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

Asian stocks rose Monday and Treasuries held an advance on Jerome Powell’s signal of a cautious and gradual withdrawal of pandemic-era Federal Reserve policy support. Shares gained in Japan, Australia and South Korea. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, climbed 0.59% to 16,824.00 as of 8:15 a.m. U.S. futures edged up after a record Wall Street close in the wake of Chair Powell’s Jackson Hole speech. Powell said the Fed may start paring bond purchases this year but is in no hurry to raise interest rates and will be guided by data on Covid-19 risks.Powell didn’t give a specific timeline for scaling back stimulus. Traders are awaiting U.S. jobs data this week to assess whether the recovery merits an earlier tapering. Strong figures could extend the first weekly steepening of the Treasury yield curve since July. The dollar held a drop.

Major economic Data:

  • INR: GDP (YoY) (Q1) on31st August, 2021
  • INR: Infrastructure Output (YoY) (Jul)  on 27th August,2021
  • USD: Pending Home sales (MoM) (Jul) on 30th August,2021
  • USD: CB Consumer Confidence on 31th August, 2021

Brokerage Radar:

CLSA on Bharti Airtel: Maintain buy at the price of Rs 588.45 for the target price of Rs 780.Rights issue & call options create headroom, keeping gearing comfortable. It reates headroom especially in the event that Govt advances 5G spectrum.

Maintain Buy Call Given Co’s commendable market Share Performance.

MS on Reliance Ind.:Maintain overweight at the price of Rs 2225 for the target price of Rs 2269.Valuations attractive vs global energy

International Markets:

U.S & Europe

Particulars 27thAug Chg Chg(%)
Nasdaq 15,129.50 183.69 1.23
Dow 35455.8 242.68 0.69
FTSE 7,148.01 23.03 0.32
CAC 6,681.92 15.89 0.24
DAX 15,851.75 58.13 0.37
Dow Fut.* 35,409.00 6 0.02

Asian markets:

Particulars 30thAug Chg Chg(%)
SGX Nifty 16,824.00 99 0.59
Nikkei 27,718.86 77.72 0.28
Straits Times 3,103.69 22.92 0.74
Hang Seng 25,479.83 71.94 0.28
Shanghai 3,536.44 9.84 0.28

ADR Watch:

Particulars 27thAug Chg Chg(%)
Dr Reddy 62.19 2 3.32
HDFC Bank 77.93 0.68 0.88
ICICI Bank 19.19 0.45 2.4
Infosys 23.73 0.07 0.3
Tata Motor 19.75 0.85 4.5
Wipro 9.13 0.13 1.44

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.86 -0.77
Brent 70.04 0.47
Gold 1817.85      -0.09
Silver 24.150 +0.17

FIIs & DII

Particulars         27th Aug         26th Aug
FIIs -778.75 -1974.48
DIIs 1646.19 1055.21

News Update:

Bharti Airtel: Plans to raise up to Rs 21,000 crore through a rights share issue as it looks to bolster its balancesheet before rolling out its 5G network.

Cipla: UCB, University of Iceland sue Cipla to block Nayzilam copies.

Mahindra & Mahindra: The Ministry of Defence has awarded a contract worth Rs 1,349.95 crore to Mahindra Defence Systems. The company will manufacture Integrated Anti-Submarine Warfare Defence Suite for modern warships of Indian Navy. It will supply 14 IADS systems for the Indian Navy warships.

Nazara Technologies: Acquired 100% stake in Hyderabad-based skill gaming company OpenPlay Technologies for a total consideration of Rs 186.4 crore. The company acquired 10,000 equity shares of Rs 10 each from existing shareholders of OpenPlay, Sreeram Reddy Vanga and Unnati Management Consultants LLP.

Burger King India: To buy up to 85% in Burger King Indonesia. The Indian company’s offer to acquire up to 85% in PT Sari Burger, through secondary purchase and a further investment of up to $40 million, was accepted by the Indonesian company’s promoter F&B Asia Venture Singapore Pte.

Max Healthcare Institute: Acquired exclusive rights to aid development and provide medical services to a 500-bed hospital to be built on a 3.5 acres of a prime land parcel in Saket (South Delhi) through its wholly owned subsidiary, Alps Hospital. Alps has acquired 100% stake in ET Planners in an all-cash deal of Rs 60.11 crore.The first phase of the Hospital is expected to be commissioned in the year 2024.

Tech Mahindra: The company’s wholly owned subsidiary, Tech Mahindra (Americas) Inc., approved the proposal to acquire 13.8% equity shares in AustinGiS Inc. for $1.25 million. The acquisition is expected to be completed by September 15. AustinGiS is aIoT/5G services provider that specializes in providing a wholistic IaaS solution offering.

IDBI Bank: Board of Directors approved the plan for sale of the bank’s 19.18% stake in Asset Reconstruction Company (India). The bank will sell it’s entire holding of 6.23 crore fully paid-up equity shares of ARCIL.

Punjab National Bank: The government has extended Managing Director and Chief Executive Officer, Mallikarjuna Rao, term till January 31, 2022.

Zomato: Rated New Equal-Weight at Morgan Stanley; price target Rs 140. Also, rated new Buy at Goldman with a price target of Rs 180.

Dalmia Bharat:The company’s subsidiary Dalmia Cement (Bharat) has signed three Memorandum of Understandings with the Government of Jharkhand to invest Rs 758 crore in the state.

 

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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