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

Asian equities advanced in the wake of a shock rebound in US stocks that roared back from losses sparked by a hot inflation reading. Benchmark indexes jumped around 2% in Japan, Australia and South Korea while futures pointed higher in Hong Kong. The S&P 500 index defied expectations to rally 2.6% after consumer price data cemented bets for the Federal Reserve to deliver another jumbo rate hike in November. At 7:15 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 1.67% to 17,241. Elsewhere, oil headed for a weekly loss as signs of a global economic slowdown and tighter monetary policy threaten to sap energy consumption. The International Energy Agency earlier warned production cuts agreed by OPEC+ risked causing oil prices to spike and tipping the global economy into recession.

Economic Calendar:

  • USD : Core Retail Sales (MoM) (Sep) on 14th October, 2022
  • USD : Building Permits (Sep) on 19th October, 2022
  • INR : Trade Balance on 14th October, 2022
  • INR : WPI Inflation (YoY) (Sep) on 14th October, 2022

Q2FY23 Result Today: Shree Cement, Bajaj Auto, Tata Elxsi, Federal Bank, Oberoi Realty, Just Dial, GI Engineering Solutions, Infomedia Press, Plastiblends India

Brokerage Radar:

MS ON CYIENT: UW, TP Rs 700; Muted Services order intake, lack of broad-based revenue growth & uncertain macro environment do not provide confidence on rev growth guidance; Margins excluding one-offs good sequentially, but ask rate is steep ahead to meet co’s F23 outlook

UBS ON MINDTREE: Sell, TP Rs 2950; 2Q to boost market confidence; TCV wins remain robust; Slowing client decision cycles in certain segments may warrant caution; Notwithstanding, expect stock to react +vely in near term

JEFFERIES ON INFOSYS: Buy, TP Rs 1700; 2Q ahead of est., reve up 4% QoQ cc but margins up 140bps QoQ to 21.5%, which surprised +vely due to lower subcontracting costs; Large deal TCV at US$2.7bn healthy, & net hiring, though lower at 10k, higher than peers’

International Markets:

U.S & Europe:

Particulars 13th October Chg. Chg.(%)
Nasdaq 10649.15 232.05 2.23
Dow 30038.72 827.87 2.83
FTSE 6850.27 24.12 0.35
CAC 5879.19 60.72 1.04
DAX 12355.580 183.32 1.510
Dow Fut.* 30208.00 169.30 0.56

Asian markets

Particulars 14th  October Chg. Chg.(%)
SGX Nifty 17310.00 353.00 2.08
Nikkei 27141.18 903.76 3.44
Straits Times 3072.22 31.77 1.04
Hang Seng 16887.92 498.81 3.04
Shanghai 3062.780 46.42 1.540

ADR Watch:

Particulars 13th October  Chg. Chg.(%)
Dr. Reddy 51.72 0.60 1.17
HDFC Bank 57.65 0.78 1.37
ICICI Bank 21.28 0.41 1.96
Infosys 18.05 0.95 5.56
Tata Motor 24.310 0.64 2.700
Wipro 4.58 -0.01 -0.22

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.35 0.04
Brent 94.66 0.10
Gold 1674.15 -0.17
Silver 18.962 0.23

FIIs & DIIs:

Particulars 13th October 12th October
FIIs -1636.43 -542.36
DIIs 753.29 85.32

News Update:

Infosys: Announced a buyback programme worth Rs 9,300 crore where it will buy 5.03 crore shares at Rs 1,850 apiece, a premium of 30% over Thursday’s closing price.

National Highways Infra Trust: Looking to raise additional Rs 3,800 crore, out of which Rs 1,500 crore will be raised via non-convertible debentures.

Tata Steel Long Products: Subscribed 4.69 crore shares of its subsidiary Neelachal Ispat Nigam for Rs 300 crore, taking its shareholding to 95.81% from 95.65%. NINL will use the funds for meeting its capital and capex requirements.

HDFC Life Insurance Company: Insurance regulator Irdai approved the merger of Exide Life Insurance Company into HDFC Life Insurance Company.

Power Mech Projects: Received a letter of award worth Rs 499.41 crore from Bangalore Metro Rail Corporation.

Inox Leisures: Executed an agreement with Jazz Cinemas for transfer of its theatre business, Luxe Cinemas, on a going concern basis, by means of a slump sale.

KPI Green Energy: Received commissioning certificate from Gujarat Energy Development Agency for capacity of 6 MW solar power project for three clients—Parag Syntex, Murlidhar Texprints and Shabnam Petrofils.

Coal India: Signed an MoU with Rajasthan Vidyut Utpadan Nigam for developing a solar power project of 1,190 MW. Meanwhile, exchanges sought clarification from the company over reports related to the MoUs the company signed with other PSUs for coal gasification.

Chemcon Speciality Chemicals: Purchased land parcels worth Rs 22.2 crore in different parts of Vadodra, Gujarat for business purposes.

 Source: Moneycontrol, Bloomberg Quint, Investing  

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