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

Asia markets declined, following a drop in the U.S. benchmarks after comments by two Federal Reserve officials that they were considering 50 basis-point interest rate hikes to battle persistently high inflation. The S&P 500 Index lost 1.4% and the Nasdaq 100 sank 1.9%, while the yield on the benchmark 10-year Treasury surged to the highest level this year. Meanwhile, the yield on 10-year Treasuries advanced to 3.87%. Crude prices were trading around $85-mark, while Bitcoin was trading below 24,000-level. At 6:01 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.38% at 17,999.5. India’s benchmark stock indices ended firm for the third day in a row on Thursday, led by gains in I.T., metal and realty stocks. Rupee snapped its three-day decline against the U.S. dollar on account of a broadly weaker greenback and stronger domestic equities.

Economic Calendar:

  • USD : Existing Home Sales (Jan) on 21st February, 2023
  • USD : GDP (QoQ) (Q4) on 23rd February, 2023
  • INR : FX Reserves, USD on 17th February, 2023
  • INR : GDP Quarterly (YoY) (Q3) on 28th February, 2023

Brokerage Radar:

CS ON DR REDDY’S: U-P, TP Rs 4100; Indivior expects launch of gSuboxone by Apotex in 1QFY24; Suboxone still constitutes 7% of DRL’s’ base EBITDA; Entry of Apotex can potentially impact 2/5th of its EBITDA from gSuboxone

MS ON NESTLE: UW, TP Rs 15315; 4Q below expectations on top line but ahead on margins; Remain UW, given weaker growth in largest category, margin pressure & likely mix deterioration, & relative valuation

JPM ON KFIN TECH: Initiate Neutral, TP Rs 320; Co’s guidance of maintaining EBITDA margins at 40-45% will need monitoring given B2B nature of biz & inherent operating leverage impact as AUM growth moderates.

International Markets:

U.S & Europe

Particulars 16th February Chg. Chg.(%)
Nasdaq 11855.83 -214.76 -1.78
Dow 33696.85 -431.20 -1.26
FTSE 8012.53 14.70 0.18
CAC 7366.16 65.30 0.89
DAX 15533.64 27.30 0.18
Dow Fut.* 33628.40 -68.50 -0.20

Asian markets

Particulars 17th February Chg. Chg.(%)
SGX Nifty 17969.50 -98.50 -0.55
Nikkei 27537.36 -159.08 -0.58
Straits Times 3325.77 14.54 0.44
Hang Seng 20893.35 -94.32 -0.45
Shanghai 3252.92 3.89 0.12

ADR Watch:

Particulars 16th February  Chg.       Chg.(%)
Dr. Reddy 54.89 -0.30 -0.54
HDFC Bank 69.23 -0.34 -0.49
ICICI Bank 20.87 -0.11 -0.52
Infosys 19.12 -0.11 -0.57
Wipro 4.92 -0.02 -0.40

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.81 0.11
Brent 84.77 0.17
Gold 1837.95 -0.75
Silver 21.460 -1.15

FIIs & DIIs:

Particulars 16th February 15th February
FIIs                           1570.62 432.15
DIIs 1577.27 516.64

News Update:

Vedanta: The company was selected as the preferred bidder for receiving composite licence for Kelwardabri block in Chhattisgarh, which has reserves of nickel, chromium and associated platinum group elements.

REC: Fitch Ratings has assigned ‘BBB-’ rating to proposed senior unsecured notes of the company, which will be issued from its existing $7 billion global medium-term note programme.

RailTel Corporation of India: The company received a work order worth Rs 27.07 crore from Bangalore Metro Rail Corporation for supply, installation testing and commissioning of the IT network infrastructure, and a comprehensive annual maintenance contract of Rs 6.22 crore per year for 5 years, extendable to 10 years. Vodafone Idea/Bharti Airtel/Reliance Industries: Vodafone Idea lost 2.47 million subscribers in December last year, while Bharti Airtel and Reliance Jio Infocomm added 1.53 million and 1.7 million subscribers during the month, respectively, as per data released by telecom regulator TRAI.

Angel One: Narayan Gangadhar resigned from the position of CEO of the company, effective close of business hours on May 16, 2023, due to personal reasons. The day-to-day affairs of the company will be under chairman and managing director Dinesh Thakkar for now.

Engineers India: The company signed an memorandum of agreement with Oil India to carry out technological studies and feasibility reports for the upstream, midstream and the downstream value chain.

UltraTech Cement: The company commissioned 1.30 mtpa brownfield cement capacity in Hirmi, Chhattisgarh and 2.80 mtpa greenfield grinding capacity in Cuttack, Odisha, taking its total cement manufacturing capacity in India to 126.95 mtpa.

Hindustan Aeronautics/Bharat Forge: Hindustan Aeronautics, Saarloha Advanced Materials and Bharat Forge signed an MOU for collaboration in development and production of aerospace grade steel alloys.

Power Grid Corporation of India: POWERGRID Bhuj Transmission, a wholly owned subsidiary of the company, commissioned the transmission system for providing connectivity to renewable energy projects at Bhuj-II in Gujarat.

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