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

Sovereign bonds rallied and Asian stocks were mixed on Thursday as investors parsed the economic and monetary-policy outlook after the US Federal Reserve Chair Jerome Powell acknowledged the risk of a recession. Shares gained in Japan and Australia but slipped in South Korea. S&P 500 and Nasdaq 100 futures fell following modest losses in US shares. As of 6:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was 0.2% lower at 15,442.5 points. US Treasuries extended a rally, taking two-year yields nearer 3%. Bonds jumped in Australia and New Zealand. The dollar was steady and the yen inched higher. In commodities, crude dropped about 2% to $104 a barrel. Powell said the US has to get high inflation back down to the 2% target. He accepted that steep rate increases could cause an economic contraction and called a soft landing “very challenging” in testimony to the Senate.

Economic Calendar:

  • INR: Forex Reserve on 24th June 2022.
  • INR: Fiscal Deficit Data 30th June 2022.
  • USD: Core Durable Goods Order 27th June, 2022.
  • USD: Pending Home sales 27th June, 2022.

Brokerage Radar:

GOLDMAN SACHS ON LUTRATECH: Buy, TP Rs 6600 With strong push on Infrastructure, & Urban RE expected to pickup, believe Ultratech can continue to deliver solid volume growth Expect volume growth CAGR of 9%-10% over FY23-FY25, Current correction in stk provides a good entry point Downside risks: lower-than-expected volume/pricing growth, higher input costs and capex, delay in capacity ramp-ups

CITI ON ADITYA BIRLA AMC: Initiate buy, TP Rs 515 Amongst leading AMCs in fixed income with over 10.5% market share & has potential to gain market share in equity (currently 6.4%) on an improving investment performance, Birla Group parentage gives AMC a strong brand & greater scope to cross-sell Lower dependence on equity AUM & cost management give Birla AMC more resilience than peers in today’s market environment, Build a profit decline in FY23E due to equity-market weakness, followed by 16% growth in FY24E. At 20x FY23E P/E, Birla AMC looks more attractive than HDFC AMC’s 30x

International Markets:

U.S & Europe:

Particulars      22nd June    Chg Chg(%)
Nasdaq 11,053.08 -16.22 -0.15
Dow 30483.13 -47.12 -0.15
FTSE 7,089.22 -62.83 -0.88
CAC 5,916.63 -48.03 -0.81
DAX 13,144.28 -148.12 -1.11
Dow Fut.* 30368.00 -90.6 -0.30

Asian markets:

Particulars    23rd June    Chg. Chg(%)
SGX Nifty 15,443.50 46.5 0.3
Nikkei 26,146.71 -2.84 -0.01
Straits Times 3,110.77 17.46 0.56
Hang Seng 21,089.92 81.58 0.39
Shanghai 3,270.33 3.13 0.1

ADR Watch:

Particulars     22nd June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 55.65 -0.33 -0.59
ICICI Bank 17.63 -0.38 -2.11
Infosys 18.32 -0.45 -2.4
Tata Motor 25.36 -0.72 -2.76
Wipro 5.33 -0.16 -2.91

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.39  0.40
Brent 108.93  -2.65
Gold 1835.80 -0.20
Silver 21.253 -0.80


Particulars        22nd June                                  21st June
FIIs -2920.61                         -2701.21                       
DIIs  1859.07  3066.41

News Update

NTPC: The state-run power giant said it may have to add new coal power capacity to meet the country’s surging demand for electricity, a policy shift triggered by recent energy shortages.

Vodafone Idea: Vi’s board has approved fundraising worth Rs 436.21 crore via a preference issue. The company will issue 42.76 crore equity shares or warrants convertible into equity shares at Rs 10.20 apiece to its promoter and Vodafone Group company Euro Pacific Securities.

Bajaj Auto: The Pune-based automaker will consider a share buyback proposal on June 27, days after it scrapped a previous plan to do so.

BPCL: The state-run refiner has received an order from the Ministry of Corporate Affairs sanctioning scheme of arrangement of Bharat Oman Refineries with the company.

IRB Infrastructure: The roads builder has received Rs 308 crore out of a total claim of Rs 419 crore from IRB Pathankot Toll Road.

GPT Infraprojects: The company has bagged an order worth Rs 292 crore from East Coast Railway to build viaducts, major bridges, site facilities and other allied works.

DCB Bank: The lender has appointed Satish Gundewar as the chief financial officer to replace Bharat Laxmidas Sampat, who is retiring.

Quess Corp: Allsec Technologies will merge with the company in an all-stock deal. Minority shareholders of Allsec will be issued equity shares of Quess Corp.

Imagicaa Entertainment: The company has completed the debt resolution process and has inducted directors from the new promoter group on the board. It approved allotment of equity shares and 0.01% redeemable non-convertible preference shares on preferential basis as part of the resolution plan agreed by the lenders.

BLS International: The company has signed an agreement with the West Bengal government for computerisation and e-governance of registration offices.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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