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

Asian stocks and U.S. equity futures made a steady start early Monday as traders weighed the volatile slump in cryptocurrencies and the inflation outlook. Shares edged higher in Japan but fluctuated in Australia and South Korea. S&P 500 futures posted modest gains after U.S. stocks closed mixed Friday. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, fell 0.44% to 15,155.20 as of 8:18 a.m. Oil traded above $63 a barrel amid further signs the U.S. is recovering from the pandemic.

Key Data/ Action, Result, and Board meeting to watch

Major economic Data:

  • INR: Foreign Exchange Reserves on 28th May, 2021
  • INR: Infrastructure Output on 31st May, 2021
  • INR: GDP Growth Rate YoY Q1on 31st May, 2021

Earnings to Watch:

Nifty Earnings: Grasim Industries

Non-Nifty Earnings: ADF Foods, Balaji Amines, Barbeque-Nation Hospitality, Dalmia Bharat Sugar and Industries, IG Petrochemicals, India Cements, JK Paper, JSW Holdings, Karda Constructions, Lakshmi Machine Works, Mahanagar Gas, Poly Medicure, The Ramco Cements, Ramco Industries, Shanthi Gears

International Markets:

U.S & Europe

Particulars    21st May. Chg Chg(%)
Nasdaq 13,470.99 -64.75 -0.48
Dow 34207.84 123.69 0.36
FTSE 7,018.05 -1.74 -0.02
CAC 6,386.41 42.83 0.68
DAX 15,437.51 67.25 0.44
Dow Fut.* 34,263.00 116.15 0.34

Asian markets:

Particulars    24th May. Chg Chg(%)
SGX Nifty 15,155,20 -66.80 -0.44
Nikkei 28,383.28 65.45 0.23
Straits Times 3,129.35 11.46 0.37
Hang Seng 28,329.13 -129.31 -0.45
Shanghai 3,478.05 -8.51 -0.24

ADR Watch:

Particulars       21st May. Chg Chg(%)
Dr Reddy 72.34 -0.22 -0.3
HDFC Bank 76.44 3.05 4.16
ICICI Bank 17.64 0.42 2.44
Infosys 18.72 0.07 0.38
Tata Motor 21.3 0.13 0.61
Wipro 7.54 -0.02 -0.26

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR        72.83 -0.37
Brent 66.91    0.83
Gold 1,886.85 0.54
Silver 27.83 1.26


Particulars   21st May.      20th May.
FIIs 510.16    71.04
DIIs 649.10 -876.0


JSW Steel Q4FY21 (Consolidated, QoQ) Revenue up 23.2% at Rs 26,934 crore Vs Rs 21,859 crore (Bloomberg estimate: Rs 26,009.6 crore) Net profit up 56.6% at Rs 4,198 crore Vs Rs 2,681 crore (estimate: Rs 4,325 crore) Ebitda up 43.9% at Rs 9,280 crore Vs Rs 6,450 crore (estimate: Rs 7,952 crore) Margin at 34.4% Vs 29.5% Approved dividend of Rs 6.50 per share Approved up to Rs 7,000 crore equity shares/convertible securities issue Approved issuance of equity shares on right basis for Rs 5,000 crore

Shree Cement (Standalone, QoQ) Revenue up 19% at Rs 3,930.81 crore Vs Rs 3,309.43 crore Net profit up 23% at Rs 767.65 crore Vs Rs 626.23 crore Ebitda up 8% at Rs 1,177.16 crore Vs Rs 1,088.95 crore Ebitda margin at 29.9% Vs 32.9% Recommended final dividend of Rs 60 per share

Dr Lal Pathlabs (Consolidated, QoQ) Revenue down 5% at Rs 431 crore Vs Rs 452.40 crore Net profit down 12% at Rs 83.40 crore Vs Rs 94.50 crore Ebitda down 12% at Rs 122 crore Vs Rs 138.8 crore Ebitda margin at 28.31% Vs 30.68% Recommended final dividend of Rs 8

Godrej Industries Q4 (Consolidated, QoQ) Revenue up 11% at Rs 2,610.69 crore Vs Rs 2,356.47 crore Net loss at Rs 15.81 crore Vs net profit of Rs 131.93 crore Ebitda loss at Rs 15.97 crore Vs Ebitda gain of Rs 92.3 crore

Brokerage Radar:


Maintain Buy with Target Price of Rs. 650, Best in class; Still at PSU Price Visibility of 15% RoE High New Current Valuation at o,7x March 2023 Book are Undemanding FY21 Slippages at Less Than 1.2% of Loans were Best in Class

Nomura on SBI:

Maintain Buy with Target Price of Rs. 550, Asset Quality continues to Surprise Growth is the Missing Piece in Trinity with NIM & Credit Cost FY22 could Still Witness RoA of 80 bps & RoE at 14%

News Update:


Transferred Tata Steel to replace ONGC in S&P BSE Sensex from June 21.

InterGlobe Aviation:

IndiGo has selected CFM International’s LEAP-1A engines to power its fleet of 310 new Airbus A320neo, A321neo, and A321XLR aircraft. The agreement includes 620 new installed engines and associated spare engines, as well as a long-term, multi-year service agreement.

Hero MotoCorp:

To resume production at all manufacturing plants in India from May 24. Single-shift operations to resume at Rajasthan, Gujarat, Andhra Pradesh plants.

JSW Steel:

Media reports saying that we are weighing a bid for Liberty Steel’s assets in the U.K. are “speculative” and “misleading”, the company said.


Suspended operations at Yarn division plants at Paravai and Manaparai in Tamil Nadu due to the lockdown in the state. The plants will till May 31.

Bharat Parenterals:

Received license and authorisation from Drugs Controller General of India and Central Drugs Standard Control Organisation for the manufacturing and marketing of Favipiravir Oral Suspension l00mg/ml, which will be used to treat Covid-19.

Natco Pharma:

The company’s marketing partner, Breckenridge Pharmaceutical Inc., has received final approval for its Abbreviated New Drug Application for Everolimus Tablets from the U.S. FDA. It also received final approval for Lenalidomide Capsules. Further, the company has initiated a Phase-III clinical trial of Molnupiravir capsules for Covid-19.

Source: Moneycontrol, Livemint,, Bloomberg, Investing, Business Standard

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.