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

Most Asian stocks fell early Monday as traders weighed inflation risks, a Covid-19 outbreak in China and earnings prospects for major technology firms. Turkey’s lira slid to a record low amid a diplomatic spat. Equities fell in Japan and South Korea, while Australia edged up. S&P 500 and Nasdaq 100 futures dipped, the 10-year U.S. Treasury yield rose and a gauge of the dollar was steady. Federal Reserve Chair Jerome Powell on Friday flagged inflation could stay higher for longer, while making clear the Fed will begin tapering bond purchases shortly but stay patient on rate hikes. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 18,155, as of 8:10 a.m.

Economic Calender:

  • INR:  Federal Fiscal Deficit (Sept) on 29thOctober, 2021.
  • USD: New Home Sales (Sep) on 26th October, 2021
  • USD: Core Durables Goods Orders (MoM) (Sept) on 27th October,, 2021.

Earnings: Tech Mahindra, Colgate-Palmolive (India), Indus Towers, Kansai Nerolac Paints, Aditya Birla Sun Life AMC, Coforge, CEAT, CSB Bank, Gujarat Mineral Development Corporation, HDFC Asset Management Company, Home First Finance Company India, ICRA, Jagran Prakashan, Newgen Software Technologies, Orient Cement, The Ramco Cements, SRF.


RIL Q2FY22 (Consolidated, QoQ): Revenue up 20% at Rs 1,67,611 crore Vs Rs 1,39,949 crore Net profit up 11.50% at Rs 13,680 crore Vs Rs 12,273 crore.

ICICI Bank Q2FY22 (Consolidated): The private sector lender on Saturday reported its highest ever quarterly net profit of ₹5,511 crore for Q2FY22, an increase of 30% year-on-year. Profits rose on the back of a 19% growth in its domestic loan portfolio. Net non-performing assets fell below 1%, the lowest since 2014. Advances rose 17% year-on-year and 4% sequentially to ₹7,64,937 crore as on 30 September

Tata Consumer Products Q2FY22 (Consolidated, QoQ): Revenue up 1% at Rs 3,033.12 crore Vs Rs 3,008.46 crore.  Net profit up 9% to Rs 261.39 crore Vs Rs 240.65 crore. Ebitda up 3% to Rs 413.3 crore Vs Rs 399.5 crore. Margins at 13.6% Vs 13.3% .

Tata Elxsi Q2FY22 (Consolidated, YoY): Revenue up 38% at Rs 595.33 crore Vs Rs 430.17 crore Net profit up 59% at Rs 125.33 crore Vs Rs 78.87 crore Ebitda up 56% at Rs 183.63 crore Vs Rs 118.04 crore Margin at 30.8% Vs 27.4%.

International Markets:

U.S & Europe

Particulars 22nd Oct Chg Chg(%)
Nasdaq 15090.20 -125.50 -0.82
Dow 35677.02 73.94 0.21
FTSE 7204.55 14.25 0.20
CAC 6733.69 47.52 0.71
DAX 15542.98 70.42 0.46
Dow Fut.* 35518.00 -39.00 -0.11

Asian markets:

Particulars 25th Oct Chg Chg(%)
SGX Nifty 18155.50 11.00 0.06
Nikkei 28520.35 -284.50 -0.99
Straits Times 3203.03 -2.11 -0.07
Hang Seng 26111.68 -15.25 -0.06
Shanghai 3588.53 5.93 0.17

ADR Watch:

Particulars 22ndOct Chg Chg(%)
Dr Reddy 61.23 -0.32 -0.52
HDFC Bank 77.36 -0.34 -0.44
ICICI Bank 20.04 -0.05 -0.25
Infosys 23.11 -0.30 -1.28
Tata Motor 32.15 -1.42 -4.23
Wipro 9.49 -0.14 -1.45

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.89 0.0
Brent 85.41 0.91
Gold 1795.05 -0.07
Silver 24.427 -0.09



Particulars 22nd Oct 21st Oct
FIIs -2697.70 -2818.90
DIIs 1029.97 428.45

Brokerage Radar:

CLSA ON RELIANCE IND: Maintain buy at the price of Rs 2627 for the target price of Rs 2820. Q2 Standalone & Cons EBITDA/EBIT/PAT 3 5% ahead of estimates. 02C miss & higher Jio int costs offset by beat in retail, higher upstream. Raise EPS estimates by 3-5%. Raise EV for reliance retail to $120 Bn+. Include $10 Bn+ value accretion for new energy.

GS ON ICICI BANK: Maintain buy at the price of Rs 759 for the target price of Rs 829. PAT In-line; underlying quality & future visibility better. Increase FY22-24 profit estimates by up to 5%. Bank delivered a return on assets of 1.8% this qtr. Set to achieve RoA at closer to 2% & ROE of 16.5% over FY23-25.

News Update:

Nalco: The company’s Lean Slurry Project at Angul was inaugurated on October 20. The project will help in 100% utilization of ash generated at the company’s captive power plant.

Zee: India Court to Give Verdict on Zee-Invesco Case on Oct. 26.

SBI Cards and Payment Services: Board to meet on Oct. 28 to consider issuance of Rs 2,000 crore worth NCDs..

Petronet LNG: India to press Qatar for past LNG cargoes with contract renewal.

Apollo Tyres: The company has introduced its European tyre brand Vredestein in the country to cater to premium cars and superbike segments.

Asian Paints: A whistle-blower has flagged off related party transactions carried out by the promoters of the paint maker that allegedly benefited them at the cost of the company’s shareholders, a report said.

Hindustan Zinc: The metal manufacturer posted a near 4 percent rise in its net profit for the September quarter on the back of higher revenue from operations.

NBFCs: The Reserve Bank of India on Friday announced a limit on non-bank lenders financing subscriptions to initial share sales to stem the flow of large amounts of borrowed capital by high net worth individuals to such offerings. There shall be a ceiling of ₹1 crore per borrower for financing subscription to initial public offer (IPO), the central bank said.

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