Stock Market Today: Nifty, Sensex Log Weekly Gains Despite Friday's Drop
Your one-stop destination for live updates on the Indian stock markets on April 26.
KEY HIGHLIGHTS
Rupee Closes Weaker Against U.S. Dollar
The local currency closed 2 paise weaker against the U.S. Dollar at 83.35
It closed at 83.33 on Thursday.
Source: Bloomberg
Nifty, Sensex Log Weekly Gains Despite Friday's Drop: Market Wrap
India's benchmark indices ended lower, snapping a six-day rally as Bajaj Finance Ltd., Larsen & Toubro Ltd., and ICICI Bank Ltd. dragged. However, the benchmarks recouped weekly losses following six-day rally.
The NSE Nifty 50 settled 150.40 points or 0.67% down at 22,419.95, and the S&P Sensex ended 609.28 points or 0.82% down at 73,730.16
Intraday, the NSE Nifty 50 declined 0.82% to 22,385.55, and the S&P BSE Sensex fell 0.97% to 73,616.65.
"The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments. Investors are concerned about the possibility of a looming recession in the US. Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lackluster Q4 earnings, fuelling expectations of downward revisions for FY25 earnings," said Vinod Nair, head, research, Geojit Financial Services.
The benchmarks recouped losses from last week after rising for six days straight till Thursday. The NSE Nifty 50 index 1.23% and the S&P BSE Sensex rose 0.88% on weekly basis.
Tech Mahindra Ltd., Divi's Laboratories Ltd., Bajaj Auto Ltd., ITC Ltd., and LTIMindtree Ltd. added to the index.
Bajaj Finance Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., Kotak Mahindra Bank Ltd., and Mahindra & Mahindra Ltd. weighed on the index.
All 12 sectors logged gains this week. The NSE Nifty PSU Bank index rose the most among its peers. The NSE Nifty Finance index was the worst performing sector.
Broader markets outperformed. The S&P BSE Midcap ended 0.83% up and the S&P BSE Smallcap ended 0.27% up.
On BSE, 12 sectors out of 20 advanced, and eight declined. The S&P BSE Consumer Durables rose the most
Market breadth was skewed in favour of the buyers. Around 2,016 stock rose, 1,766 stocks declined, and 131 stocks remained unchanged on BSE.
Ajanta Pharma To Consider Share Buyback
Ajanta Pharma Ltd.'s board is to consider share buyback on May 2.
Source: Exchange filing
Motilal Oswal Q4 Earning Highlights (Standalone, YoY)
Total income at rose 136.09% to Rs 1,490.4 crore from Rs 631.27 crore.
Net profit rose 476.37% to Rs 516.49 crore from Rs 89.61 crore.
Board appointed Navin Agarwal as MD for five years.
Bata India Approves Sale Of Faridabad Land
Bata India Ltd. approved sale of Faridabad land for Rs 156 crore.
Source: Exchange filing
CSB Bank Q4 Earning Highlights (Standalone, YoY)
NII rose 11% Rs 386 crore from Rs 348 crore
Net profit fell 3% on year to Rs 151.5 crore from Rs 156.3 crore
Gross NPA at 1.47% vs 1.22% QoQ
Net NPA at 0.51% vs 0.31% QoQ
Nifty, Sensex Near Day's Low As Bajaj Finance Drags: Midday Market Update
India's benchmark equity indices erased early gains to fall to their day's low by midday on Friday, weighed by losses in Bajaj Finance Ltd. after its fourth-quarter results.
At 1:00 p.m., the NSE Nifty 50 was trading 70.95 points, or 0.31%, down at 22,499.40, while the S&P BSE Sensex fell 245.15 points, or 0.33%, to 74,094.29.
"We expect that Nifty will have a 1,000-point move in the May series," said Rahul Ghose, chief executive officer of Hedged.in. According to him, the open interest data is not conclusive, and 22,650–22,800 will be a congestion point for the index.
