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

Asian stocks edged up at the open Monday with traders keeping an eye on China Evergrande Group’s debt crisis and after Treasury yields jumped. The euro was steady amid a close German election. Shares had modest gains in Japan, where the ruling coalition chooses a new leader this week who will probably be the next prime minister. Australia also rose, while South Korea was little changed. U.S. futures advanced. The Nasdaq Golden Dragon China Index – which tracks some of the Asian nation’s largest firms listed in the U.S. — sank Friday. The S&P 500 edged up to eke out a weekly gain. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.55% to 17,927, as of 8:15 a.m.

Economic Calender:

  • INR:  Foreign Debt (USD) (Q2) on 30th September, 2021
  • INR:  Infrastructure Output (YoY) (Aug) on 30th September, 2021
  • USD: CB Consumer Confidence (Sept) on 28th September, 2021.
  • USD: Pending Home Sales (MoM) (Aug) on 29th September, 2021.
  • USD: Crude Oil Inventories on 29th September,2021.

Brokerage Radar:

CLSA ON LUPIN: Maintain sell at the price of Rs 926 for the target price of Rs 970. Details of 7 inspectional observations for Goa Plant, have become available. Observations w.r.t investigation of out-of- form specification drug productions & testing deficiencies. Estimate goa plant contributes 25-30% of current US sales. Being under us FDA scrutiny for a long period has reduced importance of goa plant. Clearance of Pithampur unit 2 & Somerset are more important from their perspective. Further earnings downgrade likely if key US products do not deliver as per expectations.

JP MORGAN ON ONGC: Maintain buy at the price of Rs 136 for the target price of Rs 190. Company remains best positioned in the entire gas/coal/oil price surge. Coal & Gas are in an upward spiral, with peak winter heating demand still ahead of us. There is upside risk to Brent prices on potential gas-to-oil switching. Gas realisations would increase by at least a $1/mm Btu each in Oct & April resets.  

International Markets:

U.S & Europe

Particulars       24th Sept    Chg Chg(%)
Nasdaq 15,047.70 -4.54 -0.03
Dow 34,798.00 33.18 0.10
FTSE 7,051.48 -26.87 -0.38
CAC 6,638.46 -63.52 -0.95
DAX 15,531.75 -112.22 -0.72
Dow Fut.* 34,844.00 170.00 0.49

Asian markets:

Particulars    27th Sept    Chg Chg(%)
SGX Nifty 17,957.00 99.00 0.55
Nikkei 30,358.62 109.81 0.36
Straits Times 3,100.05 38.70 1.26
Hang Seng 24,397.31 205.15 0.85
Shanghai 3,608.21 -4.86 -0.13

ADR Watch:

Particulars  24th Sept Chg Chg(%)
Dr Reddy 64.87 -0.18 -0.28
HDFC Bank 73.65 -0.33 -0.45
ICICI Bank 19.54 -0.03 -0.15
Infosys 23.68 -0.05 -0.21
Tata Motor 21.80 -0.27 -1.22
Wipro 9.59 -0.09 -0.93

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.77 +0.04
Brent 78.22 +1.26
Gold 1760.20 +0.48
Silver 22.672 +1.10

FIIs & DII

Particulars 24th Sept 23rd Sept
FIIs 442.49 357.93
DIIs -515.85 1173.09

News Update:

Alembic Pharmaceuticals: Almirall sues Aleor to block copies of Aczone acne treatment.

NBCC (India): The company has secured an order for construction of 2,000 social housing at Hulhumale, Maldives on EPC basis. The total cost of the project is $130 million (approximately Rs 968.50 crore).

United Breweries: The Competition Commission of India has imposed a penalty of Rs 751.83 crore on the company for anti-competitive conduct in the beer market in India.

SJVN: The company has bagged a 1000 MW solar power project through Request for Proposal floated by Indian Renewable Energy Development Agency. The tentative cost of construction and development of this project is Rs 5,500 crore.

Indiabulls Housing Finance: The company has sold a portion of its stake in OakNorth Holdings for approximately Rs 251 crore.

Nucleus Software Exports: Approved buyback of 22.67 lakh equity shares, comprising of 7.81% of the total paid-up equity capital of the company, at Rs 700 each for an aggregate amount of Rs 158.71 crore.

Dalmia Bharat: Dalmia Cement (Bharat), a subsidiary of the company, has commenced commercial production of Line 2, having a capacity of 2.25 million tonnes at its Kapilas Cement Manufacturing Works Unit near Cuttack, Odisha. With this addition, the company’s overall capacity at the plant has gone up to 3.95 MT per annum.

Hindustan Copper: Government to offer up to 31.98 lakh equity shares of face value of Rs 5 each to the eligible employees of the company at Rs 116 per equity share.

Orient Cement: The company has identified land admeasuring approximately 35 acres in Maharashtra, for establishing a Cement Grinding Unit. In this regard, Orient Cement has entered into a non-binding MoU with Adani Power Maharashtra, the lawful lessee, for facilitating bona fide use of the land for setting up CGU.

HDFC Bank: The private sector lender on Sunday said it aims to double its reach to 200,00 villages in the next 18-24 months, through a combination of branch network, business correspondents, business facilitators, digital outreach platforms, among others. It will also hire 2,500 people in the next six months.

AGMs: Bharat Petroleum Corp. (10:30 a.m.), LIC Housing Finance (3 p.m.); Network18 Media (12 p.m.); TV18 Broadcast (10:30 a.m.); Dish TV (11 a.m.); Gujarat State Fertilizers (3:30 p.m.); GIC Housing (11:30 a.m.); Prestige Estates (12 p.m.); Bharat Dynamics (3 p.m.)

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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