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

European equity futures tumbled and the euro fell Monday as the region’s worsening energy crisis added to concerns about a global economy already facing inflation, monetary policy risks. The dollar was firm. Crude jumped past $88 a barrel ahead of an OPEC+ meeting on supply and as traders weighed the latest energy-sector twists. At 7:05 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.24% lower at 17,498.50 points.

Economic Calendar:

  • USD : ISM Non-Manufacturing PMI (Aug) on 05th Sep, 2022
  • USD : CPI (MoM) (Aug) on 13th Sep, 2022
  • INR : Nikkei Services PMI (Aug) on 05th Sep, 2022
  • INR : CPI (YoY) (Aug) on 12th Sep, 2022

Who’s Meeting Whom:

ADF Foods: To meet analysts and investors on Sept. 8.

Greenply Industries: To meet analysts and investors on Sept. 5.

Persistent Systems: To meet analysts and investors on Sept. 5.

Century Textiles & Industries: To meet analysts and investors on Sept. 5.

Brokerage Radar:

BOFA ON M&M: BUY, TP Rs. 206; Aug’22: disbursements +75% YoY; CE strong at 96%; GS-3 stable, GS-2 down MoM; Strong medium term (FY25) guidance: 2x AUM, GS-3

MS ON RIL: OW, TP Rs. 3085; Co’s 4th investment cycle this century has significant differences to past cycles, underappreciated energy tailwinds & potential to double profits by 2027; While co has evolved to create value every cycle, this one has far more constructive setup

JEFFERIES ON BHARTI AIRTEL: Mintain to BUY, TP Rs. 855; Singtel’s 3.3% stake sale will drive a 1.7% increase in shareholding of Mittal Family; However it will up Bharti Tele’s debt, which will need higher dividends from Bharti; It will eventually lead to Bharti Telecom selling stake in co to repay the debt

International Markets:

U.S & Europe:

Particulars    02nd     September Chg. Chg.(%)
Nasdaq 11630.86 -154.27 -1.31
Dow 31318.44 -337.98 -1.07
FTSE 7281.19 132.69 1.86
CAC 6167.51 133.20 2.21
DAX 13050.27 420.04 3.33
Dow Fut.* 31354 35.60 0.11

Asian markets:

Particulars  05th  September Chg. Chg.(%)
SGX Nifty 17514 -25.00 -0.14
Nikkei 27610.75 -40.09 -0.14
Straits Times 3215.77 10.08 0.31
Hang Seng 19101.91 -350.18 -1.80
Shanghai 3185.29 -1.19 -0.04

ADR Watch:

Particulars  02nd September  Chg.  Chg.(%)
Dr. Reddy 51.96 -1.09 -2.05
HDFC Bank 61.98 0.21 0.34
ICICI Bank 21.84 -0.11 -0.50
Infosys 18.09 -0.33 -1.79
Tata Motor 28.59 -0.67 -2.29
Wipro 4.99 -0.09 -1.77

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.80 0.30
Brent 94.72 1.83
Gold 1722.70 0.01
Silver 17.898 0.10

FIIs & DIIs:

Particulars 02nd September 01st September
FIIs                           -8.79 -2290.31
DIIs  -668.74  951.13

News Update:

Wipro: The company has partnered with Cisco to accelerate cloud transformation for customers. The partnership will enable Wipro customers to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience.

JSW Steel: Life Insurance Corporation increased its stake in the company from 5% to 7.01%.

GMR Infrastructure: The company approved raising of funds of up to Rs 6000 crore in one or more tranches through issue of securities including a Qualified Institutions Placement and/or foreign currency convertible bonds and/or any other securities.

Hindalco: Aluminium buyer Novelis excludes Russian metal in Supply deal.

Hindustan Aeronautics, L&T: Wins Rs 860 crore deal from NSIL to entirely build five PSLV rockets.

JSW Steel: LIC’s holding in JSW Steel has risen to 7.01%.

SpiceJet: Gets up to three-month extension of time to hold AGM.

Vodafone Idea: has prepaid a short-term loan of around Rs 2,700 crore to State Bank of India to shore up lenders’ confidence as it urgently seeks fresh bank funds to tie up equipment supply deals for 5G networks and also clear some of its near Rs 15,000-crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers, ET report said.

HFCL: Board on Friday approved raising up to Rs 650 crores which will be invested in enhancing R&D facilities, setting up new production facilities to enhance capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme

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