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

Asian markets were set to open higher after the U.S. shares climbed and Treasuries sold off as investors weighed fresh data that indicated further Federal Reserve tightening ahead. The S&P 500 climbed 0.3% to close at its session high while the Nasdaq 100 ended the day 0.8% higher. Meanwhile, the yield on 10-year Treasuries advanced to 3.81%. Crude prices were trading around $85-mark, while Bitcoin trading above 24,000-level. At 5:50 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.22% at 18,059.5. MSCI said it’ll postpone implementation of any update on Foreign Inclusion Factors of specific securities associated with the Adani Group to May 2023 Index Review. Meanwhile, S&P Global Ratings placed Adani Transmission Ltd. ESG evaluation under review on potential governance Issues.

Economic Calendar:

  • USD : Initial Jobless Claims on 16th February, 2023
  • USD : PPI (MoM) (Jan) on 16th February, 2023
  • INR : FX Reserves, USD on 17th February, 2023
  • INR : GDP Quarterly (YoY) (Q3) on 28th February, 2023

Brokerage Radar:

CLSA ON VODA IDEA: Sell, TP Rs 5; 3QFY23 revenue, Ebitda below estimates; Arpu increases but subscriber loss continues; Conversion of interest into equity for government; Cut FY23/25CL forecasts by 2-16%. Awaiting fund raising

GS ON APOLLO HOSPITAL: Buy,  TP Rs 5100; Hospitals doing well, focus shifts to pharmacy growth & profitability; Lower FY23-25E EBITDA est. by 2-11% mainly to factor in faster topline growth at pharmacy biz offset by continued elevated startup losses at Apollo 24/7

NOMURA ON MOTHERSON SUMI WIRING: Initiate Buy, TP Rs 62; Leadership in wiring harness, Sumitomo’s high voltage expertise to aid EV share

Premiumisation, autonomous/connected features, EVs to drive WH content; Co to deliver 27% FY23-25F EPS CAGR; value at 35x FY25F

International Markets:

U.S & Europe

Particulars 15th February Chg. Chg.(%)
Nasdaq 12070.59 110.45 0.92
Dow 34128.05 38.78 0.11
FTSE 7997.83 43.98 0.55
CAC 7300.86 87.05 1.19
DAX 15506.34 125.78 0.81
Dow Fut.* 34135.30 7.20 0.02

Asian markets

Particulars 16th February Chg. Chg.(%)
SGX Nifty 18101.00 80.50 0.45
Nikkei 27723.60 221.74 0.80
Straits Times 3320.53 39.71 1.21
Hang Seng 21234.40 422.23 2.03
Shanghai 3303.47 22.98 0.70

ADR Watch:

Particulars 15th February  Chg.       Chg.(%)
Dr. Reddy 55.19 -0.21 -0.38
HDFC Bank 69.57 -0.08 -0.11
ICICI Bank 20.98 0.09 0.43
Infosys 19.23 0.11 0.58
Wipro 4.94 0.06 1.23

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.67 -0.10
Brent 85.84 0.54
Gold 1851.10 0.31
Silver 21.758 0.86

FIIs & DIIs:

Particulars 15th February 14th February
FIIs                           432.15 1305.30
DIIs 516.64 204.79

News Update:

Vedanta: The company was declared the preferred bidder for Sijimali Bauxite Block, located in Rayagada and Kalahandi districts of Odisha, under the mineral block auction conducted by the Odisha government. The block has estimated reserves of 311 million tonnes of bauxite.

Adani Power: The long stop date under the MoU dated Aug. 18, 2022, to acquire 100% stake in DB Power has expired.

ONGC: ONGC clarified that ONGC Videsh, a wholly owned subsidiary of the company, signed an MoU with Argentina’s state oil company YPF for co-operation in the hydrocarbon sector.

Bharat Electronics: The company signed an MoU with Goa Shipyard for co-operation for supply of products such as autonomous boats, and other systems based on artifical intellegence for naval platforms.

Patel Engineering: The company, along with its joint venture partners, has been chosen for projects worth Rs 1,567 crore in Madhya Pradesh and Maharashtra, to be completed within 36 months.

Ugro Capital: The board will meet on Feb. 20, to consider and approve raising funds via non-convertible debentures through private placement basis.

Dalmia Bharat/Jaiprakash Associates: The Competition Commission of India approved the acquisition of clinker, cement and power plants belonging to Jaiprakash Associates and its associate.

PTC Industries: The company signed an MoU with Hindustan Aeronautics-SED for cooperation and business development for indigenisation of aviation grade raw materials, components, sub-systems, and systems of aero-engines of Russian origin aircraft.

Bharat Dynamics: The company signed ten MoUs with Thales, UAE-based Al Tariq, Bulgaria’s Bultexpro, Indian Institute of Technology-Madras and Tamil Nadu Industrial Development Corporation at the Aero India event. It also launched several products at the event.

Source: Moneycontrol, Bloomberg Quint, Investing

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited, suhail@elitewealth.in
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL