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

Asian equities look poised for a cautious open on Wednesday ahead of a critical inflation report from the U.S. Futures for benchmarks in Japan and Australia suggested small declines for those markets while contracts for Hong Kong indicated a slight gain. Futures for the S&P 500 and Nasdaq 100 were fractionally higher in Asia after the indexes fell 0.5% and 0.7%, respectively, on Tuesday. U.S. gauges have been stuck in narrow trading ranges as investors weigh the potential end of the Federal Reserve’s interest rate hikes against the possibility of an economic slowdown Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.51%. Crude prices traded around $77-mark, while Bitcoin declined below 28,000-level. At 6:00 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.02% at 18,307.5. Domestic benchmarks—BSE Sensex and NSE Nifty 50—closed mostly unchanged, with decline in PSU banks and realty stocks countering the advance in IT, auto and pharma stocks. The Indian rupee closed lower against the U.S. dollar amid a stronger greenback and tepid domestic equities.

Economic Calendar:

  • USD : CPI (MoM) (Apr) on 10th May, 2023
  • USD : PPI (MoM) (Apr) on 11th May, 2023
  • INR : CPI (YoY) (Apr) on 12th May, 2023
  • INR : Industrial Production (YoY) (Mar) on 12th May, 2023

Q4 Results Today:Larsen & Toubro, Dr Reddy’s Laboratories, Gujarat Gas, Godrej Consumer Products, Prism Johnson, Procter & Gamble Hygiene & Health Care, Relaxo Footwears, Sanofi India, Sagar Cements, Cera Sanitaryware, BASF India, Bosch, Escorts Kubota, Gokul Agro Resources, HG Infra Engineering, JBM Auto, Kabra Extrusiontechnik, MAS Financial Services, Novartis India, Orchid Pharma, Pricol,

Brokerage Radar:

UBS ON INDUSIND BANK: Upgrade to Buy, TP raised to Rs 1450; Believe INDUS’s high PPOP to assets ratio (3.4% in FY24E/FY25E vs 2.7-3.2% for private peers ) could translate to higher ROA (2%/1.9%), driven by declining credit costs; Trading at 1.4x FY24E P/BV (below its past 5-yr avg.)

MACQUARIE ON LUPIN: O-P, TP Rs 790; 4Q Rev/EBITDA/PAT beat est. by 6%/29%/83%; EBITDA margin of 13.6% beat est. by 250bps; Rev beat primarily driven by higher-than-expected rev for API biz & other operating income; PAT beat driven by EBITDA beat & lower-than-expected tax expenses

MS ON APOLLO TYRE: MS (1st cut); OW, TP Rs 400; Beat in standalone, in line in Europe; Consol. rev, EBITDA & PAT growth of 12%,59% & 257% YoY, respectively. Consolidated EBITDA 3% ahead of est. Standalone EBITDA of Rs7bn (+85% YoY and +27% QoQ) was 14% ahead of est.

International Markets

U.S & Europe:

Particulars 09th May Chg. Chg.(%)
Nasdaq 12179.55 -77.36 -0.63
Dow 33561.81 -56.88 -0.17
FTSE 7764.09 -14.29 -0.18
CAC 7397.17 -43.74 -0.59
DAX 15955.48 2.65 0.02
Dow Fut.* 33588.40 26.60 0.08

Asian markets

Particulars 10th May Chg. Chg.(%)
SGX Nifty 18342.00 31.00 0.17
Nikkei 29113.33 -129.49 -0.44
Straits Times 3245.96 3.01 0.09
Hang Seng 19699.11 -168.47 -0.85
Shanghai 3325.84 -31.83 -0.96

ADR Watch:

Particulars 09th May  Chg.       Chg.(%)
Dr. Reddy 60.37 -0.08 -0.13
HDFC Bank 65.99 -1.13 -1.68
ICICI Bank 22.89 -0.18 -0.78
Infosys 15.27 0.01 0.07
Wipro 4.65 0.03 0.65

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.08 0.00
Brent 76.83 -0.79
Gold 2039.05 -0.19
Silver 25.858 -0.15

FIIs & DIIs:

Particulars 09th May 08th May
FIIs                           1942.19 2123.76
DIIs 404.70 245.27

News Update:

IRB Infrastructure Developers: The company reported 18.76% year-on-year increase in toll collection during April 2023 at Rs 388.42 crore. Toll collection by wholly owned subsidiaries increased 16.5% year-on-year to Rs 194.52 crore, while that by joint ventures entities under IRB Infrastructure Trust grew 4.3% to Rs 193.90 crore.

Raymond: The company will raise Rs 2,200 crore by issuing non-convertible debentures to Raymond Consumer Care for repayment of external debt.

Greaves Cotton: The company completed first stage of acquisition of 60% shareholding in Excel Controlinkage.

Nazara Technologies: The company will invest Rs 15 crore in subsidiary Next Wave Multimedia by acquiring 19.5% stake from promoters.

Hindustan Petroleum Corporation/Life Insurance Corporation of India: The insurance major increased its shareholding in the state-run refiner to 5.013% from 4.901%.

SRF: company has increased its capex to set up an aluminium foil manufacturing facility to Rs 530 crore from Rs 425 crore earlier. In March, the company incorporated wholly owned subsidiary for setting up the said manufacturing facility.

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 pMarket View 13th April 2023reviously 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