Market-View-Feature-Image

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

U.S. equity futures declined Friday after post-earnings fall in Amazon.com Inc. and Apple Inc. after Wall Street logged gains. Futures on the S&P 500 and technology-heavy Nasdaq 100 retreated, with the latter shedding over 1%. Equities rose in Australia and South Korea, while Japan is closed for a holiday. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.40% to 17,299 points as of 8:15 am. The dollar dipped but is set for its best week since the beginning of this year. Crude held a jump to about $105 a barrel, amid rising prospect of a European Union ban on Russian crude in retaliation for the invasion of Ukraine.

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: Wipro, Ultratech Cement, Maruti Suzuki India, Tata Chemicals, SBI Cards and Payment Services, Shriram City Union Finance, Can Fin Homes, Gillette India, GNA Axles, Gokaldas Exports, HFCL, Indusind Bank, L&T Finance Holdings, LLoyds Metals and Energy, Solara Active Pharma Sciences, Sonata Software, Star Health and Allied Insurance Company, Supreme Industries, Tanla Platforms, Thyrocare

Q4Fy22 Earning:

Axis Bank:  Net Interest income up 17% at Rs 8,815 crore Vs Rs 7,555 crore (YoY) Net Profit up 54% at Rs 4,118 crore Vs Rs 2,677 crore (YoY) (Bloomberg estimate: Rs 3,909.5 crore) GNPA: 2.82% vs 3.17% (QoQ) NNPA: 0.73% vs 0.91% (QoQ) Recommended dividend of Rs 1 per share of face value of Rs 2 each

Biocon: Revenue up 30.8% at Rs 2.408.8 crore Vs Rs 1,842.1 crore (Bloomberg Estimate: Rs 2,252 crore) EBITDA up 35.8% at Rs 591.9 crore Vs Rs 435.7 crore (Bloomberg Estimate: Rs 567 crore) EBITDA margin 24.6% Vs 23.65% (Bloomberg Estimate: 25.2%) Net profit fell 5.8% at Rs 238.6 crore Vs Rs 253.2 crore.

Vedanta: Revenues up 16.8% at Rs 39,822 crore Vs Rs 34,097 crore EBITDA up 26.1% at Rs 13,633 crore Vs Rs 10,810 crore EBITDA Margins at 34.2% vs 31.7% Net profit up 39.3% at Rs 5,799 crore Vs Rs 4,164 crore Approved first interim dividend of Rs 31.5 per share of face value of Rs 1 each

Brokerage Radar:

MORGAN STANLEY ON PNB HOUSING FINANCE: OW, TP Rs 525 PPOP 14% ahead of est thanks to lower operating costs AUM & disbursements were better too However, PAT missed owing to higher provisions, largely from 1 large corp slippage from Stage 2 to Stage 3 Overall Stage 3 ratio marginally lower QoQ.

NOMURA ON L&T Buy, TP Rs 2412 Filing for Hyderabad Metro for 4Q shows reduction in interest costs post refinancing of INR-denominated term loans Management stated in previous calls that divestment of these assets are core to L&T transforming itself into an asset-light biz model.

MORGAN STANLEY ON AXIS BANK: OW, TP Rs 910 F4Q22 PAT 16% above MSe, helped by lower provisions, partially offset by slower rev growth Management guided to elevated costs vs moderation earlier That said, it kept its RoE guidance unchanged.

GOLDMAN SACHS ON SBI LIFE: Buy, TP cut to Rs 1370 from Rs 1500 Product mix improvement on track Co’s VNB margins declined marginally yoy despite a better product mix as co adopted voluntary repricing (on non-par products) to defend market share Co expects double digit growth in FY23

International Markets:

U.S. & Europe:

Particulars 28th Apr Chg Chg(%)
Nasdaq 12,871.53 382.6 3.06
Dow 33916.39 614.46 1.85
FTSE 7,509.19 83.58 1.13
CAC 6,508.14 62.88 0.98
DAX 13,979.84 185.9 1.35
Dow Fut.* 33938.20 17.8 0.05

Asian markets:

Particulars 29th Apr Chg. Chg(%)
SGX Nifty 17,299.50 69.5 0.4
Nikkei 26,847.90 461.27 1.75
Straits Times 3,368.48 33.39 1
Hang Seng 20,129.14 -147.03 -0.73
Shanghai 2,978.46 2.98 0.1

ADR Watch:

Particulars 28thApr Chg. Chg.(%)
Dr Reddy 53.7 0.81 1.53
HDFC Bank 56.26 0.17 0.3
ICICI Bank 19.52 0.4 2.09
Infosys 20.5 0.38 1.89
Tata Motor 28.45 0.7 2.52
Wipro 6.81 0.16 2.41

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.48  -0.07
Brent 107.19 -1.31
Gold 1900.32   0.47
Silver 23.28   0.42

FIIs & DII:

Particulars 28th Apr 27th Apr
FIIs -743.22                                         -1174.05                                         
DIIs 780.94 1643.84

News Update

Tata Power: Signed Memorandum of Understanding with National Real Estate Development Council to set up 5,000 EV charging points across its member’s developer properties.

Colgate Palmolive: The company appointed Prabha Narasimhan as CEO and MD for five years effective September 1. Current MD and CEO Ram Raghavan resigned after being promoted as the President – Enterprise Oral Care, Colgate-Palmolive Company, New York. It also declared second interim dividend of Rs 21 per share of face value of Rs 1 each.

Sterlite Technologies: Approved raising of funds of upto Rs 1,000 crore

Lemon Tree Hotels: Approved acquisition of 25.10% stake in Carnation Hotels for Rs 18.85 crore.

Jindal Poly Films: Jindal Polypack, a wholly owned subsidiary of the company will acquire 100% stake in SMI Coated Products for Rs 99.65 crore. SMI Coated Products is engaged in the manufacturing of pressure sensitive label stocks.

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

 

 

 

FILING COMPLAINTS ON SCORES - EASY & QUICK

a. Register on SCORES portal

b. Mandatory details for filing complaints on SCORES:
i. Name, PAN, Address, Mobile Number, E-mail ID

c. Benefits:
i. Effective communication
ii. Speedy redressal of the grievances

SEBI : https://www.scores.gov.in/scores/complaintRegister.html