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

Asian stocks fell Thursday after a sharp reversal in U.S. shares on concerns about risks from the omicron virus strain. Stocks fell in Japan, South Korea and Australia, while U.S. contracts rose. The S&P 500 had its worst two-day selloff since October 2020 after erasing a near-2% rally to slide into the close. The tech-heavy Nasdaq 100 underperformed. Markets were jolted by the first confirmed U.S. case of the new variant. At the same time, Federal Reserve Chair Powell reiterated that officials should consider a faster reduction of monetary stimulus amid elevated inflation. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, shed 0.60% at 17,141 as of 8:05 a.m.

Economic Calendar:

  • INR: Trade Balance (Nov) on 3rd December, 2021.
  • INR: Nikkei Services PMI (Nov) on 3rd December, 2021.
  • USD: Initial Jobless Claims on 2nd December, 2021.
  • USD: Unemployment Rate on 3rd December, 2021.

Brokerage Radar:

JEFFERIES ON L&T: Maintain buy at the price of Rs 1786 for the target price of Rs 2800. ESG has been core to co even before regulatory/investor requirements came. Discussions are on ESG rating agencies on the defense exposure. Company is on a re-rating path, especially with capex on recovery trends. Any ESG rating upgrade would be an added sweetener.

MS ON SBI CARD: Maintain overweight at the price of Rs 960 for the target price of Rs 1350. For October 2021, industry credit spending surged 26% MoM. MoM growth in cards at 1.5%, a tad lower than industry’s 2.1%.

CS ON OIL MKTG COMPANIES: Refining margins were strong in Oct & November, but are correcting now. Recent decline in crude prices has resulted in marketing margin at 2x of Pre-COVID level. OMCs likely awaiting outcome of OPEC+ meeting before passing on lower crude benefit.

International Markets:

U.S & Europe

Particulars 01st Dec Chg Chg(%)
Nasdaq 15,254.05 -283.64 -1.83
Dow 34,022.04 -461.68 -1.34
FTSE 7,168.68 109.23 1.55
CAC 6,881.87 160.71 2.39
DAX 15,472.67 372.54 2.47
Dow Fut.* 34,174.00 172.00 0.51

Asian markets:

Particulars 2nd Dec Chg Chg(%)
SGX Nifty 17,141.00 -104.00 -0.60
Nikkei 27,750.67 -184.95 -0.66
Straits Times 3,091.78 -6.47 -0.21
Hang Seng 23,696.78 37.86 0.16
Shanghai 3,574.42 -2.47 -0.07

ADR Watch:

Particulars 1st Dec Chg Chg(%)
Dr Reddy 61.52 -0.92 -1.47
HDFC Bank 66.30 0.83 1.27
ICICI Bank 18.52 0.06 0.33
Infosys 22.44 -0.14 -0.62
Tata Motor 31.28 0.74 2.42
Wipro 8.43 -0.11 -1.29

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.91 -0.34
Brent 69.15 0.22
Gold 1782.20 -0.12
Silver 22.44 0.47


Particulars 1st Dec 30thNov
FIIs -2765.84 -5445.25
DIIs 3467.02 5350.23


News Update:

RITES: The Ministry of Railways has intimated the company that a new line between Belgam and Dharwad via Kittur, a new Shimoga-Shikaripura-Ranebennur line, and Tumkur-Devangere via Chitradurga new line project will not be executed by the company.

Raymond: Board of directors of JK Files & Engineering, a wholly-owned material subsidiary of the company, approved an initial public offering comprising of an offer for sale for Rs 800 crore.

Mahindra Logistics: The company and LOGOS have entered into a long-term lease agreement for 1.4 million square feet of warehouse facilities at the LOGOS Luhari Logistics Estate in Delhi NCR. Under the agreement, LOGOS will develop three Grade-A warehouses totaling 1.4 mmsf for the company at the LOGOS Luhari Logistics Estate.

Infosys: The company has extended its strategic collaboration with Proximus to digitally transform, develop, and maintain their IT applications with leading AI and automation solutions.

Coal India: Production in November up 4.1% year-on-year to 53.8 MT versus 51.7 MT. Offtake up 10.8% year-on-year to 56.8 MT versus 51.3 MT. These are provisional production and off-take numbers of CIL and its subsidiary companies for November.

JMC Projects (India): The company has secured new orders of Rs 1,795 crore. The orders include water supply projects in India of Rs 1,085 crore and B&F projects of Rs 710 crore.

Maruti: The company witnessed a 3 per cent drop in production last month. In a regulatory filing, the auto major reported total production of 1,45,560 units in November compared to 1,50,221 units in November 2020. “The shortage of electronic components had a minor impact on the production of vehicles during the month,” it noted. MSI said total passenger vehicle production stood at 1,42,025 units last month, against 1,46,577 units in November 2020.

Nykaa: The company plans to more than triple its brick-and-mortar stores to 300, founder and Chief Executive Falguni Nayar said, significantly building its offline presence in the country. Nayar declined to give a timeline for the rollout but said the company was targeting 100 cities, adding to the 84 retail outlets it already operates in 40 cities.

Tata Power: Company has been awarded a project by Solar Energy Corporation of India (SECI) to build a 100 MW EPC solar project, along with 120 MWh utility scale Battery Energy Storage System. The total contract value of the project is approximately ₹945 crore, and it will be completed within 18 months. After the contract, the utility scale EPC order book of Tata Power Solar now stands at around 4.4 GW (DC) capacity with an approximate value of ₹9,000 crore without GST.

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