All You Need To Know Going Into Trade On April 24

A weaker yen supported Japanese equities at the start of Tuesday trading after the dollar climbed while investors maintained focus on the U.S. Treasury market, where the 10-year note flirted with 3 percent.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index's performance in India, fell 0.4 percent to 10,550 as of 7:15 a.m.

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BQ Live

Here's a quick look at all that could influence equities on Tuesday.

Global Cues

• U.S. stocks ended mixed, with a slump in shares of technology companies weighing on major indexes.
• The yield on 10-year Treasuries rose one basis points to 2.97 percent, after reaching the highest in more than four years.

#BQMarketsNow | U.S. stocks end mixed as tech slumps; dollar rallies.https://t.co/iENXNUyuyS pic.twitter.com/6kUpgNJPER

Europe Check

• European shares advanced on the euro's continued decline and optimism the U.S. and China may take steps to resolve a trade dispute that had roiled global markets.

• The euro weakened 0.7 percent to $1.2208, dropping to the weakest in almost eight weeks.
• The British pound dropped 0.4 percent to $1.3943.
• Germany's 10-year yield increased five basis points to 0.63 percent, the highest in six weeks.
• Britain's 10-year yield climbed six basis points to 1.54 percent.

Asian Cues

• Japan's Topix index added 0.8 percent.
• Australia's S&P/ASX 200 Index advanced 0.1 percent.
• South Korea's Kospi rose 0.2 percent.
• Futures on Hong Kong's Hang Seng Index climbed 0.1 percent.
• Futures on the S&P 500 Index rose 0.2 percent.

Here are some key events coming up this week:

• French President Emmanuel Macron continues a three-day visit to the U.S.
• U.S. GDP and jobless claims.
• Earnings season continues. Among those reporting: Amazon.com, Samsungand Credit Suisse.
• The European Central Bank has a rate decision on Thursday. Investors will watch for any sign that officials are preparing a shift in stimulus plans for their June meeting.
• Bank of Japan announces its latest policy decision Friday and releases a quarterly outlook report.

Commodity Cues

• Aluminum prices plunged after the U.S. softened its position on sanctions against Russia's United Co. Rusal.
• West Texas Intermediate crude rose 0.6 percent to $69.05 a barrel.
• Brent crude traded 0.2 pernce higher at $74.90 per barrel.
• Gold was at $1,325 an ounce after slipping 0.9 percent.
• Sugar ended lower for the second day at 11 cents per pound ; down 3.7 percent.

Stories You Might've Missed

• The Singapore Exchange plans to migrate all Nifty and bank Nifty positions to new contracts from June 4
• Walmart is closing in on a $12 billion-plus deal for Flipkart
• How long is a quarter? Six months if you're Reliance Jio
• BQ Opinion: PM Modi is clever, if only he was lazy too!
• U.S. Treasuries yield couldn't crack the 3 percent mark. Morgan Stanley thinks that will trigger a rally.
• Amazon's next big bet are robots for your home
• How Lenovo turned into the world's worst tech stock
• Flight records illuminate mystery of Trump's Moscow nights

Indian ADRs

Nifty Earnings To Watch

Other Earnings To Watch

• Coromandel International
• GIC Housing Finance
• HUDCO
• ICICI Prudential Life
• IDFC Bank
• Network18 Media
• Oberoi Realty
• Persistent Systems
• Raymond
• Tinplate
• TV18 Broadcast
• Zensar Tech
• Bharat Immunologicals
• DCM Shriram
• India Grid Trust
• Pioneer Distilleries
• Reliance Home Finance
• Sadbhav Engineering
• Supreme Petrochem
• Tejas Networks
• TRF

Earnings Reactions To Watch

Bharat Financial (Q4, YoY)

• Revenue from operations up 46.5 percent at Rs 539 crore.
• Net profit of Rs 210.5 crore nersus net loss of Rs 235 crore.
• Provisions at Rs 0.6 crore versus Rs 8.6 crore (QoQ).
• Loan portfolio growth at 38 percent.
• Loan disbursements up 26 percent.

Bharti Infratel (Q4, QoQ)

• Revenue up 0.2 percent to Rs 3,662 crore.
• Ebtida down 0.4 percent to Rs 1,606 crore.
• Ebitda margin at 43.8 percent versus 44.1 percent.
• Net profit up 3.6 percent at Rs 606 crore.
• Tenancy ratio at 2.3 times versus 2.38 times.

Reliance Naval And Engineering (Q4, YoY)

• Revenue down 85.5 percent at Rs 33 crore.
• Net loss of Rs 409 crore versus net loss of Rs 140 crore.
• Ebitda loss at Rs 216 crore versus Ebitda profit of Rs 5 crore.

