Company Recommendation Buy (Rs) Target (Rs) Upside (%) Time Horizon
Hero Moto Corp Buy 2893 3460 20% 1 Month
ICICI  Bank Buy 938 1030 10% 1 Month
Larsen & Toubro Buy 2235 2570 15% 1 Month
Lupin Buy 816 920 13% 1 Month
Mahindra & Mahindra Buy 1341 1485 11% 1 Month
Reliance Industries Buy 2455 2627 7% 1 Month
Phoenix Mills Buy 1493 1740 17% 1 Month
SBI Buy 587 640 9% 1 Month
Tata Power Buy 216 240 11% 1 Month
Ultratech Cement Buy 7851 8650 10% 1 Month

*Note: We are continuing ICICI Bank, Larsen & Toubro, Reliance, SBI and Ultratech Cement from last month i.e. May 2023.
Weightage of Investment (Rs.10 Lakh)
Company Amount (Rs) Weightage (%)
Hero Moto Corp 1,10,000 11%
ICICI  Bank 1,00,000 10%
Larsen & Toubro 1,20,000 12%
Lupin 90,000 9%
Mahindra & Mahindra 1,00,000 10%
Reliance Industries 1,00,000 10%
Phoenix Mills 90,000 9%
SBI 1,00,000 10%
Tata Power 90,000 9%
Ultratech Cement 1,00,000 10%
Total 10,00,000 100%

Hero MotoCorp Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
2892 HEROMOTOCO/500182 57,792.65 Automobiles 39.97 2.00 835.92 0.65

Hero MotoCorp Limited (HMCL) holds the top position in the 2-wheeler industry, commanding a market share of 32.5%. It has a strong presence in both motorcycles and scooters, with market shares of approximately 47% and 7% respectively. Motorcycles are the primary revenue generator, accounting for around 93% of volumes, while scooters contribute around 7%. HMCL primarily operates within the domestic market, with about 97% of its volumes originating from India. Additionally, the company has expanded into the electric scooter segment through its brand VIDA. The early stage of recovery is promising, and rural areas are also experiencing growth. The upcoming wedding season demand is expected to provide further assistance. April 2023 and May 2023 have been favorable months, and the company anticipates a well-rounded growth for the year. Furthermore, HMCL has witnessed a steady improvement in its market share over the past 4-5 months. In the fourth quarter of FY23, the company increased its market share by 3% quarter-on-quarter QoQ and 2% YoY.

ICICI Bank Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
937 ICICIBANK/532174 6,55,198 Banks 1398.43 2.00 281.40 1.07

ICICI Bank is the second largest private bank of India and has a leading position in other financial services businesses through its subsidiaries. The bank offers a wide range of banking and financial services including commercial banking and treasury operations to large set of customers viz. large and mid-corporates, MSME, agriculture and retail businesses. The bank is working with a widespread network of over 5,718 branches and 13,186 ATMs across country. The bank has delivered robust performance in March quarter of FY23. On consolidated front, the bank has reported 27.6% YoY growth in the Net Profit to Rs.9,853 cr. and 12.1% growth on QoQ basis. Net Interest Income increased 38.9% yearly and 7% quarterly to Rs 19,959 cr. Net Interest Margin grew to 4.90% in Q4FY23 from 4.65% in Q3FY23. Asset quality of the bank further improved in the quarter with Gross NPA to 2.81% and Net NPA to 0.48%.

Larsen & Toubro Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
2235.25 LT/500510 3,14,181 Construction 281.11 2.00 508.89 0.93


Larsen & Toubro (L&T) holds the position of being the largest engineering and construction (E&C) company in India. It has diversified interests in EPC projects, hi-tech manufacturing, and various services. The company’s main operations encompass infrastructure, heavy engineering, defense engineering, power, hydrocarbon, and services business segments. In terms of consolidated revenue, the infrastructure segment contributes approximately 45%, followed by services with around 30%. L&T reported a strong order book of Rs.3,99,526 crore, suggesting good revenue visibility in coming years. In the next five years, the company will prioritize emerging portfolios such as green engineering, electrolyzer manufacturing, battery and cell manufacturing, data centers, and platforms (Sufin & Edutech). The company aims to enhance the balance sheet and improve return ratios through a focus on asset monetization. It plans to achieve this by maintaining a strong balance sheet, effectively managing working capital, and generating robust cash flows.

Lupin Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
817 LUPIN/500257 37,185 Pharmaceuticals 91.01 2.00 404.60 0.60

Lupin has emerged as a prominent player in the generic pharmaceutical industry from India over the past ten years. The United States and India are the company’s largest markets, contributing approximately 37% and 35% respectively to its sales in FY2021. Lupin is involved in the development and commercialization of a diverse range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs). Its presence spans across more than 100 markets, including the US, India, South Africa, Asia Pacific (APAC), Latin America (LATAM), Europe, and the Middle East. In India, Lupin ranks among the top 10 companies and is recognized for its rapid growth. Lupin’s latest quarter results surpassed expectations, primarily due to a combination of factors. These include the Production Linked Incentive (PLI) grant, improved margin performance in the US market compared to the previous quarter, growth in other geographical regions, and a significant 46% increase in the API (Active Pharmaceutical Ingredient) business compared to the previous quarter.

