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

Stocks climbed in Asia Tuesday following a rebound in the final hour of New York trading as investors continue to weigh the market impact of super-sized interest rate hikes from the US Federal Reserve. MSCI Inc.’s Asia-Pacific equity index added 0.6%, the first day of gains in six sessions, led by tech stocks in Hong Kong. Japan earlier jumped more than 1% after a holiday. US futures edged higher. As of 7:40 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — was 0.7% higher at 17,758.5 points. The Fed is expected to announce its rate decision on Wednesday.

Economic Calendar:

  • USD : Fed Interest Rate Decision on 21st September, 2022
  • USD : FOMC Economic Projections on 21st September, 2022
  • INR : Bank Loan Growth on 23rd September, 2022
  • INR : Interest Rate Decision on 30th September, 2022

Brokerage Radar:

MS ON ASTRAL POLY: OW, TP Rs.2187; Proposal to levy safeguard duty on PVC resin imports; If implemented, it would help: in stabilizing PVC prices, larger players strengthen their market position; PVC is an input for Astral, which would be a beneficiary

CLSA ON M&M FIN: BUY, TP Raised to Rs.260; Collections healthy; Management expects 2-2.2% credit costs in FY23; Cost of funds impact to be more gradual; expect elevated expense ratio; Near-term RoE target is 12%, while medium-term is 15%

CITI ON INFOSYS: BUY, TP Rs. 1725; Remains confident on delivering FY23 rev guidance of 14-16%, despite macro challenges; Margins will likely be at lower end of guidance band (21- 23%); Demand is still decent in Europe despite macro challenges

International Markets:

U.S & Europe:

Particulars 19thSeptember Chg. Chg.(%)
Nasdaq 11535.02 86.62 0.76
Dow 31019.68 197.26 0.64
FTSE 7236.68 -45.39 -0.62
CAC 6061.59 -15.71 -0.26
DAX 12803.24 61.98 0.49
Dow Fut.* 31061.80 42.10 0.14

Asian markets:

Particulars 20thSeptember Chg. Chg.(%)
SGX Nifty 17771.50 147.50 0.84
Nikkei 27684.35 116.70 0.42
Straits Times 3268.43 12.12 0.37
Hang Seng 18768.54 202.57 1.09
Shanghai 3133.46 17.86 0.57

ADR Watch:

Particulars 19th September  Chg. Chg.(%)
Dr. Reddy 51.11 0.52 1.03
HDFC Bank 66.07 1.15 1.77
ICICI Bank 22.90 0.17 0.75
Infosys 17.41 0.03 0.17
Tata Motor 27.04 0.27 1.01
Wipro 4.99 0.03 0.60

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.77 0.04
Brent 92.19 0.21
Gold 1684.70 0.39
Silver 19.538 0.93

FIIs & DIIs:

Particulars 19th September 16th September
FIIs 312.31 -3260.05
DIIs -94.68 -36.57

News Update:

Crompton Greaves/Butterfly Gandhimathi: Crompton Greaves will sell up to 10.73 lakh shares of its subsidiary Butterfly Gandhimathi Appliances on Sept. 20-21. The floor price is Rs 1,370 apiece, a discount of 9% from Monday’s closing price.

Ircon International: Won a Rs 250-crore engineering and project management contract from Mahanadi Coalfields. The total duration for the project is 15 months.

Hatsun Agro: Approved rights issue of Rs 400 crore.

Adani Enterprises: Raised Rs 100 crore via market-linked non-convertible debentures on private placement basis.

Natco Pharma: The Delhi High Court has allowed the company to launch Chlorantraniliprole and its formulations, through its non-infringing process. CTPR technical is formulated into broad spectrum insecticides used across wide range of crops for pest management.

Future Supply Chain Solutions: The board has called off the sale of its warehousing assets due to delay in regulatory approvals.

Can Fin Homes: Girish Kousgi, managing director and chief executive officer, has resigned from his post due to personal reasons.

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.

Ceat: Board of Directors has allotted non-convertible debentures (NCDs) on a private placement basis aggregating to Rs 150 crore.

Advanced Enzyme Technologies: Nalanda India Equity Fund acquired additional 29,11,630 equity shares (2.6% stake) in the company via open market transactions at an average price of Rs 270.03 per share, however, Advanced Vital Enzymes sold 25,73,500 shares (2.3% shareholding) at an average price of Rs 270.04 per share.

 Source: Moneyontrol, Livemint,, Bloomberg, Investing

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