View on market: Stay Cautious, be with quality business:
Stocks fell Thursday on growing geopolitical tension after the Kremlin said separatists in eastern Ukraine asked President Vladimir Putin for help, a step that could lead to Russian troop deployments. Equities declined in Japan, South Korea and Australia. US futures retreated following a technology slide that pushed the S&P 500 further into a correction. Treasuries, the dollar, gold all gained. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 1.64% to 16,815 as of 7:15 am. Oil pushed higher as traders while bitcoin slipped below $37,000.
Economic Calendar:
- INR: RBI MPC Minutes on 24th February 2022.
- INR: Forex Reserve on 25th February 2022.
- USD: Initial Job Claims on 24th February, 2022.
- USD: GDP (QoQ) on 24th February, 2022.
Brokerage Radar:
CREDIT SUISSE ON CROMPTON GREAVES: Cons Neutral, TP Rs 500 Key pitfalls on Butterfly acquisition 1 Completely family driven with different culture 2 Separate listed entities 3 open offer may not help increase stake by much; 4 45-50% of rev from non-electricals, may be non-core.
BANK OF AMERICA ON IT: Downgrade Infosys to N, TP Rs 1830 Wage Inflation to bite Re-rating prospects could slow down till earnings revision cycle turns markedly +ve again Neutral on TCS, TP Rs 3780 Buy on HCL/TECHM , TP Rs 1315/1665 U-P on Wipro, TP Rs 555.
BROKERAGES ONMINDTREE: Post analyst meet Neutral, TP Rs 4640 Unveils 3-pronged strategy to sustain revenue growth Focus on core portfolio Expand its emerging portfolio Incubate new portfolio Co will reinvest EBITDA margin beyond 20% in building technical & sales capability
International Markets:
U.S & Europe:
| Particulars | 23rd Feb | Chg | Chg(%) |
| Nasdaq | 13,037.49 | -344.03 | -2.57 |
| Dow | 33131.76 | -464.85 | -1.38 |
| FTSE | 7,498.18 | 3.97 | 0.05 |
| CAC | 6,780.67 | -6.93 | -0.1 |
| DAX | 14,631.36 | -61.64 | -0.42 |
| Dow Fut.* | 32809.9 | -321.2 | -0.99 |
Asian markets:
| Particulars | 24th Feb | Chg. | Chg(%) |
| SGX Nifty | 16,778.50 | -284.5 | -1.67 |
| Nikkei | 26,161.46 | -288.15 | -1.09 |
| Straits Times | 3,333.94 | -59.06 | -1.74 |
| Hang Seng | 23,310.40 | -349.88 | -1.48 |
| Shanghai | 3,481.53 | -7.62 | -0.22 |
ADR Watch:
| Particulars | 23rd Feb | Chg. | Chg.(%) |
| Dr Reddy | 56.91 | 0.78 | 1.39 |
| HDFC Bank | 66.95 | 0.99 | 1.5 |
| ICICI Bank | 19.91 | 0.19 | 0.96 |
| Infosys | 22.51 | 0.08 | 0.36 |
| Tata Motor | 32.67 | -0.3 | -0.91 |
| Wipro | 7.33 | -0.03 | -0.41 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 74.56 | -0.43 |
| Brent | 96.13 | 2.42 |
| Gold | 1924.95 | 0.80 |
| Silver | 24.848 | 1.17 |
FIIs & DII:
| Particulars | 23rd Feb | 22nd Feb |
| FIIs | -3417.16 | -3245.52 |
| DIIs | 3024.37 | 4108.58 |
News Update:
Sanofi India: Q3FY22 (YoY) Revenue down 4% at Rs 687.9 crore Vs Rs 720.3 crore Net profit down 27% at Rs 90.4 crore Vs Rs 123 crore Ebitda down 24% at Rs 127.20 crore Vs Rs 167 crore Margin 18.5% Vs 23.2% Declared dividend of Rs 490 per share on the back of divestments and strong domestic growth.
Vodafone Idea: Vodafone Group Plc is in talks to sell around a 5% stake in Indus Towers Ltd. to Bharti Airtel Ltd., PTI reported. The deal is expected to be valued at more than Rs 3,300 crore, and the proceeds will be pumped into the Indian entity Vodafone Idea Ltd.
Info Edge (India): The company has received NCLT approval for amalgamation of wholly owned subsidiary High Orbit Careers.
Power Grid: The company will transfer 26% residual equity shareholding in Power Grid Vizag Transmission and relinquish its right on additional revenue accruing to PowerGrid Parli Transmission Power Grid Warora Transmission and PowerGrid Jabalpur Transmission under change in law to PGInvIT against upfront consideration.
Vedanta: The Anil Agarwal-led miner will consider declaration of third interim dividend on March 2. SKF: CFO Anurag Bhagania has resigned.
Federal-Mogul Goetze: Tenneco Inc, company’s holding company, has entered a merger agreement with Pegasus Merger, a wholly owned subsidiary of Pegasus Holdings.
Vedanta: Board of Directors of the Company on March 02, 2022, will consider and approve Third Interim Dividend on equity shares, if any, for the Financial Year 2021-22.
Vodafone PLC: statement on stake sale in Indus Towers: Total 7.1% stake was pledged as security during merger of Indus Towers + Bharti Infratel .Plan to sell 2.4% via blocks tomorrow, balance 4.7% in talks with largest shareholder.Also exploring options to sell the balance 21%.
Power Finance Corp (PFC): The board will meet on Feb 28 to consider and approve market borrowing programme for 2022-23 (Apr-Mar) through the issuance of bonds, term loans and commercial papers from domestic and international markets
PNC Infratech: emerges lowest bidder for 3 new hybrid annuity model (HAM) projects by NHAI in Uttar Pradesh worth an aggregate bid project cost of Rs 4,384 cr
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