Sensex, Nifty End Marginally Lower As Yes Bank Slumps 30%

Indian equity benchmarks ended marginally lower after the gains in HDFC Bank Ltd. and Infosys Ltd. were pressured by Yes Bank Ltd.’s 30-percent fall.

The S&P BSE Sensex ended 0.09 percent lower at 39,031.55 and the NSE Nifty 50 closed at 11,748.15, down 0.06 percent. The broader market index represented by the NSE 500 Index ended 0.26 percent lower.

The market breadth was tilted in favour of sellers. About 1,326 stocks fell and 468 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 3.3 percent decline. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 1.41 percent.

About 15.5 lakh shares of Ashok Leyland changed hands in a single block, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Exide Industries fluctuated between gains and losses to trade 0.9 percent lower at Rs 212.90 after announcing its March quarter results.

Key Earnings Highlights (Q4, YoY)

• Revenue up 5.7 percent to Rs 2,598.7 crore
• Net profit up 11.1 percent to Rs 210.7 crore
• Ebitda up 10.4 percent to Rs 373.3 crore
• Margin at 14.4 percent versus 13.7 percent

Kotak Mahindra Bank Ltd.’s profit rose 25 percent on a yearly basis in March quarter to Rs 1,408 crore, according to its stock exchange filing. The analysts tracked by Bloomberg had pegged the bottomline at Rs 1,394 crore.

Key Earnings Highlights (Q4, YoY)

• Net Interest Income up 18 percent to Rs 3,048 crore
• GNPA at 2.14 percent vs 2.07 percent (QoQ)
• NNPA at 0.75 percent versus 0.71 percent (QoQ)
• Provisions down 44 percent to Rs 171 crore
• NIM at 4.48 percent versus 4.33 percent

Shares of Kotak Mahindra Bank fell as much as 1.5 percent to Rs 1,358.50 after the results announcement.

• Current capitalisation level is adequate with sufficient cushion over minimum CRAR required as per regulations
• Company is planning to raise capital to achieve target growth
• Would be presenting capital raising plan to the Board over the next few weeks.
• Sufficient room to raise Tier 2 capital to further improve the CRAR
• Corporate Loan book of the Company is 21 percent of the AUMs
• Our lending in this space is primarily to marquee players
• As on March 31, the company's Stage 3 proportion in this book is around 0.17 percent (unaudited and provisional)

Source: Company Filings

• National Company Law Appellate Tribunal allows insolvency case against Reliance Communications to proceed
• NCLAT allows Reliance Communications to withdraw challenge to insolvency case

Source: Bloomberg

European stocks eased amid the release of economic growth figures on a jam-packed earnings day.

The NSE Nifty PSU Bank Index fell 4.3 percent, led by the declines in Bank of Baroda, Syndicate Bank and Canara Bank.

Shares of Britannia Industries fell over 1.3 percent to Rs 2,929.50. The stock declined 1.6 percent intraday.

The Bombay Stock Exchange has sought clarification from the company regarding the reports of the arrest of Wadia Group’s Ness Wadia.

Wadia was reportedly arrested by customs officials at New Chitose Airport in March for illegally carrying 25 grams of what appeared to be cannabis resin, said the Financial Times article, citing a local report.

Wadia, however, returned to India after a two-year jail term slapped by the Sapporo District Court was suspended for five years.

A Wadia Group spokesperson said the “judgement was clear” and will not impact Wadia in the discharging of any of his responsibilities.

“He will continue to play the role that he has done hitherto, both within the Group and outside,” said the group’s spokesperson in response to BloombergQuint’s query.

Shares of Godrej Properties fluctuated between gains and losses to trade 1.5 percent lower at Rs 841.65 after announcing its March quarter results.

The company reported a net profit of Rs 156.66 crore during January-March period, a jump of 271 percent from the year-ago period, according to its stock exchange notification. That compared with Rs 118-crore consensus analysts estimate tracked by Bloomberg.

Key Earnings Highlights (Q4, YoY)

• Revenue up 407.7 percent to Rs 1,053.09 crore.
• Ebitda at Rs 166.89 crore versus Ebitda loss of Rs 234.65 crore.
• Margin at 15.8 percent.

