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

Stocks advanced in Asia on Wednesday after Wall Street rallied on corporate earnings and indications that the Federal Reserve is open to slowing the pace of interest-rate hikes. Oil rose amid an uncertain supply outlook alongside a proposal by the European Union to soften Russian crude sanctions. Gold changed little, while Bitcoin held recent gains after rising as much as 4.2% Tuesday to snap the digital asset from its lowest price since November 2020. Domestic benchmarks indices closed higher to end their three-day losing streak, boosted by gains in metal and IT stocks. Rupee emerged from its four-day-long slump against the U.S. dollar and the global currency shed gains. At 6:40 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.34% to 18,349.5.

Economic Calendar:

  • USD : Building Permits on 23rd November, 2022
  • USD : Initial Jobless Claims on 23rd November, 2022
  • INR : FX Reserves, USD on 25th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) 30th November, 2022

Brokerage Radar:

UBS ON MARUTI: Buy, TP Rs 12000; Biggest winner as diesel derails; Real-world Driving Emission (RDE) norms go live from Apr’23; More stringent norms will follow & are expected to further increase relative cost of diesel cars in India

CITI ON VEDANTA: Sell, TP Rs 235; Board Announces Third Interim Dividend of Rs17.5/sh; VED’s dividend outflow for FY23 thus far would amount to US$3.2bn, vs. dividend received from HZL at US$1.25bn (so far). While dividend yield remains attractive (FY23 dividend so far is Rs68.5/sh), may not be enough particularly if commodity prices stagnate/fall given group leverage; Outlook for aluminium & zinc is fairly muted for next few months

CITI ON LTIMINDTREE: Resume sell, TP Rs 4510; Key things to watch: a)key employee attrition, if any b)progress on integration; Challenging macro & focus shifting inwards could mean challenges near term; There should be synergies playing out in medium term

International Markets:

U.S & Europe:

Particulars 22nd November Chg. Chg.(%)
Nasdaq 11174.41 149.90 1.36
Dow 34098.10 397.82 1.18
FTSE 7452.84 75.99 1.03
CAC 6657.53 23.08 0.35
DAX 14422.35 42.42 0.29
Dow Fut.* 34113.90 15.80 0.05

Asian markets

Particulars 23rd November Chg. Chg.(%)
SGX Nifty 18349.50 62.00 0.34
Nikkei 28115.74 170.95 0.61
Straits Times 3266.36 6.80 0.21
Hang Seng 17415.34 -9.07 -0.05
Shanghai 3079.18 -9.76 -0.32

ADR Watch:

Particulars 22nd November  Chg. Chg.(%)
Dr. Reddy 54.19 0.12 0.22
HDFC Bank 68.00 0.56 0.83
ICICI Bank 22.86 0.10 0.44
Infosys 19.37 0.07 0.36
Tata Motor 25.94 0.40 1.57
Wipro 4.83 0.00 0.00

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.67 -0.21
Brent 88.38 0.01
Gold 1741.80 0.11
Silver 21.130 0.38

FIIs & DIIs:

Particulars 22nd November 21st November
FIIs -697.83 -1593.83
DIIs 636.39 1262.91

News Update:

FSN E-Commerce Ventures: CFO Arvind Agarwal resigned to pursue other opportunities in the digital economy and startup space.

Vedanta: The board approved the third interim dividend for FY23 of Rs 17.5 per share, amounting to a total payout of Rs 6,505 crore.

Reliance Industries/Bharti Airtel/Vodafone Idea: Embattled telco Vodafone Idea continued to lose subscribers in September as rivals Bharti Airtel and Reliance Industries strengthened their customer bases, showed TRAI data.

Adani Enterprises: The board of the company will meet on Nov. 25 to consider raising funds through further public offering, preferential allotment, including a QIP, or through any other mode.

Bharti Airtel: The company’s data centre subsidiary Nxtra will invest Rs 600 crore to set up its new hyper-scale data centre in Kolkata.

Wipro: The company launched its strategic cybersecurity consulting offering in Europe.

Infosys: The company entered a strategic collaboration with Envision AESC to digitise and automate processes at latter’s EV battery manufacturing plants.

MBL Infrastructure: The arbitral tribunal passed an award worth Rs 9.29 crore plus interest in favour of the company against Public Works Department, Delhi for a residential complex project in Delhi.

Life Insurance Corporation of India: The insurer increased its stake in Tech Mahindra to 6.87% from 4.86%.

UPL: The company announced victory in a lawsuit protecting the intellectual property rights for its patented Everest crop protection agricultural input.

Time Technoplast: Company informed that the progress on consolidation cum restructuring of overseas business is progressing very well and the management along with advisors JP Morgan India and Ernst & Young India are at final stage of negotiation/discussion with the prospective investor.

Source: Moneycontrol, Bloomberg Quint, Investing

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