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

Asian stocks are volatile on Wednesday ahead of US inflation data for June. MSCI Inc.’s regional share gauge made modest gains, helped by Japan. US futures were volatile after Wall Street incurred losses, dragged by tech and energy. The 10-year US Treasury yield witnessed an inversion — dropped as much as 12.4 basis points below the two-year rate, a magnitude last seen in 2007. Such inversions are one of the most widely watched signals of recession risk. At 7:00 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.28% at 16,104.50. Oil fell below $100 a barrel while the dollar is at a 28-month high. The euro remains in sight of parity with the greenback for the first time in two decades. Elsewhere, bitcoin slipped further below $20,000.

Economic Calendar:

  • INR: WPI Inflation 14th July 2022.
  • INR: Trade Balance 15th July 2022.
  • USD: Industrial Production 15th July, 2022.
  • USD: Core CPI 13th July, 2022.

Q1FY23 Result Today: Mindtree, Tata Metalics

Q1FY23 Result

HCL Technologies Q1 FY23 (Consolidated, QoQ) Revenue up 3.84% at Rs 23,464 crore EBIT down 1.89% at Rs 3,992 crore EBIT margin at 17% vs 18% Net profit down 8.63% at Rs 3,283 crore
Sterling & Wilson Renewable Energy Q1 FY23 (Consolidated, YoY) Revenue up 1% at Rs 1,207 crore EBITDA loss up 231% at Rs 343.87 crore EBITDA margin at -28.5% vs 8.7% Net loss at Rs 353.91 crore vs Rs 76.12 crore

Delta Corp Q1 FY23 (Consolidated, QoQ) Revenue up 15% at Rs 250.27 crore EBITDA up 27% at Rs 87.50 crore EBITDA margin at 35% vs 32% Net profit up 19% at Rs 57.13 crore
Anand Rathi Wealth Services Q1 FY23 (Consolidated, QoQ) Revenue up 17% at Rs 131.6 crore EBITDA up 20% at Rs 55.69 crore EBITDA margin at 42.32% vs 41.13% Net profit up 15% at Rs 39.7 crore

Brokerage Radar:

CITI ON HCL TECH: Neutral, TP cut to Rs 910 Weak 1Q – margin decline of 150bps qoq in services without annual wage hikes, was key -ve FY23 margin guidance looks stretched Lower FY23E/24E EPS est by 3% each & target multiple to 17x.

MORGAN STANLEY ON HCL TECH: EW, TP Rs 1300 Rev beat in 1Q more than offset by margin miss & expectations of F23 margin toward lower end of band Even that requires sharp execution, so there could be downside risks See consensus F23/F24 margins coming down, driving EPS cuts

International Markets:

U.S & Europe:

Particulars      12th June    Chg Chg(%)
Nasdaq 11,264.73 -107.87 -0.95
Dow 30981.33 -192.51 -0.62
FTSE 7,196.59 0.35 0
CAC 5,996.30 -36.83 -0.61
DAX 12,832.44 -182.79 -1.4
Dow Fut.*        31043.6 58.40  0.20

Asian markets:

Particulars    13th July    Chg. Chg(%)
SGX Nifty 16,075.50 -123 -0.76
Nikkei 26,362.76 -449.54 -1.68
Straits Times 3,135.48 4.22 0.13
Hang Seng 20,971.97 -152.23 -0.72
Shanghai 3,308.78 -4.8 -0.14

ADR Watch:

Particulars     12th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 58.67 -0.63 -1.06
ICICI Bank 18.94 -0.25 -1.3
Infosys 18.21 -0.25 -1.35
Tata Motor 27.13 -0.13 -0.48
Wipro 5.12 -0.03 -0.58

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 79.60 0.20
Brent 99.75  0.30
Gold 1726.30  0.09
Silver 18.918 -0.20


Particulars         12th June         11th June
FIIs -1565.68                     -170.51                   
DIIs 140.71  -296.99

News Update:

Deepak Nitrite: The company’s Nandesari plant, which had caught fire last month, has restarted operations–except the Nitrite section of the facility–following approvals from Gujarat authorities.

Mahanagar Gas: The company has raised CNG prices by Rs 4/kg to Rs 80/kg in Mumbai and of domestic PNG by Rs 3/SCM to Rs 48.50/SCM, Bloomberg reported citing an emailed statement.

City Union Health: The bank has signed a bancassurance agreement with Bajaj Allianz Life Insurance for distribution of its products through its branch network.

Shilpa Medicare: The company’s newly commissioned facility for manufacture and testing of orodispersible films and transdermal systems situated at Dabaspet, Bengaluru has been issued GMP certificate by UK MHRA.

Max Ventures & Industries: The company has received no objection letter from BSE and National Stock Exchange of India for its merger with Max Estates.

Care Ratings: The company will consider a proposal for buyback of shares on July 20.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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