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

Global stocks and US equity futures fell on Monday, dragged by prolonged weakness in global economy. Asian equity bourses were volatile, including a decline in Japan and uptick in South Korea. S&P 500 and Nasdaq 100 contracts fluctuated, while those for Europe were in the red. At 6:45 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.36% to 16,6464.50 points. A dollar gauge rose, crude oil hovered around $95/barrel and Bitcoin fell towards $22,000.

Economic Calendar:

  • USD : New Home Sales (Jun) 26th July, 2022
  • USD : CB Consumer Confidence (Jul) 26th July, 2022
  • INR : Federal Fiscal Deficit (Jun) 29th July, 2022
  • INR : M3 Money Supply 27th July, 2022

Q1FY23 Result Today: Axis Bank, Canara Bank, Tech Mahindra, Tata Steel, Central Bank of India, Century Textiles & Industries, IIFL Wealth Management, Anupam Rasayan India, Jyothy Labs, Craftsman Automation, Indian Energy Exchange

Q1FY23 Result:

Reliance Industries Q1 FY23 (Consolidated, YoY) clocked 41% year-on-year growth in consolidated profit after tax at Rs 19,443 crore in Q1FY23, and gross revenue grew by 53% to Rs 2,42,982 crore for the quarter YoY, while EBITDA for the quarter at Rs 40,179 crore was higher by 45.8%.

Infosys Q1 FY23 (Consolidated, YoY) reported a consolidated net profit of Rs 5,360 crore for the first quarter ended June 2022, up 3.2 percent year-on-year from Rs 5,195 crore recorded in Q1FY22. Sequentially, the profit declined 5.7 percent in the said quarter as against a profit of Rs 5,686 crore in Q4FY22.

ICICI Bank Q1 FY23 (Standalone, YoY) 50% year-on-year growth in standalone profit at Rs 6,905 crore for the quarter ended June 2022, as bad loan provisions declined sharply YoY. Net interest income increased by 20.8% to Rs 13,210 crore, compared to Rs 10,936 crore reported in corresponding period of previous fiscal, with 21% growth in advances and 13% increase in deposits YoY. Asset quality showed improvement on a sequential basis..

Brokerage Radar:

JEFFERIES ON RIL: Buy, TP Rs 2960

EBITDA missed est by 1% due to weaker than expected refining

Retail growth aided by favourable base with continued n/w expansion & +ve op lev.

Jio’s margin disappointed while strong active sub adds paint a favourable outlook

CLSA ON INFOSYS: Buy,TP Rs 1750

Healthy demand momentum & cost challenges likely transient; A strong headcount addition & an unexpected rise in FY23 rev growth guidance are reassuring on medium-term demand strength; However, its 1QFY23 margin was a tad below est

CITI ON JSW STEEL: Neutral, TP Raised to Rs 600

1Q in Line, Spot EBITDA/t Likely Higher Vs. 1Q; Believe any +ve newsflow from China would drive stock, however current vals suggest less upside

Trades at 1.8x P/B on consensus vs TSL at 0.8x

International Markets:

U.S & Europe:

Particulars      22nd July Chg. Chg.(%)
Nasdaq 11,834.11 -225.5 -1.87
Dow 31,899.29 -137.61 -0.43
FTSE 7,276.37 5.86 0.08
CAC 6,216.82 15.71 0.25
DAX 13,253.68 7.04 0.05
Dow Fut.* 31,852.70 -46.6 -0.15

Asian markets:

Particulars      25th July Chg. Chg.(%)
SGX Nifty 16,698.00 -27 -0.16
Nikkei 27,710.72 -203.94 -0.73
Straits Times 3,200.59 19.25 0.61
Hang Seng 20,453.92 -155.22 -0.75
Shanghai 3,256.87 -13.1 -0.4

ADR Watch:

Particulars       22nd July Chg. Chg.(%)
Dr. Reddy 55.84 0.57 1.03
HDFC Bank 58.61 0.34 0.58
ICICI Bank 20.08 0.27 1.36
Infosys 18.88 -0.33 -1.72
Tata Motor 28.19 -0.53 -1.85
Wipro 5.14 -0.07 -1.34

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.86 -0.11
Brent 97.76 -0.63
Gold 1725.40 -0.12
Silver 18.515 -0.55

FIIs & DII:

Particulars 22nd July 21st July
FIIs -675.45 1799.32
DIIs 739.38 -312.29

News Update:

Gail India: GAIL India to consider bonus issue on July 27. The state-owned natural gas company said the board will hold a meeting on July 27 to consider issuance of bonus shares. Hence, the trading window for dealing in securities of GAIL for designated persons and their immediate relatives will remain closed till the approval of financial results for the quarter ended June 2022.

Bharat Electronics: Bharat Electronics signs Rs 250 crore contract with Ministry of Defence. The state-owned defence company has signed a Rs 250 crore contract with the Ministry of Defence. It will supply nine integrated ASW complex (IAC) MOD ‘C’ systems. IAC MOD ‘C’ is an integrated anti-submarine warfare system for all surface ships of the Indian Navy.

Granules India: USFDA issues 6 observations to Granules Pharmaceuticals facility. The USFDA has completed an inspection of the facility of Granules Pharmaceuticals Inc, with six observations.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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