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

Asian equities and US futures stabilized Wednesday amid concerns over economic slowdown due to Federal Reserve’s commitment to hike rates to tackle inflation. South Korea led modest early gains among Asian markets, while S&P 500 remained volatile after the gauge logged losses on Tuesday. At 6:30 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.12% lower at 17,586.5 points. Elsewhere, crude oil pared a rally.

Economic Calendar:

  • USD : GDP (QoQ) (Q2) 24th Aug, 2022
  • USD : Core Durable Goods Orders (MoM) (Jul) 24th Aug, 2022
  • INR : M3 Money Supply 24th Aug, 2022
  • INR : FX Reserves, USD 26th Aug, 2022

Who’s Meeting Whom:

Meghmani Finechem: To meet investors and analysts on Aug. 24.

Tech Mahindra: To meet investors and analysts on Aug. 26.

UltraTech Cement: To meet investors and analysts on Aug. 24.

Persistent Systems: To meet investors and analysts on Aug. 24.

PI Industries: To meet investors and analysts on Aug. 24 and Aug. 26.

Brokerage Radar:

GS ON AFFLE INDIA: Initiate BUY, TP Rs 1,495; Operates in a global large TAM ($65Bn in 2021) & which is expected by eMarketer to grow at 30% over 2021-25; Expect Affle to maintain its current global market share of 0.17% & grow its revenues at 32% CAGR over FY22-25

JEFFERIES ON INDUSIND BANK: BUY, TP Rs 1,330; AR analysis shows further improvement in retail deposit franchise & ALM that is helping narrow the gap in rates vs. larger banks; Will watch out for progress here, especially when rates are rising & growth is improving

HSBC ON RIL: HOLD, TP Rs 2,620; New energy businesses are still incubating, with minimal investment, while capex intensity for retail/digital remains high; Expect capex intensity for New Energy and decarbonisation businesses to rise over next 12 months

International Markets:

U.S & Europe:

Particulars      23rd August Chg. Chg.(%)
Nasdaq 12381.3 -0.27 0.00
Dow 32909.59 -154.02 -0.47
FTSE 7488.11 -45.68 -0.61
CAC 6362.02 -16.72 -0.26
DAX 13194.23 -36.34 -0.27
Dow Fut.* 32807.8 -108.80 -0.31

Asian markets:

Particulars      24th August Chg. Chg.(%)
SGX Nifty 17540 -68 -0.39
Nikkei 28359.1 -93.65 -0.33
Straits Times 3239.30 -6.91 -0.21
Hang Seng 19284.02 -219.23 -1.12
Shanghai 3241.11 -35.11 -1.07

ADR Watch:

Particulars     23rd August  Chg.       Chg.(%)
Dr. Reddy 52.71 0.8 1.54
HDFC Bank 62.2 0.07 0.11
ICICI Bank 21.69 0.33 1.54
Infosys 19.25 -0.27 -1.38
Tata Motor 28.89 0.64 2.27
Wipro 5.19 0.00 0.00

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR  79.86     -0.01
Brent  100.15     -0.07
Gold 1757.15  -0.23
Silver 18.918     -0.57

FIIs & DIIs:

Particulars 24th August 23rd August
FIIs                           563.00 -453.77
DIIs  -215.20  -85.06

News Update:

Adani Enterprise/NDTV: The Adani Group company’s indirect subsidiary Vishvapradhan Commercial (VCPL) has exercised certain warrants for acquiring 99.5 percent shareholding in RRPR Holding (RRPR), a promoter company of New Delhi Television Limited (NDTV). The acquisition will result in VCPL acquiring control of RRPR. RRPR holds 29.18 percent stake in NDTV. VCPL, along with AMG Media Networks (AMNL) and Adani Enterprises will launch an open offer to acquire up to 26 percent stake in NDTV.

Ugro Capital: The company said its Investment and Borrowing Committee will meet on August 26 to approve raising of funds by way of issuance of non-convertible debentures through private placement basis.

Chennai Petroleum: has decided to form a joint venture company along with Indian Oil Corporation and other seed equity investors (Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company) for implementing the 9 MMTPA refinery project at Cauvery basin refinery, at estimated cost of Rs 31,580 crore. Chennai Petroleum received board approval for equity investment of upto Rs 2,570 crore in the joint venture, towards its contribution of 25 percent.

SecMark Consultancy: decided to issue of bonus share in the ratio three fully paid-up equity shares for every two shares held by shareholders. This is subject to the approval of the shareholders of the company.

Devyani International: Dunearn Investments (Mauritius) Pte Ltd sold 2,63,29,516 equity shares or 2.18 percent stake in the company via open market transactions at an average price of Rs 183.11 per share. Dunearn held 8.13 percent stake or 9.8 crore equity shares in the company as of June 2022.

  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 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