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

Asian equities followed their peers on Wall Street higher as bond yields cooled off from their highest level in 14 months. Benchmark indices in Japan and Australia rose, taking the MSCI Asia-Pacific gauge higher as well. Gains overnight on Wall Street were led by technology stocks. Focus will now be on a series of closely watched treasury auctions with the cool-off in yields stirring hopes of improved demand. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.05% to 14,707, as of 8:10 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: FX Reserves USD on 26th, March,2021
  • INR: Bank Loan Growth on 26th, March,2021


Markets:U.S & Europe

Particulars    22nd  Mar. Chg Chg(%)
Nasdaq 13,377.54 162.3 1.23
Dow 32,731.20 103.23 0.32
FTSE 6,726.10 17.39 0.26
CAC 5,968.48 -29.48 -0.49
DAX 14,657.21 36.21 0.25
Dow Fut.*    32,607.00 -12.5 -0.04


Asian markets:

Particulars       23rd Mar. Chg Chg(%)
SGX Nifty 14,707.00 -8 -0.05
Nikkei 29,243.44 69.29 0.24
Straits Times 3,138.42 10.34 0.33
Hang Seng 28,586.50 -298.84 -1.03
Shanghai 3,415.42 -28.02 -0.81


ADR Watch:

Particulars                22nd Mar.  Chg Chg(%)
Dr Reddy   60.09 1.08 1.83
HDFC Bank   78.3 0.5 0.64
ICICI Bank   15.92 -0.25 -1.55
Infosys   19.07 0.32 1.71
Tata Motor   20.93 -0.29      -1.37
Wipro   6.46 0.08 1.25


Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 72.39          0.04
Brent 63.88         -1.15
Gold 1732.55         -0.30
Silver       25.67         -0.38



Particulars 22nd Mar       19th  Mar
FIIs    -787         1418
DIIs     543         560


News Update:

Maruti Suzuki India:

To increase prices across models from April 1 owing to rise in input costs. This will be the second price hike undertaken by India’s largest Passenger Carmaker after the one taken at the start of the year. The company had hiked vehicle prices by up to Rs 34,000 in January.


Board has approved the Scheme of Amalgamation of Bharat Gas Resources with the company and their respective shareholders. The approval to the scheme is subject to receipt of necessary approvals from the Ministry of Corporate Affairs, other competent authorities and satisfaction of applicable regulatory requirements.

Mahindra & Mahindra:

The Ministry of Defence has signed a contract with Mahindra Defence Systems for supply of 1,300 Light Specialist Vehicles to the Indian Army at a cost of Rs 1,056 crore. The induction of the vehicles is planned to be completed over a period of four years.

Edelweiss Financial Services:

Has announced completion of a strategic investment by PAG in Edelweiss Wealth Management. PAG has made an investment of Rs 2,366 crore in the wealth management business, including primary and secondary investment. Pursuant to these transactions, PAG Group and the company will be the shareholders in EWM, of which PAG will hold a controlling stake. Further, the board will meet on March 25 to consider interim dividend for FY21, if any.

KEC International: Has secured new orders worth Rs 1,429 crore across its various businesses. The company has secured orders worth Rs 701 crore for Transmission & Distribution projects while the railways business has secured orders worth Rs 366 crore. The company has also secured orders worth Rs 318 crore for infra works and worth Rs 44 crores for various types of cables. With these orders the company’s current year order inflows have exceeded Rs 11,000 crore.

Varroc Engineering : Launches QIP on Monday in order to raise funds. The floor price of Rs 395.41 per share is a 2.83% discount to Monday’s closing price. The board will meet again on or after March 25 to consider and approve the issue price for the QIP.
Tata Communications: The government has exited its shareholding in the company after selling its entire 26% stake. 16.12% stake was sold through the OFS, which fetched the government Rs 5,457 crore and the remaining 10% was sold to a strategic partner at the OFS discovered price for a sum of Rs 3,389 crore. The entire 26% stake sale has fetched the government Rs 8,846 crore.


The Disinvestment Secretary wrote on a social media post that the company’s planned privatisation has received multiple Expressions of Interest. The transaction will now move to its second stage.

SBI Life Insurance:

Board to meet on March 25 to consider interim dividend for FY21, if any. The record date for the same is April 5, 2021.

Forbes & Company:

Board has re-appointed Mahesh Tahilyani as Managing Director of the company for a further period of five years with effect from April 28, 2021.

Bharti Airtel

said it will acquire an additional 3.3% stake in special purpose vehicle Avaada MHBuldhana that has been formed for owning and operating a captive power plant. The Sunil Bharti Mittal-led firm has earlier acquired 5.2% stake in Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.

IndusInd Bank:

Moody’s Investors Service on Monday revised upwards its outlook on the private lender to ‘stable’ from ‘negative’ while affirming its rating. The change in the outlook is driven by improvement in its funding and capital, and the marginal hit on asset quality during the pandemic, Moody’s said in a note. The bank’s long-term local and foreign currency deposit ratings have been affirmed at Ba2, it said.


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 an y 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. 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 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 %. 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 publicappearance;
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 brokerag e services from the subject companyin 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 brokerageservices 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 report. 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