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

Stocks in Asia fell amid decline in US futures after Fed Chair Jerome Powell and his counterparts in Europe and the UK warned inflation is going to last longer. Equities fell in Japan, Australia and South Korea after the S&P 500 and the Nasdaq 100 ended a volatile trading session nearly flat. At 6:30 am IST, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was little changed at 15,765. Oil traded below $110 a barrel, while bitcoin hovered around $20,000.

Economic Calendar:

  • INR: Service PMI on 5th July 2022.
  • INR: Fiscal Deficit Data 30th June 2022.
  • USD: Non-Manufacturing PMI 06th July, 2022.
  • USD: Factory Output 05th July, 2022.

Brokerage Radar:

JEFFERIES ON CROMPTON GREAVES: Buy, TP at Rs 490 Stock has corrected ~25% YTD, despite robust margin resilience Potential to strengthen appliances franchise with Butterfly acquisition Near-term EPS could be impacted due to higher debt and lower margins (FY24-25e cut by 7-9%) Medium-term catalysts seem strong.

MOTILAL OSWAL ON ULTRATECH CEMENT: Buy, TP Rs 6,450 per share (from Rs 7,825 earlier) TP based on 15x FY24E EV/EBITDA Correction in the stock seems to factor in concerns. Current profit estimates factor in lower pricing power, profitability Energy cost decline will be the key trigger for cement stocks
INVESTEC ON EXIDE: Buy, TP Cut To Rs 200 From Rs 230/Sh Nexcharge Is A Key Strategic Investment Have 1st Mover Advantage In New Tech Landscape Of Lithium-ion Batteries Valuation at 10x FY24E EPS (5.5x for core-battery biz) is supportive.

JEFFERIES ON BANDHAN BANK: (Roadshow takeaways) Biz normalised on disbursements & collections Diversification of loan mix & geography are key targets While 1Q seasonally weak, floods in Assam can impact biz for 3-4 weeks & some restructured loans can slip but are well provisioned

International Markets:

U.S & Europe:

Particulars      29th June    Chg Chg(%)
Nasdaq 11,177.89 -3.65 -0.03
Dow 31029.31 82.32 -0.27
FTSE 7,312.32 -11.09 -0.15
CAC 6,031.48 -54.54 -0.9
DAX 13,003.35 -228.47 -1.73
Dow Fut.* 30977.5 -52.30 -0.17

Asian markets:

Particulars    30th June    Chg. Chg(%)
SGX Nifty 15,755.50 -22 -0.14
Nikkei 26,561.05 -243.55 -0.91
Straits Times 3,124.83 -10.04 -0.32
Hang Seng 22,061.89 65 0.3
Shanghai 3,387.82 26.3 0.78

ADR Watch:

Particulars     29th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 55.56 0.4 0.73
ICICI Bank 17.75 0.01 0.06
Infosys 18.61 0.15 0.81
Tata Motor 26.31 0.07 0.27
Wipro 5.34 0.02 0.38

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.97  0.25
Brent 113.16  0.63
Gold 1820.60  0.17
Silver 20.733  -0.02

FIIs & DII:

Particulars  29th June                           28th  June
FIIs -851.06                         -1244.44                       
DIIs 847.46  1205.63

News Update:

Indian Oil: The state-run refiner has approved expansion of its Digboi Refinery in Assam to 1 mtpa from 0.65 mtpa at an estimated cost of Rs 740.2 crore. The project is expected to be commissioned by October 2025.

Adani Enterprises: The company acquired mining company Alluvial Natural Resources for Rs 2.14 lakh.

Biocon Ltd: The company has agreed to acquire 26% stake in AMPYR Renewable Energy Resources Eleven, a special purpose vehicle formed for the generation and supply of solar power.

LIC: India’s largest insurer has sought time until July 15 to determine its embedded value as on March 31, 2022.

Infosys: The IT services firm has agreed to invest $10 million in a US-based venture capital fund The House Fund III to acquire a minority stake not exceeding 20%.

GR Infraprojects: The infrastructure firm has completed construction of Purvanchal Expressway (Package-VII) from Mojrapur to Bijaura in Uttar Pradesh on EPC basis.

Minda Industries: The company has acquired 5.24% stake in FRIWO AG, Germany for €14.99 million.

Mazagon Dock Shipbuilders: The company has laid the keel for the fourth ship P17A class stealth frigates. In this series, seven frigates in will be constructed, of which four will be made in Mazagon and the rest by Garden Reach Shipbuilders & Engineers.

Sterlite Technologies: The company will acquire 25% stake in Jiangsu Sterlite Tongguang Fiber Co. for Rs 65 crore (RMB 55.67 million). After the acquisition, JSTFCL will become a wholly owned subsidiary of the company.

CSB Bank: Deputy MD Pralay Mondal will stay on as interim CEO and MD for three more months starting July 1, as RBI has approved the term extension.

Karnataka Bank: The lender raised interest rates on its Domestic and NRE Rupee term deposits for amount below Rs 2 crore by 10 basis points to 5.35% for 1-2 years and 5.5% p.a. for more than two years.

MCX: The Securities and Exchange Board of India has allowed foreign portfolio investors to trade in exchange-traded commodity derivatives.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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