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

Asian markets were poised to advance on Monday after a rebound on Wall Street last Friday and Fed comments alleviating fears of aggressive policy moves. Markets in Hong Kong, Shanghai, Singapore and Seoul were closed for Lunar New Year celebrations. Many regional markets will remain closed until midweek and mainland China trading won’t resume until Jan. 30. At 5:53 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.46% to 18,127.5. U.S. stocks recovered from the week’s losses on the back of a rally in tech stocks. The S&P 500 rose 1.9%, while the tech-heavy Nasdaq 100 was up 2.9%. The yield on 10-year Treasuries advanced nine basis points to 3.48%. Crude price declined 0.52%. The Bitcoin rally continued as the cryptocurrency rose around $22,300-level. Domestic benchmark indices closed in the red at the end of week for the second day after dipping in the final minutes of trade.

Economic Calendar:

  • USD : GDP (QoQ) (Q4) on 26th January, 2023
  • USD : Initial Jobless Claims on 26th January, 2023
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2023
  • INR : Nikkei S&P Global Manufacturing PMI (Jan) on 31st January, 2023

Q3FY23 Results Today: Axis Bank, IDBI Bank, Canara Bank, Container Corporation of India, Amber Enterprises India, Craftsman Automation, Butterfly Gandhimathi Appliances, Gland Pharma, Gravita India, HFCL, Jammu & Kashmir Bank, Jindal Stainless, Poonawalla Fincorp, Route Mobile, Shoppers Stop, Syngene International, Tata Communications, Tamilnad Mercantile Bank, Zensar Technologies

Brokerage Radar:

CLSA ON SBILIFE: Buy, TP Raised to Rs 1700; Lift VNB est 3%-3.5%; 3Q APE strong, up 19% YoY, & its VNB margin rose 480bps YoY to 29.6%. Overall margin profile of its products remains stable & optical margin fall is largely due to an increase in its ULIP mix

MS ON YES BK: UW, TP Cut to Rs 17.5 from Rs 20; Earnings missed MSe owing to higher ageing provisions & lower margins (had a one-off previous quarter/higher funding costs); B/S sheet improved with ARC sale/capital raise, & regulations driving up-front provisions

JEFFERIES ON ULTRATECH: Buy, TP Rs 8300; 3Q Consol EBITDA near expectations – lower 3% YoY at Rs23.4bn (JEFe at Rs23.9bn); On QoQ basis, unit Ebitda improved by Rs95/T to Rs903; Sales vol grew 12% YoY & broadbased; Realisation growth lower than est.

International Markets:

U.S & Europe

Particulars 20th January Chg. Chg.(%)
Nasdaq 11140.43 288.17 2.66
Dow 33375.49 330.93 1.00
FTSE 7770.59 23.30 0.30
CAC 6995.99 44.12 0.63
DAX 15033.56 113.20 0.75
Dow Fut.* 33367.50 -8.00 -0.02

Asian markets

Particulars 20th January Chg. Chg.(%)
SGX Nifty 18142.50 98.00 0.54
Nikkei 26852.85 299.32 1.11
Straits Times 3293.71 17.53 0.53
Hang Seng 22044.65 393.67 1.79
Shanghai 3264.81 24.53 0.75

ADR Watch:

Particulars 23rd January  Chg.       Chg.(%)
Dr. Reddy 53.65 0.14 0.26
HDFC Bank 70.49 1.04 1.50
ICICI Bank 21.52 0.13 0.61
Infosys 18.78 -0.03 -0.16
Tata Motor 24.88 0.57 2.34
Wipro 5.00 -0.02 -0.40

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.12 -0.31
Brent 87.23 -0.46
Gold 1934.05 0.30
Silver 24.220 1.19

FIIs & DIIs:

Particulars 20th January 19th January
FIIs                           -2002.25 399.98
DIIs 1509.95 -128.96

News Update:

Reliance Industries: The company will raise Rs 20,000 crore via non-convertible debentures. Additionally, KV Kamath has jointed the company’s board as independent, effective Jan. 20, for a term of five years.

State Bank of India/ Canara Bank: The lender will sell its 40% stake in Moscow-based joint venture Commercial Indo Bank LLC to partner State Bank of India for $14.67 million.

Trent: Executed a joint venture agreement with MAS Amity to set up an entity in India for jointly developing a business of intimate wear and other apparel related products.

Page Industries: The board will meet on Feb. 9 to consider third interim dividend for the fiscal and financial results for the quarter ended December 2022.

Lemon Tree Hotels: The company signed a franchised hotel in Kumbhalgarh , Rajasthan, which is expected to open in December 2023.

Strides Pharma: The World Health Organisation completed inspection of the company’s facility in Puducherry from Jan. 16-20.

ITC: Navneet Doda has stepped down from the board of the company as a non-executive director with effect from Jan. 20.

IDFC First Bank: The board of the bank approved approaching RBI for the appointment of Madhivanan Balakrishnan, chief operating officer, as the whole time director designated as executive director and chief operating officer.

Adani Enterprises: Step-down subsidiary Agneya Systems has formed a 56:44 joint venture with Armada Defence Systems manufacturing various types of products and parts for Indian armed forces.

Source: Moneycontrol, Bloomberg Quint, 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