The index now has immediate support at 20DMA, currently trading at 22,382, and sustenance above the same will allow it to attract further bullish strength, said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
Shares of Bajaj Auto Ltd., HCLTechnologies Ltd., HDFC Bank Ltd., ITC Ltd., and Tech Mahindra Ltd. capped loss in the Nifty.
While those of Bajaj Finance Ltd., Bajaj Finserv Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd. and State Bank of India weighed on the index.
Broader markets outperformed the benchmarks. The S&P BSE Midcap was 0.79% up and the S&P BSE Smallcap was 0.66% higher.
On BSE, 17 out of 20 sectors advanced, and three declined. The S&P BSE Services rose over 1% to become the top performer. The S&P BSE Telecommunication was the worst performer among its peers.
Market breadth was skewed in the favour of buyers. Around 2,199 stock rose, 1,371 stocks declined, and 155 stocks remained unchanged on BSE.
Shriram Finance Q4 Earning Highlights (Standalone, YoY)
Total income rose 22.25% to Rs 9,498 crore from Rs 7,769 crore.
Net profit rose 48.77% Rs. 1,946 crore from Rs 1,308 crore.
KSB Q4 Earning Highlights (Consolidated, YoY)
Revenue up 11.15% to Rs 544.2 crore from Rs 489.6 crore
Ebitda up 6.46% at Rs 60.9 crore from Rs 57.2 crore
Margin down 49 bps at 11.19% from 11.68%
Net profit up 9.04% at Rs 44.6 crore from Rs 40.9 crore
Board approves splitting each share into 5 shares
Atul Q4 Earning Highlights (Consolidated, YoY)
Revenue up 1.42% to Rs 1,212.2 crore from Rs 1,195.2 crore
Ebitda down 1.2% at Rs 147.7 crore from Rs 149.5 crore
Margin down 32 bps at 12.18% from 12.5%
Net profit down 36.22% at Rs 58.8 crore from Rs 92.2 crore
Bajaj Finserv Q4 Earning Highlights (Consolidated, YoY)
Total Income rose 35.62% to Rs 32,042 crore from Rs 23,625 crore.
Net profit rose 19.78% to Rs 2,119 crore from Rs 1,769 crore.
Supreme Industries Q4 Earnings Highlights (Consolidated, YoY)
Revenue up 16% at Rs 3,008 crore from Rs 2,598 crore.
Ebitda up 2% at Rs 491 crore from Rs 480 crore.
Margin down 215 bps at 16.31% from 18.47%.
Net profit down 1% at Rs 355 crore from Rs 359 crore.
Bank of Maharashtra Q4 Earnings Highlights
NII up 18% at Rs 2,584 crore from Rs 2,187 crore YoY
Net profit up 45% at Rs 1,218 crore from Rs 840 crore YoY
Gross NPA at 1.88% vs 2.04% QoQ
Net NPA at 0.20% vs 0.22% QoQ
Shares Of Indri-Maker Hits 5% Upper Circuit
The share price of Piccadily Agro Industries Ltd. hit a 5% upper circuit and rose to 605.25, the highest level since the stock's listing on bourses. It remained locked in the 5% upper circuit as of 1:08 p.m, compared to 0.30% decline the NSE Nifty 50 index.
Nifty PSU Bank At Record High
The NSE PSU Bank rose to 7,470.65, their highest level since their inception.
Broader Markets Rise To Record High
On NSE, broader markets were trading at fresh highs. The NSE Nifty Smallcap 250 rose to 15,876.90, and the NSE Nifty Midcap 150 rose 18,807.15, each marking their highest levels since inceptions.
HUDCO Jumps Over 15% To Record High
Housing & Urban Development Corp Ltd. rose as much as 15.14% to Rs 233.80, the highest level since its listing May 19, 2017. It was trading 13.91% up at 231.30 as of 12:03 p.m., as compared to 0.19% decline in the NSE Nifty 50 index.