Mahindra & Mahindra Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
1341.05 M&M | 500520 1,66,763 Automobiles 621.76 5.00 453.80 0.98

Mahindra & Mahindra (M&M) is the flagship company Mahindra Group, which operates in the automotive and tractor sectors. M&M stands out as the sole automotive company with a virtual presence in all segments. It holds the top position in the LCV market and is a prominent player in the UV and 3W markets. In addition to its strength in the automotive industry, M&M dominates the tractor segment with a substantial 40% market share. Company’s performance in the Q4FY23 was as expected, PAT was above expectations due to increased other income and reduced taxes. The backlog of orders for their SUV business continues to grow, reaching around 292,000 units compared to 266,000 units in the third quarter, driven by new product launches. In the tractor segment, M&M plans to increase its market share by introducing lightweight tractors, despite the overall industry expecting low growth in FY24.

Reliance Industries Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
2454.95 RELIANCE/500325 16,60,922 Refineries 6,765.61 10.00 1213.72 1.09

Reliance Industries Limited (RIL) is India’s largest private sector conglomerate with diversified businesses including energy, petrochemicals, natural gas, telecommunication and retail. The company has evolved from the textile and polyester company to an integrated player across energy, metals, petrochemical, retail, telecommunication and entertainment. It majorly operates through following segments: Oil to Chemicals (O2C), Oil & Gas, Retail, Digital Services, Financial Services, and Others. Reliance Industries has beaten the broader estimated results in the March’23 quarter with 2% YoY increase in the revenue and 18% YoY increase in the Net profits. All businesses showed better performance other than oil to chemicals and financial services. The profitability outlook remains stable for O2C,  upstream and retail, while the Jio Financial Services listing (expected by October 23), commissioning of battery-PV gigafactories (in 1-2 years), and 5G deployment across country are some key positive triggers for the company.

Phoenix Mills Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
1492.65 PHOENIXLTD/503100 26,662 Refineries 35.72 2.00 469.13 0.48

Phoenix Mills Limited (PML) is a prominent developer and operator of retail malls in India. They specialize in creating mixed-use properties that are primarily focused on retail. With their expertise, they have successfully developed over 17.5 million square feet of assets encompassing retail, commercial, hospitality, and residential spaces. In the fourth quarter of FY23, PML recorded a revenue of INR 7.3 billion, reflecting a significant 47% YoY growth and a 7% QoQ growth. The strong revenue growth was primarily fueled by a 45% year-on-year increase in the retail segment, reaching INR 4.9 billion. Additionally, the hospitality revenue witnessed an impressive surge, multiplying 2.5 times and reaching INR 1.4 billion during the quarter. The management anticipates that consumption within its retail portfolio will reach INR 115 billion, with INR 12 billion expected to come from the malls in Indore and Ahmedabad. As a result, a like-for-like (LFL) growth of 12.5% is projected.

State Bank of India Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
587.20 SBIN/500112 5,24,053 Banks 892.46 1.00 375.99 1.15

State Bank of India Ltd. is India’s largest public sector bank operating from the last 40+ years with an extensive network of more than 21,000 branches, 55,000 ATMs in India and 232 international offices across 32 countries. It is a banking and financial services statutory body engaged in providing a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers. SBI has shown robust performance in the March 2023 quarter results. Net Interest Income of the bank rose by 29% YoY to Rs.40,393 Cr. while Net Profits of the bank increased hugely by 83% YoY at  Rs.16,695 Cr. Asset quality of the bank has also improved in Q4FY23 with GNPA ratio of 2.8% down by 40 bps QoQ and Net NPA of 0.7% compared to 0.8% in December quarter. Healthy loan growth momentum of the bank is expected to sustain led by retail and corporate loan growth.

Tata Power Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
575 SBIN/500112 5,13,299 Banks 892.46 1.00 367.07 1.12

Tata Power is the largest privately-owned integrated power company in India. It operates in various sectors, including power generation with a capacity of 12,808 MW, with 69% coming from thermal sources and 31% from renewable sources. Additionally, Tata Power is involved in transmission, distribution (being the largest private sector player with 11.7 million customers), trading, and solar Engineering, Procurement, and Construction (EPC) services (being the largest solar EPC player in India). In the March quarter, Tata Power successfully reduced its net debt by ₹28,000 million, bringing the total debt down to ₹3,53,280 million. This reduction was primarily driven by the company’s strong operating performance, equity infusion from its strategic partner, and the release of working capital. The company has allocated approximately ₹2,500 crore for renewable energy projects, as part of its total consolidated capital expenditure of ₹6,500 crore. Tata Power’s renewable energy pipeline includes 2.6 GW of projects, and the order book stands at ₹17,000 crore, indicating a higher capital expenditure expected for FY’24.


Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 214


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)

Kiran Tahlani, 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:

  • 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
  • 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, 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
  2. a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
  • EWL 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;
  • 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;
  1. Compensation
  • EWL or its associates have not received any compensation from the subject company in the past twelve months;
  • EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
  • 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;
  • 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;
  • EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research
  1. In respect of Public Appearances
  • EWL or its associates have not received any compensation from the subject company in the past twelve months;

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.