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

Stocks in Asia climbed Thursday and Treasuries held on to a rally that inverted the US yield curve by the most in four decades.  Crude slipped 2.9% as supply from pipeline carrying Russian oil to Europe resumed while demand concerns lingered. Gold changed little, while Bitcoin fell 2.3% to dip below $16,500-level. Indian benchmarks Sensex and Nifty closed with slight gains, aided by advances in banking, capital goods and industrials stocks. Rupee fell sharply against the U.S. dollar a day after a strong close on the back of disappointing trade data and forex outflows. At 6:50 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.23% to 18,437.

Economic Calendar:

  • USD : Initial Jobless Claims on 17th November, 2022
  • USD : Existing Home Sales (Oct) on 18th November, 2022
  • INR : Bank Loan Growth on 18th November, 2022
  • INR : GDP Quarterly (YoY) (Q2) on 30th November, 2022

Brokerage Radar:

BOFA ON ABB: Neutral, TP Rs 3231; Robust orders/strong backlog provide near-term visibility; Margins continue to expand on short cycle and better mix; Outlook strong; Valuations at 60 est. 2yr fwd PE (at +2SD level) prices in +ves

MS ON HAL: OW, TP Rs 3024; Improving visibility & margin guidance revised upwards; F23rev growth guidance maintained at 7-8%, & EBITDA margin guidance revised to 26-27% (vs 24-25% earlier); H2F23 margin would be lower than H1F23 due to expected increase in share of manuf rev

CITI ON HIND ZINC: Neutral, TP Rs 285; Announced 2nd interim dividend of Rs15.5/sh, cash outflow of Rs88.7bn ($1.1bn); Total dividend for FY23 thus far- Rs36.5/sh, implying a payout of 147% on est. cash outflow of $1.9bn; Trades at 7x 1-yr fwd EV/EBITDA

International Markets:

U.S & Europe:

Particulars 16th November Chg. Chg.(%)
Nasdaq 11183.66 -174.75 -1.54
Dow 33553.83 -39.09 -0.12
FTSE 7351.19 -18.25 -0.25
CAC 6607.22 -34.44 -0.52
DAX 14234.03 -144.48 -1.00
Dow Fut.* 33549.70 -4.10 -0.01

Asian markets

Particulars 17th November Chg. Chg.(%)
SGX Nifty 18395.50 -84.50 -0.46
Nikkei 27915.58 -112.72 -0.40
Straits Times 3283.69 17.52 0.54
Hang Seng 17792.39 -464.09 -2.54
Shanghai 3095.72 -24.26 -0.78

ADR Watch:

Particulars 16th November  Chg.       Chg.(%)
Dr. Reddy 55.05 0.02 0.04
HDFC Bank 68.37 -1.06 -1.53
ICICI Bank 22.76 -0.29 -1.26
Infosys 19.69 -0.07 -0.35
Tata Motor 25.85 -1.18 -4.37
Wipro 4.98 -0.01 -0.20

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.30 0.25
Brent 91.94 -0.99
Gold 1769.35 -0.36
Silver 21.375 -0.69

FIIs & DIIs:

Particulars 16th November 15th November
FIIs  -386.06 -221.32
DIIs 1437.40 -549.28

News Update:

Wipro: Reached an agreement with employee representatives on setting up a European Works Council (EWC). Wipro’s EWC is the first to be established by an India-headquartered company. The creation of an EWC follows a request by employees under an EU directive establishing the opportunity in companies with more than 1,000 employees across multiple European locations.

Tata Power/Union Bank of India: Tata Power Solar Systems, a subsidiary of Tata Power, has tied up with Union Bank of India to facilitate solar rooftop adoption in MSME sector.

Hindustan Zinc: The company will pay an interim dividend of Rs 15.50 per share, amounting to Rs 6,549.24 crore.

Ircon International: The company emerged as the lowest bidder for construction of balance work of Bahuti Canal Project by Water Resource Department, Madhya Pradesh government on turnkey basis.

Asian Paints: The company has entered into technology and other allied agreements with Kellogg Brown & Root for manufacturing of Vinyl Acetate Monomer in India.

Tata Motors: Thierry Bollor, the CEO of Jaguar Land Rover and independent director of Tata Motors, has resigned, effective December 31. Adrian Mardell will take over as interim CEO at Jaguar Land Rover.

Aurobindo Pharma: The U.S. FDA inspection of the company’s API non-antibiotic manufacturing facility in Pydibhimavaram, Srikakulam District, Andhra Pradesh has been completed with the reception of an establishment inspection report.

One 97 Communications: SoftBank is planning to sell 29 million shares, comprising 4.5% stake, at Rs 555-601.45 each in a block deal.

Gujarat Themis Biosyn: The company’s board will convene on Nov. 21 to consider a dividend for the current fiscal.

Balrampur Chini Mills: The company commenced commercial production of industrial alcohol at its new distillery in the Maizapur Unit, with a capacity of 320 KLPD.

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