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

Asian stocks followed Wall Street lower amid Treasury yields at multiyear highs and strong inflation that’s driving hawkish monetary policy. Shares opened lower in Japan, South Korea and Australia while futures for Hong Kong fell. India benchmarks gauges registered marginal gains as utilities, information technology, metals and power stocks countered the gains in FMCG, realty and energy stocks. Rupee tested new record low of 83 against the U.S. dollar after wiping gains from early trade. At 6:53 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.69% to 17,384.

Economic Calendar:

  • USD : Existing Home Sales (Sep) on 20th October, 2022
  • USD : CB Consumer Confidence (Oct) on 25th October, 2022
  • INR : FX Reserves, USD on 21st October, 2022
  • INR : Federal Fiscal Deficit (Sep) on 31st October, 2022

Q2FY23 Result Today: ITC, Asian Paints, Axis Bank, Bajaj Finance, Tata Consumer Products, Colgate Palmolive, Aarti Drugs, Canara Bank, Central Bank of India, Clean Science and Technology, Coforge, Dixon Technologies, Happiest Minds Technologies, ICRA, Indian Energy Exchange, ICICI Securities, L&T Finance Holdings, Mphasis, Nazara Technologies, Shriram Transport Finance, Symphony, Tanla Platforms, United Breweries, Union Bank of India, and UTI Asset Management Company

Brokerage Radar:

CLSA ON NIPPON AMC: Buy. TP Rs 370 Operating profit beat est. & equity market share stabilising Multiple levers for yield improvement; expect yield pressure to subside Valuations cheap at 21x FY24CL PE and a 5% dividend yield

JEFFERIES O NAVIN FLOURO: Hold, TP Rs 4060 Rev, EBITDA & PAT all missed EST. While rev 3% lower than est., EBITDA margins contracted 255bps q/q on a/c of higher opex, leading to a 17% miss at EBITDA level & 28% miss at PAT level

JEFFERIES ON CAN FIN: Buy, TP cut to Rs 635 Operating Results Beat; Clarity around Mgmt Transition Key to Re-Rating Strong Demand in Housing Should Drive 20% Loan CAGR over FY22-25 NIM Ahead Of Est But Could Dip Over FY22-25 Raise FY23-25 EPS Est. By 9-10%

International Markets:

U.S & Europe:

Particulars     19th October Chg. Chg.(%)
Nasdaq 10680.51 -91.89 -0.85
Dow 30523.80 337.98 1.12
FTSE 6924.99 -11.75 -0.17
CAC 6040.72 -26.28 -0.43
DAX 12741.410 -24.20 -0.190
Dow Fut.* 30376.50 -46.80 -0.150

Asian markets

Particulars 20th  October Chg. Chg.(%)
SGX Nifty 17368.00 -136.00 -0.78
Nikkei 26954.15 -303.23 -1.11
Straits Times 3023.01 0.21 0.01
Hang Seng 16091.04 -420.24 -2.55
Shanghai 3029.930 -14.45 -0.470

ADR Watch:

Particulars 19th October  Chg.  Chg.(%)
Dr. Reddy 51.67 -1.37 -2.58
HDFC Bank 59.72 -0.56 -0.93
ICICI Bank 21.57 -0.32 -1.46
Infosys 17.83 -0.24 -1.33
Tata Motor 23.760 -0.53 -2.180
Wipro 4.52 -0.06 -1.31

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.99 -0.03
Brent 92.34 -0.09
Gold 1630.45 -0.23
Silver 18.235 -0.69

FIIs & DIIs:

Particulars 19th October 18th October
FIIs -453.91 -153.40
DIIs 908.42 2,084.71

News Update:

Jindal Steel & Power: The Company signed a MoU with Greenko Group to facilitate 1,000 MW of carbon-free energy for its steel-making operations at Angul, Odisha. The project will cut down carbon dioxide emissions by approximately 7 million tonnes.

Adani Enterprises: Vishvapradhan Commercial, the company’s indirect subsidiary, in a letter to SEBI reaffirmed its commitment to its commitment to complete the NDTV open offer. It asked the regulator for observations on the open offer.
Manorama Industries: India Ratings and Research has revised the company’s outlook to positive from stable, while affirming its long-term issuer rating at ‘IND BBB+’.

Life Insurance Corporation of India: The Corporation diluted its shareholding in NHPC to 5.203% from 7.230%. The board of LIC also approved infusion of equity capital of LKR 600 million (Rs 13.20 crore) in LIC (Lanka) Ltd.
CRISIL Ratings has downgraded the corporate credit rating of the company to CCR BBB+/Negative from CCR A-/Stable.

Adani Ports and Special Economic Zone: The board of the company approved allotment of 4.78 crore shares of face value Rs 2 each to eligible shareholders of Gangavaram Port.

Exide Industries: The Company has subscribed compulsory convertible preference shares of its subsidiary Exide Leclanche Energy worth Rs 25 crore, taking its CCPS shareholding in the JVC to 100%. The equity shareholding with voting rights the company in the JVC remains unchanged at 84.90%

Dynamatic Technologies: The Company completed the first F-15 jet former assemblies for Boeing. This is the first aero-structure for the latest F-15 aircraft to be manufactured in India.

 Source: Moneycontrol, Bloomberg Quint, Investing   

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