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The broader markets outperformed their larger peers, with the S&P BSE MidCap losing 0.7% while S&P BSE SmallCap shedding 0.4%. All 19 sectoral indices compiled by BSE Ltd. declined with banking and metal indices falling over 2%.
The market breadth was skewed in the favour of bears. About 1,457 stocks advanced, 1,951 declined and 123 remained unchanged.
Nykaa operator FSN E-Commerce Ventures has bought 18.5% in Earth Rhythm for Rs 41.65 crore to further D2C brand acquisitions.
It also picked up 60% in Nudge Wellness for Rs 3.6 crore, which marks its entry into the owned brand of dietary supplements and other nutricosmetics products.
Nykaa to also buy activewear athleisure brand ‘KICA’ for Rs 4.5 crore, to help strengthen its active-wear play.
Source: Exchange filing
Revenues up 10.1% at Rs 8797 crore vs Rs 7990 crore
Net profit up 8.4% at Rs 2928 crore vs Rs 2701 crore
EBITDA up 13.5% at Rs 4962 crore vs Rs 4370 crore
Margins at 56.4% vs 54.7%
Inflation is a concern, but only in the short term.
Will do what’s right for sustained value creation.
Nothing is cast in stone. (on demerger plans)
See opportunity to scale up agri, paper, hotels businesses
Source: Bloomberg
NSE IFSC Ltd., a 100% subsidiary of National Stock Exchange launched an exclusive International Sustainability Platform at GIFT IFSC.
The platform will be operationalised in the second half of 2022 subject to regulatory approvals.
The platform will facilitate listing and trading a variety of sustainability products including green bonds, voluntary carbon, sustainable bonds, green REITs and green equity.
Issuers listing on the platform will need to meet a minimum set of ESG standards.
Source: NSE Press Release
The broader indices outperformed their larger peers, with the S&P BSE MidCap shedding 0.2% and S&P BSE SmallCap rising over 0.1%. Twelve of the 19 sectors compiled by BSE Ltd. declined with S&P BSE Bankex falling 1.5%.
The market breadth was skewed in the favour of bears. About 1,588 stocks advanced, 1,714 declined and 140 remained unchanged.
ICICI Lombard cut to 'reduce' from 'accumulate' at Elara Securities India; price target set at Rs 1,335, an impied upside of 0.4%.
Cummins India cut to 'reduce' from 'buy' at Edelweiss Capital; price target set at Rs 934, an implied downside of 13%.
Source: Bloomberg
India will finalise the sale of state-owned helicopter service provider Pawan Hans this week.
Government has received bids from companies including JSW Steel and Jindal Steel & Power.
Group of officials headed by cabinet secretary Rajiv Gauba will meet on Saturday to pick the winning bid.
Final announcement will be made after the approval by a ministerial panel which is largely procedural.
Source: People with knowledge of the matter.
Finance Ministry spokesperson wasn't immediately available for comment.
Pawan Hans did not respond to phone calls made at its office number
A spokesperson for JSW Steel declined to comment.
JSPL did not reply to an e-mail request.
Source: Bloomberg
Size trimmed due to dent in valuations on Ukraine war.
Listing could be done in the next two weeks.
LIC will be valued at around Rs 6 lakh crore in the IPO.
Source: People with knowledge of the matter
Serum is drafting global pandemic treaty, want other nations to sign up.
India is very transparent in reporting Covid numbers.
Expecting the government to lower the booster dose gap from 9 to 6 months.
Fearing the current vaccine stock will get expired, have to stop production.
Have got 20 crore doses of stock for now.
Source: Bloomberg
Most yields along the India sovereign yield curve rose, with 4-year bonds moving the most in Friday morning trading.
The 2-year yield remained unchanged at 5.448%
The 10-year yield rose 1.7bps to 7.161%
The 14-year yield rose 1.2bps to 7.334%
The 2-year-10-year yield spread was 171.3bps, vs previous close 169.6bps
The NSE Nifty 50 Index fell 0.8%
Source: Bloomberg
63 Moons’ Assets Can’t Be Attached Over NSEL Scam, Says Bombay High Court
NHPC has 1.26 million shares change hands in a large trade.
Motherson Sumi Wiring has 1.97 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Adani Power has 1.87 million shares change hands in a large trade.
