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

Stocks in Asia caught a modest tailwind Friday from a US rally sparked by hopes that policy makers can get inflation under control without causing a global economic downturn. Shares advanced in Japan, South Korea and Australia. US equity futures edged down after the best Wall Street session in two weeks swept along everything from speculative investments to technology titans. At 7:05 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.84% to 16,268.5. Elsewhere, West Texas Intermediate crude was below $103/barrel, putting the US benchmark on course for a weekly fall about 5%. Prices have swung in a range of more than $16 this week, which saw both WTI and global benchmark Brent briefly drop below $100.

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.

Q1FY23 Result Today: TCS

Vakrangee Q1 FY23 (Consolidated, QoQ) Revenue up 8% at Rs 226.02 crore EBIT down 87% at Rs 4.63 crore EBIT margin at 2.05% vs 17.53% Net profit down 85% at Rs 4.52 crore

Brokerage Radar:

JEFFERIES ON SHREE CEMENT: Upgrade to hold, TP Rs 20000 AR highlights 1)+ve demand outlook 2) strong focus on green energy, alternate fuels, logistic savings 3) eyes respite from cost inflation from 2HFY23 4) reiterates 80MTPA capacity by 2030.

CLSA ON TVS: Buy, TP raised to Rs 922 (on roll fwd) Ronin launch marks entry into cruiser motorcycle segment Raise volume & earnings estimates on back of this launch Co gaining market share on back of strong launches.

MOTILAL OSWAL ON ICICI LOMBARD: Initiate Buy, TP Rs 1500 Successfully weathering storm Investing in growth amid favorable industry dynamics During FY22-24, see co delivering a premium/PAT CAGR of 19%/28% & a RoE of 19.1% in FY24 Trading closer to its trough P/E multiple.

GOLDMAN SACHS ON BANKS: India financials underperformed regional financials by 6% YTD & now trading @ 10-yr avg val gap despite earnings upgrades Expect earnings momentum to continue Current underperformance provides an opportunity to add Buys- SBI, ICICI & Kotak Sells- Bajaj Fin & SBI Cards

International Markets:

U.S & Europe:

Particulars      07th June    Chg Chg(%)
Nasdaq 11,621.35 259.5 2.28
Dow 31384.55 346.87 1.12
FTSE 7,189.08 81.31 1.14
CAC 6,006.70 94.32 1.6
DAX 12,843.22 248.7 1.97
Dow Fut.* 31367.2 -57.3 -0.17

Asian markets:

Particulars    08th July    Chg. Chg(%)
SGX Nifty 16,265.50 132.5 0.82
Nikkei 26,858.67 368.14 1.39
Straits Times 3,126.19 -3.21 -0.1
Hang Seng 21,773.28 129.7 0.6
Shanghai 3,364.37 -0.03 0

ADR Watch:

Particulars     07th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 59.47 2.34 4.1
ICICI Bank 19.05 0.57 3.08
Infosys 19.16 0.23 1.22
Tata Motor 27.7 1.28 4.84
Wipro 5.46 0.1 1.87

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 79.18  -0.16
Brent 104.38 -0.20
Gold 1740.80  0.06
Silver 19.125  -0.31

FIIs & DII:

Particulars         07th June         06th June 
FIIs -925.22                     -330.13                    
DIIs  980.59  1464.33

News Update:

Mahindra & Mahindra: The company has agreed to sell stake in its new electric vehicle arm to British International Investment Plc.

Coforge: The company is in alliance with Newgen Software to help organisations transform current processes, enhance operational efficiency, and gain a competitive edge over peers.

Vedanta: The company will acquire Athena Chhattisgarh Power, a 1,200 MW coal-based power plant, for Rs 564.67 crore.

PowerGrid: CBI has arrested the company’s executive director BS Jha and five others in connection with a bribery case. Rs 93 lakh was recovered from Jha’s residence in Gurugram.

Dr Reddy’s: The US Food and Drug Administration has issued a Form 483 with two observations to Dr Reddy’s formulations manufacturing facility in Andhra Pradesh.

Tata Motors: JLR sales fell 37% year-on-year to 78,825 units in quarter ended June 30 due to a global chip shortage, covid lockdowns in China, and new model transition of Range Rover Sport.

Star Health: The Company’s gross direct premium rose 13% year-on-year to Rs 2,466.2 crore in the June quarter.

Adani Ports and SEZ: The Company has appointed D. Muthukumaran as the chief financial officer with effect from July 25.

Alkem Laboratories: The Company has received Form 483 with one observation from the U.S. FDA with respect to ANDA filed for products to be manufactured at its plant in Indore.

Eveready: The board has passed the resolution to formally designate Dabur’s Burman family as promoters of the company after the completion of open offer.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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