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

Asian stocks rose Friday and the dollar held a drop after cyclicals led Wall Street to a record high ahead of a U.S. jobs report that will shape views on the outlook for Federal Reserve monetary policy.MSCI Inc.’s Asia-Pacific gauge climbed for a sixth day, the longest streak since January, as equities advanced in Japan, Australia and South Korea. U.S. futures fluctuated after energy shares helped the S&P 500 to a new peak. The U.S. 10-year Treasury yield edged up.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, was little changed at 17,284.50 as of 8:20 a.m. The U.S. payrolls report is another potential test of the prevailing calm in financial markets, which so far have weathered risks to economic reopening from coronavirus variants and the prospect of less expansive monetary policy. Goldman Sachs Group Inc. strategists said concerns about economic expansion are overdone, pointing to possible gains in cyclical assets in the near future.

Major economic Data:

  • INR: FX Reserves, USD on 3rd September, 2021
  • INR: Bank Loan & Deposit Growth on 3rd September, 2021
  • USD: Unemployment Rate (Aug)on 3rd September, 2021

Brokerage Radar:

CLSA ON SUNTECK REALTY: Maintain buy at the price of Rs 377 for the target price of Rs 470.Launches vasindproj ahead of our expectations of a festive season launch. Vasind project will garner a strong response driven by its affordable ticket sizes. increase our FY22 pre-sales estimate by 6% due to the early launch.

CLSA ON NIPPON INDIA AMC: Maintain outperform at the price of Rs 413 for the target price of Rs 475.Have been in a consolidation phase for the last 3.5- 4 years. Its market share is stabilising co leads in retail exchange- traded funds & schemes. Increase FY22/23 estimates by 6-9% on strong flows & mkt buoyancy.

MACQUARIE ON HDFC BANK: Maintains Outperform at the price of Rs 1589 for the target price of Rs 2005.Expects cost-to-income ratio to rise up to 39-40% from 36%. Also, tech spends as a % of opex may double to 18-20% if bank significantly increases investments.

International Markets:

U.S & Europe

Particulars 2ndSept Chg Chg(%)
Nasdaq 15,331.18 21.8 0.14
Dow 35443.82 131.29 0.37
FTSE 7,163.90 14.06 0.2
CAC 6,763.08 4.39 0.06
DAX 15,840.59 16.3 0.1
Dow Fut.* 35,441.00 17 0.05

Asian markets:

Particulars 3rdSept Chg Chg(%)
SGX Nifty 17,284.50 25 0.14
Nikkei 28,787.35 243.84 0.85
Straits Times 3,078.01 -10.83 -0.35
Hang Seng 26,005.33 -85.1 -0.33
Shanghai 3600.6 3.56 0.1

ADR Watch:

Particulars 2ndSept Chg Chg(%)
Dr Reddy 66.7 1.32 2.02
HDFC Bank 78.25 -0.6 -0.76
ICICI Bank 19.75 -0.04 -0.2
Infosys 23.7 0.15 0.64
Tata Motor 19.91 -0.27 -1.34
Wipro 9.49 0.15 1.61

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.21 -0.09
Brent 73.06  0.04
Gold 1816.00      0.25
Silver 23.965 0.20

FIIs & DII

Particulars 2nd Sept 1st Sept
FIIs 348.52 666.66
DIIs 381.70 -1287.87

News Update:

Reliance Industries Ltd: Reliance Retail Ventures has acquired sole control of Just Dial. Just Dial on September 1 allotted 2.12 crore equity shares at a price of Rs 1,022.25 per equity share to Reliance Retail, representing 25.35% of Just Dial’s paid-up share capital. Move follows acquisition of 1.31 crore shares, representing 15.63% of Just Dial shares on July 20. Reliance Retail now holds 40.98% in Just Dial.

Granules India: The company has received licence from Defence Research & Development Organisation, Ministry of Defence, to manufacture and market 2-Deoxy-D-Glucose. Developed by DRDO, 2-DG has been granted permission by Drug Controller General of India for emergency use as adjunct therapy in moderate to severe Covid-19 patients.

IRB Infrastructure Developers: The company has emerged as a preferred bidder for the construction of six lanes of 20.060 kms, Pondavakkam to Kannigaipair stretch, on the upcoming Chittoor – Thachur Highway in Tamil Nadu at the cost outlay of Rs 909 crore. The company bid Rs 844.14 crore for the highway project. The construction is expected to be completed in 730 days.

RailTel Corporation of India: The company has received a contract from Directorate of Information Technology, Indian Air Force for implementation of secure OPS Network for value of Rs 299.95 crore. The work is expected to be completed over a period of 12 months.

Jammu & Kashmir Bank: Approved raising of equity share capital up to Rs 1000 crore in one or more tranches by way of rights issue/peferential allotment/private placement/QIP or any other approved mode. The bank also approved raising up to Rs 1000 crore via bonds.

Rossari Biotech: The company has completed the acquisition of the first tranche of 76% of the total equity share capital (on a fully diluted basis) of Tristar Intermediates on Sept 1.

PNB Housing Finance: SEBI has filed an appeal with Supreme Court against Securities Appellate Tribunal (SAT)’s split verdict in the PNB Housing-Carlyle deal case. The company said it is examining the appeal filed by SEBI.

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)
Manoj Vijay Shinde, Elite Wealth Limited, manojshinde@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 inirectly, 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, advisory 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. RavinderParkash 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 Advisory 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 Advisory or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL Advisory 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 Advisory 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 Advisory or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL Advisory or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL Advisory 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 Advisory 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 Advisory 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 Advisory 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 Advisory
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 Advisory or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL Advisory has never been engaged in market making activity for the subject company;
(6) EWL Advisory shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.