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

Stocks fell and US treasuries held gains on Friday amid worries about a global economic slowdown. Shares declined in Japan but rose in Australia and South Korea. Hong Kong’s markets are closed for a holiday to mark the 25th anniversary of Chinese rule. The S&P 500 and Nasdaq 100 futures were volatile. At 6:45 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.10% to 15,739. The dollar inched higher. Crude trimmed losses. Bitcoin rose to reclaim the $20,000 level.

Economic Calendar:

  • INR: Service PMI on 5th July 2022.
  • INR: Manufacturing PMI 01st  July 2022.
  • USD: Non-Manufacturing PMI 06th July, 2022.
  • USD: Factory Output 05th July, 2022.

Brokerage Radar:

JEFFERIES ON CEMENT SECTOR: Dealers Check a) all-India avg price slipped further 1-2% MoM for Jun’22 (1QFY23 avg +4.5-5% QoQ) b) dealers indicated improved demand in Jun’22, but supply increase is depressing prices Expect stocks to remain soft during monsoon.

MORGAN STANLEY ON BAJAJ ELECTRIC: EW, TP Rs 1050 Co in process of demerging its power related biz with an aim to improve focus on its consumer electricals & lighting.biz Separate heads for consumer products & lighting appointed These appointments would help sharpen focus.

UBS ON BANKS: MFI delinquencies rose in May Bks lost loan growth momentum in Q1FY23; write-off increasing from sticky portfolio Assam & WB asset quality could be a challenge HDFCB, ICICI most preferred Buy- AXIS & SBI N- INDUSIND Sell- Kotak BK.

CITI ON I SEC: Sell, TP Cut to Rs 400 from Rs 600 Weakening market sentiment has led to avg cash turnover at NSE in June falling to 30% below 4QFY22 levels This has -ve implications for rev across brokerage, IB, interest income as well as parts of distribution rev, At the same time, planned investments in technology platform reduce flexibility in costs Lower FY23/24 estimates by 19/18% & lower target multiple to 13x

International Markets:

U.S & Europe:

Particulars      30th June    Chg Chg(%)
Nasdaq 11,028.74 -149.15 -1.33
Dow 30775.43 -253.88 -0.82
FTSE 7,169.28 -143.04 -1.96
CAC 5,922.86 -108.62 -1.8
DAX 12,783.77 -219.58 -1.69
Dow Fut.* 30583.9 -199.0 -0.65

Asian markets:

Particulars    01st July    Chg. Chg(%)
SGX Nifty 15,707.00 -15.5 -0.1
Nikkei 26,159.53 -233.51 -0.88
Straits Times 3,103.26 1.05 0.03
Hang Seng 21,859.79 -137.1 -0.62
Shanghai 3,396.43 -2.19 -0.06

ADR Watch:

Particulars     30th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 54.96 -0.6 -1.08
ICICI Bank 17.74 -0.01 -0.06
Infosys 18.51 -0.1 -0.54
Tata Motor 25.87 -0.44 -1.67
Wipro 5.31 -0.03 -0.56

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.97  0.25
Brent 109.23  0.18
Gold 1804.60   -0.14
Silver 20.100   -1.21

FIIs & DII:

Particulars        30th June                                  29th  June
FIIs -1138.05                       -851.06                       
DIIs 1378.20 847.46

News Update:

Bharti Airtel: The company has opted for deferment of payment of adjusted gross revenue dues up to FY19 for four years. Separately, the Competition Commission of India has approved investment of Rs 5,224.38 crore ($700 million) by Google International.

Jubilant Pharmova: A wholly owned subsidiary in Canada announced that Government of Quebec has granted a loan of CAD 25 million (Rs 153.48 crore), including a forgivable portion of CAD 6.3 million, to fund capacity expansion at the Montreal facility.

Lupin: The company has received US FDA approval for Paliperidone Extended-Release Tablets, to market a generic equivalent of Invega Extended-Release Tablet. The product will be manufactured in Goa and has an estimated annual sales of $152 million in the US.

Hero MotoCorp: An arbitration tribunal has allowed India’s largest two-wheeler maker to use the ‘Hero’ trademark for selling its electric vehicles. Hero Electric had sought an injunction against the company in the matter.

UPL: The company has acquired Nature Bliss Agro for Rs 1 lakh. The company, which has yet to commence operations, will be involved in the manufacture and sale of crop protection and allied products.

Hindustan Unilever: India’s largest consumer goods maker has approved the appointment of CEO Sanjiv Mehta on the board of PT Unilever Indonesia TBK as president commissioner.

Hindustan Copper: The company has approved raising Rs 34.83 crore via a qualified institutional placement and Rs 500 crore through non-convertible debentures

Phoenix Mills: Reco Zinnia has competed the second tranche of its investment of Rs 400 crore in the company and its subsidiaries.

Punjab National Bank: The state-run lender has raised its marginal cost of funds-based lending rate by 15 basis points across tenors.

Greenlam Industries: The firm has agreed to merge HG Industries with itself in a share swap ratio of 1:2. Shareholders will get one Greenlam share of face value Rs 1 for every two they hold in HG Industries.

Indian Bank: The bank has raised MCLR by 15 basis points across tenors. The base rate was revised to 8.7% from 8.3% and the repo-linked lending rate was raised to 4.9% from 4.3%.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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