The scrip gained 373.14% in 12 months, and on year-to-date basis the stock has risen 83.68%. Total traded volume so far in the day stood at 9.4 times its 30-day average. The relative strength index was at 73.34, which implied the stock is overbought.
Bank of Japan Keeps Rate Unchanged; Yen Falls To 34-Year Low
The Bank of Japan kept its benchmark rate unchanged at 0-0.1% in line with market expectation, Bloomberg reported.
As far as the bond buying is concerned, the Japanese central bank said it will adhere to its March policy decisions.
Following the policy decision, the Yen fell to the lowest level against the U.S. Dollar since 1990.
Source: Bloomberg
Aavas Financiers Shares Hit Six-Month High As Brokerages Raise Target Price After Q4 Results
Shares of Aavas Financiers Ltd. rose to their highest level in six months, a day after reporting better than expected net profit for the quarter ended March 2024. Various brokerages raised their target price on the stock citing growth in assets under management.
The scrip rose as much as 5.23% to Rs 1,689.30 apiece, the highest level since October 13, 2023. It pared gains to trade 1.59% higher at Rs 1,631 apiece, as of 11:24 a.m. This compares to a 0.18% decline in the NSE Nifty 50 Index.
It has risen 2.01% on a year-to-date basis and 26.78% in the last twelve months. Total traded volume so far in the day stood at 1.01 times its 30-day average. The relative strength index was at 65.9.
Out of 22 analysts tracking the company, 14 maintain a 'buy' rating, six recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.7%.
KPI Green Energy Hits 5% Lower Circuit Despite Upbeat Q4 Earnings
KPI Green Energy Ltd. hit 5% lower circuit on Friday and fell to the lowest level since April 24 despite posting upbeat earnings during January-March period. It remained locked in 5% lower circuit as of 11:22 a.m., as compared to 0.24% decline in the NSE Nifty 50 index.
The scrip has gained 514% in 12 months, and year-to-date basis the stock has risen 104.7.Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 66.35.
One analysts tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.7%
KPI Green Energy Q4 Earnings Highlights (Consolidated, YoY)
Revenue up 58.64% at Rs 289.36 crore vs Rs 182.4 crore
Ebitda up 71.25% at Rs 92.87 crore vs Rs 54.23 crore
Margin at 32.09% vs 29.73% up 236 bps
Net profit up 35.43% at Rs 43.04 crore vs Rs 31.78 crore
Rise In Net Profit Takes UTI Asset Management To Over Two-Year High
Shares of UTI Asset Management Co. rose to the highest level in over two years o Friday after its net profit more-than doubled in the fourth quarter of fiscal 2024. The profit rose 110.46% to Rs 181 crore in the January-March period from Rs 86 crore in the corresponding period in the last financial year.
Shares of the company rose as much as 6.07%, the highest level since April 5, 2022, before paring gains to trade 3.94% higher at 10:57 a.m. This compares to a 0.11% decline in the NSE Nifty 50.
The stock has risen 47.86% in 12 months, and 13.51% year-to-date. Total traded volume so far in the day stood at 26 times its 30-day average. The relative strength index was at 69.79.
Of the 15 analysts tracking the company, eight maintain a 'buy' rating, four recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies an downside of 3.4%.
Brokerages On Vedanta
Motilal Oswal Maintains Neutral On Vedanta
Motilal Oswal maintained 'Neutral on Vedanta with a target price Rs 360, which implied 7.8% downside potential.
In-line operational performance, the brokerage said.
BALCO expansion scheduled to be commissioned in Q3FY25
Guidance for Ebitda in FY25 stands at $6.5 bn
Extending maturity of bonds at HoldCo. by 3 years offers liquidity comfort in near term.
Capex plans progressing well; to result in further cost savings.
Marginally increase our Ebitda estimates by 4% in FY26.