Adani Power has another 3.05 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
HCL Tech Q4 Review: Strong Services Growth But Margin Woes Stay, Say Analysts
The broader indices outperformed their larger peers with the S&P BSE MidCap falling 0.24% and S&P BSE SmallCap remaining little changed. Fifteen of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Auto shedding 1.5%.
The market breadth is skewed in the favour of bulls. About 1,357 stocks advanced, 1,171 declined and 101 remained unchanged.
Maintains 'buy' and lowers target price to Rs 5,280 per share from Rs 5,800, an implied upside of 24%.
The company reported 3.6% QoQ constant currency growth in Q4FY2021-22, 90bps below estimate due to softer growth in Industrial Products, Medical Devices and Telecom and Hitech segments.
Rise in attrition to 20.4% indicated continued supply pressures.
L&T Technology Services bagged its second $100 million+ deal from Jaunt Air Mobility in the aerospace vertical, which augurs well for the growth.
Remains confident of the prospects of revenue growth of 17.5% in FY23, but expects L&T Technologies to see a flattish margin performance due to continue supply-side pressures.
Continues to view the company as a key beneficiary of the growing penetration of ER&D services and the best Tier II IT services play within its coverage universe.
Source: Motilal Oswal Note
Rupee bond traders will wait to gauge demand for Rs 32,000 crore ($4.2b) in bond sales as well as minutes of the April RBI meeting, where the monetary authority signaled a shift in policy focus. The rupee is set to open lower in line with emerging peers on hawkish comments by Fed chair Powell.
RBI to hold Rs 7 lakh crore 14-day reverse repo auction Friday.
USD/INR down 0.1% to 76.1588 on Thursday.
10-year yields rose 4bps to 7.14% on Thursday
Global funds sold net Rs 714 crore of India stocks Thursday: NSE
They sold Rs 165 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 52 crore of corporate debt
State-run banks sold Rs 716 crore of sovereign bonds on April 21: CCIL data. Foreign banks bought Rs 2,680 crore of bonds.
Source: Bloomberg
Adani Ports and SEZ will acquire third party marine services provider Ocean Sparkle for Rs 1,530 crore.
The investment is in line with the company's strategy to “increase its footprint in the marine service market.”
The transaction is expected to be completed within one month.
Source: Exchange filing
Maintains 'buy' with a target price at Rs 1,310 per share.
HCL Technologies delivered a revenue growth of 1.1% QoQ in constant currency terms in Q4FY2021-22 (inline), aided by strong growth in services.
Products and Platforms vertical dragged due to seasonality.
Good new deal TCV, organic growth of over 5% QoQ in I.T. services are likely to aid growth outperformance compared to largecap peers in Q1FY2022-23.
Expects services segment to gain further from strong momentum in cloud migration and R&D outsourcing. Expects the company to struggle due to elevated supply-side issues and a higher investment requirement.
Lowers its FY23 and FY24 EPS estimate by 7% each due to margin hit and lower growth guidance
Source: Motilal Oswal note
HCL Technologies cut to 'neutral' from 'overweight' at JPMorgan; price target set at Rs 1,150, an implied upside of 4.6%.
HCL Technologies cut to 'accumulate' from 'buy' at Prabhudas Lilladher; price target set at Rs 1,169, an implied upside of 6.4%.
L&T Technology Services cut to 'accumulate' from 'buy' at Prabhudas Lilladher; price target set at Rs 4,549, an implied upside of 7.2%.
ICICI Lombard raised to 'reduce' from 'sell' at Kotak Securities; price target set at Rs 1,310, an implied downside of 6.5%.
Source: Bloomberg
Hindustan Zinc
MMTC
Tata Metaliks
Tejas Networks
Jindal Steel and Power: The company said that its offices in in Delhi and Gurugram were visited by officials from Enforcement Directorate for seeking business related information.
JSW Energy: The company’s subsidiary JSW Neo Energy has signed a memorandum of understanding with Government of Telangana for setting up 1,500 MW capacity of Hydro Pumped Storage Project.
RailTel: The company has received a work order from National Informatics Centre Services Incorporated in relation to assignment of work of immigration visa and foreigner registration and tracking at a total cost of Rs. 29.75 crore.
TVS Motor: The company will invest an addition £100 million in Norton Motorcycle, which was acquired in 2020.
L&T Technology Services: The company was awarded over $100 million electric air mobility deal from Jaunt Air Mobility. As part of the contract, LTTS will open an Engineering and R&D Centre in Québec Province for the next-gen electric aircraft manufacturer to provide engineering services for the Jaunt Journey eVTOL air taxi.