About 11.5 lakh shares of Yes Bank changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of the state-owned company rose as much as 16 percent to hit an all-time high of Rs 112.35.

The Kolkata-based company won a contract for construction and delivery of eight ASW Swallow Water Craft valuing around Rs 6,311.32 crore under fixed price basis, according to an exchange filing. The project is expected to be completed within 84 months from the date of signing of the contract.

The trading volume was more than 100 times its 20-day average, Bloomberg data showed.

Nifty’s 11,700 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 39.88 percent to Rs 41. Over 12.22 lakh shares were added to the open interest which stood at over 26.33 lakh shares.

The Supreme Court today has set aside the merger of 63 Moons Technologies Ltd. and National Spot Exchange Ltd.

HDFC AMC (Q4, YoY)

• Stock rose as much as 2.3 percent to Rs 1,650
• Revenue up 3.8 percent to Rs 486.50 crore
• Net Income up 60 percent to Rs 276.17 crore

Indian Energy Exchange (Q4, YoY)

• Stock rose as much as 1.3 percent to Rs 161.75
• Revenue up 2.2 percent to Rs 56.4 crore
• Net profit up 20.7 percent to Rs 37.9 crore
• Ebitda up 13 percent to Rs 49.7 crore
• Margin at 88.1 percent versus 79.7 percent

Foseco (Q4, YoY)

• Stock fell as much as 2.4 percent to Rs 1,385
• Revenue down 10 percent to Rs 84.2 crore
• Net profit up 8.9 percent to Rs 8.6 crore
• Ebitda up 2.4 percent to Rs 13 crore
• Margin at 15.4 percent versus 13.6 percent

Supreme Petrochem (Q4, YoY)

• Stock rose as much as 1.6 percent to Rs 216.85
• Revenue down 7.4 percent to Rs 822 crore
• Net profit down 5.6 percent to Rs 38.9 crore
• Ebitda down 4.7 percent to Rs 65.1 crore
• Margin at 7.9 percent versus 7.7 percent

Bank of Maharashtra (Q4, YoY)

• Stock fell as much as 8.9 percent to Rs 17.50
• NII up 13.5 percent at Rs 999.93 crore
• Net Profit at Rs 72.38 crore versus loss of Rs 113.51 crore
• Gross NPAs at 16.40 percent versus 17.31 percent (QoQ)
• Net NPAs at 5.52 percent versus 5.91 percent (QoQ)

Reliance Nippon (Q4, YoY)

• Stock fell as much as 7.6 percent to Rs 187.05
• Revenue down 22 percent to Rs 343.2 crore
• Total expenses down 35 percent to Rs 185 crore
• Net profit up 31.6 percent to Rs 152.1 crore crore
• Other Income up 25 times to Rs 54.3 crore

Castrol (Q1 CY19, YoY)

• Stock fell as much as 2.2 percent to Rs 150.60
• Revenue up 5.3 percent to Rs 976.2 crore
• Ebitda up 3.2 percent to Rs 283 crore crore
• Margin 29 percent versus 29.5 percent
• Net profit up 1.8 percent to Rs 185 crore

Trent (Q4, YoY)

• Stock rose as much as 2.8 percent to Rs 365
• Revenue up 26.5 percent to Rs 668.67 crore
• Net profit up 36.8 percent to Rs 16 crore
• Ebitda up 35.5 percent to Rs 33.75 crore
• Margin at 5 percent versus 4.7 percent

Orient Cement (Q4, YoY)

• Stock rose as much as 14.7 percent to Rs 116.40
• Revenue up 21 percent to Rs 750.8 crore
• Net Profit up 383.8 percent to Rs 62 crore
• Ebitda up 105 percent to Rs 153 crore
• Margin at 20.4 percent versus 12 percent

RPG Lifesciences (Q4 YoY)

• Stock fell as much as 13.5 percent to Rs 245.75
• Revenue down 17.6 percent to Rs 68.8 crore
• Net profit up 23 percent to Rs 1.5 crore
• Ebitda down 23.7 percent to Rs 6.6 crore
• Margin at 9.5 percent versus 10.3 percent
• Higher other income and lower tax expense led to higher profits

Shares of Reliance Power extended declines for the second consecutive trading session and fell as much as 19.73 percent to hit a new low.

