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

Asian stocks followed Wall Street lower Monday as the Federal Reserve’s resolve to keep raising rates and a wave of Covid in Beijing damped sentiment for riskier assets.  Shares dropped in Japan, South Korea and Australia. Equity futures pointed to a slight decline in Hong Kong and US contracts were marginally higher. The U.S. markets are witnessing a selloff after the hawkish commentary by the Fed even as it slowed the pace of rate hikes amid signs of easing U.S. inflation. The European Central Bank and Bank of England also maintained a similar stance while increasing rates last week. The S&P 500 fell 1.1% on Friday, while the Nasdaq 100 declined 0.9%. The Indian benchmarks, however, fell for the second straight week and closed lower on Friday. The Sensex ended 461 points, or 0.75%, lower, at 61,337.81, while the Nifty 50 was down 146 points, or 0.79%, at 18,266. Meanwhile, foreign portfolio investors have continued to buy domestic equities in December. Having invested more than Rs 36,200 crore in November, they have net injected Rs 10,555 crore into Indian stocks so far this month. At 7:27 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — was up at 0.30% to 18,372.5.

Economic Calendar:

  • USD : Building Permits (Nov) on 20th December, 2022
  • USD : GDP (QoQ) (Q3) on 22nd December, 2022
  • INR : Federal Fiscal Deficit (Nov) on 30th December, 2022
  • INR : Foreign Debt (USD) (Q3) on 30th December, 2022

Brokerage Radar:

SMIF ON PCBL: Initiate Buy, TP Rs 183; A carbon black giant, set to grow at a fast clip!; Expansion to lead visibility in vol growth for next 2-3 yrs; Trades @ 9.3x FY25E P/E; Increase in value added segment would likely improve EBITDA spreads

EQUIRUS ON SAFARI IND: Initiate long, TP Rs 2072; 3rd largest player with 20% market share; Has successfully scaled up operations & transitioned itself to a value-for-money brand; Likely post Sales/EBITDA/Recurring PAT CAGR of 29%/56%/59% over FY22-FY25E

JEFFERIES ON L&T: Buy, TP Rs 2455; Sold 100% stake in L&T IDPL, gor Rs60 bn EV; Rs27.2 bn is gross equity receipts with L&T’s 51% share implying Rs13.9 bn (Rs10/sh) receipt; Over next 12-36 mths, believe Nabha Power & Hyderabad Metro incremental ones being targeted

International Markets:

U.S & Europe

Particulars 16th December Chg. Chg.(%)
Nasdaq 10705.41 -105.12 -0.97
Dow 32920.46 -281.76 -0.85
FTSE 7332.12 -94.05 -1.27
CAC 6452.63 -70.14 -1.08
DAX 13893.07 -93.16 -0.67
Dow Fut.* 32947.00 26.50 0.08

Asian markets

Particulars 19th December Chg. Chg.(%)
SGX Nifty 18355.50 37.50 0.20
Nikkei 27221.29 -305.83 -1.11
Straits Times 3264.89 24.08 0.74
Hang Seng 19329.83 -120.84 -0.62
Shanghai 3132.22 -35.64 -1.13

ADR Watch

Particulars 16th December  Chg.       Chg.(%)
Dr. Reddy 52.69 -0.83 -1.55
HDFC Bank 68.90 0.61 0.89
ICICI Bank 21.89 0.08 0.37
Infosys 17.73 -0.44 -2.42
Tata Motor 24.76 0.30 1.23
Wipro 4.58 -0.06 -1.29

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.87 0.13
Brent 80.17 1.43
Gold 1805.25 0.28
Silver 23.468 0.60

FIIs & DIIs:

Particulars 16th December 15th December
FIIs                           -1975.44 -710.74
DIIs 1542.50 260.92

News Update:

Yes Bank: The private lender has concluded assignment of Rs 48,000 crore worth of stressed assets to JC Flowers Asset Reconstruction Co.

Sun Pharmaceuticals: Received warning letter from USFDA for the Halol facility, which is under import alert by the regulator, summarising violations with respect to Current Good Manufacturing Practice regulations.

GMR Airports Infrastructure: GMR Airports International BV, a stepdown subsidiary of the company, y received Rs 1,389.90 crore against the sale of shares in GMR Megawide Cebu Airport Corporation and the issuance of exchangeable notes to Aboitiz InfraCapital Inc.

Shilpa Medicare: Launched Capecitabine 1000 MG dispersible tablet with faster dispersion technology.

Tata Motors: The company’s stock will be included in the S&P BSE Sensex Index from today. Dr Reddy’s will be dropped from the index. Also, Bengaluru Metropolitan Transport Corporation signed a definitive agreement with the Tata Motors’ subsidiary TML Smart City Mobility Solutions for operating 921 electric buses in Bengaluru.

The Phoenix Mills: Completed acquisition of a 7.2-acre land

Dilip Buildcon: The company received an new order worth Rs 1,647 crore for four-laning of Karimnagar Warangal Section of NH-563 in Telangana. The company also received an order worth Rs 1,955 crore for construction of four lane Urga-Pathalgaon section of NH-130A under Bharatmala Pariyojana’ in Chhattisgarh. It received another order worth Rs 1,589 crore for development of six-lane Maradgi S Andola to Baswantpur (Package -III of Akkalkot-KNT/TS Border) in the state of Karnataka.

Tech Mahindra: The company will sell 100% stake in subsidiary Dynacommerce Holdings to step down subsidiary Comviva Netherlands BV for €6.6 million.

Source: Moneycontrol, Bloomberg Quint, Investing

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