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

Stocks in Asia rose  tracking the Wall Street  after minutes of the latest Federal Open Market Committee meeting indicated U.S. Federal Reserve had taken a less-than-anticipated hawkish tone on rate hike. Equities in Japan, Australia and South Korea gained. U.S. futures fell after the S&P 500 recovered to register gains in a volatile session. The tech-heavy Nasdaq 100 outperformed. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose nearly 0.42% to 16,090 points as of 6:35 am. Elsewhere, West Texas Intermediate crude rose 0.6% to $110.97 a barrel. Bitcoin hovered around $30,000.

Economic Calendar:

  • INR: FX Reserve on 27thMay
  • INR: GDP Quartely on 31st May 2022.
  • USD: CB Consumer confidence 31st May, 2022.
  • USD: ADP Non Payroll Job Data 1st June, 2022.

Earnings Today: Hindalco Industries, Zee Entertainment, Berger Paints, Piramal Enterprises, Quess Corp, Motherson Sumi Systems, Page Industries, Muthoot Finance, NMDC, Motherson Sumi Wiring India, Colgate Palmolive, Bharat Dynamics, Bharat Rasayan, Cummins, INEOS Styrolution India, Insecticides India, India Glycols, Kirloskar Industries

Q4Fy22 Earning:

BPCL Q4 FY22 (Consolidated, YoY) Revenue up 24% at Rs 1,23,217 crore EBITDA down 6% at Rs 5,954 crore EBITDA margin at 4.8% vs 6.3% Net profit down 73% at Rs 2,803 crore Recommended final dividend of Rs 6 per share

Coal India Q4 FY22 (Consolidated, YoY) Revenue up 22.5% at Rs 32,706.77 crore EBITDA up 41% at Rs 9,078.82 crore EBITDA margin at 27.76% Vs 24.11% Net profit up 46% at Rs 6,692.94 crore Recommended final dividend of Rs 3 per share

Nalco Q4 FY22 (Standalone, YoY) Revenue up 53.85% at Rs 4,340.82 crore EBITDA up 71.46% at Rs 1,618.59 crore EBITDA margin at 37.3% Vs 33.46% Net profit up 9.6% at Rs 1,025.68 crore

Apollo Hospitals Enterprises Q4 FY22 (Consolidated, YoY) Revenue up 24% at Rs 3,546 crore Net profit down 46% at Rs 90 crore EBITDA up 12% at Rs 463 crore Margins at 13.1% vs 14.4% Net profit down 46% to Rs 90 crore

InterGlobe Aviation Q4 FY22 (Standalone, YoY) Revenue up 29% at Rs 8,021 crore EBITDAR at Rs 172 crore vs Rs 648 crore EBITDAR margin at 2.1% vs 10.4% Net Loss of Rs 1,680 crore vs Rs 1,159 crore loss

Bata India Q4 FY22 (Consolidated, YoY) Revenue up 13% at Rs 665 crore EBITDA up 44% at Rs 162 crore EBITDA margin at 24.4% vs 19% Net profit up 114% at Rs 63 crore Recommended dividend of Rs 54.5 per share
Fortis Healthcare Q4 FY22 (Consolidated, YoY) Revenue up 10% at Rs 1,378 crore EBITDA up 12% at Rs 221 crore EBITDA margin at 16.1% vs 15.8% Net profit up 40% at Rs 87 crore

Brokerage Radar:

CLSAON IPCA LABS: O-P, TP cut to Rs 1050 from Rs 1140 Strong outlook for India keeps us constructive despite EPS cuts Sharp increase in Opex overshadowed revenue growth India business outperforms while export formulations saw muted performance

CREDIT SUISSE ON TORRENT POWER: O-P, TP Rs 3500 Strong margin recovery & growth guidance in FY23 Co expects EBITDA margin to expand by 300bp in 1Q FY23, with a further expansion of 100+bp in rest of FY23 Co expects double-digit rev growth in both India & Brazil in FY23.

CLSA ON BPCL:Buy, TP cut to Rs 435 Highest refining integration amongst peers 4FY22 standalone profit was way ahead of estimate as a marketing segment miss was more than offset by a huge refining margin beat. BPCL also saw QoQ market share gains across key fuels

International Markets:

U.S & Europe:

Particulars       25th  May    Chg Chg(%)
Nasdaq 11,434.74 170.29  1.51
Dow 32120.28 191.66   0.60
FTSE 7,522.75 38.4 0.51
CAC 6,298.64 45.5 0.73
DAX 14,007.93 88.18 0.63
Dow Fut.* 32131.30   10.5  0.03

Asian markets:

Particulars    26th May    Chg. Chg(%)
SGX Nifty 16,102.00 81 0.51
Nikkei 26,685.71 7.91 0.03
Straits Times 3,212.31 32.73 1.03
Hang Seng 20,033.00 -138.27 -0.69
Shanghai 3,104.87 -2.59 -0.08

ADR Watch:

Particulars     25th May Chg. Chg.(%)
Dr Reddy 55.47 -1.01 -1.79
HDFC Bank 56.35 2.1 3.87
ICICI Bank 18.61 0.28 1.53
Infosys 18.14 -0.26 -1.41
Tata Motor 27.24 -0.02 -0.07
Wipro 5.77 -0.12 -2.04

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.53   -0.07
Brent 111.69   0.54
Gold 1849.92    0.20
Silver 21.873    0.01


Particulars         25th May                                  24rd May
FIIs -1803.06                          -2393.45                        
DIIs   2229.82   1948.49

News Update

Tata Steel: The company acquired 3.55 lakh shares of Rs 10 each of wholly owned subsidiary Tata Steel Downstream Products at a premium of Rs 130.5 per share.

Vodafone Idea: The Government of India has received exemption from open offer to acquire 33.4% stake in the telecom company.

Aegis: Aegis Vopak terminals were successfully completed making it the largest independent tank storage company for LPG and chemicals in India.

Infosys: The company will collaborate with Palo Alto Networks to elevate the security-maturity of large enterprises and to help prevent the threat of cyberattacks on their critical infrastructure.

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