About 80 lakh shares changed hands in five block deals on National Stock Exchange, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of the housing finance company declined 20 percent intraday to Rs 22.65.

CARE Ratings downgraded the company’s long-term debt program to default rating. The long-term debt program at Rs 4,978 crore. ICRA downgraded company’s commercial paper program worth Rs 1,200 crore to A4 from A2.

Around 2,670 crore debt was maturing in the next 12 months, which accounts for over 36 percent of the current total debt outstanding, according to Bloomberg data.

Shares of Hero MotoCorp fell as much as 3.02 percent to Rs 2,525.25.

The company’s quarterly profit fell during March quarter as India’s largest two-wheeler maker continued to face challenges from the slowdown in the automobile industry.

Key Earnings Highlights (Q4, YoY)

• Revenue down 7.9 percent to Rs 7,885 crore
• Net profit down 24.5 percent to Rs 730.3 crore
• Ebitda down 22 percent to Rs 1,069 crore
• Margin at 13.6 percent versus 16 percent

Here’s what analysts had to say after the results announcement:

CLSA

• Maintained ‘Sell’; cut price target to Rs 2,375 from Rs 2,400
• Weak March quarter and lacklustre outlook
• Margins likely to be under pressure
• Success of new products key for a better outlook

Jefferies

• Maintained ‘Hold’; hiked price target to Rs 2,550 from Rs 2,530
• March quarter results were largely in line; stay cautious
• June quarter to remain weak; mgmt. hopeful of better second half
• See challenges in medium-term growth & market share due to weakness in high growth segments

Shares of Coffee Day Enterprises rose as much as 6.5 percent, the most in over a month, to Rs 284.15.

About 3.27 crore shares or 20 percent equity of Mindtree traded in a single block during pre-market on Bombay stock Exchange at Rs 976 apiece, Bloomberg data showed. Buyers and sellers were not known immediately.

That, however, comes when L&T has mounted a three-step hostile bid to acquire the IT company—by buying 20.3 percent owned by VG Siddhartha’s Coffee Day Group, acquiring 15 percent from the open market and launching an open offer for additional 31 percent at Rs 980 apiece.

Shares of the private lender fell as much as 30 percent to Rs 166.60, its lowest since December 2018. The bank announced its March quarter results on Friday.

The bank’s loss stood at Rs 1,506 crore in the quarter ended March, according to its exchange filing. Analysts tracked by Bloomberg expected a profit of Rs 1,024 crore. The bank had reported a profit of Rs 1,001 crore in the previous quarter.

Besides, about 10 lakh shares of Yes Bank changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Trading volume was more than five times its 20-day average, Bloomberg data showed. The relative strength index was more than 30, indicating the stock may be oversold.

Here’s what brokerages had to say after Yes Bank announced its quarterly results:

Investec

• Maintained ‘Buy’; cut price target to Rs 240 from Rs 320
• Building trust even at the cost of profitability
• Believe raising equity is of utmost importance for stress recognition and transition
• Expect Rs 15,000 crore of slippages over next 2 years, bringing down RoA to sub 1 percent

Macquarie

• Downgraded to ‘Underperform’ from ‘Outperform’; cut price target to Rs 165 from Rs 270
• Underestimated risks in structured finance; cut EPS estimates by 45 percent
• Expect subdued return ratios for long time due to loan book clean-up, investments in retail business and pivoting of business model
• Catalyst: Equity capital raise, lower than expected slippages

Indian equity benchmarks opened lower, led by the declines in Yes Bank Ltd. and IndusInd Bank Ltd.

The S&P BSE Sensex fell as much as 0.22 percent to 38,068.67 and the NSE Nifty 50 fell as much as 0.26 percent to 11,724.25. The broader market index represented by the NSE Nifty 500 Index fell as much as 0.36 percent.

