View on market: Stay Cautious, be with quality business:
U.S. equity futures and Asian equities rose on Thursday amid concerns over surging inflation. Equities were modestly in the green in Japan, South Korea and Australia. U.S. futures advanced after positive earnings from Tesla Inc. and United Airlines Holdings Inc. The Nasdaq 100 tumbled as Netflix Inc. weighed on streaming and media companies post its earnings. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.42% to 17,218.50 points as of 6:30 a.m. Nymex crude rose to more than $102 per barrel. Elsewhere, bitcoin hovered around the $41,500 mark
Economic Calendar:
- INR: RBI MPC Meeting on 22nd April 2022.
- INR: Bank Loan Growth on 22nd April 2022.
- USD: Jobless claims 22nd April, 2022.
- USD: US Lending Index 22nd April, 2022.
Earnings today: Crisil, Cyient, HCL Technologies, ICICI Lombard General Insurance, L&T Technology Services, Nestle India, Tata Communications
Q4Fy22 Earning:
Angel One Q4 FY22 (Consolidated, QoQ) Revenue up 12.38% to Rs 671.28 crore vs Rs 597.32 crore EBIT up 22.04% to Rs 279.8 crore vs Rs 229.26 crore EBIT margin at 41.68% vs 38.38% Net profit up 24.4% to Rs 204.69 crore vs Rs 164.54 crore
Tata Elxsi Q4 FY22 (Consolidated, QoQ) Net profit up 6% to Rs 160.01 crore vs Rs 150.95 crore Revenue up 7.29% to Rs 681.74 crore vs Rs 635.41 crore EBITDA up 4.92% to Rs 218.07 crore vs Rs 207.84 crore EBITDA margin at 31.9% vs 32.7% Dividend of Rs 42.50 per equity share announced.
ICICI Securities Q4 FY22 : (Consolidated, QoQ) Net profit fell 10.8% to Rs 338.81 crore vs Rs 380.21 crore Revenue fell 5.3% to Rs 891.49 crore Vs Rs 941.63 crore EBIT fell 8% to Rs 545 crore vs Rs 592.12 crore EBIT margin at 61.12% vs 62.88% Approved final dividend of Rs 12.75 per share.
Glenmark Lifesciences Q4 FY22: (Consolidated, QoQ) Net profit fell 4.6% to Rs 98.9 crore vs Rs 103.71 crore Revenue fell 1.6% to Rs 514.06 crore vs Rs 522.5 crore EBITDA fell 1.5% to Rs 147.31 crore vs Rs 149.6 crore EBITDA margins 28.7% vs 28.6%.
Brokerage Radar:
UBS ON APOLLO TYRE: Upgrade to buy, TP Rs 260 See opportunity, stk down c20% over past 4 mths & trading at 5x FY24E EV/EBITDA (5-yr avg at 6.7x) Expect Apollo to benefit from India’s improving economic growth & its European operations’ strong positioning.
UBS ON BAJAJ AUTO: Downgrade to Neutral, TP Rs 4000 Believe stk pricing in most of near- to medium-term positives, while impact of rapid electrification on domestic 3Ws & on co’s profitability is being overlooked by market.
CLSA ON ISEC: O-P, TP cut to Rs 720 vs Rs 750 Muted performance Brokerage vols down sequentially With management planning to make large investments in technology & marketing, raise FY23-25CL cost-to income ratio to 51%+ This leads to a slight cut in FY23/24CL est.
CLSA ON BHARTI AIRTEL: Buy, TP Rs 915 Airtel Payments Bank 122m users; leveraging Bharti subscribers & reach Airtel Payments Bank has seen annual revenues exceed Rs10bn, up 60% YoY (Rs26/per user/month), & even turned profitable
International Markets:
U.S. & Europe:
| Particulars | 20th Apr | Chg | Chg(%) |
| Nasdaq | 13,453.06 | -166.6 | -1.22 |
| Dow | 35160.79 | 249.59 | 0.71 |
| FTSE | 7,629.22 | 27.94 | 0.37 |
| CAC | 6,624.91 | 90.12 | 1.38 |
| DAX | 14,362.03 | 208.57 | 1.47 |
| Dow Fut.* | 35277.6 | 115.8 | 0.33 |
Asian markets:
| Particulars | 21st Apr | Chg. | Chg(%) |
| SGX Nifty | 17,230.00 | 83.5 | 0.49 |
| Nikkei | 27,547.24 | 329.39 | 1.21 |
| Straits Times | 3,353.57 | 18.25 | 0.55 |
| Hang Seng | 20,807.72 | -136.95 | -0.65 |
| Shanghai | 3,133.79 | -17.26 | -0.55 |
ADR Watch:
| Particulars | 20th Apr | Chg. | Chg.(%) |
| Dr Reddy | 56.77 | 1.29 | 2.33 |
| HDFC Bank | 55.85 | 1.28 | 2.35 |
| ICICI Bank | 19.71 | -0.24 | -1.2 |
| Infosys | 20.57 | 0.15 | 0.73 |
| Tata Motor | 28.83 | 0.64 | 2.27 |
| Wipro | 6.99 | 0.04 | 0.58 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.21 | -0.39 |
| Brent | 107.90 | 1.04 |
| Gold | 1954.20 | -0.06 |
| Silver | 25.180 | -0.36 |
FIIs & DII:
| Particulars | 20th Apr | 19th Apr |
| FIIs | -3009.26 | -5871.69 |
| DIIs | 2645.82 | 3980.81 |
News Update
Tata Steel: The company has stopped doing business with Russia. All steel manufacturing sites in India, the UK and the Netherlands are now sourcing raw material from elsewhere.
Oil India: The company has commissioned a green hydrogen pilot plant at its Jorhat, Assam, pump station to produce 10 kg of the clean fuel per day. It has initiated a detailed study to explore blending of green hydrogen with natural gas and its effect on the existing infrastructure of Oil India.
L&T: India’s largest engineering firm has signed a memorandum of understanding with the Indian Navy to become its knowledge partner for nurturing various technologies in electrical, weapon, engineering, machinery and control, and hull of a naval warship.
Gland Pharmaceuticals: Nicomac Machinery is selling 20.45 lakh shares equivalent to 1.5% stake in Gland Pharma. The floor price has been set at Rs 3,118 per share. There is an option to upsize the deal.
Dr. Reddy’s Laboratories: The company has launched Posaconazole Delayed-Release Tablets, 100 mg, the therapeutic generic equivalent to NOXAFIL (posaconazole) Delayed-Release Tablets in the US.
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