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

Asian stocks fell as investors weighed uncertainties about the omicron variant and looked to U.S. inflation data amid the Federal Reserve’s hawkish tilt. Treasuries pared some of Friday’s rally. Equity benchmarks dropped in Japan, South Korea and Australia. S&P 500 futures rose, while Nasdaq 100 contracts slipped. U.S. stocks extended a weekly slide Friday after a mixed U.S. jobs report fanned volatility. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 17,268, as of 8:05 a.m.

Economic Calendar:

  • INR: Interest Rate Decision on 8th December, 2021.
  • INR: FX Reserves, USD on 10th December, 2021.
  • USD: JOLTSs Job Opening (Oct) on 8th December, 2021.
  • USD: Crude Oil Inventories on 8th December, 2021.

Brokerage Radar:

JEFFERIES ON SIEMENS: Maintain buy at the price of Rs 2192 for the target price of Rs 2560. Management optimistic on central govt infra spend rising & pvt sector uptick. State spend scale-up is gradual, data centres & hospitals strong on order flow. Will benefit from margin traction as rev rises on higher decarbonisation. Lower FY22-23 EPS By 2-4% to factor Q4 margin impact of commodity/logistics costs.

CLSA ON ICICI BANK: Maintain buy at the price of Rs 717.15 for the target price of Rs 1100. Mgmt focus is shifting towards building infra for new-to-bank customers. Successfully improved granularity & quality of its earnings over the past 6-7 yrs. Bank ahead of peers in its digital initiatives & is also a new growth leader. Co remains one of their top picks in the sector.

NOMURA ON STEEL: Chinese steel pricing outlook uncertain. JSW steel’s December price cut on expected lines. Near-term demand from property market. May weaken but at a slower pace. China’s blast furnace utilisation at 75.23%, down 10 bps wow, 6th week of decline. JSW steel price cut reflects weak domestic/export demand.

International Markets:

U.S & Europe

Particulars 03rd Dec Chg Chg(%)
Nasdaq 15,085.47 -295.85 -1.92
Dow 34,580.08 -59.71 -0.17
FTSE 7,122.32 -6.89 -0.10
CAC 6,765.52 -30.23 -0.44
DAX 15,169.98 -93.13 -0.61
Dow Fut.* 34,787.00 221.00 0.64

*As per 6th Dec.

Asian markets:

Particulars 6th Dec Chg Chg(%)
SGX Nifty 17,268.00 33.00 0.19
Nikkei 27,862.00 -167.57 -0.60
Straits Times 3,132.71 30.78 0.99
Hang Seng 23,551.39 -215.30 -0.91
Shanghai 3,624.65 17.22 0.48

ADR Watch:

Particulars 3rdDec Chg Chg(%)
Dr Reddy 60.52 -1.88 -3.01
HDFC Bank 66.27 -0.89 -1.33
ICICI Bank 18.48 -0.21 -1.12
Infosys 22.88 -0.56 -2.39
Tata Motor 31.45 -0.52 -1.63
Wipro 8.59 -0.16 -1.83

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 75.16 0.22
Brent 71.38 2.06
Gold 1787.50 0.20
Silver 22.552 0.32

FIIs & DII

 

Particulars 3rd Dec 2nd Dec
FIIs -3356.17 -909.71
DIIs 1648.79 1372.65

News Update:

Eris Lifesciences: The company has formed a joint venture with MJ Biopharm to enter the insulin segment. The 70:30 JV (with Eris holding a 70% stake) will primarily engage in the marketing and distribution of human and analogue insulins (Glargine, Aspart, Lispro) and GLP-1 agonists (Liraglutide) among other biopharma products in India.

Tech Mahindra: The company has acquired Activus Connect for $62 million. The acquisition will bolster Tech Mahindra’s capabilities in emerging workplace solutions and strengthen end-to-end CX portfolio.

Lupin: The company has entered into a distribution and marketing agreement with Biomm SA in Brazil. Under the agreement, Biomm will distribute and market biosimilar Pegfilgrastim in Brazil.

Lloyds Metals and Energy: The mining lease granted to the company for iron ore mines over an area of 348.09 Ha. in Surjagad (Wooria Hill) in Gadchiroli district has been extended for a further period of 30 years and is now valid up till May 2, 2057.

Carborundum Universal: CUMI International, Cyprus, a wholly-owned subsidiary of the company, has entered into an agreement to acquire an existing company in Germany which will become a step-down subsidiary of CUMI. This acquisition will facilitate a base in European Union facilitating CUMI Group accessing markets in EU for its portfolio viz., abrasives, ceramics and electrominerals.

Tatva Chintan Pharma Chem: Appointed Ashok Bothra as Chief Financial Officer and Key Managerial Personnel of the company.

NMDC: Declared interim dividend of Rs 9.01 per share for the financial year 2021- 22. It has fixed December 15 as the record date for the payment of dividend.

Dr Lal PathLabs: Approved the reappointment of Arvind Lal as executive chairman and whole-time director of the company, for a period of 5 years commencing from April 1, 2022.

Persistent Systems:  HDFC Asset Management Company sold 15.76 lakh equity shares, representing 2.06 percent stake, of the company through open market transactions on December 2. With this, the AMC’s shareholding falls to 5.14 percent from 7.20 percent earlier.

Krsnaa Diagnostics:  Crisil Ratings has upgraded the company’s long term credit rating to CRISIL BBB+/Positive from CRISIL BBB/Positive and short term credit rating to CRISIL A2 from CRISIL A3+.

India PesticideS: CARE Ratings has reviewed the credit ratings assigned to the company’s long term and short term credit facilities to CARE A+ from CARE A with the outlook remaining stable.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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