Good morning!
The GIFT Nifty traded rose 0.3% to 24,168 at 8:45 a.m., signalling a muted start for the Nifty 50.
Asian shares declined at the open after US President Donald Trump stepped up his criticism of Federal Reserve Chair Jerome Powell, raising questions about the central bank’s autonomy and triggering a selloff in American markets.
Back home, India's benchmark equity indices gained for the fourth consecutive session on Monday and closed at their highest since early January. Mahindra Logistics, Pitti Engineering, Tata Investment, among others, announced their quarterly results after trading hours on Monday. Other corporate developments included Tata Power’s renewable tie-up, HUL’s acquisition of Minimalist, Paytm Money’s rate revision, and a safeguard duty on steel imports.
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Here’s a quick look at what could influence equities today.
US Markets Update
The S&P 500 declined 2.4%
The Nasdaq 100 dropped 2.5%
The Dow Jones Industrial Average also fell 2.5%
Asian Cues
S&P 500 futures rose 0.4%
Hang Seng futures were flat
Japan’s Topix gained 0.2%
Australia’s S&P/ASX 200 lost 0.9%
Euro Stoxx 50 futures dropped 0.7%
Get your daily fix of global markets here.
Commodity Cues
WTI crude climbed 0.8% to $63.59 a barrel
Spot gold declined 0.2% to $3,416.74 an ounce
London Metal Exchange
Lead snapped two-day declines, ended 0.7% higher.
Nickel halted five-day rally, closed 0.4% lower.
Zinc extended declines for the fourth consecutive day, closed 0.2% lower.
Copper ended 0.2% lower.
Aluminium snapped two-day gaining streak, ended 0.7% lower.
Key Events/Data To Watch
US Vice President JD Vance will speak at the Rajasthan International Centre in Jaipur at 3:00 p.m. on shared economic priorities between the United States and India.
Prime Minister Narendra Modi will visit Saudi Arabia on April 22–23 at the invitation of Crown Prince and Prime Minister Mohammed bin Salman.
Renewable Energy Minister Pralhad Joshi will open the Solar PV Module Testing and Calibration Facility at the National Institute of Solar Energy in New Delhi.
Home Minister Amit Shah will attend the ‘Save the Earth Conclave 2025’ in New Delhi as chief guest. The event, organised by ICFA, will also feature Road Transport Minister Nitin Gadkari, Agriculture Minister Shivraj Singh Chouhan, and Environment Minister Bhupender Yadav.
Nifty Earnings To Watch
HCLTech
Other Earnings To Watch
Tata Communications
Waaree Energies
Mahindra & Mahindra Financial Services
AU Small Finance Bank
Havells India
Cyient DLM
Delta Corp
Huhtamaki India.
Earnings Reaction To Watch
Mahindra Logistics Q4 FY25 (Consolidated, YoY)
Revenue up 8.2% at Rs 1,570 crore versus Rs 1,451 crore
Ebitda up 37.3% at Rs 77.7 crore versus Rs 56.6 crore
Margin at 5% versus 3.9%
Net loss Of Rs 6.7 crore versus loss of Rs 12.9 crore
Supply Chain Management grew by 8.6% to 1,490 cr vs 1,372 cr
Enterprise Mobility Solutions remain flat at 80 cr vs 81 cr
Revenue growth is driven by growth in 3PL contract logistics and Express.
The B2B express saw volume recovery Q4, Cross-border continues to see volatility in pricing.
Appointed Hemant Sikka as MD and CEO.
Pitti Engineering Q4 FY25 (Consolidated, YoY)
Revenue up 39.6% at Rs 469 crore versus Rs 336 crore.
Ebitda up 54.2% at Rs 80 crore versus Rs 52 crore.
Margin at 17.1% versus 15.5%.
Net Profit down 21.5% at Rs 36 crore versus Rs 46 crore.
Deferred tax credit of Rs 3.8 crore versus deferred tax charge Rs 14.36 crore last year same quarter.
Current tax charge of Rs 9.85 crore versus current tax credit Rs 6.62 crore last year same quarter.
The board approved the dividend of Rs 1.5.
Tata Investment Q4 FY25 (Consolidated, YoY)
Net Profit down 37.6% at Rs 37.7 crore versus Rs 60.5 crore.
Total Income down 71% at Rs 16.6 crore versus Rs 57.5 crore.
Rajratan Global Q4 FY25 (Consolidated, YoY)
Revenue up 4.9% at Rs 251 crore versus Rs 240 crore.
Ebitda down 3.1% at Rs 33.3 crore versus Rs 34.4 crore.
Margin at 13.3% versus 14.4%.
Net Profit down 24.9% at Rs 15.2 crore versus Rs 20.3 crore.
Himadri Speciality Q4 FY25 (Consolidated, YoY)
Revenue down 3.6% at Rs 1,135 crore versus Rs 1,177 crore.
Ebitda up 30% at Rs 233 crore versus Rs 180 crore.
Margin at 20.6% versus 15.3%.
Net Profit up 35% at Rs 156 crore versus Rs 115 crore.
