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The broader indices underperformed their larger peers with S&P BSE MidCap and S&P BSE SmallCap adding around 0.4%. Thirteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Auto and Energy indices rising ovver 2%.
The market breadth was skewed slightly in the favour of bulls. About 1,764 stocks advanced, 1,629 declined and 117 remained unchanged.
Shares of Reliance Industrial Infrastructure shed over 4%, the steepest fall in over six weeks after the company reported decline in net profit in the quarter-ended March.
Net income at Rs 1.06 crore down 65% YoY compared to Rs 3.01 crore
Revenue from operations at Rs 16.40 crore, up nearly 9% vs Rs 15.08 crore
Total costs at Rs 17.53 crore vs Rs 16.72 crore
Other income at Rs 3.26 crore vs Rs 3.80 crore
The company also recommended a dividend of Rs 3 per equity share of Rs 10 each for the financial year ended March 31, 2022.
Trading volume on the stock is nearly twice the 30-day average volume at this time of the day.
Source: Bloomberg, Exchange filing.
Tata Teleservices has 2.99 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Alkem Laboratories raised to 'buy' from 'hold' at HSBC; price target set at Rs 4,170, an implied upside of 23%.
Source: Bloomberg
The investment will create 25,000 or more jobs in West Bengal, Gautam Adani, Chairman of Adani Group said at the Bengal Global Business Summit today.
Source: Bloomberg
L&T Technology Services fell for sixth consecutive day, on track for the longest losing streak in over three years.
HDFC AMC shares fell for 10th day, on track for longest losing streak in 19 months.
Aditya Birla Fashion & Retail fell for eighth day, on track for the longest losing streak in over 21 months.
L&T Finance Holding fell for eighth day, on track for longest losing streak in six and a half years.
Shares of Persistent Systems fall for the sixth day, on track for the longest losing streak in nearly 14 months.
Source: Bloomberg
ACC raised to 'buy' from 'add' at YES Research; price target set at Rs 2,400; implied upside of Rs 8.8%.
Source: Bloomberg
A fine of Rs 500 has been imposed for violating the rule.
Government has decided to not shut schools and will issue an official order regarding the mandatory use of masks soon.
Source: Press Trust of India
Shares of Phoenix Mills rose over 6%, most in five months
Varun Beverages' shares advanced nearly 6%, the most in five months. The relative strength index on the stock is above 70, suggesting it may be overbought.
Source: Bloomberg
Campus Activewear, the maker of Campus sport shoes, will open its IPO from April 26-28.
The IPO is a pure offer-for-sale.
The price band has been set at Rs 278-292.
Source: Bloomberg
Inox Wind approves fund raising, aggregating to Rs 402.5 crore through preferential issue of equity shares and convertible warrants.
Promoters will infuse Rs 150 crore through preferential issue of equity shares.
Samena Green will infuse Rs 152.5 crore while Lend Lease Company will invest Rs 100 crore through preferential issue of equity shares and convertible warrants.
The company has convened an extra-ordinary general meeting of the company on May 13 to seek approval for the preferential issue.
Source: Exchange filing.
The broader indices underperformed their larger peers with S&P BSE MidCap and SmallCap rising 0.7%. Barring S&P BSE Capital Goods, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Energy and Auto indexes gaining nearly 2%.
The market breadth was skewed in the favour of bulls. About 1,873 stocks advanced, 1,412 declined and 130 remained unchanged.
NTPC has another 2 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Shares of Sona BLW Precision Forgings added nearly 4% after the company announced strategic partnership with Canadian firm Enedymn to make magnet-less EV motors.
The two firms will develop next generation switched reluctance motor drive platforms for Indian road and usage conditions targeting 2-,3- and 4-Wheeler EVs.
Enedym will license its SRM technologies to Sona Comstar for manufacturing for target applications exclusively in India.
The serial production of these systems is likely to commence in 2023.
Trading volume on the stock is above the 30-day average at this time of the day.
Of the 11 analysts tracking the automotive components maker, five maintain 'buy', two suggest 'hold' and four recommend 'sell'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 6.4%
Source: Exchange filing
FMCG Q4 Results Preview: Price Hikes To Dent Volume Growth
Most yields along the India sovereign yield curve fell, with 14-year bonds moving the most in Wednesday morning trading.
