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

Stocks fell on Wednesday amid a rise in U.S. Treasury yields and the dollar on expectations of aggressive monetary tightening by the Federal Reserve. Equities declined in Australia, Japan and South Korea, while US and European futures also fell, after the S&P 500 slid on Tuesday. At 6:50 am, the Singapore-traded SGX Nifty–an early barometer of India’s benchmark Nifty 50–traded 1.08% lower at 17,478 points. Elsewhere, Bitcoin fell below $19,000. Crude dropped below $87 a barrel, due to demand concerns.

Economic Calendar:

  • USD : FOMC Member Mester Speaks on 07th September, 2022
  • USD : Initial Jobless Claims on 08th September, 2022
  • INR : FX Reserves, USD on 09th September, 2022
  • INR : CPI (YoY) (Aug) on 12th September, 2022

Who’s Meeting Whom:

Aditya Birla Sun Life: To meet analysts and investors on Sept. 7.

Heranba Industries: To meet investors and analysts on Sept. 7.

UltraTech Cement: To meet analysts and investors on Sept. 7.

Max Healthcare Institute: To meet analysts and investors on Sept. 7.

Aarti Industries: To meet analysts and investors on Sept. 7.

Brokerage Radar:

CLSA ON BAJAJ AUTO: OP, TP Rs. 4,343; Exports remain under pressure; Lower export volume assumptions lead to 6-9% cuts in FY23-24 earnings; Post-festive season demand & rural recovery key factors to look out for

CITI ON STAR HEALTH: SELL, TP Rs. 670; Its leading 33% share in underpenetrated individual health insurance market, robust back book, & large agency force warrant a premium val; However, believe current vals (7.2x FY24E P/B) do not fully price in headwinds

JPM ON COAL INDIA: OW, TP raised to Rs. 285; Another earnings upgrade; Given vals (9% div yield) & gas/coal outlook, implied ESG disc should reduce; Coal inventories increased, but given surging global coal prices, expect thermal coal imports to fall sharply in 2H

International Markets:

U.S & Europe:

Particulars  06th     September Chg. Chg.(%)
Nasdaq 11544.91 -85.95 -0.74
Dow 31145.3 -173.10 -0.55
FTSE 7300.44 13.01 0.18
CAC 6104.61 11.39 0.19
DAX 12871.44 110.66 0.87
Dow Fut.* 31017.5 -128.50 -0.41

Asian markets:

Particulars  07th  September Chg. Chg.(%)
SGX Nifty 17484 -191.00 -1.08
Nikkei 27362.83 -263.68 -0.95
Straits Times 3201.78 -22.40 -0.69
Hang Seng 18983.16 -219.57 -1.14
Shanghai 3249.56 6.11 0.19

ADR Watch:

Particulars 06th September  Chg. Chg.(%)
Dr. Reddy 52.46 0.50 0.96
HDFC Bank 61.96 -0.02 -0.03
ICICI Bank 22.14 0.30 1.37
Infosys 17.98 -0.11 -0.61
Tata Motor 28.26 -0.33 -1.15
Wipro 4.95 -0.04 -0.80

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 79.84 -0.01
Brent 91.50 -1.43
Gold 1706.05 -0.40
Silver 17.788 -0.67

FIIs & DIIs:

Particulars 06th September 05th September
FIIs                           1144.53 -811.75
DIIs  632.97  533.77

News Update:

Wipro: The company has entered an expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions like Secure Access Service Edge, cloud security and next-generation Security Operations Center solutions based on Zero Trust principles for global enterprises.

Brightcom Group: The company has cancelled the definitive share purchase agreement that was entered in December 2021 with MediaMint. Both the companies have jointly decided to change their proposed transaction from acquisition to a possible strategic alliance and provide backend services to Brightcom’s future acquisitions.

PTC India: The company clarified that media report regarding setting up a plant by PTC in Nepal is “incorrect”. No negotiations related to setting up of a plant in Nepal has taken place with any entity.

InterGlobe Aviation: Petrus Elbers joins the company as Chief Executive Officer with effect from Sept. 6.

Paras Defence & Space Technologies: The company has entered into an exclusive teaming agreement with ELDIS Pardubice, Czech Republic to provide turnkey anti-drone systems for civilian airports in India.

Astral: The company has received order from NCLT sanctioning Scheme of Amalgamation of subsidiaries Resinova Chemie Limited and Astral Biochem Private Limited with itself. Accordingly, the Scheme of Amalgamation has become effective from September 6.

Salasar Techno Engineering: Board has approved the allotment of 3 crore equity shares to QIBs at a price of Rs 27.30 per share. The company raised Rs 81.9 crore through its issue.

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