The market breadth was tilted in favour of sellers. About 965 stocks declined and 541 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU bank Index’s 2.1 percent decline. On the flipside, the NSE Nifty FMCG Index was the top sectoral gainer, up 0.57 percent.

The Indian rupee opened higher against the U.S. dollar, boosted by a drop in oil prices, the country's biggest import item. The home currency appreciated as much as 0.24 percent to 69.84 against the greenback.

Brent for June settlement, fell 28 cents to $71.76 a barrel, having surged to multi-month highs last week. The implied opening from forwards suggest the spot may start trading at 69.81 per dollar, having ended at 70.02 on Friday. Markets in Mumbai were shut on Monday to facilitate voting for the general election.

In the bond market, investors will be heartened by a drop in the oil prices which is likely to keep alive expectations of one more rate cut by the RBI. The yield on bonds due January 2028 fell four basis points on Friday to 7.53 percent while the benchmark 10-year bond yield too fell by a similar margin to end at 7.41 percent percent. It has lost six basis points so far this month.

Futures: May series

Nifty

• Nifty futures closed trading at 11,813.6, premium of 58.9 points versus 89points
• Nifty open interest up 2 percent, adds 3.1 lakh shares in open interest

Bank Nifty

• Bank Nifty futures closed trading at 30177.9, premium of 164 points
• Bank Nifty open interest up 11 percent, adds 1.8 lakh shares in open interest

Options

• Nifty PCR at 1.62 vs 1.61 (across all series)

Nifty Weekly Expiry May 2

• Max open interest concentration at 11,700 Put Option (19.9 lakh shares), 11,800 Call Option (19.3 lakh shares)11,600P (17.9 lakh shares)
• Max open interest addition seen at 11,700 Put Option (+10.2 lakh shares) and 11,600 Put Option (+6.4 lakh shares)

Nifty Monthly Expiry May 30

• Max open interest concentration on Put side at 11,000 (22.7 lakh shares)
• Max open interest on call side at 12,000 (12.6 lakh shares)

On Hero MotoCorp

CLSA

• Maintained ‘Sell’; cut price target to Rs 2,375 from Rs 2,400
• Weak March quarter and lacklustre outlook
• Margins likely to be under pressure
• Success of new products key for a better outlook

Jefferies

• Maintained ‘Hold’; hiked price target to Rs 2,550 from Rs 2,530
• March quarter results were largely in line; stay cautious
• June quarter to remain weak; mgmt. hopeful of better second half
• See challenges in medium-term growth & market share due to weakness in high growth segments

On Yes Bank

Investec

• Maintained ‘Buy’; cut price target to Rs 240 from Rs 320
• Building trust even at the cost of profitability
• Believe raising equity is of utmost importance for stress recognition and transition
• Expect Rs 15,000 crore of slippages over next 2 years, bringing down RoA to sub 1 percent

Macquarie

• Downgraded to ‘Underperform’ from ‘Outperform’; cut price target to Rs 165 from Rs 270
• Underestimated risks in structured finance; cut EPS estimates by 45 percent
• Expect subdued return ratios for long time due to loan book clean-up, investments in retail business and pivoting of business model
• Catalyst: Equity capital raise, lower than expected slippages

On Biocon

CLSA

• Maintained ‘Sell’ with a price target of Rs 470
• Slow ramp-up in biologics could lead to further earnings disappointment
• Market-share gains in biologics not easy
• Cut FY20-21 EPS estimates by 2-4 percent and see downside risk to consensus earnings estimates

HSBC

• Maintained ‘Buy’; cut price target to Rs 745 from Rs 800
• Biosimilars to remain the growth engine
• Expect higher R&D, staff and other operating expenses due to scaling-up of biosimilars
• Execution crucial for biosimilar success in regulated markets

More Calls

Nomura on HDFC Standard Life

• Maintained ‘Neutral’; hiked price target to Rs 435 from Rs 390
• Protection and annuity growth strong
• Delivering well on high profitability products
• Valuations remain our only constraint

