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

Stocks in Asia wavered Wednesday as investors remained circumspect about the chances of the Ukraine war coming to an end. This, after Russia said it will sharply reduce military activity near Ukraine’s capital Kyiv and that Moscow would take steps to “de-escalate” the conflict. The talks failed to reach agreement on a ceasefire, however. Equities fell in Japan, but rose in Australia and South Korea. U.S. futures fell after the S&P 500 notched up gains for the fourth consecutive day. The Nasdaq 100 climbed, aided by Apple Inc., which logged its longest winning streak in 19 years. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.93% to 17,539 points as of 7:10 am. Bonds got a breather as hopes for progress in talks between Russia and Ukraine drove down oil prices and inflation expectations. Crude oil reversed some of its slide in early Asia trade. The dollar held losses against commodity-linked currencies. Elsewhere, bitcoin fell for the second consectutive day to $47,200.

Economic Calendar:

  • INR: Export Data on 1st April 2022.
  • INR: Forex Reserve on 1st April 2022.
  • USD: GDP Quarter4 30th March, 2022.
  • USD: Non Payroll Employement on 30th March, 2022.

Brokerage Radar:

CLSA ON PRESTIGE: Buy, TP Rs 595 Aiming to sustain Rs100bn+ in sales Like co due to its sharp & sustainable ramp-up in presales, strong rental portfolio build-up & healthy b/s Despite being among top 3 developers, trades at significant disc to peers.

BoFA SEC ON INDIAMART: U-P, TP Rs 3285 Risks to estimates on rising costs; Acquisition strategy may help over time 4Q margins to be muted on back of employee expenses Cut FY22-24E EPS by 1.9%-1.3% Expect competition in this space to remain high.

BoFA SEC ON ESCORTS: Downgrade to U-P, TP Rs 1500 Weak cycle & demanding val Tractor industry vol have been coming off with YTD vol down c6% & ESC vols down 14% Y/Y (domestic) Moreover, Escorts losing market share (10.1% F22 vs. 11.3% in F21)

International Markets:

U.S & Europe:

Particulars 29th Mar Chg Chg(%)
Nasdaq 14,619.64 264.74 1.84
Dow 35294.19 388.30 0.97
FTSE 7,537.25 64.11 0.86
CAC 6,792.16 203.05 3.08
DAX 14,820.33 402.96 2.79
Dow Fut.* 35239.10 -55.1 -0.17

Asian markets:

Particulars 30th  Mar Chg. Chg(%)
SGX Nifty 17,527.50 149.5 0.86
Nikkei 27,893.92 -358.5 -1.27
Straits Times 3,437.76 3.86 0.11
Hang Seng 22,139.20 211.57 0.96
Shanghai 3,231.13 27.19 0.85

ADR Watch:

Particulars 29th Mar Chg. Chg.(%)
Dr Reddy 56.83 1.6 2.9
HDFC Bank 61.82 1.55 2.57
ICICI Bank 18.9 0.34 1.83
Infosys 25.11 0.39 1.58
Tata Motor 29.15 0.61 2.14
Wipro 8.04 0.12 1.52

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 75.98 -0.23
Brent 108.34 0.58
Gold 1922.70 0.55
Silver 24.948 0.86

FIIs & DII:

Particulars 29th Mar 28th Mar
FIIs 35.47 -801.41
DIIs 1713.31 1161.70

News Update:

Adani Group: The company achieved financial closure of Navi Mumbai International Airport project through execution of financial documents with State Bank of India. The lender has underwritten the entire debt requirement of Rs 12,770 crore for the project.

InterGlobe Aviation: Jiten Chopra, the chief financial officer of the IndiGo airlines operator, has resigned from the post effective March 28. The company has appointed Gaurav Negi as the CFO with effect from March 29.

Welspun: The company’s Saudi Arabia associate East Pipes Integrated Company for Industry has won an order of Rs 1,001.38 crore from Saline Water Conversion Corp.

Ruchi Soya: The Patanjali Ayurved-owned company has rescheduled for March 31 its board meeting to determine the issue price of its follow-on public offer, or FPO.

Emami: The company is looking to grow its personal and healthcare businesses in India mainly through acquisitions, Bloomberg reported. CFO N.H. Bhansali said the strategy is to grow through the inorganic route.

Hero MotoCorp: The company dismissed media reports of alleged bogus expenses incurred by the company. It also increased prices of its motorcycles and scooters by Rs 2,000 effective April 5.

ONGC: The company will sell 1.5% stake via an offer for sale on March 30. The floor price is Rs 159 per share.

IDBI Bank: The lender has approved sale of 20 crore equity shares in Ageas Federal Life Insurance Co. to Ageas Insurance International NV after exercise of call option by Ageas.

State Bank of India: The lender will acquire the entire stake (13.82%) of existing shareholders of SBI Global Factors. Shareholders include SlDBl, Bank of Maharashtra and Union Bank of India. ICICI Bank: The bank has acquired 5.97% stake in Open Network for Digital Commerce for a consideration of Rs 10 crore.

Tata Consumer: The company acquired 10.15% stake in its UK arm for Rs 570.8 crore through a preferential issue of equity shares. TCP UK will become a wholly owned subsidiary upon completion of the deal.

Future Enterprises: The firm’s credit rating has been downgraded to ‘D’ by Care Ratings after it failed to pay Rs 19.16 crore to PNB, Canara Bank and Union Bank of India under the one-time resolution plan.

ICICI Lombard: To consider declaration of dividend on April 21.

Exide: The company approved scheme of amalgamation of wholly owned subsidiary Chloride Power Systems & Solutions with itself.

Source: Moneycontrol, Livemint,, Bloomberg, Investing 

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