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

Asian stocks and US equity futures rose amid a dip in the dollar after bets on aggressive Federal Reserve interest-rate hikes cooled. Shares climbed Monday in Australia and South Korea following a Wall Street rally Friday led by banks on earnings optimism. Japan is shut for a holiday. China opens later against the backdrop of rising Covid cases, hobbling lockdowns and deepening property-sector woes. Central bank Governor Yi Gang said the monetary authority will step up implementation of prudent monetary policy. Another report flagged possible help for the real-estate industry.
The dollar slipped, with a gauge of the greenback’s strength down from a record high. Oil fell as the market digests slowing demand and whether supply will be increased after President Joe Biden’s visit to Saudi Arabia.

Economic Calendar:

  • INR: Federal Fiscal Deficit(June) 29th July, 2022
  • INR: Infrastructure Output(June) 29th July, 2022
  • USD: NAHB Housing Market Index 18th July, 2022
  • USD: Building Permits19th July, 2022

Q1FY23 Result Today: Maharashtra Bank, IndusInd Bank, Heidelberg, NELCO

Q1FY23 Result

HDFC Bank Q1 FY23 (Standalone, YoY) reported 19% year-on-year growth in standalone profit at Rs 9,196 crore for the quarter ended June 2022 led by a fall in provisions for bad loans, with net interest income rising 14% YoY to Rs 19,481.4 crore driven by loan growth of 22.5% and a 19.2% rise in deposits. Pre-provision operating profit increased 14.7% YoY to Rs 15,367.8 crore during the quarter.

Bharat Electronics Q1 FY23 (Consolidated, YoY) posted a 14% year-on-year growth in consolidated profit at Rs 366.33 crore for the quarter ended June 2022, driven by strong operating income. The base was low in the year-ago quarter due to the second Covid wave. Revenue in Q1 grew 90.5% to Rs 3,140.6 crore from the corresponding period last fiscal.

ICICI Prudential  Q1 FY23 (Standalone, YoY) recorded a standalone profit of Rs 155.7 crore in the quarter ended June against loss of Rs 185.73 crore in the same period last year. Net premium income grew 4.3% to Rs 6,884.2 crore from the same period last year.

Brokerage Radar:

MS ON BEL: OW, TP Rs 260 Q1: Large beat led by revenue EBITDA margins were 16.5% (MSe: 11.5%) 3-yr rev CAGR healthy at 14% Employee exp. flat qoq, while other expenses were -100bp qoq (% of sales) Post Q1 there are likely to be upside risks to F23e

JEFFERIES ON ICICI PRUDENTIAL: Buy, TP cut to Rs 700 VNB of Rs4.7bn surpassed expectation on back of expansion in VNB margins to 31% (vs. 29.4% last year). APE growth of 25% was on a tad lower base led by non-par savings & group protection

CITI ON FEDERAL BANK: Buy, TP Rs 123 1Q: Healthy Growth & NIM; Slight Rise in Slippages Retail slippages were >2x qoq, in large part due to restructured loans About 3% of restructured loans slipped & BK has made enough provisions to absorb 20% slippages

International Markets:

U.S & Europe:

Particulars 16th July Chg. Chg.(%)
Nasdaq 11,452.42 201.23 1.79
Dow 31,288.26 658.09 2.15
FTSE 7,159.01 119.20 1.69
CAC 6,036.00 120.59 2.04
DAX 12,864.72 345.06 2.76
Dow Fut.* 31,341.2 52.9 0.17

Asian markets:

Particulars 18th July Chg. Chg.(%)
SGX Nifty 16,196.50 156.50 0.98
Nikkei 26,788.47 145.08 0.54
Straits Times 3,114.59  15.44 0.50
Hang Seng 20,563.88  266.16 1.31
Shanghai 3,261.20  33.14 1.03

ADR Watch:

Particulars 16th July Chg. Chg.(%)
Dr. Reddy 55.84 0.57 1.03
HDFC Bank 58.00 0.98 1.72
ICICI Bank 19.00 0.11 0.58
Infosys 18.17 0.27 1.51
Tata Motor 27.82 0.90 3.34
Wipro 5.05 0.04 0.80

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.88 0.00
Brent 101.82  0.65
Gold 1712.45 0.52
Silver 18.738 0.77

FIIs & DII:

Particulars 15th July 14th July
FIIs -1649.36  309.06
DIIs 1059.46 -556.40

News Update:

Yes Bank: RBI okays Prashant Kumar as interim MD & CEO of Yes Bank for 3 months. The Reserve Bank of India has approved the appointment of Prashant Kumar as the Interim MD & CEO of Yes Bank for a period of 3 months.

KNR Constructions: KNR Constructions bags road construction project in Telangana. The company has received a Letter of Acceptance for construction of a four lane road from IDA Pashamailaram Industrial Park to ORR in Sangareddy district, Telangana. The order is worth Rs 34.26 crore. The construction period for the project is 18 months.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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