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

Asia stocks bounced after U.S. equities snapped a two-day drop on a rally in companies that stand to benefit the most from an economic revival. The dollar and Treasuries stabilized. Oil added to losses with an increase in U.S. crude inventories compounding concerns around a choppy global demand recovery. The Singapore-traded SGX Nifty rises 0.7% to 14,188, as of as of 8 a.m. Trends on SGX Nifty indicate a gap-down opening for the Nifty 50 index in India with a 108 points loss against April 20 close wherein Nifty closed at 14,296.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: Deposit Growth on 23rd April, 2021
  • INR: Bank Loan Growth on 23rd April, 2021

Non-Nifty Results: Cyient, Fineotex Chemical, Filatex India, Indus Towers, Rallis India, Tata Elxsi

International Markets:

U.S & Europe

Particulars    21st Apr. Chg Chg(%)
Nasdaq 13950.22 163.95 1.19
Dow 34137.31 316.01 0.93
FTSE 6895.29 35.42 0.52
CAC 6210.55 45.44 0.74
DAX 15195.97 66.46 0.44
Dow Fut.* 33,989.00 -27 -0.07

Asian markets:

Particulars    22nd Apr. Chg Chg(%)
SGX Nifty 14176.5 97.5 0.69
Nikkei 29107.16 598.61 2.1
Straits Times 3176.79 21.73 0.69
Hang Seng 28661.45 39.53 0.14
Shanghai 3466.41 -6.52 -0.19


  ADR Watch:

Particulars       21st Apr. Chg Chg(%)
Dr Reddy 67.84 0.48 0.71
HDFC Bank 68.48 -0.06 -0.09
ICICI Bank 14.7 0.1 0.68
Infosys 18.1 0.07 0.39
Tata Motor 19.63 0.31 1.6
Wipro 7.01 0.05 0.72

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.88      0.71
Brent 64.81 -0.78
Gold 1,794.1      0.05
Silver 26.54     -0.10



Particulars   20th Apr.       19th Apr.
FIIs -1,082.33    -1,633.70
DIIs    1,323.01    2,355.56


Nestle India Q1CY21 Result YoY:

Revenue up 53% at Rs 1,546.74 crore Vs Rs 1,008.3 crore Net profit of Rs 339.86 crore from Net loss of Rs 133.23 crore Ebitda at Rs 497.82 crore Vs Rs 136.08 crore Ebitda margin at 32.2% Vs 13.5% Has recommended a dividend of Rs 5 per share for FY21

Tata Steel BSL Q4FY21 Result (Consolidated, YoY)

Revenue up 71% to Rs 7,321.09 crore Vs Rs 4,273.66 crore Ebitda up 234% at Rs 2,569.45 crore Vs Rs 769.98 crore Ebitda Margins at 35.1% vs 18% Net Profit at Rs 1,913.35 crore Vs Rs 5.93 crore

ICICI Securities Q4FY21 Result (Consolidated, YoY)

Revenue up 54% at Rs 739.3 crore Vs Rs 480.4 crore Net profit up 111% at Rs 329.4 crore Vs Rs 155.8 crore Equities and allied revenue up 46% at Rs 482 crore Cost to Income Ratio down to 40% Overall active clients up 29% at 1.91 million Private Wealth Management revenue up 82% to Rs 158 crore Wealth AUM up 102% at Rs 1.7 lakh crore Highest ever addition of clients in a quarter at 3.5 lakh Recommended a final dividend of Rs 13.50 per share Distribution revenue up 22% at Rs 141 crore

5Paisa Capital Q4FY21 Result (Consolidated, YoY)

Revenue 40% to Rs 49.53 crore Vs Rs 35.40 crore Net profit of Rs 5.85 crore Vs Net loss of Rs 1.70 crore Ebitda at Rs 12.63 crore Vs Rs 3.89 crore Ebitda Margins 25.5% Vs 11% On-boarded more than 2 lakh new clients during the quarter Total number of registered customers now at 13.5 lakh.

News Update:

Hero MotoCorp:

To temporarily suspend manufacturing at all plants due to the rapid rise in coronavirus cases in the country. Each plant to remain shut for four days in a staggered manner between April 22 and May 1. Company to utilise the shut-down days to carry out necessary maintenance work in the manufacturing plant. Shutdown to not impact its ability to meet the demand, which has been impacted due to localised shut-downs in many states.

Indiabulls Housing Finance:

has entered into a co-lending arrangement with HDFC Ltd. Indiabulls Housing Finance will originate retail loans through a jointly drawn up credit policy. It will retain 20% of the loans and 80% will be on HDFC’s balance sheet. The arrangement is part of Indiabulls Housing Finance’s balance sheet light growth model.

KEC International:

Has secured new orders of Rs 1,245 crore across its various businesses. The company has secured orders of Rs 629 crore for Transmission & Distribution projects and the railways business has secured orders of Rs 446 crore. The company has also secured orders of Rs 107 crore for infra works and of Rs 63 crore for various types of cables. With these orders, the company’s total order inflow for FY21 stands at Rs 11,876 crore.


IRDAI has imposed a penalty of Rs 25 lakh on SBI General lnsurance unlisted subsidiary of State Bank of India for non-compliance with minimum obligations under Motor Third-Party Business as specified in IRDA regulation 2015. The penalty has been imposed for violation of Section 32D of lnsurance Act, 1938.

Federal Bank:

Has appointed Damodaran C as Chief Risk Officer for a period of three years effective May 1, 2021. Damodaran will replace Wilson Cyriac, who would be retiring from the services of the bank on April 30, 2021.

Dilip Buildcon:

Board has approved the opening of QIP of equity shares of the face value of Rs 10 on April 20. The floor price of Rs 568.41 per equity share is at a 4.48% discount to Tuesday’s closing price.


Has incorporated a wholly-owned subsidiary in the USA under the name Lupin Oncology Inc. This wholly-owned subsidiary will be engaged in the development/co-development and commercialisation of multiple oncology products globally.

Source: Moneycontrol, Livemint, Business Standard, 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 Disclosures Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting , or e-mailing 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 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, 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. 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 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 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 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 public appearance;
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 brokerage services from the subject company in 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 brokerage services 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
Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL Advisory or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL Advisory has never been engaged in market making activity for the subject company;
(6) EWL Advisory shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.