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

Asian equities were volatile on Friday and US futures fell amid disappointment over technology earnings. An Asian share index edged up amid mixed performance in Japan, South Korea and Australia. S&P 500 and Nasdaq 100 futures retreated. At 6:45 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.14% to 16,642.50 points. The euro trimmed an advance sparked by the European Central Bank’s 50 basis-point interest-rate hike, the first increase in 11 years. Crude traded around $96 a barrel. Gold and Bitcoin were both little changed.

Economic Calendar:

  • USD : Services PMI (Jul) 22nd July, 2022
  • USD : Manufacturing PMI (Jul) 22nd July, 2022
  • INR : FX Reserves, USD 22nd July, 2022
  • INR : M3 Money Supply 27th July, 2022

Q1FY23 Result Today: Bandhan Bank, Coforge Ltd., Crompton Greaves Consumer Electricals Ltd, Finolex Industries, HDFCAMC, JSW Steel, Reliance Industries, Ultratech Cement

Q1FY23 Result:

ICICI Securities Q1 FY23 (Consolidated, YoY) recorded a 12% year-on-year decline in consolidated profit at Rs 273.6 crore for the quarter ended June 2022 and profit before tax was also lower by 12% at Rs 367 crore. Revenue grew by 6.5% YoY to Rs 793.55 crore supported by interest income and income from services, but impacted by lower brokerage income.

JSW Energy Q1 FY23 (Consolidated, YoYrecorded a 179% year-on-year increase in consolidated profit at Rs 560 crore for the quarter ended June 2022, backed by exceptional income and strong operating income as well as topline performance. Revenue grew by 67.5% YoY to Rs 3,115 crore and EBITDA increased by 34% to Rs 1,111 crore for the quarter.

SRF Q1 FY23 (Consolidated, YoY) recorded a 54% YoY increase in Profit After Tax(PAT) at Rs 608 crore in Q1FY23, backed by revenue and operating performance. Consolidated revenue grew by 44% YoY to Rs 3,895 crore in Q1FY23, and earnings before interest and tax (EBIT) increased 58% YoY to Rs 938 crore during the quarter.

Brokerage Radar:

MS ON SRF: OW, TP Rs 2757

Core PAT of Rs6.4bn (+62% YoY, +6% QoQ) came in 10% ahead of street est led by fluorochemicals; Co’s outlook on chemicals remains upbeat; Despite strong packaging EBIT growth, Co saw signs of demand weakness, which expect to intensify

JPM ON RBL BANK: Neutral, TP Rs 105

Bank highlights no AQ strain post CEO change; ROEs will take time to reflate on opex strain; Core PPOP declined 26% y/y driven by elevated opex., Loan book was flat q/q with decline in retail book offset by wholesale growth

MS ON CYIENT: UW, TP Rs 680

In-line revenue, but miss on margins; Rising macro uncertainties, lack of broad-based growth, & higher attrition pose risk to execution of guidance; EBIT margin at 11.5% (-298bps qoq/-164bps yoy) was weak vs. 11.9% est

International Markets:

U.S & Europe:

Particulars      21st July Chg. Chg.(%)
Nasdaq 12,059.61 161.96 1.36
Dow 32,036.90 162.06 0.51
FTSE 7,270.51 6.2 0.09
CAC 6,201.11 16.45 0.27
DAX 13,246.64 -35.34 -0.27
Dow Fut.* 31,979.50 -57.4 -0.18

Asian markets:

Particulars      22nd July Chg. Chg.(%)
SGX Nifty 16,635.00 17.5 0.11
Nikkei 27,870.33 67.33 0.24
Straits Times 3,175.67 23.37 0.74
Hang Seng 20,702.94 128.31 0.62
Shanghai 3,288.67 16.67 0.51

ADR Watch:

Particulars       21st July Chg. Chg.(%)
Dr. Reddy 55.84 0.57 1.03
HDFC Bank 58.27 0.67 1.16
ICICI Bank 19.81 0.25 1.28
Infosys 19.21 0.49 2.62
Tata Motor 28.72 0.53 1.88
Wipro 16.50 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.95 -0.06
Brent 105.23  1.32
Gold 1713.45 0.00
Silver 18.705 -0.07

FIIs & DII:

Particulars 21st July 20th July
FIIs 1799.32 1780.94
DIIs -312.29 -230.22

News Update:

Welspun Corp: The company announced the commissioning of its blast furnace and sinter plant, and TMT bars manufacturing facility at Anjar, Gujarat through its wholly owned subsidiaries. The blast furnace can produce approximately 5 lakh MT of hot metal per annum and TMT bar facility has a capacity of 3.5 lakh MT per annum.

Emami: The company acquired 30 percent stake in a pet-care start-up Cannis Lupus Services India. Cannis Lupus under the brand ‘FurBallStory’ would thus be focusing on the fast-growing pet care segment with its ayurvedic range of solutions for common and recurrent ailments in pets, especially dogs.

Biocon: The US Food and Drug Administration has concluded a pre-approval inspection for Site 3 of Biocon at Hyderabad in Telangana on July 20, with three observations. The company will be addressing within the stipulated time and stands committed to the quality, safety and efficacy of its products.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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