Kotak Securities Maintain 'Sell' On Vedanta
Kotak Securities maintained a 'Sell' on Vedanta Ltd., with a target price Rs 320, which implied 18.25% downside potential.
Consolidated Ebitda is 4% above estimates, on higher margins in oil & gas division, the brokerage said.
Aluminum division expansion and backward integration are key growth driver over FY25-26, according Kotak Securities.
Management focused on deleveraging parent (VRL) for next 3 years.
Higher commodity prices drive earnings.
Ebitda is expected to rise by 14%/17% for FY25/26e.
Olectra Green Slumps Over One-Month Low After Reporting Decline In Net Profit
Shares of Olectra Green Ltd. slumped to their lowest level in over a month after the electric vehicle makers' net profit declined in the fourth quarter.
The company's net profit fell 45.83% on an annualised basis to Rs 14.89 crore in the January-March, compared to Rs 27.49 crore net profit in the corresponding period of preceding quarter.
Olectra Green Ltd. declined as much as 11.96% to Rs 1,591.65, the lowest level since March 14. It pared losses to trade 4.03% down at Rs 1,735.00 as of 10:12 a.m., as compared to 0.13% decline in the NSE Nifty 50 index.
The scrip gained 165.62% in 12 months, and year-to-date basis it has risen 29.14%. Total traded volume so far in the day stood at 4.5 times its 30-day average. The relative strength index was at 41.91.
L&T Tech Falls The Most Since October 2021 As Q4 Earnings Misses Analysts Estimates
Shares of L&T Technology Services recorded their steepest fall since October 2021 today after the company reported lower-than-expected earnings in the March quarter.
The scrip fell as much as 9.51% to Rs 4,690 apiece, the lowest level since December 5, 2023. It pared losses to trade 8.19% lower at Rs 4,759.60 apiece, as of 10:02 a.m. This compares to a flat Nifty 50 Index.
It has risen 3.87% on a year-to-date basis and 24.95% in the last twelve months. Total traded volume so far in the day stood at 6.56 times its 30-day average. The relative strength index was at 25.10, indicating that the stock may be oversold.
Out of 29 analysts tracking the company, four maintain a 'buy' rating, eight recommend a 'hold,' and 17 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.2%.
IndusInd Bank Q4 Results Review: Brokerages Upbeat But Cut EPS Estimates
Brokerages have cut their earnings-per-share estimates for IndusInd Bank Ltd. as the lender saw an uptick in its operating expenses in the March quarter. The lender has delivered strong asset quality numbers with a sharp reduction in slippage ratio during the period. HSBC Global Research cut its EPS estimates by 2–3.5%, while Jefferies India Pvt. trimmed its estimates by 2%.
Vodafone Idea Slumps Following Multiple Large Trade
Shares of Vodafone Idea Ltd. slumped over 8% on Friday after its shares changed hands in large trades.
Vodafone Idea had 2.8% of equity change hands in 102 bunches about 185 crore shares change hands in Mumbai, according to data compiled by Bloomberg. Buyers and sellers are not known immediately.
The share price of Vodafone Idea Ltd. slumped 8.63% to Rs 12.70, the lowest level since April 25. It pared losses to trade 3.24% lower at 13.45 as of 09:51 a.m., as compared to 0.01% advance in the NSE Nifty 50 index.
The scrip gained 107.63% in 12 months, and on year-to-basis it has declined 15.63%. Total traded volume so far in the day stood at 7.5 times its 30-day average. The relative strength index was at 49.99.
Out of 16 analysts tracking the company, one maintain a 'buy' rating, four recommend a 'hold,' and 11 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 43.3%.
Nifty Metal Index Hits Record High
The NSE Nifty 50 index rose as much as 1.46% to 9,377.10, the highest level since its inception on Jan 1, 2004. It was trading 103.65 points or 1.12% higher at 9,345.65.
