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

Asian stocks and U.S. equity futures rose Monday, amid inflation risks from commodity-supply disruptions ahead of the US Federal Reserve’s meeting, which could see the central bank raised interest rates by 25 basis points. Japanese and Australian shares advanced. Investors were parsing efforts at diplomacy to tackle the Russia-Ukraine conflict, as well as comments from a U.S. official that Russia asked China for military ​equipment. U.S. equity futures rose. Brent crude dipped to $110 per barrel. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50 index, fell 0.66% to 16,539.50 points as of 8:25 am. A dollar gauge and the yen slipped, while the euro edged up. The Russian ruble was indicated slightly stronger versus the greenback. Gold retreated further from $2,000 an ounce. Bitcoin fell below $38,000.

Economic Calendar:

  • INR: CPI Inflation on 14th March 2022.
  • INR: WPI Inflation on 14th March 2022.
  • USD: FOMC Interest Decision on 16th March, 2022.
  • USD: Philly Capex Index on 17th March, 2022.

Brokerage Radar:

CLSA ON ESCORTS: Initiate Buy, TP Rs 2196 Play on recovery in tractor cycle Expect strong growth (an 11% EPS Cagr in FY21-24) over next 3 yrs, led by revival in tractor vol Believe growth in construction & railways biz not priced in Kubota investment to open multiple growth.

MORGAN STANLEY ON ONE 97 COMMUNICATION (Paytm): Downgrade to EW from OW, TP Cut to Rs 935 from Rs 1425 RBI has stopped new customer acquisitions at Paytm payments bank owing to supervisory concerns – near-term biz impact is limited, but this increases regulatory uncertainty.

MORGAN STANLEY ON HDFC BANK: Overweight, TP Rs 2050 Bank has been working on new digital initiatives aside from ban & expect to roll them out over next few qtrs This, coupled with RBI move, should help reduce investor concerns around bank’s digital capabilities.

NOMURA ON HDFC BANK: Buy, TP Rs 1955 RBI lifts ban on Digital 2.0 after a year Focus to shift to NII and loan growth With this, think negative sentiment from a supervisory oversight ought to finally dissipate

International Markets:

U.S & Europe:

Particulars 11th Mar Chg Chg(%)
Nasdaq 12,843.81 -286.15 -2.18
Dow 32944.19 229.88 -0.69
FTSE 7,155.64 56.55 0.8
CAC 6,260.25 53.05 0.85
DAX 13,628.11 186.01 1.38
Dow Fut.* 33081.6 137.9 0.42

Asian markets:

Particulars 14th Mar Chg. Chg(%)
SGX Nifty 16,539.50 -110 -0.66
Nikkei 25,337.39 174.61 0.69
Straits Times 3,237.39 -12.27 -0.38
Hang Seng 19,947.84 -605.95 -2.95
Shanghai 3,285.07 -24.68 -0.75

ADR Watch: 

Particulars 11th Mar Chg. Chg.(%)
Dr Reddy 50.86 0.3 0.59
HDFC Bank 56.87 -0.46 -0.8
ICICI Bank 17.61 -0.05 -0.28
Infosys 24.01 0.17 0.71
Tata Motor 26.2 0.08 0.31
Wipro 7.54 -0.03 -0.4

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.31 -0.45
Brent 109.31 -2.98
Gold 1976.75 -0.42
Silver 25.878 -1.07


Particulars 11th Mar 10th Mar
FIIs -2263.90 -1981.15
DIIs 1686.85 945.71

News Update:

Sobha: Vice Chairman and Managing Director Jagdish Chandra Sharma has tendered his resignation with effect from April 1, 2022.

Jubilant FoodWorks: Chief Executive Officer Pratik Rashmikant Pota resigned from the role and will continue till June 15, 2022.
GAIL India : The company approved second interim dividend of Rs 5 per equity share, 50% of the paid up share capital.

Lupin: The company received U.S. FDA approval for its Abbreviated New Drug Application (ANDA), Vigabatrin for Oral Solution USP, 500 mg to market a generic equivalent of Sabril for Oral Solution, 500 mg of Lundbeck Pharmaceuticals.

HDFC Bank: The Reserve Bank of India has allowed HDFC Bank to resume new digital initiatives, removing all previous curbs.

One 97 Communications: The Reserve Bank of India has barred Paytm Payments Bank from adding new customers.

Tech Mahindra: Acquires Thirdware Solutions for $42 million.

IDBI Bank: The lender has executed an investment agreement in National Asset Reconstruction Company for 5% stake.

Punjab & Sind Bank: The bank executed an investment agreement in National Asset Reconstruction Company for 2% stake for Rs 55 crore.

Torrent Power: The company has completed acquisition of Surya Vidyut that operates 156 MW Wind power plants spread across the states of Gujarat, Rajasthan, and Madhya Pradesh.

Prime Focus: Received NCLT approval for scheme of amalgamation of PF Digital Media Services with Prime Focus.

Dhanvarsha Finvest: The company will raise funds amounting to Rs 886,571,400 through issue of 2,301,641 equity shares at an issue price of Rs 132 per share (inclusive of premium of Rs 130 per share) and 4,414,809 convertible warrants at Rs 132 per warrant.

Source: Moneycontrol, Livemint,, Bloomberg, 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