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

Asian stocks opened mostly lower Tuesday after the S&P 500 closed lower for the fifth consecutive session. Japan shares declined and Australian equities also fell while South Korea advanced. U.S. contracts were volatile after the S&P 500 posted its longest losing streak in over three months. The Nasdaq 100 recovered to end with gains after sliding as much as 2.7%.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.25% to 18002.50, as of 8:25 a.m Elsewhere, Bitcoin recovered to around $42,000 after dipping below $40,000, putting it on track for its worst start to a year since the earliest days of digital currencies. Oil edged up.

Economic Calendar:

  • INR: CPI December on 12th January, 2022.
  • INR: IIP Data of Dec on 12th January 2022.
  • USD: FOMC Member George Speaks on 11th January, 2022.
  • USD: Core CPI on 12th January, 2022.

Earnings: Deltacorp, Hathway Datacom Ltd

Results:

GNA Axles: The Company’s standalone profit fall nearly 37 percent YoY to Rs 16.67 crore, while revenue came in 9 percent lower at Rs 301.6 crore in Q3FY22.

5paisa Capital : The company reported consolidated profit at Rs 0.74 crore in Q3FY22 against Rs 3.18 crore in Q3FY21 while its revenue jumped to Rs 80.05 crore from Rs 49.56 crore YoY.

Brokerage Radar:

JEFFERIES ON COFROGE: Initiate Buy, Target Price Rs 7400 Has undergone a transformation over past 3 yrs Over FY22-24, expect Co to deliver 18% cc revenue growth- much higher than 10-12% growth in large-cap IT firms & at upper-end of mid-cap IT firms. Its recent re-rating reflects its turnaround & is justified in context of its growth, evident from 1.6x PEG ratio With top line of $0.9bn & growth levers, well-placed to deliver 15-20% top-line growth over next 5 yrs.

MORGAN STANLEY ON PB FINTECH: Equalweight, Target Price RS 1160 Insurance premiums & loan disbursements for 3QF22 much stronger; for 9MF22 broadly in line See upside risk to our 3Q rev forecasts This makes 40% or higher revenue growth for F22 more visible, which investors should view Positively.

MORGAN STANLEY ON PAYTM: Overweight, Target Price Rs 1850 Dec-21 another strong mth across key metrics GMV rose 112% YoY in Dec-21 MTU was up 37% YoY to 64.4mn in F3Q22 Total devices deployed increased to 2m vs. 1.6m last mth Loans disbursed were Rs8.6bn (vs. Rs6.3bn-Rs6.9bn in Oct-Nov21).

JEFFERIES ON STEEL: Downgrade TATA Steel from Buy to Hold, TP Rs 1240 (7% upside) Downgrade JSW Steel from Buy to U-P, TP Rs 600 (11% downside) Like Novelis’ downstream biz, retain buy on Hindalco, TP Rs 660 (34% upside) Cut FY23 EPS for TATA/JSW by 18%/26%.

JP MORGAN ON L&T: Overweight, Target Price Rs 2300 3Q22E: Order Inflow trend lends hope to guidance maintenance Estimate 12.8% / 14.1% YoY core / consol revenue growth and 9.7% core margin driving overall net profit growth of 10% to Rs24.9bn. See medium term catalysts underpinned by govt capex & int order pick up, meanwhile private capex has room to grow from trough levels Co’s solid FCFE with asset monetization

International Markets:

U.S & Europe

Particulars 10th Jan Chg Chg(%)
Nasdaq 14,942.83 6.93 0.05
Dow 36068.87 -162.79 -0.45
FTSE 7,445.25 -40.03 -0.53
CAC 7,115.77 -103.71 -1.44
DAX 15,768.27 -179.47 -1.13
Dow Fut.* 36112.5 43.6 0.12

Asian markets:

Particulars 11th Jan Chg. Chg(%)
SGX Nifty 18,002.00 -45.5 -0.25
Nikkei 28,231.31 -247.25 -0.87
Straits Times 3,232.94 5.89 0.18
Hang Seng 23,763.11 16.57 0.07
Shanghai 3,595.32 1.8 0.05

ADR Watch:

Particulars 10th Jan Chg. Chg.(%)
Dr Reddy 63.65 -0.29 -0.45
HDFC Bank 68.1 0.86 1.28
ICICI Bank 21.15 0.27 1.29
Infosys 24.11 -0.19 -0.78
Tata Motor 32.85 0.9 2.82
Wipro 9.55 0.04 0.42

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.04 -0.36
Brent 81.34 0.39
Gold 1805.25 0.36
Silver 22.562 0.45

FIIs & DII

Particulars 10th Jan 7th Jan
FIIs -124.23 496.27
DIIs 481.55 -115.66

News Update:

Axis Bank : Axis Bank said it has executed transaction for Arcelor Mittal Nippon Steel India and Lalit Pipes & Pipes on Secured Logistics Document Exchange. In another development, Rajiv Anand has been re-appointed as the deputy MD for 3 years from August 4, 2022.

Unichem Laboratories : Porinju Veliyath-owned Equity Intelligence India acquired 54,850 equity shares of Unichem Laboratories through open market transactions, thereby increasing its shareholding to 5.01 percent from 4.93 percent.

Fortis Healthcare : The US-based trust Emqore Envesecure has filed a suit against the company, promoter and others for copyright infringement. It has claimed $6.5 billion damage in the suit.

Indo Count Industries : ICRA has upgraded its credit rating for the company’s long term bank facilities and reaffirmed credit rating for the short term bank facilities.

One 97 Communications (Paytm) : Number of loans disbursed through its platform increased by 401 percent YoY to 0.44 crore loans in Q3FY 2022. In Q3 FY 2022, the value of loans disbursed through the platform was Rs 2,180 crore, an increase of 365 percent YoY. The company has seen stellar growth in each of its lending products

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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