Markets:U.S & Europe

Particulars 12th Feb. Chg Chg(%)
Nasdaq 14,095.47 69.7 0.5
Dow 31,458.40 27.7 0.08
FTSE 6,589.79 61.07 0.94
CAC 5,703.67 33.85 0.6
DAX 14,049.89 8.98 0.06
Dow Fut.* 31,520.50 123.5 0.39

*As per 15th February

Asian markets

Particulars 15th Feb Chg Chg(%)
SGX Nifty 15,238.00 80 0.53
Nikkei 29,867.18 347.11 1.18
Straits Times 2,943.13 17.65 0.6
Hang Seng 30,173.57 134.85 0.45
Shanghai 3,655.09 51.6 1.43


ADR Watch:

Particulars 12th Feb. Chg Chg(%)
Dr Reddy 65.9 -0.28 -0.42
HDFC Bank 83.04 2.03 2.51
ICICI Bank 18.1 0.55 3.13
Infosys 18.07 0.24 1.35
Tata Motor 22.58 0.33 1.48
Wipro 6.73 0.11 1.66


Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.57 -0.02
Brent 63.54 1.78
Gold 1824.10 0.04
Silver 27.63 1.12



Particulars 12th Feb 11th Feb
FIIs -37 944.36
DIIs -598 -707.68


View on market: Stay Cautious, be with quality business:

Asian equities have begun the new week with gains after a positive close on Wall Street last Friday. Benchmark indices in Japan and Australia are edging higher with the Nikkei 225 index crossing the mark of 30,000 for the first time since 1990. Markets in China, Hong Kong and Taiwan remain shut today as will the U.S. equities on account of Presidents’ Day. The Singapore-traded SGX Nifty, early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 15,225 as of 7.30 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: WPI Inflation (YoY) on 15th February,2021
  • INR: Trade balance (Jan), on 15th February,2021

Fund View:

CLSA On Motherson Sumi Upgrade to buy from outperform Price target raised to Rs 250 from Rs 175 Consolidated financials reverting to historical peaks Sustained turnaround at SMP was the biggest positive Focus on free cash flow, deleveraging and group reorganisation remains on track Free Cash Flow generation and RoE improvement should drive re-rating Expect company to turn net cash by FY23 Raise FY22-23 EPS estimates by 21-29% to factor in better margins.

Nomura On Bharat Forge Maintains neutral rating Price target raised to Rs 649 from Rs 491 Domestic MHCVs will likely recover stronger over FY22-24F Loss of oil & gas business can be covered up in the medium-term from new segments Company may need to look at areas beyond metal forgings to grow beyond the cyclical recovery Raise Ebitda margin forecasts to 27.2%/28.7% and revenue forecasts by 20%/7% for FY22/23F Remain neutral as rebound is factored in Prefer Motherson Sumi & Minda Industries in the auto components space.

Citi On Grasim Maintains buy rating Price target raised to Rs 1,430 from Rs 1,210 Standalone balance sheet remains resilient Sale of fertiliser business is likely to be completed by July 2021 Raise FY21-23E Ebitda estimates by 8-17% on higher VSF margins While paints foray may allay cash use concerns, holdco discount may remain on until execution clarity.

News Update:

ONGC Q3FY21 (Standalone, QoQ) Revenue up 0.6% at Rs 17,023.8 crore Vs Rs 16,917.1 crore (Bloomberg Estimate: Rs 16,958.9 crore) Net profit down 52.1% at Rs 1,378.2 crore Vs Rs 2,877.8 crore (Bloomberg Estimate Rs 2291.6 crore) Ebitda down 6.9% at Rs 6,507.6 crore Vs Rs 6,989.4 crore (Bloomberg Estimate Rs 7,671 crore) Ebitda margin at 38.2% Vs 41.3% (Bloomberg Estimate 45.2%) Realisations down 24.6% to $43.91/bbl Vs $58.24/bbl (YoY).

Tata Motors: Has appointed Marc Llistosella as Chief Executive Officer and Managing Director of the company effective July 1, 2021.

Godrej Industries:

The Board of Directors has granted approval for engaging in financial services business. To pursue the opportunity in housing finance business, the Board has approved the proposal of acquiring shares of Godrej Housing Finance — which recently obtained a license to operate as a Housing Finance Company from Anamudi. Further the company will pursue non-retail lending opportunities through another subsidiary i.e., Ensemble Holdings and Finance, a non-banking finance company. Accordingly, the Board has approved acquiring 95% stake in GHFL through a subsidiary of the company, i.e., Pyxis, Further, Pyxis will also acquire shares of EHFL. The Board of Directors have also approved increase in borrowing powers of the company from Rs 2,000 crore to Rs 4,500 crore.

Havells India:

Is planning to set-up a new facility to manufacture washing machines in Ghiloth in Rajasthan with an estimated investment of Rs 65 crore and an annual capacity of 3 lakh units. Further the company is also planning to set-up a new facility to manufacture air conditioners at Sri City in Andhra Pradesh with an estimated investment of Rs 250 crore and an annual capacity of 5.6 lakh units. The new capacity is proposed to be added within the next 12-18 months and will be funded through internal accruals and term loans.

Info Edge (India):

Has entered into an agreement through its wholly-owned subsidiary, to invest about Rs 9 crore, in 4B Networks. The company will acquire 1,747 Compulsorily Convertible Preference Shares of 4B Networks. The aggregate shareholding of the company, post this investment, in the said entity would be 12.3% on a fully converted & diluted basis. Bata India: Rajeev Gopalakrishnan re-appointed as the company’s managing director up to September 30, 2021.

                                                                                                                                                   Source: MoneyControl, Business Standard, Bloomberg,Investing


Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors 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 Analysts employed by Elite Wealth Advisors 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 Advisors Limited,
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 Advisors 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
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Advisors Limited covered companies by visiting, or emailing with your request. Elite Wealth Advisors Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail
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 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 Advisors Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of an y company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Advisors Limited. Analyst as officer or director: Elite Wealth Advisors Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, advisory 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. RavinderParkash Seth is the Managing Director of Elite Wealth Advisors 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:
EWL Advisory 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 Advisory or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL Advisory or its associates or relatives, have no actual/beneficial ownership of one %. 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 Advisory 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 publicappearance;
2. Compensation
(a) EWL Advisory or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL Advisory or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL Advisory or its associates have not received any compensation for investment banking or merchant banking or brokerag e services from the subject companyin the past twelve months;
(d) EWL Advisory or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerageservices from the subject company in the past twelve months;
(e) EWL Advisory 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 Advisory 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 Advisory