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

Most Asian stocks fell Monday, while U.S. equity futures rose, amid rise in coronavirus cases due to omicron variant and a pledge of greater economic support from China’s central bank. Shares in Japan retreated, while South Korea fluctuated. S&P 500 and Nasdaq 100 contracts gained following an all-time high for U.S. stocks on Thursday before the Christmas break. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.12% to 16,977.0, as of 8:25 a.m. The U.S. 10-year Treasury yield, crude oil and gold slipped. A dollar gauge edged up, and Bitcoin was trading at about $51,000 after a steady weekend.

Economic Calendar:

  • INR: Foreign Exchange Reserve on 31st  December, 2021.
  • INR: Infrastructure Output YoY on 31st December 2021
  • USD: Goods Trade Balance on 29th December, 2021.
  • USD: API Weekly Crude Oil Stock on 29th December, 2021.

Brokerage Radar:

CLSA on RBL BANK: Outperform rating, Target Price Cut to Rs 200 from Rs 230 In a surprise move, RBI appointed an additional director to RBL’s board; board has accepted Mr Vishwavir Ahuja’s leave request & appointed Mr Rajeev Ahuja as interim MD & CEO. In past, this action by RBI have usually come when banks have been in trouble & is contrary to management commentary, where it reiterate bank performance would continue to improve & there would not be any asset quality impact. This move will lead to uncertainty in near term, & reasons for this move by RBI are not well known. Believe next six months will be key in validating management’s reiteration of its expected performance.

INVESTEC on RBL BANK: Buy, with Target Price Rs 295 (under review) RBI inducts board member & forces CEO change Note that event is clearly a negative outcome from investor confidence perspective especially given that previous instances have always ended with adversely for minority shareholders.

ANTIQUE on RBL BANK :(under Review) Unexpected developments, recovery path becomes uncertain Were of view that RBL was coming near fag end of recognition cycle & 1Q/2QFY23 could have seen earnings normalization, however current development raises risk of unknown

International Markets:

U.S & Europe

Particulars 23rd Dec Chg Chg(%)
Nasdaq 15,653.37 131.48 0.85
Dow 35950.56 196.67 0.55
FTSE 7,372.10 -1.24 -0.02
CAC 7,086.58 -19.57 -0.28
DAX 15,756.31 162.84 1.04
Dow Fut.* 35960.80 10.2 0.03

Asian markets:

Particulars 27th Dec Chg. Chg(%)
SGX Nifty 16,977.00 -21 -0.12
Nikkei 28,711.12 -71.47 -0.25
Straits Times 3,112.13 3.85 0.12
Hang Seng 23,223.76 30.12 0.13
Shanghai 3,627.56 9.51 0.26

ADR Watch:

Particulars 24th Dec Chg. Chg.(%)
Dr Reddy 62.79 0 0
HDFC Bank 63.25 0 0
ICICI Bank 19.33 0 0
Infosys 24.73 0 0
Tata Motor 31.21 0 0
Wipro 9.45 0 0

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 75.02 -0.29
Brent 76.19 -0.41
Gold 1811.05 -0.04
Silver 22.867 -0.32

FIIs & DII

Particulars 24th Dec 23rd Dec
FIIs -715.00 -271.59
DIIs -43.24 1196.48

News Update:

HP Adhesives: Shares of the company will make their debut on the bourses today. The final issue price is Rs 274 per share.

Adani Transmission: The Company has received a Letter of Intent for the acquisition of a renewable energy evacuation system under Khavda-Bhuj Transmission. With an estimated capital expenditure of more than Rs 1,200 crore, the company’s execution of the project will help evacuate about 3 GW of renewable energy from Khavda, Gujarat. Further, it received an LoI for the acquisition of Karur Transmission.

RBL Bank: Rakesh Jhunjhunwala and RK Damani approached Reserve Bank of India to buy 10 percent stake in RBL Bank, CNBC-TV18 reported. RBI is in the process of examining the request, sources told CNBC-TV18. This comes at a time when Executive Director Rajeev Ahuja is named as the interim MD and CEO.

HCL Technologies: The technology major bought nearly 26 lakh shares of the company through a block deal on Friday. This has been bought by the company as a part of the ESOP trust. This is not the promoters acquiring stake in HCL Technologies.

Vedanta: The promoter group Westglobe exited the company by selling stake via block deal on NSE. Westglobe sold its 1.19 percent stake in Vedanta to another promoter group Vedanta Holdings Mauritius.\

Banas Finance: The Company approved raising of funds up to Rs 49.80 crore through Rights issue.

Emami Realty: CARE has upgraded the credit rating of the long-term bank facilities to ‘BBB; Stable’ from ‘BBB-; Stable’.

INOX Leisure: The Company has commenced commercial operations at a multiplex cinema theatre taken on a lease basis in Gurugram, Haryana. The theatre has five screens and 904 seats.

GMR Infrastructure: GMR Airports Netherlands, a step-down subsidiary of GMR Airports, signed agreements with Angkasa Pura II (AP II) for the development and operation of Kualanamu International Airport (Project) in Medan, Indonesia.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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