View on market: Stay Cautious, be with quality business:
Asian stocks and U.S. equity futures rose Monday on hopes that the global economic recovery can weather the omicron virus variant as well as tighter central bank policies to fight elevated inflation. Shares climbed in Japan, Australia and South Korea. S&P 500 futures were in the green after the gauge closed at a record high Friday following a U.S. inflation print that was high but in line with ex expectations. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.82% to 17,688, as of 8:05
Economic Calendar:
- INR: Inflation Rate YoY Nov on 13th December, 2021.
- INR: WPI Inflation YoY Nov on 14th December, 2021.
- USD: Retail Sale MoM (Nov) on 15th December, 2021.
- USD: Fed Interest Rate Decision 16th December, 2021.
Brokerage Radar:
JEFFERIES ON BHARTI AIRTEL: Maintain Buy for the target price of Rs 925 Recent 9% fall from peak offers a more attractive entry point Firstly they fell, a comparison of Arpu/per capita GDP ratio in 45 countries suggests that there is sufficient headroom for Arpus to rise further. Secondly, 5G auction is unlikely in 2022 & an ample supply with a set auction calendar could lead to a more disciplined spectrum capex in future Lastly, valuations are reasonable relative to growth.
JP MORGAN ON RELIANCE: Maintain Neutral, with target price of Rs 2575 with key catalysts out of way, any material stake O-P would have to wait for next set of potential catalysts (listing of Jio/Retail, New Energy stake sales) which, is still some time away Earnings trajectory depends on O2C in FY23.
INVESTEC ON DR REDDYS:Maintain Buy, with target price of Rs 5375 gNuvaring approval: a Positive Surprise for DRL will enter as 3rd generic (4th player) Price erosion would be in 65-70% range implying a $270-300m market opportunity Expect this to be a $40-50m peak sales opportunity for DRL at a 15% peak share.
CLSA ON LUPIN: CLSA has given overweight rating to Lupin with target price of Rs. 950, Diagnostics becomes operational To open 100 labs & 1,000 collection centres across India in 3yrs Lupin does not expect its diagnostic foray to be a drag on company profitability & will share more detail as it scales-up operations.
International Markets:
U.S & Europe
| Particulars | 10th Dec | Chg | Chg(%) |
| Nasdaq | 15,630.60 | 113.23 | 0.73 |
| Dow | 35,970.99 | 216.30 | 0.60 |
| FTSE | 7,291.78 | -29.48 | -0.4 |
| CAC | 6,991.68 | -16.55 | -0.24 |
| DAX | 15,623.31 | -15.95 | -0.1 |
| Dow Fut.* | 36099.60 | 128.60 | 0.36 |
*As per 13th Dec.
Asian markets:
| Particulars | 10th Dec | Chg | Chg(%) |
| SGX Nifty | 17,669.00 | +58.00 | +0.33 |
| Nikkei | 28,712.50 | +274.73 | +0.97 |
| Straits Times | 3,145.12 | +9.76 | +0.31 |
| Hang Seng | 24,200.50 | +204.78 | +0.85 |
| Shanghai | 3,696.61 | +30.26 | +0.83 |
ADR Watch:
| Particulars | 10th Dec | Chg | Chg(%) |
| Dr Reddy | 60.44 | -0.15 | -0.25 |
| HDFC Bank | 65.34 | -0.33 | -0.5 |
| ICICI Bank | 19.9 | -0.1 | -0.5 |
| Infosys | 23.19 | -0.06 | -0.26 |
| Tata Motor | 32.75 | 0.61 | 1.9 |
| Wipro | 8.67 | -0.04 | -0.46 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.77 | 0.32 |
| Brent | 76.18 | 1.37 |
| Gold | 1786.15 | 0.08 |
| Silver | 22.290 | 0.43 |
FIIs & DII
| Particulars | 10thDec | 9thDec |
| FIIs | -1092.40 | -1585.55 |
| DIIs | 386.63 | 782.84 |
News Update:
Zensar Technologies: The company’s board of directors has approved mutual termination of the agreement entered between Marina Holdco and Zensar Technologies in 2015. With this, the non-executive director, Shashank Singh, who was a nominee of Marina on the Board, has resigned from the Board and its committees and has ceased to hold the office of director.
Antony Waste Handling Cell |: The company’s material subsidiary, AG Enviro Infra Projects has received a letter of intent for contract namely ‘door to door collection and transportation of municipal solid waste to a disposal site and operation & maintenance of equipment/machineries’ from the city – Sadar Paharganj Zone of North Delhi Municipal Corporation..
Vedanta: The company has approved a second interim dividend of Rs 13.50 per equity share on the face value of Re 1 per share for FY22, amounting to Rs 5,019 crore.
Burger King India: The company’s board of directors will meet on December 15 to consider the proposal to raise funds via a further issue of securities through public and/or private offerings or other permissible modes in one or more tranches.
Kopran: Indian Patent office has granted process patent number for 20 years to the company’s wholly-owned subsidiary Kopran Research Laboratories for the active pharmaceutical ingredient product Nitroxoline.
IIFL Securities: The company will sell its entire stake of 21.47 percent in Giscard Datatech (Tendlyne), an associate of the company, to IIFL Capital Enhance Fund (AIF Category II). With this, Tendlyne will cease to be an associate of the company
Minda Industries: The company has entered into a joint venture agreement with FRIWO AG Germany to combine their manufacturing prowess and technical expertise to manufacture and supply various electric vehicle components in the Indian subcontinent. The company will hold a majority stake of 50.1 percent in the joint venture entity
Alembic Pharmaceuticals: The company has announced that it has made a strategic investment in RIGlmmune Inc, a biopharmaceutical research company co-founded by two prominent Yale University professors
Globus Spirits: The Company has resumed its operation at its plant located in Dhudhua, Bihar which was temporarily disrupted owing to flooding and water-logging at the factory premises caused by heavy rains since August 15, 2021.
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