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

Stocks in Asia recovered after Monday’s slide following an uptick in the S&P 500 closed, which closed above a key technical level. The UK’s decision to reverse more of its unfunded tax cuts also aided global market sentiment. A gauge of the Asia’s equities rose, aided by surge in technology stocks in Hong Kong. Chinese electric-vehicle maker BYD Co.’s shares added over 6% on an expected surge in third-quarter profit. On Monday, India benchmarks indices gained, as banking, utilities and power stocks helped erase intraday losses. At 8:05 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.82% to 17,457.50. Dollar declined for a second day as most major currencies clawed back some of their recent losses. Treasury yields edged lower. China’s decision to delay the publication of key economic data including third-quarter gross domestic product may inject a note of caution to trading in the region.

Economic Calendar:

  • USD : Initial Jobless Claims on 20th October, 2022
  • USD : CB Consumer Confidence (Oct) on 25th October, 2022
  • INR : M3 Money Supply on 19th October, 2022
  • INR : Federal Fiscal Deficit (Sep) on 31st October, 2022

Q2FY23 Result Today: Gujarat Fluorochemicals, Gujarat Mineral Development Corporation, Heritage Foods, HFCL, ICICI Lombard General Insurance Company, JSW Ispat Special Products, KPIT Technologies, L&T Technology Services, Mahindra CIE Automotive, Network18 Media & Investments, Newgen Software Technologies, Polycab India, Schaeffler India, Tata Communications, Tinplate Company of India

Brokerage Radar:

GS ON PVR: Buy, TP Rs 2350; Weak qtr not a sign of structural headwinds; Lower rev est. by 3%-11% to reflect earnings miss; Expect robust medium-term growth outlook at 11%/22% FY20-24E rev/EBITDA CAGR; Trades at P/E of 18x, c.40% disc. to its 2015-19 avg

UBS ON TVS MOTORS: Buy, TP raised to Rs 1385 from Rs 1100; Racing ahead in EVs to segment leadership; Expect 5 EV launches over next 12-15 mths; Premiumizing ICE to cushion margins against EV losses; Raise FY23/24/25E EV vol to 75k/180k/300k

NOMURA ON CONCOR: Buy, TP Rs 918; Reported strong 2QFY23 EXIM vol, potentially reversing trend of market share loss witnessed over multiple qtrs.; Domestic vol declined 9.3% q-q, but profitability for domestic has been weaker than EXIM; overall profitability read-across is +ve

International Markets:

U.S & Europe:

Particulars 17th October Chg. Chg.(%)
Nasdaq 10675.80 354.41 3.43
Dow 30185.82 551.00 1.86
FTSE 6920.24 61.45 0.90
CAC 6040.66 108.74 1.83
DAX 12649.030 211.22 1.700
Dow Fut.* 30363.80 178.00 0.59

Asian markets

Particulars 18th  October Chg. Chg.(%)
SGX Nifty 17455.50 140.50 0.81
Nikkei 26985.66 209.87 0.78
Straits Times 3012.96 -2.79 -0.09
Hang Seng 16590.27 -22.63 -0.14
Shanghai 3082.110 -2.83 -0.090

ADR Watch:

Particulars 17th October  Chg.   Chg.(%)
Dr. Reddy 52.79 1.05 2.03
HDFC Bank 59.94 1.97 3.40
ICICI Bank 21.81 0.82 3.91
Infosys 18.16 0.35 1.97
Tata Motor 24.210 0.72 3.070
Wipro 4.63 0.19 4.28

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.35 0.00
Brent 91.59 -0.03
Gold 1655.25 -0.53
Silver 18.598 -0.65

FIIs & DIIs:

Particulars 17th October 14th October
FIIs                           -372.03 -1011.23
DIIs 1582.24 1624.13

News Update:

Shriram Transport Finance: Opened the offer to buy back senior notes maturing in 2023 worth up to $500 million (Rs 4,106.28 crore), issued under its global medium-term note programme.

Ashiana Housing: Acquired a piece of additional land admeasuring 2.26 acres on perpetual basis from Mahindra Lifespaces within the township of Mahindra World City at Chennai, taking the total land acquired by the company in the city to 17.90 acres.

SJVN: SJVN Green Energy Ltd., wholly owned subsidiary of the company, signed an MoU with Assam Power Distribution Company Ltd. for developing 1,000 MW floating solar power projects in Assam by incorporating a joint venture company.

Adani Transmission: Provisional operational update Q2 (YoY)Electricity units sold increased 13% to 2,233 million units on back of uptick in energy demand, supply reliability of more than 99.9, distribution loss bridged to 6%, operated transmission lines upwards of 99.76%

Aster DM Healthcare: Aster Pharmacies Group LLC, a material subsidiary of the company, entered into a joint venture agreement with Abdulmohsen Al Hokair Holding Group to establish, manage and operate pharmacy chain across the Kingdom of Saudi Arabia.

KSB: Bagged an approval for sale of intellectual property rights/drawings of Bharat Pumps and Compressors Ltd., Naini, Prayagraj.

 Source: Moneycontrol, Bloomberg Quint, Investing  

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