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

Asian stocks fell Thursday after a sharp reversal in U.S. shares on concerns about risks from the omicron virus strain. Stocks fell in Japan, South Korea and Australia, while U.S. contracts rose. The S&P 500 had its worst two-day selloff since October 2020 after erasing a near-2% rally to slide into the close. The tech-heavy Nasdaq 100 underperformed. Markets were jolted by the first confirmed U.S. case of the new variant. At the same time, Federal Reserve Chair Powell reiterated that officials should consider a faster reduction of monetary stimulus amid elevated inflation. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.60% at 17,141 as of 8:05 a.m.

Economic Calendar:

  • INR: Trade Balance (Nov) on 3rd December, 2021.
  • INR: Nikkei Services PMI (Nov) on 3rd December, 2021.
  • USD: Initial Jobless Claims on 2nd December, 2021.
  • USD: Unemployment Rate on 3rd December, 2021.

Brokerage Radar:

JEFFERIES ON L&T: Maintain buy at the price of Rs 1786 for the target price of Rs 2800. ESG has been core to co even before regulatory/investor requirements came. Discussions are on ESG rating agencies on the defense exposure. Company is on a re-rating path, especially with capex on recovery trends. Any ESG rating upgrade would be an added sweetener.

MS ON SBI CARD: Maintain overweight at the price of Rs 960 for the target price of Rs 1350. For October 2021, industry credit spending surged 26% MoM. MoM growth in cards at 1.5%, a tad lower than industry’s 2.1%.

CS ON OIL MKTG COMPANIES: Refining margins were strong in Oct & November, but are correcting now. Recent decline in crude prices has resulted in marketing margin at 2x of Pre-COVID level. OMCs likely awaiting outcome of OPEC+ meeting before passing on lower crude benefit.

International Markets:

U.S & Europe

Particulars 01st Dec Chg Chg(%)
Nasdaq 15,254.05 -283.64 -1.83
Dow 34,022.04 -461.68 -1.34
FTSE 7,168.68 109.23 1.55
CAC 6,881.87 160.71 2.39
DAX 15,472.67 372.54 2.47
Dow Fut.* 34,174.00 172.00 0.51

Asian markets:

Particulars 2nd Dec Chg Chg(%)
SGX Nifty 17,141.00 -104.00 -0.60
Nikkei 27,750.67 -184.95 -0.66
Straits Times 3,091.78 -6.47 -0.21
Hang Seng 23,696.78 37.86 0.16
Shanghai 3,574.42 -2.47 -0.07

ADR Watch:

Particulars 1st Dec Chg Chg(%)
Dr Reddy 61.52 -0.92 -1.47
HDFC Bank 66.30 0.83 1.27
ICICI Bank 18.52 0.06 0.33
Infosys 22.44 -0.14 -0.62
Tata Motor 31.28 0.74 2.42
Wipro 8.43 -0.11 -1.29

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.91 -0.34
Brent 69.15 0.22
Gold 1782.20 -0.12
Silver 22.44 0.47

FIIs & DII

Particulars 1st Dec 30thNov
FIIs -2765.84 -5445.25
DIIs 3467.02 5350.23

 

News Update:

RITES: The Ministry of Railways has intimated the company that a new line between Belgam and Dharwad via Kittur, a new Shimoga-Shikaripura-Ranebennur line, and Tumkur-Devangere via Chitradurga new line project will not be executed by the company.

Raymond: Board of directors of JK Files & Engineering, a wholly-owned material subsidiary of the company, approved an initial public offering comprising of an offer for sale for Rs 800 crore.

Mahindra Logistics: The company and LOGOS have entered into a long-term lease agreement for 1.4 million square feet of warehouse facilities at the LOGOS Luhari Logistics Estate in Delhi NCR. Under the agreement, LOGOS will develop three Grade-A warehouses totaling 1.4 mmsf for the company at the LOGOS Luhari Logistics Estate.

Infosys: The company has extended its strategic collaboration with Proximus to digitally transform, develop, and maintain their IT applications with leading AI and automation solutions.

Coal India: Production in November up 4.1% year-on-year to 53.8 MT versus 51.7 MT. Offtake up 10.8% year-on-year to 56.8 MT versus 51.3 MT. These are provisional production and off-take numbers of CIL and its subsidiary companies for November.

JMC Projects (India): The company has secured new orders of Rs 1,795 crore. The orders include water supply projects in India of Rs 1,085 crore and B&F projects of Rs 710 crore.

Maruti: The company witnessed a 3 per cent drop in production last month. In a regulatory filing, the auto major reported total production of 1,45,560 units in November compared to 1,50,221 units in November 2020. “The shortage of electronic components had a minor impact on the production of vehicles during the month,” it noted. MSI said total passenger vehicle production stood at 1,42,025 units last month, against 1,46,577 units in November 2020.

Nykaa: The company plans to more than triple its brick-and-mortar stores to 300, founder and Chief Executive Falguni Nayar said, significantly building its offline presence in the country. Nayar declined to give a timeline for the rollout but said the company was targeting 100 cities, adding to the 84 retail outlets it already operates in 40 cities.

Tata Power: Company has been awarded a project by Solar Energy Corporation of India (SECI) to build a 100 MW EPC solar project, along with 120 MWh utility scale Battery Energy Storage System. The total contract value of the project is approximately ₹945 crore, and it will be completed within 18 months. After the contract, the utility scale EPC order book of Tata Power Solar now stands at around 4.4 GW (DC) capacity with an approximate value of ₹9,000 crore without GST.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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