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

Fresh concerns about the spread of Covid-19 from China unnerved investors, dragging Asian stocks lower in trade. Australian shares fell and contracts for equity benchmarks in Japan, Singapore and Taiwan dropped. US shares were lower for a second day on Wednesday after, the S&P 500 slid 1.2% to the lowest level in more than a month. The 10-year Treasury yield climbed and the dollar strengthened. The crude also fell, declining 1.7%, whereas gold futures dipped 0.8%. Bitcoin declined 0.5% to trade around $16,600-level. Indian benchmark indices snapped their two-day rally to close in the red, tracking weak performance of their Asian peers. Overseas investors in Indian equities remained net sellers for the fourth day in a row on Wednesday. Foreign portfolio investors offloaded equities worth Rs 872.6 crore, while the domestic institutional investors remained net buyers for the 16th day in a row and mopping up stocks worth Rs 372.9 crore, according to NSE data. The rupee closed mostly flat against the U.S. dollar with support from softening crude prices.  At 6:21 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.39% to 18,066.5.

Economic Calendar:

  • USD : Initial Jobless Claims on 29th December, 2022
  • USD : ISM Manufacturing PMI (Dec) on 04th January, 2023
  • INR : Infrastructure Output (YoY) (Nov) on 30th December, 2022
  • INR : Foreign Debt (USD) (Q3) on 30th December, 2022
  • INR : Bank Loan Growth on 30th December, 2022

Brokerage Radar:

MOSL ON IPCA LABS: Buy, TP Rs 1000; Progressing steadily to reclaim growth path

Domestic formulation is key driver of its sales growth, fueled by market outperformance in pain/dermatology/urology and supported by higher MR base; Exports likely to revive from FY24

PHILIPCAP ON BIOCON: Buy, TP Rs 350; Successfully closed ambitious acquisition of Viatris’ biosimilar operation; Acquisition makes BBL a vertically integrated global biosimilar player; est. to achieve global scale with sales/EBITDA of US$ 1.58bn/ US$ 425mn in FY24

KOTAK INST EQ ON GMR AIRPORTS: Buy, TP Rs 43; GAL partly monetizing stake in assets; these materializing can help increase GMRI’s retail quotient of biz & take out corporate + GAL standalone debt; remaining project capex is already fully funded

International Markets:

U.S & Europe

Particulars 28th December Chg. Chg.(%)
Nasdaq 10213.29 -139.94 -1.35
Dow 32875.71 -365.85 -1.10
FTSE 7497.19 24.18 0.32
CAC 6510.49 -40.17 -0.61
DAX 13925.60 -69.50 -0.50
Dow Fut.* 33254.00 12.40 0.04

Asian markets

Particulars 29th December Chg. Chg.(%)
SGX Nifty 18066.00 -71.00 -0.39
Nikkei 25998.76 -341.74 -1.30
Straits Times 3244.63 -22.34 -0.68
Hang Seng 19679.51 -219.40 -1.10
Shanghai 3079.13 -8.27 -0.27

ADR Watch:

Particulars 28th December  Chg.       Chg.(%)
Dr. Reddy 51.72 0.54 1.06
HDFC Bank 67.55 -0.21 -0.31
ICICI Bank 21.84 -0.05 -0.23
Infosys 17.96 -0.07 -0.39
Tata Motor 23.31 0.05 0.21
Wipro 4.57 -0.01 -0.22

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.86 0.01
Brent 83.47 -0.48
Gold 1814.25 -0.09
Silver 23.738 -0.43

FIIs & DIIs:

Particulars 28th December 27th December
FIIs                           -872.59 -867.65
DIIs 372.87 621.81

News Update:

KFin Technologies: The financial services platform will make its debut on the BSE and NSE on December 29. The issue price has been fixed at Rs 366 per share.

Wipro: The company completed the acquisition of remaining 3.3% stake in Encore Theme Technologies.

Mahindra & Mahindra: The company will raise its stake in associate MITRA Agro Equipments to 100% from the current 47.33%.

Tata Power: The company’s subsidiary Tata Power Renewable Energy received the letter of award from Tata Power Delhi Distribution Ltd. for setting up a 255 MW hybrid wind and solar) power project in Karnataka.

Ashoka Buildcon: The company has been awarded three projects worth Rs 754.57 crore from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company.

Spandana Sphoorty Financial: The company will transfer stressed loan portfolio, including written off loans, worth Rs 323.08 crore to an asset reconstruction company for a consideration of Rs 95 crore.

JSW Energy: The company implemented the NCLT-approved resolution plan for Ind-Barath Energy (Utkal) and acquired the same. Garware Technical Fibres: The company closed its buyback scheme are buying 2.4 lakh shares at Rs 3,750 apiece.

Bank of India: The public sector lender infused capital of Rs 1.13 crore in PSB Alliance as a part of strategic investment. With this, the bank raised stake in PSB Alliance to 8.33%, from 7.14% earlier.

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