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

Stocks are set to log losses in Asia Wednesday on heightened worries about a gloomy economic outlook, amid monetary policy tightening and rise in crude oil prices. Futures fell for Japan, Australia and Hong Kong. US contracts were volatile after the S&P 500 tumbled and the tech-heavy Nasdaq 100 lost over 3%. As of 4:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–fell 0.94% to 15,705. Oil held gains, hovering around $112 a barrel. In cryptocurrencies, Bitcoin settled near $20,000 amid generally poor sentiment.

Economic Calendar:

  • INR: M3 Money Supply on 29th June 2022.
  • INR: Fiscal Deficit Data 30th June 2022.
  • USD: Mortgage Market Index 29th June, 2022.
  • USD: Factory Output 05th July, 2022.

Brokerage Radar:

JP MORGAN ON TATA STEEL: (management meet takeaways) OW, TP Rs 1400, India vol pick up as consumer de-stocking behind us; 2Q to see full impact of lower ASP/t & higher coal See upside risk to our net debt reduction forecast for FY23 given strong underlying cash flows, Strong Europe; India de-stocking over; net debt ($1bn) reduction on track,TATA Europe (TSE) remains strong: Large contracted sales volumes gives ASP visibility.

CLSA ON COLGATE: Sell, TP Rs 1490 Two key challenges with Colgate India are its contracting market share & high revenue concentration in oral care category. Expect parent entity to empower new CEO with local decision making, which is critical for its core segment.

CLSA ON MARUTI: Sell, TP Rs 7053,50% share in FY24 remains a dream Per our est, incremental vol of 291k units in FY24 would result in regaining 50% market share .This would lead to incremental rev of Rs233bn & incremental Ebitda of Rs28bn, with an Ebitda margin of 10.8% in FY24CL.

JEFFERIES ON 2Ws: Preferred buys – Eicher & TVS, followed by Bajaj Auto Over FY22-24, see EPS rising 120% for EIM/TVS &60-75% for BJAUT/HMCL,Abnormal 35% fall in 2W vols over FY19-22 has created a favorable base for double-digit CAGR in coming yrs.

ANTIQUE ON ASIAN PAINTS: Upgrade to Buy,However, in subsequent years, APNT has regained its margins by calibrated price hikes & operating scale,Foray of Grasim could impact smaller/regional players . Post recent correction & sustained demand for decorative paints, upgrade to buy

International Markets:

U.S & Europe:

Particulars      28th June    Chg Chg(%)
Nasdaq 11,181.54 -343.01 -2.98
Dow 30946.99 -491.27 -1.56
FTSE 7,323.41 65.09 0.9
CAC 6,086.02 38.71 0.64
DAX 13,231.82 45.75 0.35
Dow Fut.* 30946.99 41.00 0.14

Asian markets:

Particulars    29th June    Chg. Chg(%)
SGX Nifty 15,703.50 -150 -0.95
Nikkei 26,759.99 -289.48 -1.07
Straits Times 3,143.65 3.44 0.11
Hang Seng 22,138.90 -280.07 -1.25
Shanghai 3,390.81 -18.4 -0.54

ADR Watch:

Particulars     28th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 55.16 -1.68 -2.96
ICICI Bank 17.74 -0.37 -2.04
Infosys 18.46 -0.3 -1.6
Tata Motor 26.24 -0.14 -0.53
Wipro 5.32 -0.13 -2.39

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.77  0.55
Brent 112.91  -0.82
Gold 1822.55 0.07
Silver 20.812  -0.30


Particulars        28th June                                  27th  June
FIIs -1244.44                         -1278.42                       
DIIs  1205.63  1184.47

News Update:

Reliance Industries: Reliance Jio Infocomm names Mukesh Ambani’s son Akash Ambani as Chairman.

SBI/ICICI Bank: The banks will invest Rs 4.03 crore each to pick up 9.54% stake in Perfios, an account aggregator.

HDFC Bank: The bank will invest Rs 4.02 crore for 9.54% stake in Perfios.

Route Mobile: The Company approved buyback of shares for an aggregate amount of Rs 120 crore. It will buyback 705,882 shares, representing 1.12% of the total paid up share capital at maximum buyback price of Rs 1,700 per share.

Jammu and Kashmir Bank: The bank will raise Rs 500 crore by equity and Rs 1500 crore via bonds in FY23.

ONGC: The Company said four die and five rescued in helicopter accident.

Glenmark Pharma: The Company’s U.S. arm acquired four OTC ANDAs from Wockhardt.

Godawari Power & Ispat: The Company has acquired 78.96% stake in Alok Ferro Alloys for Rs 126.98 crore.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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