View on market: Stay Cautious, be with quality business:
Equities edged lower in Australia while Japanese shares fell more heavily as investors played catchup after Thursday’s holiday. US futures inched down after the S&P 500 saw its fourth straight decline. Bitcoin rose 0.3% to $20,296.37, while West Texas Intermediate crude fell 0.3% to $87.90 a barrel. India benchmarks indices closed in the red for the second day in a row with information technology and utilities stocks playing spoilsport. Rupee waned against the greenback after the U.S. Federal Reserve hiked policy rates by another 75 basis points. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.12% to 18,092.
Economic Calendar:
- USD : Unemployment Rate (Oct) on 04th November, 2022
- USD : CPI (MoM) (Oct) on 04th November, 2022
- INR : FX Reserves, USD on 04th November, 2022
- INR : Bank Loan Growth on 04th November, 2022
Q2FY23 Result Today: Britannia, Cipla, Titan Company, GAIL India, InterGlobe Aviation, Aditya Birla Fashion and Retail, City Union Bank, Cummins India, Dreamfolks Services, Elgi Equipments, Escorts Kubota, Go Fashion (India), Mahindra Logistics, Marico, Tube Investments of India, TVS Motor Company, and Wockhardt.
Brokerage Radar:
MS ON BOI: Upgrade to OW, TP raised to Rs 95 from Rs 53; Core PPoP 60% above MSe, helped by higher margins (NII 21% above MSe); NPA provisions lower QoQ at just 60bps; Increase Est. by 33% for F23 & 22% for F24; Expect RoAs of 0.7%/0.8% F24/25
JEFFERIES ON SRF: Maintain Hold, TP Rs 2,425; Sharp miss on demand weakness, margin contraction; SRF reported Q2 revenues that were in line; EBITDA came in 20% below; Chemical margins fell 194 bps QoQ
NOMURA ON L&T: Buy, TP Rs 2425; Rare instance of India & Middle East capex strengthening; Core projects & manufacturing prospects & divestment visibility are strengthening; EBITDA margin guidance of 9.5% challenging, but management aims to achieve around 9.2%
International Markets:
U.S & Europe:
Particulars | 03rd November | Chg. | Chg.(%) |
Nasdaq | 10342.94 | -181.86 | -1.73 |
Dow | 32001.25 | -146.50 | -0.46 |
FTSE | 7188.63 | 44.49 | 0.62 |
CAC | 6243.28 | -33.60 | -0.54 |
DAX | 13130.190 | -126.55 | -0.950 |
Dow Fut.* | 31980.50 | -20.80 | -0.06 |
Asian markets
Particulars | 04th November | Chg. | Chg.(%) |
SGX Nifty | 18123.00 | 8.50 | 0.05 |
Nikkei | 27103.17 | -560.22 | -2.03 |
Straits Times | 3116.05 | 13.54 | 0.44 |
Hang Seng | 16027.98 | 688.49 | 4.49 |
Shanghai | 3042.840 | 45.03 | 1.500 |
ADR Watch:
Particulars | 03rd November | Chg. | Chg.(%) |
Dr. Reddy | 55.86 | 0.53 | 0.96 |
HDFC Bank | 61.85 | 0.44 | 0.72 |
ICICI Bank | 22.10 | 0.22 | 1.01 |
Infosys | 18.19 | -0.22 | -1.20 |
Tata Motor | 25.32 | 0.05 | 0.20 |
Wipro | 4.58 | -0.05 | -1.08 |
Commodities & Currency
Particulars | Current Price | Chg.(%) |
USD/INR | 82.88 | 0.12 |
Brent | 95.39 | 0.54 |
Gold | 1639.65 | 0.54 |
Silver | 19.617 | 0.96 |
FIIs & DIIs:
Particulars | 03rd November | 02nd November |
FIIs | 677.62 | 1436.30 |
DIIs | -732.11 | -1378.12 |
News Update:
Hero MotoCorp: Recorded standalone profit at Rs 716 crore Q2FY23, down 10% YoY due to lower other income and weak operating performance. Revenue at Rs 9,075 crore for the quarter increased by 7.35% compared to year-ago period.
Adani Enterprises: Recorded a healthy 122% YoY growth in consolidated profit at Rs 432.3 crore for Q2FY23, driven by strong operating as well as top line performance. Revenue for the quarter increased by 189% YoY to Rs 38,175 crore and EBIDTA rose by 69% to Rs 2,136 crore on account of strong performance by integrated resource management and airport business.
Wipro: Appointed Amit Choudhary as chief operating officer. He will manage global business operations, delivery excellence, CIO, CISO, and enterprise risk management functions.
Persistent Systems: Entered into a partnership with Software AG to develop joint solutions for enterprise clients.
SKF India: The board approved investment of investment of Rs 4.3 crore for 26% in a wind and solar power project SPV in Bengaluru, and additional investment of Rs 1.5 crore for expansion of a captive solar power plant in Pune.
Man Infraconstruction: The board will convene on Nov. 10, 2022 to consider payment of interim dividend for the current fiscal.
Fino Payments Bank: Appointed Rakesh Bhartia as part-time chairman for a period of three years, awaiting RBI approval.
Cochin Shipyard: The company bagged an international order for two commissioning service operation vessels from a European Client to be used for wind farm installations. The client has the option order four more such vessels within one year.
Welspun Corp: The company’s board approved acquisition of entire share capital of newly incorporated Propel Plastic Products at a fair value consideration of Rs 10,000.
Source: Moneycontrol, Bloomberg Quint, 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