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

Asian equities fell on Friday, following declines on Wall Street as the fastest inflation in 40 years drove U.S. bond yields higher and raised expectations for steeper interest-rate hikes. Stocks in Japan and Australia slid, U.S. futures were little changed after a selloff on Thursday. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, fell 0.58% to 16,474.5 points as of 7:05 am. Oil pared overnight losses but is still more than 7% lower on the week. The 10-year U.S. Treasury yield was steady after touching above 2%, while the 30-year rate reached the highest since May 2021. The European Central Bank unexpectedly accelerated its wind-down of monetary stimulus, signaling it’s more concerned about record inflation than weaker economic growth. Bitcoin hovered around $38,700.
Economic Calendar:

  • INR: Bank Loan Growth on 14th March 2022.
  • INR: WPI Inflation on 14th March 2022.
  • USD: Federal Budget Balance on 11th March, 2022.
  • USD: US Rig Count on 11th March, 2022.

Brokerage Radar:

JP MORGAN ON COLGATE: Neutral, TP Rs 1580 Ms. Prabha Narasimhan to take over as MD & CEO An external hire for the CEO position is a bit of an unanticipated move Key priorities – accelerating rev growth in oral care biz & strengthening non-oral care portfolio.

INVESTEC ON EXIDE: Buy, TP cut to Rs 220 Entered into a technical collaboration agreement with SVOLT Energy for lithium-ion cell manufacturing in India With technical tie-up, a strong b/s & deep relationships with OEMs, foray in EV batteries should be seamless.

JEFFERIES ON THERMAX: Buy, TP Rs 2575 Believe biz model change points to strong earnings recovery although thermal captive power is unlikely to grow & is being under-appreciated 38% EPS CAGR in FY21-25E & 19% ROE vs 8% should drive upside from current levels.

International Markets:

U.S & Europe:

Particulars       10th Mar    Chg Chg(%)
Nasdaq 13,129.96 -125.59 -0.95
Dow 33174.07 112.18 -0.34
FTSE 7,099.09 -91.63 -1.27
CAC 6,207.20 -180.63 -2.83
DAX 13,442.10 -405.83 -2.93
Dow Fut.* 33066.1 -108.5 -0.32

*As per 11thMar.

Asian markets:

Particulars   11th Mar    Chg. Chg(%)
SGX Nifty 16,514.50 -55.5 -0.33
Nikkei 25,064.74 -625.66 -2.44
Straits Times 3,234.83 -5.9 -0.18
Hang Seng 20,226.83 -663.43 -3.18
Shanghai 3,249.41 -46.68 -1.42

ADR Watch: 

Particulars     10th Mar Chg. Chg.(%)
Dr Reddy 50.56 -0.91 -1.77
HDFC Bank 57.33 -1.77 -2.99
ICICI Bank 17.66 -0.24 -1.34
Infosys 23.84 -0.06 -0.25
Tata Motor 26.12 -0.52 -1.95
Wipro 7.57 -0.03 -0.39

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.31     -0.45
Brent 109.22        -0.17
Gold 1997.10     -0.15
Silver 26.115     -0.50

FIIs & DII:

Particulars         10th Mar       9th Mar
FIIs -1981.15 -4818.71
DIIs 945.71 3275.94

News Update:

Mahindra & Mahindra Financial Services: Mahindra Finance USA, a joint venture with Rabobank Group, has been extended.

Bayer CropScience: The company will sell its Environmental Science Professional business to Cinven for $2.6 billion.

Supreme Petrochem: The company has approved Phase II expansion of its expandable polystyrene plant at Nagothane, Maharashtra, by 30,000 million tonnes per annum. It also approved setting of second line of extruded polystyrene board with capacity of 100,000 MTA and increasing the masterbatch and compounds capacity by 50,000 MTA.

Sun Pharma: Cipher extends distribution pact with the company.
Lupin: Lupin Diagnostics has launched its first reference laboratory in East India in Kolkata.

NMDC: The company has executed the share purchase agreement for sale of its entire equity holding of 10.1% in Neelachal Ispat Nigam.

Jindal Steel and Power: Declared interim dividend of Rs 1 per share.

Kirloskar Ferrous: The company has acquired 51.25% stake in ISMT. Rahul Kirloskar will take over as chairman, Ravindranath Gumaste as vice chairman and Nishikant Balakrishna Ektare as MD. UCO Bank: The lender has acquired 3% equity stake in India Debt Resolution Company for a consideration of Rs 1.5 crore.

Zydus Lifesciences: Gets final U.S. FDA approval for Nitroglycerin Sublingual Tablets.

Wipro: The company has announced a long-term partnership with Pandorum Technologies for development of technologies that shorten time-to-market and maximise patient outcome during R&D and clinical trials of regenerative medicine.

Indraprastha Gas: Received a letter of intent from the Petroleum and Natural Gas Regulatory Board for for development of CGD network in Banda, Chitrakoot and Mahoba in Uttar Pradesh.

Tata Steel: The company, along with Tata Steel Long Products, has executed the share sale agreement with MMTC, NMDC, MECON, BHEL, Odisha Mining Corporation, President of India, Government of Odisha, Neelachal Ispat Nigam for acquisition of 93.71% equity shares in NINL.

Infosys: Announced a multi-year transformational collaboration with International Tennis Hall of Fame, making the company ITHF’s official digital innovation partner and title sponsor of the annual ATP Tour tournament — the Infosys Hall of Fame Open.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

News Update:

Jindal Stainless (Hisar): Became the first company producing coils, sheets and plates in the country to be certified with AS 9100D Certification—a quality management system for aviation, space and defence organisations. It also enables JSHL to get listed in the Online Aerospace Supplier Information System database, which showcases the company offerings to aerospace manufacturers.

Bharti Airtel: The telecom firm has agreed to aquire a little over 9% equity stake in Avaada CleanTN Project, a special purpose vehicle for owning and operating the captive power plant. The deal value is pegged at Rs 7.88 crore.

Future Lifestyle: The company has received termination notices on sub-leased properties from Reliance entities. Notices pertain to 34 Central stores and 78 Brand Factory stores that contribute 55-65% of retail revenue operations.

NTPC: Unit-3 of the 660 MW Nabinagar Power Generating Co. Ltd. has completed trial and operation and has been consequently included in the installed capacity of NTPC Group. The total installed capacity of Nabinagar Power and NTPC Group now stands at 1,980 MW and 68,567.18 MW, respectively.
Indian Bank: The lender has appointed Aditya Gaiha as director (RBI nominee) on its board of directors, replacing SK Panigrahy with immediate effect.

Vakrangee: The Reserve Bank of India has extended the validity of authorisation issued to the company to setup, own, and operate white-label ATMs in India till March 31, 2023.

Tata Power: Resurgent Power, in which the Tata Group firm holds 26% stake, has emerged as the successful bidder for South East UP Power Transmission Co.

Zydus Lifesciences: Gets final U.S. FDA approval for Nitroglycerin Sublingual Tablet

J.Kumar Infraprojects: The company has bagged work order from Pune Municipal Corporation for development of Mula Mutha River from Bund Garden Bridge to Mundhwa worth Rs 604.75 crore. The company also received a letter of acceptance from Delhi Metro Rail Corporation worth 1,426 crore.

Restaurant Brands Asia: The company has completed acquisition of 87.75% stake in Burger King Indonesia (PT Sari Burger Indonesia).

Uttam Sugar: The company has redeemed 1,00,000, 6.50% non-cumulative redeemable preference shares of Rs 100 each.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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