View on market: Stay Cautious, be with quality business:
Asian shares and U.S. equity futures stabilised Wednesday after U.S. and U.K. banned Russian oil imports. Shares rose in Japan and Australia. European contracts gained while U.S. contracts fluctuated as global markets remained volatile. The S&P 500 closed lower, giving up some of the intraday gains in the final hour of trading. Inflation risks put sovereign bonds on the backfoot. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 0.12% to 15,961 points as of 6:50 am. Oil rose on the United States’ move to ban imports of Russian fossil fuels in response to the Ukraine war. The United Kingdom will prohibit Russian oil barrels too but spare natural gas and coal. West Texas Intermediate crude scaled $125 a barrel, around the highest since 2008. Meanwhile, Coca-Cola Co. joined McDonald’s Corp., Starbucks Corp. and a host of other companies in suspending Russia operations. Fitch Ratings cut Russia’s credit rating and said a bond default is “imminent”. Russia has intensified its attack of Ukraine’s capital Kyiv, the U.S. said. The Russian stock market’s trading halt is being extended to arrest the slide in equities amid international sanctions..
Economic Calendar:
- INR: Bank Loan Growth on 14th March 2022.
- INR: WPI Inflation on 14th March 2022.
- USD: Federal Budget Balance on 11th March, 2022.
- USD: US Rig Count on 11th March, 2022.
- USD: US Rig Count on 11th March, 2022.
Brokerage Radar:
CLSA ON PHOENIX MILLS: Buy, TP Cut to Rs 1174 vs Rs 1300 Operations nearing pre-Covid levels but at a trough val Cut earnings by 11%/13% for FY23/24 Feb 2022 saw a sharp recovery, March likely to see further improvement Expect rentals to see c.30% Cagr over FY22-27CL.
CLSA ON BHARTI AIRTEL: Buy. TP Rs 915 Co’s lead in enterprise services vs TCom to extend growth trajectory Co is a growth shelter, amidst ongoing geopolitical & economic risk with leading mobile & enterprise biz growth See upside potential both to growth & valuations.
MORGAN STANLEY ON UPL: OW, TP cut to Rs 914 from Rs 951 Strong farm incomes, track record of execution, & compelling vals key +ves Announced $150m buyback, Leverage reasonable Key catalysts: net debt reduction in 4Q, outlook from global crop protection co’s & F22 analyst meeting.
JEFFERIES ON ADANI PORTS: Buy, TP cut to Rs 850 from Rs 930 Russia-Ukraine war has driven up coal prices 102% YTD Coal is 33% of cos’ cargo & concentrated at Mundra, KPCL & GPL ports, which could be impacted given price rise Lower FY22E-25E vol by 7-10% & EPS by 3-5%
International Markets:
U.S & Europe:
| Particulars | 08th Mar | Chg | Chg(%) |
| Nasdaq | 12,795.55 | -35.41 | -0.28 |
| Dow | 32632.64 | -184.74 | -0.56 |
| FTSE | 6,964.11 | 4.63 | 0.07 |
| CAC | 5,962.96 | -19.31 | -0.32 |
| DAX | 12,831.51 | -3.14 | -0.02 |
| Dow Fut.* | 32698.2 | 56.1 | 0.17 |
Asian markets:
| Particulars | 09th Mar | Chg. | Chg(%) |
| SGX Nifty | 15,931.00 | -10.5 | -0.07 |
| Nikkei | 24,973.73 | 182.78 | 0.74 |
| Straits Times | 3,171.89 | 23.03 | 0.73 |
| Hang Seng | 20,641.13 | -124.74 | -0.6 |
| Shanghai | 3,286.94 | -6.59 | -0.2 |
ADR Watch:
| Particulars | 08th Mar | Chg. | Chg.(%) |
| Dr Reddy | 50.43 | 2.16 | 4.47 |
| HDFC Bank | 55.25 | 0.77 | 1.41 |
| ICICI Bank | 16.8 | 0.41 | 2.5 |
| Infosys | 23.33 | 0.75 | 3.32 |
| Tata Motor | 24.9 | 0.15 | 0.61 |
| Wipro | 7.48 | 0.24 | 3.31 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.91 | -0.07 |
| Brent | 130.47 | 1.97 |
| Gold | 2059.2 | 0.82 |
| Silver | 27.192 | 1.13 |
FIIs & DII:
| Particulars | 8th Mar | 7th Mar |
| FIIs | -8142.60 | -7631.02 |
| DIIs | 6489.59 | 4738.99 |
News Update:
Greaves Cotton: The company has appointed Arup Basu as deputy managing director (designate).
HIL: Chief Financial Officer KR Veerappan tendered his resignation.
Atul: The company has completed expansion of its Sulphur Black manufacturing facility, thus increasing the production capacity from 9,800 tonnes per annum to 26,000 tonnes per annum.
Eveready Industries: The company has appointed Suvamoy Saha as managing director for a period of three years, effective March 8, 2022, after Amritanshu Khaitan’s resignation.
ISGEC: The company received order from Shree Cement for cement waste heat recovery boilers for their 3.8 MTPA clinker capacity, integrated cement plant in Nawalgarh, Rajasthan. The scope of work includes designing, manufacturing, and supplying of PH Boiler in the pre-heater exhaust and AQC boiler in the cooler exhaust.
Indian Overseas Bank: The bank has reduced the base rate to 8.10% from the existing of 9.10% effective from March 10, 2022.
Jindal Stainless: The company said it sources majority of its nickel from scrap, and dependence on Russia for raw material is minimal.
TVS Motor: To consider declaration of interim dividend on March 18. .
Sun TV Network: The company declared interim dividend of Rs 5 per share.
Brookfield India: The company has approved allotment of 52,800,000 units at an Issue price of Rs 110.46 per unit to Westwood Business Consultancy. The transaction is part of its Space Teleinfra deal.
Adani Ports: Indian Oil Corp. Ltd. will add new oil tanks at Adani’s Mundra port for expansion. Infosys: To collaborate on Dow Jones’ digital transformation
Petronet LNG: Sets up unit in Singapore for LNG trading
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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