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

India’s stock markets will start the new week amid indications that the oil market will remain tight and the U.S. Federal Reserve will continue with sharp rate hikes. U.S. stocks had ended with weekly gains as a surprisingly strong jobs report eased recession fears but increased chances of a large rate hikes by the Fed at its next meeting. The S&P 500 and the Nasdaq 100 rose for the third straight week, the longest rising streak since April. Treasuries sank, with the 10-year yield around 2.83% after climbing nearly 26 basis points since Monday. Foreign portfolio investors have net invested Rs 14,000 crore in the first week of August, after having turned net buyers in July. The NSE Nifty 50 closed at 17,397.5 and the S&P BSE Sensex at 58,387.9 on Friday.

Economic Calendar:

  • USD : Nonfarm Productivity (QoQ) (Q2) (Jul) 9th Aug, 2022
  • USD : Unit Labor Costs (QoQ) (Q2) (Jul ) 9th Aug, 2022
  • INR : M3 Money Supply 10th Aug, 2022
  • INR : CPI (YoY) (Jul) 12th Aug, 2022

Q1FY23 Result Today: Bharti Airtel, Adani Ports and Special Economic Zone, Power Grid Corporation of India, NALCO, Astrazeneca Pharma India, Chemcon Speciality Chemicals, City Union Bank, Delhivery, Dhanlaxmi Bank, GNFC, Housing & Urban Development Corporation, JK Tyre & Industries

Q1FY23 Result:

SBI Q1 FY23 (Consolidated, YoY) reported a 6.7% YoY decline in profit at Rs 6,068 crore for the quarter ended June FY23. Net interest income during the quarter grew by 12.87% YoY to Rs 31,196 crore, but operating profit declined 32.8 percent YoY to Rs 12,753 crore and other income plunged 80% YoY to Rs 2,312 crore for the quarter ended June FY23. Loan loss provisions fell by 15.14% to Rs 4,268 crore during the same period.

BPCL Q1 FY23 (Consolidated, YoY) posted a standalone loss of Rs 6,290.80 crore for the quarter ended June FY23, as against a profit of Rs 3,192.58 crore in corresponding period last fiscal, impacted by an increase in input cost. Revenue from operations grew 54% YoY to Rs 1.38 lakh crore for the June FY23 quarter.

HPCL Q1 FY23 (Consolidated, YoY) HPCL posted a big loss of Rs 10,197 crore for the quarter ended June FY23 against profit of Rs 1,795 crore for the same period last year, impacted by erosion in the marketing margin on motor fuels and LPG. Revenue grew by 56% YoY to Rs 1.22 lakh crore during the same period.

Brokerage Radar:

JPM ON SBI: OW, TP Rs 650; Growth up & bonds down; old credit risk is done & gone

1Q net income (Rs61bn; -7% y/y; ROE: 8.5%) 26% below JPMe driven by higher MTM loss; Core PPOP +14% y/y 3% ahead of JPMe ; Expect normalized ROE range of 15% by 2H23/F24 onwards

CS ON BPCL: O-P, TP cut to Rs 400; Marketing margins disappointed in 1Q; debt may continue to increase; With sharp correction in crude & cracks post 1Q, margin pressure should ease; But FY23 will still be an annual PAT loss for OMCs; Now expect overall loss in FY23E

JEFFERIES ON HPCL: Jefferies Downgrade to U-P, TP cut to Rs 210; Much steeper EBITDA loss than est. on large marketing losses; Govt policy has forced OMCs to continue to take losses of Rs15/lt on diesel currently; View this as a structural valuation de-rating event

International Markets:

U.S & Europe:

Particulars      05th August Chg. Chg.(%)
Nasdaq 12657.56 -63.02 -0.50
Dow 32803.47 76.65 0.23
FTSE 7439.74 -8.32 -0.11
CAC 6472.35 -41.04 -0.63
DAX 13573.93 -88.75 -0.65
Dow Fut.* 32778.4 -25.10 -0.08

Asian markets:

Particulars      05th August Chg. Chg.(%)
SGX Nifty 17407.5 -16.00 -0.09
Nikkei 28241.09 65.22 0.23
Straits Times 3259.98 -22.9 -0.70
Hang Seng 20033.48 -168.46 -0.83
Shanghai 3226.03 -1.00 -0.03

ADR Watch:

Particulars       05th August Chg. Chg.(%)
Dr. Reddy 52.66 0.22 0.42
HDFC Bank 62.81 0.38 0.61
ICICI Bank 21.21 0.42 2.02
Infosys 20.31 0.16 0.79
Tata Motor 29.22 -0.35 -1.18
Wipro 5.48 -0.02 -0.36

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.23 -0.3
Brent 94.94 0.02
Gold 1788.70 -0.14
Silver 19.835 -0.04

FIIs & DIIs:

Particulars 05th August 04th August
FIIs                            1605.81  1474.77
DIIs  -495.94   – 46.79

News Update:

Siemens: has made an investment of Rs 1.14 crore in Sunsole Renewables Private Limited, India, towards second tranche equity allotment. The company’s shareholding in Sunsole, post the additional investment, continues to remain at 26% of the paid-up equity share capital of Sunsole.

Maruti Suzuki India: Life Insurance Corporation of India has sold 2.015% stake or 60.88 lakh equity shares in the country’s largest car maker via open market transactions. With this, LIC’s stake in the company reduced to 4.2%, down from 6.22% earlier.

SJVN: has bagged the full quoted capacity of 200 MW solar project at Rs 2.90 per unit on build own and operate (BOO) basis through e-RA conducted on August 4

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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