Good morning!
Asian equities advanced and the US dollar gained after President Donald Trump said that he has 'no intention' to remove Federal Reserve Chair Jerome Powell. Market sentiment also improved on hopes of easing trade tensions.
Back home, India's benchmark equity indices rose for the sixth session in a row on Tuesday and recorded the best winning streak in nearly a month as sharp gains in financial services stocks supported the rally. Bharti Airtel Ltd., Gensol Engineering Ltd., IndusInd Bank Ld. and Infosys Ltd. were among the companies that announced corporate actions after market close.
Here’s a quick look at what could influence equities today.
US Markets Update
US equities rebounded, reversing Monday’s losses, as traders placed bets on the White House securing trade agreements with key economic partners.
Asian Cues
Futures linked to the S&P 500 increased by 1.7%.
Japan’s Topix index gained 2.1%.
Hang Seng Index futures rose by 0.8%.
Euro Stoxx 50 futures went up by 0.7%.
Australia’s S&P/ASX 200 advanced by 1.6%.
The Bloomberg Dollar Spot Index recorded a rise of 0.2%.
Yields on US 10-year Treasury notes fell by five basis points to reach 4.35%.
Bitcoin registered a 2.8% increase, trading at $93,714.71.
Commodity Cues
West Texas Intermediate crude oil climbed 0.8% to $64.15 per barrel.
The price of spot gold dropped 1.1% to $3,342.24 per ounce.
London Metal Exchange
Lead extended gains for the second day to end 0.1% higher
Nickel resumed gains after one-day blip, ended 0.4% higher.
Aluminium closed 0.6% higher.
Copper advanced 2%, logging its best session in six days.
Key Events/Data To Watch
The Reserve Bank of India will release the minutes of the monetary policy committee meeting held earlier this month. The panel had decided to cut the repo rate by 25 basis points, bringing it down to 6%, along with changing its stance from neutral to accommodative on April 9.
The minutes will reveal the thoughts and considerations that went into making the decision. The MPC members would have discussed trends on growth, inflation and the broader economic environment — key oberservations relevant to markets.
Besides, S&P Global will release the India PMI figures for manufacturing and services. The Purchasing Managers' Index is a survey-based economic indicator designed to provide a timely insight into business conditions.
US Vice President JD Vance is scheduled to visit Agra on the third day of his trip to India.
Food Processing Industries Minister Chirag Paswan will speak at AlcoBev India 2025, organised by CIABC. Other speakers include MoFPI Secretary Subrata Gupta and APEDA Chairman Abhishek Dev.
Prime Minister Narendra Modi cut short his two-day visit to Saudi Arabia after a deadly terror attack occurred in Jammu and Kashmir.
Nifty Earnings To Watch
Tata Consumer Products
Other Earnings To Watch
360 One WAM
Astec Lifesciences
Bajaj Housing Finance
Can Fin Homes
LTIMindtree
Dalmia Bharat
Maharashtra Scooters
Rallis India
Supreme Petrochem
Syngene International
Thyrocare Technologies
Tips Music
Tamilnad Mercantile Bank.
Earnings Reaction To Watch
HCLTech Q4 FY25 (Consolidated, QoQ)
Revenue up 1.19% at Rs 30,246 crore versus Rs 29,890 crore. (Estimate Rs 30,261 crore)
Ebit down 6.51% at Rs 5,442 crore versus Rs 5,821 crore. (Estimate 5,558 crore)
Ebit margin down 148 bps at 17.99% versus 19.47%. (Estimate 18.37%)
Net profit down 6.2% at Rs 4,309 crore versus Rs 4,594 crore. (Estimate Rs 4,376 crore)
Constant currency Revenue down 0.8% QoQ and up 2.9% YoY
FY26 Guidance: Revenue growth expected to be in the range of 2-5% YoY in CC, EBIT margin to be 18-19%.
AU Small Finance Bank Q4 FY25 (Standalone, YoY)
Net Profit up 36% to Rs 503.7 crore versus Rs 370.7 crore (Bloomberg estimate: Rs 504 crore)
Net interest income up 56.6% to Rs 2,094 crore versus Rs 1,337 crore.
Gross NPA at 2.28% versus 2.31% (QoQ)
Net NPA at 0.74% versus 0.91% (QoQ)
Havells India Q4 FY25 (Consolidated, YoY)
Revenue up 20.2% at Rs 6,544 crore versus Rs 5,442 crore (Estimate Rs 6,273 crore).
Ebitda up 19.3% at Rs 757 crore versus Rs 635 crore (Estimate Rs 654 crore).
Margin at 11.6% Versus 11.7% (Estimate 10.4%).
Net Profit up 15.9% at Rs 518 crore versus Rs 447 Crore (Estimate Rs 460 crore).
Recommends final dividend of Rs 6 per share.
Waaree Energies Q4 Highlights (Consolidated, YoY)
Revenue up 36.4% to Rs 4,004 crore versus Rs 2,936 crore.
Ebitda to Rs 923 crore versus Rs 418 crore.
Margin to 23% versus 14.2%.
Net profit up 34% to Rs 619 crore versus Rs 461 crore.
Huhtamaki India Q4 Highlights (Consolidated, YoY)
Revenue flat at Rs 610 crore versus Rs 610 crore.
Ebitda down 5.9% to Rs 38.6 crore versus Rs 41 crore.
Margin to 6.3% versus 6.7%.
Net profit flat at Rs 26 crore versus Rs 26 crore.
