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

Asian stocks headed for a fifth week of declines following more weakness in US equities and a surge in short-end Treasury yields that reflects expectations for outsized Federal Reserve interest rate hikes. Shares fell in Japan, Australia and Hong Kong after the S&P 500 Index closed at its lowest level in about two months. The latest US economic data painted a mixed picture for the economy that backed the view for hawkish monetary policy. Oil headed for a third weekly loss as a deteriorating global economic backdrop stoked demand concerns and a buoyant dollar made crude more expensive for most buyers. Meanwhile, gold steadied after plunging to its lowest level in two years. Back home, India’s stock benchmarks declined for the second day in a row, dragged by losses in information technology, pharma, realty stocks. The local currency extended losses against the U.S. dollar for the second consecutive session. At 7:40 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.5% lower at 17,787 points.

Economic Calendar:

  • USD : Building Permits (Aug) on 20th September, 2022
  • USD : Fed Interest Rate Decision on 21st September, 2022
  • INR : FX Reserves, USD on 16th September, 2022
  • INR : RBI MPC Meeting Minutes on 28th September, 2022

Brokerage Radar:

MS ON ICICI PRU LIFE: OW, TP Rs.700; Management has a positive bias toward VNB margin.; It thinks retail protection APE will likely grow on a YoY basis in F2H23 & reach pre-pandemic absolute volumes in 4-6 qtrs

CLSA ON ASIAN PAINTS: UP, TP Rs.3420; Demand setting remains firm; Margin recovery likely, long-run guidance maintained at 18-20% Ebitda margin; Endeavour ahead is to drive contribution from home decor from 3% to 10% over next 10 yrs

MS ON ZOMATO: BUY, TP Rs. 95; Solid combination of growth & improving margins; Indian food delivery market can expand to 3-4x current size, driving est. of 31% GMV & 33% rev CAGR (FY23-26e); With FY24e EV to sales (including Blinkit for 1st time) at 3.9x, believe vals are attractive

International Markets:

U.S & Europe:

Particulars 15thSeptember Chg. Chg.(%)
Nasdaq 11552.36 -167.32 -1.43
Dow 30961.82 -173.27 -0.56
FTSE 7282.07 4.77 0.07
CAC 6157.84 -64.57 -1.04
DAX 12956.66 -71.34 -0.55
Dow Fut.* 30812.90 -148.90 -0.48

Asian markets:

Particulars        16th  September Chg. Chg.(%)
SGX Nifty 17765.50 -113.50 -0.63
Nikkei 27574.58 -301.33 -1.08
Straits Times 3267.25 -0.73 -0.02
Hang Seng 18755.84 -174.54 -0.92
Shanghai 3160.43 -39.49 -1.23

ADR Watch:

Particulars 15th September  Chg. Chg.(%)
Dr. Reddy 51.71 -1.19 -2.25
HDFC Bank 66.95 -0.87 -1.28
ICICI Bank 23.17 -0.21 -0.90
Infosys 17.79 -0.29 -1.60
Tata Motor 27.61 -0.48 -1.71
Wipro 5.07 -0.04 -0.78

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.70 0.32
Brent 91.09 0.28
Gold 1672.10 -0.31
Silver 19.140 -0.67

FIIs & DIIs:

Particulars 15th September 14th September
FIIs -1270.68 -1397.51
DIIs -928.86 187.58

News Update:

UPL: Acquired 26% stake in Clean Max Kratos Pvt Ltd. that will develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project. UPL will further invest Rs 39.6 crore in Clean Max Kratos.

Vedanta: Clarified that the proposed semiconductors business will be undertaken by its ultimate holding company – Volcan Investments.

State Bank of India: Clarified that it has not been identified as a nodal bank for handling Russia-related transactions. SBI noted that RBI has authorised all the banks in India to open Special Rupee Vostro account to promote invoicing in Indian Rupee. Accordingly, the bank is making necessary arrangements and processing requests received from various banks, including Russian banks, as per guidelines and its own policies and procedures.

Tata Power: Tata Power Solar Systems, wholly owned subsidiary of Tata Power Renewable Energy Limited received the Letter of Award of Rs 612 crore for setting up a 100 MW ground- mounted solar project for SJVN.

Adani Ports & SEZ: Signed a concession agreement with Syama Prasad Mookerjee Port to develop berth no. 2 at Haldia Dock Complex in West Bengal for an estimated cost of Rs 298 crore. It will design, build, finance, operate, maintain, and manage the bulk terminal with capacity of 3.74 million tons per annum for a concession period of 30 years.

MTAR Technologies: Received orders worth Rs 540 crores in clean energy segment including civil nuclear power.

CSB Bank: Appointed Pralay Mondal as the Managing Director and Chief Executive Officer.

Source: Moneyontrol, 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