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

Fears of an impending recession, stoked by tighter monetary policy to rein in inflation, sank stocks around the world. The benchmark indices in Japan and Australia fell 2% each while South Korea’s lost 1%. US futures were steady after the S&P 500 closed at its lowest in 18 months. As of 6:45 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was 0.19% higher at 15,340 points. The US dollar rose after the worst two-day drop since 2020. Elsewhere, Bitcoin fell toward the $20,000 level. Oil was volatile due to tight supplies. Gold pared a rally.

Economic Calendar:

  • INR: FX Reserve USD on 17th June 2022.
  • INR: Bank Loan Growth on 17th June 2022.
  • USD: Existing Home sale 21st June, 2022.
  • USD: Chicago Fed National Activity 21st June, 2022.

Brokerage Radar:

CLSA ON NIPPON AMC: Buy, TP cut to Rs 400 from Rs 460 Undemanding val at 22x FY24CL PE & 4.5-5% dividend yields Healthy inflows supported by SIPs & formalisation of economy Market share stabilising Stock pricing in 30% fall in Sensex during FY23.

CLSA ON HINDALCO: Buy. TP Rs 580 At 0.8x FY24 P/B, risk-reward attractive Aluminium to be in deficit, but China supply a risk Novelis: Confident of $500/T+ profitability Of Rs250bn growth capex for India, about Rs70bn is committed, & rest is under appraisal.

CLSA ON DALMIA: Buy, TP Rs 1800 @FY24 EV/T of $80, risk-reward attractive Demand outlook: medium-term +ve, but utilisation unlikely to rise Industry consolidation to rise further Co believes full impact of cost inflation will be reflected in 2QFY23

MACQUARIE ON BHARTI AIRTEL: O-P, TP Rs 845, Marquee buy idea DOT issued 5G auction doc; lot of spectrum available – expensive, but with more flexibility on payments Expect Cos to focus on 8 & 3.3GHz spectrum Catalyst: ARPU/EBITDA/EBIT/cashflow growth & deleveraging.

UBS ON JUBILANT FOODWORKS: Neutral, TP cut to Rs 600 Stk could continue to remain under pressure given: 1)change in management 2)high inflation in key raw materials 3)increasing concerns of slowdown in discretionary consumption Cut Est by 10.3%/9.8% for FY23E/FY24E.

CREDIT SUISSE ON GUJARAT GAS: U-P, TP Rs 380 Margin expectations still high & more downside likely Stock corrected 17% FYTD, but is still pricing in 10% vol CAGR for 10 yrs & margin expansion Margins should moderate in 2H FY23 as Morbi vols return & CNG input cost increases

International Markets:

U.S & Europe:

Particulars 16th June Chg Chg(%)
Nasdaq 10,646.10 -453.06 -4.08
Dow 29927.07 -741.46 -2.42
FTSE 7,044.98 -228.43 -3.14
CAC 5,886.24 -143.89 -2.39
DAX 13,038.49 -446.8 -3.31
Dow Fut.* 30057.10 114.1  0.38

Asian markets:

Particulars 17th June Chg. Chg(%)
SGX Nifty 15,339.00 29.5 0.19
Nikkei 25,858.50 -572.7 -2.17
Straits Times 3,098.26 0.83 0.03
Hang Seng 21,017.40 171.97 0.82
Shanghai 3,291.93 6.55 0.2

ADR Watch:


Particulars 16th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
ICICI Bank 17.11 -0.65 -3.66
Infosys 17.67 -0.62 -3.39
Tata Motor 24.78 -2.03 -7.57
Wipro 5.32 -0.3 -5.34

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.07  0.01
Brent 119.28 -0.39
Gold 1847.10 -0.10
Silver 21.83 -0.26



Particulars 16th June                           15th June
FIIs -3257.65                         -3531.15                       
DIIs  1929.14  2588.00

News Update

RITES: Secured an order for operations and maintenance of shunting locomotives from Container Corporation of India. The order is worth Rs 364.56 crore.

Wipro: Eros Investments has signed an alliance agreement with Wipro to evolve and scale AI/ML-based content localisation solution.
Grasim: The Aditya Birla Group company has appointed Pavan Jain as the chief financial officer, replacing Ashish Adukia. The appointment comes into effect on Aug. 15.

LIC/Dr Reddy’s: India’s biggest insurer has increased its stake from 3.644% to 5.646% in the Hyderabad-based drugmaker.
Vakrangee: The company has entered into a seller agreement with Decathlon Sports India to provide sports equipment’s and products in remote areas of the country.

Ansal Housing/HDFC: India’s largest mortgage lender has invoked pledge on 50 lakh shares, equivalent to 8.42% of paid-up share capital, of Ansal Housing for recovery of some dues against loans availed.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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