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

Asian equities are edging higher in mid-week trading as markets trade near all-time high levels. Benchmark indices in Japan, Australia and South Korea advanced, even as peers on Wall Street ended lower overnight. Volumes on U.S. exchanges slipped below 10 billion shares for the first time this year. Treasuries held gains, oil prices fluctuated while the U.S. Dollar was steady. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.11% to 14,761.50, as of 7:58 a.m.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: RBI Bi-Monthly Monetary Policy on 7th April 2021
  • INR: Nikkei Services PMI (Mar) on 7th April 2021
  • USD: Crude Oil Inventories on 7th April, 2021
  • USD : FOMC Meeting Minutes on 7th April, 2021

International Markets:

U.S & Europe

Particulars        6th April Chg Chg(%)
Nasdaq 13,698.38 -7.21 -0.05
Dow 33430.24 -96.95 -0.29
FTSE 6,823.55 86.25 1.28
CAC 6,131.34 28.38 0.47
DAX 15,212.68 105.51 0.7
Dow Fut.* 33,327.00 12 0.04


Asian markets:

Particulars       7th April Chg Chg(%)
SGX Nifty 14,761.50 16.5 0.11
Nikkei 29,704.44 7.81 0.03
Straits Times 3,211.30 3.67 0.11
Hang Seng 28,843.50 -95.24 -0.33
Shanghai 3,458.92 -24.05 -0.69


  ADR Watch:

Particulars        6th April Chg Chg(%)
Dr Reddy 60.21 0.60 1.01
HDFC Bank 78.20 0.14 0.18
ICICI Bank 15.94 0.30 1.92
Infosys 18.46 -0.20 -1.07
Tata Motor 19.84 -0.08 -0.40
Wipro 6.26 0.27 0.38


Commodities & Currency

Particulars        Current Price     Chg(%)
USD/INR 73.43 0.19
Brent 62.64 -0.16
Gold 1738.75 -0.24
Silver 25.145 -0.33


 FIIs & DIIs

Particulars    6th April.      5th April
FIIs    -1092.75  -931.66
DIIs 416.59    75.48


Brokerage Radar:

Antique Stock Broking On Laurus Labs:

Initiate coverage with buy rating Price target of Rs 574 Growth story has entered its new phase on sustainably higher formulations business Custom synthesis business on the cusp of a major growth phase Can nearly double its earnings by FY24 with an aggressive capex program Expect formulations business from developed regions to grow faster from FY23 Expect 28% EPS CAGR over FY21-24

Motilal Oswal On Britannia:

Maintains buy rating Price target raised to Rs 4,575 from Rs 4,122 Offers attractive investment prospects for both long-term and near-term Opportunity for growth is significant Direct reach expansion in FY21 continues to deliver market share gains Recent traction in non-biscuit segment is encouraging Strong structural outlook, improving near-term narrative and inexpensive valuations.

Antique Stock Broking On Quick Service Restaurants:

Post Covid, chained QSRs should benefit from increase in share of organised restaurants Preference for chained QSRs should gain momentum with menu innovation, extensions, value for money proposition, higher operating efficiency and focus on delivery model Urbanisation and higher frequency of eating out to drive growth Jubilant Foodworks best placed among QSR peers and will continue to dominate the segment due to its store network and higher focus on delivery model Initiate coverage on Jubilant Foodworks with buy rating and price target of Rs 3,300 Initiate coverage on Westlife Development with hold rating and price target of Rs 460 Initiate coverage on Burger King India with a hold rating and price target of Rs 135

News Update:

Tata Steel:

India business achieved highest ever quarterly crude steel production of 4.75 MT, up 3% quarter-on-quarter. Delivery volumes for the quarter stood at 4.67 MT, up 16% year-on-year. The India business also achieved highest ever delivery volume of 17.3 MT in FY21. Production for the European business rose to 2.65 MT. Sales volumes for the European business rose 18% quarter-on-quarter and % year-on-year. Steel production and sales volumes for the European business were lower in FY21 due to the pandemic. The company remains focused on aggressively managing costs and cash flows while pursuing deleveraging.

Tata Steel Long Products:

The company saw highest ever quarterly crude steel production of 1.86 lakh tonnes, up 7% quarter-on-quarter and 19% year-on-year led by debottlenecking and arcing. Production for FY21 was also the highest ever, registering a growth of 11% over the previous year. Sales volumes rose 4% quarter-on-quarter and 25% year-on-year to 1.72 lakh tonnes led by higher production and improved market conditions. Annual sales volume of 6.39 lakh tonnes was also the highest ever, up 25% year-on-year. Sales volume of Direct Reduced Iron during the quarter rose 6% quarter-on-quarter and 12% year-on-year.

Tata Steel BSL:

The company achieved highest ever crude steel production and sales volume during the January-March period. Production rose 6% quarter-on-quarter and 5% year-on-year to 1.18 MT. Sales volumes rose 4% quarter-on-quarter and 22% year-on-year to 1.19 MT.

Max Financial Services:

Axis Bank and its two subsidiaries, Axis Capital and Axis Securities, have become the co-promoters of Max Life Insurance after the completion of acquisition of 12.99% equity stake in the company. The Axis Entities have a right to acquire an additional 7% stake in the company subject to regulatory approvals. Further, Max Life’s board will be recast with three Axis nominees.

Inox Leisure:

To raise funds up to Rs 300 crore through issue of securities either by way of public issue, rights issue or private placement but not limited only to QIP

Cholamandalam Investment & Finance:

Partnered with Zoho, Razorpay, Zerodha, Ujjivan and Airpay to submit new umbrella entity application on March 31


Source: MoneyControl, Business Standard, Bloomberg, Investing


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 an y 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. 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 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 %. 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 publicappearance;
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 brokerag e services from the subject companyin 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 brokerageservices 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