All You Need To Know Going Into Trade On April 30
Asian stocks fluctuated Friday after another all-time record for the U.S. market overnight, as investors weighed the latest corporate earnings and solid economic growth data.
Shares were little changed in South Korea and Japan, where markets reopened after a holiday. Futures pointed lower in Hong Kong. U.S. contracts slipped following a new high for the S&P 500.
India’s SGX Nifty 50 Index futures for May delivery fall 1.3% to 14,744.00, while MSCI Asia Pacific Index -0.4%. The NSE Nifty 50 Index added 0.2% Thursday to 14,894.90.
China's purchasing managers surveys signalled expansion in manufacturing and services activity in the world’s second-largest economy, after the U.S. reported growth at a 6.4% annualised pace in the first quarter.
Copper topped $10,000 a metric tonne for the first time since 2011, nearing that year’s record high as the global recovery stokes demand and mines struggle to keep up. Crude oil traded just below $65 a barrel.
Data To Watch
- 5:30pm: Eight Infrastructure Industries Index for March (Prior -4.6%)
- RBI to release weekly forex reserves data
Stocks To Watch
- Dr. Reddy's Laboratories: Has launched Albendazole Tablets, USP--a therapeutic equivalent generic version of Albenza Tablets, 200 mg--in the U.S. market
- Ujjivan Financial Services: A special resolution to appoint Samit Ghosh as CEO of Ujjivan Financial Services Ltd. was defeated as it didn’t get the requisite share of votes. According to details available on the stock exchange, the proposal for appointment Ghosh only received 70.5% votes in favour. Since this was a special resolution, it needs 75% votes in favour to be passed. Ghosh, the founder of Ujjivan, is currently non-executive chairman. A special resolution to reappoint Abhijit Sen as an independent director for a period of five years was also defeated with 30% of shareholders rejecting the proposal.
- HDFC Bank: Has appointed Atanu Chakraborty as part-time Chairperson and Additional Independent Director on the board of the bank, subject to the approval of the shareholders, for a period of three years, with effect from May 5.
- Manappuram Finance: The company is considering various options for raising funds through borrowings including by the way of issuance of debt securities in onshore and offshore securities market by public issue, on a private placement basis or through issuing commercial papers. The Board of Directors may consider and approve issuances of debt securities in May.
- Wipro: Has partnered with Citrix and Hewlett Packard Enterprise to accelerate remote working solutions and bring modernisation into workspaces.
- Union Bank of India: Board has approved the extension of validity of the bank's FY21 capital raising plan till July 31, 2021.
- Nifty Earnings: Reliance Industries, IndusInd Bank
- Non-Nifty Earnings: Accelya Solutions India, Ajanta Pharma, Astec Lifesciences, Atul, Can Fin Homes, Indian Hotels Co, Marico, RPG Life Sciences, Shriram City Union Finance, Supreme Petrochem, Trent, Yes Bank
- PowerGrid InvIT IPO gets 10% demand on first day of the sale; offer closes May 3
- Biocon cut to Underperform at Jefferies; price target Rs 329.25
- HDFC Life raised to Buy at KR Choksey; price target Rs 790
- Maruti Suzuki cut to Hold at Batlivala & Karani; price target Rs 7,387
Earnings Post Market Hours
Titan Q4FY21 (Consolidated, YoY)
- Revenue up 59% at Rs 7494 crore Vs Rs 4711 crore (Bloomberg Estimate: Rs 7,516.8 crore)
- Net profit up 66% at Rs 568 crore Vs Rs 343 crore (Bloomberg Estimate: Rs 549 crore)
- EBITDA up 33% at Rs 817 crore Vs Rs 612 crore (Bloomberg Estimate: Rs 841 crore)
- Margin at 10.9% Vs 13% (Bloomberg Estimate: 11.2%)
- Recommended a dividend of Rs 4 per share
Ambuja Cements Q1CY21 (Consolidated, YoY)
- Revenue up 23% at Rs 7,714.81 crore Vs Rs 6,249.66 crore
- Net Profit up 71% at Rs 947.21 crore Vs Rs 554.25 crore
- Ebitda up 54% at Rs 1,838.49 crore Vs Rs 1,191.33 crore
- Ebitda margins at 23.8% Vs 19.1%
Indiamart Intermesh Q4FY21 (Consolidated, YoY)
- Revenue up 6% at Rs 179.7 crore Vs Rs 170.1crore
- Net Profit up 26% to Rs 55.7 crore Vs Rs 44.3 crore
- Ebitda up 63% at Rs 85.4 crore vs Rs 52.3 crore
- Ebitda margins at 47.5% vs 30.7%
- Recommended a final dividend of Rs 15 per share for FY21
Pledge Share Details
- Wockhardt: Promoter Themisto Trustee Company created a pledge of 34 lakh shares on April 27.
- JSW Energy: Promoters (Indusglobe Multiventures and JSW Investments) revoked pledge of 14.86 lakh shares between April 26-27.
As reported on April 29.
- IDFC: Plutus Wealth Management LLP bought 1 crore shares (0.63%) at Rs 50.46 per share.
- Music Broadcast: HDFC Standard Life Insurance Company sold 22.44 lakh shares (0.65%) at Rs 23.1 per share.
- Filatex India: Swarnim Commosale bought 20 lakh shares (0.91%) at Rs 81.54 per share.
- Matrimony.com: Tata Trustee Company Ltd bought 5 lakh shares (2.19%) at Rs 900 per share. CMDB II sold 6.32 lakh shares (2.77%) at Rs 900.89 per share.
- Best Agrolife: Sidhivinayak Chemtech bought 1.96 lakh shares (0.89%) at Rs 495 per share. Stepping Stone Construction sold 1.76 lakh shares (0.80%) at Rs 495 per share.
- Ex-Date Buyback: Quick Heal Technologies
- Record Date Interim Dividend: Angel Broking
- Move Out Of Short-Term ASM Framework: Jubilant Industries
- Move Into ASM Framework: Jai Balaji Industries, K.P.R. Mill, Butterfly Gandhimathi Appliances, Jubilant Industries
Money Market Update
- The rupee ended at 74.03 against the U.S. Dollar on Thursday as compared to Wednesday's closing of 74.36.
- Implied opening from forwards suggest spot may start trading around 74.06
- Indian bond traders will be awaiting the results of 260b rupees ($3.5b) of government-bond auction later on Friday for cues on the trajectory of yields. The rupee is set for its worst month against the dollar in over a year.
“Besides being initially hurt by the Covid-19 surge, the rupee started April on a weak note on the back of a technical squeeze, passage of one-off support factors and the notion that the RBI had officially warmed up to quantitative easing,” Radhika Rao, economist at DBS Group Research says in a note
- Nifty April futures ended at 14,897.10; premium of 2.2 points.
- Nifty April futures shed 25.78% and 24,111 shares in Open Interest
- Nifty Bank April futures ended at 33,712; discount of 2.5 points
- Nifty Bank April futures shed 34.82% and 16,363 shares in Open Interest
- Securities that continue to be on the ban list: NIL
- Securities out of the ban list: SAIL