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

Asian stocks were bolstered Tuesday by a further rally in Japan, with traders also weighing the outlook for central bank stimulus support and the impact of the delta virus strain on economic reopening.Japan’s Nikkei 225 hit 30,000 for the first time since April. Equities slipped in South Korea but were steady in Australia. S&P 500 and Nasdaq 100 futures advanced ahead of a resumption in U.S. markets after a holiday. Treasury yields climbed and dollar dipped.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.04% to 17,426, as of 8:20a.m.

Major economic Data:

  • INR: Industrial Production (YoY) (Jul) on 10th September, 2021
  • INR: Deposit Growth and Bank Loan Growth on 10th September, 2021
  • USD: Initial Jobless Claims on 9rd September, 2021
  • USD: Crude Oil Inventories on 9th September, 2021

Brokerage Radar:

CLSA ON ITC :Maintain buy at the price of Rs 209.05  for the target price of Rs 265. FMCG biz is firmly on path for a profitable scale-up. Expect its FMCG biz to deliver a 31% EBITDA CAGR over FY20- 24. Unlike in the past, inorganic growth should offer an additional growth lever. Valuation compelling with record-high PE discount to FMCG avg& a 6% dividend yield.

CS ON ASIAN PAINTS: Maintain buy at the price of Rs 3320for the target price of Rs 3650.Demand buoyancy continues, waterproofing a strong growth area. Do not see any permanent hit to margin given high pricing power. Early festive season in FY22 & some pent-up demand should aid Q2 demand.

International Markets:

U.S & Europe

Particulars 6th Sept Chg Chg(%)
Nasdaq 15,363.52 32.34 0.21
Dow 35369.09 -74.73 -0.21
FTSE 7,187.18 48.83 0.68
CAC 6,743.50 53.51 0.8
DAX 15,932.12 150.92 0.96
Dow Fut.* 35,402.00 49.00 0.14

Asian markets:

Particulars 7thSept Chg Chg(%)
SGX Nifty 17,426.00 7.00 0.04
Nikkei 29,903.54 243.65 0.82
Straits Times 3,087.08 -14.00 -0.45
Hang Seng 26,325.12 161.49 0.62
Shanghai 3,634.70 12.84 0.48

ADR Watch:

Particulars 6thSept Chg Chg(%)
Dr Reddy 67.09 0 0
HDFC Bank 76.64 0 0
ICICI Bank 19.79 0 0
Infosys 24.03 0 0
Tata Motor 20.2 0 0
Wipro 9.6 0 0

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.23 0.07
Brent 72.49 0.37
Gold 1827.85     -0.32
Silver 24.808 0.02

FIIs & DII

Particulars 6th Sept         3rd Sept
FIIs -589.36 768.58
DIIs 547.31 668.60

News Update:

Dish TV India: YES Bank, which holds a 25.63% stake in Dish TV India, has sought the removal of five directors in the company, including Managing Director Jawahar Lal Goel. YES Bank has given a special notice under Section 169 of the Companies Act, 2013. The bank said the current board of directors of the company had approved a rights issue process despite the bank’s objections solely to dilute its shareholding and to prejudice the interests of the bank.

Cochin Shipyard: Has emerged as the lowest bidder in the 6-vessel tender from the Indian Navy for the next generation missile vessels worth about Rs 10,000 crore and the formal contract signing is expected shortly, said Madhu Nair, Chairman & Managing Director.

VST Tillers Tractors: The company has entered into an agreement with Export Trading Group, for distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.

Triveni Turbine: Due to multiple disputes for over two years amongst joint venture partners, Triveni Turbine and DI Netherlands BV and Baker Hughes and its affiliates, General Electric Company and its affiliates, these parties agreed to terminate the joint venture agreement and finally resolved the multiple disputes amongst them. The JV stands terminated, as do all technology and brand licenses ex ecuted among the former JV partners. Further, the entire shareholding held by DI Netherlands BV in the equity share capital of GE Triveni has been acquired by the company for Rs 7.99 crore.

AshapuraMinechem: Operations in Guinea continue to be normal despite certain political developments in Conakry, the capital of Guinea, since September 5, the company said. We continue to monitor the situation closely; all the employees of the Ashapura Group in Guinea remain safe and are in contact with the company, it added.

Infosys: The company said it has almost completed its buyback programme and its buyback committee will meet onSeptember 8 to consider the closure of the buyback programme.

Starteck Finance: The company approved to sell 100% stake in subsidiary Starteck Housing Finance to Paripurna Trust and/or Matrabhav Trust for Rs 11.45 crore.

Orient Cement: HDFC AMC sold 44.70 lakh shares in the company via open market transaction on September 3, reducing shareholding to 2.97 percent from 5.15 percent earlier. 

Source: Moneycontrol,Livemint,, Bloomberg,Investing

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