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

Shares climbed in Japan, South Korea and Australia, following a 1.4% gain in the S&P 500, which notched its best session in nearly two weeks. Crude rose 3.6% as a key pipeline between the U.S. and Canada remains shut, with uncertainty clouding reopening prospects. Gold futures fell 0.9%, whereas Bitcoin declined 0.6% to trade around $17,000-level. The Indian benchmark indices closed flat after a volatile session, with 11 out of the 20 sectoral indices complied by the BSE advancing, and the remaining nine falling. Rupee started the week with losses against the U.S. dollar after a three-day rally amid tepid domestic equity markets and foreign capital outflows ahead of macroeconomic announcements. Investors will be closely watching the US inflation data, which is expected to show prices, while still high, are continuing to decelerate. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.26% to 18,647.

Economic Calendar:

  • USD : CPI (MoM) (Nov) on 13th December, 2022
  • USD : Fed Interest Rate Decision on 15th December, 2022
  • INR : WPI Inflation (YoY) (Nov) on 14th December, 2022
  • INR : Trade Balance on 15th December, 2022

Brokerage Radar:

JEFFERIES ON DALMIA: Buy, TP Rs 2060; Announced acquisition of 9.4/6.7mtpa cement/clinker capacity in Central/East regions from JP Associates; Will enable co emerge as a Pan India Cement player

GS ON L&T: Buy, TP Rs 2460; To benefit from 1) Sustained momentum in govt funded domestic infra projects, & order inflow from ME; 2) Pick-up in private capex; 3) potential sale/financing of non-core power, road, & metro projects, which will improve b/s/return ratios

CS ON SIEMENS: Neutral, TP Rs 2825; FY22 marked a turn; can do even better as FY22 held by forex losses and supply chain; Co shared +ve commentary & suggested that it does not see any slowdown in investment cycle momentum, & it continues to see strong capex by public sector

International Markets:

U.S & Europe

Particulars 12th December Chg. Chg.(%)
Nasdaq 11143.74 139.12 1.26
Dow 34005.04 528.58 1.58
FTSE 7445.97 -30.66 -0.41
CAC 6650.55 -27.09 -0.41
DAX 14306.63 -64.09 -0.45
Dow Fut.* 34001.00 -4.00 -0.01

Asian markets

Particulars 13th December Chg. Chg.(%)
SGX Nifty 18638.00 40.00 0.22
Nikkei 27946.09 103.76 0.37
Straits Times 3270.23 30.57 0.94
Hang Seng 19575.51 111.88 0.57
Shanghai 3179.26 0.22 0.01

ADR Watch:

Particulars 12th December  Chg.       Chg.(%)
Dr. Reddy 54.31 0.46 0.85
HDFC Bank 69.31 0.61 0.89
ICICI Bank 22.81 0.09 0.40
Infosys 18.41 -0.08 -0.43
Tata Motor 24.73 0.01 0.04
Wipro 4.80 0.09 1.91

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.53 0.32
Brent 78.97 1.11
Gold 1796.65 0.24
Silver 23.672 1.15

FIIs & DIIs:

Particulars 12th December 09th December
FIIs                           -138.81 -158.01
DIIs 695.60 501.63

News Update:

Dalmia Bharat: Dalmia Cement (Bharat), a wholly owned subsidiary, has entered a binding agreement for the acquisition of the cement, clinker and power plants from Jaiprakash Associates and its associate.

Tata Motors: The company’s board has given in-principle approval for partial divestment of the company’s investment in subsidiary Tata Technologies via the IPO route.

ICICI Bank: Raised Rs 5,000 crore via senior unsecured redeemable long-term bonds on private placement basis.

KEC International: Secured new orders worth Rs 1,349 crore across its transmission and distribution, civil and cables verticals.

Godrej Agrovet: Entered into two sale deeds for sale of land measuring 3.92 acres in Ambattur, Tamil Nadu for Rs 71.36 crore.

Maruti Suzuki India: Unveiled its first mass segment flex fuel prototype car, designed to run on any ethanol-petrol blend.

V-Guard Industries: Signed definitive agreements to acquire 100% stake in Sunflame Enterprises for Rs 660 crore by mid of January 2023.

Mahindra CIE Automotive: The company invested additional Rs 2.43 crore in Strongsun Solar, to acquire additional 27.35% stake.

GR Infraprojects: The company will sell its entire stake in subsidiary GR Highways Investment Manager to Lokesh Builders for Rs 15 crore.

Route Mobile: Uganda Telecommunications Corporation appointed 365squared, a step-down subsidiary of the company, as its exclusive partner for SMS firewall and A2P SMS monetisation solutions and services.

One97 Communications: The board of the company will meet on Dec. 13 to consider the proposal of a share buyback.

BGR Energy: Received orders worth Rs 330 crore from Indian Oil Corporation for construction of civil and structural works at Panipat Refinery Project Complex.

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