Market-View-Feature-Image

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

Bonds were under pressure Tuesday after Chair Jerome Powell said that the US Federal Reserve is prepared to raised interest rates by half a percentage point at the next policy meeting. US and European equity futures dipped, while Asian stocks pushed higher. Stocks rose in Australia, South Korea and Japan. US futures were volatile. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, rose 0.14% to 17,175.50 points as of 6:55 am. Oil extended a rally, with Russia’s war in Ukraine nearing the one-month mark, while the bitcoin hovered around $41,100.

Economic Calendar:

  • INR: Forex Reserve on 25th March 2022.
  • INR: Forex Reserve on 1st April 2022.
  • USD: FOMC Member William Speaks 22nd March, 2022.
  • USD:Jobless Claims on 24th March, 2022.

Brokerage Radar:

MACQUARIE ON BANDHAN BANK: Neutral, TP Rs 320 Assam’s MFI relief scheme outlay reduced to Rs25bn from Rs75bn This reduces recoverability of Assam portfolio significantly Assam A/Cs for 10% of microloan portfolio Bandhan has continued to accrue interest on restructured loans.

MACQUARIE ON HUL: O-P, TP Rs 2600 Checks suggest further weakness in demand trends in 4Q, rural impact more pronounced vs urban 4Q likely to see vol decline, with input cost pressures restricting Ebitda growth to 8% Inflationary pressures + weak rural remain a risk.

UBS ON MARUTI: Buy, TP Rs 10300 EV plans get a boost; should allay concerns Suzuki to invest Rs.100bn+ towards electrification in India Another +ve is that Suzuki Motor Gujarat (SMG), co which contract manufactures ICE cars, will be executing these investments

JEFFERIES ON L&T: Buy, TP Cut to Rs 2525 vs Rs 2675 Lower FY22E-25E EPS by 4-8% to factor in commodity price rise YTD March-April A/Cs for 50%+ of 4Q orders Co announced Rs143 bn orders in qtr till date & Rs412 bn more is needed to meet lower end of the FY22E guidance.

CLSA ON ICICI Bank : Buy, TP cut to Rs 1050 from Rs 1125 Management meet takeaways No material impact on asset quality Growth outlook remains robust Margins – repo action may be a near-term constraint Opex manageable; ROE core ROE of 16.5%-17%

International Markets:

U.S & Europe:

Particulars       21st Mar    Chg Chg(%)
Nasdaq 13,838.46 -55.38 -0.4
Dow 34552.99 -201.94 -0.58
FTSE 7,442.39 37.66 0.51
CAC 6,582.33 -37.91 -0.57
DAX 14,326.97 -86.12 -0.6
Dow Fut.* 34500.9 52.5 -0.14

*As per 22ndMar.

Asian markets:

Particulars   22nd Mar    Chg. Chg(%)
SGX Nifty 17,170.50 19 0.11
Nikkei 27,242.88 415.45 1.55
Straits Times 3,350.07 -5.44 -0.16
Hang Seng 21,367.50 146.16 0.69
Shanghai 3,249.53 -4.16 -0.13

ADR Watch: 

Particulars     21st Mar Chg. Chg.(%)
Dr Reddy 52.45 -1.1 -2.05
HDFC Bank 61.85 -1.03 -1.64
ICICI Bank 18.67 -0.31 -1.63
Infosys 24.21 -0.83 -3.31
Tata Motor 27.82 -0.77 -2.69
Wipro 7.88 -0.15 -1.87

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 75.12      0.42
Brent 118.42        2.49
Gold 1925.90      0.35
Silver 25.495      0.72

FIIs & DII:

Particulars         21st Mar      17th Mar
FIIs 2962.12 2800.14
DIIs 252.91 -678.45

News Update:

Wipro: To consider declaration of interim dividend on March 25.

Punjab National Bank: The lender will consider raising funds through Basel-III Compliant Additional Tier-1 Bonds and/or Tier-2 Bonds on March 29.

BHEL: The company has appointed Upinder Singh Matharu as director (power) on the board effective March 21, 2022, till August 31, 2023.

Bank of India: The lender has invested Rs 108.81 crore in the National Asset Reconstruction Company for 9% of its stake.

Sun Pharma: The company has agreed to acquire Daiichi Sankyo’s 11.28% stake in Hyderabad-based subsidiary Zenotech Laboratories.

Dhampur Sugar Mills: The company has declared an interim dividend of Rs 6 per equity share of face value Rs 10 each.

APL Apollo: The company has acquired 9.9% stake in Shankara Building Products for Rs 180.5 crore.

KM Sugar: The firm has approved modernisation, including updating the double sulphitation refining process, at its Ayodhya plant.

Kama Holdings: The company will consider declaration of a second interim dividend on March 28.

GR Infraprojects: The company has bagged the order to build a four-lane highway in the Ujjain-Badnawar sector of Madhya Pradesh at a cost of Rs 907 crore.

Gulshan Polyols: The company plans to raise Rs 150 crore through a qualified institutional placement. The floor price is Rs 343.66/share, a 7.96% discount to Monday’s closing price.

Equitas Small Finance Bank: The lender has raised the interest rate to 7% per annum for savings and retail term deposits from March 21. It has also approved merger of Equitas Holdings with itself at a share swap ratio 231:100.

Kohinoor Foods: To consider selling factory unit in Haryana.

Manappuram Finance: Defers fundraising meeting to March 26.

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

 

FILING COMPLAINTS ON SCORES - EASY & QUICK

a. Register on SCORES portal

b. Mandatory details for filing complaints on SCORES:
i. Name, PAN, Address, Mobile Number, E-mail ID

c. Benefits:
i. Effective communication
ii. Speedy redressal of the grievances

SEBI : https://www.scores.gov.in/scores/complaintRegister.html