View on market: Stay Cautious, be with quality business:
Stocks were volatile in Asia and bonds fell as stagflation risks persisted. Equities were mixed in Japan and declined in Australia and South Korea. US futures wavered after the Wall Street snapped a two-day rally, as crude oil prices surged above $122/barrel igniting concerns about rising costs and monetary tightening. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.15% to 16,324 points as of 6:40 am. The European Central Bank is all set to wind down trillions of euros of asset purchases in a prelude to a rate hike expected in July. Elsewhere Bitcoin fell to $30,000 levels.
Economic Calendar:
- INR: Manufacturing Output on 13th June 2022.
- INR: Industrial Production on 13th June 2022.
- USD: OPEC Monthly Report 14th June, 2022.
- USD: US Interest Rate 15th June, 2022.
Brokerage Radar:
NOMURA ON L&T: Buy, TP Rs 1995 Capex Level Could Sustain If Crude Oil Prices Are Within $80-100/bbl Expect Ordering Momentum To Remain Strong In Near Term Co Expects Govt’s Capex Momentum To Be Strong Improvement On ESG Metrics Over FY22-26, May Drive Re-rating.
GOLDMAN SACHS ON AUTO: Separately, Domestic steel prices have cooled 8% month on month (still 25% above pre-Covid levels) Maruti Buy, TP Rs 9200 Hero Mot – sell , TP Rs 2080 TVS Mot – Neutral, TP Rs 660 Bajaj A – buy, TP Rs 4250.
UBS ON 2Ws: 4.5x jump in search interest for TVS iQube TVS’s strong in all categories ex entry bikes TVS- top pick followed by Eicher; Neutral on Bajaj & Hero TVS– TP Rs 1000 Eicher M– TP Rs 3100 Bajaj A– TP Rs 4000 Her Mot – TP Rs 2500.
International Markets:
U.S & Europe:
Particulars | 8th June | Chg | Chg(%) |
Nasdaq | 12,086.27 | -88.96 | -0.73 |
Dow | 32910.90 | -269.24 | -0.81 |
FTSE | 7,593.00 | -5.93 | -0.08 |
CAC | 6,448.63 | -51.72 | -0.8 |
DAX | 14,445.99 | -110.63 | -0.76 |
Dow Fut.* | 32875.50 | -36.4 | -0.11 |
Asian markets:
Particulars | 9th June | Chg. | Chg(%) |
SGX Nifty | 16,263.00 | -86 | -0.53 |
Nikkei | 28,278.45 | 44.16 | 0.16 |
Straits Times | 3,217.37 | -8.43 | -0.26 |
Hang Seng | 21,904.91 | -109.68 | -0.5 |
Shanghai | 3,248.66 | -15.13 | -0.46 |
ADR Watch:
Particulars | 8th June | Chg. | Chg.(%) |
Dr Reddy | 55.84 | 0.57 | 1.03 |
HDFC Bank | 58.68 | 0.25 | 0.43 |
ICICI Bank | 18.71 | -0.27 | -1.42 |
Infosys | 19.16 | -0.22 | -1.14 |
Tata Motor | 27.89 | -0.28 | -0.99 |
Wipro | 5.97 | -0.04 | -0.67 |
Commodities & Currency:
Particulars | Current Price | Chg(%) |
USD/INR | 77.71 | 0.10 |
Brent | 124.00 | 0.34 |
Gold | 1854.95 | -0.09 |
Silver | 22.078 | -0.07 |
FIIs & DII:
Particulars | 8th June | 7th June |
FIIs | -2484.25 | -2293.98 |
DIIs | 1904.33 | 1311.14 |
News Update:
Tata Power: Tata Power Solar Systems has commissioned a 450 MW DC capacity solar pant for Brookfield Renewable India.
Tech Mahindra: The company has entered into share subscription agreement to acquire 26% equity stake in Huoban Energy 6 for Rs 1.6 crore.
Vedanta: The encumbrances created by the company on its 64.92% stake in Hindustan Zinc in the form of a pledge has been released.
Tata Steel: The firm has acquired 16.5 crore 12.17% non-cumulative, non-convertible, non-Participating, redeemable preference shares of TRF Ltd. for Rs 165 crore.
Indian Oil: The company has signed a long-term agreement with US-based Air Products & Chemicals Inc. The American company will build, own, and operate a new industrial gases complex supplying hydrogen, nitrogen and steam to Indian Oil’s Barauni refinery in Bihar.
Bank of India: The bank raised its repo-based lending rate from 7.25% to 7.75% with immediate effect.
Punjab National Bank: The bank raised repo-linked lending rate from 6.90% to to 7.40% effective June 9.
Wipro: The company along with ServiceNow will help Brazil’s largest publicly traded company, Petrobras SA, to advance its digital journey.
IL&FS Transportation: Khed Sinnar Expressway, a subsidiary, has received a settlement sum of Rs 736.07 crores from NHAI.
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 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