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

Equities edged lower in Australia while Japanese shares fell more heavily as investors played catchup after Thursday’s holiday. US futures inched down after the S&P 500 saw its fourth straight decline.  Bitcoin rose 0.3% to $20,296.37, while West Texas Intermediate crude fell 0.3% to $87.90 a barrel. India benchmarks indices closed in the red for the second day in a row with information technology and utilities stocks playing spoilsport. Rupee waned against the greenback after the U.S. Federal Reserve hiked policy rates by another 75 basis points. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.12% to 18,092.

Economic Calendar:

  • USD : Unemployment Rate (Oct) on 04th November, 2022
  • USD : CPI (MoM) (Oct) on 04th November, 2022
  • INR : FX Reserves, USD on 04th November, 2022
  • INR : Bank Loan Growth on 04th November, 2022

Q2FY23 Result Today: Britannia, Cipla, Titan Company, GAIL India, InterGlobe Aviation, Aditya Birla Fashion and Retail, City Union Bank, Cummins India, Dreamfolks Services, Elgi Equipments, Escorts Kubota, Go Fashion (India), Mahindra Logistics, Marico, Tube Investments of India, TVS Motor Company, and Wockhardt.

Brokerage Radar:

MS ON BOI: Upgrade to OW, TP raised to Rs 95 from Rs 53; Core PPoP 60% above MSe, helped by higher margins (NII 21% above MSe); NPA provisions lower QoQ at just 60bps; Increase Est. by 33% for F23 & 22% for F24; Expect RoAs of 0.7%/0.8% F24/25

JEFFERIES ON SRF: Maintain Hold, TP Rs 2,425; Sharp miss on demand weakness, margin contraction; SRF reported Q2 revenues that were in line; EBITDA came in 20% below; Chemical margins fell 194 bps QoQ

NOMURA ON L&T: Buy, TP Rs 2425; Rare instance of India & Middle East capex strengthening; Core projects & manufacturing prospects & divestment visibility are strengthening; EBITDA margin guidance of 9.5% challenging, but management aims to achieve around 9.2%

International Markets:

U.S & Europe:

Particulars 03rd   November Chg. Chg.(%)
Nasdaq 10342.94 -181.86 -1.73
Dow 32001.25 -146.50 -0.46
FTSE 7188.63 44.49 0.62
CAC 6243.28 -33.60 -0.54
DAX 13130.190 -126.55 -0.950
Dow Fut.* 31980.50 -20.80 -0.06

Asian markets

Particulars 04th November Chg. Chg.(%)
SGX Nifty 18123.00 8.50 0.05
Nikkei 27103.17 -560.22 -2.03
Straits Times 3116.05 13.54 0.44
Hang Seng 16027.98 688.49 4.49
Shanghai 3042.840 45.03 1.500

ADR Watch:

Particulars 03rd November  Chg.   Chg.(%)
Dr. Reddy 55.86 0.53 0.96
HDFC Bank 61.85 0.44 0.72
ICICI Bank 22.10 0.22 1.01
Infosys 18.19 -0.22 -1.20
Tata Motor 25.32 0.05 0.20
Wipro 4.58 -0.05 -1.08

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.88 0.12
Brent 95.39 0.54
Gold 1639.65 0.54
Silver 19.617 0.96

FIIs & DIIs:

Particulars 03rd November 02nd November
FIIs  677.62 1436.30
DIIs -732.11 -1378.12

News Update:

Hero MotoCorp: Recorded standalone profit at Rs 716 crore Q2FY23, down 10% YoY due to lower other income and weak operating performance. Revenue at Rs 9,075 crore for the quarter increased by 7.35% compared to year-ago period.

Adani Enterprises: Recorded a healthy 122% YoY growth in consolidated profit at Rs 432.3 crore for Q2FY23, driven by strong operating as well as top line performance. Revenue for the quarter increased by 189% YoY to Rs 38,175 crore and EBIDTA rose by 69% to Rs 2,136 crore on account of strong performance by integrated resource management and airport business.

Wipro: Appointed Amit Choudhary as chief operating officer. He will manage global business operations, delivery excellence, CIO, CISO, and enterprise risk management functions.

Persistent Systems: Entered into a partnership with Software AG to develop joint solutions for enterprise clients.

SKF India: The board approved investment of investment of Rs 4.3 crore for 26% in a wind and solar power project SPV in Bengaluru, and additional investment of Rs 1.5 crore for expansion of a captive solar power plant in Pune.

Man Infraconstruction: The board will convene on Nov. 10, 2022 to consider payment of interim dividend for the current fiscal.

Fino Payments Bank: Appointed Rakesh Bhartia as part-time chairman for a period of three years, awaiting RBI approval.

Cochin Shipyard: The company bagged an international order for two commissioning service operation vessels from a European Client to be used for wind farm installations. The client has the option order four more such vessels within one year.

Welspun Corp: The company’s board approved acquisition of entire share capital of newly incorporated Propel Plastic Products at a fair value consideration of Rs 10,000.

Source: Moneycontrol, Bloomberg Quint, Investing

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