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

Asian equities rose after gains in Wall Stree, aided by U.S. gauge of Chinese shares, as markets withstood the hawkish comments from Fed officials at the annual conference in Jackson Hole, Wyoming. U.S. Federal Reserve Chair Jerome Powell’s speech today could contain key announcements and reiteration of steps to tighten monetary policy to flight surge in inflation. Bourses in Japan, Australia and South Korea were in the green. At 6:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.50% higher at 17,675.50 points. Shares of Syrma SGS Technology will start trading today after IPO. US 10-year yield fell to just above 3%. Elsewhere, Nymex crude rose above $93 a barrel while Gold and Bitcoin declined.

Economic Calendar:

  • USD : Jackson Hole Symposium 26th 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:

Anand Rathi Wealth: To meet analysts and investors on August 26.

Aptus Value Housing Finance India: To meet analysts and investors on August 26.

MOIL: To meet analysts and investors on August 26.

Cummins India: To meet analysts and investors on August 26 and September 7.

Brokerage Radar:

CS ON L&T: OW, TP Rs. 2,250; A late cycle beneficiary of investment cycle & can potentially leverage cyclical momentum with a lag; Core EPC still trades at about 16X FY24E P/E & absolute Mcap has barely moved in last 4 yrs; CSe is EPC inflows of Rs1,530bn for FY23E

UBS ON EICHER MOTORS: Downgrade to Neutral, TP raised to Rs 3,650; While Hunter 350 launch should address domestic demand concerns, a sustainable recovery in RE vols will have to wait for material macro improvement; Our FY24E domestic vol of c790k units still lower than FY19 peak

International Markets:

U.S & Europe:

Particulars      25th August Chg. Chg.(%)
Nasdaq 12639.26 207.73 1.67
Dow 32291.78 322.55 0.98
FTSE 7479.74 8.23 0.11
CAC 6381.56 -5.20 -0.08
DAX 13271.96 51.9 0.39
Dow Fut.* 32286.6 -5.20 -0.02

Asian markets:

Particulars      26th August Chg. Chg.(%)
SGX Nifty 17686.5 98.50 0.56
Nikkei 28745.42 266.41 0.94
Straits Times 3260.25 12.45 0.38
Hang Seng 20111.09 142.71 0.71
Shanghai 3259.43 13.18 0.41

ADR Watch:

Particulars     25th August  Chg.       Chg.(%)
Dr. Reddy 53.16 0.05 0.09
HDFC Bank 62.75 -0.10 -0.16
ICICI Bank 21.92 -0.01 -0.05
Infosys 19.18 -0.07 -0.36
Tata Motor 29.20 -0.04 -0.14
Wipro 5.20 0.02 0.39

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.88 0.09
Brent 100.19 0.86
Gold 1768.05 -0.19
Silver  19.135 0.08

FIIs & DIIs:

Particulars 25th August 24th August
FIIs                           369.06  23.19
DIIs  -334.31     -322.34

News Update:

HDFC Bank: The bank entered into non-binding agreement with Go Digit to invest between Rs 49.9-69.9 crore worth equity capital. Go Digit proposes to carry out life insurance business in India, subject to grant of certificate of registration from IRDA.

HDFC: The company’s three subsidiaries HDFC Property Ventures, HDFC Venture Capital and HDFC Capital Advisors approved amalgamation of HPVL and, HVCL with HCAL. The combined platform shall advise/ manage approximately $4.1 billion of assets.

Eicher Motors: The chief financial officer of the company Kaleeswaran Arunachalam has resigned effective from September 2.

Indian Oil Corporation: The company plans to spend Rs 2 lakh crore to achieve carbon neutrality by 2046.

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

Dr. Reddy’s Laboratories: The U.S. FDA has concluded that the inspection is “closed” at the company’s formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh.

Nelco: The company has partnered with Intelsat Commercial Aviation to offer inflight connectivity services in India.

Gland Pharma: The company received one observation on Form 483 from the U.S. FDA that conducted pre-market inspection at Dundigal Facility at Hyderabad.

Infibeam Avenues: Buys 50% stake in software startup Vishko22.

Steel Authority of India: Expands adoption of HPE GreenLake.

Lupin: Entered into an exclusive licensing deal with Japanese drugmaker I’rom Group to conduct clinical trials, register, distribute and market biosimilar Denosumab in Japan. Denosumab has a market size of $500 million in Japan and is available under two brands – Pralia and Ranmark.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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