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

Asian stocks were mixed Wednesday as traders weigh the impact of elevated inflation on the economic recovery and look ahead to earnings reports. Longer term Treasury yields declined. Shares retreated in Japan, edged up in South Korea and fluctuated in Australia. U.S. futures fell after the S&P 500 and Nasdaq 100 dipped, with investors waiting to see whether the profit outlook can repair sentiment. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.26% to 18,052 as of 8:00 a.m.

Economic Calender:

  • INR: WPI Inflation (YoY) (Sept) on 14th October, 2021.
  • INR: Trade Balance (Sept) & FX Reserve, USD on 15th October, 2021.
  • USD: Core CPI (MoM) (Sep) on 13th October, 2021.
  • USD: PPI (MoM) (Sep) on 14th October, 2021.

Earnings: Infosys, Wipro, Mindtree.

Brokerage Radar:

CLSA ON ADANI PORTS: Maintain outperform at the price of Rs 737 for the target price of Rs 825. Announced its foray into the grade a warehousing market. It intends to leverage its group strength across sea ports, dry ports, airports. It has already secured a land bank for 19 msf, completed strategic deals with Flipkart. India’s GAW mkt could be 370 msf by FY26 & see a CAGR of 17% YoY led by eComm.

JEFFERIES ON TATA MOTORS: Maintain buy at the price of Rs 421 for the target price of Rs 565 (previous target- Rs 435). TPG’s $1 Bn investment values EV biz at $6.7-9.1 bn. A big value boost for an otherwise underappreciated opportunity. Balance sheet strength to drive portfolio electrification. Stock offers many catalysts; revival & mkt share gains in Indian trucks/ PVs. Upcoming launch of next-gen RR/RR-Sport Models at JLR a catalyst too.

International Markets:

U.S & Europe

Particulars 12th Oct Chg Chg(%)
Nasdaq 14,465.92 -20.28 -0.14
Dow 34,378.34 -117.72 -0.34
FTSE 7,130.23 -16.62 -0.23
CAC 6,548.11 -22.43 -0.34
DAX 15,146.87 -52.27 -0.34
Dow Fut.* 34,220.00 -40.00 -0.12

Asian markets:

Particulars 13th Oct Chg Chg(%)
SGX Nifty 18,052.00 47.50 0.26
Nikkei 28,183.90 -46.71 -0.17
Straits Times 3,147.64 35.59 1.14
Hang Seng 24,962.59 -362.50 -1.43
Shanghai 3,527.39 -19.55 -0.55

ADR Watch:

Particulars 12th Oct Chg Chg(%)
Dr Reddy 64.56 0.12 0.19
HDFC Bank 73.67 1.07 1.47
ICICI Bank 18.88 0.11 0.59
Infosys 21.88 0.06 0.27
Tata Motor 31.68 3.62 12.90
Wipro 8.92 0.09 1.02

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 75.59 0.13
Brent 83.22 -0.24
Gold 1762.65 0.19
Silver 22.593 0.35

FIIs & DII

Particulars 12th Oct 11th Oct
FIIs -278.32 -1303.22
DIIs -741.22 -373.28

News Update:

Tata Motors: The company will raise up to $1 billion (about Rs 7,500 crore) for a new passenger electric vehicle subsidiary (TML EV Co.) from TPG Rise Climate and its co-investor ADQ. The investors will pump in the funds through compulsory convertible instruments for an 11-15% stake in TML EV Co. That would give the company an equity valuation of up to $9.1 billion, Tata Motors said. TML EV Co. will invest over Rs 16,000 crore in the next five years for products, platforms, drive trains and dedicated EV manufacturing and charging infrastructure.

Reliance Industries: Reliance New Energy Solar leads series C financing round in German solar component maker NexWafe. RIL subsidiary will pump $29 million to accelerate product and technology development. Other investors in the $45 million round include InnoEnergy, Lynwood and Saudi Aramco Energy Ventures, among others. Reliance plans to build large-scale solar wafer manufacturing facilities in I in India using NexWafe’s technology.

Centrum Capital: RBI grants small finance bank license to consortium of Centrum Group and Resilient Innovations. The new SFB, Unity Small Finance Bank, to take over assets and liabilities of Punjab & Maharashtra Cooperative Bank. Centrum’s MSME and microfinance book to be merged with the SFB.

IndusInd Bank, Kotak Mahindra Bank: Both banks have received government approval to collect direct and indirect taxes. Customers of both banks will be able to use net banking and mobile applications to pay taxes. Banks can also collect taxes through their branch networks. In February 2021, government lifted its bar on private banks from taking up government business.

Zee Entertainment Enterprises: Representatives of Invesco proposed a deal to Zee’s CEO Punit Goenka in February, involving the merger of the company and certain entities owned by a large Indian group, the media firm said. Zee’s board met on Tuesday to consider a note addressed to them by Goenka. He said he had expressed his apprehension to Invesco that as the merging entities of the Indian group were over-valued, it would cause a loss to Zee shareholders. The proposed deal by Invesco representatives had valued public holding in Zee at Rs 21,130 crore. The company’s board also took note of an open letter issued by Invesco on October 11 and said it will respond to comments made in the letter.

Power Grid Corporation of India: Board has given investment approval for setting up of electric vehicle charging station in Navi Mumbai at an estimated cost of Rs 14.23 crore. It has also approved incorporation of wholly owned subsidiary to undertake telecommunications and digital technology business of Power Grid.

Bajaj Finserv: Trustee company under the name of Bajaj Finserv Mutual Fund Trustee Limited has been incorporated as a wholly owned subsidiary of the company.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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