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

Stocks open mixed in Asia on Monday as investors continued to focus on the outlook for global interest rates and Covid in China. Indian markets will likely take cues from global developments when they open on Monday. Domestic metal stocks will, however, be in focus as the government cut export duty on steel. India’s benchmark indices snapped four-week gaining streak to end lower on the week through Nov. 18. The Sensex dipped 131.56 points or 0.21%, while the Nifty declined 42.05 points or 0.22% on Friday. U.S. stocks ended with a slight gain on Friday after shrugging off Federal Reserve warnings that there was more policy tightening to come. Oil futures fell on signs that the market is currently awash in supply. At 6:22 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — was flat at 18,345.

Economic Calendar:

  • USD : Building Permits on 23rd November, 2022
  • USD : Initial Jobless Claims on 23rd November, 2022
  • INR : FX Reserves, USD on 25th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) 30th November, 2022

Brokerage Radar:

JPM ON ESCORTS: UW, TP Rs 1525; Mid-term plan aspires for a significant increase in revenue & profitability; key targets: rev to grow to >2.5x by FY28 (over FY22), EBITDA margin to improve to mid-teens (vs. 10.8% in FY22), be a challenger brand in domestic tractor industry 4) attain top 3 within implements biz; At FY24E P/E of 25x, believe stl already pricing in bullish possibilities

CLSA ON STEEL: Govt. reverses export duties imposed in May; Domestic prices are now at a sharp premium to both import & export parity, hence do not expect cut in duty to drive steel prices upwards; However, it +ve for iron ore & pellet prices

JEFFERIES ON ZOMATO: Buy,TP Rs 100; Co-Founder Mohit Gupta leaving; Signals Deepinder may lead food delivery, which should alleviate leadership concerns; Checks indicate sluggish restaurant industry trends, which may push co to focus on growth, & some of this is already visible

International Markets:

U.S & Europe:

Particulars 18th November Chg. Chg.(%)
Nasdaq 11146.06 1.10 0.01
Dow 33745.69 199.37 0.59
FTSE 7385.52 38.98 0.53
CAC 6644.46 68.34 1.04
DAX 14431.86 165.48 1.16
Dow Fut.* 33649.00 -96.70 -0.29

Asian markets

Particulars 21st November Chg. Chg.(%)
SGX Nifty 18258.50 -89.00 -0.49
Nikkei 27871.09 -28.68 -0.10
Straits Times 3247.84 -24.39 -0.75
Hang Seng 17500.82 -491.72 -2.73
Shanghai 3065.30 -31.94 -1.03

ADR Watch:

Particulars 18th November  Chg. Chg.(%)
Dr. Reddy 53.95 -0.67 -1.23
HDFC Bank 67.89 -0.08 -0.12
ICICI Bank 22.73 -0.02 -0.09
Infosys 19.47 -0.01 -0.05
Tata Motor 25.69 0.11 0.43
Wipro 4.91 -0.03 -0.61

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.69 0.04
Brent 86.72 -1.03
Gold 1746.30 -0.46
Silver 20.765 -1.10

FIIs & DIIs:

Particulars 18th November 17th November
FIIs  -751.20 618.37
DIIs 890.45 449.22

News Update:

Zomato: Co-founder Mohit Gupta resigned from the company.

Jet Airways: The Jalan-Kalrock Consortium reiterated its commitment to restart the airline. CEO Sanjiv Kapor said letters of intent for aircraft, engines, IT systems, ground handling services, catering, call centre, and all other services required to run an airline are in place.

Engineers India: The company secured an order by Chennai Petroleum Corporation Ltd. for overall project management and EPCM services for OHCU revamp, CDWU and related off-site facilities for group-II LOBS project at Manali Refinery.

PB Fintech: The company made an investment of $2 million and acquired 26.72% shares of YKNP Marketing Management, a limited liability company through PB Fintech FZ-LLC

South Indian Bank: The bank increased MCLR across tenors by 10 basis points, with effect from Nov. 20.

Maruti Suzuki: Launched Alto K10 with S-CNG technology at Rs 5.94 lakh.

Sheela Foam: The board approved the scheme of amalgamation for merger of International Comfort Technologies with the company.

Indian Energy Exchange: The board of the company will meet on Nov. 25 to consider the proposal for buyback of shares.

3i Infotech: The stock will be in focus as the IT company has received a contract from Hindustan Petroleum Corporation, for managing and supporting IT infrastructure at HPCL offices, refinery including data centers across pan-India. Total contract value is approximately Rs 51 crore spread across three years.

Advait Infratech: The company has received order from Power Grid Corporation of India under the company’s vertical of emergency restoration system department. The order is worth Rs 18 crore.

Source: Moneycontrol, Bloomberg Quint, Investing

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