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

U.S. futures advanced and stocks were steady on Thursday, amid a surge in Facebook parent Meta Platforms Inc.’s share price and more pledges of economic support from China. Futures for the tech-heavy Nasdaq 100 and S&P 500 rose. Shares in Japan, Australia and South Korea were volatile after the U.S. stock market posted a modest gain on Wednesday aided by Meta Platforms, which surged 18% in extended trading after added more users than projected. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.12% to 17,029.50 points as of 7:15 am. Treasury yields dipped as investors calibrated risks from high inflation and aggressive Federal Reserve policy tightening. A dollar gauge advanced. In commodities, oil was close to $102 a barrel. Bitcoin rose above $39,300.

Economic Calendar:

  • INR: Federal Fiscal Deficit on 29th April 2022.
  • INR: Infrastructure Output on 29th April 2022.
  • USD: Non Payroll Employment order 4th May, 2022.
  • USD: Factory Order 3rd May, 2022.

Earnings today: Agro Tech Foods, Axis Bank, Bajaj Finserv, Bajaj Holdings & Investment, Biocon, Coromandel International, Datamatics Global Services, Embassy Office Parks REIT, Fineotex Chemical, IIFL Finance, IndiaMART InterMESH, Indo Rama Synthetics (India), Kirloskar Pneumatic Company, Laurus Labs, Motilal Oswal Financial Services, Mphasis, Procter & Gamble Hygiene & Health Care, PNB Housing Finance, SBI Life Insurance Company, Shoppers Stop, Shriram Transport Finance Company, Sterlite Technologies, Varun Beverages, Vedanta

Q4Fy22 Earning:

HUL Revenue up 10.7% at Rs 13,767 crore Vs Rs 12,433 crore (Bloomberg Estimate: Rs 13,162.3 crore) EBITDA up 8.48% at Rs 3,301 crore Vs Rs 3,043 crore (Bloomberg Estimate: Rs 3,215.4 crore) EBITDA Margin 23.98% Vs 24.48% (Bloomberg Estimate: 24.42%) Net profit up 5.4% at Rs 2,304 crore Vs Rs 2,186 crore (Bloomberg Estimate: Rs 2,373.5 crore) Recommended a final dividend.

Bajaj Auto  Revenue fell 7.23% at Rs 7,974.84 crore Vs Rs 8,596.1 crore (Bloomberg Estimate: Rs 7,621.4 crore) EBITDA fell 10.6% at Rs 1,360.68 crore Vs Rs 1,521.88 crore (Bloomberg Estimate: Rs 1,124.6 crore) EBITDA margin 17.06% Vs 17.70% (Bloomberg Estimate: 14.75%) Net profit fell 1.6% at Rs 1,526.16 crore.

Persistent Systems  Revenue up 9.8% at Rs 1,637.85 crore Vs Rs 1,491.71 crore EBITDA up 12% at Rs 281.16 crore Vs Rs 251.08 crore EBITDA margin 17.17% Vs 16.8% Net profit up 14% at Rs 200.99 crore Vs Rs 176.39 crore Recommended final dividend of Rs 11 per share of face value of Rs 10

HDFC AMC  Revenue up 2.6% at Rs 516.28 crore Vs Rs 502.93 crore EBIT fell 0.7% at Rs 380.05 crore Vs Rs 382.71 crore EBIT margin 73.6% Vs 76.1% Net profit up 8.6% at Rs 343.55 crore Vs Rs 316.08 crore Recommended a dividend of Rs 42 per share on face value of Rs 5.

Brokerage Radar:

NOMURA ON CARTRADE TECH: Initiate Buy, TP Rs 770 Leading play on rising digital advertising in autos Success in used car biz an upside Est consol rev/EBITDA to record 25%/37% CAGR over FY22-25F (EBITDA margin from 16.7% in FY22F to 22.2% by FY25F).

CREDIT SUISSE ON HUL: O-P, TP cut to Rs 2550 from Rs 2800 Home care saves day, however BPC & nutrition weakness continues to be concerning Cut FY23-24 est by 9% to factor in sharp increase in commodity costs which will hurt EBITDA margins.

UBS ON BAJAJ AUTO: Neutral, TP Rs 4000 Q4FY22 – Beat led by one-off mix; domestic profitability in question STK to react Positively on beat, but management commentary on earnings call remains key

International Markets:

U.S. & Europe:

Particulars 27th Apr Chg Chg(%)
Nasdaq 12,488.93 -1.81 -0.01
Dow 33301.93 61.75 0.19
FTSE 7,425.61 39.42 0.53
CAC 6,445.26 30.69 0.48
DAX 13,793.94 37.54 0.27
Dow Fut.* 33373.7 78.2 0.21

Asian markets:

Particulars 28th Apr Chg. Chg(%)
SGX Nifty 17,077.00 27 0.16
Nikkei 26,548.82 162.19 0.61
Straits Times 3,320.88 0.21 0.01
Hang Seng 20,110.60 164.24 0.82
Shanghai 2,973.53 15.25 0.52

ADR Watch:

Particulars 27thApr Chg. Chg.(%)
Dr Reddy 52.89 -0.42 -0.79
HDFC Bank 56.09 0.52 0.94
ICICI Bank 19.12 0.02 0.1
Infosys 20.12 0 0
Tata Motor 27.75 0.08 0.29
Wipro 6.65 -0.06 -0.89

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.53 -0.06
Brent 103.57 -1.31
Gold 1882.85 -0.30
Silver 23.308 -0.65


Particulars 27th Apr 26th Apr
FIIs -4064.54 -1174.05
DIIs 1917.51 1643.84

News Update

Reliance Industries: Bodhi Tree Systems, a platform of Uday Shankar and James Murdoch’s Lupa Systems, to raise and invest Rs 13,500 crore in Viacom18. Reliance Projects to invest an additional Rs 1,645 crore. JioCinema OTT app to be transferred to Viacom18.

Tata Consumer: Life Insurance Corporation of India has increased its stake in the company to 5.008%.

IDFC First Bank: The bank will consider raising funds through issuance of debt securities on private placement basis on April 30.

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