View on market: Stay Cautious, be with quality business:
U.S. equity futures and Asian stocks rose as investors evaluated the impact of curbs against the omicron virus variant and the outlook for President Joe Biden’s stymied economic agenda. Equities climbed in Japan and South Korea and fluctuated in Australia. Longer-maturity Treasuries maintained a drop. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.83% to 16,796.50, as of 8:20 a.m. The dollar was little changed and risk-sensitive currencies, such as those of commodity producers, held losses. Crude oil pared a tumble. Bitcoin hovered around $47,000 mark
Economic Calendar:
- INR: Foreign Exchange Reserve on 24th December, 2021.
- INR: Infrastructure Output YoY on 31st December 2021
- USD: Current Account (Q3) on 21st December, 2021.
- USD: GDP Data on 22nd December, 2021.
Brokerage Radar:
MORGAN STANLEY ON WIPRO: Equalweight,with Target Price of Rs 700 Acquires Edgile Edgile services 31% of Fortune 100 & 20% of Fortune 500 cos Wipro & Edgile plan to develop together Wipro Cyber Transform, an integrated platform to help enterprises enhance boardroom governance of cybersecurity risk.
JEFFERIES ON GUJRAT GAS: Buy, Target Price of Rs 830 Recent Morbi channel checks suggest vols at 6.5-7/5.7 mmscmd in Nov/ Dec (Mar-21: 7.7-7.8) Vols have been range-bound in order to mitigate exposure to high Spot LNG prices but underlying demand seems to be robust at 8-8.5 mmscmd.
MORGAN STANLEY ON GODREJ CONSUMER PRODUCT LIMITED : Underweight , Target Price Rs 829 New MD & CEO, discussed strategic roadmap ahead Highlighted a medium term ambition of double digit vol growth with moderate margin expansion, led by driving category development in existing core categories, & simplifying operation.
MACQUAIRE ON SHRIRAM TRANSPORT: Downgrade to Neutral, Target at 1250/share Downgrade on back of SHTF merger with SCUF, No clear synergies form merger Big isn’t beautiful integration will be tall task Larger NBFC will draw more regulatory scrutiny Indian financials usually underperform post-merger
ANTIQUE ON NALCO: Maintain BUY, Target Price at 126/share Firm aluminum prices and stable costs to drive profits Nalco is among lowest cost bauxite & alumina producer globally Aluminium spot prices remain firm Energy and output restrictions led to a decline.Prices would be supported by the continued outage at Jamalco refinery Maintain FY24 financial estimates, target price of `126/share
International Markets:
U.S & Europe
| Particulars | 20th Dec | Chg | Chg(%) |
| Nasdaq | 14,980.94 | -188.74 | -1.24 |
| Dow | 34932.16 | -433.28 | -1.23 |
| FTSE | 7,198.03 | -71.89 | -0.99 |
| CAC | 6,870.10 | -56.53 | -0.82 |
| DAX | 15,239.67 | -292.02 | -1.88 |
| Dow Fut.* | 35114.10 | 181.90 | 0.52 |
Asian markets:
| Particulars | 21st Dec | Chg. | Chg(%) |
| SGX Nifty | 16,796.50 | 138.00 | 0.83 |
| Nikkei | 28,496.83 | 559.02 | 2 |
| Straits Times | 3,091.95 | 18.98 | 0.62 |
| Hang Seng | 22,751.62 | 6.76 | 0.03 |
| Shanghai | 3,594.80 | 1.2 | 0.03 |
ADR Watch:
| Particulars | 21st Dec | Chg. | Chg.(%) |
| Dr Reddy | 60.66 | 0.21 | 0.35 |
| HDFC Bank | 61.97 | -1.42 | -2.24 |
| ICICI Bank | 18.44 | -0.37 | -1.97 |
| Infosys | 23.69 | -0.35 | -1.46 |
| Tata Motor | 29.47 | -0.84 | -2.77 |
| Wipro | 9.01 | 0 | 0 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.91 | -0.24 |
| Brent | 72.19 | 0.94 |
| Gold | 1790.45 | -0.23 |
| Silver | 22.23 | -0.26 |
FIIs & DII
| Particulars | 21stDec | 17thDec |
| FIIs | -3565.36 | -2069.90 |
| DIIs | 2764.02 | 1478.52 |
News Update:
Hatsun Agro Product : The Ice Cream manufacturing plant with a production capacity of 1,00,000 kg per day at Govindapur, Telangana has started commercial production.
Excel Realty N Infra : The company has expressed its intention to diversify its core business activities and focus more on trading, import and export of agro-products, including rice, pulses, soya, sunflower from January 2022 onwards
TeamLease Services : The company’s step-down wholly-owned subsidiary Evolve Technologies and Services has been merged into the company’s wholly-owned subsidiary, TeamLease Digital.
Rolex Rings : The company has entered into an agreement with the Gujarat Government for the development of Textile & Apparel Park, IT Park and Toy Park at Gondal district.
RailTel Corporation of India : The company has received a work order from Defence R&D Organisation for expansion and enhancement of CIAG network capacity at a total cost of Rs 68.31 crore.
IRB Infrastructure Developers : Competition Commission of India approves acquisition up to 16.94 percent equity share capital of IRB Infrastructure Developers by Bricklayers Investment
Adani Enterprises : The company received order from Uttar Pradesh Expressways Industrial Development Authority for three Greenfield Ganga Expressway Projects in Uttar Pradesh on a toll basis.
Wipro : The company will acquire the entire stake in Texas-headquartered Edgile, for $230 million, to strengthen its leadership in strategic cybersecurity services.
Source: Moneycontrol, Livemint,, Bloomberg, 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