Good morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is up 1.39% at 24,209.5 as of 6:19 a.m. Equity-index futures for the US (S&P 500) and Europe (Euro Stoxx 50) closed 1.18% and 1.32% higher respectively.
Indian Market Recap
Indian equity benchmark—NSE Nifty 50—wiped out most of Friday's gain amid F&O expiry and weak global cues due to a sell-off triggered by the US blockade announcement in the Strait of Hormuz.
The 50-stock index declined nearly 1% to settle above 23,800. On Friday, the benchmark index had closed at 24,050.60 on Friday. Meanwhile, the BSE Sensex closed over 700 points lower or 0.97% to end near 77,000.
US Market Recap
US equities rose on Tuesday, with the S&P 500 Index closed within sight of a fresh record as hopes of further ceasefire talks between US and Iran, which brought down oil prices.
The benchmark index closed 1.2% higher a day after wiping out its war-driven losses, extending a rebound that has brought it to the brink of its late-January peak. The tech-heavy Nasdaq 100 surged 1.8% for a 10th straight day of gains, its longest such streak since 2021, according to data collected by Bloomberg.
Asian Market Update
Asia markets opened higher on Wednesday, following gains in US stocks. South Korea's Kospi rose around 3% and the small-cap Kosdaq was up 1.65%. Japan's Nikkei gained 0.72% and the Topix rose 0.87%, while Australia's S&P/ASX 200 advanced 0.42%, CNBC reported.
Commodity Check
Brent crude prices dropped 0.4% to $94.50 a barrel on Wednesday as US President Donald Trump told Fox News that he thinks the conflict with Iran is nearing its end. Gold continued its gains at around $4,840 an ounce, after rising 2.1% in the previous session.
Earnings In Focus
Elecon Engineering Company, HDB Financial Services, ICICI Lombard General Insurance Company & Tejas Networks
Q4FY26 Earnings
Swaraj Engines (Q4 YoY)
- Revenue growth of 20.2% to Rs. 546 crore
- EBITDA growth of 21.1% to Rs. 75 crore
- EBITDA margin stands at 13.7% versus 13.6%
- Net profit growth of 20.1% to Rs. 54.6 crore
ICICI Prudential AMC (Q4 QoQ)
- Net Profit down 16.8% at Rs.763 crore versus Rs.917 crore
- Total Income down 12.1% at Rs.1,428 crore versus Rs.1,624 crore
- To Pay Final Dividend Of Rs.12.40/Share
Justdial (Q4 Results YoY)
- Net profit down 36.5% to Rs. 100 crore
- Revenue up 6.2% to Rs. 307 crore
- EBITDA up 3.1% to Rs. 88.8 crore
- Margins at 28.9% versus 29.7%
CFO Abhishek Bansal resigns effective April 15.
Stocks In News
- Alkem Laboratories: The company incorporates a new arm in Dubai with an investment of AED 3.7 million.
- Samvardhana Motherson: The company clarifies that labour issues affecting multiple industries in Noida are due to misinformation around wage hikes. It states operations remain compliant with all laws, employee safety is a top priority, and it is working closely with industry stakeholders to restore normalcy.
- Hindustan Zinc: The company emerges as the successful bidder for a potash and halite block in Rajasthan. The block has a total area of 1,841.2 hectares.
- Patanjali Foods: The company's board will consider a second interim dividend on April 21.
- City Union Bank: The company opens six new branches across Kerala, Madhya Pradesh, and Telangana, taking the total branch count to 956.
- ICICI Bank: The company's board will meet on April 18 to consider fundraising via debt instruments.
- Astec Lifesciences: The company announces that Nadir Godrej will step down as Chairperson and Director.
- Cyient: The company orders commencement of the liquidation process of Infotech HAL.
- Godrej Agrovet: The company announces that Nadir Godrej will step down as Chairperson and Non‑Executive Director on August 13, 2026 & appoints Mr Burjis Godrej as Chairman of the company w.e.f. August 14, 2026
- Godawari Power & Ispat: The company's arm, GNEPL, enters into a five‑year agreement with EVE Power for supply of 628 Ah LFP cells for the first phase of a 20 GWh Battery Energy Storage System (BESS) project.
- HG Infra Engineering: The company receives an order worth Rs. 519 crore from Mirzapur Thermal Energy for civil and P‑way works in Mirzapur, Uttar Pradesh.
- Tata Communications: The company announces the retirement of A.S. Lakshminarayanan as Managing Director and Chief Executive Officer.
