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

Asian stocks rose Friday and the dollar held a drop after cyclicals led Wall Street to a record high ahead of a U.S. jobs report that will shape views on the outlook for Federal Reserve monetary policy.MSCI Inc.’s Asia-Pacific gauge climbed for a sixth day, the longest streak since January, as equities advanced in Japan, Australia and South Korea. U.S. futures fluctuated after energy shares helped the S&P 500 to a new peak. The U.S. 10-year Treasury yield edged up.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 17,284.50 as of 8:20 a.m. The U.S. payrolls report is another potential test of the prevailing calm in financial markets, which so far have weathered risks to economic reopening from coronavirus variants and the prospect of less expansive monetary policy. Goldman Sachs Group Inc. strategists said concerns about economic expansion are overdone, pointing to possible gains in cyclical assets in the near future.

Major economic Data:

  • INR: FX Reserves, USD on 3rd September, 2021
  • INR: Bank Loan & Deposit Growth on 3rd September, 2021
  • USD: Unemployment Rate (Aug)on 3rd September, 2021

Brokerage Radar:

CLSA ON SUNTECK REALTY: Maintain buy at the price of Rs 377 for the target price of Rs 470.Launches vasindproj ahead of our expectations of a festive season launch. Vasind project will garner a strong response driven by its affordable ticket sizes. increase our FY22 pre-sales estimate by 6% due to the early launch.

CLSA ON NIPPON INDIA AMC: Maintain outperform at the price of Rs 413 for the target price of Rs 475.Have been in a consolidation phase for the last 3.5- 4 years. Its market share is stabilising co leads in retail exchange- traded funds & schemes. Increase FY22/23 estimates by 6-9% on strong flows & mkt buoyancy.

MACQUARIE ON HDFC BANK: Maintains Outperform at the price of Rs 1589 for the target price of Rs 2005.Expects cost-to-income ratio to rise up to 39-40% from 36%. Also, tech spends as a % of opex may double to 18-20% if bank significantly increases investments.

International Markets:

U.S & Europe

Particulars 2ndSept Chg Chg(%)
Nasdaq 15,331.18 21.8 0.14
Dow 35443.82 131.29 0.37
FTSE 7,163.90 14.06 0.2
CAC 6,763.08 4.39 0.06
DAX 15,840.59 16.3 0.1
Dow Fut.* 35,441.00 17 0.05

Asian markets:

Particulars 3rdSept Chg Chg(%)
SGX Nifty 17,284.50 25 0.14
Nikkei 28,787.35 243.84 0.85
Straits Times 3,078.01 -10.83 -0.35
Hang Seng 26,005.33 -85.1 -0.33
Shanghai 3600.6 3.56 0.1

ADR Watch:

Particulars 2ndSept Chg Chg(%)
Dr Reddy 66.7 1.32 2.02
HDFC Bank 78.25 -0.6 -0.76
ICICI Bank 19.75 -0.04 -0.2
Infosys 23.7 0.15 0.64
Tata Motor 19.91 -0.27 -1.34
Wipro 9.49 0.15 1.61

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.21 -0.09
Brent 73.06  0.04
Gold 1816.00      0.25
Silver 23.965 0.20


Particulars 2nd Sept 1st Sept
FIIs 348.52 666.66
DIIs 381.70 -1287.87

News Update:

Reliance Industries Ltd: Reliance Retail Ventures has acquired sole control of Just Dial. Just Dial on September 1 allotted 2.12 crore equity shares at a price of Rs 1,022.25 per equity share to Reliance Retail, representing 25.35% of Just Dial’s paid-up share capital. Move follows acquisition of 1.31 crore shares, representing 15.63% of Just Dial shares on July 20. Reliance Retail now holds 40.98% in Just Dial.

Granules India: The company has received licence from Defence Research & Development Organisation, Ministry of Defence, to manufacture and market 2-Deoxy-D-Glucose. Developed by DRDO, 2-DG has been granted permission by Drug Controller General of India for emergency use as adjunct therapy in moderate to severe Covid-19 patients.

IRB Infrastructure Developers: The company has emerged as a preferred bidder for the construction of six lanes of 20.060 kms, Pondavakkam to Kannigaipair stretch, on the upcoming Chittoor – Thachur Highway in Tamil Nadu at the cost outlay of Rs 909 crore. The company bid Rs 844.14 crore for the highway project. The construction is expected to be completed in 730 days.

RailTel Corporation of India: The company has received a contract from Directorate of Information Technology, Indian Air Force for implementation of secure OPS Network for value of Rs 299.95 crore. The work is expected to be completed over a period of 12 months.

Jammu & Kashmir Bank: Approved raising of equity share capital up to Rs 1000 crore in one or more tranches by way of rights issue/peferential allotment/private placement/QIP or any other approved mode. The bank also approved raising up to Rs 1000 crore via bonds.

Rossari Biotech: The company has completed the acquisition of the first tranche of 76% of the total equity share capital (on a fully diluted basis) of Tristar Intermediates on Sept 1.

PNB Housing Finance: SEBI has filed an appeal with Supreme Court against Securities Appellate Tribunal (SAT)’s split verdict in the PNB Housing-Carlyle deal case. The company said it is examining the appeal filed by SEBI.

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