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

After a frenetic weekend in finance the street expects small but mostly positive moves in markets on Monday, with U.S. After a frenetic weekend in finance the street expects small but mostly positive moves in markets on Monday, with U.S. equity futures rising and a dollar gauge weakening slightly. Two weeks featuring multiple U.S. bank failures followed by more problems at Credit Suisse had added to the rising conviction that global economies will struggle. However, Swiss investment bank UBS announced the takeover of its beleaguered compatriot Credit Suisse in a deal backed by the Swiss government. UBS will pay CHF 3 billion ($3.2 billion) in an all-stock deal to acquire Credit Suisse, according to a Bloomberg report. Credit Suisse’s market capitalisation stood at $8 billion as of close on March 17. Futures for the S&P 500 rose about 0.4% after the index dropped more than 1% on Friday, dragged down by the financial sector. Contracts for the Nasdaq 100 also gained about 0.4% after the gauge notched its best week since November with a jump of 5.8%, despite a slump Friday. Also, investors continue to debate whether the Federal Reserve will deliver another quarter-point hike or pause at its March 21-22 meeting. Meanwhile, the yield on 10-year treasuries were trading at 3.50%. Crude prices were trading around $73-mark, while Bitcoin was around 28,000-level. At 6:16 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.68% at 17,045. For a second consecutive session, the Indian benchmark indices, Sensex and Nifty, closed higher after braving volatility for the day. The Indian rupee ended in green against the U.S. dollar on the last day of the week, ending a five-day losing streak, on the back of rise in domestic equities.

Economic Calendar:

  • USD : Existing Home Sales (Feb) on 21st March, 2023
  • USD : Fed Interest Rate Decision on 22nd March, 2023
  • INR : Bank Loan Growth on 24th March, 2023
  • INR : Infrastructure Output (YoY) (Feb) on 31st March, 2023

Brokerage Radar:

MS ON PB FINTECH: OW, TP Rs 705; Superior quality of Biz Originated relative to agency channel is a key differentiator; increasing strength of franchise should help keep market spend growth much lower; Reiterated its profit guidance of Rs.1,000 cr. for FY27 & adj. EBITDA break-even in Q4

GS ON GODREJ CONS: BUY, TP Rs 947; Turnaround is likely to gather momentum as reset phase is behind; taken multiple tough decisions over past 12 months for improving long-term growth; most of these initiatives caused near-term pain to FY23 earnings.

JPM ON TCS: UW, TP Rs 3000; Surprising change at top in an uncertain year with slowing momentum; Krithi has spent 38 yrs at TCS across different roles & is known a dedicated co man that should keep strategies largely unchanged

International Markets

U.S & Europe:

Particulars 17th March Chg. Chg.(%)
Nasdaq 11630.51 -86.76 -0.74
Dow 31861.98 -384.57 -1.19
FTSE 7335.40 -74.63 -1.02
CAC 6925.40 -100.32 -1.45
DAX 14768.20 -198.90 -1.35
Dow Fut.* 31947.70 85.70 0.27

Asian markets

Particulars 20th March Chg. Chg.(%)
SGX Nifty 17081.00 -81.00 -0.47
Nikkei 27106.34 -227.45 -0.84
Straits Times 3159.91 -23.37 -0.73
Hang Seng 19152.90 -365.69 -1.87
Shanghai 3261.21 10.66 0.33

ADR Watch:

Particulars 17th March  Chg.       Chg.(%)
Dr. Reddy 55.12 0.91 1.68
HDFC Bank 63.15 -0.74 -1.16
ICICI Bank 20.10 -0.05 -0.25
Infosys 16.89 -0.30 -1.75
Wipro 4.57 -0.04 -0.87

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.50 -0.04
Brent 72.95 -0.03
Gold 1979.60 0.31
Silver 22.500 0.17

FIIs & DIIs:

Particulars 17th March 16th March
FIIs                           -1766.53 -282.06
DIIs 1817.14 2051.45

News Update:

Samvardhana Motherson International: Sumitomo Wiring Systems to sell approximately 3.4% stake or 23 crore shares via JPMorgan, reports Bloomberg. The size of the deal will be around $195 million (approximately Rs 1,613-crore) at a floor price of Rs 69.90 apiece.

Patanjali Foods: Stock exchanges BSE and National Stock Exchange have frozen shareholding of promoters and promoter group in the company as it could not increase public shareholding to the required 25% within the stipulated deadline. The action, which affected 29.26 crore shares, will remain in effect till the mandated public shareholding levels are met.

Ceat: Ceat Specialty, a division of Ceat Tires, entered into an agreement with CNH Industrial to supply agricultural radial tires for their machines being produced in Brazil and Argentina, the company said in a statement.

ITC: ITC Infotech India, a wholly owned subsidiary of the company, incorporated a subsidiary in Germany under the name ITC Infotech GmbH.

BLS International: BLS E-Services, a subsidiary of the company, increased its stake in Zero Mass to 90.42%.

Federal Bank: The board of the bank will meet on March 18, 2023, to consider raising Rs 1,000 crore via tier-II bonds on a private placement basis.

JSW Energy: The Finance Committee of the company approved allotment of 25,000 non-convertible debentures of Rs 1 lakh each to raise Rs 250 crore.

Godawari Power & Ispat: The board of directors will meet on March 18 to consider a share buyback programme.

Sarda Energy & Minerals: The company received consent to operate from Chhattisgarh Environment Conservation Board for expansion in existing rolling mill from 1.8 lakh tonnes per annum to 2.5 lakh tonnes per annum.

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