- Jaykay Enterprises: The company will acquire Patange Industries for Rs. 5 crore.
- Minda Corporation: The company's arm, Spark Minda, incorporates a joint venture with Turntide in India to develop EV motor controllers and motors. Turntide will hold a 51% stake, while Spark Minda will hold 49% in the JV.
- Tata Communications: The company will declare its results and dividend on April 22.
- Indoco Remedies: The company informs that the US FDA has completed a pre‑approval inspection at its Aurangabad manufacturing facility.
- Dixon Technologies: The company clarifies that the labour protest in Noida is industry‑wide and triggered by misinformation. It states operations remain fully compliant with laws and the situation has no material impact on its operations.
- SAIL: The company plans to set up a greenfield 600 MW solar power project in Uttar Pradesh with an investment of Rs. 3,295 crore.
- Ujjivan Small Finance Bank: The company states that RBI has returned its universal banking licence application and has advised it to reapply after achieving greater diversification in its loan portfolio.
- Indian Overseas Bank: The company reduces overnight, one‑year, and two‑year MCLR by 5 basis points, effective April 15. Overnight MCLR is revised to 7.90%, while one‑year and two‑year MCLR are lowered to 8.75%.
- Canara HSBC Life Insurance: The company enters into a corporate agency agreement with Odisha Grameen Bank for distribution of its insurance products.
- Zota Health: The company responds to IiAS on its postal‑ballot proposal, seeking shareholder approval to raise its Section 186 limit to Rs. 1,000 crore. The company states the higher limit is required for acquisitions, investments, and support, as the existing Rs. 500 crore cap has been fully utilised.
- Onix Solar Energy: The company's board will meet on April 17 to consider fundraising via equity shares.
- Responsive Industries: The company appoints Ruvi Bhansali as Chief Financial Officer, effective April 13.
- Travel Food Services: The Delhi High Court sets aside the arbitral award against the Airport Authority of India, Goa, declaring the award void ab initio and allowing AAI's plea against the company.
- Arisinfra Solutions: The company signs an MoU with Capacite Infraprojects for procurement of construction materials worth Rs. 800 crore.
- LIC: The company approves a 1:1 bonus issue of equity shares, involving issuance of bonus shares of up to Rs. 6,325 crore. Bonus shares are expected to be credited by June 12.
- Hubtown: The NCLT Mumbai directs the company to convene a meeting of equity shareholders to consider the proposed merger with Saicharan Consultancy.
- Pitti Engineering: NCLT Hyderabad approves dispensation of the equity shareholders' meeting for the proposed merger with PIPL and DFPL.
- Healthcare Global Enterprises: The company acquires an additional 34% stake in its Vizag hospital for Rs. 155 crore, increasing its total holding to 85%.
- Windsor Machines: The company's board approves conversion of 27,80,000 equity warrants into equity shares.
- Abans Financial Services: Nirbhay Fancy Vassa resigns as Whole‑Time Director and Chief Financial Officer.
- RITES: The company liquidates its joint venture, Metro Management Group, formed with DMRC and Israel‑based Poran Shrem.
IPO offering
OM Power (Day 3)
The issue is subscribed 3.32 times
NIIs lead with 7.06 times subscription
QIBs at 3.65 times and retail at 1.54 times.
Bulk & Block Deals
Onix Solar Energy: Komalben Pankajbhai pansheria sold 4.16 lakh shares for Rs. 872.35 per share.
Lock In
Rubicon Research: 6 months lock in, 99.6 mn lock in shares, 60% of total outstanding shares
LG Electronics: 6 months lock in, 441.2 mn lock in shares, 65% of total outstanding shares
Bharat Coking Coal: 3 months lock in, 59.4 mn lock in shares, 1% of total outstanding shares
Insider trade
Camlin Fine Sciences: Ashish Subhash Dandekar, Promoter & Director, pledged 37.50 lk shares.
Additional Surveillance Measure (ASM)
List of securities to be excluded from ASM Framework : Ganesha Ecosphere
F&O Cues
Nifty April futures is down 1.04% to 23,850.00 at a premium of 7.35 points.
Nifty Options 21st April Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 23,000.
Currency Check
The rupee slumped by 56 paise to settle at a record low of 93.39 (provisional) against the US dollar on Monday after a failed US-Iran peace talk fuelled uncertainties in West Asia, leading to a surge in crude oil prices and a global chase for the greenback.
Securities in ban period: SAIL, SAMMAANCAP
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