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

Stocks edged lower in Asia after US equities struggled for direction, with traders awaiting a jobs report later Friday for clues on the Federal Reserve’s next policy steps.  The Bloomberg Dollar Spot Index steadied after sinking to its lowest since June. Elsewhere, oil fluctuated after four days of gains with China further easing Covid restrictions and the US considering a pause in sales from its strategic reserves. Gold steadied. The Indian benchmark indices continued their record-breaking rally for the eighth day to close at new record highs. The broader market indices outperformed their larger peers, as the market breadth favoured bulls. Rupee continued to rise against the U.S. dollar for the second day closing higher against the greenback despite paring early gains. At 6:30 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.3% to 18,964.

Economic Calendar:

  • USD : Unemployment Rate (Nov) on 2nd December, 2022
  • USD : Nonfarm Payrolls (Nov) on 2nd December, 2022
  • INR : FX Reserves, USD on 2nd December, 2022
  • INR : Bank Loan Growth on 2nd December, 2022

Brokerage Radar:

CLSA ON PAYTM: Buy, TP Rs 650; On profitability, co expects to become free cash flow +ve in next 12-18 mths, in line with view of cash burn ending in next 4-6 qtrs; Co has more than $1bn net cash(equating to more than 25% of its current M Cap

MS ON PAYTM: EW, TP Rs 695; a) Management sounded confident of strong growth as well as achieving its adj. EBITDA break-even target by Sept-23, b) Management doesn’t see any significant risk to its payment margins, c) Per management, net payment margin should remain broadly steady

UBS ON RIL: Buy, TP raised to Rs 3250; Gearing up for India’s e-B2B expansion; Est. RIL’s e-B2B (new commerce) biz to grow 57% CAGR in FY22-30E reaching $30bn in FY30E; Est RIL to invest $50bn in New Energy biz, & segment’s EBITDA to reach Rs470bn in FY30E

International Markets:

U.S & Europe:

Particulars 01st December Chg. Chg.(%)
Nasdaq 11482.45 14.45 0.13
Dow 34395.01 -194.76 -0.56
FTSE 7558.49 -14.56 -0.19
CAC 6753.97 15.42 0.23
DAX 14490.30 93.26 0.65
Dow Fut.* 34319.90 -75.10 -0.22

Asian markets

Particulars 02nd December Chg. Chg.(%)
SGX Nifty 18931.50 -44.00 -0.23
Nikkei 27679.84 -546.24 -1.94
Straits Times 3270.89 -21.84 -0.66
Hang Seng 18716.57 -19.87 -0.11
Shanghai 3162.32 -3.15 -0.10

ADR Watch:

Particulars 01st December  Chg.       Chg.(%)
Dr. Reddy 56.12 -0.19 -0.34
HDFC Bank 69.55 -1.02 -1.45
ICICI Bank 23.20 -0.52 -2.19
Infosys 20.51 0.16 0.79
Tata Motor 26.81 -0.49 -1.79
Wipro 5.15 0.03 0.59

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.22 -0.25
Brent 87.31 0.49
Gold 1812.05 -0.17
Silver 22.843 0.01

FIIs & DIIs:

Particulars 01st December 30th November
FIIs  -1565.93 9010.41
DIIs 2664.98 -4056.40

News Update:

Yes Bank: The Reserve Bank of India allowed Advent and Carlyle to pick up 9.99% stake each in Yes Bank on a conditional basis.

NMDC: The government has invited expressions of interest to divest its 50.79% stake in the company. The company also reported a rise in production and sale of iron ore during November.

ONGC/Reliance Industries/GAIL: The government halved windfall tax on domestic crude to Rs 4,900 per tonne and reduced levy on diesel exports to Rs 6.5 per litre.

Hero MotoCorp/Maruti Suzuki/Tata Motors/Mahindra & Mahindra/Bajaj Auto/ Eicher Motors: Auto companies reported their monthly sales data for November.

PB Fintech: SoftBank’s SVF India Holdings is offering 22.8 million shares of the company at a floor price of Rs 440.2 each in a block trade, Bloomberg News reported citing terms of the deal.

Hindustan Unilever: The company has formed an ESG committee to assist the board in overseeing the company’s strategy relating to ESG and sustainability matters.

Man Infraconstruction: Suketu R Shah resigned from the position of Joint Managing Director of the company, with effect from Dec. 1.

Oberoi Realty: Shareholders of the company approved the purchase of premises from Oasis Realty, a joint venture entity.

MOIL: The company’s production increased 60% sequentially and sales grew 82% on-month during November.

NLC India: The company signed an MoU with Odisha government for setting up ground mounted/ floating solar power projects, pumped hydro storage projects, green hydrogen projects and any other renewable projects in the state.

SJVN: The company’ subsidiary SJVN Green Energy has signed an MoU with Grid Corporation of Odisha for developing 1000 MW Hydro Electric Projects and 2000 MW Solar Power Projects in Odisha by incorporating a joint venture company.

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