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

Asian markets traded lower following the sharpest decline in the U.S. equities in two weeks after a rout in bank shares picked up steam. The S&P 500 on Thursday fell to the lowest since Jan. 19, with financial companies in the index plunging. Banks came under fire after the collapse of Silvergate Capital Corp. amid growing scrutiny in Washington. Silicon Valley-based lender SVB Financial Group lost 60% after taking steps to shore up its capital position, stoking concern that soaring interest rates are eroding balance sheets. Meanwhile, the yield on 10-year Treasuries advanced to 3.88%. Crude prices were trading around $81-mark, while Bitcoin was trading around 20,000-level. At 6:27 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.51% at 17,529. Both Indian benchmark indices—Sensex and Nifty—declined almost 1%, registering their worst fall in more than two weeks amid fears of faster rate hikes. The Indian rupee closed higher against the U.S. dollar as investors waited for U.S. jobs data to forecast the direction the Federal Reserve will take with its rate hikes, and its subsequent impact on the greenback.

Economic Calendar:

  • USD : Unemployment Rate (Feb) on 10th March, 2023
  • USD : Nonfarm Payrolls (Feb) on 10th March, 2023
  • INR : Industrial Production (YoY) (Jan) on 10th March, 2023
  • INR : Deposit Growth on 10th March, 2023

Brokerage Radar:

MOSL ON ITC: Buy, TP Rs 450; Earnings visibility continues to drive outperformance

Cigarette business outlook remains healthy; Absence of material tax increases in budget is a relief; ‘Other FMCG’ growth momentum remains strong; better times ahead

MS ON JSW STEEL: UW, TP Rs 545; Reported Feb-23crude steel production data.  Total standalone crude steel production was 1.73mnt (-8.4% MoM, +9.6% YoY), implying average utilization rate of 90% in Feb’23vs 99% in Jan’23 (was 82% duringFeb’22)

JEFFERIES ON MGL: Hold, TP Rs 900; Volume potential from the UEPL acquisition appears steep given low industrialization & low population density of acquired GAs in light of its execution in Raigad; Expect acquisition to be a drag on earnings over FY24-25E

International Markets:

U.S & Europe

Particulars 09th March Chg. Chg.(%)
Nasdaq 11338.36 -237.65 -2.05
Dow 32254.86 -543.54 -1.66
FTSE 7879.98 -49.94 -0.63
CAC 7315.88 -8.88 -0.12
DAX 15633.21 1.34 0.01
Dow Fut.* 32100.90 -154.00 -0.48

Asian markets

Particulars 10th March Chg. Chg.(%)
SGX Nifty 17452.00 -166.00 -0.94
Nikkei 28271.58 -351.57 -1.24
Straits Times 3189.36 -25.15 -0.78
Hang Seng 19495.82 -429.92 -2.16
Shanghai 3248.05 -28.04 -0.86

ADR Watch:

Particulars 09th March  Chg.       Chg.(%)
Dr. Reddy 53.56 -0.69 -0.27
HDFC Bank 66.18 -1.82 -2.68
ICICI Bank 20.54 -0.65 -3.07
Infosys 17.72 -0.44 -2.42
Wipro 4.73 -0.09 -1.87

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.11 0.12
Brent 81.35 -0.25
Gold 1833.50 -0.06
Silver 20.065 -0.50

FIIs & DIIs:

Particulars 09th March 08th March
FIIs                           -561.78 3671.56
DIIs 42.41 -937.80

News Update:

Reliance Industries: Reliance Consumer Products, the consumer goods arm of Reliance Retail Ventures, will relaunch the iconic beverage brand Campa with a fresh look. Also, Reliance Polyester, formerly known as Reliance Petroleum Retail, completed the acquisition of polyester business of Shubhalakshmi Polyesters and Shubhlaxmi Polytex.

Bank of Baroda: The board of the bank approved divestment of 49% stake in its wholly owned cards subsidiary BOB Financial Solutions.

Jubilant FoodWorks: Sameer Batra joined the company as president and chief business officer–Domino’s India with effect from March 9, 2023. He will be responsible for steering Domino’s Pizza India to its next phase of growth.

Ujjivan Small Finance Bank: The bank has received observation letters from BSE and NSE for the merger of Ujjivan Financial Services, enabling it to proceed with filing the scheme of amalgamation with the NCLT.

REC: The board has approved raising Rs 1.2 lakh crore from various debt instruments for the financial year 2023-24.

Wipro: The company has been selected by Menzies Aviation, the world’s largest aviation services company, to transform its air cargo management services.

Welspun Corp.: Welspun DI Pipes, a wholly owned subsidiary of the company, received the ‘Kitemark’ certificate from British Standards Institution, U.K. for size range of 100 to 1,000 DN against EN 545 and ISO 2531 standards. These are the international standards for ductile iron pipes used for transportation of potable water.

NBCC (India): Received work order to construct new campus for Indian Institute of Foreign Trade at Kakinada for Rs 229.81 crore.

PNC Infratech: The company has been selected as the lowest bidder for two hybrid annuity highway projects for a cumulative bid project cost of Rs 2,004.43 crore.

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 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,
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
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing 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
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
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:
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