View on market: Stay Cautious, be with quality business:
Stocks rose Thursday while bonds fell after U.S. Federal Reserve Chair Jerome Powell pointed to a measured interest-rate liftoff. Shares rose in Australia, Japan and South Korea. U.S. futures fell after a positive close for the S&P 500 and technology-heavy Nasdaq 100. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.35% to 16,674.50 points as of 8:30 am. Haven demand triggered by Russia’s invasion of Ukraine moderated. The dollar and gold edged up. Oil hovered around $115 a barrel.
Economic Calendar:
- INR: Manufacturing Output on 11th March 2022.
- INR: Service PMI on 4th March 2022.
- USD: Federal Budget Balance on 11th March, 2022.
- USD: Non Payroll on 4th March, 2022.
Brokerage Radar:
JP MORGAN ON COAL INDIA: OW, TP Rs 238 Continues to report strong production & offtake nos E-auction premiums have hit 100% &, given surge in global coal prices & strong domestic demand, expect E-auction prices to remain high Trades at 6x FY23 P/E with 11% dividend yield.
UBS ON TVS MOTORS: Buy, TP Rs 1000 Add to UBS APAC Key Call list Well set for recovery with multiple catalysts If TVS is able to onboard a financial investor in its EV subsidiary, think it could open upside potential for stake.
MORGAN STANLEY ON UPL OW, TP Rs 951 Board approves buyback of $150m This would be 3rd buyback in UPL’s history UPL has delivered earnings at upper end of its guidance in 9MF22 Promoters own 28.24% stake & they do not intend to participate in buyback.
CLSA ON PIRAMAL ENTERPRISES: Upgrade to buy, TP cut to Rs 2800 No downside from NCLT order Integration of DHFL is on track & this biz should be in full-flow from 2HFY23 Lower value for pharma biz to Rs1055, as lower Ebitda Est by 1-3% building-in higher input costs.
CITI ON VEDANTA: Buy, TP Rs 435 Board approves 3rd dividend of Rs 13/sh Think VED had completed upstreaming of dividends received from HZL in FY21 & FY22 with first two interim dividends 3rd dividend, is in line with co’s dividend policy in our view.
CREDIT SUISSE ON L&T FINANCE: Downgrade to Neutral, TP cut to Rs 75 from Rs 90 Exiting wholesale business to keep overall growth & profitability subdued in medium-term Cut FY22-24E by 15-27%, on lower growth & higher credit cost Valuation is cheap at 0.7x FY24 P/B
International Markets:
U.S & Europe:
| Particulars | 02nd Mar | Chg | Chg(%) |
| Nasdaq | 13,752.02 | 219.56 | 1.62 |
| Dow | 33891.35 | 596.4 | 1.79 |
| FTSE | 7,429.56 | 99.36 | 1.36 |
| CAC | 6,498.02 | 101.53 | 1.59 |
| DAX | 14,000.11 | 95.26 | 0.69 |
| Dow Fut.* | 33907.6 | 15.2 | 0.04 |
Asian markets:
| Particulars | 03rd Mar | Chg. | Chg(%) |
| SGX Nifty | 16,674.50 | 57.5 | 0.35 |
| Nikkei | 26,608.21 | 215.18 | 0.82 |
| Straits Times | 3,265.08 | 20.68 | 0.64 |
| Hang Seng | 22,494.52 | 150.6 | 0.67 |
| Shanghai | 3,491.76 | 7.57 | 0.22 |
ADR Watch:
| Particulars | 02ndMar | Chg. | Chg.(%) |
| Dr Reddy | 51.23 | -1.43 | -2.72 |
| HDFC Bank | 61.23 | 0.86 | 1.42 |
| ICICI Bank | 18.85 | 0.35 | 1.89 |
| Infosys | 22.59 | 0.43 | 1.94 |
| Tata Motor | 29.89 | 1.09 | 3.78 |
| Wipro | 7.32 | 0.21 | 2.95 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.70 | 0.48 |
| Brent | 116.42 | 3.11 |
| Gold | 1931.05 | 0.46 |
| Silver | 25.343 | 0.61 |
FIIs & DII:
| Particulars | 2nd Mar | 28th Feb |
| FIIs | -4338.94 | -3948.47 |
| DIIs | 3061.70 | 4142.82 |
News Update:
NMDC: Iron ore sales rose 22% year-on-year to 3.97 million tonnes in February. Output rose 11.7% year-on-year to 4.3 million tonnes.
Suzlon Energy: The wind turbine maker has received a Rs 4,050 -crore loan from REC-led group for debt recast.
Wipro: The Bengaluru-based IT services firm has introduced a cloud car platform for software-defined vehicles.
UPL: The fertiliser maker has approved a buyback proposal for 12,571,428 shares at Rs 875 per share. The aggregate amount of Rs 1,100 crore represents 14.56% and 5.71% of its total paid-up share capital and free reserves, respectively, as on March 31, 2021.
Vedanta: Declared a third interim dividend of Rs 13 per share.
Punjab and Sind Bank: To consider preferential issue of equity shares to the Government of India worth up to Rs 4,600 crore on March 31.
Sterilite Technology: Launched an industry-first end-to-end 5G enterprise solution to address the growing demand for private 5G enterprise connectivity for campus, industrial and venue applications. Tube Investments: Tl Clean Mobility allotted 9.95 crore equity shares worth Rs 10 each to the company.
ABB: Completed the slump sale of Turbocharger Business to a newly incorporated subsidiary Turbocharging Industries and Services for Rs 310 crore.
RussiaUkraineConflict :Moody’s & Fitch Ratings cut Russia’s rating to ‘Junk’, may be cut further Moody’s Cuts Russia’s Rating To ‘B3’ From ‘Baa3’,Fitch Cuts Russia’s Rating To ‘B’ From ‘BBB’.
MSCI removes ‘un-investable’ Russia from Emerging Market Indexes World Bank halts all projects in Russia and Belarus.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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