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

Shares in Asia fell Wednesday as investors balanced encouraging data that supported a slowdown in Federal Reserve rate hikes with Poland saying a Russian-made missile hit its territory. Commodities including oil and corn jumped as information of the explosion near the border with Ukraine filter through. Indian benchmarks gauges Sensex and Nifty closed in the green with the market breadth favouring the bears. Rise in the indices was supported by gains across sectors led by oil and gas, auto, and telecommunications stocks. Rupee reversed losses against the U.S. dollar in a volatile session, resurging on the back of better domestic economic data and a faltering greenback. At 7:10 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.55% to 18,393.

Economic Calendar:

  • USD : Retail Sales (MoM) (Oct) on 16th November, 2022
  • USD : Initial Jobless Claims on 17th November, 2022
  • INR : Bank Loan Growth on 18th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2022

Brokerage Radar:

MS ON APOLLO TYRES: OW, TP Rs 329; Reported a largely in-line F2Q23; It continues to grow ahead of market & win share in India as well as Europe; Improving margin, FCF and return ratio profile to support rerating

GS ON BIOCON: Buy, TP Rs 350; Q2 broadly below est. (from a profitability standpoint), as sales/EBITDA grew +26%/+6% yoy; Believe co on course to meet guidance of double-digit topline growth for overall biz in FY23, driven by growth across multiple segments

CLSA ON PB FINTECH: Initiate Buy, TP Rs 600; Expect an above10% Cagr in broader insurance industry over 15 yrs & see PB Fintech as a key beneficiary of growing share of online insurance distribution (over-30% Cagr); Co has a robust take rate of 15% for its insurance biz

International Markets:

U.S & Europe:

Particulars 15th November Chg. Chg.(%)
Nasdaq 11358.41 162.19 1.45
Dow 33592.92 53.22 0.17
FTSE 7369.44 -15.73 -0.21
CAC 6641.66 32.49 0.49
DAX 14378.51 65.21 0.46
Dow Fut.* 33551.20 -41.70 -0.12

Asian markets

Particulars 16th November Chg. Chg.(%)
SGX Nifty 18460.50 -34.00 -0.18
Nikkei 27955.85 -34.32 -0.12
Straits Times 3266.88 -8.40 -0.26
Hang Seng 18366.22 23.10 0.13
Shanghai 3142.42 8.34 0.27

ADR Watch:

Particulars 15th November  Chg.       Chg.(%)
Dr. Reddy 55.03 0.58 1.07
HDFC Bank 69.43 1.10 1.61
ICICI Bank 23.05 0.60 2.67
Infosys 19.76 0.21 1.07
Tata Motor 27.03 -0.07 -0.26
Wipro 4.99 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.10 -0.20
Brent 93.63 -0.13
Gold 1779.25 0.14
Silver 21.652 0.62

FIIs & DIIs:

Particulars 15th November 14th November
FIIs   -221.32 1089.41
DIIs -549.28 47.18

News Update:

Bharat Electronics: Signed an agreement with Yantra India (YIL), a defence PSU for co-operation in the areas of ammunition hardware and military grade components to jointly address the requirements of Indian defence and export markets. The company also signed deals with the US-based Profense LLC for co-operation in the manufacturing and marketing of light weapons. It entered into a pact with SVC Tech Ventures LLP for co-operation in the manufacturing and marketing of heavy duty blast doors, and with Defence PSU Hindustan Shipyard (HSL) to carry out joint development, manufacturing and product upgrades of identified products and systems.

IIFL Wealth Management: Completed acquisition of 91% equity stake in MAVM Angels Network. In July this year, the company has executed share purchase and shareholders’ agreement with MAVM Angels Network (MANPL) and its shareholders to acquire 91% stake. With this, MANPL has become a subsidiary of the company.

Bikaji Foods International: The country’s third largest ethnic snacks company will make its grand debut on the bourses on November 16. The issue price has been fixed at Rs 300 per share.

Global Health: The operator of hospitals chain Medanta will also list its equity shares on the BSE and NSE on November 16. The final issue price is Rs 336 per share.

Wipro: The company announced new retail solutions based on Microsoft Cloud and Cloud for Retail.

Bharat Electronics: The company signed separate MoUs with Hindustan Shipyard, SVC Tech Ventures, U.S.-based Profense, and Yantra India pertaining to manufacture of defence equipment.

Tata Consultancy Services: The company has been chosen as a strategic partner by flag carrier TAP Air Portugal to accelerate the latter’s digital transformation.

Mahindra & Mahindra: The company launched its first dedicated non-tractor farm machinery plant in Pithampura, Madhya Pradesh.

Reliance Power: Piramal Capital and Housing Finance Limited has withdrawn its application against the company to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code.

Source: Moneycontrol, Bloomberg Quint, Investing

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