View on market: Stay Cautious, be with quality business:
Asian stocks declined Thursday following a retreat in U.S. equities. Shares were volatile in Japan and fell in South Korean and Australia. U.S. contracts wavered after the S&P 500 swung between gains and losses before closing down 1%. An ongoing shift away from technology shares left the Nasdaq Composite in correction territory, more than 10% off a November high. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.44% to 17,898 as of 7:20 a.m. Elsewhere, crude oil fell and bitcoin hovered around $41,700.
Economic Calendar:
- INR: Bank Loan Growth on 21st January, 2022.
- INR: Bank Deposit Growth on 21st January 2022.
- USD: US Lending Index on 21st January, 2022.
- USD: US Baker Hughes on 21st January, 2022.
Earnings: Hindustan Unilever, Biocon, Asian Paints, Bajaj Finserv, Havells India, Persistent Systems, PNB Housing Finance, Agro Tech Foods, Mphasis Ltd
Results:
Bajaj Auto Ltd: The company reported continuing strong exports with average monthly volumes in excess of 2,19,000 units. In its quarterly earnings report released on Wednesday, the automaker said it exported a record 2.5 million units for the calendar year 2021.
ICICI Lombard: The country’s largest private-sector non-life insurer ICICI Lombard General Insurance on Wednesday reported a modest 1.27 percent year-on-year increase in its profit after tax (PAT) in the quarter ended December 31, 2021. In its quarterly earnings report, the insurer reported a PAT of Rs 318 crore as against Rs 314 crore in the corresponding quarter the previous year.
Tata Communications : The company’s net profit was down 7 percent at Rs 395.21 crore in Q3FY22 against Rs 425.38 crore in Q3FY21 and revenue was up at Rs 4,184.89 crore versus Rs 4,174.02 crore, QoQ.
Rallis India : The company’s officials will meet analysts and investors on January 20. The company also reported a 30 percent fall in consolidated net profit of Rs 39.56 crore in Q3FY22 versus Rs 56.49 crore in Q3FY21, and revenue was down 13 percent at Rs 628.08 crore against Rs 727.80 crore, QoQ.
Brokerage Radar:
JEFFERIES ON TATA MOTORS: Buy, TP Rs 625 Believe co is in early phase of a multi-year turnaround led by confluence of improved strategy & cyclical recovery Truck & PV demand recovering from worst slowdown in decades, & Co is gaining share.
CLSA ON TATA MOTORS: Sell, TP Rs 408 Sales of PHEVs & BEVs rose significantly in 2021 in major markets JLR’s share in BEV+PHEVs is less than 1% in US & China & around 2% Europe Shift to BEVs is a threat to JLR’s market share, which is being ignored by market currently.
MORGAN STANLEY ON L&T INFOTECH: All-around beat on rev & margins Management commentary remains constructive on durability of demand environment Nudge up estimates but remain UW on a relative basis given better risk reward in other mid-caps UW, TP RS 6600.
CITI ON JUST DIAL: Neutral, TP Cut to Rs 825 from Rs 870 3Q missed est & highlight several challenges Management signaled intent to pursue a more aggressive growth strategy – namely stepped-up S&M recruitment & new product launches Cut FY23/24E EPS est by 14%/10%.
JEFFERIES ON APOLLO HOSPITALS: Buy, TP Rs 6060 Stk corrected 10% since 31-Dec Current stk price reflects zero value for digital 24/7 & discounted multiples for hospital & offline pharmacy parts Wiew current price as an enhanced entry point
International Markets:
U.S & Europe
| Particulars | 19th Jan | Chg | Chg(%) |
| Nasdaq | 14,340.26 | -166.64 | -1.15 |
| Dow | 35368.47 | -543.34 | -1.51 |
| FTSE | 7,589.66 | 26.11 | 0.35 |
| CAC | 7,172.98 | 39.15 | 0.55 |
| DAX | 15,809.72 | 37.16 | 0.24 |
| Dow Fut.* | 35067.2 | 38.5 | -0.11 |
Asian markets:
| Particulars | 20th Jan | Chg. | Chg(%) |
| SGX Nifty | 17,910.00 | -67.5 | -0.38 |
| Nikkei | 27,594.29 | 127.06 | 0.46 |
| Straits Times | 3,285.87 | 1.93 | 0.06 |
| Hang Seng | 24,547.10 | 419.25 | 1.74 |
| Shanghai | 3,563.02 | 4.84 | 0.14 |
ADR Watch:
| Particulars | 19th Jan | Chg. | Chg.(%) |
| Dr Reddy | 62.35 | -0.42 | -0.67 |
| HDFC Bank | 70.15 | -0.75 | -1.06 |
| ICICI Bank | 21.43 | -0.46 | -2.1 |
| Infosys | 24.47 | -1.04 | -4.08 |
| Tata Motor | 34.3 | 0.52 | 1.54 |
| Wipro | 8.24 | -0.14 | -1.67 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 74.42 | -0.19 |
| Brent | 88.07 | -0.42 |
| Gold | 1841.50 | -0.09 |
| Silver | 24.212 | -0.08 |
FIIs & DII
| Particulars | 19th Jan | 18th Jan |
| FIIs | -2704.77 | -1254.95 |
| DIIs | -195.07 | -220.20 |
News Update:
HCL Technologies : The company appointed Prabhakar Appana as Senior Vice President and the Global Head of its AWS Ecosystem Business Unit.
Lupin Ltd: Global pharma major Lupin Limited (Lupin) today announced that it has entered into a partnership with Shenzhen Foncoo Pharmaceutical Co. Ltd (Foncoo). This is Lupin’s first partnership arrangement in China and reinforces Lupin’s commitment to bringing high quality generic and complex generic medicines to patients around the world.
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