View on market: Stay Cautious, be with quality business:
Stocks gained Thursday after the U.S. Federal Reserve raised rates by 25 basis points and signaled hikes at all six remaining meeting in 2022. Chair Jerome Powell said the U.S. economy can weather its campaign against high inflation as it is very strong and can handle monetary tightening. Equities climbed in Japan, South Korea and Australia. S&P 500 and Nasdaq 100 futures rose after a rally in Wall Street that took the U.S. market to its best two-day gain in nearly two years. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 1.66% to 17,290 points as of 6:45 am. The dollar edged up, while the yen reached a six-year low. Oil snapped a three-day drop while bitcoin rose to $41,000 amid the risk-asset rally..
Economic Calendar:
- INR: Forex Reserve on 25th March 2022.
- INR: Forex Reserve on 18th March 2022.
- USD: Home Sales MoM 18th March, 2022.
- USD: Philly Capex Index on 17th March, 2022.
Brokerage Radar:
CITI ON MPHASIS: Buy, TP Rs 3375 Investor trip – Key takeaways Relatively better placed vs peers a) large deal wins in addition to smaller tenure deals provide visibility b) margins between 14.5% to 16% despite supply side challenges Val@ 34x 1-yr fwd EPS; DXC now at 5% of revenue.
JP MORGAN ON COAL INDIA: Overweight, TP raised to Rs 265 from Rs 238 Build in conservative E-auction premiums of 50% & 40% for FY23/24, respectively, vs +100% premiums currently Increase EPS estimates by 7% See a consensus earnings upgrade cycle ahead.
MACQUARIE ON VOLTAS: Underperformer, TP Rs 1028 JV for domestic compressor manufacturing Backward integration– medium term +ve In near term, VOLT stock & earnings will benefit from improving demand occasioned by rising temperatures in India, notwithstanding margin pressure
CLSA ON L&T: Buy, TP Rs 2340 L&T’s biggest problem child, Metro Rail Hyderabad (LMRH) is set to turn with debt refinancing, a bounce in traffic following the third wave of Covid & now, a likely settlement of a large claim via soft-loans from the state government.
International Markets:
U.S & Europe:
| Particulars | 16th Mar | Chg | Chg(%) |
| Nasdaq | 13,436.55 | 487.93 | 3.77 |
| Dow | 34063.2 | 518.76 | 1.55 |
| FTSE | 7,291.68 | 115.98 | 1.62 |
| CAC | 6,588.64 | 233.64 | 3.68 |
| DAX | 14,440.74 | 523.47 | 3.76 |
| Dow Fut.* | 33990 | 75.1 | -0.23 |
Asian markets:
| Particulars | 16th Mar | Chg. | Chg(%) |
| SGX Nifty | 17,272.00 | 265 | 1.56 |
| Nikkei | 26,529.89 | 767.88 | 2.98 |
| Straits Times | 3,322.48 | 31.58 | 0.96 |
| Hang Seng | 20,993.80 | 906.3 | 4.51 |
| Shanghai | 3,222.06 | 51.35 | 1.62 |
ADR Watch:
| Particulars | 16th Mar | Chg. | Chg.(%) |
| Dr Reddy | 52.36 | 0.87 | 1.69 |
| HDFC Bank | 61.64 | 1.53 | 2.55 |
| ICICI Bank | 18.8 | 0.45 | 2.45 |
| Infosys | 25.11 | 0.92 | 3.8 |
| Tata Motor | 28.46 | 0.86 | 3.12 |
| Wipro | 7.95 | 0.28 | 3.65 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.27 | -0.45 |
| Brent | 99.33 | 1.34 |
| Gold | 1937.30 | 1.50 |
| Silver | 25.488 | 3.15 |
FIIs & DII:
| Particulars | 16th Mar | 15th Mar |
| FIIs | 311.99 | -1249.74 |
| DIIs | 772.55 | 98.25 |
News Update:
SAIL: The company declared second interim dividend of Rs 2.5 per equity share, 25% on the paid-up equity share capital of the company.
Adani Power: The company has completed the acquisition of Essar Power MP Ltd. under the Insolvency and Bankruptcy Code for a total consideration Rs 4,250 crore for the 1200 MW power plant.
Zydus Lifesciences: The company has signed a share purchase agreement to acquire up to 11.86% stake in AMP Energy Green Nine for setting up captive wind solar hybrid power project in Gujarat.
JSW Energy: The company has approved re-organisation of its renewables and thermal power businesses.
Mahindra and Mahindra: The company has agreed to increase its stake in Carnot Technologies from 15.6% to 52.69% for Rs 14 crore.
Wipro: The company has joined the governing board of Open Source Security Foundation to help address the growing threat to the software supply chain.
Reliance Capital: CEO Dhananjay Tiwari has resigned.
Oil India: The company has approved a joint venture with Assam Gas in three geographical areas offered by the Petroleum and Natural Gas Regulatory Board for city gas distribution. It also approved investment of Rs 6,555 crore by Numaligarh Refinery for a petrochemical project.
Godrej Industries: The company has made a further investment of Rs 100.16 crore in Godrej Capital, taking its stake to 87.11%.
Godrej Consumer: The company has completed divestment of its entire stake in Bhabani Blunt Hair Dressing and the right to use the brand name to manufacture and sell BBLUNT branded products.
BEML: To consider declaration of dividend on March 22.
Bajaj Finserv: The company has reappointed Sanjiv Bajaj as the managing director for five years.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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