Market-View-Feature-Image

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

Stocks rose in Asia on Friday while U.S. equity futures were volatile amid escalation of the Russia-Ukraine crisis and Western sanctions on Moscow. Shares rose in Japan, South Korea and Australia. U.S. contracts slipped after a choppy Wall Street session Thursday that left the S&P 500 with a 1.5% gain and the tech-heavy Nasdaq 100, which briefly fell into a bear market, up 3.4%. Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 2.12% to 16,582 as of 6:30 am. U.S. President Joe Biden imposed stiffer penalties on Russia. The sanctions included action against five major Russian banks to impair their access to foreign currency. Oil advanced, the U.S. dollar was steady. Gold has slipped from a 17-month peak but remains above $1,900 an ounce while bitcoin hovered around $38,300.

Economic Calendar:

  • INR: RBI MPC Minutes on 25th February 2022.
  • INR: Federal Fiscal Deficit on 28th February 2022.
  • USD: Initial Job Claims on 25th February, 2022.
  • USD: Goods Trade Balance on 28th February, 2022.

Brokerage Radar:

MORGAN STANLEY ON ONGC: OW, TP Rs 263 Expect domestic gas ASPs to double by Apr-22, due to low inventories, tight supplies & strong global demand Gas a/c for 50% of ONGC’s domestic hydrocarbon production; every $1/mmbtu change in gas prices affects earnings by 5-8%.

MORGAN STANLEY ON BHARAT FORGE: OW, TP Rs 1051 Acquisition of JS Autocast Deal will be EPS accretive from day 1, as per co Co aims to double its non-auto rev (37% of 2021),over next 3 yrs This acquisition expands its non-auto portfolio & gives an entry into high-growth renewable space.

MORGAN STANLEY ON INTERGLOBE: OW, TP Rs 2759 Co’s relative market position, market share & b/s has improved significantly in downturn An improved relative position going into an upcycle can help capture bulk of profits Given strong recovery, expect multiples to revert to pre-Covid levels.

CLSA ON DLF: Upgrade to Buy, TP Cut to Rs 423 from Rs 470 Recent correction (down c.20% in Feb-22), makes risk-reward favourable Stress-case val implies a downside cap of 11% vs upside potential of 32% in base case, Presales are at a 10-year high with strong FCF generation, no leverage concern, a high-quality landbank & strong rental income growth outlook.

International Markets:

U.S & Europe:

Particulars 24TH Feb Chg Chg(%)
Nasdaq 13,473.58 436.09 3.34
Dow 33223.83 92.07 0.28
FTSE 7,207.01 -291.17 -3.88
CAC 6,521.05 -259.62 -3.83
DAX 14,052.10 -579.26 -3.96
Dow Fut.* 33061.4 160.9 -0.49

Asian markets:

Particulars 25th Feb Chg. Chg(%)
SGX Nifty 16,507.00 270 1.66
Nikkei 26,353.58 382.76 1.47
Straits Times 3,323.71 47.65 1.45
Hang Seng 22,913.35 11.79 0.05
Shanghai 3,472.25 42.29 1.23

ADR Watch:

Particulars 24th 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 75.65 1.47
Brent 98.03 2.74
Gold 1914.20 -0.63
Silver 24.405 -1.16

FIIs & DII:

Particulars 24th Feb 23rd Feb
FIIs -6448.24 -3417.16
DIIs 7667.75 3024.37

News Update:

Apollo Hospitals: will replace Indian Oil in the benchmark Nifty 50 from March 31, 2022, as part of the semi-annual index review. The changes will also be applicable to Nifty 50 Equal Weight Index. The Nifty 50 is reconstituted twice every year in March and September.

Bharat Electronics: The Ministry of Defence has signed a contract worth Rs 1,075 crore with the company for the retro-modification of commander sight of battle tanks-T-90. The company will supply 957 commander thermal imager cum day sights for T-90 tanks of the Indian Army.

Infosys: The company launched Infosys metaverse foundry to ease and fast track enterprises’ exploration of the metaverse, including virtual and augmented environments, for its customers, workplace, products and operations.

Panacea Biotec: The Coalition for Epidemic Preparedness Innovations will partner with a consortium comprised of the Translational Health Science and Technology Institute and the company to develop vaccine candidates that could provide broad protection against SARS-COV-2 variants and other Betacoronaviruses. CEPI will provide funding of up to $12 million to support the development of multi-epitope, nano particle-based vaccine candidates and advance the manufacturing process.

Hinduja Global: The company bagged a contract worth Rs 2,100 crore (£211 million) by the UK Health Security Agency to provide critical customer support to UK citizens for an initial period of two years, with an option to extend further.

JSW Ispat: The company has completed acquisition of 100% equity share capital of Mivaan Steels Ltd.Minda: The company has acquired stakes in four partnership firms including YA Auto Industries (87.5%), Auto Components (95%), Samaira Engineering (87.5%) and S.M. Auto Industries (87.5%). Wipro: To hire more than 500 employees in Brazil over next fiscal year.

Wipro: To hire more than 500 employees in Brazil over next fiscal year.

Arihant Capital: To consider splitting each share into 5 on March 3.

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

FILING COMPLAINTS ON SCORES - EASY & QUICK

a. Register on SCORES portal

b. Mandatory details for filing complaints on SCORES:
i. Name, PAN, Address, Mobile Number, E-mail ID

c. Benefits:
i. Effective communication
ii. Speedy redressal of the grievances

SEBI : https://www.scores.gov.in/scores/complaintRegister.html