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

U.S. equity futures rose Wednesday along with Asian stocks amid Western sanctions imposed on Russia. Shares climbed in Australia and South Korea, while Hong Kong contracts dipped. The S&P 500 entered a correction, sliding 10% from its January peak. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.27% to 17,148.50 as of 6:10 am.The U.S., Europe and the U.K. imposed penalties on Russia after Kremlin recognised two self-proclaimed separatist republics in eastern Ukraine as independent. Washington issued a warning that the sanctions could be stepped up. Treasuries mostly fell and the yield curve flattened Tuesday amid a rally in commodities that highlighted economic risks from inflation. Gold was steady as haven demand ebbed somewhat. Brent crude traded in the vicinity of $97 per barrel, while bitcoin hovered around $38,100.

Economic Calendar:

  • INR: RBI MPC Minutes on 24th February 2022.
  • INR: Forex Reserve on 25th February 2022.
  • USD: Initial Job Claims on 24th February, 2022.
  • USD: GDP (QoQ) on 24th February, 2022.

Brokerage Radar:

CREDIT SUISSE ON BANDHAN BANK: O-P, TP Rs 360 MFI recovery continuing; overall growth trending up Along with MFI segment, Bandhan has seen a pick up in growth in non-MFI loans as well, with housing (+7% QoQ) in 3Q after several quarters of muted growth. While restructuring is high, given improving collection & strong provisioning buffers (4% of loans), credit costs will moderate Expect ROEs to improve to 25% in FY23

UBS ON INFOSYS: Neutral, TP Rs 1820 Management interaction highlights Co was relatively more cautious on margins, citing high attrition, lower utilisation & potential pick up in travel costs/onsite revenue.

UBS ON BPCL: Buy, TP Rs 600 A 3-way transformation Gearing up to India’s Energy transition Focus on enhancing petrochemical integration Ambitious plans for non-fuel retailing Think there is further scope of earnings upgrade & potential improvement of val multiples

International Markets:

U.S & Europe:

Particulars 22nd Feb Chg Chg(%)
Nasdaq 13,381.52 -166.55 -1.23
Dow 33596.61 -482.57 -1.42
FTSE 7,494.21 9.88 0.13
CAC 6,787.60 -0.74 -0.01
DAX 14,693.00 -38.12 -0.26
Dow Fut.* 33688.6 92.5 0.28

Asian markets:

Particulars 23rdFeb Chg. Chg(%)
SGX Nifty 17,202.50 100 0.58
Nikkei 26,449.61 -461.26 -1.71
Straits Times 3,376.61 -23.97 -0.7
Hang Seng 23,651.47 131.47 0.56
Shanghai 3,470.77 13.62 0.39

ADR Watch:

Particulars 22nd Feb Chg. Chg.(%)
Dr Reddy 56.91 0.78 1.39
HDFC Bank 66.95 0.99 1.5
ICICI Bank 19.91 0.19 0.96
Infosys 22.51 0.08 0.36
Tata Motor 32.67 -0.3 -0.91
Wipro 7.33 -0.03 -0.41

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.88 0.50
Brent 94.13 0.34
Gold 1902.15 -0.27
Silver 24.250 -0.25



Particulars 22nd Feb 21st Feb
FIIs 3245.52 -2261.9
DIIs 4108.58 2392.

News Update:

Wipro: The company has formed a joint go-to market partnership with vFunction. The company has also invested an undisclosed amount in vFunction.

Hero MotoCorp: India’s largest two-wheeler maker has collaborated with Bharat Petroleum to set up charging infrastructure for electric two-wheelers across the country. In the first phase, charging stations will be set up across nine cities, starting with Delhi and Bengaluru. The network will be then expanded across the country.

Sun Pharma: The company’s subsidiary Taro Pharmaceuticals has signed a definitive agreement to acquire The Proactiv Company from Galderma for $90 million.

Nazara Technologies: The Rakesh Jhunjhunwala-backed gaming company will consider issuance of equity shares to shareholders of Datawrkz Business Solutions on preferential basis.

MOIL: The company has extinguished 3,38,42,668 fully paid-up equity shares of Rs 10 each after completion of buyback.

Mahindra CIE: The company appointed Hari Krishnan as chief executive officer of forgings and billforge division, following Anil Haridass’s resignation from the post.

SIS: The company has won a two-year contract worth Rs 225 crore to provide security solutions at 18 sites of Mahanadi Coalfields in India, with an option to renew for a further one-year period.

Dilip Buildcon: The company has been declared as L-l bidder for the tenders floated by the National Highways Authority of India on Hybrid Annuity basis for Raipur-Visakhapatnam economic corridor in Chhattisgarh. The order is worth Rs 1,141 crore.

FSN E-Commerce Ventures: Settles civil case with L’oreal SA.

Adani Enterprises & Adani Power: Ballard Power announces MoU with Adani Group for hydrogen fuel cells in India.

MEP Infrastructure: Wins Rs 87.03 crore highway toll collection project.

Tata Power: In pact with Zaak Technologies for upcycling ash.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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