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

Shares declined in Asia following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth. Stocks slumped in Japan and South Korea as trading resumed after holidays. Contracts for the S&P 500 and Nasdaq 100 fluctuated while Australian equities edged higher. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — was little changed at 17,226. Yield on the 30-year Treasury rose to 3.93%, the highest since 2014, as trading in US government bonds resumed following Monday’s holiday. The mood remains fragile ahead of Thursday’s US inflation data, with the case for another 75 basis-point rate hike likely to be strong if the data comes in hotter-than-expected. Elsewhere in markets, oil dropped, gold was steady, while Bitcoin edged lower.

Economic Calendar:

  • USD : PPI (MoM) (Sep) on 12th October, 2022
  • USD : CPI (MoM) (Sep) on 13th October, 2022
  • INR : CPI (YoY) (Sep) on 12th October, 2022
  • INR : WPI Inflation (YoY) (Sep) on 14th October, 2022

Q2FY23 Result Today: Delta Corp,G.M. Breweries,Gujarat Hotels, Supreme Infrstructure India, Trident Texofab, Choksi Imaging

Brokerage Radar:

CITI ON INFOSYS: Buy, TP Rs 1625; To consider buy back on Oct 13th; In past 2 buybacks, co announced buyback for an aggregate amount not exceeding Rs92bn/Rs82.6bn & were open market; Open market buyback may provide support to stock

CITI ON TCS: Sell, TP raised to Rs 2900; Good 2Q – UK/India drives beat; Deal TCV at $8.1b (vs past 4 quarter avg: $8.7b; +7% yoy); Demand sustainability key – management commentary was mixed; not surprising given backdrop

CLSA ON TCS: O-P, TP Rs 3450; 2QFY23 in-line with est.; Near-term revenue outlook intact and supply pressure abating; Long-term demand outlook: softness, yes, but no alarms; Increased confidence in margin management

International Markets:

U.S & Europe:

Particulars 10th October Chg. Chg.(%)
Nasdaq 10542.10 -110.31 -1.04
Dow 29202.88 -93.91 -0.32
FTSE 6959.31 -31.78 -0.45
CAC 5840.55 -26.39 -0.45
DAX 12272.94 -0.06 0.00
Dow Fut.* 29075.50 -127.40 -0.44

Asian markets:

Particulars 11th  October Chg. Chg.(%)
SGX Nifty 17160.00 -68.00 -0.39
Nikkei 26480.97 -635.14 -2.34
Straits Times 3115.98 8.51 0.27
Hang Seng 16958.81 -257.85 -1.50
Shanghai 2977.49 3.34 0.11

ADR Watch:

Particulars 10th October  Chg. Chg.(%)
Dr. Reddy 52.58 0.18 0.34
HDFC Bank 57.60 0.15 0.26
ICICI Bank 21.24 0.17 0.81
Infosys 17.56 0.50 2.93
Tata Motor 23.61 -0.66 -2.72
Wipro 4.93 0.20 4.23

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.32 0.00
Brent 95.88 -0.32
Gold 1671.85 -0.20
Silver 19.492 -0.63

FIIs & DIIs:

Particulars 10th October 07th October
FIIs  -2139.02 2137.46
DIIs -2250.77 545.25

News Update:

Infosys: The board of the company will meet on Oct. 13 to consider proposal for buyback of shares.

Adani Ports and Special Economic Zone: Received approval from Ahmedabad and Hyderabad benches of the National Company Law Tribunal to fully take over Gangavaram Port. The company will acquire the remaining 58.1% stake in a share-swap deal from DVS Raju and family for around Rs 6,200 crore, at Rs 120 apiece.

Panacea Biotec: Received long-term supply awards worth $127.30 million (Rs 1,040 crore) from UNICEF and Pan American Health Organization for supply of its WHO pre-qualified fully liquid pentavalent vaccine, Easyfive-TT.

IRB InvIT Fund: Toll collection of the fund increased 39% on-year across its existing road portfolio at Rs 72.61 crore.

Adani Green Energy/Inox Wind: The company has completed acquisition of 100% equity share capital of three entities—Wind One Renergy, Wind Three Renergy and Wind Five Renergy—from Inox Green Energy Services, each housing 50 MW operational wind power projects.

Power Finance Corporation: Khandukhal Rampura Transmission Ltd., a wholly owned subsidiary of PFC Consulting Ltd. that was established to develop 400 KV Khandukhal-Rampura D/C line has been transferred to the successful bidder, Megha Engineering & Infrastructures Ltd.

Bank of Baroda: The lender hiked MCLR in the range of 10-15 basis points for across tenors. The revised MCLR will come into effect from Oct. 12, 2022.

  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