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

Asian stocks were bolstered Tuesday by a further rally in Japan, with traders also weighing the outlook for central bank stimulus support and the impact of the delta virus strain on economic reopening.Japan’s Nikkei 225 hit 30,000 for the first time since April. Equities slipped in South Korea but were steady in Australia. S&P 500 and Nasdaq 100 futures advanced ahead of a resumption in U.S. markets after a holiday. Treasury yields climbed and dollar dipped.The Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.04% to 17,426, as of 8:20a.m.

Major economic Data:

  • INR: Industrial Production (YoY) (Jul) on 10th September, 2021
  • INR: Deposit Growth and Bank Loan Growth on 10th September, 2021
  • USD: Initial Jobless Claims on 9rd September, 2021
  • USD: Crude Oil Inventories on 9th September, 2021

Brokerage Radar:

CLSA ON ITC :Maintain buy at the price of Rs 209.05  for the target price of Rs 265. FMCG biz is firmly on path for a profitable scale-up. Expect its FMCG biz to deliver a 31% EBITDA CAGR over FY20- 24. Unlike in the past, inorganic growth should offer an additional growth lever. Valuation compelling with record-high PE discount to FMCG avg& a 6% dividend yield.

CS ON ASIAN PAINTS: Maintain buy at the price of Rs 3320for the target price of Rs 3650.Demand buoyancy continues, waterproofing a strong growth area. Do not see any permanent hit to margin given high pricing power. Early festive season in FY22 & some pent-up demand should aid Q2 demand.

International Markets:

U.S & Europe

Particulars 6th Sept Chg Chg(%)
Nasdaq 15,363.52 32.34 0.21
Dow 35369.09 -74.73 -0.21
FTSE 7,187.18 48.83 0.68
CAC 6,743.50 53.51 0.8
DAX 15,932.12 150.92 0.96
Dow Fut.* 35,402.00 49.00 0.14

Asian markets:

Particulars 7thSept Chg Chg(%)
SGX Nifty 17,426.00 7.00 0.04
Nikkei 29,903.54 243.65 0.82
Straits Times 3,087.08 -14.00 -0.45
Hang Seng 26,325.12 161.49 0.62
Shanghai 3,634.70 12.84 0.48

ADR Watch:

Particulars 6thSept Chg Chg(%)
Dr Reddy 67.09 0 0
HDFC Bank 76.64 0 0
ICICI Bank 19.79 0 0
Infosys 24.03 0 0
Tata Motor 20.2 0 0
Wipro 9.6 0 0

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 73.23 0.07
Brent 72.49 0.37
Gold 1827.85     -0.32
Silver 24.808 0.02


Particulars 6th Sept         3rd Sept
FIIs -589.36 768.58
DIIs 547.31 668.60

News Update:

Dish TV India: YES Bank, which holds a 25.63% stake in Dish TV India, has sought the removal of five directors in the company, including Managing Director Jawahar Lal Goel. YES Bank has given a special notice under Section 169 of the Companies Act, 2013. The bank said the current board of directors of the company had approved a rights issue process despite the bank’s objections solely to dilute its shareholding and to prejudice the interests of the bank.

Cochin Shipyard: Has emerged as the lowest bidder in the 6-vessel tender from the Indian Navy for the next generation missile vessels worth about Rs 10,000 crore and the formal contract signing is expected shortly, said Madhu Nair, Chairman & Managing Director.

VST Tillers Tractors: The company has entered into an agreement with Export Trading Group, for distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.

Triveni Turbine: Due to multiple disputes for over two years amongst joint venture partners, Triveni Turbine and DI Netherlands BV and Baker Hughes and its affiliates, General Electric Company and its affiliates, these parties agreed to terminate the joint venture agreement and finally resolved the multiple disputes amongst them. The JV stands terminated, as do all technology and brand licenses ex ecuted among the former JV partners. Further, the entire shareholding held by DI Netherlands BV in the equity share capital of GE Triveni has been acquired by the company for Rs 7.99 crore.

AshapuraMinechem: Operations in Guinea continue to be normal despite certain political developments in Conakry, the capital of Guinea, since September 5, the company said. We continue to monitor the situation closely; all the employees of the Ashapura Group in Guinea remain safe and are in contact with the company, it added.

Infosys: The company said it has almost completed its buyback programme and its buyback committee will meet onSeptember 8 to consider the closure of the buyback programme.

Starteck Finance: The company approved to sell 100% stake in subsidiary Starteck Housing Finance to Paripurna Trust and/or Matrabhav Trust for Rs 11.45 crore.

Orient Cement: HDFC AMC sold 44.70 lakh shares in the company via open market transaction on September 3, reducing shareholding to 2.97 percent from 5.15 percent earlier. 

Source: Moneycontrol,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)
Manoj Vijay Shinde, 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 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
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, 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:
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
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
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.