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

Stocks in Asia fell Thursday amid efforts to rein in inflation even as JPMorgan Chase & Co.’s Jamie Dimon sounded alarm bells on the economy. An MSCI Inc. gauge of Asia-Pacific shares fell for a second day, with equities in Hong Kong and Japan declining. US futures fluctuated after stocks dropped on Wall Street. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.43% to 16,437 points as of 7:30 am. The dollar was little changed. Crude oil declined on a report Saudi Arabia is ready to pump more oil if Russian output declines. OPEC+ is scheduled to meet to discuss supply policy.

Economic Calendar:

  • INR: Trade Balance on 2nd June 2022.
  • INR: Interest Rate Decision on 8th June 2022.
  • USD: Opec Meeting 2nd June, 2022.
  • USD: Initial Jobless Claim 2nd June, 2022.

Brokerage Radar:

MORGAN STANLEY ON MCX: UW, TP Rs 1300 Average daily traded value is a key driver of co’s profits & share price – in May 2022, saw ADTV (futures + 45%*options) rise by 4% MoM to Rs339bn Stock was -ve for month, though, likely owing to subdued price performance in key commodities.

MORGAN STANLEY ON BoB: OW, TP Rs 140 More than doubled its dividend to Rs2.85/sh Resulting from this, CET-1 ratio revised downwards by 15bps to 11.6% That said, it remains better than that of most other SoE bks Continue to prefer BOB, followed by SBI.

CLSA ON LEMON TREE: Buy, TP raised to Rs 80 FY23 guidance: 100% growth in revenue & an Ebitda margin of 50% Lemon Tree’s portfolio is concentrated in biz segment (c.85% of room portfolio), hence a recovery in corporate demand is key

CREDIT SUISSE ON DELHIVERY: Initiate O-P, TP Rs 675 Deep moat with scale, growth & profitability O-P based on 1)favourable industry structure 2)structural growth (30%+) in e-com vols 3)strong moat 4)recent breakeven 5)diversified growth 6) potential merit as an internet play

International Markets:

U.S & Europe:

Particulars       1st June           Chg            Chg(%)
Nasdaq 11,994.46 -86.93  -0.72
Dow 32813.23 -176.89  -0.54
FTSE 7,532.95 -74.71 -0.98
CAC 6,418.89 -49.91 -0.77
DAX 14,340.47 -47.88 -0.33
Dow Fut.* 32808.9   -4.3  -0.01

Asian markets:

Particulars      2nd June    Chg.           Chg(%)
SGX Nifty 16,437.00 -71 -0.43
Nikkei 27,411.58 -46.31 -0.17
Straits Times 3,228.11 -15.89 -0.49
Hang Seng 20,964.90 -330.04 -1.55
Shanghai 3,181.02 -1.14 -0.04

ADR Watch:

Particulars            1st June             Chg.              Chg.(%)
Dr Reddy 55.27 -0.08 -0.14
HDFC Bank 58.31 0.74 1.29
ICICI Bank 19.35 0.1 0.52
Infosys 19.03 0.17 0.9
Tata Motor 28.63 0.13 0.46
Wipro 6.03 0.05 0.84

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 77.52 -0.15
Brent 114.03 -1.94
Gold 1847.00 -0.09
Silver 21.793 -0.56


Particulars               1st June                                                     31st May
FIIs -1930.16                       -1003.56                     
DIIs 984.11 1845.15

News Update

Yes Bank: The private lender is nearing a deal to sell a pool of Rs 48,000 crore in stressed assets to the US-based JC Flowers & Co.

Reliance Industries: Reliance Brands and Plastic Legno SPA have signed a joint venture arrangement for toys manufacturing in India.

Maruti Suzuki: Total production rose 303 year-on-year to 1,64,859 units in in May 2022 even as sales increased to 1,61,413 units from 46,555 units a year ago.

Vedanta: The company will consider raising Rs 4,100 crore through non-convertible debentures on June 4.

Bata India: Bata (BN) B.V., The Netherlands, says the sale of its 2.8% stake in Bata India is part of an internal restructuring and that it still holds 50.1% in the Indian subsidiary.

IndusInd Bank: The bank has further reduced its stake in Birla Tyres from 7.498% to 3.869%.

Religare Enterprises: Lenders to wholly owned subsidiary Religare Finvest have agreed to consider a one-time settlement plan as part of the company’s revival plan. 

Welspun: The company’s Saudi Arabia’s arm East Pipes has signed a contract with Saline Water Conversion Corp. worth Rs 1,013.24 crore to supply and deliver steel pipes for a water transmission project.

Delta Corp: Delta Pleasure Cruise Co. Pvt. Ltd. has commenced management of operations of the casino at Zuri White Sands Goa, Resort and Casino.

Ashoka Buildcon: Ashoka Highways (Bhandara) has received Rs 97.37 crore — inclusive of interest — towards full and final settlement against claims and various other disputes under the concession agreement.

Indian Bank: The lender has raised lending rates by 10-90 basis point across tenors after RBI’s out-of-turn rate hike.

Hero MotoCorp: Sales rose 169% year-on-year to 4,86,704 units in May 2022. India’s largest two-wheeler maker has deferred the launch of its first electric scooter from July to the festive season due to supply chain constraints.

Balaji Amines: The company has approved fundraising by subsidiary Balaji Speciality Chemicals via an initial public offering comprising a fresh issue of Rs 250 crore and/or an offer for sale “by certain existing and eligible shareholders”.

Astron Paper & Board Mill: Search proceedings were carried out by the Income Tax Department under Section 132 of the Income Tax Act, 1961, at the head office of company.

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 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