View on market: Stay Cautious, be with quality business:
U.S. futures fell while Asian stocks were mixed as crude oil prices rose, as the war in Ukraine neared the end of its first month and investors tracked geopolitical tensions in the Middle East. Australian equities advanced while South Korean shares were volatile. The moves signal a pause to the best weekly performance in global equities in over 15 months. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 1.21% to 17,490.50 points as of 6:30 am. Nymex crude rose to nearly $107 per barrel while bitcoin is hovering around $41,400. Focus will shift to U.S. Federal Reserve Chair Jerome Powell, who is to delivered a speech later today. This come a week after Fed effected a 25 basis-point rate hike to kickstart the monetary policy renormalisation.
Economic Calendar:
- INR: Forex Reserve on 25th March 2022.
- INR: Forex Reserve on 1st April 2022.
- USD: FOMC Member William Speaks 22nd March, 2022.
- USD:Jobless Claims on 24th March, 2022.
Brokerage Radar:
MORGAN STANLEY ON IT (Accenture earnings): A guidance increase for FY22 amid current macro volatility provides comfort around resilience in spends Slowdown in outsourcing booking & tighter margin guidance vs previously shows that supply-side challenges were offsets Read as +ve sentiment.
KOTAK INST EQUITIES ON THERMAX: Add, TP Rs 2270 Raise TP factoring vol benefits from TMX’s entry into SRU EPC biz through its $150m order win Tight capacity utilization yielded by a strong backlog boosts case for TMX upping its bid margin, which keep as a buffer for now.
MORGAN STANLEY ON SOBHA: Overweight, TP Rs 1095 Expect to benefit from ongoing residential upcycle given its large inventory of ongoing projects & new launch pipeline Price increases & new project acquisitions should help grow NAVs Its b/s has stabilized from net debt reduction over past few qtrs.
CLSA ON VEDANTA: O-P, TP Rs 400 Management meet takeaways Sounded confident in reducing debt at parent Vedanta Resources (VRL) by US$4bn over next 3 years largely through dividend inflows. It denied any further inter-company loans
International Markets:
U.S & Europe:
| Particulars | 17th Mar | Chg | Chg(%) |
| Nasdaq | 13,893.84 | 279.06 | 2.05 |
| Dow | 34754.93 | 274.17 | 0.80 |
| FTSE | 7,404.73 | 19.39 | 0.26 |
| CAC | 6,620.24 | 7.72 | 0.12 |
| DAX | 14,413.09 | 25.03 | 0.17 |
| Dow Fut.* | 34627.00 | -127.9 | -0.36 |
Asian markets:
| Particulars | 21st Mar | Chg. | Chg(%) |
| SGX Nifty | 17,379.00 | 97 | 0.56 |
| Nikkei | 26,827.43 | 174.54 | 0.65 |
| Straits Times | 3,338.61 | 7.98 | 0.24 |
| Hang Seng | 21,494.29 | 81.89 | 0.38 |
| Shanghai | 3,260.07 | 9 | 0.28 |
ADR Watch:
| Particulars | 17th Mar | Chg. | Chg.(%) |
| Dr Reddy | 53.55 | 0.09 | 0.17 |
| HDFC Bank | 62.88 | 1.01 | 1.63 |
| ICICI Bank | 18.98 | 0.13 | 0.69 |
| Infosys | 25.04 | 0.55 | 2.25 |
| Tata Motor | 28.59 | 0.51 | 1.82 |
| Wipro | 8.03 | 0.09 | 1.13 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.80 | -0.62 |
| Brent | 111.09 | 2.90 |
| Gold | 1925.90 | -0.18 |
| Silver | 25.207 | 0.48 |
FIIs & DII:
| Particulars | 17th Mar | 16th Mar |
| FIIs | 311.99 | 311.99 |
| DIIs | 772.55 | 772.55 |
News Update:
Adani Group stocks: The Gautam Adani-led conglomerate is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in Saudi Aramco, Bloomberg reported citing people with knowledge of the matter.
Indian Oil, BPCL, HPCL: The price of diesel sold to bulk users has been hiked by about Rs 25 per litre in line with a near 40% rise in international oil prices, but retail rates at petrol pumps remain unchanged, PTI reported citing sources.
Cochin Shipyard: The company signed an agreement with Dredging Corporation of India to build India’s largest dredger in collaboration with IHC Holland. The project cost is Rs 950 crore.
Jubilant Pharmova: The company’s wholly owned subsidiary Jubilant Pharma through its subsidiary Jubilant Cadista Pharmaceuticals has received final approval for Doxepin.
Tata Consultancy Services: The company has reappointed Rajesh Gopinathan as managing director and chief executive officer and extended N Ganapathy Subramaniam’s appointment as chief operating officer for five years.
Tata Steel: The company acquired 10 crore 0.01% non-convertible redeemable preference shares of face value Rs 100 each of Tata Steel Long Products for Rs 1,000 crore.
Bharat Electronics: The company declared second interim dividend of Rs 1.5 per share.
SRF: The company has incorporated wholly owned subsidiary SRF Altech to engage in the business of manufacture of aluminium foil.
RBL Bank: The bank has extended interim Managing Director and CEO Rajeev Ahuja’s tenure by three months with effect from March 25.
Torrent Pharma: The company has signed a licence agreement to use the patents and know-how of Nirmatrelvir with UN-backed Medicines Patent Pool for manufacture and commercialisation of generic version of Paxlovid in 95 countries including India for treatment and/or prevention of Covid-19.
Aurobindo Pharma: The company has signed sub-licence agreement for a generic version of Pfizer’s Covid-19 oral treatment Nirmatrelvir with the UN-backed Medicines Patent Pool, for manufacturing and supplying the generic drug product to 95 countries including India.
Ashok Leyland: Sells Rs 200 crore 5Y Bonds at 7.30%.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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