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

Stocks in Asia rose on Wednesday, while U.S. futures advanced and bond yields gained amid concerns over aggressive monetary tightening. Shares were higher in Japan and Australia. S&P 500 and Nasdaq 100 futures gained. The Nasdaq 100 fell for the fourth month in five. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.72% to 16,440 points as of 6:40 am. Oil rose above $115 a barrel ahead of a meeting of ministers from the group on Thursday to discuss its supply policy for July.

Economic Calendar:

  • INR: Trade Balance on 2nd June 2022.
  • INR: Manufacturing PMI on 1st  June 2022.
  • USD: Mortgage Market Index 1st June, 2022.
  • USD: ADP Non Payroll Job Data 1st June, 2022.

Brokerage Radar:

CLSA ON INFOSYS: (Analyst meet takeaways) Buy, TP Rs 2040 Message 1: no visible impact of potential macro headwinds Message 2: longer-term strategy of a sharper focus on digital/cloud continues Message 3: structural comfort on margin despite near-term pressure

CREDIT SUISSE ON AUROBINDO PHARMA: O-P, TP cut to Rs 790 from Rs 855 Good FCF generation in 4Q; upside catalyst is value unlocking in Injectables CUT FY24 EPS by 4% Call takeaways 1)Biosimilar:1 filing by 1QFY24 & 2 by 4QFY24 2) Phase III trial of Pneumococcal Conjugate Vaccine complete.

GOLDMAN SACHS ON AUROBINDO PHARMA: Buy, TP cut to Rs 720 4Q: Slow & steady recovery, val provide comfort Co refrained from any guidance given uncertain environment However, remains confident of scaling up its global injectable to its earlier guidance of $650-700m by FY24

CREDIT SUISSE ON USL: Neutral, TP cut to Rs 900 Sale of Popular brands a favourable move; Margin headwinds to persist in near term USL seeing double-digit inflation on overall RM basket With price hikes remaining a challenge, co would have to speed up productivity gains to support margins.

International Markets:

U.S & Europe:

Particulars       31st  May    Chg Chg(%)
Nasdaq 12,081.39 -49.74   -0.41
Dow 32990.12 -222.84  -0.67
FTSE 7,607.66 7.6 0.1
CAC 6,468.80 -93.59 -1.43
DAX 14,388.35 -187.63 -1.29
Dow Fut.* 33159.20  165.80  0.49

Asian markets:

Particulars    1st June    Chg. Chg(%)
SGX Nifty 16,526.00 -34 -0.21
Nikkei 27,472.49 192.69 0.71
Straits Times 3,251.32 18.83 0.58
Hang Seng 21,322.72 -92.48 -0.43
Shanghai 3,181.76 -4.67 -0.15

ADR Watch:

Particulars     31st May Chg. Chg.(%)
Dr Reddy 55.35 -0.96 -1.7
HDFC Bank 57.57 -1.37 -2.32
ICICI Bank 19.25 -0.11 -0.57
Infosys 18.86 -0.14 -0.74
Tata Motor 28.5 0.31 1.1
Wipro 5.98 -0.12 -1.97

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.64 0.13
Brent 116.09 0.40
Gold 1838.80 -0.52
Silver 21.525 -0.75

FIIs & DII:

Particulars         31st May                                  30th May
FIIs -1003.56                      502.08                      
DIIs 1845.15 1524.49

News Update

Vodafone Idea: The company denied media reports that said it is in talks with Amazon and other investors to raise Rs 20,000 crore.

HFCL: The company has received order worth Rs 237.25 crore from a domestic private telecom operator for supply of optical fibre cables.

Rail Vikas Nigam: The Northeast Frontier Railway has awarned RVNL-Bhartia a contract for the construction of single-line BG tunnel at an estimated project cost of Rs 560 crore.

Bharat Dynamics: The company has signed a contract worth Rs 2,971 crore with the Ministry of Defence to supply ASTRA MK-I Beyond Visual Range Air to Air Missile and associated equipment to the Indian Air Force and Indian Na
Asian Granito: The income tax department carried out searches at various locations of the company from May 26-31.

Somany Ceramics: Chief Financial Officer Saikat Mukhopadhyay has resigned with effect from May 31.

Bata India: To sell 2.8% stake at floor price of Rs 1,750 (7% discount).

InterGlobe Aviation : IndiGo is talking to three-four more global carriers for operational alliances and could likely have 12 partnerships in the next two to three years, its chief executive reportedly said.

Gail India : As per reports, the company is looking to import one million metric tonnes of additional LNG for 10 years beginning 2023 to meet the country’s rising demand for fuel.

Venus Remedies : Promoter Pawan Chaudhary acquired 1.26 lakh equity shares in the company via open market transactions. His shareholding in the company has risen to 12.82 percent from 11.87 percent.

VIP Clothing : The company has approved an agreement for asset monetisation by way of sale of leasehold rights in respect of Umbergaon Plot.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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