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

U.S. stocks rose aided by tech megacaps even as investors await Federal Reserve’s chair Jerome Powell’s speech on Friday. Treasury yields also rose. S&P 500 rose following a volatile start to the session. Nasdaq also rallied over 1.5% aided by giants like Amazon and Tesla. Elsewhere, oil edged higher as Iran talks linger and U.S. crude stockpiles decline. Gold fluctuated as investors weighed Fed tightening path, and Bitcoin remained near $21,000. Back home, India’s stock benchmarks advanced for second day after swinging between gains and losses for most of the session, powered by banking, industrials and realty stocks. The local currency ended higher against the U.S. dollar, making a second session of gains on Wednesday.

Economic Calendar:

  • USD : GDP (QoQ) (Q2) 25th Aug, 2022
  • USD : Fed Chair Powell Speaks 26th Aug, 2022
  • INR : FX Reserves, USD 26th Aug, 2022
  • INR : GDP Quarterly (YoY) (Q1) 31st Aug, 2022

Who’s Meeting Whom:

Aether Industries: To meet investors and analysts on August 26.

Indigo Paints: To meet investors and analysts on August 26.

Shriram City Union Finance: To meet investors and analysts on August 29.

Meghmani Organics: To meet investors and analysts on August 25.

AGS Transact Technologies: To meet investors and analysts on August 26.

Brokerage Radar:

MO ON ADITYA BIRLA FASHION: Maintain BUY, TP Rs 380; Strong execution capability is reflected; Recent fund raise from GIC, followed by improved profitability; Balance Sheet, healthy cash flows, and a strong overall performance

CLSA ON TATA POWER: Maintain SELL, TP Rs 212; Coal remains a key PAT driver; Targets for 4x PAT over FY22-27; Maintain Sell as the stock remains expensive

International Markets:

U.S & Europe:

Particulars      24thAugust Chg. Chg(%)
Nasdaq 12431.53 50.23 0.41
Dow 32969.23 59.64 0.18
FTSE 7471.51 -16.6 -0.22
CAC 6386.76 24.74 0.39
DAX 13220.06 25.83 0.20
Dow Fut.* 32021.1 51.9 0.16

Asian markets:

Particulars      25thAugust Chg. Chg(%)
SGX Nifty 17691.5 76 0.43
Nikkei 28471.61 158.14 0.56
Straits Times 3248.30 14.82 0.46
Hang Seng 19268.74 -234.51 -1.2
Shanghai 3211.74 -3.46 -0.11

ADR Watch:

Particulars     24thAugust  Chg.        Chg(%)
Dr. Reddy 53.11 0.4 0.76
HDFC Bank 62.85 0.65 1.05
ICICI Bank 21.93 0.24 1.11
Infosys 19.25 0.00 0.00
Tata Motor 29.24 0.35 1.21
Wipro 5.18 -0.01 -0.19

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 79.86 -0.01
Brent 101.97 0.74
Gold 1770.10 0.49
Silver 19.117 1.11

FIIs & DIIs:

Particulars 24th August 23rdAugust
FIIs                            23.19       563.00
DIIs -322.34     -215.20

News Update:

Bharti Airtel: Singtel units have entered into an agreement to sell a 3.3% direct stake in Airtel to Bharti Telecom, according to Singapore company statement. Bharti Telecom is a joint venture between Bharti Enterprises and Singtel. The deal will happen at any time before Nov. 23. Singtel expects $600 million Singaporean dollars net gain on divestment. Post-deal, Singtel is expected to own an effective stake of 29.7% in Airtel, estimated to be worth $22 billion Singaporean dollars, which comprises a 19.2% indirect stake through Bharti Telecom and a 10.5% direct stake.

NHPC: subsidiary NHPC Renewable Energy signed memorandum of understanding with the government of Rajasthan for setting up of 10 GW RE parks/projects at sites identified inside Rajasthan.

Lupin:  has entered into a deed of assignment Boehringer Ingelheim International GmbH for the acquisition of brands Ondero and Ondero – Met, including trademark rights associated with the brands, which will enable it to provide comprehensive treatment options for diabetes management. The cost of acquisition is Euro 26 million (Rs 207.43 crore)

PB Fintech: approved investment of Rs 250 crore and Rs 650 crore in Paisabazaar Marketing and Consulting and Policybazaar Insurance Brokers respectively during the financial year 2022-23. It also incorporated a step-down subsidiary in Abu Dhabi with the objective of extending group’s technology hub in UAE and providing end to end tech solutions. It will also acquire 45% to 51% stake in UAE based YKNP Marketing Management via its Dubai unit for $4 million.

REC: has sold entire shareholding in Neemuch Transmission to Power Grid Corporation.

PSP Projects: The company has received contract worth Rs 257.35 crore taking its total order flow for FY23 till date to Rs 1,344.24 crore.

RBL Bank: College Retirement Equity Fund buys 45.84 lakh shares in RBL Bank. College Retirement Equity Fund bought 45,84,678 shares or 0.7 percent stake in the bank via open market transactions at an average price of Rs 108.86 per share.

  Source: Moneyontrol, Livemint,, Bloomberg, Investing

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