Good morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is up 1.15% at 24,700 as of 6:15 a.m. Equity-index futures for the US (S&P 500) and Europe (Euro Stoxx 50) surged 1.2% and 2.1% respectively.
Indian Market Recap
India's benchmark equity indices logged a second straight week of gains amid a global recovery from last month's Iran war selloff. The Nifty 50 ended 156.8 points or 0.65% higher at 24,353.55 and the BSE Sensex added 504.86 points to close at 78,493.54 on Friday.
Hindustan Unilever and Nestle India were the top percentage gainers on the Nifty. Wipro shed the most after a disappointing guidance for the year.
Broader markets outperformed the benchmark. The Nifty Smallcap 250 gained 1.5% and the Nifty Midcap 150 jumped 1.2%.
The Nifty FMCG and Nifty Energy were the top sectoral gainers on the NSE.
Elsewhere, a record-breaking rally in global equities stalled in Asia as investors trimmed positions ahead of the weekend while awaiting progress on extending the US-Iran ceasefire.
US Market Recap
The S&P 500 surged 1.2% on Friday, logging a third week of gains of more than 3% after Iran declared the Strait of Hormuz is open, however Tehran announced to block the key connectivity route later. The Nasdaq 100 posted a 13-day winning streak, led by a rally in semiconductor companies riding the AI wave, the longest stretch of gains in nearly 13 years, Bloomberg reported.
Asian Market Update
Asian markets opened on a mixed note today as investors remained cautious over the developments in the Middle East amid renewed tensions between Iran and the U.S. South Korea's Kospi was up 0.27% while the small-cap Kosdaq fell0.52%. Japan's Nikkei advanced 0.62%, while the Topix rose 0.68%. Australia's S&P/ASX 200 was down 0.39%, CNBC reported.
Commodity Check
Brent surged 7.9%, wiping out most of its declines on Friday, while European gas jumped as much as 11%. Gold fell amid renewed tensions between US and Iran as the bullion dropped to near $4,780 an ounce in early trading, wiping out much of last week's 1.7% gain, Bloomberg reported.
Earnings Post Markets
Yes Bank (Standalone Q4)
- NII up 15.9% at Rs 2,638 crore versus Rs 2,276 crore.
- Op profit up 23.1% at Rs 1,618 crore versus Rs 1,314 crore.
- Net profit up 44.7% at Rs 1,068 crore versus Rs 738 crore.
- Provisions down 41% at Rs 188 crore versus Rs 318 crore.
- Gross NPA improved to 1.3% versus 1.5% QoQ.
HDFC Bank (Standalone Q4)
- NII up 3.2% at Rs 33,082 crore versus Rs 32,066 crore.
- Op profit up 4.8% at Rs 27,801 crore versus Rs 26,537 crore.
- Net profit up 9.1% at Rs 19,221 crore versus Rs 17,616 crore.
- Provisions down 18.3% at Rs 2,610 crore versus Rs 3,193 crore.
- Gross NPA reported at 1.15%.
Note: The board recommended a final dividend of Rs 13 per share and approved raising up to Rs 60,000 crore via debt.
ICICI Bank (Standalone Q4)
- NII up 8.4% at Rs 22,979 crore versus Rs 21,193 crore.
- Op profit up 3% at Rs 18,199 crore versus Rs 17,664 crore.
- Net profit up 8.5% at Rs 13,702 crore versus Rs 12,630 crore.
- Provisions down 89.2% at Rs 96.2 crore versus Rs 891 crore.
- Gross NPA improved to 1.4% versus 1.5% QoQ.
Note: The board declared an interim dividend of Rs 12 per share and renewed its fundraise limit of Rs 25,000 crore via debt.
Jio Financial Services (Q4)
- Total income up 96.9% at Rs 1,020 crore versus Rs 518 crore.
- Net profit down 13.9% at Rs 272 crore versus Rs 316 crore.
Mastek Q4 Results Highlights (Cons, QoQ)
- Revenue up 3.6% to Rs 938.00 crore versus Rs 905.68 crore.
- Net Profit down 2% to Rs 106.15 crore versus Rs 108.35 crore.
- EBIT down 1% to Rs 132.28 crore versus Rs 134.13 crore.
- Margin at 14.1% versus 14.8%.
- To Pay Final Dividend Of Rs 16 per share
Stocks In News
- Amrutanjan Health: The company has announced its strategic entry into the personal care segment with the launch of its new razors category.
- Marsons: The company has successfully secured an order or funding worth Rs. 15 crore from Inox Solar.
- Shyam Metalics: The Enforcement Directorate (ED) has attached investments worth Rs. 152 crore belonging to the company's arm, Eastern Coalfields, in connection with an ongoing PMLA case.
- Onix Solar Energy: The company's board has approved a proposal to raise up to Rs. 130 crore in capital through a rights issue.
