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

Asian markets opened on a cautious note Tuesday following another selloff in US stocks, soaring bond yields and volatile currency markets as investors brace for a heightened risk of global recession. Shares edged higher in Japan and Australia after three days of losses in those two markets while equity futures pointed to a decline in Hong Kong. US contracts made small gains after the S&P 500 closed above since June. At 6:40 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–fell 0.3% to 16,971.5 points. Bonds remained under pressure in Australia and Japan while benchmark 10-year Treasury yield held near 3.9%–a level last seen in 2010. The dollar gauge inched back from a record high Monday, when Federal Reserve officials repeated hawkish comments on policy. Asian currencies including the yen and yuan strengthened slightly while staying around levels that have caused concern from authorities in both countries. The Indian rupee, meanwhile, has plumbed to record lows.

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:

MS ON SBI CARDS: OW, TP Rs.1100; Monthly spending in Aug for industry down 3% MoM/45% YoY; For SBIC, up 1.2% MoM/35% YoY; Regained some market share after 5 mths of decline; Daily spending data from RBI suggests sustained strength in spending into Sept

CITI ON POWER GRID: BUY, TP Rs.270; Ministry of Power Rejects Proposal For REC Purchase; Big Overhang Removed; Maintain buy due to its safe & stable biz model, high RoEs, high market share in transmission biz & reasonable val; NTPC followed by PGCIL is top-pick

JPM ON AMAR RAJA BATTERY: NEUTRAL, TP Rs.565; Proposed integration of plastics biz from promoter owned entity; Slight +ve for margins; Management guided to 75-100bps of EBITDA margin synergy & 2% EPS accretion; Promoter stake to increase to 32.86% (from 28.06%)

International Markets:

U.S & Europe:

Particulars 26thSeptember Chg. Chg.(%)
Nasdaq 10802.92 -65.01 -0.60
Dow 29260.81 -329.60 -1.11
FTSE 7020.95 2.35 0.03
CAC 5769.39 -14.02 -0.24
DAX 12227.92 -56.27 -0.46
Dow Fut.* 29421.50 160.70 0.55

Asian markets:

Particulars 27thSeptember Chg. Chg.(%)
SGX Nifty 17078.50 57.50 0.34
Nikkei 26651.60 220.05 0.83
Straits Times 3165.55 -16.42 -0.52
Hang Seng 17685.20 -169.94 -0.95
Shanghai 3051.80 0.57 0.02

ADR Watch:

Particulars 26th September  Chg. Chg.(%)
Dr. Reddy 50.65 -0.67 -1.31
HDFC Bank 58.44 -0.53 -0.90
ICICI Bank 21.06 -0.43 -2.00
Infosys 16.69 0.08 0.48
Tata Motor 24.28 -1.19 -4.67
Wipro 4.79 0.01 0.21

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.62 0.79
Brent 83.17 0.37
Gold 1636.50 0.19
Silver 18.425 -0.30

FIIs & DIIs:

Particulars 26th September 23rd September
FIIs -5101.30 -2899.68
DIIs 3532.18 299.10

News Update:

Jubilant FoodWorks: Completed the acquisition of 29.42% stake in Roadcast Tech Solutions as per a July agreement. It will will acquire an additional 10.58% stake in Roadcast Tech by Oct. 26.

Mahindra Logistics: Agreed to acquire Rivigo’s B2B express cargo service unit on a slump-sale basis, in a deal valued at Rs 225 crore.

Jyoti Structures: The company has secured a Rs 237-crore contract from Sterlite Power Transmission for turnkey supply and construction of 400 kV and 220 kV double-circuit transmission lines in Goa and Karnataka. These will be commissioned in a phased manner by December 2023 and July 2024.

JSW Energy: India Ratings has upgraded the company’s long-term facilities to ‘IND AA/Stable’ from ‘IND AA-/Stable’.

Amara Raja Batteries: Approved demerger of plastic component for battery business from Mangal Industries Ltd. to Amara Raja. MIL shareholders will receive 65 shares of Amara Raja for every 74 shares held.

Filatex India: Commissioned a project for debottlenecking melt capacity of 50 million tonnes per day and manufacturing lines of 120 million tonnes per day at its Dahej plant.

Embassy REIT: Blackstone seeks to raise up to Rs 2,650 crore ($325 million) by selling 7.7 crore shares at Rs 345 apiece.

BSE: The stock exchange has received SEBI’s approval to launch an electronic gold receipt segment on its platform. Delta Corp/Nazara Tech: The Tamil Nadu cabinet has approved an ordinance that bans online gaming in the state.

Source: Moneycontrol, Bloomberg Quint, Investing

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