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

Stocks fell Thursday on growing geopolitical tension after the Kremlin said separatists in eastern Ukraine asked President Vladimir Putin for help, a step that could lead to Russian troop deployments. Equities declined in Japan, South Korea and Australia. US futures retreated following a technology slide that pushed the S&P 500 further into a correction. Treasuries, the dollar, gold all gained. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 1.64% to 16,815 as of 7:15 am. Oil pushed higher as traders while bitcoin slipped below $37,000.

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 CROMPTON GREAVES: Cons Neutral, TP Rs 500 Key pitfalls on Butterfly acquisition 1 Completely family driven with different culture 2 Separate listed entities 3 open offer may not help increase stake by much; 4 45-50% of rev from non-electricals, may be non-core.

BANK OF AMERICA ON IT: Downgrade Infosys to N, TP Rs 1830 Wage Inflation to bite Re-rating prospects could slow down till earnings revision cycle turns markedly +ve again Neutral on TCS, TP Rs 3780 Buy on HCL/TECHM , TP Rs 1315/1665 U-P on Wipro, TP Rs 555.

BROKERAGES ONMINDTREE: Post analyst meet Neutral, TP Rs 4640 Unveils 3-pronged strategy to sustain revenue growth Focus on core portfolio Expand its emerging portfolio Incubate new portfolio Co will reinvest EBITDA margin beyond 20% in building technical & sales capability

International Markets:

U.S & Europe:

Particulars 23rd Feb Chg Chg(%)
Nasdaq 13,037.49 -344.03 -2.57
Dow 33131.76 -464.85 -1.38
FTSE 7,498.18 3.97 0.05
CAC 6,780.67 -6.93 -0.1
DAX 14,631.36 -61.64 -0.42
Dow Fut.* 32809.9 -321.2 -0.99

Asian markets:

Particulars 24th Feb Chg. Chg(%)
SGX Nifty 16,778.50 -284.5 -1.67
Nikkei 26,161.46 -288.15 -1.09
Straits Times 3,333.94 -59.06 -1.74
Hang Seng 23,310.40 -349.88 -1.48
Shanghai 3,481.53 -7.62 -0.22

ADR Watch:

Particulars 23rd 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 74.56 -0.43
Brent 96.13 2.42
Gold 1924.95 0.80
Silver 24.848 1.17

FIIs & DII:

Particulars 23rd Feb 22nd Feb
FIIs -3417.16 -3245.52
DIIs 3024.37 4108.58

News Update:

Sanofi India: Q3FY22 (YoY) Revenue down 4% at Rs 687.9 crore Vs Rs 720.3 crore Net profit down 27% at Rs 90.4 crore Vs Rs 123 crore Ebitda down 24% at Rs 127.20 crore Vs Rs 167 crore Margin 18.5% Vs 23.2% Declared dividend of Rs 490 per share on the back of divestments and strong domestic growth.

Vodafone Idea: Vodafone Group Plc is in talks to sell around a 5% stake in Indus Towers Ltd. to Bharti Airtel Ltd., PTI reported. The deal is expected to be valued at more than Rs 3,300 crore, and the proceeds will be pumped into the Indian entity Vodafone Idea Ltd.

Info Edge (India): The company has received NCLT approval for amalgamation of wholly owned subsidiary High Orbit Careers.

Power Grid: The company will transfer 26% residual equity shareholding in Power Grid Vizag Transmission and relinquish its right on additional revenue accruing to PowerGrid Parli Transmission Power Grid Warora Transmission and PowerGrid Jabalpur Transmission under change in law to PGInvIT against upfront consideration.

Vedanta: The Anil Agarwal-led miner will consider declaration of third interim dividend on March 2. SKF: CFO Anurag Bhagania has resigned.

Federal-Mogul Goetze: Tenneco Inc, company’s holding company, has entered a merger agreement with Pegasus Merger, a wholly owned subsidiary of Pegasus Holdings.
Vedanta: Board of Directors of the Company on March 02, 2022, will consider and approve Third Interim Dividend on equity shares, if any, for the Financial Year 2021-22.

Vodafone PLC: statement on stake sale in Indus Towers: Total 7.1% stake was pledged as security during merger of Indus Towers + Bharti Infratel .Plan to sell 2.4% via blocks tomorrow, balance 4.7% in talks with largest shareholder.Also exploring options to sell the balance 21%.

Power Finance Corp (PFC): The board will meet on Feb 28 to consider and approve market borrowing programme for 2022-23 (Apr-Mar) through the issuance of bonds, term loans and commercial papers from domestic and international markets

PNC Infratech: emerges lowest bidder for 3 new hybrid annuity model (HAM) projects by NHAI in Uttar Pradesh worth an aggregate bid project cost of Rs 4,384 cr

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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