View on market: Stay Cautious, be with quality business:
Stocks in Asia fell Monday and oil extended gains amid caution in global markets stemming from geopolitical worries about Ukraine. Japan led declines and South Korea slid, but Australia pushed higher. S&P 500 and Nasdaq 100 futures edged up following sharp losses in U.S. shares Friday. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 1% to 17,169.5 as of 7:05 a.m. Elsewhere, bitcoin hovered around $42,100.
Economic Calendar:
- INR: CPI Inflation on 14th February, 2022.
- INR: WPI Inflation on 14th February 2022.
- USD: API Weekly Crude Stock on 16th February, 2022.
- USD: PPI on 15th February, 2022.
Earnings: Adani Enterprises AGS Transact Tehnologies Ahluwalia Contracts (India) Alembic
Anant Raj Ashiana Housing Astra Microwave Products Adani Wilmar Balkrishna Industries Bombay Burmah Trading Corporation Bharat Dynamics Coal India Dhani Services Dish TV Eicher Motors Electrosteel Castings Equitas Holdings Future Retail Gateway Distriparks Graphite India Grasim Industries Greenply Industries GTL Infrastructure Hikal Hindustan Oil Exploration Company IPCA Laboratories IRCON International India Tourism Development Corporation J.B. Chemicals & Pharmaceuticals Jindal Poly Films KNR Constructions Manappuram Finance Medplus Health Services
Results:
ONGC: (Standalone, YoY) Revenues up 67.3% at Rs 28,472.91 crore Vs Rs 17,023.8 crore (Bloomberg Estimate Rs 28,183.7 crore) Net profit up 596.6% at Rs 8,763.72 crore Vs Rs 1,258.12 crore (Bloomberg Estimate Rs 8,430.4 crore) EBITDA up 128.2% at Rs 14,851.19 crore Vs Rs 6,507.59 crore (Bloomberg Estimate Rs 15,549.1 crore) EBITDA margins at 52.2% vs 38.2% (Bloomberg Estimate 55.2%).
Ashok Leyland: Q3FY22 (Consolidated, YoY) Revenue up 12% at Rs 6,659.82 crore Vs Rs 5,954.17 crore Net loss of Rs 121.56 crore Vs Rs Net profit of Rs 14.24 crore Ebitda down 12% at Rs 657.89 crore Vs Rs 747 crore Margin at 9.9% Vs 12.5%
Voltas: Q3FY22 (Consolidated, YoY) Revenue down 10% at Rs 1,793.59 crore Vs Rs 1,994.64 crore Net profit down 25% at Rs 95.98 crore Vs Rs 127.91 crore Ebitda up 7% at Rs 155.64 crore Vs Rs 145.89 crore Margin at 8.7% Vs 7.3%
Sobha: Q3FY22 (Consolidated, YoY) Revenue down 2% at Rs 668.20 crore Vs Rs 684.40 crore Net profit up 51% at Rs 32.7 crore Vs Rs 21.6 crore Ebitda up 27% at Rs 227.50 crore Vs Rs 178.60 crore Margin at 34% Vs 26.1%
Brokerage Radar:
CLSA ON MOTHERSON SUMI : O-P, TP Rs 203 Strong FY23 demand outlook Robust profit recovery led by strong global passenger vehicle demand Near-term supply and inflation challenges remain but expect continued recovery in FY23.
GOLDMAN SACHS ON DIVIS LABS: Buy, TP Rs 5505 Strong 3Q beat Sales/EBITDA grew +46%/+59% Custom synthesis continued +ve surprise, buoyed by its partnership with MRK for Molnupiravir API supplies Generic API declined 5% yoy Margins surprised at 43.7% due to better mix/operating leverage.
CLSA ON APOLLO HOSPITALS: O-P, TP raised to Rs 5250 Cut FY22-24CL Ebitda by 3-5% on lower margin assumptions for pharmacy Strong quarter led by hospitals Fund raise in Apollo HealthCo a key catalyst for significant upside hereon
International Markets:
U.S & Europe
| Particulars | 11th Feb | Chg | Chg(%) |
| Nasdaq | 13,791.15 | -394.49 | -2.78 |
| Dow | 34738.06 | -503.53 | -1.43 |
| FTSE | 7,661.02 | -11.38 | -0.15 |
| CAC | 7,011.60 | -89.95 | -1.27 |
| DAX | 15,425.12 | -65.32 | -0.42 |
| Dow Fut.* | 34771.3 | 31.2 | 0.09 |
Asian markets:
| Particulars | 14th Feb | Chg. | Chg(%) |
| SGX Nifty | 17,110.50 | -243.5 | -1.4 |
| Nikkei | 26,970.34 | -725.74 | -2.62 |
| Straits Times | 3,417.90 | -11.05 | -0.32 |
| Hang Seng | 24,526.57 | -380.09 | -1.53 |
| Shanghai | 3,445.33 | -17.62 | -0.51 |
ADR Watch:
| Particulars | 11th Feb | Chg. | Chg.(%) |
| Dr Reddy | 58.21 | 0.95 | 1.66 |
| HDFC Bank | 69.47 | 2.1 | 3.12 |
| ICICI Bank | 21.48 | 0.08 | 0.37 |
| Infosys | 23.41 | 0.52 | 2.27 |
| Tata Motor | 34.03 | 1.04 | 3.15 |
| Wipro | 7.65 | 0.11 | 1.46 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.38 | 0.59 |
| Brent | 95.88 | 0.87 |
| Gold | 1855.85 | 0.75 |
| Silver | 23.703 | 1.44 |
FIIs & DII
| Particulars | 11th Feb | 10th Feb |
| FIIs | 108.53 | -1732.58 |
| DIIs | -696.90 | 2727.23 |
News Update:
Bank of Baroda: The company will acquire 21% stake of Union Bank of India in IndiaFirst Life Insurance Company, a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments.
Sapphire Foods: The company has approved merger of Gamma Pizzakraf and Gamma Pizzakraft (Overseas) with the company with appointed date as April 1, 2022.
Dr. Reddy’s Laboratories: The company entered into an exclusive sales and distribution agreement with Novartis India Limited (“NIL”) for the Voveran range, the Calcium range and Methergine in India.
Birla Corporation: The company’s subsidiary RCCPL’s first white cement-based wall putty plant was inaugurated at Maihar, Madhya Pradesh with annual production capacity of almost 2 crore tons.
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