View on market: Stay Cautious, be with quality business:
Stocks and U.S. equity futures fell Monday, as higher prices threatened to stall global growth and trigger inflation shock in the economy. Oil soared on the prospect of a ban on Russian crude supplies. Havens including sovereign bonds rallied, as Brent crude hit $139 a barrel, and West Texas Intermediate scaled $130 a barrel, before both paring some of the intense rally. S&P 500 and Nasdaq 100 contracts fell more than 1%, and Japan led losses in Asian shares. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 Index, fell 0.62% to 15826.50 points as of 8:10 am. The euro sank—dropping to parity against the Swiss franc for the first time since 2015—on concerns about the economic outlook for Europe, which relies on Russian energy. Sovereign bonds, gold and the dollar advanced, with the U.S. 10-year Treasury yield falling to about 1.70%. Bitcoin fell below $38,500.
Economic Calendar:
- INR: Manufacturing Output on 11th March 2022.
- INR: WPI Inflation on 14th March 2022.
- USD: Federal Budget Balance on 11th March, 2022.
- USD: Trade balance on 8th March, 2022.
Brokerage Radar:
JEFFERIES ON BAJAJ FINANCE: Initiate Hold, TP Rs 7200 Expect it to sustain high growth by monetising network expansion & ramp-up of digital platforms See loan-growth led 27% CAGR in profit over FY23-25 with ROA of 4.6% & ROE of 23%, valuations at 37x FY23 PE & 7.7x adj. PB are at significant premium to lenders and its past average, implying that its superior growth/ profitability are perfectly priced.
JEFFERIES ON HINDALCO: Buy, TP Raised to Rs 700 from Rs 660 Raise FY23-24 EPS by 5%-11% on higher aluminum prices & see further upside at spot Rising global energy prices & concerns on Russian supply have fueled a 37% CYTD rally in aluminum to 3-decade high
CLSA ON OIL & GAS: Russia-Ukraine conflict has driven a sharp 50-60% rise in futures curve of spot LNG as well as Europe gas price Spot LNG price is projected to remain elevated at well over $30/mmbtu through 2022 A big +ve for Gail’s gas trading profit, Our marker sees domestic gas price rising from US$3.2/mmbtu to US$7 by Apr 2022 and nearly quadruple that to over US$12 by Oct 2022 Using this & FY23 Brent, based on futures (US$100/bbl), points to 165%/135% upside for ONGC/Oil India.
CLSA ON KOTAK BANK: Buy, TP cut to Rs 2200 from Rs 2300 Cut Est by 3-4% Strong delivery on growth now looks sustainable Managing liability costs as growth picks up will be key item to monitor Still expect a 21% earnings CAGR that is better than peers
International Markets:
U.S & Europe:
| Particulars | 04th Mar | Chg | Chg(%) |
| Nasdaq | 13,313.44 | -224.5 | -1.66 |
| Dow | 33614.8 | -179.86 | -0.53 |
| FTSE | 6,987.14 | -251.71 | -3.48 |
| CAC | 6,061.66 | -316.71 | -4.97 |
| DAX | 13,094.54 | -603.86 | -4.41 |
| Dow Fut.* | 33170. | -443.8 | -1.32 |
Asian markets:
| Particulars | 07th Mar | Chg. | Chg(%) |
| SGX Nifty | 15,826.50 | -417.5 | -2.57 |
| Nikkei | 25,166.23 | -819.24 | -3.15 |
| Straits Times | 3,198.63 | -28.15 | -0.87 |
| Hang Seng | 21,155.76 | -749.53 | -3.42 |
| Shanghai | 3,412.79 | -34.86 | -1.01 |
ADR Watch:
| Particulars | 04th Mar | Chg. | Chg.(%) |
| Dr Reddy | 49.16 | -0.09 | -0.18 |
| HDFC Bank | 57.24 | -2.27 | -3.81 |
| ICICI Bank | 17.46 | -0.77 | -4.22 |
| Infosys | 22.46 | -0.06 | -0.27 |
| Tata Motor | 26.33 | -1.75 | -6.23 |
| Wipro | 7.32 | 0.02 | 0.27 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.16 | 0.33 |
| Brent | 129.55 | 9.77 |
| Gold | 1991.65 | 1.28 |
| Silver | 26.14 | 1.40 |
FIIs & DII:
| Particulars | 4th Mar | 3rd Mar |
| FIIs | -7631.02 | -6644.65 |
| DIIs | 4738.99 | 4799.24 |
News Update:
Wipro: The Bengaluru-based IT company has appointed Nicolas (Nic) Parmaksizian as chief executive officer of Designit.
PNB Housing Finance: The non-bank lender is planning a fundraising by issuing equity shares through appropriate methods—including rights issue—on March 9.
Reliance Industries: India’s largest firm by market value announced opening of Jio World Centre in Mumbai’s Bandra Kurla Complex.
BKT: The company has commenced commercial production of Brown Field Expansion and Debottlenecking Project at BHUJ Plant. The production of tyres will be increased upto 50,000 MTPA.
Rajratan Global Wire: The shareholders approved stock split of one share of Rs 10 each into five shares of Rs 2 each on March 16.
Poonawalla Fincorp: The company’s CEO Vijay Deshwal has stepped down from the position to take up the strategic role within the Cyrus Poonawalla Group.
Tube Investments: The firm has completed acquisition of 1,41,677 equity shares of face value of Rs 10 each, representing 70% paid-up share capital of Cellestial.
Info Edge: The company has invested Rs 91 crore in Asia Network for 76% stake.
3i Infotech: The company has been awarded a work order by the Rajasthan State Pollution Control Board for design, development, implementation and maintenance of ‘Integrated E-Governance Solution 2.0’. The total contract value is Rs 12.85 crore.
Dilip Buildcon: To sell 10 projects to Shrem at $309-million valuation.
Nazara Technologies: Approved issuance Rs 25 crore of shares to shareholders of Datawrkz, to hold 33% stake in Datawrkz after deal.
Nestle India: To consider final dividend on April 22.
Shriram Transport: Approves raising up to Rs 77.7 crore via bonds.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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