Weekly-Market-View-Elite-Wealth

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

Asian markets slipped on Wednesday after a surge in Treasury yields as the prospect of Federal Reserve monetary tightening weighs on markets. Shares fell in Japan, Australia and South Korea. U.S. futures were volatile after the S&P 500 suffered a broad drop and the tech-heavy Nasdaq 100 sank 2.6%.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 18,127.50 as of 7:20 a.m. Oil extended a rally while bitcoin hovered around $42,400.

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 Auto, CEAT, JSW Energy, Larsen & Toubro Infotech, NELCO, Rallis, Sterlite Technologies, Tata Communications

Results:

ICICI Prudential Life Insurance Company : The company reported higher profit at Rs 310.62 crore in Q3FY22 against Rs 305.55 crore in Q3FY21 while net premium income rose to Rs 9,073.97 crore from Rs 8,970.84 crore YoY.

Bajaj Finance : Profit after tax for Q3FY22 increased by 85 percent to Rs 2,125 crore from Rs 1,146 crore in Q3FY21. Net interest income increased by 40 percent to Rs 6,000 crore as against Rs 4,296 crore YoY.

Alok Industries : The company reported consolidated loss at Rs 0.09 crore in Q3FY22 against loss of Rs 35.12 crore in Q3FY21. Its revenue jumped to Rs 2,129.60 crore from Rs 1,201.80 crore YoY. (Image: Reuters/Representative)

L&T Technology Services : The company reported sharply higher consolidated profit at Rs 249.6 crore in Q3FY22 against Rs 186.9 crore in Q3FY21. Revenue jumped to Rs 1,687.5 crore from Rs 1,400.7 crore YoY. The company bagged a $45 million Electric Vehicle deal from US Auto Tier 1.

DCM Shriram : The company reported higher consolidated profit at Rs 349.79 crore in Q3FY22 against Rs 253.45 crore in Q3FY21. Revenue rose to Rs 2,790.78 crore from Rs 2,158.74 crore YoY.

Tata Elxsi : The company reported higher profit at Rs 150.95 crore in Q3FY22 against Rs 105.20 crore in Q3FY21. Revenue jumped to Rs 635.41 crore from Rs 477.09 crore YoY.

Brokerage Radar:

JEFFERIES ON NEWGEN SOFTWARE: Buy, Target Price Rs 770 3Q disappointed due to lower than expected rev growth (+9% YoY) Profits, up 35% YoY, ahead of est due to higher other income & lower tax rate Cut est by 3-7% Expect to deliver 19% EPS CAGR over FY22-24

CITI ON L&T Tech: Sell, Target Price Rs 4430 Soft qtr – rev below expectations; margins ahead Growth largely impacted due to lower no. of working days & higher leaves vs past trends Attrition likely to stabilize from 4Q Margin implications to be monitored going ahead.

MORGAN STANLEY ON ICICI PRUDENTIAL LIFE: Overweight, Target Price Rs 800 F3Q VNB rose 20% YoY, due to better-than expected VNB margin Per management, retail protection premium saw MoM sequential growth through F3Q22 Key topics on call were strategy of higher retention in retail protection & APE growth outlook.

CREDIT SUISSE ON BAJAJ FINANCE: Neutral, Target Price Raised to Rs 8000 (on roll fwd) Beat driven by higher-than-expected NIMs (better mix, lower COF & trimming of liquidity buffer) & fee income, even as opex & provisions remain elevated Co increased provision guidance to Rs48-50 bn.

International Markets:

U.S & Europe

Particulars 18th Jan Chg Chg(%)
Nasdaq 14,506.90 -386.85 -2.6
Dow 35368.47 -543.34 -1.51
FTSE 7,563.55 -47.68 -0.63
CAC 7,133.83 -67.81 -0.94
DAX 15,772.56 -161.16 -1.01
Dow Fut.* 35318.4 -50.1 -0.14

Asian markets:

Particulars 19th Jan Chg. Chg(%)
SGX Nifty 18,118.00 -20.5 -0.11
Nikkei 27,744.84 -512.41 -1.81
Straits Times 3,281.51 1.47 0.04
Hang Seng 24,236.14 123.36 0.51
Shanghai 3,570.06 0.15 0

ADR Watch:

Particulars 18th Jan Chg. Chg.(%)
Dr Reddy 62.77 0.13 0.21
HDFC Bank 70.9 -0.83 -1.16
ICICI Bank 21.89 -0.22 -1
Infosys 25.51 -0.69 -2.63
Tata Motor 33.78 -0.72 -2.09
Wipro 8.38 -0.2 -2.33

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.57 0.45
Brent 88.51 1.14
Gold 1810.35 -0.11
Silver 23.473 -0.08

FIIs & DII

Particulars 18th Jan 17th Jan
FIIs -1254.95 -855.47
DIIs -220.20    -115.31   

News Update:

Hero MotoCorp : The company and two others will make more investments in Gogoro, Poema. With this, the oversubscribed Gogoro Poema Global PIPE increases to $285 million.

Shalimar Paints : Hella Infra Market, the parent company of Infra.Market, will invest Rs 270 crore through a combination of equity and debentures in Shalimar Paints.

Raymond : The company’s arm has signed pact to redevelop the housing project in Mumbai.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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