Anant Raj Q4 FY25 (Consolidated, YoY)
Revenue up 22.2% at Rs 541 crore versus Rs 443 crore.
Ebitda up 36.4% at Rs 142 crore versus Rs 104 crore.
Margin at 26.3% versus 23.6%.
Net Profit up 51.5% at Rs 119 core versus Rs 78 crore.
Stocks To Watch
360 ONE WAM: To acquire UBS’s onshore wealth management business in India. UBS to buy warrants for a 4.95% stake in 360 ONE WAM.
Steel Stocks like SAIL, JSW Steel, Tata Steel, JSPL: The government imposed a 12% safeguard duty on some steel imports from developed economies, China and Vietnam. The duty is applicable for 200 days to protect Indian players from cheap Chinese steel imports.
Vedanta: Promoter Twin Star Holdings will borrow $530 million from lenders including Barclays Bank, Standard Chartered Bank and Deutsche Bank to service debt of Vedanta Resources.
One 97 Communications: The company's arm Paytm Money introduced reduced interest rates and revised brokerage for pay later to drive affordability and accessibility for investors.
Coal India: The company signed a non-binding agreement with Damodar Valley Corp to set up ultra supercritical units for Jharkhand Thermal Power Station.
Mazagon Dock Shipbuilders: Defence Ministry appointed Jagmohan as MD and chairperson. He served for over 25 years with the Indian Navy, during which he held several important assignments in the Directorate of Naval Design and at Naval Dockyard, Mumbai.
Nippon Life India AMC: The company fully restored core operating systems for management of funds. The company's mobile application and website are now fully functional and operating normally. There was no material impact on the operations.
Tata Power: The company tied up with Tata Motors to set up a 131 MW wind-solar hybrid project.
Hindustan Unilever: The company completed the acquisition of 90.5% stake in skincare brand Minimalist's parent company Uprising Science for Rs 2,706 crore.
Gujarat Alkalies & Chemicals: The company dispatched its first consignment of Benzyl Chloride from Dahej Plant.
Brigade Enterprises: The company signed a joint development agreement for a project in Bengaluru with an estimated gross development value of Rs 175 crore.
Alok Industries: Appointed Jinendra Jain as CFO starting April 30.
HG Infra Engineering: Gujarat Urja Vikas Nigam declared the company as a qualified bidder to set up a standalone battery energy storage system.
Media Reports
Economic Times:
Alphabet is in discussions to increase Pixel device production in India.
Mint:
Rebel Foods has secured $25 million from the Qatar Investment Authority to support restaurant expansion.
Brokers have requested more time to adjust to the implementation of same-day trade settlement.
Brokerage Radar
Morgan Stanley on Steel
India imposes safeguard duty on select steel imports
While expected, the timing was uncertain, especially given the current global macroeconomic backdrop
The move removes several months of uncertainty around the safeguard duty
Some near-term positive stock movement may occur
Recommend using this opportunity to reduce exposure to steel stocks
Domestic steel prices remain about 5% above import parity despite the safeguard duty
Do not expect an increase in domestic steel prices
CLSA on Financials
Liquidity support strengthened further
New LCR guidelines are positive for system liquidity
RBI raises run-off rates for deposits
The increase stands at 2.5 percentage points, lower than the 5 points proposed in the draft
RBI estimates a 6 percentage point improvement in system-wide LCR
Initial assessment suggests additional Rs 2.5 lakh crore in system-wide liquidity for redeployment
Profit impact is limited, but sentiment likely to improve
BofA on Divis Lab
Maintain Buy with a target price of Rs 6,800
Signs a second long-term deal with global innovators
Visibility on custom synthesis growth is improving
Recommend Buy on DIVI amid strengthening earnings momentum
Goldman Sachs on Consumer
Drivers align for a consumption rebound
Consumption has trailed GDP growth in recent years due to several constraints
FY26 drivers include tax cuts, lower food inflation and reduced interest rates
FY27 could see further support from pay commission changes and key state elections
Lower input costs likely to support margin expansion in FY26 for several companies
Sector may benefit broadly, but prefer firms with individual growth triggers
Preferred stocks: Godrej Consumer, Tata Consumer, Marico, Titan, Trent and Pidilite
Click here for the full list of brokerage calls, target changes, and sector outlooks.
Insider Trading
Go Fashion (India): Promoter Gautam Saraogi revoked a pledge for 2.73 lakh shares.
Trading Tweaks
Price Band changes from 20% to 10%: SMS Lifesciences India, the India Cements.
List of securities shortlisted in Short-Term ASM Framework Stage 1: Goldiam International.
List of securities to be excluded from ASM Framework: Panacea Biotec.
Money Market Update
Rupee strengthened by 24 paise to close at 85.14 against the US dollar.
The yield on the 10-year benchmark government bond closed 6 bps lower at 6.32%.
F&O Cues
Nifty April Futures up by 1.17% to 24,131 at a premium of 10 points.
Nifty April futures open interest down by 5%.
Nifty Options April 24 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 23,000.
Securities in ban period: Angelone, Hindustan Copper, Ireda, Manappuram Finance, Tata Elxsi.
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