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

U.S. stocks opened October on a strong note as Treasury yields took a break from their seemingly incessant surge. Yield on 10-year Treasuries dipped 19 basis points to 3.64%. The S&P 500 rose 2.3%, while Nasdaq 100 increased 2%. Meanwhile, oil rose 5% with OPEC+ expected to announce a supply cut soon. Gold rose 1.8%, while Bitcoin jumped 1.7% to trade over the $19,500-mark. Domestic benchmark indices turned red once again as commodities, FMCG, utilities, auto, banking and power led the decline. Healthcare stocks bucked the trend, though. Rupee reversed gains today to end the day dangerously close to the Rs 82-mark against the U.S. dollar. At 7:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — gained 1.44% to 17,112.

Economic Calendar:

  • USD : ADP Nonfarm Employment Change (Sep) on 05th October, 2022
  • USD : ISM Non-Manufacturing PMI (Sep) on 05th October, 2022
  • INR : FX Reserves, USD on 07th October, 2022
  • INR : CPI (YoY) (Sep) on 12th October, 2022

Brokerage Radar:

GS ON MARICO: BUY, TP Rs 620; 2QFY23 update: Strong volume recovery led by rebound in Saffola; International business: Double-digit constant currency growth; Margin expansion lower than expected, short term pressure due to timing of price cuts

MS ON AVENUE SUPERMART: OW, TP Rs.4590; 2QF23 Post-Quarter Update – Revenue Up 20% on 3-year CAGR basis; Estimate that implied SSSG was 15%; Co added 8 new stores net (10 in 1Q) during 2Q , taking its network to 302

BOFA SEC ON M&M FIN: Buy, TP Rs 245; Sep’22: strong growth revival while AQ outlook improving; Gross loans up 9.2% QoQ; GS-2/GS-3 down 170/100bp QoQ; Strong medium term (FY25) guidance: 2x AUM, GS-3<6%

IRACP provision remains key near term overhang

International Markets:

U.S & Europe:

Particulars 03rd October Chg. Chg.(%)
Nasdaq 10815.44 239.82 2.27
Dow 29490.89 765.40 2.66
FTSE 6908.76 14.95 0.22
CAC 5794.15 31.81 0.55
DAX 12209.48 95.12 0.79
Dow Fut.* 29605.00 114.10 0.39

Asian markets:

Particulars 04th  October Chg. Chg.(%)
SGX Nifty 17124.00 255.50 1.51
Nikkei 26840.75 624.96 2.38
Straits Times 3138.35 31.26 1.01
Hang Seng 17079.51 -143.32 -0.83
Shanghai 3024.39 -16.81 -0.55

ADR Watch:

Particulars 03rd October  Chg. Chg.(%)
Dr. Reddy 54.16 1.82 3.48
HDFC Bank 58.33 -0.09 -0.15
ICICI Bank 21.06 0.09 0.43
Infosys 17.05 0.08 0.47
Tata Motor 24.36 0.10 0.41
Wipro 4.79 0.08 1.70

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 81.87 0.65
Brent 89.13 0.30
Gold 1705.15 0.19
Silver 20.793 0.99

FIIs & DIIs:

Particulars 03rd October 30th September
FIIs 590.58 -1565.31
DIIs -423.16 3245.45

News Update:

KEC International: Secured orders worth Rs 1,407 crore across segments. The transmission and distribution segment received orders from the Middle East, while the railways business has bagged an order for signaling and telecommunication works. Its year-to-date order intake now stands at Rs 8,400 crore.

Dilip Buildcon: Company through its joint venture RBL-DBL has received a letter of acceptance (LOA) for its Surat Metro Rail Project in Gujarat. The order is worth Rs 1,061 crore.

Avenue Supermarts: Announced standalone revenue for the quarter ended September 2022 at Rs 10,384.66 crore, up significantly by 36 percent from Rs 7,649.64 crore in same period last year. The total number of stores as of September 2022 stood at 302.

NCC: Received a new order for Rs 393 crore in September, which related to its building division. The company received this order from state government agencies.

Bank of Maharashtra: Recorded 7.86 percent YoY growth in deposits at Rs 1.95 lakh crore, while gross advances grew by 28.65 percent to Rs 1.48 lakh crore in the quarter ended September 2022. The total business during the quarter increased by 15.93 percent to Rs 3.44 lakh crore.

Vishnu Chemicals: The board of directors on October 31 will consider the sub-division of shares. The board will also consider financial results of the company for the second quarter and half year ended September 2022.

Kovai Medical Center and Hospital: MK Ravindra Kumar has resigned as chief financial officer of the company. Ravindra ceased to be CFO of the company with effect from October 4.

Indo Count Industries: Received approval from National Company Law Tribunal for the scheme of amalgamation of subsidiary Pranavaditya Spinning Mills with itself.

Marico: Posted low single-digit volume growth in its India business during the second quarter of the current fiscal, with the 3-year CAGR in high single digits. Consolidated revenue in the quarter grew in low single digits on a year-on-year basis.

 Source: Moneycontrol, Bloomberg Quint, Investing

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