Sensex Adds Over 850 Points; Nifty Settles Below 17,400

The broader indices underperformed their larger peers, with both S&P BSE MidCap and S&P BSE SmallCap rising 1.3%. Barring S&P BSE Metal, all the other 18 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Auto index gaining over 2%.

The market breadth was skewed in the favour of bulls. About 2,309 stocks advanced, 1,109 declined and 103 remained unchanged.

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Shares of Tata Elxsi rose nearly 5%, the most in nearly three weeks after the company reported sequential growth in net profit and revenue in quarter-ended March, post market hours on Wednesday.

Trading volume was twice the 30-day average at this time of the day.

Tata Elxsi Q4 FY22 (Consolidated, QoQ)

• Net profit up 6% to Rs 160.01 crore vs Rs 150.95 crore

• Revenue up 7.29% to Rs 681.74 crore vs Rs 635.41 crore

• EBITDA up 4.92% to Rs 218.07 crore vs Rs 207.84 crore

• EBITDA margin at 31.9% vs 32.7%

• Dividend of Rs 42.50 per equity share announced

Source: Exchange filing, Bloomberg

• L&T Finance Holdings has 1.28 million shares change hands in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

• Adani Power has 1.86 million shares change hands in large trade.

• Adani Power has another 1.54 million shares change hands in a large trade.

• Adani Power has another 1.59 million shares change hans in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

• Russian president Vladimir Putin has said Ukraine’s Mariupol has been captured.

• Russian defence ministry says Russia controls all of Mariupol except the Azovstal plant.

• Putin has ordered for the plant to be sealed off, not stormed.

Source: AFP, Bloomberg

The S&P BSE MidCap underperformed its larger peers, rising 1% while S&P BSE SmallCap almost mirrored Sensex and Nifty. Barring S&P BSE Metal, all the other 18 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Information Technology adding 1.7%.

The market breadth is skewed in the favour of bulls. About 2,301 stocks advanced, 1,015 declined and 121 remained unchanged.

• Sunil Mittal: Should invest in rolling out faster radio network.

• Sunil Mittal: World will move to cryptocurrency.

• Sunil Mittal: Regulations will have to catch up with cryptocurrency.

-At India Economic Conclave

Source: Bloomberg

Most maturities along the India sovereign yield curve were little changed, while 4-year yields rose in Thursday morning trading.

• The 2-year yield remained unchanged at 5.422%

• The 10-year yield rose 3bps to 7.135%

• The 14-year yield rose 1.6bps to 7.304%

• The 2-year-10-year yield spread was 171.3bps, vs previous close 168.4bps

Source: Bloomberg

• NTPC has 1.28 million shares change hands in a large trade.

• NPTC has another 1 million shares change hands in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

• ITC has 1.02 million shares change hands in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

• The initial public offering of hospital chain Rainbow Children's Medicare is set to open from April 27 to 29.

• The IPO comprises a fresh issue of Rs 280 crore and an offer for sale of up to 2.4 crore shares by shareholders and promoters.

Source: Bloomberg

• Zee Media has 1.39 million shares change hands in a large trade.

• Zee Media has another 2.94 million shares change hands in two large trades.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

• Gland Pharma has 5.4 million shares, aggregating to 3.27% of equity change hands in a large trade.

• Details of buyers, sellers are not known immediately.

Source: Bloomberg

The S&P BSE MidCap almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty, rising 1%. Barring S&P BSE Metal, all the other 18 sectoral indices compiled by BSE Ltd. advanced, with S&P BSE Industrials and Realty gaining 1%.

The market breadth was skewed in the favour of bulls. About 2,025 stocks advanced, 508 declined and 80 remained unchanged.

Companies offering stocks broking and related advisory services may move after quarterly profit at two top players grew, partly driven by revenue from new retail trading accounts. 

• Q4 net income at Angel One more than doubled while ICICI Securities reported 3% YoY growth in profit for the quarter through March

• In Focus: Dhani Services, IIFL Securities, Geojit Financial, 5Paisa Capital

• Also watch: Centrum Capital, Edelweiss Financial, JM Financial, BSE Ltd., Central Depository Services

Source: Bloomberg

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• Reiterates 'Overweight/In-Line' on the stock and raises target to Rs 3,253 from Rs 2,926; an implied return of 19.66%.

