Market View 1st September2022

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

Indian stock markets, having shown resilience so far, will open on Thursday amid unabated concerns over central banks around the globe stepping up their fight against inflation. That dragged U.S. stocks lower on the final day of August. The S&P 500 and the Nasdaq 100 fell, after fluctuating between modest gains and losses for most of the session. Treasuries were little changed after paring declines that were led by a selloff in U.K. and euro-zone bonds. The Indian markets were closed on account of Ganesh Chaturthi holiday. On Tuesday, domestic benchmarks had sustained gains, rising over 2.5% aided by realty and banking stocks. The 30-stock gauge added about 1,560 points to close at 59,537.07. The Nifty 50 ended 17,759.3, close to its day’s high of 17,777.65. All Nifty 50 and Sensex 30 stocks rose in today’s trade.

Economic Calendar:

• USD : Initial Jobless Claims on 01^st Sep, 2022
• USD : ISM Manufacturing PMI (Aug) on 01^st Sep, 2022
• INR : FX Reserves, USD on 01^st Sep, 2022
• INR : Trade Balance on 01^st Sep, 2022

Who’s Meeting Whom:

Cummins India: To meet analysts and investors on September 2.

Schaeffler India: To meet analysts and investors on September 1 and 2.

Neogen Chemicals: To meet analysts and investors on September 5, September 16, and September 23.

Allcargo Logistics: To meet analysts and investors on September 5 and 6.

Brokerage Radar:

UBS ON ZEE ENT: BUY, TP Rs. 350; Re-enters sports segment; acquires ICC TV rights from Disney Star; Overall a +ve move; while may not be significantly margin accretive, a good 1st step into sports; Will help tap new advertiser pools & increase its linear viewership

MS ON DLF: OW, TP Rs 417; Launching new residential projects at a steady pace to benefit from strong demand tailwinds; Plus, it is building new office & retail assets to ensure rental growth; Overall focus remains on FCF generation & de-leveraging

BROKERAGES ON GDP: Real GDP growth of 13.5%YoY in Jun-22 quarter was lower than expectations; Continue to expect India’s real GDP growth to soften over the coming quarters on waning base effect & global headwinds

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Zee Entertainment: Entered strategic licensing agreement with Disney Star for TV broadcasting rights for ICC Men’s and Under 19 global events for a period of four years.

Tata Motors: Bought 49% stake of Marcopolo S.A. in Tata Marcopolo Motors for Rs 99.96 crore. Consequently, TMML will become a wholly owned subsidiary of the company.

Tata Steel: Invested Rs 54 crore in its wholly owned subsidiary Tata Steel Mining.

Infosys: The company divested its minority stake in San Francisco based Trifacta Inc for $12 million.

Glenmark: The company along with Hikma Pharmaceuticals launched nasal spray Ryaltris for relief for both nasal and ocular symptoms of seasonal allergic rhinitis.

Inox Wind: Approved fund raising of Rs 800 crore via issue of non-convertible preference shares to promoters on preferential basis. The funds will be used for repayment of debt. It aims to achieve net debt zero status “in the near future.”

Credit Access Grameeen: Entered an arrangement to avail $90 million through first of its kind Loan Syndication Arrangement led by HSBC Bank. The other lenders in the syndication arrangement include Bank of India, Union Bank of India and UCO Bank.

Aditya Birla Fashion and Retail: Received approval from Competition Commission of India for acquisition of 7.49% stake by Caladium Investment Pte for Rs 2,195 crore.

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 www.elitewealth.in. 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, suhail@elitewealth.in
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 www.elitewealth.in.
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com 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 research@elitestock.com.
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 https://www.elitewealth.in
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: www.elitewealth.in
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