View on market: Volatility Prevails, Market is searching for better value
Strong economic data has stoked expectations that the Federal Reserve will be able to create a soft landing even if it maintains interest rates higher for longer, and Asian stocks are expected to follow suit. Australia, Japan, and Hong Kong all saw gains in their equity futures. Following advances on the S&P 500 and Nasdaq 100 on Thursday as retail sales and producer prices topped forecasts, contracts for U.S. equities also increased. After China’s central bank reduced the amount of cash lenders must maintain in reserve for the second time this year, investors in Asia will be closely monitoring a flood of economic data coming out of the country today. WTI Crude prices were above the $90 level, while Brent Crude prices were trading above $93 per barrel. The yield on the 10-year U.S. bond was trading at 4.29% and Bitcoin was below 27,000-level. At 5:19 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was unchanged 20,284.5.
- USD : Building Permits (Aug) on 19th Sep, 2023
- USD : Fed Interest Rate Decision on 20th Sep, 2023
- INR : FX Reserves, USD on 15th Sep, 2023
- INR : Trade Balance on 15th Sep, 2023
JEFFREIES ON CONCOR: Buy, TP raised to Rs 825; Management meet takeaways
Road to rail cargo shift seeing traction as Dadri-Rewari stretch completed in 1Q; Faster turnaround time &15%+cost differential helping rail; FY24 guidance remains at least 10% YoY EXIM & 15% domestic vol growth
UBS ON INTERGLOBE AVIAVTION: Buy, TP Rs 3300; P&W issue larger than expected; c3k engines to be recalled vs 1.2k; Turnaround time of c300 days vs 60 earlier
For Indigo, additional 26% of its fleet getting grounded for c300days,however impact should ideally be spread over next 3 yrs
CLSA ON CEMENT: Strength in demand continued in July & Aug; There has been an unseasonal price increase in Sept. However, that is partly offset by a sharp jump in fuel costs; As such, don’t see a case for upward revision in earnings yet while val remains elevated
U.S & Europe:
Commodities & Currency:
FIIs & DIIs:
|Particulars||14th September||13th September|
Adani Enterprises: Adani New Industries’ wind energy solutions unit announced its 5.2 MW wind turbine generator has been enlisted in the revised list of models and manufacturers published by the Ministry of New and Renewable Energy. The listing enables the commercial availability of Adani Wind’s 5.2 MW wind turbines. NTPC: The state-run power producer has signed a supplementary joint venture deal with UPRVUNL to take up joint development of two thermal projects in Uttar Pradesh.
Tata Power: Subsidiary Tata Power Renewable Energy signed a power delivery agreement with Xpro India to develop a 3.125 MW AC group captive solar plant in Achegaon, Maharashtra.
Alkem Laboratories: The Income Tax Department conducted a survey at some of the company’s offices and subsidiaries. The drugmaker said it is fully cooperating with the officials and that there has been no impact on its operations.
Bharat Forge: The company and its unit, Kalyani Strategic Systems, signed a pact to produce armoured vehicles in India for clients of global defence company Paramount. The partnership includes the development and production of 4×4 and 6×6 infantry combat vehicles for global customers.
Godrej Properties: The developer plans to raise Rs 1,500 crore via two NCD issues. Bank of Maharashtra: The lender has received total bids of Rs 760 crore for its issue of Basel III-compliant Tier 2 bonds on a private placement basis. – It has accepted a bid of Rs 515 crore, including a base issue of Rs 250 crore and a green shoe option retained up to Rs 265 crore, at a coupon rate of 7.98%.
Sona BLW Precision Forgings: The board approved an investment of $1.6 million in one or more tranches in the form of share capital in its wholly owned subsidiary in Mexico.
United Spirits: The company has filed an appeal against an order passed by the Additional Commissioner of Commercial Taxes (Enforcement) in the matter of the applicability of the GST rate on royalty income for the period September 2017 to September 2021. The quantum of claims is Rs 57.8 crore.
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 www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Analyst Certification (For Reports)
Kiran Tahlani, Elite Wealth Limited, firstname.lastname@example.org
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.
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.
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or e-mailing email@example.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 firstname.lastname@example.org.
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
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: www.elitewealth.in
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:
- 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;
(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
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 or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations