View on market: Volatility Prevails, Market is searching for better value

While investors wait for clues from the different central bank decisions made this week, starting with the Bank of Japan, shares in the Asia-Pacific region were trading slightly under pressure. At 06:36 a.m., the Nikkei 225 was down 256.30 points, or 0.64%, at 39,484.14, while the S&P ASX 200 was down 27.66 points, or 1.03%, at 2,658.18. During night, a surge in tech companies propelled U.S. markets into the new week. Following rumors that it was in talks to integrate Google’s Gemini artificial intelligence engine into the iPhone, Alphabet Inc. As of Monday, the Nasdaq 100 and S&P 500 index both increased by 0.82% and 0.63%, respectively.

Economic Calendar:

  • USD : Building Permits (Feb) on 19th March, 2024
  • USD : Fed Interest Rate Decision on 20th March, 2024
  • INR : Nikkei Services PMI on 21st March, 2024
  • INR : Nikkei S&P Global Manufacturing PMI on 21st March, 2024

Brokerage Radar:

JEFFERIES ON LTMINDTREE: Buy, TP cut to Rs 5890; Resignation of LTIM’s CFO, alongside a slew of other senior-level exits, suggests that LTIM still faces integration issues. Given this, may take longer to realize rev synergies; Cut est. by 5-9% & expect 15% EPS CAGR in FY24-26

CLSA ON GAIL: Sell, TP Rs 165; Takeaways from Vijaipur site visit; Key pilot projects to supplement Gail’s sustainability goals; These initiatives, which include green hydrogen & captive solar power generation, underscore Co’s commitment for energy transition & to be net zero by 2040

International Markets:

U.S & Europe:

Particulars 18th March Chg. Chg.(%)
Nasdaq 16103.45 130.27 0.82
Dow 38790.43 75.66 0.20
FTSE 7722.55 -4.87 -0.06
CAC 8148.14 -16.21 -0.20
DAX 8148.14 -16.21 -0.20
Dow Fut.* 38816.91 27.47 0.07

Asian markets:

Particulars 19th March Chg. Chg.(%)
GIFT Nifty 22062.00 -74.50 -0.34
Nikkei 39596.29 -144.15 -0.36
Straits Times 3173.25 1.32 0.04
Hang Seng 16655.02 -82.10 -0.49
Shanghai 3082.27 -2.66 -0.09

ADR Watch:

Particulars 18th March  Chg.       Chg.(%)
Dr. Reddy 75.46 0.22 0.29
HDFC Bank 56.02 0.79 1.42
ICICI Bank 25.95 0.13 0.50
Infosys 19.17 -0.06 -0.31
Wipro 6.07 -0.07 -1.06

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.93 -0.01
Brent 86.83 -0.07
Gold 2164.30 0.00
Silver 25.32 0.22

FIIs & DIIs:

Particulars 18th March 15th March
FIIs                          -2051.09 848.56
DIIs 2260.88 -682.26

News Update:

TCS: Tata Sons is looking to sell 2.34 crore shares of the company at Rs 4,001 per share. Through this sale, Tata Sons will raise approximately Rs 9,362 crore or $1.13 billion.

L&T Finance: The board approved fund raising through debentures. Funds to be raised in a way that NCDs issued and those outstanding do not exceed Rs 1.01 lakh crore.

Adani Group: The Adani Group has denied a Bloomberg report that said U.S. prosecutors have widened their probe on alleged bribery in India, calling it “false”.

Aditya Birla Sun Life AMC: Two promoter entities of Aditya Birla Sun Life AMC Ltd. have offered to sell up to 11.47% stake through an offer for sale to achieve the minimum public shareholding norms. The floor price has been set at Rs 450 per share.

Poonawalla Fincorp: HDFC Bank veteran Arvind Kapil has been appointed as company’s new managing director and chief executive officer.

Tata Steel: Tata Steel UK has decided to cease operations of the coke ovens at the Port Talbot plant, in Wales, following a deterioration of operational stability. The company will increase imports of coke to offset the impact of the coke oven closures.

HG Infra Engineering: The company received four orders worth Rs 1,026 crore with Stockwell Solar Services JV consortium for solar business from Jodhpur Vidyut Vitran Nigam.

Paradeep Phosphates: The company shuts down ammonia and urea plants at Goa due to breakdown of synthesis gas compressor.

IRCTC: The company approved Rs 187 crore project cost for disaster recovery site at Secunderabad.

Sonata Software: The company signed joint go-to-market agreement with Zones to simplify enterprise application delivery through end-to-end cloud managed services.

IOL Chemicals and Pharmaceuticals: The company successfully completed the Brazilian Health Regulatory Agency GMP audit of all the 10 APIs manufacturing units situated in Punjab without any observation. The inspection was conducted from March 11 to 15.

Aegis Logistics: The company’s unit has approved the acquisition of the specialised storage terminals at Mangalore resulting in capacity addition at its facilities at Mangalore. The project will entail an investment of up to Rs 75 crore for acquired capacity and up to Rs 50 crore for additional capacity under construction.

Signature Global: The company completed the acquisition of 100% stake in Gurugram Commercity. GCPL is now a wholly owned subsidiary of company effective today.

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)

Kiran Tahlani, 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 e-mailing 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
  2. 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;

  1. 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

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.