Enterprise, Aster DM Healthcare, Bata India, Bharat Forge, Gujarat Ambuja Exports, Greaves Cotton, Himadri Speciality Chemical, KNR Constructions, Page Industries, The Phoenix Mills, Puravankara, Quess Corp, Sapphire Foods India, Shilpa Medicare, Spencers Retail, Sunteck Realty, Trent, Vipul Organics

Q1FY23 Result:

Coal India Q1 FY23 (Consolidated, YoY) clocked a 178% YoY growth in consolidated profit at Rs 8,834.22 crore for the quarter ended June FY23 on a low base. The June quarter FY22 earnings were affected by second Covid wave. Revenue increased 39% to Rs 35,092 crore compared to corresponding period of the previous year.

Eicher Motors Q1 FY23 (Consolidated, YoY) reported a 157.5% YoY growth in consolidated profit at Rs 610.66 crore for the quarter ended June FY23. Revenue grew by 72% to Rs 3,397.5 crore compared to corresponding period last fiscal.

IRCTC Q1 FY23 (Standalone, YoY) clocked a 198% YoY growth in profit at Rs 245.52 crore for the quarter ended June FY23 with normalisation of business, aided by low base. The year-ago quarter was affected by second Covid wave. Revenue jumped 250% to Rs 852.60 crore compared to corresponding period last fiscal.

Brokerage Radar:

CLSA ON HINDALCO: Maintain BUY, TP Rs 440; Domestic Profitability surprises positively; costs to peak in Q2; India EBITDA of Rs.3600Cr above estimates; Integrated Aluminium EBITDA/t fell 14% QoQ to $1361; expect profitability to recover in H2 as coal cost softens; co remains well placed

CLSA ON EICHER MOTORS: Maintain Buy, TP Rs 3763; Results better than Two-wheeler peers; better cost mgmt., Higher ASP helps EBITDA improve QoQ; Management optimistic on improvement in volume for Royal Enfield; VECV business continued to perform well

JEFFERIES ON ZYDUS LIFE: Maintains Hold, TP 408, Q1 beat our EBITDA & Profit estimates helped by lower R&D, Opex; US threw surprise with 10% QoQ growth but offset by 17% YoY decline in India; Management guided for 20%+ EBITDA Margin in FY23; FY23-24 Estimates decline by 4%/3% on minor adjustments

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

NHPC: approved monitisation of Uri-1 Power Station or any other power stations for 10-15 years in single tranche during FY23.

Mahindra & Mahindra: Life Insurance Corporation has reduced its stake to 6.42% from 8.43%.

GAIL: will consider raising funds via foreign currency bonds or term loan on Aug. 17.

  Source: Moneyontrol, Livemint,, Bloomberg, Investing

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