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

Investors will head into the week fearing more pain after India’s stock benchmarks logged their worst week since the week-ended June 17, 2022, predominantly due to sharp slide on Friday. The indices tracked a drop in global equities, as the U.S. indices also fell to the worst week in months. Investors will keenly track the upcoming U.S. Federal Reserve monetary policy meeting, with another aggressive rate hike expected. Closer home, the markets will also gauge RBI’s September policy. The rupee also fell this week, ending at 79.74 on Friday. At 6:10 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.24% to 17,606 points.

Economic Calendar:

  • USD : Building Permits (Aug) on 20th September, 2022
  • USD : Fed Interest Rate Decision on 21st September, 2022
  • INR : M3 Money Supply on 21st September, 2022
  • INR : Bank Loan Growth on 23rd September, 2022

Brokerage Radar:

CLSA ON SBI: BUY, TP Raised to Rs.680; Management indicated that loan growth at system level has picked up & SBI is finally seeing some capex-linked credit demand as well; It expects the pick-up in growth to partly sustain

CLSA ON M&M: BUY, TP Rs.1567; Co quite optimistic on festive season demand for both SUV & tractor; Although commodity costs have come off from their peaks, full impact on margins is expected to be seen from 3QFY23 onwards

NOMURA ON CIPLA: BUY, TP Rs. 1195; Goa USFDA inspection: 3 repeat observations; As a base case, do not expect inspection outcome to have a material impact on earnings est; Have not factored any material contribution from gAbraxane in est, as there are uncertainty over generic approval

International Markets:

U.S & Europe:

Particulars 16thSeptember Chg. Chg.(%)
Nasdaq 11448.40 -103.96 -0.90
Dow 30822.42 -139.40 -0.45
FTSE 7236.68 -45.39 -0.62
CAC 6077.30 -80.54 -1.31
DAX 12741.26 -215.40 -1.66
Dow Fut.* 30780.10 -42.30 -0.14

Asian markets:

Particulars 19thSeptember Chg. Chg.(%)
SGX Nifty 17560.00 -3.00 -0.02
Nikkei 27567.65 -308.26 -1.11
Straits Times 3262.66 -5.63 -0.17
Hang Seng 18593.46 -168.23 -0.90
Shanghai 3120.61 -5.79 -0.19

ADR Watch:

Particulars 16th September  Chg.  Chg.(%)
Dr. Reddy 50.59 -1.12 -2.17
HDFC Bank 64.92 -2.03 -3.03
ICICI Bank 22.73 -0.44 -1.90
Infosys 17.38 -0.41 -2.30
Tata Motor 26.77 -0.84 -3.04
Wipro 4.96 -0.11 -2.17

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.74 0.05
Brent 92.02 0.73
Gold 1679.05 -0.26
Silver 19.448 0.35

FIIs & DIIs:

Particulars 16th September 15th September
FIIs -3260.05 -1270.68
DIIs -36.57 -928.86

News Update:

ACC/Adani Enterprises/Ambuja Cements: Adani Enterprises has completed the acquisition of ACC and Ambuja Cements Ltd. and reconstituted their boards, with billionaire Gautam Adani’s son — Karan Adani — at the helm. Ambuja Cements also plans to raise Rs 20,000 crore via convertible debentures.

Adani Power: Announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company’s shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January 2021. The company has not received in principle approval of the exchanges. And hence it is withdrawing offer for delisting on account of delay and commercial viability.

ONGC/Reliance Industries/Vedanta: India has reduced windfall tax on domestically produced crude oil as well as cut export duty on diesel and aviation turbine fuel.

HDFC Life Insurance: National Company Law Tribunal has sanctioned the scheme of amalgamation between Exide Life Insurance and HDFC Life Insurance.

GIC of India: Madhulika Bhaskar has taken charge as general manager of the insurer after Girija Subramanian was relieved from the post to assume her duties as chairman-cum-managing director of Agriculture Insurance Company of India.

Maruti Suzuki: India’s largest carmaker has recalled 5,002 units of its Super Carry LCV to fix potential issues with a bolt attached to seat belt buckle bracket of co-driver seat.

Zomato: Blinkit has partnered with Indian Apple reseller Unicorn for quick deliveries of Apple iPhones and accessories. The service will be available in Delhi and Mumbai for now.

Shree Renuka Sugars: The company expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD and is expected to go on stream by December 2022.

AIA Engineering/SAL Steels: SAL Steels has entered into supply agreement for three years with AIA Engineering for supply of Ferro Chrome to AIA on non-exclusive basis.

Mahindra & Mahindra: Ontario Teachers’, one of the world’s largest pension plans, will acquire a 30% stake in Mahindra Susten at an equity value of Rs 2,371 crore.

 Source: Moneyontrol, Livemint,, Bloomberg, Investing

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