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

Stocks were volatile in Asia on Wednesday amid a sharp selloff in technology shares and worries that Federal Reserve tightening will plunge the US into recession. The dollar and Treasury yields were steady. Shares in Japan fell and South Korea’s were little changed, while Australian shares rose. US futures advanced afer a weak close in Wall Street, with the Nasdaq 100 down more than 2% after Snap Inc.’s earnings. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose nearly 0.3% to 16,156.60 points as of 6:50 am. Elsewhere, West Texas Intermediate crude rose 0.6% to $110.40 a barrel. Bitcoin hovered around $30,000.

Economic Calendar:

  • INR: FX Reserve on 27thMay
  • INR: GDP Quartely on 31st May 2022.
  • USD: CB Consumer confidence 31st May, 2022.
  • USD: ADP Non Payroll Job Data 1st June, 2022.

Earnings Today: Bharat Petroleum Corporation, Coal India, National Aluminium Company, NHPC, MM Forgings, Apollo Hospitals Enterprises, Interglobe Aviation, Max Healthcare Institute, Torrent Pharmaceuticals, Bata India, Ashoka Buildcon, Fortis Healthcare, Easy Trip Planners, Deepak Fertilizers, Kolte-Patil Developers, Religare Enterprises, Whirlpool of India.

Q4Fy22 Earning:

Adani Ports and Special Economic Zone Q4 FY22 (Consolidated, YoY) Revenue up 6.47% at Rs 3,845.03 crore Vs Rs 3,607.9 crore (Bloomberg estimate: Rs 4,186.7 crore) EBITDA fell 19.57% at Rs 1,858.8 crore Vs Rs 2,310.96 crore (Bloomberg estimate: Rs 2,780.7 crore) EBITDA margin 48.34% Vs 64.05% (Bloomberg estimate: 66.41%) Net profit fell 20.5% at Rs 1,024 crore.

Grasim Industries Q4 FY22 (Standalone, YoY) Revenue up 45.12% at Rs 6,376.9 crore Vs Rs 4,394.25 crore (Bloomberg Estimate: Rs 6,402.4 crore) EBITDA fell 7.13% at Rs 753.09 crore Vs Rs 810.89 crore (Bloomberg Estimate: Rs 903.8 crore) EBITDA margin 11.81% Vs 18.45% (Bloomberg Estimate: 14.11%) Net profit up 122.42% at Rs 1,068.03 crore.

Minda Industries Q4 FY22 (Consolidated, YoY) Revenue up 8% at Rs 2,415.08 crore Vs Rs 2,238.27 crore (Bloomberg estimate: Rs 2,345.2 crore) EBITDA fell 8.65% at Rs 275.50 crore Vs Rs 301.59 crore (Bloomberg estimate: Rs 246.8 crore) EBITDA margin 11.41% Vs 13.47% (Bloomberg estimate: 10.52%) Net profit up 2.9% at Rs 144.37 crore

Dalmia Bharat Sugar and Industries: Q4 FY22 (Consolidated, YoY) Revenue up 75.2% at Rs 856 crore Vs Rs 488.6 crore EBITDA up 2.81% at Rs 130.80 crore Vs Rs 127.23 crore EBITDA margin 15.28% Vs 26.04% Net profit up 7.21% at Rs 55.6 crore Vs Rs 51.86 crore

RITES Q4 FY22 (Consolidated, QoQ) Revenue fell 1.18% at Rs 766.02 crore Vs Rs 775.2 crore EBITDA up 4.41% at Rs 204.47 crore Vs Rs 195.83 crore EBITDA margin 26.7% Vs 25.26% Net profit fell 1.05% at Rs 142.36 crore Vs Rs 143.87 crore

Strides Pharma Science Q4 FY22 (Consolidated, YoY) Revenue down 5% at Rs 866 crore Vs Rs 908 crore (Bloomberg estimate: Rs 826 crore) EBITDA down 74% to Rs 42 crore from Rs 159 crore (Bloomberg estimate: Rs 25 crore Profit) EBITDA margins at 4.8% Vs 17.5% (Bloomberg estimate: 3%) Net profit down 37% to Rs 29 crore.

Brokerage Radar:

JEFFERIES ON GRASIM: Buy, TP Rs 1845 Sluggish 4Q, EBITDA down 7% YoY/18% QoQ on weak VSF profits Highlight for 4Q- doubling paint Capex Finer details like capex constituents, strategy & pace of rampup are missing, which would drive uncertainty in near term.

CITI ON SAIL: Buy, TP cut to Rs 90 from Rs 155 4Q Slightly Ahead; Buy Post the Correction, Potential China Policy Should benefit from import duty removal on coking coal, likely to offset by 15% export duty on steel Cut FY23/24 EBITDA by 56%/47%

International Markets:

U.S & Europe:

Particulars       24th  May    Chg Chg(%)
Nasdaq 11,264.45 -270.83     -2.35
Dow 31928.62 48.38       0.15
FTSE 7,484.35 -29.09 -0.39
CAC 6,253.14 -105.6 -1.66
DAX 13,919.75 -255.65 1.8
Dow Fut.* 32016.50        89.9       0.28

Asian markets:

Particulars    25th May    Chg. Chg(%)
SGX Nifty 16,151.50 37.5 0.23
Nikkei 26,713.08 -35.06 -0.13
Straits Times 3,197.45 2.41 0.08
Hang Seng 20,082.39 -29.71 -0.15
Shanghai 3,076.62 5.69 0.19

ADR Watch:

Particulars     24th May Chg. Chg.(%)
Dr Reddy 56.48 1.41 2.56
HDFC Bank 54.25 0.61 1.14
ICICI Bank 18.33 -0.12 -0.65
Infosys 18.4 -0.49 -2.59
Tata Motor 27.26 -0.12 -0.44
Wipro 5.89 -0.15 -2.48

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.58 0.09
Brent 111.88 1.09
Gold 1858.59   -0.35
Silver 21.98   -0.30

FIIs & DII:

Particulars 24th May                           23rd May
FIIs -2393.45 -1951.17 
DIIs 1948.49 1445.39

News Update

Eveready Industries: The open offer to acquire 1.88 crore shares representing 26% stake, will begin on June 3 and close on June 16. The offer price is set at Rs 320 per share.

Dr Reddy’s Laboratories: The company along with US based Senores Pharmaceuticals launched Ketorolac Tromethamine Tablet, a therapeutic generic equivalent of the reference listed drug Toradol Tablets.

Titagarh Wagons: The company has bagged its largest order to supply 24,177 wagons from the Indian Railways valued at Rs 7,800 crore. Tts total order book now stands at Rs 10,645 crore.

SIS: The company will acquire 49.99% stake in its subsidiary company Terminix SIS India for Rs 77.5 lakhs. After the acquisition, SIS will fully own the subsidiary.

  Source: Moneycontrol, Livemint,, Bloomberg, Investing

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