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

Stocks were steady in Asia on Monday and US equity futures pared a climb as tightening monetary policy kept sentiment in check. Bourses in Japan and Australia fluctuated while South Korea;s shed more than 1%. Both S&P 500 and Nadsaq 100 contracts were in the green but off early session highs. As of 7:15 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was 0.38% lower at 15,270.5 points The dollar was mixed against key peers. Crude oil steadied from a near-7% plunge on Friday. Bitcoin held above $20,000 after climbing 16% on Sunday to retake that closely-watched price level following a Saturday swoon.

Economic Calendar:

  • INR: RBI MPC Minutes on 22nd June 2022.
  • INR: Fiscal Deficit Data 30th June 2022.
  • USD: Existing Home sale 21st June, 2022.
  • USD: Chicago Fed National Activity 21st June, 2022.

Brokerage Radar:

KOTAK INST EQUITY ON PB FINTECH: Initiate Buy, TP Rs 700 Improving contribution margin & operating leverage will likely drive strong long-term earnings notwithstanding EBITDA loss in near term on back of investments in new initiatives.

CLSA ON BRITANNIA: O-P, TP Rs 3850 Inflationary setting an opportunity to gain share from mass players Improving mobility to aid its aspirations in adjacencies Healthy cash generation to support growth needs Structural narrative encouraging, execution critical.

MACQUARIE ON TITAN: O-P, TP Rs 3000 Channel checks suggest demand trends remain healthy, as premium end consumers remain relatively resilient to inflationary headwinds Stk trades close to its 5-yr avg PER despite demand strength & visibility on medium-term growth.

JEFFERIES ON CEMENT:Shree Cement announced a Greenfield capex in Andhra by FY25, further adding fuel to concerns on glut of supply additions Val have come off sharply in past 3-6 mths With onslaught of new capex, stocks may remain under pressure until any major price hikes.

JEFFERIES ON SUN PHARMA: Double upgrade to Buy from U-P, TP raised to Rs 910 from Rs 775 Growth expected to be driven by its specialty portfolio & India Next 2 yrs’ growth will be driven by Ilumya, Cequa, & Winlevi while dependence on US generics is amongst lowest.

JP MORGAN ON LIC: Initiate OW, TP Rs 840 Thesis centers on LIC’s 0.75x Price to Embedded Value – a measure of market value of an insurer’s current & future policies LIC’s new biz value is only 1% of its policies in force, Therefore, with 99% of value from old policies, see 0.75x P/EV as unduly harsh, even assuming no growth In reality, LIC has picked up growth recently, Forecast 6% FY22-24E growth. Key risks: consistent stake reduction, national service by way of products or asset allocation, investment write-offs, premium decline

International Markets:

U.S & Europe:

Particulars      17th June    Chg Chg(%)
Nasdaq 10,798.35 152.25 1.43
Dow 29888.78 -38.29 -0.13
FTSE 7,016.25 -28.73 -0.41
CAC 5,882.65 -3.59 -0.06
DAX 13,126.26 87.77  0.67
Dow Fut.* 29892.80  4.10  0.01

Asian markets:

Particulars    20th June    Chg. Chg(%)
SGX Nifty 15,268.50 -47 -0.31
Nikkei 25,534.68 -428.32 -1.65
Straits Times 3,090.73 -7.36 -0.24
Hang Seng 20,987.11 -87.89 -0.42
Shanghai 3,307.10 -9.69 -0.29

ADR Watch:

Particulars     17th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 53.48 2.19 4.27
ICICI Bank 17.41 0.3 1.75
Infosys 17.76 0.09 0.51
Tata Motor 25.17 0.39 1.57
Wipro 5.21 -0.11 -2.07

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.07 0.01
Brent 112.84  -0.41
Gold 1844.85  0.23
Silver 21.66  0.38


Particulars       17th June                                  16th June
FIIs -7818.61                        -3257.65                       
DIIs  6086.92  1929.14

News Update:

Adani Wilmar: The Fortune maker has reduced prices of its edible oils by at least Rs 10/litre after the government reduced import duty on the commodity.

Yes Bank: The private lender is in stake-sale talks with foreign funds, including the Carlyle Group. An option to infuse funds via convertible debt is also on the table.

ICICI Bank, Axis Bank: Moody’s has upgraded the baseline credit assessments of the private lenders to reflect improvement in their credit fundamentals, particularly asset quality.

Delhivery: The logistics firm has launched “guaranteed same-day delivery” in 15 cities to help D2C brands reach their customers on the some day.

Cipla: The drugmaker has acquired 21.05% stake in Achira Labs Pvt. Ltd. on a fully diluted basis. The agreement was signed to develop affordable, innovative medical kits in India.

Indiabulls Housing Finance: The mortgage lender has increased it’s lending rates by 50 basis points. The new rates will apply for existing borrowers from July 1, 2022.

Omaxe: The company has incorporated a wholly-owned subsidiary called Blackbull Retails on June 16. The acquired company is involved in construction and real estate activities.

Suryalakshmi Cotton Mills: The company completed the installation of a solar power plant at the company’s Amanagallu spinning unit. The operations of the plant commenced from June 17, 2022

Future Consumer: Frederic de Mevius has resigned as non-executive, non-independent director on the company’s board, with effect from June 16, 2022.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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