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

Asian stocks fell Monday and U.S. equity futures rebounded as traders weighed concerns about tightening Federal Reserve monetary policy. Shares fell in Japan, South Korea and Australia after one of the worst stretches for global shares last week since the pandemic began. Gains in S&P 500 and Nasdaq 100 contracts held out the hope of some respite. The dollar was steady. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.79% to 17,497.50 as of 8:30 a.m. The Fed on Wednesday is expected to signal a March liftoff in interest rates and balance-sheet reduction later this year to help fight inflation. In the volatile cryptocurrency sector, bruised Bitcoin stabilized around $36,000 in the wake of a plunge over the past three days. Digital coins have shed more than $1 trillion in value since a November high. Meanwhile, traders are monitoring U.S.-Russia tension over Ukraine.

Economic Calendar:

  • INR: Bank Loan Growth on 28st January, 2022.
  • INR: Bank Deposit Growth on 28st January 2022.
  • USD: Manufacturing Index on 24th January, 2022.
  • USD: Service PMI on 24th January, 2022.

Earnings: Axis Bank, HDFC AMC, Ramco Cement, Zensar, Burger King, Oriental Hotels, Burger King India, SBI Cards and Payment Services, Shriram Transport Finance Ltd


Reliance Industries : The company reported a sharply higher consolidated profit at Rs 20,539 crore in Q3FY22 against Rs 14,894 crore in Q3FY21. Revenue rose to Rs 2,09,823 crore from Rs 1,37,829 crore YoY.

Vodafone Idea : The company posted a loss of Rs 7,230.9 crore in Q3FY22 against a loss of Rs 7,132.3 crore in Q2FY22, revenue rose to Rs 9,717.3 crore from Rs 9,406.4 crore QoQ.

Bandhan Bank : The bank reported a higher profit at Rs 859 crore in Q3FY22 against Rs 632.6 crore in Q3FY21, net interest income rose to Rs 2,124.7 crore from Rs 2,071.7 crore YoY.

CSB Bank : The bank reported a higher profit at Rs 148.25 crore in Q3FY22 against Rs 53.05 crore in Q3FY21, net interest income increased to Rs 303.34 crore from Rs 251.18 crore YoY.

Tanla Platforms : The company reported a higher profit at Rs 158 crore in Q3FY22 against Rs 93.52 crore in Q3FY21, revenue jumped to Rs 884.92 crore from Rs 654.11 crore YoY.

Brokerage Radar:

CITI ON SBI Life: Buy,with Target Price of Rs 1550 Continued its growth momentum with strong VNB growth of +56% yoy (+29% 2y CAGR), driven by +31% yoy growth in total APE (16% 2y CAGR) and 430bps yoy expansion in VNB margin to 25.7% Top pick in life insurers.

CLSA ON BANDHAN BANK: Upgrade to O-P from sell, TP Raised to Rs 340 vs Rs 245 Tough 3-4 yrs behind; better placed cyclically 3Q indicates a turning point with collections improving to 97% in its MFI portfolio including east India states.

MORGAN STANLEY ON ICICI BANK: Overweight, Target Price Raised to Rs 1125 vs Rs 1025 Strong qtr, with core PPoP growth of 23% YoY & lower-than-expected credit costs (at 100bps, 15% below MSe). Market share gains remain strong with improving core RoEs – this should drive sustained re-rating.

MORGAN STANLEY ON RELIANCE: Overweight, Target Price Rs 2926 5% earnings beat driven by higher ARPUs, higher upstream gas EBIDTA & a significant pickup in retail margins O2C EBIDTA slightly below Telecom subscriber churn was a key _ve Overall earnings upgrade story is firmly in play.

BERNSTEIN ON RELIANCE: Outperform, Target Price Rs 2830 Solid beat, Strong performance across all segments Net profit of INR185.5bn or INR28.08/sh was 23% higher than consensus est O2C profits rose for 6th consecutive qtr on stronger fuel margins & record throughput.

International Markets:

U.S & Europe

Particulars 21th Jan Chg Chg(%)
Nasdaq 13,768.92 -385.1 -2.72
Dow 34265.37 -450.02 -1.30
FTSE 7,494.13 -90.88 -1.2
CAC 7,068.59 -125.57 -1.75
DAX 15,603.88 -308.45 -1.94
Dow Fut.* 34479.3 213.9 0.62

Asian markets:

Particulars 24th Jan Chg. Chg(%)
SGX Nifty 17,497.00 -140 -0.79
Nikkei 27,371.11 -151.15 -0.55
Straits Times 3,282.60 -12.26 -0.37
Hang Seng 24,695.20 -270.35 -1.08
Shanghai 3,518.77 -3.8 -0.11

ADR Watch:

Particulars     21th Jan Chg. Chg.(%)
Dr Reddy 59.7 -1.74 -2.83
HDFC Bank 68.93 -0.65 -0.93
ICICI Bank 21.03 -0.48 -2.23
Infosys 23.41 -0.27 -1.14
Tata Motor 32.62 -1.41 -4.14
Wipro 7.86 -0.23 -2.84

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.42 -0.11
Brent 87.71 0.72
Gold 1841.45 0.28
Silver 24.245 -0.71


Particulars 21st Jan 20th Jan
FIIs -3148.58 -4679.84
DIIs 269.36   769.26  

News Update:

Ultratech Cement : The company’s officials will meet Fidelity International, and Fullerton Fund Management today

Titagarh Wagons : The company’s subsidiary in Italy TitagaTrh Firema S.p.A. has signed the framework agreement for design, manufacture, supply and ten years of maintenance of 38 trainsets of Metro for Lazio Regione, Italy. The total value of the framework agreement is 282 million euros (equivalent to Rs 2,380 crore).

Arvind Limited : The company’s officials will meet analysts and investors on January 27, to discuss financial performance.

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 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