Market View 24th Jan, 2025

View on market: Volatility Prevails, Market is searching for better value

Asian equities gained following a strong performance in technology stocks, which helped Wall Street reach a new record high. Oil prices dropped after President Donald Trump urged OPEC to reduce crude prices and pushed for interest-rate cuts. Technology stocks played a significant role in driving the stock market higher, with many shares in the S&P 500 rising. The gains were also supported by optimism over Trump’s policies, particularly his focus on artificial intelligence. In India, stock markets continued their upward trend, with notable performances from UltraTech Cement and information technology companies, driven by strong earnings and positive sentiment around Trump’s AI policies. Shares of companies like Coforge and Persistent Systems saw significant increases after reporting better-than-expected earnings. Overall, technology stocks led the charge, and the market was buoyed by hopes surrounding AI development and economic policies.

Key Today’s Q3 Results

ALKYLAMINE, AUBANK, BANKINDIA, DAMCAPITAL, DCBBANK, DLF, GODREJCP, GRPLTD, GREENPOWER, INDIGO, JAFINANCE, JINDALSAW, ORIENTCEM, TORNTPHARM, TREEHOUSE, TRIDENT, UGROCAP.

Economic Calendar:

• USD: S&P Global PMI on 24th January 2025.
• IND: S&P Global Manufacturing, Service PMI (Jan) on 24^th January 2025.
• USD: House Price Index on 28^th January 2025.
• IND: Federal Fiscal Deficit (Dec) on 31^st January 2025.

IPO Watch:

Brokerage Radar:

MACQUARIE ON HDFC BANK:

Maintain Outperform, target price at Rs 2300,  Decent result in tough macro environment, Marginal uptick in slippages due to high AGRL book, Improvement in margin trend to be watched out for, Potential for RoA improvement over the next 2 years driven by NIM expansion.

MOSL ON HUL:

Maintain buy, target at ₹850, Muted print; recovery delays further, Flat volume growth; marginal miss in EBITDA, Minimalist acquisition to drive premium B&W GDD, Cut EPS estimates by 2% for FY25 and 3% for FY26 as we factor in the delay in demand recovery.

JEFFERIES ON AUTO:

Remain positive on Indian auto with preference for 2W and tractors, Preferred buys M&M, Eicher Motors and TVS Motor, Mahindra PV market share at new high, gaining in tractors and LCV too TVS domestic 2W market share at 18-year high, Mahindra and Hyundai PV market share at 12-17 year low, Alert – Market share data as on 9MFY25.

International Markets:

U.S & Europe:

*As per 24^th January.

 Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

Source: Moneycontrol, Bloomberg Quint, Investing 

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 214 

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)

Vindhyachal Prasad, Elite Wealth Limited, vindhyachal@elitestock.com

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:

• 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
• 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 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
2. a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;

• EWL or its associates or relatives, have no actual/beneficial ownership of one %. 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;
• 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

• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
• 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;
• 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;
• EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research

3. In respect of Public Appearances

• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• 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