View on market: Stay Cautious, be with quality business:
The dollar rallied, bond yields rose and Asian shares slid amid unrelenting pressure on risk-sensitive assets as fears of faster inflation and global recession continued to rise. The pound led declines among major currencies on Monday, slumping to a record low as the UK Chancellor vowed to press on with the tax cuts that threaten to stoke inflation. The euro fell as investors weighed prospects of Italy under the most right-wing government since World War II. Shares dropped in Japan and Australia while an index of global stocks plumbed new lows for the year. US and European stock futures fell. Hong Kong equities fluctuated. At 7:25 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 0.9% lower at 17,176.5 points. A dollar gauge rose to a record high. The yen slid, while remaining short of the point last week that drew intervention from Japanese authorities.
Economic Calendar:
- USD : Fed Chair Powell Speaks on 27th September, 2022
- USD : New Home Sales (Aug) on 27th September, 2022
- INR : Interest Rate Decision on 30th September, 2022
- INR : RBI MPC Meeting Minutes on 30th September, 2022
Brokerage Radar:
UBS ON RIL: BUY, TP Rs.3150; Q2 FY23 EBITDA to increase 19% YoY despite O2C earnings concerns; Consumer biz share jumps to 49% of segment EBITDA; Weakening margins & export taxes to drag O2C earnings; Fundamentals remain strong; New Energy opportunities not priced in
JEFFERIES ON HINDALCO: HOLD, TP Rs.380; Ball Corp., Novelis’ largest customer, has lowered its 5-yr vol CAGR outlook for North America from 4-6%+ to 2-4%, & for South America from 5-8%+ to 4-7%; Slowing can demand & falling aluminum prices are hurting co’s outlook
JPM ON BHARTI AIRTEL: OW, TP Rs.810; Reiterated that NSA 5G will be competitive; 5G use cases will take time, but rollouts will match peers; Price-repair unfinished & tariff hikes to drive 5G monetization; 3-year capex largely unchanged
International Markets:
U.S & Europe:
| Particulars | 23rdSeptember | Chg. | Chg.(%) |
| Nasdaq | 10867.93 | -198.88 | -1.80 |
| Dow | 29590.41 | -486.27 | -1.62 |
| FTSE | 7018.60 | -140.92 | -1.97 |
| CAC | 5783.41 | -135.09 | -2.28 |
| DAX | 12284.19 | -247.44 | -1.97 |
| Dow Fut.* | 29610.20 | -466.50 | -1.55 |
Asian markets:
| Particulars | 26thSeptember | Chg. | Chg.(%) |
| SGX Nifty | 17190.50 | -141.50 | -0.82 |
| Nikkei | 26619.53 | -534.30 | -1.97 |
| Straits Times | 3201.09 | -26.01 | -0.81 |
| Hang Seng | 18019.87 | 86.60 | 0.48 |
| Shanghai | 3098.25 | 9.88 | 0.32 |
ADR Watch:
| Particulars | 23rd September | Chg. | Chg.(%) |
| Dr. Reddy | 50.65 | -0.67 | -1.31 |
| HDFC Bank | 58.97 | -2.15 | -3.52 |
| ICICI Bank | 21.49 | -0.78 | -3.50 |
| Infosys | 16.61 | -0.07 | -0.42 |
| Tata Motor | 25.47 | -0.78 | -2.97 |
| Wipro | 4.78 | -0.03 | -0.62 |
Commodities & Currency:
| Particulars | Current Price | Chg.(%) |
| USD/INR | 80.99 | 0.16 |
| Brent | 84.65 | -0.45 |
| Gold | 1646.70 | -0.54 |
| Silver | 18.550 | -1.90 |
FIIs & DIIs:
| Particulars | 23rd September | 22nd September |
| FIIs | -2899.68 | -2509.55 |
| DIIs | 299.10 | 263.07 |
News Update:
Yes Bank: The bank amended its July 15 release that said that it had successfully exited the reconstruction plan initiated by RBI in March 2020. However, the amended release now states that the bank can only exit reconstruction scheme after RBI confirmation of the compliance certificate and the completion of the three-year lock-in period with respect to 75% of shares held by shareholders.
Embassy Office Parks REIT: Shareholder Blackstone Inc. will sell 7.2% to 9.6% stake in the company for $400 million, Reuters reported. Abu Dhabi’s sovereign wealth fund is likely to pick up at least half of the stake that Blackstone is to sell, the report added.
Infibeam Avenue: The company consolidates its Australia, U.S. and Saudi Arabia arm and transferred to company’s UAE‐based wholly owned subsidiary, Vavian International. The company plans to increase its global play in the digital payments space by going aggressively with its flagship brand CCAvenue.
Nestle India: To invest Rs 5,000 crore in India by 2025.
Unichem Laboratories: Sells 20% stake in Optimus Drugs Ltd. to Sekhmet Pharmaventures Ltd. for Rs 270.98 crore.
Cipla: Received the establishment inspection report from USFDA for product specific pre-approval inspection at its Indore plant, indicating closure of the inspection.
Jindal Stainless: To consider raising funds via debt, NCDs.
Piramal Enterprises: To consider issue of NCDs up to Rs 750 crore.
Coal India: The company will sign memorandum of understanding with Bharat Heavy Electricals, Indian Oil Corporation and GAIL (India) for setting up four Surface Coal Gasification projects.
Glenmark: The company along with Bausch Health announced that nasal spray Ryaltris has been approved by Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis.
Source: Moneycontrol, Bloomberg Quint, Investing
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