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

Most Asian stocks advanced as investors weighed the economic recovery from the pandemic. Shares climbed in Japan and Australia but wavered in South Korea. Nasdaq 100 and S&P 500 futures were broadly steady. U.S. markets will reopen later following a holiday. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 18,328 as of 8:30 a.m The yen pared a drop ahead of the Bank of Japan rate decision. The monetary authority is expected to sit tight on accommodative policy while bumping up its inflation projection. Elsewhere, oil climbed as geopolitical tensions stirred in the Middle East. In cryptocurrencies, Bitcoin fell back to around $42,000 and is down about 10% so far in 2022.

Economic Calendar:

  • INR: Bank Loan Growth on 21st January, 2022.
  • INR: Bank Deposit Growth on 21st January 2022.
  • USD: Housing Permits on 19th January, 2022.
  • USD: Building Permits on 19th January, 2022.

Earnings: Bajaj Finance, Just Dial, Trident, ICICI Prudential Life Insurance Company, Tata Elxsi, ICICI Securities

Results:

HFCL : The company reported lower consolidated profit at Rs 81.1 crore in Q3FY22 against Rs 85.1 crore in Q3FY21. Meanwhile, revenue fell to Rs 1,215.2 crore from Rs 1,277.4 crore YoY.

Tatva Chintan Pharma Chem : The company reported higher profit at Rs 22.8 crore in Q3FY22 against Rs 20.87 crore in Q3FY21. And revenue jumped to Rs 104.67 crore from Rs 80.1 crore YoY.

Vikas Ecotech : The company reported a higher profit at Rs 3.42 crore in Q3FY22 against Rs 0.01 crore in Q3FY21, and revenue jumped to Rs 75.26 crore from Rs 28.39 crore YoY.

Angel One : The company reported sharply higher profit at Rs 164.54 crore in Q3FY22 against Rs 73.16 crore in Q3FY21, while revenue surged to Rs 597.3 crore from Rs 306.79 crore YoY.

Brokerage Radar:

JP MORGAN ON TECH MAHINDRA: Overweight, Target Price Rs 2000 Larger-than-usual acquisition in promising growth areas Acquisition will add 1% to FY23 rev & will be margin & EPS accretive Believe this is a bold step Higher likelihood of success given target co caters to fast-growing digital engineering space.

CLSA ON MARUTI SUZUKI: Maintain Sell, TP Rs 6420 Safety Norms In Cars To Be Tightened Six Airbags Likely To Become Mandatory In Cars Increase of airbags will take cost of vehicles higher by Rs 16000 70% Of domestic vol is from Hatchbacks & Entry Level Sedans.

MORGAN STANLEY ON CHOLA FINANCE: Overweight, Target Price Rs 710 Co proposed another strategic investment in a fintech payment solutions co, in line with its long-term aspiration of moving to ecosystem model Payswiff being a co forming part of digital & tech ecosystem in SME segment is expected to add value.

CREDIT SUISSE ON ULTRATECH CEMENT: Outperform, Target Price Rs 9250 Revise earnings by -20%/-9%/-6% for FY22/23/24E on cost impact Reiterate O-P on 1)strong underlying sector dynamics 2)cheaper val relative to market 3)weaker view on commodities 4) pro-cyclicality in earnings.

JP MORGAN ON ULTRATECH CEMENT: Neutral, Target Price of Rs 6890 Weak 3Q with consol EBITDA/t declining sharply (-20% y/y to Rs1046/t) driven by sharply higher energy costs Vol fell 3% y/y given very weak Nov Vol have normalized, & should support price hikes in seasonally strong 4Q.

International Markets:

U.S & Europe

Particulars 17th Jan Chg Chg(%)
Nasdaq 14,893.75 86.94 0.59
Dow 35911.81 -201.81 -0.56
FTSE 7,611.23 68.28 0.91
CAC 7,201.64 58.64 0.82
DAX 15,933.72 50.48 0.32
Dow Fut.* 35976.5 23.0 0.06

Asian markets:

Particulars 17th Jan Chg. Chg(%)
SGX Nifty 18,328.50 -21.5 -0.12
Nikkei 28,574.15 240.63 0.85
Straits Times 3,295.65 7.7 0.23
Hang Seng 24,333.72 115.69 0.48
Shanghai 3,563.66 21.99 0.62

ADR Watch:

Particulars 17th Jan Chg. Chg.(%)
Dr Reddy 62.64 0 0
HDFC Bank 71.73 0 0
ICICI Bank 22.11 0 0
Infosys 26.2 0 0
Tata Motor 34.5 0 0
Wipro 8.58 0 0

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 73.88 -0.04
Brent 87.52 1.20
Gold 1821.95 0.30
Silver 23.102 0.80

FIIs & DII

Particulars 17th Jan 14th Jan
FIIs -855.47 -1598.20
DIIs -115.31    371.41   

News Update:

Tech Mahindra : The company’s board of directors has approved acquisition of Com Tech Co IT for 310 million euros and 25 percent stake each in SWFT Technologies, and Surance.

Cholamandalam Investment and Finance Company : The company is proposing to make a strategic investment in the equity shares of Payswiff Technologies up to a sum not exceeding Rs 450 crore in one or more tranches. The total investment will result in the company holding up to 72.12 percent of the equity capital of Payswiff on a fully diluted basis and Payswiff consequently will become a subsidiary of the company.

Dilip Buildcon : The four employees who were taken into custody by investigating agency have been released and nobody from the company is in custody of investigating agency as of now. The project ‘four-laning of Yavatmal to Wardha (Package-III) section of NH-361 under NHDP Phase -IV on Hybrid Annuity mode in Maharashtra’ has been completed.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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