Market View 29th July 2022

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

US equity futures rallied Friday on positive earnings from Amazon.com Inc. and Apple Inc. and expectations of shallower US Federal Reserve monetary tightening, a prospect that also supported sovereign bonds. Nasdaq 100 contracts added more than 1% after the US stock market hit a seven-week high Thursday. Amazon jumped over 13% in extended trading, while Apple also advanced, after their revenues beat estimates. Australia led Asia-Pacific equity gains, with Japan more mixed. Hong Kong may have a muted start as traders parse a downbeat economic growth assessment from China’s top leaders at a key meeting and a lack of new stimulus policies. At 7:35 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 1.20% higher at 17,150.5 points. A dollar gauge was steady, crude oil topped $97 a barrel and gold dipped. Bitcoin slipped back after breaching $24,000.

• USD : Core PCE Price Index (MoM) (Jun) 29^th July, 2022
• USD : ISM Manufacturing PMI (Jul) 01^st Aug, 2022
• INR : Federal Fiscal Deficit (Jun) 29^th July, 2022
• INR : Bank Loan Growth 29^th July, 2022

Q1FY23 Result Today: HDFC, Sun Pharma.Inds., NTPC, IOCL, DLF, Cipla, Cholaman.Inv.&Fn, Torrent Pharma, Ashok Leyland, Piramal Enterp., GMR Infra., Emami, Grindwell Norton, Exide Inds., Zydus Wellness, Deepak Fertiliz., JK Paper

Q1FY23 Result:

TVS Motors Q1 FY23 (Consolidated, YoY) reported consolidated profit at Rs 296.75 crore for the quarter ended June 2022, as against a loss of Rs 14.72 crore YoY. Revenue grew 56 percent on-year to Rs 7,315.70 crore in Q1FY23.

Vedanta Q1 FY23 (Consolidated, YoY) recorded a 6% YoY increase in consolidated profit at Rs 5,593 crore for the quarter ended June 2022, impacted by higher input cost and power and fuel costs. Revenue grew by 35% YoY to Rs 39,355 crore during the same period.

SBI Life Q1 FY23 (Standalone, YoY) recorded a 17.78% YoY growth in profit at Rs 262.85 crore for the quarter. Net premium income grew significantly by 32.76% YoY to Rs 11,036 crore compared to corresponding period of last fiscal, but the income from investments came in at negative Rs 6,405.66 crore for the June FY23 quarter against income of Rs 7,409.91 crore YoY.

Brokerage Radar:

UBS ON TVS MOTORS: Buy, TP Rs 1100; Solid earnings, best is yet to come

Q1 beat despite adverse mix; stand-out performance by TVS Credit; Raise FY23/FY24E EPS by 14%/5%; Core val (ex-subs) @ 17x P/E making it relatively cheaper than Bajaj & Eicher

JPM ON VEDANTA: OW, TP cut to Rs 400; Zinc remains supportive; Growth Pipeline Attractive for VEDL; Higher costs drive EBITDA miss; debt increases on dividend payout; While zinc strong, aluminum CoP +22% q/q & EBITDA fell sharply; Oil continues to disappoint

CITI ON SBI LIFE: Buy, TP Raised to Rs 1665; 1QFY23: Strong on all fronts; Ability to drive margin expansion higher than peers; SBI- key backbone to strong performance; In a sweet spot to deliver >18% medium-term operating ROEV

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DII:

News Update:

Jubilant FoodWorks: acquired 40% stake in Roadcast Tech Solutions Private Limited that offers a logistics platform for management of last-mile delivery operations. The acquisition cost is Rs 14.98 crore for 40 percent stake.

Sapphire Foods India: Nippon Life India Trustee bought 21.23 lakh equity shares or 3.34% stake in the company via open market transactions during January 7-July 26. With this, its shareholding in Sapphire increased to 5.03%, up from 1.69% earlier.

Chalet Hotels: received contract from Delhi International Airport Limited (DIAL) to develop a hotel at the T3 Terminal of Indira Gandhi International Airport (IGIA).

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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