• Emergence of bigger, newer markets for solar panels and electrolyzers will help fund the growth of RIL's new energy business.

• Electrolyzers, which form one of the four gigafactories that RIL is building, have become a necessity in the energy transition.

• Expects 10% boost for RIL's net asset value (NAV), in anticipation of quicker hydrogen monetisation.

• Estimate hydrogen business can achieve 14-15% RoCE for the company, on par with oils-to-chemicals operation.

• Demand for RIL's solar panels will increase with the evolution of green hydrogen ecosystem.

• India's 2030 hydrogen production target would absorb the 100 Giga Watt cumulative solar panel capacity that RIL aims to achieve.

• Possibility of monetisation of petcoke gasifiers as hydrogen demand rises, and export potential of green/blue hydrogen is likely to support multiples.

• Value-creation potential from the global pivot on energy security and the energy transition remains highly underappreciated for RIL.

• Firm remains well-equipped and funded for new energy investments.

• Crisil

• Cyient

• HCL Technologies

• ICICI Lombard General Insurance

• L&T Technology Services

• Nestle India

• Tata Communication

• Tata Steel: The company has stopped doing business with Russia. All steel manufacturing sites in India, the U.K. and the Netherlands are now sourcing raw material from elsewhere.

• Oil India: The company has commissioned a green hydrogen pilot plant at its Jorhat, Assam, pump station to produce 10 kg of the clean fuel per day. It has initiated a detailed study to explore blending of green hydrogen with natural gas and its effect on the existing infrastructure of Oil India.

• Larsen and Toubro: The company signed a Memorandum of Understanding with the Indian Navy making the company a knowledge Partner for nurturing technologies in various domains, for induction into the Indian Navy. The MoU encompasses all the aspects related to Electrical, Weapon, Engineering, Machinery and Control, and Hull of a Naval Warship.

• Gland Pharmaceuticals: Nicomac Machinery is selling 20.45 lakh shares representing 1.5% stake in the company. Floor price has been set at Rs 3,118 per share. There is an option to upsize the deal.

• Dr. Reddy’s Laboratories: The company launched Posaconazole Delayed-Release Tablets, 100 mg, the therapeutic generic equivalent to NOXAFIL (posaconazole) Delayed-Release Tablets in the US.

• Everest Kanto Cylinder: EKC International FZE, a wholly owned subsidiary of the company, has entered into a joint venture agreement with Mohamed Saad Eldin, Chairman of Saad El Din Group, Egypt. It intends to become the market leader in CNG cylinder manufacturing in the Middle East and North Africa (MENA) region by 2026.

Angel One Q4 FY22 (Consolidated, QoQ)

• Revenue up 12.38% to Rs 671.28 crore vs Rs 597.32 crore

• EBIT up 22.04% to Rs 279.8 crore vs Rs 229.26 crore

• EBIT margin at 41.68% vs 38.38%

• Net profit up 24.4% to Rs 204.69 crore vs Rs 164.54 crore

Tata Elxsi Q4 FY22 (Consolidated, QoQ)

• Net profit up 6% to Rs 160.01 crore vs Rs 150.95 crore

• Revenue up 7.29% to Rs 681.74 crore vs Rs 635.41 crore

• EBITDA up 4.92% to Rs 218.07 crore vs Rs 207.84 crore

• EBITDA margin at 31.9% vs 32.7%

• Dividend of Rs 42.50 per equity share announced

ICICI Securities Q4 FY22 (Consolidated, QoQ)

• Net profit fell 10.8% to Rs 338.81 crore vs Rs 380.21 crore

• Revenue fell 5.3% to Rs 891.49 crore Vs Rs 941.63 crore

• EBIT fell 8% to Rs 545 crore vs Rs 592.12 crore

• EBIT margin at 61.12% vs 62.88%

• Approved final dividend of Rs 12.75 per share

Glenmark Lifesciences Q4 FY22 (Consolidated, QoQ)

• Net profit fell 4.6% to Rs 98.9 crore vs Rs 103.71 crore

• Revenue fell 1.6% to Rs 514.06 crore vs Rs 522.5 crore

• EBITDA fell 1.5% to Rs 147.31 crore vs Rs 149.6 crore

• EBITDA margins 28.7% vs 28.6%

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