View on market: Stay Cautious, be with quality business:
Asian stocks were mixed Tuesday after Treasury yields and the dollar jumped as Jerome Powell’s renomination to head the Federal Reserve increased concerns over quicker policy tightening. Powell and the other Fed chief candidate, Governor Lael Brainard, were seen as having broadly similar policy stances but Brainard was viewed by some as more dovish. Shares rose in Australia but fell in South Korea, while Japan is closed for a holiday. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.46% at 17,365.50, as of 6:45 a.m.
Economic Calendar:
- INR: FX Reserves, USD on 25th November, 2021.
- INR: GDP Quarterly (YoY) (Q2) on 30th November, 2021.
- USD: Services PMI (Nov) on 23rd November, 2021.
- USD: GDP (QoQ) (Q3) on 24thNovember, 2021.
Brokerage Radar:
JEFFERIES ON BHARTI AIRTEL: Maintain buy at the price of Rs 741 for the target price of Rs 925. Focus moving towards boosting realisations. Bharti’s 20-50% premium offers major headroom for Jio to hike tariff. Raise their India mobile estimates by 8-15%. Expect co to deliver 21% cons EBITDA CAGR in FY22-24.
MORGAN STANLEY ON RIL: Maintain overweight at the price of Rs 2364 for the target price of Rs 2950. It should reduce investor concerns on FY23 estimates if JIO takes tariff hike. See upside risks to estimates as earnings upgrade cycle for all businesses accelerates.
CREDIT SUISSE ON TELECOM: Airtel takes lead in tariff hikes; its endurance to depend on Jio’s participation. Tariff hikes, if it sustains, are 6% above existing FY23 ARPU estimates for Airtel. Maintain preference for Airtel. Bharti favourably placed to benefit from expected industry repair.
International Markets:
U.S & Europe
| Particulars | 22ndNov | Chg | Chg(%) |
| Nasdaq | 15,854.76 | -202.68 | -1.26 |
| Dow | 35,619.25 | 17.25 | 0.04 |
| FTSE | 7,255.46 | 31.89 | 0.44 |
| CAC | 7,105.00 | -7.29 | -0.10 |
| DAX | 16,115.69 | -44.28 | -0.27 |
| Dow Fut.* | 35,570.00 | -1.00 | -0.01 |
Asian markets:
| Particulars | 23rdNov | Chg | Chg(%) |
| SGX Nifty | 17,366.00 | -80.00 | -0.46 |
| Nikkei | 29,774.11 | 28.24 | 0.09 |
| Straits Times | 3,234.44 | -2.64 | -0.08 |
| Hang Seng | 24,718.86 | -232.48 | -0.93 |
| Shanghai | 3,589.92 | 7.84 | 0.22 |
ADR Watch:
| Particulars | 22nd Nov | Chg | Chg(%) |
| Dr Reddy | 60.74 | -1.60 | -2.57 |
| HDFC Bank | 68.42 | -3.56 | -4.95 |
| ICICI Bank | 19.30 | -1.17 | -5.72 |
| Infosys | 22.77 | -0.82 | -3.48 |
| Tata Motor | 32.24 | -1.21 | -3.62 |
| Wipro | 8.72 | -0.27 | -3.00 |
Commodities & Currency
| Particulars | Current Price | Chg(%) |
| USD/INR | 74.40 | 0.22 |
| Brent | 79.43 | -0.11 |
| Gold | 1810.25 | 0.22 |
| Silver | 24.308 | 0.05 |
FIIs & DII
| Particulars | 22ndNov | 18th Nov |
| FIIs | -3438.76 | -3930.62 |
| DIIs | 2051.18 | 1885.66 |
News Update:
Spandana Sphoorty Financial: Board has appointed Shalabh Saxena as the MD and CEO for a period of 5 years and Ashish Damani as the CFO. Abanti Mitra, independent director, has been appointed as non-executive chairperson.
Indian Energy Exchange: To resume trading of Renewable Energy Certificates from November 24, after a gap of almost 16 months. The last REC trade session took place in June 2020.
Triveni Engineering & Industries: The company has signed a 10-year business agreement with GEAE Technology USA to locally manufacture the LM2500 gas turbine base and enclosure.
Zee Entertainment Enterprises: NCLT Mumbai bench and Delhi bench have sanctioned the scheme of amalgamation of India Webportal, Zee Digital Convergence and Zee Network Distribution with Zee Studios.
Zen Technologies: The company has signed an export contract worth Rs 35 crore with one of its important Middle East customers. The order includes Live Simulation equipment (Rs 19.7 crore) and O&M (Rs 15.4 crore) for 4 years. The equipment order is expected to be executed in the next 3 quarters.
Union Bank: Allotted Basel III Compliant Additional Tier- 1 bonds in debentures eligible for inclusion in Tier 1 Capital Series XXXII aggregating to Rs 2,000 crore.
Future Group: US retail giant Amazon had asked Kishore Biyani-led Future Group to withdraw its complaint before Competition Commission of India as the two tried to find a possible end to bitter tussle over investments. Amazon – which is contesting the deal between Future group and Reliance Retail – also discussed its exit in lieu of compensation, according to reports.
SBI: State Bank of India (SBI) on Monday listed its $650-million green bonds simultaneously on the India International Exchange (India INX) and the Luxembourg Stock Exchange.
Vodafone Idea: Analysts said Airtel’s step to raise prepaid mobile rates by as much as 25% is an indication that the five-year-long tariff war initiated by Jio’s entry into the sector in 2016 may finally be coming to an end with Aditya Birla Group’s Vodafone Idea and Jio also planning to raise tariffs. Two people familiar with Vodafone Idea and Jio’s plans confirmed the development.
DLF: DLF Cyber City Developers Ltd (DCCDL), the rental arm of real estate firm DLF Ltd, on Monday said it has raised ₹1,000 crore through the issue of non-convertible debentures (NCDs) to investors.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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