Market-View-Feature-Image

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

Asian stocks opened steady Thursday as a global equities rally paused with investors weighing the impact of the new virus variant on the economy. Treasuries were stable after declining. Benchmarks fluctuated in Japan, South Korea and Australia. U.S. contracts dipped slightly after the S&P 500 and the technology-heavy Nasdaq 100 advanced for a third day. The Nasdaq Golden Dragon China Index of companies with most of their businesses in China also gained for a third day. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.40% to 17,555.50, as of 8:05 a.m.

Economic Calendar:

  • INR: Manufacturing Output (MoM) (Oct) on 10th December, 2021.
  • INR: FX Reserves, USD on 10th December, 2021.
  • USD: Core CPI (MoM) (Nov) on 10th December, 2021.
  • USD: Federal Budget Balance (Nov) on 11th December, 2021.

Brokerage Radar:

CLSA ON ASHOK LEYLAND: Maintain buy at the price of Rs 126.15 for the target price of Rs 145. Tipping point for CV recovery. CV upcycle likely to sustain over next few years. Domestic LCV demand likely to recover. EBITDA likely to increase by 3.25x over FY22-24.

JP MORGAN ON UBL: Maintain overweight at the price of Rs 1552.30 for the target price of Rs 1820. Solid reopening play, impressive market-share momentum. Premiumization thrust to increase. Margin expansion led by operating leverage, mix, cost savings. On course to an accelerated earnings CAGR of 21% over FY20-24E.

CREDIT SUISSE ON RBI POLICY: As expected, MPC kept rates unchanged, tweaked growth/inflation forecasts a bit. Policy normalization though is well underway. Given large surplus liquidity, it matters what rate banks get from RBI. Reverse repo unchanged at 3.35%, but VRRR at 3.95% is now bigger. VRRR rates started rising in Sep & are up 60 bps since then RBI absorbing nearly half the surplus liquidity it injected due to FX Interventions. While stance remains ‘Accommodative’, bulk of overnight surpluses has shifted to VRRR.

International Markets:

U.S & Europe

Particulars 8th Dec Chg Chg(%)
Nasdaq 15,786.99 100.07 0.64
Dow 35,754.75 35.32 0.09
FTSE 7,337.35 -2.55 -0.03
CAC 7,014.57 -50.82 -0.72
DAX 15,687.09 -126.85 -0.80
Dow Fut.* 35,742.00 -4.00 -0.01

Asian markets:

Particulars 9th Dec Chg Chg(%)
SGX Nifty 17,555.50 70.50 0.40
Nikkei 28,816.97 -43.65 -0.15
Straits Times 3,142.40 12.63 0.40
Hang Seng 24,195.07 198.20 0.83
Shanghai 3,651.01 13.44 0.37

ADR Watch:

Particulars 8th Dec Chg Chg(%)
Dr Reddy 60.67 0.35 0.58
HDFC Bank 67.47 0.17 0.25
ICICI Bank 19.72 0.62 3.25
Infosys 23.44 0.38 1.65
Tata Motor 32.61 0.76 2.39
Wipro 8.76 0.04 0.46

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 75.45 0.01
Brent 76.48   0.47
Gold 1782.50 -0.17
Silver 22.337 -0.42

FIIs & DII

Particulars 8thDec 7thDec
FIIs -579.27 -2584.97
DIIs 1735.50 2605.81

News Update:

Reliance Industries: Reliance BP Mobility, a joint venture between Reliance Industries and BP Plc operating under the brand name Jio-bp, has signed an initial pact with Mahindra Group to explore creating electric vehicles and related services, besides identifying synergies in low-carbon and conventional fuels.

HCL Technologies: The company and apoBank, the largest cooperative primary bank in Germany, have signed with Atruvia AG an agreement to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).

Infosys: Infosys BPM, the business process management arm of Infosys Ltd, said has said that it will expand its presence in Ireland by adding 250 jobs locally with the development of a new delivery centre in Waterford. Infosys BPM began its Ireland operations in Dublin in 2014.

Gland Pharma: The company received a tentative approval from the United States Food and Drug Administration (US FDA) for Cangrelor for injection.

Indiabulls Housing Finance: The company’s public issue of bonds will open on Thursday to raise up to ₹1,000 crore, the proceeds of which will be utilised to fund its business growth. The issue has a base size of ₹200 crore with an option to retain oversubscription up to ₹800 crores, aggregating to up to ₹1,000 crore.

RailTel Corp: Has received work order from Ircon International for design, supply, installation, testing & commissioning of tunnel communication system consisting of emergency call & service telephone, CCTV, tunnel radio and PA system in tunnel environment on Dharam – Banihal section of Jammu Kashmir Rail Link Project under Ferozepur division of Northern Railway at a total cost of ₹210.77 crore.

REC: The company approved the proposal for sale and transfer of Kallam Transmission to the successful bidder, selected through Tariff Based Competitive Bidding Process.

Nazara Technologies: Founders of Turkey-based Arrakis Tanitim Organizasyon Pazarlama San.Tic have subscribed to 30.82 percent stake in Publishme Global FZ LLC. Accordingly, through its wholly-owned subsidiary, Nazara is now holding 69.18 percent stake in Publishme Global FZ-LLC.

Coffee Day Enterprises: Received show cause notice from SEBI over fund flow from subsidiaries that surfaced after investigation was done on the letter left by late managing director V.G. Siddhartha. Company says will deal with the show cause notice appropriately as advised.

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