3I Infotech: The company signed a premium high margin Digital Business Process Services transformational deal worth Rs 12 crore with an insurance company.
NTPC: Collaborates with Delhi Jal Board to convert waste into energy.
HCL Technologies Q4 FY22 (Consolidated, QoQ)
Revenue up 1.19% at Rs 22,597 crore Vs Rs 22,331 crore (Bloomberg Estimate: Rs 22,669.9 crore)
EBIT fell Rs 4.42% at Rs 4,069 crore Vs Rs 4,257 crore (Bloomberg Estimate: Rs 4,128.7 crore)
EBIT margin 18% Vs 19.1% (Bloomberg Estimate: 18.21%)
Net profit up 4.39% at Rs 3,593 crore Vs Rs 3,442 crore (Bloomberg Estimate: 3,354.3 crore)
Approved dividend of Rs 18 per share
ICICI Lombard Q4 FY22 (Consolidated, YoY)
Revenue up 33% at Rs 4,636 crore Vs Rs 3,489 crore
Net premiums up 27% at Rs 3,318 crore Vs Rs 2,616 crore
EBITDA up 29% at Rs 1,010 crore Vs Rs 782 crore
EBITDA margin at 21.8% Vs 22.4%
Solvency ratio at 2.46 Vs 2.9
Approved dividend of Rs 5 per share of face value of Rs 10
Tata Communications Q4 FY22 (Consolidated, QoQ)
Revenue up 4.8% at Rs 1,725.28 crore Vs Rs 1,657.7 crore
EBITDA fell 12.3% at Rs 443.58 crore Vs Rs 505.74 crore
EBITDA margin 25.71% Vs 30.51%
Net profit up 58% at Rs 356.5 crore Vs Rs 225.51 crore
Approved final dividend of Rs 20.7 per share.
L&T Technology Services Q4 FY22 (Consolidated, QoQ)
Revenue up 4.07% at Rs 1,756.1 crore Vs Rs 1,687.5 crore
EBIT up 4.13% at Rs 327.4 crore Vs Rs 314.4 crore
EBIT Margin 18.64% Vs 18.63%
Net profit up 5.31% at Rs 262 crore Vs Rs 248.8 crore
Approved final dividend of Rs 15 per share of face value of Rs 2
Approved scheme of amalgamation of Esencia Technologies, Graphene Semiconductor Services and Seastar Labs with the company.
Cyient Q4 FY22 (Consolidated, QoQ)
Revenue fell 0.19% at Rs 1,181.2 crore Vs Rs 1,183.4 crore
EBIT Margin up 3.86% at Rs 169.5 crore Vs Rs 163.2 crore
EBIT Margin 14.35% Vs 13.79%
Net profit up 17% at Rs 154.2 crore Vs Rs 131.8 crore
Rallis India Q4 FY22 (Consolidated, YoY)
Revenue up 7.7% at Rs 507.54 crore Vs Rs 471.26 crore
EBITDA fell 116.03% at a negative Rs 2.84 crore Vs Rs 17.72 crore
EBIT Margin -0.56% Vs 3.76%
Net loss at Rs 14.19 crore Vs Net profit of Rs 8.12 crore
Approved dividend of Rs 3 per share.
Crisil Q4 FY22 (Consolidated, QoQ)
Revenue fell 15.7% at Rs 595 crore Vs Rs 706 crore
EBIT fell 10.4% at Rs 151.04 crore Vs Rs 167.89 crore
EBIT margin 25.39% Vs 23.78
Net profit fell 28% at Rs 121.62 crore Vs Rs 168.63 crore
Stocks and bonds fell on Friday after Federal Reserve Chair Jerome Powell hinted a two or more half percentage-point interest-rate increases in the upcoming policy meeting. Powell said a 50 bps rake hike will be on the table for the May meet at an IMF-hosted panel on Thursday.
A possible three consecutive half-point Fed interest-rate hikes would represent the sharpest tightening in 40 years.
Shares declined in Japan, Australia and South Korea, while U.S. futures fell, after Wall Street logged losses, dragged by energy and technology stocks. The Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50, fell over 1% to 17,220 points as of 6:40 a.m.
The dollar held a rally and Nymex crude remained above $103 a barrel. Bitcoin hovered around $40,500.
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