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

Asian markets were mixed at opening after the U.S. stocks closed higher in a volatile session as investors await inflation data for clues on the Federal Reserve’s rate-hike campaign. The S&P 500 came back higher on Thursday, halting a four-day selloff, while the Nasdaq 100 outperformed. Oil rose after snapping its longest losing streak since December as commodity currencies strengthened in an indication that risk appetite may be picking up. Meanwhile, the yield on 10-year Treasuries advanced to 3.86%. Crude prices were trading around $82-mark, while Bitcoin was trading below 24,000-level. At 6:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.22% at 17,629. On the day of monthly F&O expiry, domestic benchmark indices Sensex and Nifty closed marginally lower after struggling with volatility throughout the session on Thursday. Rupee extended gains from the opening trade to close higher against the U.S. dollar, snapping a two-day fall.

Economic Calendar:

  • USD : New Home Sales (Jan) on 24th February, 2023
  • USD : Pending Home Sales (MoM) (Jan) on 24th February, 2023
  • INR : Deposit Growth on 24th February, 2023
  • INR : GDP Quarterly (YoY) (Q3) on 28th February, 2023

Brokerage Radar:

CS ON SUN PHARMA: Neutral, TP Rs 950; Winlevi: Avg. realizations very low but can improve; vol trajectory is a bigger concern; Winlevi constituted <2% of acne market’s vol but high genericization (85% of vol) could be an impediment even though its efficacy is superior

MOSL ON DEEPAK NITRITE: Neutral, TP Rs 1890; Headwinds to persist as new capacities are added; Phenolic division margins expected to remain under pressure; Downstream products to lead next leg of vol growth; DN is expected to turn net cash +ve by FY24

MS ON ZOMATO: OW, TP Rs 82; Announced a pilot of its home cooked meals at an affordable price in Gurgaon; See this initiative increasing its TAM/contribution profit pool (but diluting profit/order) See this as an experiment, which can be closed if it doesn’t work

International Markets:

U.S & Europe

Particulars 23rd February Chg. Chg.(%)
Nasdaq 11590.40 83.33 0.72
Dow 33153.91 108.82 0.33
FTSE 7907.72 -22.91 -0.29
CAC 7317.43 18.17 0.25
DAX 15475.69 75.80 0.49
Dow Fut.* 33124.00 -29.90 -0.09

Asian markets

Particulars 24th February Chg. Chg.(%)
SGX Nifty 17650.00 59.00 0.34
Nikkei 27398.78 294.46 1.07
Straits Times 3268.57 3.64 0.11
Hang Seng 20042.47 -308.88 -1.54
Shanghai 3264.51 -22.97 -0.70

ADR Watch:

Particulars 23rd February  Chg.       Chg.(%)
Dr. Reddy 54.64 0.28 0.52
HDFC Bank 67.57 0.11 0.16
ICICI Bank 20.39 0.12 0.59
Infosys 18.70 0.08 0.43
Wipro 4.77 0.02 0.42

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.67 0.10
Brent 82.77 0.68
Gold 1832.85 0.33
Silver 21.323 0.08

FIIs & DIIs:

Particulars 23rd February 22nd February
FIIs                           -1417.24 -579.82
DIIs 1586.06 371.56

News Update:

Axis Bank: The lender sees reasonable possibility of completing the acquisition of India consumer business from Citibank NA and NBFC consumer business from Citicorp Finance (India) by March 1, 2023.

Rail Vikas Nigam: The company received letter of award for a project worth Rs 196.77 crore in Bhopal region of MP Madhya Kshetra Vidyut Vitaran Company Ltd.

Zee Enterprises: Appellate tribunal NCLAT has listed the plea challenging insolvency proceedings against the company on Friday for hearing. The National Stock Exchange has excluded the company from the futures and options segment following the bankruptcy board’s move to admit it for insolvency proceedings.

Isgec Heavy Engineering: The company received an order from a major steel company for seven waste heat recovery boilers for its DRI sponge iron kiln.

Adani Transmission: Fitch Ratings affirmed the ‘BBB-‘ ratings on the $400 million senior secured notes issued by the restricted group of the company, with outlook at stable.

Mahindra Lifespace Developers: Arvind Subramanian has resigned from the position of managing director and chief executive officer of the company, with effect from close of business on May 22, 2023, to pursue personal interests. Amit Kumar Sinha assume the office from May 23 for a period of five years.

Alkem Laboratories: The company submitted a detailed corrective and preventive action plan to the US FDA against one observation issued by the regulator after inspecting the company’s Indore plant in July. The inspection has now been closed.

Bharat Forge: The Company has decided to house all its defense related investments under subsidiary KSSL for a better strategic alignment, transferring its stake in another subsidiary Aeron.

West Coast Paper Mill: The contract workers’ strike was called off and production at the paper and paper board division at the company’s Dandeli facility was restarted with marginal production loss.

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