Market View 10th July, 2024

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

Asia-Pacific markets were trading on a mixed note in early trade, as investors assessed latest comments from the US Federal Reserve Chair Jerome Powell before the Senate Banking committee. The Nikkei 225 was trading flat at 41,578.76, while the KOSPI was 1.06 points or 0.04% lower at 2,866.32. The S&P ASX 200 was trading 36.30 points or 0.46% lower at 7,793.40. Market participants also await the crucial US consumer price index data for June, due to be published on Thursday. US stocks were trading close to their all-time highs, with the S&P 500 rising for a sixth straight day on the back of Nvidia Corp. This comes as traders view Powell’s statement as balanced. This also reinforced the speculation that the Fed will be able to cut rates this year.

India’s equity benchmark indices rebounded sharply to end at a record high on Tuesday as shares of Maruti Suzuki India Ltd. and ICICI Bank Ltd. led gains. The NSE Nifty 50 settled 112.65 points, or 0.46% higher at 24,433.20.  Overseas investors stayed net buyers of Indian equities for the fifth consecutive session on Tuesday.

Economic Calendar:

• USD: Fed Chair Powell Speechon 10th July
• CNY: China CPI on 10th July
• USD: crude oil inventory on 10th July
• IND: Bank loan growth 12th July
• IND: CPI June on 12th July
• IND: BUDGET on 23^rd July

Brokerage Radar:

Incred on Globus Spirits

Maintains Add; Hikes target price to Rs 1,599 from Rs 1,562.Raw material & power costs have normalized. Negative contribution from the IMFL segment is expected to turn positive from FY28.

Macquarie on Maruti

Maintains Neutral with target price of Rs 11,565.UP accounts for 10-11% of car sales in India with Maruti having ~44% market share.Lower taxes will reduce the payback period from 11-years to 5-years.

Jefferies on Supreme Industries

Buy; Hikes target price to Rs 6,700 from Rs 5,390.Pipe Volumes up +27% YoY in Apr-May 2024, despite high base.SKU breadth and distribution depth act as key moats for share gains.

International Markets:

U.S & Europe:

*As per 10th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

H.G. Infra Eng Signed a MoU with Ultra Vibrant Solar Energy for acquiring project development activities worth Rs 465 crore.

HAVELLS Planning to expand the manufacturing capacity of cables at the Alwar plant. The company is also planning to make an investment of Rs 375 crore to add 41.2 lakh km of annual capacity by March 2026.

M&M M&M reduced the prices of top-end variants of the XUV700 SUV by almost Rs 1 lakh. The “celebratory” pricing is for four months only.

Waaree Ren Company secures 412.5 MW solar project in Rajasthan

KIMS Executed a Share Purchase agreement to acquire 100% Equity Stake in Chalasani Hospitals

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)

Kiran Tahlani, Elite Wealth Limited, kirantahlani@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. 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