Investec on ICICI Lombard General

• Downgraded to ‘Hold’ from ‘Buy’; hiked price target to Rs 1,050 from Rs 1,000
• 2018-19 earnings better than expectations. We continue to like its fundamentals
• See headwinds in 2019-20 due to multiple reasons that are not priced-in
• Valuations are rich and leave little room for error

Investec on KPIT Tech

• Initiated ‘Buy’ with a price target of Rs 145
• KPIT plays right into the four big automotive themes
• Product engineering business has been a consistent performer
• Believe KPIT could continue to grow at 20 percent due to focus on high growth areas

HSBC on Voltas

• Maintained ‘Buy’; hiked price target to Rs 675 from Rs 640
• Expect AC industry to post decent growth in 2019-20 despite delayed summer and weak auto growth
• March quarter is likely to be unexciting, investors should focus on strong outlook over the next two years
• Expect Voltas’s earnings to grow at a CAGR of 22 percent over FY19-21

• Foods Inn ex-date for bonus issue at 2:1
• India Grid Trust record date for Income Distribution (InvIT) at Rs 3 per unit
• Arvind Fashions to move out of short term ASM Framework
• Cox & Kings Financial Service price band revised to 10 percent

• Apollo Tyres promoter group Motley Finance created pledge of 41.25 lakh shares and revoked pledge of 38.5 lakh shares and promoter group Apollo Finance revoked pledge of 35 lakh shares from April 22-24
• Emami promoter group Bhanu Vyapaar created pledge of 16.7 lakh shares on April 22-23
• Sun Pharma promoter group Shanghvi Finance revoked pledge of 43.75 lakh shares on April 25
• Forbes & Company promoter Shapoorji Pallonji created pledge of 33.53 lakh shares on April 25
• GATI promoter group Mahendra Kumar Agarwal and Sons HUF invoked pledge of 55,000 shares on April 23

(As reported on April 26)

• Indiabulls Real Estate: Shree Naman Developer acquired 26 lakh shares or 0.58 percent equity at Rs 124.07 each
• MCX: JP Morgan Funds acquired 2.67 lakh shares or 0.52 percent equity at Rs 826.46 each
• Sterlite Technologies: BNP Paribas Arbitrage acquired 24.39 lakh shares or 0.61 percent equity at Rs 181 each

• Neogen Chemicals IPO gets 41.1 times demand for shares offered

Nifty Earnings To Watch

• Kotak Mahindra Bank

Other Earnings To Watch

• TVS Motor
• Raymond
• Ajanta Pharma
• Ambuja Cements
• Astec LifeSciences
• Can Fin Homes
• Container Corporation of India
• Exide Industries
• Filatex India
• Godrej Properties
• BASF India
• Gammon India
• Gruh Finance
• Indian Hotels
• LGB Forge
• Mahindra EPC Irrigation
• Maithan Alloys
• Monsanto India
• Orient Electric
• Patel Engineering
• Pioneer Distilleries
• Shoppers Stop
• Schaeffler India
• Zensar Technologies
• Godawari Power And Ispat
• Tube Investments of India
• Shree Digvijay Cement
• Sanwaria Consumer
• Datamatics Global Services

Earnings Reaction To Watch

Hero MotoCorp (Q4, YoY)

• Revenue down 7.9 percent to Rs 7,885 crore
• Net profit down 24.5 percent to Rs 730.3 crore
• EBITDA down 22 percent to Rs 1,069 crore
• Margin at 13.6 percent versus 16 percent

Yes Bank (Q4, YoY)

• Net Interest Income up 16 percent to Rs 2,505.93 crore
• Net loss at Rs 1,506 crore versus net profit to Rs 1,179 crore
• Provisions at Rs 3,661 crore versus Rs 550 crore (QoQ)
• Gross NPAs at 3.22 percent versus 2.10 percent (QoQ)

HDFC AMC (Q4, YoY)

• Revenue up 3.8 percent to Rs 486.50 crore
• Net Income up 60 percent to Rs 276.17 crore

Indian Energy Exchange (Q4, YoY)

• Revenue up 2.2 percent to Rs 56.4 crore
• Net profit up 20.7 percent to Rs 37.9 crore
• Ebitda up 13 percent to Rs 49.7 crore
• Margin at 88.1 percent versus 79.7 percent

