Market View 13th December 2022

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

Shares climbed in Japan, South Korea and Australia, following a 1.4% gain in the S&P 500, which notched its best session in nearly two weeks. Crude rose 3.6% as a key pipeline between the U.S. and Canada remains shut, with uncertainty clouding reopening prospects. Gold futures fell 0.9%, whereas Bitcoin declined 0.6% to trade around $17,000-level. The Indian benchmark indices closed flat after a volatile session, with 11 out of the 20 sectoral indices complied by the BSE advancing, and the remaining nine falling. Rupee started the week with losses against the U.S. dollar after a three-day rally amid tepid domestic equity markets and foreign capital outflows ahead of macroeconomic announcements. Investors will be closely watching the US inflation data, which is expected to show prices, while still high, are continuing to decelerate. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.26% to 18,647.

Economic Calendar:

• USD : CPI (MoM) (Nov) on 13th December, 2022
• USD : Fed Interest Rate Decision on 15th December, 2022
• INR : WPI Inflation (YoY) (Nov) on 14th December, 2022
• INR : Trade Balance on 15th December, 2022

Brokerage Radar:

JEFFERIES ON DALMIA: Buy, TP Rs 2060; Announced acquisition of 9.4/6.7mtpa cement/clinker capacity in Central/East regions from JP Associates; Will enable co emerge as a Pan India Cement player

GS ON L&T: Buy, TP Rs 2460; To benefit from 1) Sustained momentum in govt funded domestic infra projects, & order inflow from ME; 2) Pick-up in private capex; 3) potential sale/financing of non-core power, road, & metro projects, which will improve b/s/return ratios

CS ON SIEMENS: Neutral, TP Rs 2825; FY22 marked a turn; can do even better as FY22 held by forex losses and supply chain; Co shared +ve commentary & suggested that it does not see any slowdown in investment cycle momentum, & it continues to see strong capex by public sector

International Markets:

U.S & Europe

Asian markets

ADR Watch:

Commodities & Currency

FIIs & DIIs:

News Update:

Dalmia Bharat: Dalmia Cement (Bharat), a wholly owned subsidiary, has entered a binding agreement for the acquisition of the cement, clinker and power plants from Jaiprakash Associates and its associate.

Tata Motors: The company’s board has given in-principle approval for partial divestment of the company’s investment in subsidiary Tata Technologies via the IPO route.

ICICI Bank: Raised Rs 5,000 crore via senior unsecured redeemable long-term bonds on private placement basis.

KEC International: Secured new orders worth Rs 1,349 crore across its transmission and distribution, civil and cables verticals.

Godrej Agrovet: Entered into two sale deeds for sale of land measuring 3.92 acres in Ambattur, Tamil Nadu for Rs 71.36 crore.

Maruti Suzuki India: Unveiled its first mass segment flex fuel prototype car, designed to run on any ethanol-petrol blend.

V-Guard Industries: Signed definitive agreements to acquire 100% stake in Sunflame Enterprises for Rs 660 crore by mid of January 2023.

Mahindra CIE Automotive: The company invested additional Rs 2.43 crore in Strongsun Solar, to acquire additional 27.35% stake.

GR Infraprojects: The company will sell its entire stake in subsidiary GR Highways Investment Manager to Lokesh Builders for Rs 15 crore.

Route Mobile: Uganda Telecommunications Corporation appointed 365squared, a step-down subsidiary of the company, as its exclusive partner for SMS firewall and A2P SMS monetisation solutions and services.

One97 Communications: The board of the company will meet on Dec. 13 to consider the proposal of a share buyback.

BGR Energy: Received orders worth Rs 330 crore from Indian Oil Corporation for construction of civil and structural works at Panipat Refinery Project Complex.

Source: Moneycontrol, Bloomberg Quint, Investing

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