3i Infotech (Q4, QoQ)

• Revenue up 17.5 percent at Rs 279 crore.
• Net profit unchanged at Rs 23 crore.
• Ebit up 12 percent at Rs 43 crore.
• Margin at 15.4 percent versus 16.2 percent.

GNFC (Q4, YoY)

• Revenue up 46.5 percent at Rs 1,764 crore.
• Net profit up 38 percent at Rs 329 crore.
• Exceptional Gain of Rs 292 crore in base quarter.
• Ebitda up 16.5 times at Rs 471 crore.
• Margin at 26.7 percent versus 2.4 percent.

Swaraj Engines (Q4, YoY)

• Revenue up 15 percent at Rs 185 crore.
• Net profit up 20 percent at Rs 18 crore.
• Ebitda up 16.7 percent at Rs 28 crore.
• Margin at 15.1 percent versus 14.9 percent.

LIC Housing Finance (Q4, YoY)

• Net Interest Income down 1.4 percent at Rs 1,058 crore.
• Net profit up 2 percent at Rs 539 crore.

Indiabulls Ventures (Q4, YoY)

• Revenue up 131 percent at Rs 273 crore.
• Net profit up 13 percent at Rs 61 crore.
• Ebitda down 60 percent at Rs 16 crore.
• Margin at 5.9 percent versus 34 percent.

Kewal Kiran Clothing (Q4, YoY)

• Revenue flat at Rs 120 crore versus Rs 121 crore.
• Net profit down 19 percent at Rs 19.5 crore.
• Ebitda down 16 percent at Rs 26 crore.
• Margin at 21.7 percent versus 25.6 percent.

Reliance Infra (Q4, YoY)

• Revenue up 4 percent at Rs 5,167 crore.
• Net profit at Rs 160 crore versus Rs 41 crore.
• Ebitda up 49 percent at Rs 829 crore.
• Margin at 16 percent versus 11.2 percent.

Stocks To Watch

• Thomas Cook's shareholders to get 1,889 shares of Quess Corp for every 10,000 shares held.
• Shilpi Cables gets 90-day extension for corporate insolvency resolution.
• Music Broadcast to acquire radio business of Ananda Offset on slump sale basis.
• Geojit Financial to set up asset management company.
• MOIL will procure its entire silica sand requirement from Hindustan Copper's Madhya Pradesh unit.
• JSW Steel, Aion has found eligible resolution applicant for Monnet Ispat: Bloomberg.
• Swaraj Engines board recommended 500 percent dividend.
• Jet Airways signed codeshare pact with Aeromexico.
• Astron Paper entered into MOU with Balaram Papers to take over its Gujarat plant.
• Bharti Airtel plans network expansion in Gujarat with 6000 new sites and 2,000 kilometres of optic fiber in FY19 to strengthen mobile broadband footprint.
• India considering sugar cane production subsidy, GST cut on ethanol.

Bulk Deals

• Minda Corp: Ashish Kacholia bought 10.80 lakh shares or 0.5 percent equity at Rs 182 each.
• Cimmco: Equity Intelligence India sold 1.11 lakh shares or 0.4 percent equity at Rs 94.8 each.

Laurus Labs

• Norges Bank - Government pension fund bought 17.50 lakh shares or 1.7 percent equity at Rs 508 each.
• Nomura India Investment Fund Mother Fund sold 17.54 lakh shares or 1.7 percent equity at Rs 508 each.

Astra Microwave

• Ratnabali Investment bought 43 lakh shares or 5 percent equity at Rs 83.58 each.
• Tarish Investment and Trading Company sold 31 lakh shares or 3.6 percent equity at Rs 83 each.

Trading Tweaks

• SKM Egg Products Export (India) Ltd circuit filter revised to 10 percent.
• NBCC last trading day before stock split to Re 1 from Rs 2 per share.
• NSE announced physical settlement for 46 stocks trading in F&O segment.

Who's Meeting Whom

• Hikal to meet investors/analysts on April 24.
• Shalby to meet Motilal Oswal AMC on April 24.
• KDDL to meet investors/analysts from April 24–25.
• Ganesha Ecosphere to meet investors/analysts on April 24.

Insider Trades

• Garnet International promoter Suresh Gaggar acquired 30,331 shares on April 23.
• Liberty Shoes promoter Arpan Gupta sold 6,500 shares on April 20.
• JP Associates promoter Prabodh Vora sold 10,000 shares on April 18.
• KM Sugar Mills promoter Francoise commerce sold 2.97 lakh shares on April 20.
• Adani Power promoter Pan Asia Trade & Investments acquired 45 lakh shares on April 20.
• SH Kelkar promoter Kedar Vaze sold 77,019 shares from April 19–20.

Rupee

• Rupee closed at 66.48/$ on Monday from 66.12/$ on Friday.

Top Gainers And Losers

F&O Cues

• Nifty April futures closed trading at 10,585.5 with a premium of 1.45 points versus 21.5 points.
• Nifty May futures trading at 10,612.8 with premium of 28.8 points.
• Nifty rollover at 18 percent, Bank Nifty rollover at 14 percent.
• All series: Nifty open interest up 2 percent, Bank Nifty open interest up 5 percent.
• India VIX ended at 13.1, up 1.6 percent.
• Max open interest for April series at 10,700 (open interest at 48.5 lakh, down 3 percent).
• Max open interest for April series shifts to 10,500 (open interest at 57.7 lakh, up 5 percent).

SGX to migrate all Nifty positions to new Indian derivatives from June 4. @sajeetkm gets you the details.https://t.co/HKzHsPIIJd pic.twitter.com/tyShkXBQlz

F&O Ban

• In ban: Balrampur Chini, Dewan Housing, Jet Airways, JP Associates, TV18 Broadcast.
• Out of ban: Reliance Communications.

Only intraday positions can be taken in stocks which are in F&O ban. There is a penalty in case of a rollover of these intraday positions.

Put-Call Ratio

• Nifty PCR at 1.63 versus 1.61
• Nifty Bank PCR at 1.42 versus 1.38

Active Stock Futures

Fund Flows

Brokerage Radar

HSBC on M&M

• Maintained ‘Buy'; hiked price target to Rs 890 from Rs 840
• March quarter results and delay in new launches to not impact the current and next fiscal estimates.
• Price target hiked to largely factor in the increase in subsidiaries' values.
• Monsoon forecast positive for the rural-driven tractor industry.
• Stable existing auto portfolio and strong tractor market provide robust earnings visibility.

Nomura on Alkem Labs

• Upgraded to ‘Buy' from ‘Neutral'; cut price target to Rs 2,089 from Rs 2,298.
• Stock fall factors in concerns on Daman.
• Cut earnings per share estimates by 13 percent and 9 percent for the current and the next financial years to factor in lower U.S. sales.
• Positive stance driven by high contribution from India.
• India business to sustain growth ahead of broader market.

Credit Suisse on India Life Insurance

• APE growth moderated, but structural drivers intact.
• Macroeconomics drivers in place for sustained growth.
• Players having strong bank tie-ups outperforming.
• Rising RoEV will help sustain elevated multiples.
• ICICI Pru, SBI Life top picks; HDFC Life too expensive.
• ICICI Pru: Maintained ‘Outperform'; cut price target to Rs 495 from Rs 510.
• SBI Life: Initiated ‘Outperform' with a price target of Rs 716.
• HDFC Life: Initiated ‘Outperform' with a price target of Rs 496.

Motilal Oswal on Infosys

• Maintained ‘Buy' with a price target of Rs 1,330.
• Granular strategy articulated around digital, core business, sales and talent.
• Company cited that the current financial year will be a year of stabilization.
• Next financial year to be a year of momentum building and the financial year-ending March 2021 will be a year of acceleration
• Expect current financial year to be a better year for BFS than the previous financial year.
• Multi-pronged investments in sales to focus on digital, large deals and new accounts.

Credit Suisse on Infosys

• Maintained ‘Neutral' with a price target of Rs 1,100.
• New strategy well-articulated, but similar to peers; execution would be the key.
• Management indicated intention to make sales and marketing more robust.
• No new clarity on new margin guidance.
• Investments cited by the company are valid for Infosys.

Nomura on Bharti Infratel

• Maintained ‘Neutral' with a price target of Rs 354.
• Earnings beat estimates in March quarter; Tenancy exits accelerate.
• Net profit beat driven by spike in other income.
• Reasonable results as telco consolidation is taking a toll on tenancies.

Credit Suisse on Bharti Infratel

• Maintained ‘Outperform'; cut price target to Rs 400 from Rs 430
• March quarter results were inline with known headwinds.
• Maintained Ebitda and cash flow at healthy levels.
• Energy reimbursement margins touched an all-time high of 11 percent.
• Expect next couple of quarters to remain subdued.

Morgan Stanley on Cement

• Cement prices have strengthened/been flattish across region in Apr 2018.
• Expect prices to remain firm till mid/end May.
• Expect demand growth and rising utilisation to lend pricing power.
• Pricing power to drive margin expansion in the next financial year.
• Dealers are skeptical about the sustainability of price hike given muted demand growth.

India just got its first $100 billion tech company.https://t.co/RUrcJE5IHH pic.twitter.com/VJB5plnrTv

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