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

Asian stocks and US equity futures rose amid a dip in the dollar after bets on aggressive Federal Reserve interest-rate hikes cooled. Shares climbed Monday in Australia and South Korea following a Wall Street rally Friday led by banks on earnings optimism. Japan is shut for a holiday. China opens later against the backdrop of rising Covid cases, hobbling lockdowns and deepening property-sector woes. Central bank Governor Yi Gang said the monetary authority will step up implementation of prudent monetary policy. Another report flagged possible help for the real-estate industry.
The dollar slipped, with a gauge of the greenback’s strength down from a record high. Oil fell as the market digests slowing demand and whether supply will be increased after President Joe Biden’s visit to Saudi Arabia.

Economic Calendar:

  • INR: Federal Fiscal Deficit(June) 29th July, 2022
  • INR: Infrastructure Output(June) 29th July, 2022
  • USD: NAHB Housing Market Index 18th July, 2022
  • USD: Building Permits19th July, 2022

Q1FY23 Result Today: Maharashtra Bank, IndusInd Bank, Heidelberg, NELCO

Q1FY23 Result

HDFC Bank Q1 FY23 (Standalone, YoY) reported 19% year-on-year growth in standalone profit at Rs 9,196 crore for the quarter ended June 2022 led by a fall in provisions for bad loans, with net interest income rising 14% YoY to Rs 19,481.4 crore driven by loan growth of 22.5% and a 19.2% rise in deposits. Pre-provision operating profit increased 14.7% YoY to Rs 15,367.8 crore during the quarter.

Bharat Electronics Q1 FY23 (Consolidated, YoY) posted a 14% year-on-year growth in consolidated profit at Rs 366.33 crore for the quarter ended June 2022, driven by strong operating income. The base was low in the year-ago quarter due to the second Covid wave. Revenue in Q1 grew 90.5% to Rs 3,140.6 crore from the corresponding period last fiscal.

ICICI Prudential  Q1 FY23 (Standalone, YoY) recorded a standalone profit of Rs 155.7 crore in the quarter ended June against loss of Rs 185.73 crore in the same period last year. Net premium income grew 4.3% to Rs 6,884.2 crore from the same period last year.

Brokerage Radar:

MS ON BEL: OW, TP Rs 260 Q1: Large beat led by revenue EBITDA margins were 16.5% (MSe: 11.5%) 3-yr rev CAGR healthy at 14% Employee exp. flat qoq, while other expenses were -100bp qoq (% of sales) Post Q1 there are likely to be upside risks to F23e

JEFFERIES ON ICICI PRUDENTIAL: Buy, TP cut to Rs 700 VNB of Rs4.7bn surpassed expectation on back of expansion in VNB margins to 31% (vs. 29.4% last year). APE growth of 25% was on a tad lower base led by non-par savings & group protection

CITI ON FEDERAL BANK: Buy, TP Rs 123 1Q: Healthy Growth & NIM; Slight Rise in Slippages Retail slippages were >2x qoq, in large part due to restructured loans About 3% of restructured loans slipped & BK has made enough provisions to absorb 20% slippages

International Markets:

U.S & Europe:

Particulars 16th July Chg. Chg.(%)
Nasdaq 11,452.42 201.23 1.79
Dow 31,288.26 658.09 2.15
FTSE 7,159.01 119.20 1.69
CAC 6,036.00 120.59 2.04
DAX 12,864.72 345.06 2.76
Dow Fut.* 31,341.2 52.9 0.17

Asian markets:

Particulars 18th July Chg. Chg.(%)
SGX Nifty 16,196.50 156.50 0.98
Nikkei 26,788.47 145.08 0.54
Straits Times 3,114.59  15.44 0.50
Hang Seng 20,563.88  266.16 1.31
Shanghai 3,261.20  33.14 1.03

ADR Watch:

Particulars 16th July Chg. Chg.(%)
Dr. Reddy 55.84 0.57 1.03
HDFC Bank 58.00 0.98 1.72
ICICI Bank 19.00 0.11 0.58
Infosys 18.17 0.27 1.51
Tata Motor 27.82 0.90 3.34
Wipro 5.05 0.04 0.80

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.88 0.00
Brent 101.82  0.65
Gold 1712.45 0.52
Silver 18.738 0.77


Particulars 15th July 14th July
FIIs -1649.36  309.06
DIIs 1059.46 -556.40

News Update:

Yes Bank: RBI okays Prashant Kumar as interim MD & CEO of Yes Bank for 3 months. The Reserve Bank of India has approved the appointment of Prashant Kumar as the Interim MD & CEO of Yes Bank for a period of 3 months.

KNR Constructions: KNR Constructions bags road construction project in Telangana. The company has received a Letter of Acceptance for construction of a four lane road from IDA Pashamailaram Industrial Park to ORR in Sangareddy district, Telangana. The order is worth Rs 34.26 crore. The construction period for the project is 18 months.

Source: Moneyontrol, 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 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,
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
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing 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
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 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:
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