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

U.S. stocks swung between gains and losses as the Federal Reserve hiked policy rates by 75 basis points for a third time. Treasuries advanced two basis points to 3.59%, while two-year yields topped 4%. The S&P 500 was little changed, while the Nasdaq rose 0.1% after the Fed rate hike. Meanwhile oil erased gains ahead of the U.S. Fed policy announcement even as supply chains faced heightened pressure from Russia’s threat to escalate the Ukraine war. Gold rose 1%, whereas Bitcoin traded near its three-month low at around $19,000. India’s benchmark indices snapped their two-day winning streak, weighed down by losses across sectors. Commodities, capital goods, power, and utilities stocks led the downturn on Wednesday ahead of the U.S. Federal Reserve policy announcement. Rupee briefly fell below the 80-mark, declining as much as 0.32% to hit the intraday low of 80.01 against the U.S. dollar.

Economic Calendar:

  • USD : FOMC Press Conference on 22nd September, 2022
  • USD : Fed Chair Powell Speaks on 23rd September, 2022
  • INR : Bank Loan Growth on 23rd September, 2022
  • INR : Interest Rate Decision on 30th September, 2022

Brokerage Radar:

GS ON KPIT TECH: BUY, TP Rs.900; Acquires Technica Eng Gmbh; Technica’s CY21 Rev/EBITDA of EUR43m/EUR9mn represents 16%/17% of KPIT’s FY22 rev/EBITDA; On an EV/EBITDA basis, cash consideration for Technica implies 10x vs KPIT’s current 26x (TTM)

JEFFERIES ON BEL: BUY, TP Raised to Rs.130; In past 12-24 months, more than 200 items added to  defence import embargo list through 2027; Russia-Ukraine war has put a rising emphasis on indigenization; Raise FY24E-25E EPS by 2-6%

JEFFERIES ON LIC HSG: BUY, TP Raised to Rs.510; Housing loan demand strong; Home loan rate hike of 125/110 bps YTD FY23 could lift spreads despite rising interest rates given favorable floating asset/fixed liability profile; At 0.9x FY23e BV, valuations attractive

International Markets:

U.S & Europe:

Particulars 21stSeptember Chg. Chg.(%)
Nasdaq 11220.19 -204.86 -1.79
Dow 30183.78 -522.45 -1.70
FTSE 7237.64 44.98 0.63
CAC 6031.33 51.86 0.87
DAX 12767.15 96.32 0.76
Dow Fut.* 30071.50 -112.30 -0.37

Asian markets:

Particulars 22ndSeptember Chg. Chg.(%)
SGX Nifty 17600.50 -115.50 -0.65
Nikkei 27047.37 -265.76 -0.97
Straits Times 3253.30 -8.49 -0.26
Hang Seng 18132.67 -311.95 -1.69
Shanghai 3112.32 -4.86 -0.16

ADR Watch:

Particulars 21st September  Chg. Chg.(%)
Dr. Reddy 51.23 -0.77 -1.48
HDFC Bank 63.84 -1.54 -2.36
ICICI Bank 22.56 -0.42 -1.83
Infosys 17.02 0.00 0.00
Tata Motor 26.25 -0.64 -2.38
Wipro 4.91 -0.07 -1.41

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.98 0.28
Brent 90.34 0.57
Gold 1669.50 -0.37
Silver 19.427 -0.27

FIIs & DIIs:

Particulars 21st September 20th September
FIIs -461.04 1196.19
DIIs 538.53 131.94

News Update:

Adani Ports And Special Economic Zone: The company has won a Rs 25,000 crore project to the Tajpur deep sea port in West Bengal. The greenfield project will see Rs 15,000 crore utilised toward port development and the rest toward building related infrastructure.Meanwhile, Avantika Singh Aulakh, VC and CEO, Gujarat Maritime Board, has resigned from Adani Port’s board.

State Bank of India: State Bank of India has raised Rs 4,000 crore Basel III compliant Tier 2 bonds at coupon rate of 7.57%. The bonds have a tenor of 15 years with a call option after 10 years and on anniversary dates thereafter.

Reliance Industries: The company’s CFO Alok Agarwal plans to sell 2.25 lakh shares between May 10 to August 31, 2023. He also will gift 1.25 lakh shares between May 10 to May 31, 2023.

SpiceJet: Aviation regulator DGCA has extended the 50% limit on SpiceJet’s number of flight departures until Oct. 29 as a matter of ‘abundant caution’. The airline will be subjected to “enhanced surveillance” during this period, DGCA said.

Reliance Industries/Adani Enterprises/Tata Power: The Union Cabinet approved a Rs 19,500-crore production linked incentive scheme on ‘national programme on high efficiency solar PV modules’ with an aim to attract Rs 94,000 crore investment in the sector.

Megasoft: Paid over Rs. 56 crore to Extrovis AG for 15.25% of additional equity stake in the second tranche of acquisition.

Ashoka Buildcon: Won a project worth Rs 258.12 crore from South Western Railway for construction of new BG line, including electrical and telecommunication works, on engineering, procurement and construction mode. The project is to be completed within 24 months.

Source: Moneycontrol, Bloomberg Quint, Investing

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