Market-View-Feature-Image

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

Sovereign bonds rallied and Asian stocks were mixed on Thursday as investors parsed the economic and monetary-policy outlook after the US Federal Reserve Chair Jerome Powell acknowledged the risk of a recession. Shares gained in Japan and Australia but slipped in South Korea. S&P 500 and Nasdaq 100 futures fell following modest losses in US shares. As of 6:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–was 0.2% lower at 15,442.5 points. US Treasuries extended a rally, taking two-year yields nearer 3%. Bonds jumped in Australia and New Zealand. The dollar was steady and the yen inched higher. In commodities, crude dropped about 2% to $104 a barrel. Powell said the US has to get high inflation back down to the 2% target. He accepted that steep rate increases could cause an economic contraction and called a soft landing “very challenging” in testimony to the Senate.

Economic Calendar:

  • INR: Forex Reserve on 24th June 2022.
  • INR: Fiscal Deficit Data 30th June 2022.
  • USD: Core Durable Goods Order 27th June, 2022.
  • USD: Pending Home sales 27th June, 2022.

Brokerage Radar:

GOLDMAN SACHS ON LUTRATECH: Buy, TP Rs 6600 With strong push on Infrastructure, & Urban RE expected to pickup, believe Ultratech can continue to deliver solid volume growth Expect volume growth CAGR of 9%-10% over FY23-FY25, Current correction in stk provides a good entry point Downside risks: lower-than-expected volume/pricing growth, higher input costs and capex, delay in capacity ramp-ups

CITI ON ADITYA BIRLA AMC: Initiate buy, TP Rs 515 Amongst leading AMCs in fixed income with over 10.5% market share & has potential to gain market share in equity (currently 6.4%) on an improving investment performance, Birla Group parentage gives AMC a strong brand & greater scope to cross-sell Lower dependence on equity AUM & cost management give Birla AMC more resilience than peers in today’s market environment, Build a profit decline in FY23E due to equity-market weakness, followed by 16% growth in FY24E. At 20x FY23E P/E, Birla AMC looks more attractive than HDFC AMC’s 30x

International Markets:

U.S & Europe:

Particulars      22nd June    Chg Chg(%)
Nasdaq 11,053.08 -16.22 -0.15
Dow 30483.13 -47.12 -0.15
FTSE 7,089.22 -62.83 -0.88
CAC 5,916.63 -48.03 -0.81
DAX 13,144.28 -148.12 -1.11
Dow Fut.* 30368.00 -90.6 -0.30

Asian markets:

Particulars    23rd June    Chg. Chg(%)
SGX Nifty 15,443.50 46.5 0.3
Nikkei 26,146.71 -2.84 -0.01
Straits Times 3,110.77 17.46 0.56
Hang Seng 21,089.92 81.58 0.39
Shanghai 3,270.33 3.13 0.1

ADR Watch:

Particulars     22nd June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 55.65 -0.33 -0.59
ICICI Bank 17.63 -0.38 -2.11
Infosys 18.32 -0.45 -2.4
Tata Motor 25.36 -0.72 -2.76
Wipro 5.33 -0.16 -2.91

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.39  0.40
Brent 108.93  -2.65
Gold 1835.80 -0.20
Silver 21.253 -0.80

FIIs & DII:

Particulars        22nd June                                  21st June
FIIs -2920.61                         -2701.21                       
DIIs  1859.07  3066.41

News Update

NTPC: The state-run power giant said it may have to add new coal power capacity to meet the country’s surging demand for electricity, a policy shift triggered by recent energy shortages.

Vodafone Idea: Vi’s board has approved fundraising worth Rs 436.21 crore via a preference issue. The company will issue 42.76 crore equity shares or warrants convertible into equity shares at Rs 10.20 apiece to its promoter and Vodafone Group company Euro Pacific Securities.

Bajaj Auto: The Pune-based automaker will consider a share buyback proposal on June 27, days after it scrapped a previous plan to do so.

BPCL: The state-run refiner has received an order from the Ministry of Corporate Affairs sanctioning scheme of arrangement of Bharat Oman Refineries with the company.

IRB Infrastructure: The roads builder has received Rs 308 crore out of a total claim of Rs 419 crore from IRB Pathankot Toll Road.

GPT Infraprojects: The company has bagged an order worth Rs 292 crore from East Coast Railway to build viaducts, major bridges, site facilities and other allied works.

DCB Bank: The lender has appointed Satish Gundewar as the chief financial officer to replace Bharat Laxmidas Sampat, who is retiring.

Quess Corp: Allsec Technologies will merge with the company in an all-stock deal. Minority shareholders of Allsec will be issued equity shares of Quess Corp.

Imagicaa Entertainment: The company has completed the debt resolution process and has inducted directors from the new promoter group on the board. It approved allotment of equity shares and 0.01% redeemable non-convertible preference shares on preferential basis as part of the resolution plan agreed by the lenders.

BLS International: The company has signed an agreement with the West Bengal government for computerisation and e-governance of registration offices.

Source: Moneycontrol, 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

FILING COMPLAINTS ON SCORES - EASY & QUICK

a. Register on SCORES portal

b. Mandatory details for filing complaints on SCORES:
i. Name, PAN, Address, Mobile Number, E-mail ID

c. Benefits:
i. Effective communication
ii. Speedy redressal of the grievances

SEBI : https://www.scores.gov.in/scores/complaintRegister.html