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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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