View on market: Stay Cautious, be with quality business:
Asian stocks were steady Thursday and the dollar held near a 16-month high as traders weighed Federal Reserve minutes that flagged the risk of a faster reduction in stimulus to fight elevated inflation. Equities rose in Japan and Australia but fell in South Korea, where the central bank raised interest rates. U.S. futures climbed after the S&P 500 and tech-heavy Nasdaq 100 edged up. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 17,382 as of 8:00 a.m
Economic Calendar:
- INR: FX Reserves, USD on 26th November, 2021.
- INR: GDP Quarterly (YoY) (Q2) on 30th November, 2021.
- USD: FOMO Meetings Minutes on 25th November, 2021.
- USD: Pending Home Sales (MoM) (Oct) on 29thNovember, 2021.
Brokerage Radar:
CITI ON COAL INDIA: Maintain neutral at the price of Rs 159 for the target price of Rs 160. e-Auction premiums remain strong; lower diesel to reduce costs in H2. Lower diesel prices should drive costs lower in H2. Will be able to push through as many volumes as it produces over next few qtrs. Continue to see upside risks to consensus earnings.
JP MORGAN ON TATA POWER: Maintain neutral at the price of Rs 238.30 for the target price of Rs 225. Pricing in future earnings/option value implies ~$6 bn valuation discovery. Globally, ESG positive business are trading at premium multiples. Tata Power at premium valuation given the robust earnings CAGR of 30%.
JEFFERIES ON TELECOM: During Q2, sector revenue grew 12% YoY, led by urban markets. Bharti & Jio gained 150-230 bps revenue mkt share in H1. Voda idea lost 240 bps share, with top 3 mkts forming 47% of mkt share loss. Bharti has seen the highest growth in these markets. Latest tariff hikes will drive growth in sector revenues. Market share shifts should keep bharti’s growth outlook strong. Reiterate buy on Bharti, target at 925/Sh.
International Markets:
U.S & Europe
| Particulars | 24thNov | Chg | Chg(%) |
| Nasdaq | 15,845.23 | 70.09 | 0.44 |
| Dow | 35,804.38 | -9.42 | -0.03 |
| FTSE | 7,286.32 | 19.63 | 0.27 |
| CAC | 7,042.23 | -2.39 | -0.03 |
| DAX | 15,878.39 | -58.61 | -0.37 |
| Dow Fut.* | 35,827.00 | 78.00 | 0.22 |
Asian markets:
| Particulars | 25thNov | Chg | Chg(%) |
| SGX Nifty | 17,382.00 | -28.00 | -0.16 |
| Nikkei | 29,497.07 | 194.41 | 0.66 |
| Straits Times | 3,224.17 | -2.98 | -0.09 |
| Hang Seng | 24,580.54 | -104.96 | -0.43 |
| Shanghai | 3,583.15 | -9.55 | -0.27 |
ADR Watch:
| Particulars | 24th Nov | Chg | Chg(%) |
| Dr Reddy | 60.74 | -1.60 | -2.57 |
| HDFC Bank | 68.42 | -3.56 | -4.95 |
| ICICI Bank | 19.30 | -1.17 | -5.72 |
| Infosys | 22.77 | -0.82 | -3.48 |
| Tata Motor | 32.24 | -1.21 | -3.62 |
| Wipro | 8.72 | -0.27 | -3.00 |
Commodities & Currency
| Particulars | Current Price | Chg(%) |
| USD/INR | 74.40 | -0.04 |
| Brent | 82.22 | 0.07 |
| Gold | 1793.35 | 0.51 |
| Silver | 23.698 | 0.85 |
FIIs & DII
| Particulars | 24thNov | 23rd Nov |
| FIIs | -5122.65 | -4477.06 |
| DIIs | 3809.62 | 1412.05 |
News Update:
Coal India: The company said rising costs mean it’s inevitable that it will be forced to hike prices of supplies in long-term deals to protect profitability. The state-run company is facing pressure from high diesel prices and an increase in salaries of employees due retroactively from July. The higher costs threaten to eat into investor returns and potentially hinder its investment in mines and logistics infrastructure.
Capri Global Capital: The company has entered into a co-lending agreement with the Union Bank of India to offer MSMEs loans.
Pidilite Industries: Madhumala Ventures, a wholly owned subsidiary of the company, to acquire 19.51% stake in Constrobot Robotics for Rs 1.56 crore. Constrobot is engaged in the business of research, development, manufacturing and trading of robotic equipment and related software to be used in construction activities.
AU Small Finance Bank: Crisil Ratings has revised its rating outlook on the fixed deposit programme and long-term debt instruments of the bank to positive from stable. The rating of the fixed deposit programme and long-term debt instruments have been reaffirmed at FAA+ and AA- respectively.
The Ramco Cements: Commissioned a Waste Heat Recovery System at newly commissioned Third Line at its Jayanthipuram Plant. This will help the company generate 5 MW Of additional power from waste heat taking the company’s total power available from waste heat to 21 MW.
Reliance Industries: RIL has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a wholly-owned subsidiary. RIL plans to restructure and repurpose gasification assets.
Cadila Healthcare: Indian pharmaceutical major Cadila Healthcare has entered into an agreement with South Korea’s Enzychem Lifesciences for its plasmid DNA vaccine to prevent Covid-19. The deal encompasses manufacturing license and technology for such vaccines. The partnership, which was signed on Wednesday, will result in manufacturing of 80 million doses or more of Covid-19 plasmid DNA vaccine in 2022.
Hero Motocorp: Hero Electric has registered 24,000 retail sales during the 45 days festive period starting from October 1 to November 15 compared to last year sales that stood at 11,339 units. This is more than 100 per cent increase as compared to the sales occurred last year during the same period. The company already has over 4 lakh electric vehicles on the Indian roads. Hero Electric has attributed rising fuel prices and government backed FAME II policy that subsidise the purchase of electric vehicles.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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