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

Asian markets declines on Wednesday after the S&P 500 tumbled by the most in two months and Treasury yields rose sharply as investors price in higher interest rates. The S&P 500 tumbled 2% on Tuesday in a decline that touched all major sectors, while the tech-heavy Nasdaq 100 dropped 2.4%. Weak forecasts from the U.S. retailing bellwethers added to the negative tone. Meanwhile, the yield on 10-year Treasuries sharply advanced to 3.94%. Crude prices were trading around $83-mark, while Bitcoin was trading around 24,000-level. At 6:18 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.30% at 17,791.5. India’s benchmark indices Sensex and Nifty ended lower for the third day in a row following a volatile session, led by declines in PSU and realty stocks. Rupee ended lower against the U.S. dollar on account of weaker domestic equities and a stronger greenback in the overseas market.

Economic Calendar:

  • USD : GDP (QoQ) (Q4) on 23rd February, 2023
  • USD : Initial Jobless Claims on 23rd February, 2023
  • INR : Deposit Growth on 24th February, 2023
  • INR : GDP Quarterly (YoY) (Q3) on 28th February, 2023

Brokerage Radar:

UBS ON MARUTI: Buy, TP Rs 12600; Maruti’s SUV appeal set to rise with Real Driving Emission norms; Expect consumers to shift away from diesel post RDE (diesel a/c for 33% of industry ex-Maruti vols with c50%- 60% in mid-size SUVs & 20-25% share in compact SUVs)

MS ON TORRENT POWER: EW, TP Rs 510; Whilst Q3 was a miss on est. do not see a material impact on biz fundamentals in thermal & licenced distribution businesses. Stronger-than-expected improvement in AT&C losses in franchise biz is offset by impact of lower wind PLF

JEFFERIES ON VOLTAS: Buy, TP Rs 1050; IMD recently issued 1st heat wave alert of 2023; Normally, March is when temperatures rise but in Feb itself trends are showing

Dealers highlighting lower commodity prices have not been passed on; This points to improved vol & margin outlook

International Markets:

U.S & Europe

Particulars 21st February Chg. Chg.(%)
Nasdaq 11492.30 -294.97 -2.50
Dow 33129.59 -697.10 -2.06
FTSE 7977.75 -36.56 -0.46
CAC 7308.65 -26.96 -0.37
DAX 15397.62 -79.93 -0.52
Dow Fut.* 33195.90 66.30 0.20

Asian markets

Particulars 22nd February Chg. Chg.(%)
SGX Nifty 17770.50 -75.00 -0.42
Nikkei 27114.17 -358.93 -1.32
Straits Times 3302.84 -4.02 -0.12
Hang Seng 20618.98 89.49 0.44
Shanghai 3305.07 -1.45 -0.04

ADR Watch:

Particulars 21st February  Chg.       Chg.(%)
Dr. Reddy 54.52 -0.72 -1.30
HDFC Bank 68.81 -0.62 -0.89
ICICI Bank 20.56 -0.25 -1.20
Infosys 18.79 -0.29 -1.52
Wipro 4.79 -0.06 -1.24

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.81 -0.05
Brent 83.12 0.08
Gold 1845.20 0.15
Silver 21.875 -0.07

FIIs & DIIs:

Particulars 21st February 20th February
FIIs                           525.80 -158.95
DIIs -235.23 86.23

News Update:

Mahindra & Mahindra: Entered into an Asset Transfer Agreement for transfer of certain identified assets related to four-wheeler passenger electric vehicles to Mahindra Electric Automobile. The transfer of balance assets will be completed by June 30, 2026. The investment of Rs 1,925 crore in the proposed EV company by the company and British International Investment each would take place in two or more tranches.

Mirza International: The Allahabad bench of NCLT has approved the composite scheme of arrangement between RTS Fashions, Mirza International and Redtape.

Bharat Electronics: The company signed an MoU with Aeronautical Development Agency under Defence Research and Development Organisation for the Advanced Medium Combat Aircraft programme.

Hindustan Zinc: The shareholders of the company will meet on March 29 to consider reorganisation of capital, pursuant to the NCLT order in this regard.

HCL Technologies: HCL America, a wholly owned subsidiary of the company, increased the buyback limit of its $500 million senior notes to $247.8 million from earlier announced $125 million.

ITI: The company has appointed Rajesh Rai as the chairman and managing director for five years, effective Feb. 21, 2023.

Sapphire Foods India: The company will increase its shareholding in Gamma Island Food, which operates Pizza Hut and KFC restaurants in Maldives, to 75% from the current 51%.

LIC Housing Finance: ICICI Prudential Mutual Fund has increased its shareholding in the company to 7.07% from 5.04%.

Petronet LNG: The board extended the tenure of chief financial officer Vinod Kumar Mishra for two years, effective April 18, 2023.

Biocon: The company raised Rs 1,070 crore via non-convertible debentures issued on private placement basis.

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