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

Stocks were mixed in subdued trading in Asia on Friday after the Thanksgiving holiday in the US. The dollar inched up after a three-day drop. Crude dropped 0.1%, while gold futures rose 0.6%. Bitcoin rose 0.7% to trade near $16,600-level.The Indian benchmarks mirrored the upswing in their global peers as both Sensex closing at life-time highs, spurred by the expectations of lower rate hikes by the Federal Reserve. Gains in IT, banking and oil stocks underpinned the rally during the day. Rupee strengthened against the U.S. dollar on the back of dovish stance of Fed minutes and lower crude prices. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.18% to 18,634.

Economic Calendar:

  • USD : CB Consumer Confidence (Nov) on 29th November, 2022
  • USD : GDP (QoQ) (Q3) on 30th November, 2022
  • INR : FX Reserves, USD on 25th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) 30th November, 2022

Brokerage Radar:

CITI ON PAYTM: Buy, TP Rs 1055; Trading @5x FY24E EV/Contribution Profits; Acknowledge overhang risks from further selling by existing pre-IPO shareholders & fintech is competitive, but at these vals, risks are overdone

GS ON KPIT TECH: Buy, TP Rs 930; Announced Renault partnership represents 1st $100m+ engagement; Expect this engagement to be a $25m/yr rev opportunity starting FY24E; This program underlines visibility around Co’s multi yr journey for 20%+ rev CAGR

JEFFERIES ON AXIS BANK: Buy, TP Rs 1110; Investment in digital platforms helping engage across life-cycle, boosting cross-sell; With Citi & Flipkart partnership, will be among top credit card platforms; Mgmt confident about asset quality, growth & ROA

International Markets:

U.S & Europe:

Particulars 24th November Chg. Chg.(%)
Nasdaq 11285.32 110.91 0.99
Dow 34194.06 95.96 0.28
FTSE 7466.60 1.36 0.02
CAC 6707.32 28.23 0.42
DAX 14539.56 111.97 0.78
Dow Fut.* 34219.50 -37.00 -0.11

Asian markets

Particulars 25th November Chg. Chg.(%)
SGX Nifty 18624.50 -43.50 -0.23
Nikkei 28286.94 -96.15 -0.34
Straits Times 3236.93 -15.95 -0.49
Hang Seng 17522.23 -138.67 -0.79
Shanghai 3106.09 16.78 0.54

ADR Watch:

Particulars 23rd November  Chg.       Chg.(%)
Dr. Reddy 54.48 0.29 0.54
HDFC Bank 68.72 0.72 1.06
ICICI Bank 22.97 0.11 0.48
Infosys 19.53 0.16 0.83
Tata Motor 25.92 -0.02 -0.08
Wipro 4.81 -0.02 -0.41

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.63 -0.26
Brent 85.36 0.02
Gold 17757.85 0.16
Silver 21.525 0.74

FIIs & DIIs:

Particulars 24th November 23rd November
FIIs    1231.98 -789.86
DIIs -235.66 413.75

News Update:

Indian Oil Corporation: ICICI Bank, ICICI Prudential Life Insurance, HDFC Life Insurance and SBI Life Insurance have entered into agreements to invest in seed capital of a proposed joint venture of Indian Oil Corporation and Chennai Petroleum Corporation.

Punjab National Bank: The bank received government approval to divest 15.22% stake in UTI Asset Management Company.

Allcargo Logistics: The company’s wholly owned subsidiary Allcargo Belgium NV has entered into a share purchase agreement with NBG Logistik Beteiligungs und Beratungsges mbH to acquire 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for €12 million (Rs 101.95 crore).

Tata Steel Long Products: The company acquired additional 4.69 crore shares of subsidiary Neelachal Ispat Nigam at a premium of Rs 54 apiece for Rs 300 crore.

HDFC Bank: The bank appointed Bhavesh Zaveri as executive director and redesignated Kaizad Bharucha as deputy managing director for a period of three years.

West Coast Paper Mills: Icra revised the long-term rating to [ICRA] AA from [ICRA] AA-, with stable outlook.

State Bank of India: The central board of the bank will meet on Nov. 29 to consider raising Rs 10,000 crore, including a green shoe option of Rs 5,000 crore, via infrastructure bonds during the current fiscal.

Laurus Labs: The company will acquire 7.4 lakh shares of Ethan Energy India at Rs 52.70 apiece to secure 26% shareholding.

Biocon: Subsidiary Biocon Biologics allotted equity shares worth Rs 2,205.63 crore to the company.

Bharti Airtel: The company revised its foreign currency convertible bonds conversion price to Rs 521 per share.

KIOCL: The company restarted operations at its pellet plant unit in Mangalore.

Lupin: The U.S. FDA issued a Form-483 with eight observations each for the drug product facility and API facility the company’s Mandideep unit-1.

Source: Moneycontrol, Bloomberg Quint, Investing

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