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

U.S. stocks faced pressure as treasury yields reached multi-year highs amid apprehensions of Federal Reserve hiking rates once again. Treasuries advanced 10 basis points to reach 3.6%. The S&P 500 dropped 1%, while the tech-heavy Nasdaq dipped 0.6%. Meanwhile oil fell over expectations of further monetary tightening by policymakers around the world. Gold dropped 0.3%, whereas Bitcoin remained below $19,000 with cryptocurrencies feeling the pressure from risk-off sentiment. India’s benchmark indices continued to rise for a second day to post their biggest gains in a week, helped by gains across sectoral indices, even as global equities remained subdued ahead of U.S. Federal Reserve’s two-week FOMC meeting. Rupee changed little as it erased intraday gains against the greenback. At 7:55 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 0.4% lower at 17,722 points.

Economic Calendar:

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

Brokerage Radar:

CITI ON PB FINTECH: BUY, TP Rs.750; Gradual transition of core biz towards a phygital model is margin accretive; POSP’s margins will likely remain constrained at <10% over medium term; Medium-term EBITDA guidance of around 20% by FY2026-27E

JEFFERIES ON RIL: BUY, TP Raised to Rs.3080; RIL’s green hydrogen foray is part of its Net Carbon Zero target by 2035; RIL’s strong b/s & backward integration puts it in driver’s seat in $74bn opportunity; RIL’s hydrogen biz is worth US$ 8bn (Rs 100/sh)

JEFFERIES ON SBI: BUY, TP Raised to Rs. 700; Earnings by 3-5%; Upgrade to factor in better credit growth & improved growth overseas; Even as NIMs may be range-bound, healthy credit growth & low credit costs will support earnings & ROA improvement

International Markets:

U.S & Europe:

Particulars 20thSeptember Chg. Chg.(%)
Nasdaq 11425.05 -109.97 -0.95
Dow 30706.23 -313.45 -1.01
FTSE 7192.66 -44.02 -0.61
CAC 5979.47 -82.12 -1.35
DAX 12670.83 -132.41 -1.03
Dow Fut.* 30736.90 30.70 0.10

Asian markets:

Particulars 21stSeptember Chg. Chg.(%)
SGX Nifty 17722.00 -73.00 -0.41
Nikkei 27308.66 -379.76 -1.37
Straits Times 3269.91 2.97 0.09
Hang Seng 18522.56 -258.86 -1.38
Shanghai 3109.05 -13.36 -0.43

ADR Watch:

Particulars 20th September  Chg. Chg.(%)
Dr.Reddy 52.00 0.89 1.74
HDFC Bank 65.38 -0.69 -1.04
ICICI Bank 22.98 0.08 0.35
Infosys 17.02 -0.39 -2.24
Tata Motor 26.89 -0.15 -0.55
Wipro 4.98 -0.01 -0.20

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.75 -0.03
Brent 90.91 0.32
Gold 1671.65 0.03
Silver 19.308 0.65

FIIs & DIIs:

Particulars 20th September 19th September
FIIs 1196.19 312.31
DIIs 131.94 -94.68

News Update:

Yes Bank: Yes Bank will sell its Rs 48,000 crore bad loan portfolio to JC Flowers ARC. The bank’s board has also approved the purchase of 19.99% stake in JC Flowers Asset Reconstruction Company, subject to regulatory approvals.Moreover, RBI has approved the appointment of Rama Subramaniam Gandhi as the non-executive (part-time) chairman of the bank for a period of three years, effective from Sept.

Central Bank of India: The RBI has taken Central Bank of India out of the prompt corrective action framework. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing

NDTV: Founder-promoters Prannoy Roy and Radhika Roy and RRPR Holding have each filed a civil appeal in the Supreme Court against the SAT order, dated July 20, 2022, asking them to pay Rs 5 crore as penalty for the alleged non-disclosure of loan agreements entered by them.

Kirloskar Industries/Mahindra & Mahindra: Kirloskar Industries, a promoter of Swaraj Engines, has proposed to sell its entire stake to co-promoter Mahindra & Mahindra. The former will offload of 21.14 lakh equity shares, or 17.41% of the entire shareholding, at a price of Rs 1,400 per share. The stake of Mahindra & Mahindra in SEL will increase from 34.72% to 52.13% after the acquisition.

Tamilnad Mercantile Bank: The RBI has declined the request for appointment of B. Vijayadurai as part time non-executive chairman of the bank and asked it to submit a fresh proposal of another independent director for the post.

Piramal Enterprises: The company’s board has approved the motion to raise Rs 215 crore through NCDs on a private placement basis. The board will again meet on Sept. 23 to discuss the proposal to raise Rs 750 crore via non-convertible debentures.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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