Foseco (Q4, YoY)

• Revenue down 10 percent to Rs 84.2 crore
• Net profit up 8.9 percent to Rs 8.6 crore
• EBITDA up 2.4 percent to Rs 13 crore
• Margin at 15.4 percent versus 13.6 percent

Supreme Petrochem (Q4, YoY)

• Revenue down 7.4 percent to Rs 822 crore
• Net profit down 5.6 percent to Rs 38.9 crore
• Ebitda down 4.7 percent to Rs 65.1 crore
• Margin at 7.9 percent versus 7.7 percent

Bank of Maharashtra (Q4, YoY)

• NII up 13.5 percent at Rs 999.93 crore
• Net Profit at Rs 72.38 crore versus loss of Rs 113.51 crore
• Gross NPAs at 16.40 percent versus 17.31 percent (QoQ)
• Net NPAs at 5.52 percent versus 5.91 percent (QoQ)

Reliance Nippon (Q4, YoY)

• Revenue down 22 percent to Rs 343.2 crore
• Total expenses down 35 percent to Rs 185 crore
• Net profit up 31.6 percent to Rs 152.1 crore crore
• Other Income up 25 times to Rs 54.3 crore

Castrol (Q1 CY19, YoY)

• Revenue up 5.3 percent to Rs 976.2 crore
• Ebitda up 3.2 percent to Rs 283 crore crore
• Margin 29 percent versus 29.5 percent
• Net profit up 1.8 percent to Rs 185 crore

Trent (Q4, YoY)

• Revenue up 26.5 percent to Rs 668.67 crore
• Net profit up 36.8 percent to Rs 16 crore
• Ebitda up 35.5 percent to Rs 33.75 crore
• Margin at 5 percent versus 4.7 percent

Orient Cement (Q4, YoY)

• Revenue up 21 percent to Rs 750.8 crore
• Net Profit up 383.8 percent to Rs 62 crore
• Ebitda up 105 percent to Rs 153 crore
• Margin at 20.4 percent versus 12 percent

RPG Lifesciences (Q4 YoY)

• Revenue down 17.6 percent to Rs 68.8 crore
• Net profit up 23 percent to Rs 1.5 crore
• Ebitda down 23.7 percent to Rs 6.6 crore
• Margin at 9.5 percent versus 10.3 percent
• Higher other income and lower tax expense led to higher profits

