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

Asian stocks dipped early Friday as traders weighed hawkish comments from some Federal Reserve officials ahead of the Jackson Hole symposium and geopolitical tension over Afghanistan. Shares retreated in Japan, South Korea and Australia. U.S. contracts fluctuated after the S&P 500 fell from a record overnight, in part as some Fed officials said the time to start tapering stimulus is near. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, climbed 0.06% to 16,677.50 as of 8:15a.m.Treasury yields edged lower. Traders are awaiting Chair Jerome Powell’s speech at the symposium for clues on how the Fed might pare bond purchases. A flood of Treasury options set to expire Friday raise the prospect for volatility in the wake of his remarks.

Major economic Data:

  • INR: FX reserve on 27th August, 2021
  • INR: Bank Loan growth on 27th August,2021
  • USD: Pending Home sales (MoM) (Jul) on 30th August,2021
  • USD: CB Consumer Confidence on 31th August, 2021

Brokerage Radar:

Jefferies on UPL: Maintain buy at the price of Rs 721.20 for the target price of Rs 965.Delves deeper into its key strategies for driving the next growth phase. Co expects to grow margin-accretive differentiated solutions to 50% from 29% by fy26. Innovation rate could rise to 30% over 3-5 yrs. ESG focus continues, with robust sustainability goals by 2025.

Credit Suisse on Bandhan Bank:Maintain outperform at the price of Rs 264.60 for the target price of Rs 370.MFI uncertainty weighing; strong core profitability and attractive valuations. Bank remains well capitalized. CET 1 at 24%, healthy deposit franchise & strong PPoP. Return on equity remains healthy.

International Markets:

U.S & Europe

Particulars 26thAug Chg Chg(%)
Nasdaq 14,945.81 -96.05 -0.64
Dow 35216.12 -192.4 0.54
FTSE 7,124.98 -25.14 -0.35
CAC 6,666.03 -10.45 -0.16
DAX 15,793.62 -67.04 -0.42
Dow Fut.* 35,237.00 77.00 0.22

Asian markets:

Particulars 27thAug Chg Chg(%)
SGX Nifty 16,677.50 9.5 0.06
Nikkei 27,651.51 -90.78 -0.33
Straits Times 3,093.10 -16.32 -0.52
Hang Seng 25,575.57 159.88 0.63
Shanghai 3520.65 18.99 0.54

ADR Watch:

Particulars 26thAug Chg Chg(%)
Dr Reddy 60.19 -0.85 -1.39
HDFC Bank 77.25 -1.23 -1.57
ICICI Bank 18.74 -0.11 -0.58
Infosys 23.66 -0.32 -1.33
Tata Motor 18.9 -0.27 -1.41
Wipro 9 -0.1 -1.1

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.21 -0.08
Brent 70.71  0.76
Gold 1800.15      0.28
Silver 23.637 +0.37

FIIs & DII

Particulars         26th Aug         25th Aug
FIIs -1974.48 -1071.83
DIIs 1055.21 -151.39

News Update:

Wipro: The company has partnered with DataRobot to deliver Augmented Intelligence at scale, to help customers become AI driven enterprises, and accelerate their business impact. This collaboration will help accelerate the execution of AI strategy and will ensure quicker “data to value” for businesses, the company said.

Infosys: Infosys Public Services Inc, a subsidiary of the company, has been awarded a contract by Manitoba Public Insurance to digitise driver licensing, vehicle registration, and International Registration Plan services for over 900,000 Manitobans.

Adani Green Energy: To raise up to $750 million via bond sale overseas. The company approved issuing U.S. dollar denominated foreign currency bonds which may be issued in one or more tranches overseas. The bonds may be listed in any one or more stock exchanges in India or overseas. The company will use proceeds from the bond sale for onward lending to subsidiaries, including step-down subsidiaries, for capital expenditure requirements to fund the development of utility scale projects.

ADF Foods: The company’s wholly owned subsidiary, ADF Holdings (USA), will make an investment of up to $5 million, which would entail asset purchase and setting up of a step-down subsidiary in the United States. ADF Holdings (USA) will have a 70% stake in the proposed step-down subsidiary, which will be a distribution company and will help the company move up the value chain. This will further strengthen its penetration and distribution with the retailers with an enlarged product portfolio.

Mahindra CIE Automotive: Subscribed to 74.34 lakh equity shares of face value of Rs 10 each of ReNew Surya Alok. Consequently, the company’s stake in ReNew has increased to 82.60 lakh equity shares constituting 31.20% of the total equity capital.

JK Lakshmi Cement: Shareholders approved the reappointment of Vinita Singhania as Managing Director of the company for a period of five years effective August 1.

BHEL: The company has signed a Memorandum of Understanding with JSC Rosoboronexport. The MoU aims to cooperate and implement possible joint projects and activities with BHEL for joint production of spare parts and components for Russian-origin equipment installed onboard the Indian Navy Aircraft Carrier, Vikramaditya, and maintenance of systems and equipment of Aircraft Carrier.

SpiceJet: The Directorate General of Civil Aviation (DGCA) has lifted the ban on Boeing 737 MAX aircraft after almost two-and-half years. The move has come as a relief for SpiceJet as it has 13 Boeing Max aircraft in its fleet.

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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