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

Asian stocks were steady Wednesday as traders evaluated the resilience of the global recovery to the delta virus strain and the outlook for central bank stimulus support.Shares made gains in Japan, fluctuated in South Korea and fell in Australia. U.S. equities edged back from all-time highs amid some mixed data, including a drop in consumer confidence to a six-month low and a record jump in home prices. S&P 500 and Nasdaq 100 futures were little changed.Hawkish comments from some European Central Bank officials highlighted the prospect of a tapering in the monetary-policy largesse that has helped financial markets. Treasury yields advanced following losses in European sovereign debt. Australian government bond yields rose. The dollar was steady.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, climbed 0.06% to 17,135 as of 8:12 a.m.

Major economic Data:

  • INR: Import & Export (USD) (Aug) on2nd September, 2021
  • INR: FX Reserves, USD on 3rd September, 2021
  • INR: Bank Loan & Deposit Growth on 3rd September, 2021
  • USD: Crude Oil Inventories on 1st September, 2021
  • USD: Initial Jobless Claims on 2nd September, 2021

Brokerage Radar:

CLSA ON PIRAMAL ENT: Initiates coverage with a target of Rs 2960/sh (CMP-2606.65).Financial services on a different path, long revenue stream for pharma. It is a top-three lender to the real estate segment. DHFL acqn is expected to enlarge its loan book, improve return on equity. Co. should see an 18% FY21-24 EBITDA CAGR for its pharma business.

CREDIT SUISSE ON GDP:Real GDP up 20.1% YoY, in-line with consensus. Gross fixed cap ormation up only 3.6% due to weak state govt spending. 2-yr CAGR for agri GVA growth stable at 4%, while industry is weak at -3%. Svcs GVA 2-yr CAGR fell 6% as trade, hotels & trans is 30% lower vs june ‘19 lvls. Most high frequency indicators have been strong in Q2 so far. Q2 GDP can be 6% higher than FY20 avg, implying 15% YoY growth. Continue to expect a 5 ppts upgrade to consensus FY23 GDP forecasts.

International Markets:

U.S & Europe

Particulars 31stAug Chg Chg(%)
Nasdaq 15,259.24 -6.65 -0.04
Dow 35360.73 -39.11 -0.11
FTSE 7,119.70 -28.31 -0.4
CAC 6,680.18 -7.12 -0.11
DAX 15,835.09 -52.22 -0.33
Dow Fut.* 35,434.00 93.00 0.26

Asian markets:

Particulars 1stSept Chg Chg(%)
SGX Nifty 17,135.50 10.00 0.06
Nikkei 28,446.81 357.27 1.27
Straits Times 3,079.90 24.85 0.81
Hang Seng 25,821.48 -57.51 -0.22
Shanghai 3,524.09 -19.85 -0.56

ADR Watch:

Particulars 31stAug Chg Chg(%)
Dr Reddy 64.21 1.03 1.63
HDFC Bank 78.31 0.15 0.19
ICICI Bank 19.62 0.33 1.71
Infosys 23.82 0.1 0.42
Tata Motor 19.68 -0.08 -0.4
Wipro 9.34 0.15 1.63

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.20 -0.43
Brent 71.91  0.39
Gold 1815.15     -0.16
Silver 23.883 -0.52


Particulars         31st Aug         30th Aug
FIIs 3881.16 1202.81
DIIs -1872.40 688.85

News Update:

Maruti Suzuki India: Expects output to plunge in September as the semiconductor shortage hits production. Total vehicle production volume could be around 40% of normal output, the company said. Vehicle production to be affected at Haryana plant and contract manufacturer, Suzuki Motor Gujarat Pvt.’s Gujarat facility. The company cited “a supply constraint of electronic components due to the semiconductor shortage situation” for the impact on production.

BHEL: Secured order worth Rs 10,800 crore from NPCIL for EPC of Turbine Island for 6 units of 700 MWe. Six orders, received from NPCIL on August 30, envisage setting up of 4 units of 700 MWe at Gorakhpur, Haryana and 2 units of 700 MWe at Kaiga, Karnataka

Wipro: Partnered with HERE Technologies to offer location-based services, to customers from energy & utilities, manufacturing, transport & logistics, telecom and automotive industry verticals. Wipro and HERE will jointly develop solutions in the areas of asset tracking, logistics, supply chain, smart-metering and analytics, field workforce management, and private mapping-as-a-service for indoor and outdoor real-time asset tracking.

AU Small Finance Bank: Clarified on recent exits at the bank. SumitDhir, head of internal audit resigned due to changes in personal circumstances following Covid second wave, the bank said. Dhir continues to be on the bank’s rolls as head of internal audit. The bank remains in discussions with him for a possible retention. In March, Nitin Gupta, who had been with the bank since 2015, resigned as the chief risk officer.

ONGC: Begins gas production from deepwater well in KG Basin block.

HDFC Life Insurance Company: To consider issue of equity shares and/or other securities of the company by way of preferential allotment on September 3.

Yes Bank: CRISIL Ratings has upgraded the rating on Tier-II bonds (under Basel III) and infrastructure bonds to ‘CRISIL BBB+/Stable’ from ‘CRISIL BBB/Stable’. CRISIL Ratings has also upgraded the rating on the Rs 20,000 crore certificates of deposit (CD) of the bank to ‘CRISIL A1’ from ‘CRISIL A2+’.

Bharat Electronics: The Indian Navy sealed a contract with the company for the supply of the first indigenously developed Naval Anit Drone Sysytem.

Mastek: The company partnered with fulfillmenttools to deliver modern Omni channel fulfillment solutions to customers worldwide

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)
Manoj Vijay Shinde, 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 inirectly, 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
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, advisory 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. RavinderParkash 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 Advisory 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 Advisory or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL Advisory 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 Advisory 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
2. Compensation
(a) EWL Advisory or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL Advisory or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL Advisory 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 Advisory 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 Advisory or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research
3 In respect of Public Appearances
(a) EWL Advisory 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 Advisory
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 Advisory or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL Advisory has never been engaged in market making activity for the subject company;
(6) EWL Advisory shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.