- Cipla: The company received 2 Form 483 observations from the US FDA following a routine inspection of its Goa manufacturing facility conducted between April 6 and April 17.
- Krsnaa Diagnostics: The company has appointed Chandra Prakash Singh as its Interim Chief Financial Officer and elevated Pallavi Bhatevara to the position of Whole-Time Director.
- MIRC Electronics: The board is considering the sale or transfer of 'Onida House' in Mumbai - noting no planned job cuts in the redevelopment - alongside plans to monetize a land parcel located in Ratnagiri.
- PC Jeweller: The company continues its deleveraging efforts, reducing its outstanding bank debt by another 10%, which brings its total debt repayment to over 90% of the outstanding amount.
- Lupin: The company has expanded its Southeast Asian footprint by incorporating a new subsidiary in Thailand with a registered capital of 3 million Baht.
- Trent: The company's board is scheduled to meet on April 22 to deliberate on a potential bonus issue and explore fundraising options through equity or a rights issue.
- Marico: The company's board of directors will convene on May 5 to consider and approve the financial results for Q4 and to recommend a dividend.
- VA Tech Wabag: The company has announced a strategic investment of Rs. 3 crore in the Bengaluru-based technology firm, Nimble Vision.
- BHEL: The company has officially withdrawn its acceptance of a Letter of Intent from MB Power for the supply of boiler, turbine, and generator equipment for the Anuppur Thermal Power Project. Separately, BHEL has filed a suit in the Bengaluru Commercial Court seeking the recovery of Rs. 143 crore in claims from Raichur Power Corp related to a 1600 MW supply contract.
- eMudhra: The company has launched 'emSigner', a tailored digital signature and document workflow solution specifically designed for SMEs.
- Petronet LNG: The company has received official approval from the Ministry of Corporate Affairs (MCA) to incorporate its new entity, the MC2 Foundation.
- Jio Financial Services: The company announced leadership changes, releasing Abhishek Pathak as Group CFO on April 20 and appointing Annapoorna Venkataramanan to take over the role effective May 11.
- Aurobindo Pharma: The company has received US FDA approval for its Dextromethorphan Polistirex Suspension, a bioequivalent to Delsym, which will be manufactured at Unit-IV of APL Healthcare.
- Zee Entertainment: The company plans to invest Rs. 116 crore in Phantom Digital Effects to bolster its visual effects and post-production capabilities.
- UltraTech Cement: The company has successfully commissioned 8.7 MTPA of new cement capacity across three of its manufacturing plants located in Uttar Pradesh, Andhra Pradesh, and Jharkhand.
- Bharat Forge: The company's subsidiary has entered into an agreement to acquire a 90% controlling stake in RS Aero for a consideration of Rs. 3.6 crore.
- Reliance Industries: The company has scheduled a board meeting on April 24 to consider and approve its audited financial results for the fourth quarter.
- Jamna Auto: The company's arm has received a show-cause notice from the Dehradun GST authority, involving a potential tax demand of Rs. 10.5 crore.
- Jagran Prakashan: The National Company Law Tribunal (NCLT) has adjourned the hearings related to the Jagran family dispute, deferring the petitions to May 4.
- Hardwyn: The company has secured multiple purchase orders from six different clients for the supply of nearly 2,000 floor springs.
- Dredging Corp: The company has signed a significant Memorandum of Understanding (MoU) worth Rs. 2,157 crore with IOCL for the supply of fuel for its dredging fleet.
- Jubilant Agri: The company has received the mandatory 'no-objection' certificates from both the NSE and BSE regarding its proposed demerger scheme with Jubilant Agri Solutions.
- Lemon Tree Hotels: The company has signed a new 90-room property in Garudeshwar, Gujarat, to be managed by Carnation Hotels, thereby expanding its state portfolio to 32 properties.
- ACME Solar: The company has received certification from the Gujarat Energy Development Agency (GEDA) for its newly commissioned 16 MW wind power project in the state.
- EMS: The company has emerged as the lowest (L1) bidder for two major construction projects floated by the UP Jal Nigam, with a combined order value of Rs. 208 crore.
- Amber Enterprises: The NCLT Chandigarh bench has heard the first motion application regarding the company's proposed scheme of merger with AmberPR Technoplast.
- Hathway Cable: The company has appointed Gurjeev Singh Kapoor as its Chief Operating Officer and CEO-designate, with him slated to fully take over the CEO role on September 1.
- Asian Hotels (North): The company's board has approved the appointment of Sachin Goel as the new Director of Finance.
- NTPC Green: The company has declared the successful commencement of commercial operations for 87.50 MW of its total 150 MW solar power project located in Rajasthan.
- Gujarat Gas: The Ministry of Corporate Affairs (MCA) has officially approved the company's composite scheme of merger involving GSPC, GSPL, and GSPC Energy.