The 3-year yield was little changed at 6.13%
The 10-year yield fell 1.5bps to 7.136%
The 30-year yield fell 2.5bps to 7.443%
Source: Bloomberg
The IPO of Campus Activewear Ltd., the maker of Campus sports shoes is set to open on April 26 and close on April 28.
The offering will be a pure offer-for-sale, with existing promoters selling 4.79 crore shares.
Source: Bloomberg
NTPC has 2.02 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
Shares of Coal India rose nearly 4% in intraday trade, on course to extend winning streak for fourth day.
The stock has risen over 8% in the last four days.
Trading volume was nearly 3.5 times the 30-day average volume at this time of the day.
Source: Bloomberg
Petronet LNG has 1.07 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
HDFC agrees to sell 10% stake in HDFC Capital to Abu Dhabi Investment Authority
Stake to be sold for a consideration of Rs 184 crore
HDFC Capital is in active discussions with leading global investors to raise additional funds to be invested in development of affordable & mid-income housing projects in India.
Source: Exchange filing
Indian Oil has 1.66 million shares change hands in a large trade.
Details of buyers, sellers are not known immediately.
Source: Bloomberg
The broader indices outperformed their larger peers with S&P BSE MidCap gaining 0.4% and S&P BSE SmallCap rising 0.6%. Barring S&P BSE Bankex, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Power rising nearly 2%.
The market breadth was skewed in the favour of bulls. About 1,829 stocks advanced, 591 declined and 81 remained unchanged.
Non-banking finance companies in India will be in focus after the central bank tightened rules related to lending that includes additional disclosures for exposure to sectors such as real estate and loans against securities.
In Focus: Bajaj Finance, Cholamandalam Investment, Aditya Birla Capital, Poonawalla Fincorp, Sundaram Finance, Mahindra & Mahindra Financial, L&T Finance.
Source: Bloomberg
L&T Infotech raised to 'add' from 'reduce' at Equirus Securities; price target set at Rs 5,830, an implied return of 6.5%.
Page Industries: Centrum Broking initiates coverage of the stock with a recommendation of 'buy'; price target set at Rs 51,458, an implied return of 13%.
Source: Bloomberg
Reiterates 'buy' with the target price unchanged at Rs 4,040, an implied upside of 26%.
Expects Gland Pharma to be the biggest beneficiary from drugs under shortages in the U.S. due to its consistent compliance and manufacturing capabilities.
Values Gland Pharma at 35x12-month P/E to arrive at the target price.
Remains positive on the company due to its niche product pipeline in injectables, volume gains from existing products, wider market operations in its portfolio, strong cash cushion for inorganic growth and compliance.
11 injection products of the company remain in the U.S. FDA shortage list with a combined sales of $400 million over the past 12 months.
See opportunities for key products like Dexamthasone, Ketorolac, Midzolam and Metronidazole.
Expects Gland Pharma and Aurobindo Pharma to be the largest beneficiaries from the U.S. drug shortage.
Over of the 115 drugs under shortage according to U.S. FDA's latest list, Gland has presence in 11, with ANDA filings of its own.
Source: Motilal Oswal note.
The Indian rupee may move toward a record low amid continued outflows from local equities as investors exit riskier assets. Bond traders will look forward to a Rs 34,000 crore ($4.4b) of Treasury-bill sale.
Foreigners have pulled out $1.7 billion from Indian equities so far this month
USD/INR rose 0.3% to 76.5062 on Tuesday
Rupee fell to a record low of 76.9812 in March
10-year yields little changed at 7.15% on Tuesday
Global funds sold net Rs 5,870 crore of India stocks Tuesday: NSE
They sold Rs 388 crore of sovereign bonds under limits available to foreign investors, and withdrew Rs 41 crore of corporate debt
State-run banks sold Rs 2,420 crore of sovereign bonds on April 19: CCIL data. Foreign banks bought Rs 337 crore of bonds.
Source: Bloomberg
Future Enterprises Ltd. has said that it is unable to pay Rs 29.33 crore interest on Non-Convertible Debentures.
The date of default was on Monday.