• Sun Pharma clarified that the U.S. FDA conducted an inspection in its Dadra plant from March 22-29, issuing Form 483 with 11 observations. The pharma company stated in its press release that it has submitted its response to the U.S. FDA within stipulated timeline and there is no material impact of the news of the drug regulator finding quality issues in the afore mentioned plant on the company.
• Sudarshan Chemical completed the divestment of its Industrial Mixing Solutions Division to GMM Pfaudler.
• Bank of Maharashtra: Board approved fund raising of Rs 3,000 crore via issue to Government and Rs 1,000 crore via bonds. Also approved set-off of accumulated losses worth Rs 7,327.5 crore against reserves.
• Reliance Home Finance: CARE Ratings downgraded company’s long-term debt program to default rating. The long-term debt program at Rs 4,978 crore. ICRA downgrades company’s commercial paper program worth Rs 1,200 crore to A4 from A2.
• Eclerx Services: Board determined the buyback price at Rs 1,500 per share for 17.46 lakh shares, or 4.52 percent of total equity capital, aggregating to Rs 262 crore, Record date for this buyback is set on May 10. The buyback price is at a premium of 33 percent to the lat regular trade.
• Eveready Industries: BM Khaitan resigned from the chairman’s and non-executive director’s post with effect from April 26, due to old age. Board designated him as ‘Chairman Emeritus’ of the company. India Ratings and Research has downgraded company’s long-term credit rating from IND AA- to IND A, with negative outlook, due to high net leverage and weakened liquidity.
• Tata Steel confirmed incident occurring at Port Talbot site involving a spillage of molten iron during the routine transfer from the blast furnace to the Steel Making Facilities. In its press release it stated that the spillage led to fire which was extinguished by emergency services. The company said that further investigations are underway to assess the damage and potential material impact on production.
• Shankara Building Products: Board approved partial sale of assets of its arm, Taurus Value Steel and Pipes.
• Dr. Lal Pathlabs: Received show-cause notice (dated April 22) from the GST department, demanding for a service tax of Rs 229.51 crore from services provided from October 2013 to June 2017. The company says it is currently examining the aforesaid notice and legal options available.
• SKF India: Chandramowli Srinivasan resigned from the post of CFO of the company, due to personal reason with effect from July 24.
• Texmaco Rail & Engineering: Board said that the NCLT approved amalgamation between the company, Texmaco Hitech and Bright Power. Board has also approved rights issue up to Rs 200 crore and raising capital via debt up to Rs 300 crore. In its press release, the management also approved acquisition of steel casting foundry from Simplex Castings for Rs 87.5 crore, resulting in the capacity addition of more than 50 percent for the company.
• Sanghvi Movers Promoter Dispute Case: Former CMD P.Sanghvi and family (CPS Group) stated that they are in the process of challenging the arbitrator’s order. The family dispute is between CPS group and Ani lakhumar Sanghvi and family (APS) group. Present controlling stake of CPS group in the company is at 46.83 percent as per recent exchange filings.
• Repro India: Board approved conversion of 5.92 lakh warrants into same number of equity shares. Malabar Group received 5.18 lakh shares while Vijay Kedia received 74,000 shares. These warrants were allotted at Rs 675 per share, which is still at premium of 14 percent to the current market prices.
• Corporation Bank appointed V Muthukrishnan as CFO with effect from April 25
• NBCC submitted its revised resolution plan for Jaypee Infratech
• Greaves Cotton to consider share buyback on May 2.
• CCI approved acquisition of share capital of NIIT Technologies by Hulst BV
• Max India: said it is exploring new lines of businesses after divesting healthcare and health Insurance. Likely to enter businesses with adjacencies to current group businesses of life insurance, real estate, senior care, hospitality. Part of the divestment proceeds proposed to be offered to public shareholders.
• Garden Reach Shipbuilders: awarded contract for construction and delivery of eight ASW Swallow Water Craft valuing around Rs 6,311.32 crore under fixed price basis. The project is expected to be completed within 84 months from the date of signing of the contract.
• NHPC: signed a Memorandum of Understanding (MoU) with Indian Army to undertake construction of semi underground bunkers and fully underground caverns at different locations in India.

• U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing to continue trade talks. China and the U.S. hope to seal a deal by early May.
• Euro-zone GDP data and China’s manufacturing PMI are due on Tuesday.
• The U.S. Fed’s rate decision is on Wednesday, while the Bank of England sets interest rates Thursday.
• Friday brings the U.S. jobs report: non-farm payrolls are projected to rise by 187,000 in April. Economists expect an unemployment rate of 3.8 percent, with average hourly earnings growth picking up to 3.3 percent.
• 5 p.m.: India eight infrastructure industries index for March (prior +2.1 percent)

• Brent crude traded 0.26 percent lower at $71.85 per barrel.
• West Texas Intermediate crude was steady at $63.53 a barrel.
• Gold traded at $1,280.48 an ounce.

London Metal Exchange

• Copper ended 0.06 percent lower.
• Aluminium ended lower for the third consecutive trading session, down 0.49 percent.
• Nickel ended 0.11 percent lower.
• Tin halted a two-day gaining streak, closed 1.36 percent lower.
• Lead ended higher for the fourth consecutive trading session, up 0.87 percent.
• Zinc ended higher for the second day, up 0.87 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.13 percent to 11,830.75 as of 8:35 a.m.

Asian stocks retreated Tuesday amid disappointing readings on China’s manufacturing and earnings at the world’s biggest phone maker.

South Korean stocks led benchmarks lower in trading that was below average thanks to Japanese markets being closed. Shares also fell in Hong Kong and Sydney, though were little changed in Shanghai.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell podcast.