Market View 9th September 2022

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

Stocks and US equity futures rose on Friday as investors assessed whether monetary tightening to tackle inflation in the US. Stocks and US equity futures rose on Friday as investors assessed whether monetary tightening to tackle inflation in the US. Equities advanced in Japan, Australia and Hong Kong after Wall Street closed with modest gains. The euro surged to the highest level in more than a week after the European Central Bank raised rates 75 basis points Thursday. At 7:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.48% higher at 17,905 points. Oil hovered around $83 a barrel and gold edged higher.

Economic Calendar:

• USD : FOMC Member George Speaks on 09th September, 2022
• USD : CPI (MoM) (Aug) on 13th September, 2022
• INR : FX Reserves, USD on 09^th September, 2022
• INR : CPI (YoY) (Aug) on 12^th September, 2022

Who’s Meeting Whom:

Sundram Fasteners: To meet investors and analysts on Sept. 9.

Radico Khaitan: To meet investors and analysts on Sept. 9.

UltraTech Cement: To meet analysts and investors on Sept. 9.

Nuvoco Vistas: To meet investors and analysts on Sept. 9.

TCNS Clothing Co: To meet investors and analysts on Sept. 9.

Brokerage Radar:

CS ON ZOMATO: OP, TP Rs. 90; Co’s recent guidance of turning EBITDA +ve ex-Qcom by 4Q FY23-2Q FY24 is in-line with global players guiding for EBITDA breakeven by 2023/24; Believe Zomato can turn EBITDA breakeven as guided, but likely at lower vols

CS ON INDUSIND BK: OP, TP Rs. 1,280; Growth picking up; RoEs to improve as credit costs moderate; Management aims to increase share of retail to>60% (vs 54% currently), while corp loans would grow in line with industry; Expect RoEs to improve 15% in FY23

NOMURA ON M&M: BUY, TP Rs. 1,505; XUV400–Raising EV bar; Maintain view that in current taxation regime, large SUV segment is sweet spot due to wide GST differential between EVs (5%) & ICE (50%); Believe strategy of becoming a lifestyle SUV maker to keep driving re-rating

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

NTPC: The company has entered into agreement to supply renewable energy power to the armed forces. This is the first agreement by Indian armed forces for sourcing power from renewable energy sources.

Vodafone Idea: The government will acquire a stake in Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, PTI reported. The company’s board has offered a stake to the government at a par value of Rs 10 per share.

KRBL/LT Foods/GRM Overseas: The Indian government has imposed a 20% duty on exports of unmilled rice.

Samvardhana Motherson: The company has agreed to acquire at book value assets of Daimler India Commercial Vehicles in Chennai at book value. The deal includes supply of complete frame assembly.

Mahindra & Mahindra: The company has unveiled the XUV400, its first all-electric SUV. The car will be initially sold in 16 cities including Mumbai, Bengaluru, Chennai and Delhi NCR.

PNC Infratech: The company will build for NHAI a four-lane highway in the Sonauli-Gorakhpur section of NH-29E in Uttar Pradesh, at a bid cost of Rs 1,458 crore.

Reliance Power: The company has issued to VFSI Holdings Pte up to 60 crore equity shares and/or warrants convertible into equity shares at Rs 15.55 apiece. The deal aggregates to Rs 933 crore.

Source: Moneyontrol, Livemint,, Bloomberg, Investing

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