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

The rally in global stocks faltered Thursday following disappointing earnings from technology stocks in the U.S. Shares fell in Japan and Australia. South Korea reopened from a holiday and pushed higher. Hong Kong and China remain shut. U.S. shares closed up Wednesday, taking global stocks to their best four-day advance since 2020, but the tech fallout overshadowed that winning run. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed to 17,822 as of 7:45 a.m Oil eased from a seven-year high and gold was steady at around $1,807 an ounce..

Economic Calendar:

  • INR: RBI Credit Policy on 9th February, 2022.
  • INR: Nikkei Service PMI on 3rd February 2022.
  • USD: Factory order on 3rd February, 2022.
  • USD: Non Payrolls Data on 4th February, 2022.

Earnings: ITC, Titan Company, Adani Transmission, Gail (India), Adani Power, Cadila Healthcare, Godrej PropertiesLupin, Coromandel International, Pfizer, PI Industries, Emami, 3M India, Aavas Financiers, Aditya Birla Capital, Barbeque-Nation Hospitality, EIH, Dishman Carbogen Amcis, Torrent Power, GMM Pfaudler, Grindwell Norton, Hindustan Construction Co, HG Infra Engineering, IG Petrochemicals, Sumitomo Chemical India, Sundram Fasteners, Kennametal India, Kirloskar Industries, Lux Industries, Mahindra Holidays & Resorts India, Nahar Spinning Mills, Nesco, Prince Pipes and Fittings, Radico Khaitan, Rolex Rings, SIS, Thomas Cook (India), Varun Beverages, Westlife Development

Tata Consumer Products: Q3FY22 (Consolidated, YoY) Revenue up 5% at Rs 3,208.38 crore Vs Rs 3,069.56 crore Net profit up 21% at Rs 265.05 crore Vs Rs 218.17 crore Ebitda up 28% at Rs 461.66 crore Vs Rs 367.93 crore Margin at 14.4% Vs 12%.

Blue Star: Q3FY22 Revenue up 34% at Rs 1,506.22 crore Vs Rs 1,123.89 crore Net profit up 29% at Rs 47.57 crore Vs Rs 36.77 crore Ebitda up 11% at Rs 90.59 crore Vs Rs 81.56 crore Margin at 6% Vs 7.3%.

Bajaj Consumer Care: Q3FY22 (Consolidated, YoY) Revenue down 8% at Rs 228.82 crore Vs Rs 248.39 crore Net profit down 33% at Rs 38.40 crore Vs Rs 57.29 crore Ebitda down 38% at Rs 38.67 crore Vs Rs 62.3 crore Margin at 16.9% Vs 25.1%

Zee Entertainment Enterprise: Q3FY22 (Consolidated, YoY) Revenue down 23% at Rs 2,112.64 crore Vs Rs 2,729.36 crore Net profit down 25% at Rs 298.73 crore Vs Rs 399.91 crore Ebitda down 25% at Rs 473.98 crore Vs Rs 631.77 crore Margin at 22.4% Vs 23.1%.

Brokerage Radar:

CITI ON ZEE ENTERTAINMENT: Buy, TP Rs 350 3Q– Weak Operating Metrics; Merger Completion Remains key Results aside, key focus remains merger with SPNI (exchange filings approval awaited; simultaneously filing with CCI); Also need to monitor how key shareholders vote.

MORGAN STANLEY ON M&M FINANCE: Review  OW, TP Rs 240 PPOP beat MSe, & underlying asset quality improved However, new RBI NPA norms could hurt accounting PAT & BVPS significantly, especially in near term While stk cheap, think investors will likely become constructive only after 4Q.

CLSA ON BPCL: Buy, TP cut to Rs 480 from Rs 510 Inventory loss due to recent excise duty cut plays spoilsport Miss in core marketing offset beat in refining margin Falling market share in diesel a concern & privatisation timeline unclear.

CITI ON HDFC:  Buy, TP Rs 3300 3Q: Strong Demand; Improving Asset Quality Both individual and total AUM growth improved Trading at 2.2x core Mar ’23 P/B Tweak FY22/23 est by -2%/+1%

International Markets:

U.S & Europe

Particulars 2nd  Feb Chg Chg(%)
Nasdaq 14,417.55 71.55 0.50
Dow 35629.33 224.09 0.63
FTSE 7,583.00 47.22 0.63
CAC 7,115.27 15.78 0.22
DAX 15,613.77 -5.62 -0.04
Dow Fut.* 35589.2 -40.8 -0.11

Asian markets:

Particulars 3rd Feb Chg. Chg(%)
SGX Nifty 17,788.50 -20 -0.11
Nikkei 27,227.94 -305.66 -1.11
Straits Times 3,318.68 69.09 2.13
Hang Seng 23,802.26 252.18 1.07
Shanghai 3,361.44 -32.81 -0.97

ADR Watch:

Particulars 2nd Feb Chg. Chg.(%)
Dr Reddy 58.57 1.39 2.43
HDFC Bank 69.68 1 1.46
ICICI Bank 21.89 0 0
Infosys 23.77 0.25 1.06
Tata Motor 33.66 0.26 0.78
Wipro 7.83 0.11 1.42

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 74.84 0.07
Brent 89.16 -0.35
Gold 1806.95     -0.19
Silver 22.598 -0.48


Particulars 2nd  Feb 1st Feb
FIIs -183.60 -29.79
DIIs 425.96 1597.70

News Update:

PNB: The bank has received a communication from HSBC Insurance Holdings regarding its intention to buy PNB’s stake in Canara HSBC OBC Life Insurance.

Gokul Agro: The company is setting up a Refinery Unit at at Krishnapatnam, Andhra Pradesh with proposed capacity of 1400 TPD. The proposed investment for the unit is Rs 200 crore.

Max Ventures: The company completed transfer of 1, 71,89,601 shares constituting 41% of the share capital of its subsidiary Max Specialty Films to Toppan Inc.

Bharat Dynamics: The company has signed a contract with Indian Army for manufacture and supply of Konkurs – M AntiTank Guided Missiles to the Indian Army worth Rs 3,131.82 crore.

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