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

Stocks fell in Asia on Wednesday and the dollar climbed as investors evaluated heightened US-China tension and hawkish Federal Reserve comments. Shares were mixed in Japan and fell in South Korea and Australia. S&P 500 and Nasdaq 100 futures slipped after a dip in Wall Street shares on Tuesday. Hong Kong contracts earlier pointed to the bourse there unwinding some of the losses sparked by worries over US House Speaker Nancy Pelosi’s Taiwan visit. At 7:20 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — traded 0.29% higher at 17,375 points. Elsewhere, oil fell below $94 a barrel as traders counted down to an OPEC+ crude production meeting. Gold retreated and Bitcoin dropped under $23,000

Economic Calendar:

  • USD : ISM Non-Manufacturing PMI (Jul) 03rd Aug, 2022
  • USD : Nonfarm Payrolls (Jul) 5th Aug, 2022
  • INR : Interest Rate Decision 05th Aug, 2022
  • INR : CPI (YoY) (Jul) 12th Aug, 2022

Q1FY23 Result Today: Lupin, Adani Power, InterGlobe Aviation, Vodafone Idea, Godrej Consumer Products, Aditya Birla Capital, Adani Transmission, Adani Wilmar, BASF India, Birlasoft, Chambal Fertilisers, Devyani International, Firstsource Solutions, Gujarat Gas, Inox Leisure

Q1FY23 Result:

Adani Green (Consolidated, YoY) reported a 2.3% YoY decline in consolidated profit at Rs 214 crore for the quarter ended June 2022, dented by lower other income, and forex loss. Revenue grew by 58% YoY to Rs 1,701 crore during the same period.

Gravita IndiaQ1 FY23 (Consolidated, YoY) recorded a massive 98% YoY growth in consolidated profit at Rs 44.65 crore for the June FY23 quarter, largely driven by other income. Revenue increased by 30% to Rs 580 crore during the same period.

Voltas Q1 FY23 (Consolidated, YoY) registered a 10% year-on-year decline in profit at Rs 110 crore for the quarter ended June 2022 dented by other income. Revenue grew by 50% YoY to Rs 2,795 crore during the same period largely driven by unitary cooling products segment that grew 125% YoY.

Lemon Tree Hotels Q1 FY23 (Consolidated, YoY) recorded consolidated profit at Rs 13.57 crore in Q1FY23, against loss of Rs 59.8 crore in year-ago period. Earnings in Q1FY13 were affected by second Covid wave. Revenue grew by 356% YoY to Rs 192 crore for the quarter.

Brokerage Radar:

NOMURA ON SIEMENS: Results below est on margin miss; Profitability hit by high other expenses even as gross margins are stable; Order inflow growth materially weaker against reset expectations; Execution beat led by gas & power & digital industries.

MAC ON THERMAX: O-P, TP Rs 2300; Mixed results: Strong order inflow offset by weak margin performance; Order backlog provides visibility, but margin improvement is key; EBITDA margins came in at 5.8% vs expectation of 6%.

CLSA ON VOLTAS: Sell, TP Rs 930; 1Q: Market share regained, at cost of margins; 1Q below est on weak margins, while rev growth of 55% YoY (3-yr Cagr: 1%) largely in-line; Gross & Ebitda margin fell sharply YoY & QoQ, reflecting heightened competitive intensity & cost pressure

International Markets:

U.S & Europe:

Particulars   02nd August Chg. Chg.(%)
Nasdaq 12348.76 -20.22 -0.16
Dow 32396.17 -402.23 -1.23
FTSE 7409.11 -4.31 -0.06
CAC 6409.80 -27.06 -0.42
DAX 13449.2 -30.43 -0.23
Dow Fut.* 32942.4 96.20 0.30

Asian markets:

Particulars   03rd August Chg. Chg.(%)
SGX Nifty 17380.5 54.5 0.31
Nikkei 27741 146.24 0.53
Straits Times 3242.57 3.42 0.11
Hang Seng 19718.9 29.66 0.15
Shanghai 3185.12 -1.15 -0.04

ADR Watch:

Particulars   02nd August Chg. Chg.(%)
Dr. Reddy 51.38 -0.1 -0.19
HDFC Bank 62.08 -1.00 -1.59
ICICI Bank 20.68 -0.1 -0.24
Infosys 19.49 -0.1 -0.66
Tata Motor 30.36 -0.2 -0.72
Wipro 5.37 0.01 0.19

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 78.71 -0.39
Brent 100.18 -0.36
Gold 1783.85 -0.33
Silver 19.927 -1.05


Particulars 01st August 01st August
FIIs                               825.18     2320.61
DIIs      117.79     -822.23

News Update:

ITC: has exited its lifestyle retailing business following a strategic review of its business portfolio.

Subex: Jio Platforms announced a partnership with Subex for its AI Orchestration Platform, HyperSense, which can enable telcos to deliver on the promise of AI across the data value chain.

Aurobindo Pharma: The API non-antibiotic manufacturing facility in Andhra Pradesh has received a ‘Form 483’ with three observations, but none of these observations are related to data integrity.

  Source: Moneyontrol, 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