Market View 26th March, 2025

View on market: Volatility Prevails, Market is searching for better value

Asian stock markets saw modest gains in early trading on Wednesday as investors searched for direction amid weaker consumer confidence in the US. Japan’s market edged higher, while South Korea, Australia, and Hong Kong also recorded slight increases. US stock futures were also up, with key indices showing positive momentum. Wall Street saw a late rally despite concerns over economic signals. In India, markets extended their winning streak for the seventh session, reaching their longest run since late 2024. However, after hitting a multi-month high, gains were trimmed. The Nifty 50 briefly crossed an important milestone before settling slightly higher, while the Sensex also ended with minimal gains. Overall, global markets remained cautious but stable, with investors assessing economic conditions and market trends.

Economic Calendar:

• USD: GDP Price Index (QoQ) (Q4) on 27^th March 2025.
• IND: Foreign Reserves (USD) on 28^th March 2025.
• USD: Core PCE Price Index (YoY) (Feb) on 28^th March 2025.
• IND: Federal Fiscal Deficit (Feb) on 31^st March 2025.

Brokerage Radar:

MOFSL ON MARICO:

Reiterate Buy, target price ₹775, Model 11%/13% revenue & EBITDA CAGR (FY25-27E), Embarking on portfolio diversification, Aiming for steady double-digit growth via volume & pricing, Expects rare double-digit revenue growth in FY26, New-age business to drive growth, Foods to post 20-25% CAGR.

MOFSL ON BRIGADE ENT:

Reiterate Buy, target price reduced to ₹1,415 from ₹1,540, Scaling up in Hyderabad and Chennai, rentals to rise after FY26, Expansion beyond Bangalore to account for 30-40% of pre-sales, Pre-sales to grow 2x, driven by new launches, Expect over 24% CAGR in pre-sales to ₹115 bn by UFY27.

MOSL ON UTILITIES:

Investor focus has returned to peak demand, Concerns persist around delays in Power Purchase Agreement (PPA) signing and transmission connectivity, In Feb’25, peak power demand was 238GW (up 7% YoY), IMD forecasts March 2025 to be warmer than usual, CEA estimates peak demand to reach 270GW (up 8% YoY) in summer 2025.

International Markets:

U.S & Europe:

*As per 26^thMarch.

 Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

Source: Moneycontrol, Bloomberg Quint, Investing 

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 214 

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)

Vindhyachal Prasad, Elite Wealth Limited, vindhyachal@elitestock.com

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:

• 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
• 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 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
2. a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;

• EWL or its associates or relatives, have no actual/beneficial ownership of one %. 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;
• 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. 2. Compensation

• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
• 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;
• 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;
• EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research

3. In respect of Public Appearances

• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• 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