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

Asian stocks were steady Tuesday after the U.S. snapped a five-day drop ahead of inflation data that could impact expectations of the likely timeline for a reduction in Federal Reserve stimulus. Japan’s Nikkei 225 Stock Average edged up and was on track for its highest close since 1990. South Korea climbed but Australia slipped. U.S. contracts fluctuated after energy firms bolstered the S&P 500 overnight. Treasury yields held a retreat and the dollar was little changed. Chinese technology shares listed in the U.S. declined for a fourth day on Beijing’s regulatory crackdown. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance rose 0.22% to 17.413.50, as of 8:05 a.m.

Major economic Data:

  • INR: WPI Inflation (YoY) (Aug) on 14th September, 2021
  • INR: Trade Balance (Aug) on 15th September, 2021.
  • USD: Core CPI (MoM) (Aug) on 14th September, 2021
  • USD: Crude Oil Inventories on 15th September, 2021.
  • USD: Core Retail Sales (MoM) (Aug) on 16th September, 2021

Brokerage Radar:

CLSA ON HDFC LIFE: Maintain outperform at the price of Rs 734 for the target price of Rs 790. Co says Exide life’s acquisition will aid in quick scale-up of individual agents. Demand for life insurance following the second wave of COVID-19 has recovered well. Term life business will take more time to return to growth. Credit life has seen a healthy recovery aided by higher attachment rates. They believe Exide life was an expensive acquisition. SBI Life is their top insurance pick.

CLSA ON RBL BANK: Maintain buy at the price of Rs 172 for the target price of Rs 235. Management sees fast credit card segment recovery. Microfinance asset quality & growth still lags. Slippages expected to remain high in FY22. Bank still needs to catch up in improving its provisioning coverage ratio. Growth is expected to remain muted in FY22. Growth is seen recovering to mid-teens level by FY23. They keep a buy rating based on undemanding valuations cut FY23/24 estimates by 4% on lower growth & higher credit costs.

International Markets:

U.S & Europe

Particulars       13th Sept    Chg Chg(%)
Nasdaq 15,105.58 -9.91 -0.07
Dow 34869.63 261.91 0.76
FTSE 7,068.43 39.23 0.56
CAC 6,676.93 13.16 0.2
DAX 15,701.42 91.61 0.59
Dow Fut.* 34,958.00 88.00 0.25

Asian markets:

Particulars    14th Sept    Chg Chg(%)
SGX Nifty 17,413.50 38.5 0.22
Nikkei 30,664.61 217.24 0.71
Straits Times 3,082.75 8.44 0.27
Hang Seng 25,690.07 -123.74 -0.48
Shanghai 3,692.11 -23.26 -0.63

ADR Watch:

Particulars     13th Sept Chg Chg(%)
Dr Reddy 67.2 1.25 1.9
HDFC Bank 75.2 -0.25 -0.33
ICICI Bank 19.31 -0.05 -0.26
Infosys 22.96 -0.03 -0.13
Tata Motor 20.44 0.15 0.74
Wipro 9.52 0.06 0.63

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR        73.85 0.24
Brent 73.71    0.27
Gold 1793.05      -0.08
Silver 23.735 -0.26

FIIs & DII

Particulars         13th Sept         9th Sept
FIIs 1419.31 423.44
DIIs -559.59 704.21

News Update:

ARSS Infrastructure Projects: State Bank of India has filed a petition under IBC alleging Rs 2,273 crore payment default and seeking initiation of Corporate Insolvency Resolution Process against the company. ARSS is seeking legal advice and will take all appropriate steps to protect its interest in the aforesaid matter, the company said.

Zee Entertainment: Manish Chokhani and Ashok Kurien have resigned from the position of non-executive non-independent directors of the company with immediate effect. Invesco Developing Markets Fund and OFI Global China Fund LLC in a letter on September 11 requisitioned EGM to remove Punit Goenka, Manish Chokhani and Ashok Kurien as directors.

Allcargo Logistics: The company has dropped plans to delist its shares after public shareholders voted against the offer to take the company private.

Redington (India): Step down subsidiary Arena Bilgisayar Sanayi Ve Ticaret A.S. Turkey concluded its binding Share Purchase Agreement to acquire 100% shares of Brightstar Telekomünikasyon Dagitim Ltd. Sti, for $35 million.

Shriram City Union Finance: To raise up to Rs 850 crore via secured NCD issue.

Wipro: The company has partnered First Horizon Bank to transform the core banking channels and servicing capabilities of VirtualBank, an established digital bank that FHN inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

DCM Shriram: The company has approved the proposal to acquire 50% stake–17.32 lakh equity shares of Rs 10 each–of Shriram Axiall, a 50:50 JV between the company and Axiall LLC (USA), from Axiall LLC.

KNR Constructions: The company received a Letter of Acceptance for Hyderabad Growth Corridor – widening of existing service roads from Nanakramguda to TSPA and Narsingi to Kollur and BT Overlay of Bitumen pavement from Gachibowli to Shamshabad of Outer Ring Road, Hyderabad. The contract is worth Rs 312.79 crore and is to be completed within a period of 15 months from the date of signing of the agreement.

Dilip Buildcon: Subsidiary Bangalore Malur Highways has received the letter of the appointed date from the National Highways Authority of India and had declared the appointed w.e.f. September 15.

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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