View on market: Stay Cautious, be with quality business:
U.S. equity futures and Asian stocks fell Monday as investors shifted to havens including bonds and gold amid geopolitical concerns. Nasdaq 100 contracts shed 1%, while stocks in Japan, Australia and South Korea retreated. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.76% to 17,148.50 as of 6:30 am. Gold was near the highest since June. The dollar was steady. In cryptocurrencies, Bitcoin held a retreat from the weekend and was trading around $38,000.
Economic Calendar:
- INR: RBI MPC Minutes on 24th February 2022.
- INR: Forex Reserve on 25th February 2022.
- USD: Initial Job Claims on 24th February, 2022.
- USD: GDP(QoQ) on 24th February, 2022.
Brokerage Radar:
GOLDMAN SACHS ON PAYTM: Buy, TP Rs 1460 Continues to gain market share across both UPI & non-UPI payments Cos lending biz seeing strong traction See risk-reward skewed to the upside Analysis suggests stk now pricing in significant regulatory, competition as well as execution headwinds.
CITI ON AMBUJA: Downgrade to Neutral, TP cut to Rs 365 from Rs 435 Rising East Exposure; Prefer ACC on Valuations With Ambuja’s newly announced capex, East should account for 35% of capacity, taking away geographic advantage vs. ACC. East Expansion Unexciting Q4 Below Expectation On High Power Costs.
CLSA ON GREEN HYDROGEN POLICY: 1st step: To ease supply side & ease of doing biz Next step- enable ecosystem, demand creation with mandates & viability-gap-funding for early adopters Cos with GH2 transition exposure include NTPC, Adani Ent, RIL, L&T, MTAR, ACME, Linde, IOC & GAIL.
CLSA ON NTPC: Buy, TP Rs 180 A key play on India’s entry into global GH2 market following govt launching National Hydrogen Mission While many players have spoken about GH2, NTPC is one actually implementing projects, with India’s largest electrolyser & a circular economy project. If NTPC is able to secure a 15% share of the GH2 market to reach 759k kgs by FY32CL, biz could add Rs15/sh, or 11% to its current market price.
International Markets:
U.S & Europe:
| Particulars | 18th Feb | Chg | Chg(%) |
| Nasdaq | 13,548.07 | -168.65 | -1.23 |
| Dow | 34079.18 | -232.6 | -0.68 |
| FTSE | 7,513.62 | -23.75 | -0.32 |
| CAC | 6,929.63 | -17.19 | -0.25 |
| DAX | 15,042.51 | -225.12 | -1.47 |
| Dow Fut.* | 34265.8 | 186.1 | 0.54 |
Asian markets:
| Particulars | 21st Feb | Chg. | Chg(%) |
| SGX Nifty | 17,190.50 | -89.5 | -0.52 |
| Nikkei | 26,926.01 | -196.06 | -0.72 |
| Straits Times | 3,426.51 | -2.39 | -0.07 |
| Hang Seng | 24,156.62 | -171.09 | -0.7 |
| Shanghai | 3,477.59 | -13.17 | -0.38 |
ADR Watch:
| Particulars | 18th Feb | Chg. | Chg.(%) |
| Dr Reddy | 56.91 | 0.78 | 1.39 |
| HDFC Bank | 66.95 | 0.99 | 1.5 |
| ICICI Bank | 19.91 | 0.19 | 0.96 |
| Infosys | 22.51 | 0.08 | 0.36 |
| Tata Motor | 32.67 | -0.3 | -0.91 |
| Wipro | 7.33 | -0.03 | -0.41 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 74.66 | -0.60 |
| Brent | 90.84 | -0.62 |
| Gold | 1900.00 | 0.01 |
| Silver | 23.832 | -0.67 |
FIIs & DII:
| Particulars | 18th Feb | 17th Feb |
| FIIs | -2529.96 | -1242.10 |
| DIIs | 1929.08 | 901.10 |
News Update:
InterGlobe Aviation: Promoter Rakesh Gangwal has resigned from the board of directors of the IndiGo airline operator with immediate effect. Gangwal in a letter to the board said he plans to slowly dilute his holding in the company over the next five years.
Future Retail: The company has paid $14 million as interest for the half year on 5.60% Senior Secured Notes (USD). The company had missed the payment which was due on Jan. 24.
Gulf Oil Lubricants: The company will buyback 14,16,667 shares, representing 2.8% of the total paid up capital at buyback price of Rs 600 per share.
HDFC: Srikanth Nadhamuni resigned from the board as non-executive non-independent director citing a potential future deal between HDFC Bank and an entity where he might be interested. Kansai
Nerolac Paints: The company appointed Anuj Jain as the Managing Director for a term of five years after retirement of Vice Chairman and Managing Director HM Bharuka.
Canara Bank: The bank has subscribed to 1,20,000 shares of Debt Resolution Company for 14.9% stake which will be reduced to 5% by March 31, 2022.
Union Bank: The bank has subscribed to 99,000 shares of Debt Resolution Company for 12.3% stake which will be reduced below 10% in due course.
SBI: The bank has subscribed to 99,000 shares of Debt Resolution Company for 12.3% stake which will be reduced to 5% by March 31, 2022.
Bank of Baroda: The bank has subscribed to 99,000 shares of India Debt Resolution Company for a 12.3% stake which will be diluted to 9.9% by March 31, 2022.
Gujarat Mineral Development: The company has received an amendment to its environment clearance from the Ministry of Environment and Forest to mine up to a depth of 135 metres from its earlier approved depth of 94 metres at the Tadkeshwar Lignite Mines.
Hinduja Global: Wins $281 Million U.K. Test-and-Trace Contract.
JMC Projects: To merge with Kalpataru Power Transmission in an all-equity merger. Shareholders of JMC will be issued equity shares of Kalpataru in the ratio of 4:1. The merged entity will have a combined order book of Rs 37,000 crore.
Godawari Power & Ispat: Gets into agreement to sell 50 MW (CGEL) solar thermal power plant for Rs 665 crore.
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