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

Asian stocks extended their decline Tuesday amid surging oil prices, as concerns that commodity costs will fan inflation and choke economic expansion intensified. Equities retreated in Japan, Australia and South Korea. U.S. futures were volatile after the S&P 500 posted its worst drop since 2020, as it fell 3%.Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 Index, fell 1.29% to 15,638.50 points as of 6:40 am. Oil pushed higher after closing at a near 14-year peak. European gas, nickel and wheat hit unprecedented levels Monday. Among cryptocurrencies, Bitcoin was trading near $38,000, nursing recent losses.

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:

MORGAN STANLEY ON HERO MOTOCORP: UW, TP Cut to Rs 1937 vs Rs 2400 Taking into a/c weaker-than-expected vol, lower earnings est 2w industry has passed on all cost pressures to date, but continuing inflationary pressures could delay demand recovery, especially for entry level segment.

MORGAN STANLEY ON SBI CARDS: OW, TP Rs 1215 Industry spending (+35% YoY) declined by 6.5% MoM, likely owing to impact of COVID 3 SBIC posted a lesser decline of 5.7% MoM (+45% YoY) and gained market share With respect to cards in force, industry added 1.3mn cards on a net basis.

CLSA ON HAL: Buy, TP Rs 1740 Hnas emerged as an integrated producer of aircraft & helicopter vs an assembler of Russian aircraft This has reduced its share of Russian-spares-driven biz to 7% of its backlog and 25% of revenue, HAL’s dependence on Russia is in its repairs & overhaul (RoH) business, but we believe its well-stocked inventory of spares protects it from sanctions till end-2022.

CREDIT SUISSE ON ULTRATECH CEMENT: O-P, TP cut to Rs 7500 from Rs 9250 Coal price sensitivity is about Rs500/ton for every  US$100/ton increase in high calorific value coal. Crude sensitivity is lower, as about 30% of freight cost depend on diesel prices, At current spot prices of coal & crude, & market price of cement, sector is not profitable at EBITA level Maintain OP as crisis driven spike can be short lived.

Credit Suisse Tactically Downgrade India to UW from OW Downgrade is largely based on Oil Still like India’s +ve EPS revisions & positioning in credit & property cycles, but India is most vulnerable to higher oil prices, along with Philippines, Rich valuations magnify the short-term risks Use funds freed from India to raise China from Market Weight to Overweight

International Markets:

U.S & Europe:

Particulars 07th Mar Chg Chg(%)
Nasdaq 12,830.96 -482.48 -3.62
Dow 32817.38 -797.42 -2.37
FTSE 6,959.48 -27.66 -0.4
CAC 5,982.27 -79.39 -1.31
DAX 12,834.65 -259.89 -1.98
Dow Fut.* 32814.7 -20.2 -0.07

Asian markets:

Particulars 08th Mar Chg. Chg(%)
SGX Nifty 15,756.50 -86.5 -0.55
Nikkei 25,143.52 -77.89 -0.31
Straits Times 3,179.36 -8.46 -0.27
Hang Seng 21,133.03 75.4 0.36
Shanghai 3,343.43 -29.43 -0.87

ADR Watch: 

Particulars 07th Mar Chg. Chg.(%)
Dr Reddy 48.27 -0.89 -1.81
HDFC Bank 54.48 -2.76 -4.82
ICICI Bank 16.39 -1.07 -6.13
Infosys 22.58 0.12 0.53
Tata Motor 24.75 -1.58 -6
Wipro 7.24 -0.08 -1.09

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.96 1.05
Brent 127.07 3.05
Gold 1992.95 -0.16
Silver 25.723 0.01


Particulars 7th Mar 4th Mar
FIIs -7482.08 -7631.02
DIIs 5331.03 4738.99

News Update:

Dish TV: SEBI passed an interim order against the company, promoter, and MD Jawahar Goel, and the board of directors for alleged violation of listing regulations. The capital markets regulator also directed the compliance officer to disclose the voting results of the AGM and told depositories to freeze the demat accounts of Dish TV’s directors and compliance officer until they are out.

Natco Pharma: The company first generic version of Revlimid (Lenalidomide capsules) in the U.S. market for treatment of multiple myeloma in combination with the medicine dexamethasone, certain myelodysplastic syndromes, and mantle cell lymphoma following specific prior treatment. The capsules are available in 5 mg, l0 mg, 15 mg, and 25 mg strengths.

NLC India: The company declared interim dividend of Rs 1.5/share.

Metro Brands: The company declared interim dividend of Rs 1.5 per share. Chief Operating Officer Sahel Kamdar resigned.

Sun TV Network: The company declared interim dividend of Rs 5 per share.

Axis Bank: Report on Citi India retail deal speculative. Lender denies taking any such decision.

Future Retail: Shareholders, creditors to meet on April 20-21 to discuss the Reliance deal.

ICICI Prudential Life: February new business premium falls 22.8% year-on-year.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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