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

Most Asian stocks fell on Wednesday amid growth concerns while Treasuries retained gains in the wake of inflation data that signaled flexibility for the Federal Reserve over when to start tapering stimulus. Shares retreated in Japan and Australia, but edged higher in South Korea. U.S. futures rose. The S&P 500 and Nasdaq 100 declined overnight. The 10-year Treasury yield remained below 1.3%, narrowing the yield gap between short- and longer-maturity U.S. debts. Bonds in Australia and New Zealand also advanced. The dollar was steady. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance rose 0.13% to 17,414, as of 8:10 a.m. U.S. inflation was less than forecast in August, supporting the view that pandemic-related price pressures could be transitory but leaving the overall argument undecided. A gauge of commodity prices remains around a decade-high, underscoring the rise in costs filtering across the global economy.

Major Economic Data:

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

Brokerage Radar:

CLSA ON HINDALCO: Maintain BUY at the price of Rs 477.95 for the target price of Rs 570. Management indicates sustained strength in Novelis & Ali prices. Co expects aluminum prices to settle above past averages. It is working towards ensuring coal supplies for H2. Impact of semiconductor shortage is unlikely to worsen any further. They raise estimates on higher LME. Well placed with strong aluminum prices & robust scrap spreads.

JEFFERIES ON L&T: Maintain BUY at the price of Rs 1696.45 for the target price of Rs 2105. See more capex intensive India over the next 3-5 years; Co focusing on new technologies to raise the share of its green portfolio exposure. Order flow bunching up & strategic plan are triggers in next 3-6 months.

International Markets:

U.S & Europe

Particulars       14th Sept    Chg Chg(%)
Nasdaq 15,037.76 -67.82 -0.45
Dow 34,577.57 292.06 -0.84
FTSE 7,034.06 -34.37 -0.49
CAC 6,652.97 -23.96 -0.36
DAX 15,722.99 21.57 0.14
Dow Fut.* 34,618.00 35.00 0.10

Asian markets:

Particulars    15th Sept    Chg Chg(%)
SGX Nifty 17,414.00 23.00 0.13
Nikkei 30,476.92 -193.18 -0.63
Straits Times 3,056.15 -24.22 -0.79
Hang Seng 25,177.44 -324.79 -1.27
Shanghai 3,648.62 -13.98 -0.38

ADR Watch:

Particulars     14th Sept Chg Chg(%)
Dr Reddy 66.87 -0.33 -0.49
HDFC Bank 74.09 -1.11 -1.48
ICICI Bank 19.19 -0.12 -0.62
Infosys 23.01 0.05 0.22
Tata Motor 20.55 0.11 0.54
Wipro 9.55 0.03 0.32

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR        73.79 -0.08
Brent 73.91   0.42
Gold 1804.95      -0.12
Silver 23.823 -0.26


Particulars         14th Sept         13th Sept
FIIs 1649.60 1419.31
DIIs -310.31 -559.59

News Update:

Shree Cement: To set up integrated cement plant in Nawalgarh Tehsil of Rajasthan with clinker capacity of 3.8 Million Ton Per Annum and cement capacity of up to 3.5 MTPA. The plant will cost company Rs 3,500 crore. The proposed capacity will be added by quarter ended March 2024. The company will also set up solar power plants with capacity up to 106 MWp. The plants will be set to meet the captive power requirement of cement plants. Investment required for power plants estimated at Rs 500 crore. The proposed capacity to be set by quarter ending September 2022. Further, the company’s wholly owned subsidiary, Shree Cement East Pvt Ltd, will set up a clinker grinding unit with capacity of 3 MTPA in Purulia district of West Bengal. The unit will cost company Rs 750 crore.

LIC Housing Finance: Promoter Life Insurance Corporation of India’s stake in the company increased to 45.239% from 40.313% post preferential allotment.

Power Finance Corporation: UBS Group AG increased stake in the company to 5.67% from 3.4% earlier, through the rights issue.

Jindal Steel & Power: CRISIL Ratings has upgraded the rating of the Long-Term Bank Facilities of the company to A+/positive from A-/stable. The rating agency also upgraded Short-Term Bank Facilities’ rating to A1+ from A2+.

Gail (India): The company is in process of accepting Letter of Intent and signing a Sale and Purchase Agreement with IL&FS to acquire 26% equity stake of IL&FS group in ONGC Tripura Power Company. After acceptance of LOI by GAIL and signing of SPA, IL&FS will send the proposal to NCLT. The transaction will be completed after NCLT approval.

Tata Steel: Moody’s Investors Service has upgraded the corporate family rating of Tata Steel to ‘Ba1’ from ‘Ba2’. The rating outlook remains stable.

Zee Entertainment Enterprises: Rakesh Jhunjhunwala’s Rare Enterprises bought 50 lakh shares of the media company at Rs 220.4 per share through a bulk deal on the NSE. Separately, BofA Securities also reportedly bought 48.6 lakh shares of the company at Rs 236 per share. The media company’s stock has skyrocketed 40 percent after top investors of the company called a shareholder meeting for a management reshuffle

Rana Sugars: The company has divested 10 percent equity investment in Karimganj Biofuels by the way of transfer of its shares

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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