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

Most Asian stocks fell on Wednesday amid growth concerns while Treasuries retained gains in the wake of inflation data that signaled flexibility for the Federal Reserve over when to start tapering stimulus. Shares retreated in Japan and Australia, but edged higher in South Korea. U.S. futures rose. The S&P 500 and Nasdaq 100 declined overnight. The 10-year Treasury yield remained below 1.3%, narrowing the yield gap between short- and longer-maturity U.S. debts. Bonds in Australia and New Zealand also advanced. The dollar was steady. The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance rose 0.13% to 17,414, as of 8:10 a.m. U.S. inflation was less than forecast in August, supporting the view that pandemic-related price pressures could be transitory but leaving the overall argument undecided. A gauge of commodity prices remains around a decade-high, underscoring the rise in costs filtering across the global economy.

Major Economic Data:

  • INR: Trade Balance (Aug) on 15th September, 2021.
  • USD: Crude Oil Inventories on 15th September, 2021.
  • USD: Core Retail Sales (MoM) (Aug) on 16th September, 2021

Brokerage Radar:

CLSA ON HINDALCO: Maintain BUY at the price of Rs 477.95 for the target price of Rs 570. Management indicates sustained strength in Novelis & Ali prices. Co expects aluminum prices to settle above past averages. It is working towards ensuring coal supplies for H2. Impact of semiconductor shortage is unlikely to worsen any further. They raise estimates on higher LME. Well placed with strong aluminum prices & robust scrap spreads.

JEFFERIES ON L&T: Maintain BUY at the price of Rs 1696.45 for the target price of Rs 2105. See more capex intensive India over the next 3-5 years; Co focusing on new technologies to raise the share of its green portfolio exposure. Order flow bunching up & strategic plan are triggers in next 3-6 months.

International Markets:

U.S & Europe

Particulars       14th Sept    Chg Chg(%)
Nasdaq 15,037.76 -67.82 -0.45
Dow 34,577.57 292.06 -0.84
FTSE 7,034.06 -34.37 -0.49
CAC 6,652.97 -23.96 -0.36
DAX 15,722.99 21.57 0.14
Dow Fut.* 34,618.00 35.00 0.10

Asian markets:

Particulars    15th Sept    Chg Chg(%)
SGX Nifty 17,414.00 23.00 0.13
Nikkei 30,476.92 -193.18 -0.63
Straits Times 3,056.15 -24.22 -0.79
Hang Seng 25,177.44 -324.79 -1.27
Shanghai 3,648.62 -13.98 -0.38

ADR Watch:

Particulars     14th Sept Chg Chg(%)
Dr Reddy 66.87 -0.33 -0.49
HDFC Bank 74.09 -1.11 -1.48
ICICI Bank 19.19 -0.12 -0.62
Infosys 23.01 0.05 0.22
Tata Motor 20.55 0.11 0.54
Wipro 9.55 0.03 0.32

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR        73.79 -0.08
Brent 73.91   0.42
Gold 1804.95      -0.12
Silver 23.823 -0.26

FIIs & DII

Particulars         14th Sept         13th Sept
FIIs 1649.60 1419.31
DIIs -310.31 -559.59

News Update:

Shree Cement: To set up integrated cement plant in Nawalgarh Tehsil of Rajasthan with clinker capacity of 3.8 Million Ton Per Annum and cement capacity of up to 3.5 MTPA. The plant will cost company Rs 3,500 crore. The proposed capacity will be added by quarter ended March 2024. The company will also set up solar power plants with capacity up to 106 MWp. The plants will be set to meet the captive power requirement of cement plants. Investment required for power plants estimated at Rs 500 crore. The proposed capacity to be set by quarter ending September 2022. Further, the company’s wholly owned subsidiary, Shree Cement East Pvt Ltd, will set up a clinker grinding unit with capacity of 3 MTPA in Purulia district of West Bengal. The unit will cost company Rs 750 crore.

LIC Housing Finance: Promoter Life Insurance Corporation of India’s stake in the company increased to 45.239% from 40.313% post preferential allotment.

Power Finance Corporation: UBS Group AG increased stake in the company to 5.67% from 3.4% earlier, through the rights issue.

Jindal Steel & Power: CRISIL Ratings has upgraded the rating of the Long-Term Bank Facilities of the company to A+/positive from A-/stable. The rating agency also upgraded Short-Term Bank Facilities’ rating to A1+ from A2+.

Gail (India): The company is in process of accepting Letter of Intent and signing a Sale and Purchase Agreement with IL&FS to acquire 26% equity stake of IL&FS group in ONGC Tripura Power Company. After acceptance of LOI by GAIL and signing of SPA, IL&FS will send the proposal to NCLT. The transaction will be completed after NCLT approval.

Tata Steel: Moody’s Investors Service has upgraded the corporate family rating of Tata Steel to ‘Ba1’ from ‘Ba2’. The rating outlook remains stable.

Zee Entertainment Enterprises: Rakesh Jhunjhunwala’s Rare Enterprises bought 50 lakh shares of the media company at Rs 220.4 per share through a bulk deal on the NSE. Separately, BofA Securities also reportedly bought 48.6 lakh shares of the company at Rs 236 per share. The media company’s stock has skyrocketed 40 percent after top investors of the company called a shareholder meeting for a management reshuffle

Rana Sugars: The company has divested 10 percent equity investment in Karimganj Biofuels by the way of transfer of its shares

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 www.elitewealth.in. 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)
Manoj Vijay Shinde, Elite Wealth Limited, manojshinde@elitewealth.in
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 inirectly, 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 www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing
research@elitestock.com 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 research@elitestock.com.
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 https://www.elitewealth.in
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, advisory 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. RavinderParkash 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: www.elitewealth.in
EWL Advisory 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 Advisory or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL Advisory 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 Advisory 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 Advisory or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL Advisory or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL Advisory 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 Advisory 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 Advisory 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 Advisory 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 Advisory
Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of
clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or
brokerage services transactions of the subject company.
(4) EWL Advisory or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL Advisory has never been engaged in market making activity for the subject company;
(6) EWL Advisory shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.