Source: Exchange filing
Asian energy-related shares are in focus as crude oil sunk after the International Monetary Fund downgraded its global growth forecast, intensifying global concerns of an economic slowdown.
Brent crude fell to $107 a barrel, while Nymex crude slipped below $103 a barrel.
In Focus: Reliance Industries, HPCL, BPCL, ONGC and Oil India.
Source: Bloomberg
Shares of Asian drug and medical device makers are in focus after Johnson & Johnson beat analysts’ quarterly earnings estimates but cut its annual profit forecast on forex headwinds and suspended guidance for Covid-19 vaccine sales. Its shares rose 3.1%
Shares of Covid-19 vaccine-makers Pfizer and Moderna fell.
In Focus: Covid vaccine-related stocks like Dr. Reddy's, Zydus Lifesciences and Pfizer.
Source: Bloomberg
Angel One
ICICI Securities
Tata Elxsi
Glenmark Lifesciences
JTL Infra
Reliance Industrial Infrastructure
Reliance Industries: Says Jiofiber postpaid users to get OTT subscriptions for Rs 100-200 per month; users can get access to 14 OTT apps. Reliance Brands Ltd. has also signed a deal to take majority stake in Abu Jani Sandeep Khosla to accelerate the couture house's growth plans.
Punjab and Sind Bank: The bank classified Srei Infrastructure Finance and Srei Equipment Finance as fraud accounts with loan exposure worth Rs 510.16 crore and Rs 724.18 crore, respectively. Loans declared as fraud to RBI and have been fully provided for.
Escorts: The company’s Agri Machinery division will increase prices of its tractors due to a steady rise in commodity prices. The rise is effective April 20 and will vary across models and variants.
Insecticides (India): The company received patent for invention of entitled 'Novel Granules and its pesticidal compositions', from Patent Office, the Government of India. The patent is valid for 20 years.
VRL Logistics: The company has signed a Memorandum of Understanding with Ratna Cements for transfer of the Wind Power undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis for Rs 48 crore.
Bajaj Electricals: The company announced partnership with wtec to provide smart engine intelligent building technology for network-powered lighting & sensor infrastructure in India.
IRCON: Appointed Ragini Advani as Director (Finance) for a period of five years, effective April 19.
Mahindra Lifespace Developers: Mahindra World City Developers, the company subsidiary, has received an income tax notice with demand of Rs 102 crore. The company said that it will contest the demand at judicial forums.
VA Tech Wabag: International Water Treatment LLC, Oman, a Special Purpose Vehicle for carrying out Engineering, Procurement and Construction contract for water desalination project in Muscat has been liquidated.
Tata Steel Long Products Q4 FY22 (Consolidated, YoY)
Revenue up 16.3% at Rs 1,799.4 crore Vs Rs 1,546.7 crore
EBITDA falls 67% at Rs 164.34 crore Vs Rs 497.82 crore
EBITDA Margin 9.13% Vs 32.19%
Net Profit fell 88.5% at Rs 59.62 crore Vs Rs 339.85 crore
Approved dividend of Rs 12.5 per share of Rs 10.
ACC Q4 FY22 (Consolidated, YoY)
Revenue up 2.5% at Rs 4,321.86 crore Vs Rs 4,213.28 crore
EBITDA falls 32.1% at Rs 529.98 crore Vs Rs 781.55 crore
EBITDA Margin 12.26% Vs 18.55%
Net profit falls 9.4% at Rs 396.33 crore Vs Rs 437.5 crore
Larsen & Toubro Infotech Q4 FY22 (Consolidated, QoQ)
Revenue up 3.7% at Rs 4,301.6 crore Vs Rs 4,137.6 crore
EBIT up 0.26% at Rs 744.5 crore Vs Rs 742.6 crore
EBIT Margin 17.31% Vs 17.95%
Net Profit falls 5.84% at Rs 637 crore Vs Rs 676.5 crore
Approved dividend of Rs 30 per share of Rs 1.
Revenue up 5.37% at Rs 581.53 crore vs Rs 551.91 crore
EBIT margins at 18.66% vs 19.14%
PAT up 5.73% at Rs 88.23 crore vs Rs 83.45 crore
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