View on market: Volatility Prevails, Market is searching for better value

Asian stocks are expected to open cautiously as traders get ready for the significant central bank announcement. According to a Bloomberg article, oil prices have decreased as Israel’s ground invasion of Gaza has proceeded more slowly than expected. A barrel of Brent crude dropped to $89.51, while West Texas Intermediate was trading at $84.52. The 10-year US bond’s yield was 4.88% at the time of trading.

Economic Calendar:

  • USD : CB Consumer Confidence (Oct) on 31st Oct, 2023
  • USD : ISM Manufacturing PMI (Oct) on 01st Nov, 2023
  • INR : Balance of Payments (USD) (Q2) on 30th Oct, 2023
  • INR : RBI Monetary and Credit Information Review on 31st Oct, 2023

Brokerage Radar:

JEFFERIES ON KFIN TECH: Buy, TP raised to Rs 560; While Asian mkt will be organic, it may explore M&A in western mkt.; Domestic MFs & issuer solutions are growing at steady pace; Raise earnings by 1-2% & see 17% Cagr in profit over FY23-26; cashflows can aid M&A.

GS ON TCS: Buy, TP Rs 4020; Rev growth of -0.1% qoq (constant Fx; +2.8% YoY) below GSe of +1% qoq; 1% qoq decline in headcount suggests weak near term rev outlook; Lower rev est. by up to 1%, with FY24 rev growth of 3.8% (constant Fx; vs 5% earlier)

International Markets

 U.S & Europe:

Particulars 27th October Chg. Chg.(%)
Nasdaq 12643.01 47.41 0.38
Dow 32417.59 -366.71 -1.12
FTSE 7291.28 -63.29 -0.87
CAC 6795.38 -93.58 -1.38
DAX 14687.41 -43.64 -0.30
Dow Fut.* 32456.68 40.08 0.12

Asian markets:

Particulars 30th October Chg. Chg.(%)
GIFT Nifty 19104.00 -21.00 -0.11
Nikkei 30609.48 -382.21 -1.25
Straits Times 3063.00 1.15 0.04
Hang Seng 17279.99 -118.74 -0.68
Shanghai 3008.37 -9.41 -0.31

ADR Watch:

Particulars       27th October  Chg.       Chg.(%)
Dr. Reddy 65.05 0.45 0.70
HDFC Bank 56.33 -0.49 -0.86
ICICI Bank 22.09 -0.02 -0.09
Infosys 16.44 0.12 0.74
Wipro 4.51 0.03 0.67

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.26 -0.18
Brent 88.33 -0.98
Gold 2011.45 0.65
Silver 23.26 1.64

FIIs & DIIs:

Particulars   27th October     26th October
FIIs                          -1500.13 -7702.53
DIIs 313.69 6558.45

News Update:

Tata Group: Taiwan-based Wistron Corp., a contract manufacturer for Apple Inc., will sell its India unit to the Tata Group for $125 million. Wistron will sell a 100% stake in its unit, Wistron InfoComm Manufacturing (India) Pvt., to Tata Electronics Pvt., following board approval.

Tata Power: The company’s renewable energy arm inked a power delivery agreement with Mukand Ltd., a Bajaj Group company, for a 43.75 MW AC Group Captive Solar project. The installation will generate 99.82 MUs annually.

Bombay Dyeing: The company’s Global Depository Receipt programme has been terminated, and the GDRs have been delisted from the Luxembourg Stock Exchange. Due to the termination of the GDR programme, Naira Holdings has surrendered their 27.40 lakh GDRs for cancellation and, subsequently, has taken possession of the equivalent corresponding equity shares of the company.

Strides Pharma Science: The company’s Singapore unit, Strides Pharma Global, has entered into a binding agreement to sell its manufacturing facility for a consideration of $15 million to Rxilient Biohub.

IRB Infrastructure Developers: The company has emerged as the preferred bidder for the project of tolling, operation, maintenance and transfer of a 316-kilometre highway stretch in the states of Uttar Pradesh and Madhya Pradesh. The IRB Infrastructure Trust is to pay an upfront concession fee of Rs 4,428 crore to NHAI for a revenue-linked concession period of 20 years.

SJVN: The company’s unit, SJVN Green Energy, inked an MoU with Norway’s Ocean Sun for collaboration in the green and clean energy sector. The unit will develop and finance a pilot membrane-based floating solar project of about 2 MW in India, with Ocean Sun providing patented technological support for the same.

Blue Dart Express: CFO V.N. Lyer resigns w.e.f. Jan. 31, 2024.

Thermax: The company’s subsidiary, Thermax Onsite Energy Solutions Ltd., infused an additional Rs 24.94 crore in its step-down subsidiary, Thermax Energy & Environment Lanka Pvt. The additional capital is being infused to meet the fund requirements for the execution of a project.

Grindwell Norton: The company executed a share sale and purchase agreement with Shinagawa Refractories Co. and SG Shinagawa Refractories India Pvt. for the sale of 49% of the equity shares held by the company in SG Shinagawa Refractories India.

Dr Reddy’s Laboratories: The formulations manufacturing facility in Bachupally Hyderabad has been issued a Form 483 with 10 observations by the U.S. Food and Drug Administration.

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)

Kiran Tahlani, 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 e-mailing 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
  2. 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;

  1. 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

Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.