View on market: Stay Cautious, be with quality business:
U.S. equity futures slid Monday while bonds and crude oil surged amid heightened market uncertainty after Western nations unveiled harsher sanctions on Russia for the invasion of Ukraine. An Asia-Pacific equity index wavered as Japanese stocks fluctuated. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, decline 0.41% to 16,591 as of 8:30 am. Rallies in a dollar gauge, gold and Treasuries underlined the demand for havens. The euro fell on worries about risks for Europe’s economy. Bitcoin held losses after retreating below $38,000.
Economic Calendar:
- INR: Infrastructure Output on 28th February 2022.
- INR: Federal Fiscal Deficit on 28th February 2022.
- USD: Retail Inventory on 28th February, 2022.
- USD: Goods Trade Balance on 28th February, 2022.
Brokerage Radar:
CLSA ON BHARTI AIRTEL: Buy, TP Rs 915 Buying 4.7% in Indus Believe deal is divergent to co’s long-term strategy of monetising tower assets Although Bharti has reiterated it is committed to look at opportunities for monetizing its stake at an appropriate time
JEFFERIES ON BHARTI AIRTEL: Buy, TP Cut to Rs 860 from Rs 910 To acquire 4.7% stake in Indus Towers can be justified financially, however it raises questions over its capital allocation especially when 5G investments are imminentb Likely to de-rate multiples.
GOLDMAN SACHS ON KPIT TECH: Buy, TP cut to Rs 840 Raise WACC assumption by 100bps to 10.9% & cut M&A valuation multiple by 20% to reflect more hawkish global rates environment Confident in co’s ability to deliver 29% EPS CAGR over FY22 to FY25.
UBS ON INTERGLOBE AVIATION: Buy, TP raised to Rs 2280 Co has shown operational strength & flown through COVID-19 crisis well, gaining market share With high customer satisfaction, low unit cost & a healthy b/s, think it remains best placed to benefit from demand normalization
International Markets:
U.S & Europe:
| Particulars | 25th Feb | Chg | Chg(%) |
| Nasdaq | 13,694.62 | 221.03 | 1.64 |
| Dow | 34058.75 | 834.92 | 2.51 |
| FTSE | 7,489.46 | 282.08 | 3.91 |
| CAC | 6,752.43 | 231.38 | 3.55 |
| DAX | 14,567.23 | 515.13 | 3.67 |
| Dow Fut.* | 33426.1 | 635.2 | -1.86 |
Asian markets:
| Particulars | 28th Feb | Chg. | Chg(%) |
| SGX Nifty | 16,591.00 | -68.5 | -0.41 |
| Nikkei | 26,393.42 | -83.08 | -0.31 |
| Straits Times | 3,254.25 | -40.22 | -1.22 |
| Hang Seng | 22,523.78 | -243.4 | -1.07 |
| Shanghai | 3,447.35 | -4.06 | -0.12 |
ADR Watch:
| Particulars | 25th Feb | Chg. | Chg.(%) |
| Dr Reddy | 56.91 | 0.78 | 1.39 |
| HDFC Bank | 66.95 | 0.99 | 1.5 |
| ICICI Bank | 19.91 | 0.19 | 0.96 |
| Infosys | 22.51 | 0.08 | 0.36 |
| Tata Motor | 32.67 | -0.3 | -0.91 |
| Wipro | 7.33 | -0.03 | -0.41 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.29 | -0.48 |
| Brent | 98.50 | 4.76 |
| Gold | 1909.80 | 1.19 |
| Silver | 24.385 | 1.85 |
FIIs & DII:
| Particulars | 25th Feb | 24th Feb |
| FIIs | -4470.70 | -6448.24 |
| DIIs | 4318.24 | 7667.75 |
News Update:
Bharti Airtel: The company has entered into an agreement with Vodafone Group Plc to buy 4.7% stake in Indus Towers on the principal condition that the amount paid shall be inducted by Vodafone as fresh equity in Vodafone Idea and simultaneously remitted to Indus Towers to clear VIL’s outstanding dues.
Vodafone Idea: To consider raising funds by different modes or a combination of modes on March 3.
SJVN: The public sector undertaking has received in-principal approval for development of 400 MW solar park at District Kinnaur under Mode-8 of the Solar Park Scheme from the Ministry of New and Renewable Energy.
Bharat Petroleum: The company has appointed Sanjay Khanna as additional director and director (Rrefineries) for a term of five years.
Hindalco: The company has signed a share purchase agreement with Terrabel Empreedimentos Ltda, a Brazilian firm to divest entire equity shareholding in Hindalco Do Brasil Industria Comercio de Alumina, a wholly owned step-down subsidiary for a consideration of R$ 1 (one Brazilian real).
Metro: To consider declaration of interim dividend on March 7.
BEML: Shareholders approved demerger of identified surplus/non-core assets between the company and BEML Land Assets (Resultant company).
Shriram City Union Finance: To consider declaration of second interim dividend on March 8. Sandhar: The company has infused additional funds of Rs 2,88,64,510 in Sandhar Amkin Industries, a joint venture between the company and Amkin Group, in return for 28,86,451 equity shares of Rs 10 each. Its shareholding in the JV now stands at 74.9%.
Patel Engineering: The company’s subsidiary Patel Energy Resources has sold its entire stake in Naulo Nepal Hydroelectric for Rs 11.53 crore.
Clariant Chemicals: Ashish Agarwal, interim chief financial officer of the company, tendered his resignation effective from April 20.
Sun TV: To consider declaration of interim dividend on March 7.
Duocon: The company has increased authorised share capital from Rs 25 crore to Rs 30 crore and recommended a bonus issue in proportion of 1:10. It also received fine notice from stock exchanges Rs 3 lakh for regulatory violation. The company has filed a waiver application in the case.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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