Market View 10th April 2023

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

U.S. equity futures made small gains in cautious trading on Monday as the Asian session got underway. Investors weigh the U.S. jobs report, which support bets for another Federal Reserve rate hike to control inflation and ease concerns that the U.S. economy is moving towards recession. Contracts for the S&P 500 rose 0.1% on Monday after small gains for futures when the non-farm payrolls figures were released. Meanwhile, the yield on 10-year treasuries was trading at 3.37%. Crude prices trade above $85-mark, while Bitcoin was hovering around 28,000-level. At 5:57 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 0.05% at 17,725. Indian benchmark indices—Sensex and Nifty—ended at a four-week high, rising 0.24% each, as the Monetary Policy Committee surprisingly kept repo rates unchanged. Indian rupee strengthened against the U.S. dollar following MPC’s policy decision.

Economic Calendar:

• USD : EIA Short-Term Energy Outlook on 11^th April, 2023
• USD : CPI (MoM) (Mar) on 12^th April, 2023
• INR : Industrial Production (YoY) (Feb) on 12^th April, 2023
• INR : CPI (YoY) (Mar) on 12^th April, 2023

Brokerage Radar:

MOSL ON GODREJ PROPERTIES: Upgrade to Buy, TP Rs 1575; Raise FY24E/FY25E pre-sales by 23/44% as incorporate recent project additions; Believe co is on track to achieve its pre-sales target of Rs 200bn by FY26; Revise FY25 revenue/PAT est. by 23%/10%

CITI ON TITAN: Buy, TP Rs 3091; 4Q update: Impressive growth despite relatively weak March; Store expansion remained strong; Growth for other segments was impressive as well, with all standalone categories recording double-digit growth

International Markets

U.S & Europe:

Asian markets

ADR Watch:

Commodities & Currency

FIIs & DIIs:

News Update:

Rail Vikas Nigam: The consortium of Siemens and the company emerged as the lowest bidder for design, manufacture, supply, installation, testing and commissioning of two 110kV receiving substation and complete SCADA system for main line and depot of Mumbai Metro line 2B of MMRDA. The project cost is Rs 378.16 crore.

Century Textiles Industries/ Sudarshan Chemical Industries: Birla Estates, the real estate arm of the Aditya Birla Group housed under the company, acquired 5.76 acres of land from Sudarshan Chemical Industries in Sangamwadi, Pune to foray into the city’s residential real estate market. The estimated revenue potential of the land parcel is Rs 2,500 crore.

Muthoot Finance: The board approved an interim dividend of Rs 22 per share. Meanwhile, Muthoot Money, a wholly owned subsidiary of the company, has been fined Rs 10.5 lakh for non-compliance with provisions related to monitoring of frauds.

ONGC/OIL India: The Cabinet revised domestic natural gas pricing guidelines for gas produced from nomination fields of ONGC and OIL, New Exploration Licensing Policy blocks and pre-NELP blocks, to notify these prices on a monthly basis.

Mahindra & Mahindra: The Reserve Bank of India fined the company Rs 6.77 crore for violation of RBI directions on disclosure of annualised rate of interest charged on loans to the borrowers at the time of sanction and failure to give notice of change in terms and conditions of loan to its borrowers, when it charged higher rate of interest than what was communicated at the time of sanction, during

Indian Bank: The bank has been fined Rs 55 lakh by the Reserve Bank of India for non-compliance with KYC directions.

IIFL Finance: The company raised $100 million in long-term funding from Export Development Canada and Deutsche Bank.

Axita Cotton: The company received an order from m Badsha Textiles, Bangladesh, for supply of raw Indian raw cotton at $3.28 million (around Rs 26.89 crore).

Gulshan Polyoyls: The company received an order from Excise Department under Government of Madhya Pradesh to supply 72 lakhs proof liter country liquor in Chhindwara, Balaghat and Singrauli districts during fiscal ending March 2024.

 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