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

Asian stocks were steady Thursday after U.S. technology shares climbed in a defensive tilt to the Wall Street rally, and as traders await employment data to assess when the Federal Reserve may pare stimulus. Equities wavered in Japan and dipped in South Korea and Australia. U.S. equity futures fluctuated, following a record close in the Nasdaq 100 and little change in the S&P 500. Economic data suggested a slower U.S. labor market recovery. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 17,112.50 as of 8:15 a.m. Benchmark U.S. 10-year Treasury yields held around 1.30%. The U.S. payrolls report Friday will offer clues on the economic outlook and a possible timeline for a reduction in the Fed’s $120 billion of monthly bond purchases. A gauge of the dollar held a decline.

Major economic Data:

  • INR: Import & Export (USD) (Aug) on2nd September, 2021
  • INR: FX Reserves, USD on 3rd September, 2021
  • INR: Bank Loan & Deposit Growth on 3rd September, 2021
  • USD: Initial Jobless Claims on 2nd September, 2021
  • USD: Unemployment Rate (Aug)on 3rd September, 2021

Brokerage Radar:

CLSA ON AUTO:August 2021 Saw A MOM Decline In Volume Across Most Segments. We Estimate A MOM Increase Of 6% For Two Wheelers (2W). See MOM Decline Of 18% For Tractors, 12% For PVs, 11% For CVs. In PVs, Honda &Kia Outperformed While Maruti& M&M Significantly Underperformed. Compared with Aug 2019, Tata Motors Outperformed Industry In PV Segment. Among 2Ws In Domestic Mkt, Honda & TVS Performed Better Than Royal Enfield, Hero. Within CVs, M&HCVs Saw A Rise Of 14% Whereas LCVs Declined By 19% In August 2021. Compared To Aug 2019, Mahindra Tractor’s Volume Rose 44% & Escorts’ Rose 41%.

MACQUARIE ON TITAN:Maintain outperform at the price of Rs 1939 for the target price of Rs 2150.Limited Disruption In Operating Environment of Unorganised Peers.Building Blocks Are In Place To Drive UpRegulatory Compliance.

International Markets:

U.S & Europe

Particulars 1stSept Chg Chg(%)
Nasdaq 15,309.38 50.14 0.33
Dow 35312.53 -48.2 -0.14
FTSE 7,149.84 30.14 0.42
CAC 6,758.69 78.51 1.18
DAX 15,824.29 -10.8 -0.07
Dow Fut.* 35,251.00 -39 -0.11

Asian markets:

Particulars 2ndSept Chg Chg(%)
SGX Nifty 17,112.50 13 0.08
Nikkei 28,476.01 24.99 0.09
Straits Times 3,090.79 2.95 0.1
Hang Seng 26,302.00 273.71 1.05
Shanghai 3,578.66 11.56 0.32

ADR Watch:

Particulars 1ndSept Chg Chg(%)
Dr Reddy 65.38 1.17 1.82
HDFC Bank 78.85 0.54 0.69
ICICI Bank 19.79 0.17 0.87
Infosys 23.55 -0.27 -1.13
Tata Motor 20.18 0.5 2.54
Wipro 9.34 0 0

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.28 0.15
Brent 71.25 -0.49
Gold 1815.85     -0.01
Silver 24.215 -0.02

FIIs & DII

Particulars 1st Sept         31st Aug
FIIs 666.66 3881.16
DIIs -1287.87 -1872.40

News Update:

Vedanta: Board has approved first interim dividend of Rs 18.50 per equity share for the financial year 2021-22. The interim dividend amounts to Rs 6,877 crore for the financial year. The record date for the purpose of payment of dividend is September 9, 2021.

Hindustan Zinc: Extended the shutdown of one of the roasters at Chanderiya lead zinc smelter for repair and overhaul of many major structural components to avoid any operational risk in the future. The shutdown will result in loss of production of about 25,000 ton of zinc. The company expects roaster to be operational by mid of October 2021.

Wipro: Appointed Mohammed Areff as the Country Head and Managing Director for the Middle East. Areff will focus on Wipro’s vision for business growth, localisation, brand building and significant transformational and modernisation engagements with clients in key sectors across the region, the company said.

State Bank of India: Raised Rs 4,000 crore via local AT-1 bond issue. SBI raised funds at coupon rate of 7.72%. Bank received over Rs 10,000 crore in bids.

Minda Corporation: The wholly owned subsidiary of the company, Spark Minda Green Mobility Systems, has entered into definitive agreements for acquiring 26% equity stake in EVQPOINT Solutions. The investment will see Spark Minda Group, become EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment. This partnership with EVQPoint is meant to strengthen the Spark Minda Group’s EV supply equipment portfolio and offer battery chargers for both onboard and offboard configurations in the range of 250 W to 6.6 KW, with a roadmap for further range expansion, said Executive Director AakashMinda.

Kotak Mahindra Bank: Completed the sale of 20 crore equity shares, 8.57% shareholding on a fully diluted basis, of Airtel Payments Bank to Bharti Enterprises for Rs 294.8 crore.

IFGL Refractories: Completed the first phase of greenfield project being set up at industrial park in Andhra Pradesh at a cost of about Rs 30 crore. The company has started commercial production of Monolithics and Castables. Installed capacity is 48,000 MT per annum.

Coal India: Production in August up 14.6% year-on-year to 42.6 MT versus 37.2 MT. Offtake up 9.5% year-on-year to 48.6 MT versus 44.4 MT

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