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

Asian stocks were steady Tuesday after technology shares spurred a Wall Street rally as Federal Reserve officials tried to soothe concerns about inflation. Equities in Japan, South Korea and Australia rose modestly at the open. U.S contracts edged up after the S&P 500 climbed and the Nasdaq 100 outperformed amid a jump in Apple Inc. and Tesla Inc.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.66% to 15,301.50 as of 8:12 a.m. Oil held an advance after Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude. The Bloomberg Commodity Spot Index advanced the most in about a week.

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:

Non-Nifty Earnings: Non-Nifty Earnings: Emami, Lux Industries, xmi Organic Industries, TVS Srichakra, Transport Corporation Of India, Johnson Controls-Hitachi Air Conditioning India, AIA Engineering, Alkem Laboratories, TTK Prestige, AstraZeneca Pharma India, Bajaj Electricals, Bayer Cropscience, Gati, Goldiam International, Polyplex Corporation, Precision Camshafts, Ramco Systems, Godawari Power & Ispat, Igarashi Motors India, Stove Kraft.

International Markets:

U.S & Europe

Particulars    24th May. Chg Chg(%)
Nasdaq 13,661.17 190.18 1.41
Dow 34393.98 186.14 0.54
FTSE 7,051.59 33.54 0.48
CAC 6,408.49 22.08 0.35
DAX 15,437.51 67.25 0.44
Dow Fut.* 34,400.00 48 0.14

Asian markets:

Particulars    25th May. Chg Chg(%)
SGX Nifty 15,301.50 100 0.66
Nikkei 28,534.27 169.66 0.6
Straits Times 3,139.11 15.5 0.5
Hang Seng 28,670.27 258.01 0.91
Shanghai 3,535.42 38.14 1.09

ADR Watch:

Particulars       24th May. Chg Chg(%)
Dr Reddy 72.59 0.25 0.35
HDFC Bank 75.52 -0.92 -1.2
ICICI Bank 17.78 0.14 0.79
Infosys 18.67 -0.05 -0.27
Tata Motor 21.52 0.22 1.03
Wipro 7.64 0.1 1.33

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR        72.96 0.18
Brent 68.62     0.37
Gold 1876.95 -0.40
Silver 27.727 -0.64


Particulars   24th May. 21st May.
FIIs 585.36   510.16
DIIs    -707.69 649.10


Grasim Industries Q4FY21 (Standalone, QoQ) Revenue up 19% at Rs 4,394.25 crore Vs Rs 3,696.61 crore (BBG Estimate: Rs 4,339.3 crore) Net profit 34% at Rs 480.19 crore Vs Rs 357.87 crore (BBG Estimate: Rs 407.6 crore) Ebitda up 26% at Rs 810.89 crore Vs Rs 644.52 crore (BBG Estimate: Rs 767 crore) Ebitda margin at 18.5% Vs 17.4% (BBG Estimate: 17.67%) Recommended a dividend of Rs 5 per share and a special dividend of Rs 4 per equity share.

Mahanagar Gas Q4FY21 (QoQ) Revenue up 8% at Rs 784.04 crore Vs Rs 727.33 crore (BBG Estimate: Rs 763 crore) Net profit down 2% at Rs 212.77 crore Vs Rs 217.21 crore (BBG Estimate: Rs 235 crore) Ebitda at Rs 316.16 crore Vs Rs 316.72 crore (BBG Estimate: Rs 331.2 crore) Ebitda margins at 40.3% Vs 43.5% (BBG Estimate: 30.79%) Recommended final dividend of Rs 14 per share.

JK Paper Q4FY21 (Consolidated, QoQ) Revenue up 21% at Rs 898.16 crore Vs Rs 744.88 crore Net profit at Rs 136.07 crore Vs Rs 64.59 crore Ebitda up 47% at Rs 228.43 crore Vs Rs 155.19 crore Ebitda margin at 25.4% Vs 20.8% Recommended a dividend of Rs 4 per share.

Balaji Amines Q4FY21 (Consolidated, QoQ) Revenue up 6% at Rs 414.03 crore Vs Rs 392.12 crore Net profit up 13% at Rs 88.80 crore Vs Rs 78.90 crore Ebitda up 10% at Rs 128.91 crore Vs Rs 117.36 crore Ebitda Margins at 31.1% vs 29.9% Recommended final dividend of Rs 4 per share.

News Update:

Bal Pharma:

Launched Favipiravir formulation in the Indian market, under the brand name BALflu. Favipiravir is an emerging anti-viral drug used for patients with mild to moderate Covid-19 infection. This formulation is available in tablet form with 400 mg strength.

GMM Pfaudler:

Commenced manufacturing operations at its facility at Vatva near Ahmedabad on May 24. The new facility will enhance the company’s capacity in Heavy Engineering. It is spread over 11.9 acres with seven manufacturing bays equipped to manufacture a wide range of Heavy Engineering equipment.

Amara Raja Batteries:

Clarios to sell 1.71 crore shares for an aggregate $174 million. The floor price fixed at Rs 746 per share.

RBI on Inflation:

A Reserve Bank of India (RBI) study on May 24 emphasised that lower inflation is beneficial for the financial stability in the economy and will have favourable redistribution effects on the economically poorer sections of the society.”Lower inflation has favourable redistribution effects particularly on the poor and is beneficial for financial stability. These costs and benefits of fixing a long-term inflation target will thus have to be considered while making the choice, the study said.

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.