- Sundaram Finance: The MCA Chennai has granted approval for the merger of Capitalgate Investment Advisors (CGIA) with the company's arm, Sundaram Alternate Assets.
- Aditya Birla Real Estate: The company issued a clarification stating that media reports regarding its Birla-Ramaiah JV are old news from 2022, while reiterating its successful Rs. 650 crore bookings in Bengaluru.
- Crompton Greaves Consumer Electricals: The company has expanded its premium BLDC fans portfolio with the launch of a new energy-efficient product, the 'Energion Niteo Pro'.
- HPCL: The Petroleum Ministry has approved raising the HRRL project cost to Rs 79,459 crore from Rs 43,129 crore. The company will retain a 74% stake in the project with a total investment of Rs 19,600 crore.
- Texmaco Rail: The company has secured a new order worth Rs 3 crore from the Modern Coach Factory located in Raebareli.
- Tega Industries: The company has incorporated a new subsidiary named Tega Solutions to expand its business operations.
- Orient Green Power: The company has received a contract worth Rs 8.6 crore for the supply of two wind turbine generators.
- Interarch Building: The company has bagged a Rs 60 crore order for the manufacturing of a Pre-Engineered Steel Building System.
- Hind Copper: The company reported a fatal incident involving a contractual employee at its process plant in Rajasthan, clarifying that there is no disruption to the plant's ongoing operations.
- Ola Electric: The company announced the 'Ola Sona Weekend' for Akshaya Tritiya, offering customers benefits of up to Rs 50,000 across its electric vehicle portfolio.
- Lupin: The US FDA has issued a Form-483 with 3 observations following the conclusion of an inspection at the company's US manufacturing facility. Lupin stated it will address the observations within the stipulated timeline.
- Piramal Finance: The company and its transferor companies have officially filed an application with the NCLT in relation to their scheme of amalgamation.
- Neogen Chemicals: The company has allotted 10 lakh shares at a price of Rs 1,610 per share, raising a total of Rs 161 crore on a preferential basis.
- Shakti Pumps: The company has invested Rs 17 crore into its subsidiary, Shakti Energy Solutions.
- Jindal Stainless: The company has officially launched its new ‘Jindal Infinity' Stainless Steel Rebars in the Punjab market.
- Ratnaveer Precision: The company's board of directors is scheduled to meet on April 28 to consider a proposal for raising Rs 300 crore.
- Concord Control: The NCLT has approved the second motion order for the merger and amalgamation of its arm, Advanced Rail Controls, with the parent company.
- Omaxe: The real estate developer has successfully raised Rs 40 crore through a private placement of shares.
- HDFC Bank: The bank announced that Bhavesh Zaveri has retired from his role as Executive Director.
- 360 One Wam: The company's subsidiaries have approved the transfer of their Alternative Investment Funds (AIF) and Portfolio Management Services (PMS) businesses in a bid to consolidate the group's asset management operations.
- STL Networks: The company's board has approved the issuance of 4.5 crore warrants, which are convertible into equity shares, on a preferential basis.
Shares to exit anchor Lock-in on Monday
- Hyundai Motor India: 1.5 years lock in, 162.5 mn lock in shares, 20% of total outstanding shares
- Canara HSBC Life Insurance: 6 months lock in, 522.5 mn lock in shares, 55% of total outstanding shares
- Amagi Media Labs: 3 months lock in, 11.1 mn lock in shares, 5% of total outstanding shares
ALSO READ | IPO Pipeline: Avaada Electro, Grand Housing, Sonaselection Prepare To Go Public
Bulk and Block Deals
Bharat Wire Ropes: Lloyds Enterprises bought 16.46 lakh shares at Rs. 215 per share, LLOYDS METALS AND ENERGY bought 20 lakh shares at Rs.193 per share, Resonance Opportunities Fund sold 17 lakh shares at Rs 193 per share.
Belrise Industries: Jainam Broking sold 46 lakh shares at Rs 213.33 per share.
Trading Tweaks
Price Band change from 10% to 5%: Allied Blenders & Distillers, Oswal Pumps
Short Term ASM
List of securities shortlisted in Short - Term ASM Framework Stage: Aequs, Astec Lifesciences, Enviro Infra Engineers, Gallantt Ispat, KRN Heat Exchanger & Refrigeration, Suven Life Sciences
List of securities to be excluded from ASM Framework: Antelopus Selan Energy, Gujarat Alkalies & Chemicals
F&O Cues
Nifty April futures is up 0.82% to 24,394.00 at a premium of 40.45 points.
Nifty Options 21st Apr Expiry: Maximum Call open interest at 25, 000 and Maximum Put open interest at 23, 000.
Currency Check
The rupee appreciated by 29 paise to settle at 92.85 (provisional) against the US dollar on Friday, buoyed by a weakening American currency and retreating crude oil prices amid increasing hopes of easing geopolitical tensions.
Securities in ban period: SAIL, SAMMAANCAP
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