Market View 15th September 2022

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

U.S. stocks rebounded following the worst sell off since 2020 after a hotter than expected inflation data and treasuries were mixed. The S&P 500 saw modest gains after falling over 4% the previous day. The Producer Price Index fell for a second month in August. Elsewhere, oil rose on prospects of easing lockdown in Chinese city of Chengdu. Gold fell and Bitcoin remained near $20,000. Meanwhile, India’s stock benchmarks declined, but pared most of the losses, as gains in metals, banking, basic materials almost offset decline in information technology, realty, oil & gas, after sharp slide in Wall Street overnight as inflation reading spooked markets. The local currency fell the most in more than a month against the U.S. dollar, tracking a stronger greenback and high Treasury yields.

Economic Calendar:

• USD : Core Retail Sales (MoM) (Aug) on 15th September, 2022
• USD : Initial Jobless Claims on 15th September, 2022
• INR : Thomson Reuters IPSOS PCSI (MoM) (Sep) on 16th September, 2022
• INR : FX Reserves, USD on 16th September, 2022

Who’s Meeting Whom:

Persistent Systems: To meet investors and analysts on Sept. 15.

One 97 Communications: To meet investors and analysts on Sept. 15, 19, 20, 21, and 22. 

ICICI Bank: To meet investors and analysts on Sept. 15.

Brokerage Radar:

MS ON AXIS Bank: OW, TP Rs.1000; higher rates with favorable loan mix shift to drive higher margins; loan growth visibility continues to improve; asset quality remains benign; progress on Citi acquisition on expected lines

CLSA ON ICICI BANK: BUY, TP Raised to Rs.1150; Near-term outlook strong with margins likely to inch up with rising rates, pick-up in growth across biz & very benign credit cycle; Expect core ROE of 17% & consistent 17%-18% core PPOP growth over FY22- 25CL

CITI ON ADANI PORTS: BUY, TP Raised to Rs. 1,105; Strong operating performance to drive rerating; With 25%+ market share, significant customer lock-in, & almost no prvt competition, co well placed to grow; Capex guidance underlines confidence in growth

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Tamilnad Mercantile Bank: The bank will debut on the bourses on September 15. The final issue price has been fixed at Rs 525 per share.

GR Infraprojects: The company’s shareholders are offering upto 6.8% stake via offer for sale. Base offer consists of 57.04 lakh shares representing 5.9% stake and Greenshoe option of 8.7 lakh shares. Floor price is Rs 1,260 apiece, a discount of 9.3% on Wednesday’s closing price. OFS will open on Sept. 15 for non-retail investors and Sept. 16 for retail investors.

HFCL: Received advance purchase order of Rs 341.26 crore from Bharat Sanchar Nigam Ltd. and of Rs.106.55 crore from RailTel Corporation of India Ltd.

Glaxosmithkline Pharmaceuticals: Life Insurance Corporation of India has offloaded 34.63 lakh equity shares or 2.04 percent stake in the company via open market transactions. With this, LIC’s shareholding in the company reduced to 4.35 percent, down from 6.4 percent earlier.

KPI Green: Received order for executing Wind-Solar Hybrid Power Project of 4.2MW capacity from Nouveau Jewellery, Surat.

Tata Steel: Approved raising of funds of Rs 2,000 crore through non-convertible debentures.

Balaji Amines: Completed first phase of 90-acre Greenfield Project and the di-methyl carbonate, propylene carbonate, and propylene glycol plant will be ready to commence commercial production by the end of September 2022. It also started construction in Phase 2 of Greenfield Project for Methyl Amine and Methyl Amine plants.

 Source: Moneyontrol, Livemint,, Bloomberg, Investing

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