Market View 6th September 2022

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

Stocks in Asia advanced amid rise in US equity futures on Tuesday amid a dip in the dollar, uptick in sentiment. Shares gained in Japan, Australia and South Korea. S&P 500 futures pushed higher. At 7:15 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 0.16% higher at 17,716 points. Crude has climbed to about $89 a barrel after OPEC+ agreed to cut 100,000 barrels a day in October. Elsewhere, Bitcoin retook the $20,000 level and gold made gains.

Economic Calendar:

• USD : ISM Non-Manufacturing PMI (Aug) on 06^th Sep, 2022
• USD : FOMC Member Mester Speaks on 07^th September, 2022
• INR : Bank Loan Growth on 09^th September, 2022
• INR : FX Reserves, USD on 09^th September, 2022

Who’s Meeting Whom:

Adani Enterprises: To meet analysts and investors on Sept. 6.

Adani Transmission: To meet analysts and investors on Sept. 7.

Mastek: To meet analysts and investors on Sept. 6.

PNB Housing Finance: To meet analysts and investors on Sept. 6.

Sterling and Wilson Renewable Energy: To meet investors and analysts on Sept. 6.

Brokerage Radar:

MS ON SRF: OW, TP Rs. 2,757; Investor meet showcased ambitious capex plan geared towards chemicals; it also addressed concerns on refrigerant on gas exports

MS ON APOLLO TYRES: OW, TP Rs. 329; Apollo is ranked among the top 2 in the fast growing Indian PV; Apollo is able to gradually pass commodity costs to consumers; Apollo focuses on controlling costs and expanding margins; Expect consolidated RoE to rise from 6% in F22 to 11% in FY25

JEFFERIES ON ICICI LOMBARD: Mintain BUY, TP Rs. 1,620; Risk-reward is looking favourable as company outperforms private peers on premium growth; Third party hike is an upside risk; Stake sale & CEO succession need to be addressed over 12-24 months

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Narayana Hrudayalaya: The company has signed a Business Transfer Agreement with Shiva and Shiva Orthopaedic Hospital to acquire its Orthopedic and Trauma Hospital in Bengaluru on slump sale basis for Rs 200 crore.

NTPC: The company has acquired 600 MW Jhabua Power for Rs. 925 crore, out of which Rs. 325 crore was paid towards equity and Rs. 600 crore was paid for allotment of NCDs.

Delhivery: SBI Mutual Fund acquired more than 1.07 lakh equity shares in the company via open market transactions on September 1. With this, its stake in the company increased to 5 percent, up from 4.98 percent earlier.

DreamFolks Services: DreamFolks Services will make its grant debut on the bourses on September 6. The issue price has been fixed at Rs 326 per share.

V-Mart Retail: HSBC Bank Mauritius Limited AC Jwalamukhi Investment Holdings has exited the retail company by offloading entire 13,91,826 equity shares or 7.04 percent stake at an average price of Rs 2,816.29 per share. However, Plutus Wealth Management LLP was the buyer in this deal, acquiring 11.45 lakh shares or 5.79 percent stake in the company at an average price of Rs 2,815.03 per share.

DCW: The company has made the payment towards the early partial redemption of 900 NCDs (out of 35,000 NCDs) having face value of Rs 1 lakh each.

Marksans Pharma: The company has redeemed 500,000 of 7 percent redeemable cumulative preference shares of Rs 100 each face value fully at par. Accordingly, there is no issued and paid-up preference share capital with effect from September 5.

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 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)
Israil Khan, Elite Wealth Limited, suhail@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 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 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, 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: www.elitewealth.in
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