Market View 17th August 2022

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

Stocks advanced in Asia after strong earnings from U.S. retailers aid uptick in Wall Street. Japanese benchmark jumped about 1%. S&P 500 and Nasdaq 100 futures were volatile after US equities swung to gains on Tuesday, aided by Walmart Inc. and Home Depot Inc. At 6:32 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 0.12% higher at 17,877.5 points. Oil stabilized but hovered around six-month low, while bitcoin and gold saw fluctuations.

Economic Calendar:

• USD : Core Retail Sales (MoM) (Jul) 17^th Aug, 2022
• USD : Crude Oil Inventories 17^th Aug, 2022
• INR : FX Reserves, USD 19^th Aug, 2022
• INR : GDP Quarterly (YoY) (Q1) 31^st Aug, 2022

Q1FY23 Result Today: KBC Global, Lime Chemicals, Newtime Infrastructure

Q1FY23 Result:

Apollo Tyres Q1 FY23 (Consolidated, YoY) clocked a 49% year-on-year growth in consolidated profit at Rs 190.7 crore for the quarter ended June FY23 on low base. Strong operating income and top line lifted bottomline. Revenue grew by 30% to Rs 5,942 crore compared to year-ago period.

Dhani Services Q1 FY23 (Consolidated, YoY) posted a consolidated loss of Rs 103.91 crore for the quarter ended June FY23, which narrowing from loss Rs 192.4 crore in corresponding period last fiscal, supported largely by a sharp decline in impairment on financial assets, fall in employee expenses, and increase in other income, but impacted by lower revenue from operations that declined 19% YoY to Rs 246.4 crore during the quarter.

Sun TV Network Q1 FY23 (Consolidated, YoY) reported a 35.3% year-on-year growth in consolidated profit at Rs 494 crore for the quarter ended June FY23 driven by operating income and top line growth. Revenue from operations grew by 49% to Rs 1,219 crore compared to year-ago period.

Muthoot Finance Q1 FY23 (Standalone, YoY) reported a 17.4% year-on-year decline in standalone profit at Rs 802 crore for the quarter ended June FY23 impacted by lower total income, but supported by lower tax cost and writeback of impairment on financial instruments. Total income declined 7.6% to Rs 2,509.27 crore compared to year-ago period.

Brokerage Radar:

MS ON SOBHA: Maintain OW, TP Rs 1,024; Reduced FY23-FY24 EPS estimates by 8% each; Reduced NAV Est. by 6% which reflects MTM Project level price & cost changes; Like it for steadily improving balanced sheet & reasonable relative valuation; Higher new launches could increase the pace of presales

INVESTEC ON RAILTEL: Maintain Hold, TP Rs 110; Co has disappointed on growth & margin since its listing; Higher ROCE projects biz expected to drive growth, has underperformed; Telecom biz performed relatively better with 18% YoY growth in FY22; Cut FY23/FY24 EPS estimates by 46.7%/25.6%

BOFA ON M&M: Maintains Buy, TP 1450, Five e-SUVs under two brands, Volkswagen alliance; Positive EPS revision and catalysts around its EV launch; Believe there is still more steam left

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Bajaj Hindustan Sugar: State Bank of India has initiated Insolvency Resolution Process of the company before the National Company Law Tribunal, Allahabad Bench.

Indico: The company will acquire 26% stake in Jalansar Wind Energy Pvt., for setting up Solar Power Plant at Akkalkot, Solapur District, Maharashtra.

Techno Electric & Engineering: The company has received orders worth Rs 1,455 crore from Rajasthan Rajya Vidyut Utpadan Nigam.

Adani Transmission: has crossed the Rs 4-trillion mark in market capitalisation for the first time and became the second Adani Group and 15th Indian listed firm to hit this milestone. The other Adani Group firms will be in focus too after this achievement.

Indoco Remedies: said it will buy 26 percent stake in Kankal Wind for Rs 86.40 lakh. Cipla: appointed Ashish Adukia as global chief financial officer and Dinesh Jain was relieved from the additional responsibility of interim CFO.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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