Market-View-Feature-Image

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

Stocks are set to log losses in Asia Wednesday on heightened worries about a gloomy economic outlook, amid monetary policy tightening and rise in crude oil prices. Futures fell for Japan, Australia and Hong Kong. US contracts were volatile after the S&P 500 tumbled and the tech-heavy Nasdaq 100 lost over 3%. As of 4:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–fell 0.94% to 15,705. Oil held gains, hovering around $112 a barrel. In cryptocurrencies, Bitcoin settled near $20,000 amid generally poor sentiment.

Economic Calendar:

  • INR: M3 Money Supply on 29th June 2022.
  • INR: Fiscal Deficit Data 30th June 2022.
  • USD: Mortgage Market Index 29th June, 2022.
  • USD: Factory Output 05th July, 2022.

Brokerage Radar:

JP MORGAN ON TATA STEEL: (management meet takeaways) OW, TP Rs 1400, India vol pick up as consumer de-stocking behind us; 2Q to see full impact of lower ASP/t & higher coal See upside risk to our net debt reduction forecast for FY23 given strong underlying cash flows, Strong Europe; India de-stocking over; net debt ($1bn) reduction on track,TATA Europe (TSE) remains strong: Large contracted sales volumes gives ASP visibility.

CLSA ON COLGATE: Sell, TP Rs 1490 Two key challenges with Colgate India are its contracting market share & high revenue concentration in oral care category. Expect parent entity to empower new CEO with local decision making, which is critical for its core segment.

CLSA ON MARUTI: Sell, TP Rs 7053,50% share in FY24 remains a dream Per our est, incremental vol of 291k units in FY24 would result in regaining 50% market share .This would lead to incremental rev of Rs233bn & incremental Ebitda of Rs28bn, with an Ebitda margin of 10.8% in FY24CL.

JEFFERIES ON 2Ws: Preferred buys – Eicher & TVS, followed by Bajaj Auto Over FY22-24, see EPS rising 120% for EIM/TVS &60-75% for BJAUT/HMCL,Abnormal 35% fall in 2W vols over FY19-22 has created a favorable base for double-digit CAGR in coming yrs.

ANTIQUE ON ASIAN PAINTS: Upgrade to Buy,However, in subsequent years, APNT has regained its margins by calibrated price hikes & operating scale,Foray of Grasim could impact smaller/regional players . Post recent correction & sustained demand for decorative paints, upgrade to buy

International Markets:

U.S & Europe:

Particulars      28th June    Chg Chg(%)
Nasdaq 11,181.54 -343.01 -2.98
Dow 30946.99 -491.27 -1.56
FTSE 7,323.41 65.09 0.9
CAC 6,086.02 38.71 0.64
DAX 13,231.82 45.75 0.35
Dow Fut.* 30946.99 41.00 0.14

Asian markets:

Particulars    29th June    Chg. Chg(%)
SGX Nifty 15,703.50 -150 -0.95
Nikkei 26,759.99 -289.48 -1.07
Straits Times 3,143.65 3.44 0.11
Hang Seng 22,138.90 -280.07 -1.25
Shanghai 3,390.81 -18.4 -0.54

ADR Watch:

Particulars     28th June Chg. Chg.(%)
Dr Reddy 55.84 0.57 1.03
HDFC Bank 55.16 -1.68 -2.96
ICICI Bank 17.74 -0.37 -2.04
Infosys 18.46 -0.3 -1.6
Tata Motor 26.24 -0.14 -0.53
Wipro 5.32 -0.13 -2.39

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 78.77  0.55
Brent 112.91  -0.82
Gold 1822.55 0.07
Silver 20.812  -0.30

FIIs & DII:

Particulars        28th June                                  27th  June
FIIs -1244.44                         -1278.42                       
DIIs  1205.63  1184.47

News Update:

Reliance Industries: Reliance Jio Infocomm names Mukesh Ambani’s son Akash Ambani as Chairman.

SBI/ICICI Bank: The banks will invest Rs 4.03 crore each to pick up 9.54% stake in Perfios, an account aggregator.

HDFC Bank: The bank will invest Rs 4.02 crore for 9.54% stake in Perfios.

Route Mobile: The Company approved buyback of shares for an aggregate amount of Rs 120 crore. It will buyback 705,882 shares, representing 1.12% of the total paid up share capital at maximum buyback price of Rs 1,700 per share.

Jammu and Kashmir Bank: The bank will raise Rs 500 crore by equity and Rs 1500 crore via bonds in FY23.

ONGC: The Company said four die and five rescued in helicopter accident.

Glenmark Pharma: The Company’s U.S. arm acquired four OTC ANDAs from Wockhardt.

Godawari Power & Ispat: The Company has acquired 78.96% stake in Alok Ferro Alloys for Rs 126.98 crore.

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