Delta Corp Q4: Highlights (Consolidated, YoY)
Revenue down 1.2% to Rs 183 crore versus Rs 185 crore.
Ebitda down 12% to Rs 42.5 crore versus Rs 48.3 crore.
Margin to 23.3% versus 26%.
Net profit to Rs 165 crore versus Rs 72.4 crore.
Exceptional Gain of Rs 212 crore
Exceptional gain of 130.49 Crores on the sale of 51% equity shares of the subsidiary company, Deltatech Gaming. The balance 49% in DGL is accounted at fair value and gain of Rs 81.65 crore recognised under exceptional item. Further, a gain of Rs 1.08 crore is arising from the strike-off of the wholly owned, nonmaterial foreign subsidiary, Delta Offshore Developers which is classified as a exceptional item.
Tata Communications Q4 Highlights (Consolidated, QoQ)
Revenue up 3.3% to Rs 5,990.35 crore versus Rs 5,798.07 crore (Bloomberg estimate: Rs 5,966.84 crore)
Net Profit up 341% to Rs 1,040.51 crore versus Rs 236.08 crore (Estimate: Rs 305.17 crore)
Ebitda down 5% to Rs 1,122.08 crore versus Rs 1,180.95 crore (Estimate: Rs 1,220.41 crore)
Margin at 18.7% versus 20.4% (Estimate: 20.5%)
Exceptional Gain of Rs 578 crore in current quarter
Gain of Rs 311.2 crore on sale of subsidiary Tata Communications Payments Solutions.
Board Recommends final dividend of Rs 25 per share.
Cyient DLM Q4 FY25 (Consolidated, YoY)
Revenue up 18.3% at Rs 428 crore versus Rs 362 crore
Ebitda up 50.5% at Rs 57.2 crore versus Rs 38 crore
Margin at 13.4% versus 10.5%
Net Profit up 36.6% at Rs 31 crore versus Rs 22.7 crore
M&M Financial Q4 FY25 (Consolidated, YoY)
Net Profit down 31.8% at Rs 457 crore versus Rs 670 crore
Total Income up 13% at Rs 4,897 crore versus Rs 4,333 crore
Declares dividend of Rs 6.5 per share.
Vardhman Special Steels Q4 FY25 (Consolidated, YoY)
Revenue down 2.6% at Rs 428 crore versus Rs 439 crore
Ebitda down 35.6% at Rs 31.4 crore versus Rs 48.8 crore
Margin at 7.3% versus 11.1%
Net Profit down 39.8% at Rs 19.7 crore versus Rs 32.8 crore.
Stocks To Watch
Bharti Airtel: The company's arm Bharti Hexacom has signed an agreement with Adani Data Networks to acquire 400 MHz Spectrum In 26 GHz Band from the company.
PFC, Gensol Engineering: Out of the Rs 587-crore loan sanctioned to Gensol Engineering by Power Finance Corp, Rs 352 crore was disbursed. Out of which Gensol has paid Rs 45 crore in interest payments. A total of Rs 307 crore is pending as of April 18 and PFC is actively trying to recover the pending payment.
IndusInd Bank: The bank’s internal audit department reviewing bank microfinance portfolio. The audit is about certain concerns which have been brought to the bank’s attention. EY is set to assist the internal audit team and will not be conducting any forensic audit.
Balrampur Chini Mills: The company crushed sugarcane at 99.16 lakh MT for the sugar season 2024-25. The net sugar produced was at 9.24 lakh MT and sugar sacrificed at 1.94 lakh MT for the season that ended on April 20.
Ashoka Buildcon: The company received letter of acceptance worth Rs 569 crore from the Central Railway.
Infosys: The company has incorporated step-down of wholly owned subsidiary Infosys Energy Consulting Services.
Aditya Birla Capital: Insurance Regulatory and Development Authority of India has granted the Certificate of Registration to act as Corporate Agent under the IRDAI.
Bank of India: The bank will consider fundraising via bonds by the end of this month.
Media Reports
Flipkart aims to launch its initial public offering in India next year, with a valuation target of up to $70 billion, according to Business Standard.
Bulk Deals
RBL Bank: British International Investment Plc sold 2.31 crore shares (3.81%) at Rs 184.74 apiece and Unity Associates sold 88.6 lakh shares (1.45%) at Rs 187.39 apiece.
Selan Exploration Technology: BNP Paribas Financial Markets bought 0.78 lakh shares (0.51%) at Rs 576.8 apiece.
Trading Tweaks
Price Band changes from 20% to 10%: Spandana Sphoorty Financial.
Ex-Dividend: CIE Automotive India, Schaeffler India.
List of securities shortlisted in Short-Term ASM Framework Stage 1: GNA Axles, Liberty Shoes, Sanghvi Movers.
List of securities to be excluded from ASM Framework: Prudent Corporate Advisory Services, Swaraj Engines.
F&O Cues
Nifty April Futures up by 0.12% to 24,164 at a premium of 0.1 points.
Nifty April futures open interest down by 20%.
Nifty Options April 24 Expiry: Maximum call open interest at 25,500 and maximum put open interest at 23,000.
Put-Call ratio at 1.0, with highest change in Put open interest at 24,000.
Securities in the ban period: Manappuram Finance, RBL Bank.
Currency/Bond
Rupee closed 7 paise weaker at 85.20 against US dollar.
The yield on the 10-year government bond closed flat at 6.32%.
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