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

Asian equities rose on Thursday amid fall in oil prices below $100 per barrel even as the minutes from the latest FOMC meeting highlighted the possibility of a ‘more restrictive’ monetary policy. Shares gained in Japan, South Korea and Australia. The U.S. futures were volatile after Wall Street logged gains on Wednesday. At 6:45 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.28% to 16,028. Elsewhere, the Nymex crude hovered around $98.20 per dollar.

Economic Calendar:

  • INR: Forex Reserve on 8th July 2022.
  • INR: IIP Data 12th July 2022.
  • USD: ADP Nonfarm Employment 08th July, 2022.
  • USD: Trade Balance 08th July, 2022.

Brokerage Radar:

JP MORGAN ON RELIANCE: OW, TP Rs 3170 Post diesel export tax investor concerns centre around regulatory risk Expect strong 1Q driven by O2C See diesel export tax as a one-off, though at this point have no visibility as to what would drive it lower Do not see a wider impact on co’s other biz.

JEFFERIES ON CONCOR: BUY, TP Rs 850 Land License Fees (LLF) policy is a needed step for privatisation. Media reports indicate that the LLF could be reduced to 2-3% vs current 6%. This reduction would add 8-10% to FY24E EPS & 15%+ to FY23E.

CITI ON TITAN: Buy, TP Rs 2890 Another +ve Surprise In 1QFY23 Jewellery (ex-bullion) sales grew +23% on a 3-yr CAGR basis (+207% on a low base), well ahead of expectations There is likely improvement in demand & market share gain story is far from over.

MORGAN STANLEY ON TITAN: OW, TP Rs 2621 1Q trends strong (3-yr standalone sales CAGR 20.5%), with broad-based YoY growth across segments, led by jewellery Jewellery division (excluding bullion) sales grew 207% YoY,24% QoQ Watches – Sales grew 158% YoY & Eyeweargrew 176% YoY

International Markets:

U.S & Europe:

Particulars      06th June    Chg Chg(%)
Nasdaq 11,361.85 39.61 0.35
Dow 31048.00 69.86 0.23
FTSE 7,107.77 82.3 1.17
CAC 5,912.38 117.42 2.03
DAX 12,594.52 193.32 1.56
Dow Fut.* 31052.0 15.3 0.05

Asian markets:

Particulars    07th July    Chg. Chg(%)
SGX Nifty 16,116.00 133.5 0.84
Nikkei 26,298.66 191.01 0.73
Straits Times 3,105.23 1.57 0.05
Hang Seng 21,506.29 -80.37 -0.37
Shanghai 3,364.01 8.66 0.26

ADR Watch:

Particulars     06th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 57.13 1.32 2.37
ICICI Bank 18.48 0.22 1.2
Infosys 18.93 0.26 1.39
Tata Motor 26.42 0.28 1.07
Wipro 5.36 0.05 0.94

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 79.30 -0.09
Brent 100.70 0.03
Gold 1743.65 0.40
Silver 19.275 0.61

FIIs & DII:

Particulars         06th June         05th June 
FIIs -330.13                     1295.84
DIIs 1464.33  -257.59

News Update:

Titan: The first quarter of FY23 was a near normal first quarter after a gap of 2 years. Sales grew 205% year-on-year on a low base and clocked 3-year CAGR of 20.5% over Q1FY20, the only non-disrupted first quarter in the last 3 years.

NTPC/Gujarat Alkalies and Chemicals: The companies signed a Memorandum of Understanding to collaborate in the field of Renewable Energy, Green Methanol & Green Ammonia and mutually explore the opportunities for the supply of 100 MW power. This would be the first commercial scale green Ammonia and Green Methanol project in the country.

Sobha: The company’s sales volume rose 51.7% yoy to 13.6 lakh sq. ft. Total sales value rose 67.7% yoy to Rs 1,145 crore. Average price realization increased to Rs 8,431 in quarter ended June as compared to Rs 7,626 a year ago.

Equitas Small Finance Bank: The bank’s advances grew 22% YoY to 21,699 crore in the quarter from April to June. Deposits grew 19% to 20,386 crore in Q1 of FY23. CASA ratio stood at 51.74% on June 30.

Raymond: The company has signed a joint development agreement for a premium residential project in Bandra, Mumbai. Its revenue potential is estimated at Rs 2,000 crore.

City Union Bank: The bank will raise Rs 500 crore through the QIP route

PVR: To open 4-screen multiplex at Odeon Mall, Ghatkopar, Mumbai.

Titagarh Wagons: HDFC Mutual Fund cuts stake to 7.02% from 9.16% in the company.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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