View on market: Stay Cautious, be with quality business:
Asian stocks were off to a muted start after U.S. equities pared most of their gains as a rally in technology shares petered out. Japan was little changed as the ruling party’s new leader, who is set to become the next prime minister, is seen by investors as maintaining stability. Australia rose and South Korea dipped. U.S. futures climbed. The Nasdaq 100 notched its third straight day of losses after earlier climbing about 1%. Dip buyers helped push the S&P 500 higher. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.27 to 17,657.50 as of 8:15 a.m.
Economic Calendar:
- INR: Foreign Debt (USD) (Q2) on 30th September, 2021
- INR: RBI Monetary & Credit Information Review on 30th September, 2021
- INR: Federal Fiscal Deficit (Aug) on 30th September, 2021.
- USD: GDP (QoQ) (Q2) on 30th September, 2021.
- USD: Initial Jobless Claims on 30th September, 2021.
Brokerage Radar:
CITI ON JUBILANT FOOD: Maintain buy at the price of Rs 4071 for the target price of Rs 4750. Raise FY23/24 EPS estimates by 3-6%. Factor in higher store expansion & minor tweaks to SSSg/opex. Estimate 22% standalone revenue CAGR over FY21-24. Operating leverage should aid profitability.
JPMORGAN ON TCS: Maintain buy at the price of Rs 3795 for the target price of Rs 4200.
Raise FY23/24 EPS estimates by 3-6%. Factor in higher Store expansion & minor tweaks to SSSg/opex. Estimate 22% standalone revenue CAGR over FY21-24. Operating leverage should aid profitability.
CREDIT SUISSE ON STEEL: Indian spreads back to November 2020 level, down $184/ t from Apr peak. Relative advantage of high global iron ore costs vanished for Indian cos. Their spreads are also hurt by coking coal prices .Indian steel prices continue to remain range-bound. Downside risks to $650/t FY23 HRC estimate if China property demand slows down.
International Markets:
U.S & Europe
| Particulars | 29thSept | Chg | Chg(%) |
| Nasdaq | 14,512.44 | -34.24 | -0.24 |
| Dow | 34,390.72 | 90.73 | 0.26 |
| FTSE | 7,108.16 | 80.06 | 1.14 |
| CAC | 6,560.80 | 54.30 | 0.83 |
| DAX | 15,365.27 | 116.71 | 0.77 |
| Dow Fut.* | 34,408.00 | 143.00 | 0.42 |
Asian markets:
| Particulars | 30th Sept | Chg | Chg(%) |
| SGX Nifty | 17,657.50 | -47.50 | -0.27 |
| Nikkei | 29,439.37 | -104.92 | -0.36 |
| Straits Times | 3,090.46 | 16.15 | 0.53 |
| Hang Seng | 24,415.73 | -247.77 | -1.00 |
| Shanghai | 3,549.41 | 13.12 | 0.37 |
ADR Watch:
| Particulars | 29th Sept | Chg | Chg(%) |
| Dr Reddy | 65.18 | 0.57 | 0.88 |
| HDFC Bank | 73.24 | 1.23 | 1.71 |
| ICICI Bank | 19.21 | 0.23 | 1.21 |
| Infosys | 22.48 | 0.39 | 1.77 |
| Tata Motor | 22.33 | 0.26 | 1.18 |
| Wipro | 8.89 | 0.06 | 0.68 |
Commodities & Currency
| Particulars | Current Price | Chg(%) |
| USD/INR | 74.47 | 0.19 |
| Brent | 77.85 | -0.31 |
| Gold | 1733.05 | 0.59 |
| Silver | 21.550 | 0.30 |
FIIs & DII
| Particulars | 29th Sept | 28th Sept |
| FIIs | -1446.02 | -1957.40 |
| DIIs | 3262.16 | 161.45 |
News Update:
Persistent Systems: The company’s wholly owned subsidiary, Persistent Systems Inc., USA, to acquire Software Corporation International and its affiliate Fusion360 LLC for $53 million. The company will acquire Shree Infosoft, India along with certain assets of Shree Partners LLC, USA—the parent company of Shree Infosoft—for $6.87 million. These acquisitions are subject to customary closing conditions which are expected to be completed in a span of 2-5 weeks.
Sterling and Wilson Solar: Promoters Shapoorji Pallonji and Company and Khurshed Daruvala have facilitated the repayment of the balance outstanding loans (Rs 741 crore) along with interest accrued till date, by Sterling and Wilson and its subsidiary Sterling and Wilson International FZE to the company and its subsidiary Sterling and Wilson International Solar FZCO respectively. With this, the the entire outstanding loans of Rs 2,563 crore along with interest accrued till date has been repaid in full, the company said.
Indian Overseas Bank: The bank has exited RBI’s prompt corrective action framework. It is no longer in breach of PCA triggers based on FY21 earnings. IOB has provided a written commitment that it will comply with regulatory requirements. It has also apprised RBI of systemic improvements.
Zee Entertainment Enterprises: Institutional investor, Invesco Fund, has moved NCLT asking Zee Entertainment to call an extraordinary general meeting of shareholders to induct its nominees on the company’s board.
Blue Dart Express: The company will raise average shipment price by 9.6% from January 1, 2022.
HCL Technologies: The company has launched a 5G Open Radio Access Network lab in India to help telecom companies with 5G transition.
Ashoka Buildcon: The company has acquired balance 40% stake in Ashoka Bettadahalli Shivamogga Road for Rs 2 lakh. ABSRPL is a special purpose vehicle incorporated to execute the project awarded by NHAI.
IRCTC: The company has fixed October 29 as the record date for the stock split. The company will split Rs 10 shares into 5 shares of face value of Rs 2 per share.
AGMs: : NMDC (11:30 a.m.); Jindal Steel & Power (11 a.m.); National Aluminium Co. (11 a.m.);; NBCC India (2 p.m.); .); JK Cement; Kaveri Seed.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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