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

Asian stocks were steady Monday as traders evaluated the risk of a slower economic recovery from the pandemic amid elevated inflation.Shares slipped in Japan and were little changed in South Korea and Australia, while U.S. futures rose. The S&P 500 last week dropped the most since mid-June on investor caution over the challenges for economic reopening from the delta virus strain.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance fell 0.51% to 17,351.50, as of 8:15 a.m.

Major economic Data:

  • INR: CPI (YoY) (Aug) on 13th September, 2021
  • INR: WPI Inflation (YoY) (Aug) on 14th September, 2021
  • USD: Core CPI (MoM) (Aug) on 14th September, 2021
  • USD: Core Retail Sales (MoM) (Aug) on 16th September, 2021

Brokerage Radar:

CLSA ON HUL:Maintain outperform at the price of Rs 2811 for the target price of Rs 3070.Investor day showcases its ability to benefit from disruptions. Over the next decade, Co. looks to maintain double-digit EPS growth. CLSA see a progressively improving outlook with a sharp business recovery. It remains their preferred pick in the Indian consumer space. Given its recent rally, they downgrade to outperform from buy.

CLSA ON BHARTI AIRTEL:Maintain buy at the price of Rs 686 for the target price of Rs 825.Co had an 18x jump in data usage. ARPU is up 46% from lows; expect it to rise to 199. May see an EBITDA growth of 24% by FY24.Jio’s rising inactive subs, reduced tariff discounts lower risk of disruption.

International Markets:

U.S & Europe

Particulars 10th Sept Chg Chg(%)
Nasdaq 15,115.49 -132.76 -0.87
Dow 34607.72 -271.66 -0.78
FTSE 7,029.20 4.99 0.07
CAC 6,663.77 -20.95 -0.31
DAX 15,609.81 -13.34 -0.09
Dow Fut.* 34,686.00 79 0.23

Asian markets:

Particulars 13thSept Chg Chg(%)
SGX Nifty 17,351.50 -89.00 -0.51
Nikkei 30,292.84 -89.00 -0.29
Straits Times 3,073.30 -25.50 -0.82
Hang Seng 25,738.53 -467.38 -1.78
Shanghai 3,708.28 5.17 0.14

ADR Watch:

Particulars 10thSept Chg Chg(%)
Dr Reddy 65.95 0.2 0.3
HDFC Bank 75.45 -0.38 -0.5
ICICI Bank 19.36 -0.17 -0.87
Infosys 22.99 0.06 0.26
Tata Motor 20.29 0.08 0.4
Wipro 9.46 0.04 0.42

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.67 -0.01
Brent 73.22    0.41
Gold 1790.20       -0.11
Silver 23.723 -0.74

FIIs & DII

Particulars 9th Sept         8th Sept
FIIs 423.44 -802.51
DIIs 704.21 0.60

News Update:

Reliance Infrastructure: The company has won an arbitration award against Delhi Metro Rail Corporation. The Supreme Court has ordered DMRC to pay damages of Rs 2,950 crore plus interest up to the date of payment to Delhi Airport Metro Express Pvt. Ltd., a subsidiary of the company. The proceeds from the arbitral award will be utilised for debt reduction, the company said.

ICICI Lombard General Insurance: has ceased to be a subsidiary of ICICI Bank, as the bank’s shareholding has come down to 48.08% from 51.86% after the merger of Bharti AXA General Insurance Company with the insurer. ICICI Lombard on September 8, allotted equity shares of the company to the eligible shareholders of Bharti AXA, as per the scheme of arrangement between the two insurers.

Indiabulls Housing Finance: The company has received the approval from CCI to divest its mutual fund business to Groww for Rs 175 crore. The company’s wholly owned subsidiaries, Indiabulls AMC and Indiabulls Trustee Company had entered into a definitive transaction agreement in May this year with Nextbillion Technology (Groww) for divestment of mutual fund business carried out by these two entities.

JSW Steel: Moody’s Investors Service changed the outlook on JSW Steel to positive from stable. The ratings agency also affirmed the company’s Ba2 Corporate Family Rating and its Ba2 Senior Unsecured Debt Rating. Further, it has assigned Ba2 rating to the company’s proposed U.S. dollar senior unsecured notes. Similarly, Fitch Ratings has assigned ratings of BB- and Recovery Ratings of RR4 to the proposed notes. The notes will be issued in two tranches and the proceeds will be used for capex or other purposes in accordance with regulations.

Reliance Industries:Jio Platforms has delayed the launch of JioPhone Next till at least November amid a global shortage of chipsets. The made-for-India smartphone, which is being co-developed with Google, was slated to be released on September 10.

InterGlobe Aviation:IndiGo is aiming at running at full capacity domestically by December. The current load factor for the airline is around 70% and yields are likely to rise in coming months, said CEO Ronojoy Dutta. Current cash levels are pretty good, but company wants to raise funds as an insurance buffer against a possible third Covid wave, he added.

Arvind SmartSpaces: The board has approved the allotment of 68.5 lakh equity shares aggregating to about Rs 85 crore to HDFC Capital Affordable Real Estate Fund-1 and the promoters of ASL at the price of Rs 124 per share.

Hinduja Global Solutions: Crown Commercial Services Framework renewed the company’s approval to supply contact centre and business services solutions on the CCS Framework in the U.K.

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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