View on market: Stay Cautious, be with quality business:
Asian stocks were mixed Tuesday while bonds advanced amid economic threats from China’s Covid outbreak and aggressive Fed monetary-policy tightening. There are fears of an unprecedented lockdown in Beijing in China as most residents are being tested for the virus. Equities were volatile in Japan, rose in South Korea and fell in Australia, while U.S. futures fluctuated. Wall Street shares closed a choppy session higher on Monday after Elon Musk agreed to buy Twitter. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose over 0.5% to 17,087 points as of 6:40 am. Crude oil held a retreat below $100 a barrel, weighed down by the threat to demand from China. Elsewhere, bitcoin rose above $40,500.
Economic Calendar:
- INR: Federal Fiscal Deficit on 29th April 2022.
- INR: Infrastructure Output on 29th April 2022.
- USD: Core Durable goods order 26th April, 2022.
- USD: Durable Goods Order 26th April, 2022.
Earnings: Aditya Birla Sun Life AMC, Atul, AU Small Finance Bank, Bajaj Finance, Gateway Distriparks, HDFC Life Insurance Company, IIFL Securities, KPIT Technolgies, Macrotech Developers, Mahindra Logistics, Aurobindo, Nippon Life India Asset Management, Nelco, Sanofi India, Schaeffler India, Tata Coffee, Tata Teleservices (Maharashtra), United Breweries, UTI Asset Management Company, VST Industries.
Q4Fy22 Earning:
Eveready Industries Q4 FY22 (Consolidated, YoY) Revenue fell 11.5% at Rs 241.23 crore Vs Rs 272.63 crore EBITDA fell 187% at negative Rs 35.63 crore Vs positive Rs 40.97 crore EBITDA Margin -14.77% Vs 15.02% Net loss reduced at Rs 38.41 crore Vs Rs 442.53 crore
Tatva Chintan Pharma Chem Q4 FY22 (Consolidated, YoY) Revenue fell 9.3% at Rs 98.5 crore Vs Rs 108.6 crore EBITDA fell 10.2% at Rs 21.92 crore Vs Rs 24.41 crore EBITDA Margin 22.25% Vs 22.48% Net profit fell 17.1% at Rs 17.5 crore Vs Rs 21.11 crore Recommended final dividend of Rs 2 per share of face value Rs 10.
Mahindra CIE Automotive Q4 FY22 (Consolidated, YoY) Revenue up 18.2% at Rs 2,588.3 crore Vs Rs 2,189.4 crore EBITDA up 6.1% at Rs 296.87 crore Vs Rs 279.79 crore EBITDA Margin 11.47% Vs 12.78% Net profit up 1,500% at Rs 161.42 crore Vs Rs 10.09 crore. In Q4FY21,
Steel Exchange of India: Q4 FY22 (Consolidated, YoY) Revenue up 12.2% at Rs 366.86 crore Vs Rs 326.96 crore EBITDA fell 34.7% at Rs 28.61 crore Vs Rs 43.81 crore EBITDA margin 7.80% Vs 13.40% Net profit fell 286% at Rs 112.47 crore Vs Rs 29.11 crore.
Tata Investments: Q4 FY22 (Consolidated, QoQ) Revenue up 92.6% at Rs 17.55 crore Vs Rs 9.11 crore EBIT up 257% at Rs 11.18 crore Vs Rs 3.13 crore EBIT margin 63.7% Vs 34.4% Net profit fell 49% at Rs 20.23 crore Vs Rs 39.73 crore Recommended dividend of Rs 55 per share of face value of Rs 10 each.
Brokerage Radar:
BANK OF AMERICA ON SUN PHARMA: Buy, TP Raised to Rs 1000 from Rs 910 Has been one of best performing stock in sector YTD, which should continue as Rx trajectory of Ilumya/Winlevi & India momentum could drive upside to FY23 consensus rev. growth est
International Markets:
U.S. & Europe:
| Particulars | 25th Apr | Chg | Chg(%) |
| Nasdaq | 13,004.85 | 165.56 | 1.29 |
| Dow | 34049.46 | 238.06 | 0.70 |
| FTSE | 7,380.54 | -141.14 | -1.88 |
| CAC | 6,449.38 | -132.04 | -2.01 |
| DAX | 13,924.17 | -217.92 | -1.54 |
| Dow Fut.* | 34091.4 | 41.9 | 0.12 |
Asian markets:
| Particulars | 26th Apr | Chg. | Chg(%) |
| SGX Nifty | 17,133.00 | 138 | 0.81 |
| Nikkei | 26,726.65 | 135.87 | 0.51 |
| Straits Times | 3,334.73 | -4.86 | -0.15 |
| Hang Seng | 20,094.40 | 225.06 | 1.13 |
| Shanghai | 2,944.72 | 16.21 | 0.55 |
ADR Watch:
| Particulars | 25thApr | Chg. | Chg.(%) |
| Dr Reddy | 53.39 | -0.51 | -0.95 |
| HDFC Bank | 56.24 | 1.15 | 2.09 |
| ICICI Bank | 19.43 | 0.56 | 2.97 |
| Infosys | 20.41 | 0.15 | 0.74 |
| Tata Motor | 27.97 | -0.12 | -0.43 |
| Wipro | 6.86 | 0.1 | 1.48 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.69 | 0.27 |
| Brent | 103.52 | 1.33 |
| Gold | 1904.90 | 0.47 |
| Silver | 23.938 | 1.13 |
FIIs & DII:
| Particulars | 25th Apr | 22nd Apr |
| FIIs | -3302.85 | -2461.72 |
| DIIs | 1870.45 | 1602.35 |
News Update
Reliance Industries: India’s most valuable firm by market cap has abandoned a plan to buy Bank of India: Approved the capital raising plan upto Rs.2,500 crores by issue of fresh Equity Capital in the form of QIP / FPO / Preferential Issue to increase minimum public shareholding from the present 18.59% to 25% or above.
VA Tech Wabag: Company’s Russian client Amur Gas Chemical Complex has suspended further activity amid current geo-political uncertainty in the region. However, the company said that it has collected $21.61 million based on the progress achieved from the Engineering and Procurement order.
Veranda Learning: Approved acquisition of 100% shareholding of Hyderabad-based T.I.M.E (Advanced Educational Activities) for Rs 287 crore.
Zee Learn: Yes Bank has initiated insolvency resolution against the company. For default of Rs 468 crore.
Cyient: Says CITEC purchase to add to EBIT margin from second year; sees additional revenue of $98 million-$102 million from CITEC buy.
Hubtown: To consider rights issue, securities issue on April 28.
Varun Beverages: To considers free shares issue on April 28.
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