Bajaj Finance Slips After FY25 Earnings Estimate Cut On Margin Impact, High Costs
Brokerages have trimmed FY25 earnings estimates for Bajaj Finance Ltd., citing moderating net interest margin, a decline in fee income, and elevated credit costs, even as the NBFC reported an inline net profit in the fourth quarter.
Bajaj Finance stock fell as much as 5.79% on Friday morning to Rs 6,872.70 apiece on the NSE. It was trading 5.48% lower at Rs 6,895 apiece, compared to a 0.45% advance in the benchmark Nifty 50 as of 9:22 a.m.
The stock has risen 13.85% in the last 12 months. The relative strength index was at 44.53.
Out of 38 analysts tracking the company, 30 maintain a 'buy' rating, five recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside 16.8%
Tech Mahindra At Two-Month High On Surge In Net Profit
Shares of Tech Mahindra Ltd. hit a 10% upper circuit, and rose to Rs 1,309.30, the highest level since Feb 26. It remained locked in the upper circuit as of 09:31 a.m., as compared to 0.13% advance in the NSE Nifty 50 index.
The informational technology company reported its net profit rose 27% on annualised basis to Rs 664 crore in fourth quarter, compared to Rs 524 crore in the preceding financial year.
The scrip gained 32.24% in 12 months, and on year-to-date basis it has risen 2.88%. Total traded volume so far in the day stood at 44 times its 30-day average. The relative strength index was at 62.66.
Out of 46 analysts tracking the company, 16 maintain a 'buy' rating, 13 recommend a 'hold,' and 17 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.8%.
Nifty, Sensex Open Higher For Fifth Day As HDFC Bank, Tech Mahindra Lead Gains
India's benchmark indices opened higher for fifth day in a row tracking gains heavyweights HDFC Bank Ltd., and Tech Mahindra Ltd.
As of 09:17 a.m., the NSE Nifty 50 was trading 31.90 points or 0.14% higher at 22,602.25, and the S&P BSE Sensex was trading 85.48 points or 0.11% up at 74,424.92.
"For trend-following traders, 22,300/73,500 can act as a trend-deciding level. The breakout formation is likely to continue as long as the index is trading above this level. Above 22,300/73,500, it can go up to 22,625-22,675-22,775/74,500-74,800-75,125. However, due to the extended upmove in the past few days, we could see consolidation between 22700 and 22500 before surpassing the level of 22,775, which was the highest point of the rally," said Shrikant Chouhan, head equity research, Kotak Securities.
Tech Mahindra Ltd., HDFC Bank Ltd., ITC Ltd., Tata Steel Ltd., and Hindalco Industries Ltd. added to the index.
Bajaj Finance Ltd., ICICI Bank Ltd., Bajaj Finserve Ltd., Kotak Mahindra Bank Ltd., and SBI limited losses in the index.
On NSE, all 11 sectors gained, and one declined out of 12. The NSE Nifty Metal Index rose the most, while the NSE Nifty Finance declined the most.
Broader markets outperformed benchmark indices. The S&P BSE Midcap index rose 0.38%, and the S&P BSE Smallcap gained 0.49%.
On BSE, 18 out of 20 sectors advanced, and two declined. The S&P BSE Metal index was the top gainer, while the S&P BSE Telecommunication declined the most.
Market breadth was skewed in favour of buyers. Around 1,918 stocks rose, 775 stocks fell, and 83 remained unchanged on BSE.
Nifty, Sensex Higher At Pre-Open
The NSE Nifty 50 was trading 50.05 points or 0.22% higher at 22,620.40, and the S&P BSE Sensex was trading 486.50 points or 0.66% up at 74,339.44.
Nuvama Raises Vedanta's Target Price
Nuvama reiterated a 'Buy on Vedanta and raised target price to Rs 542 from Rs 394, which implied 43% upside potential.
Raises FY25e/26e EBITDA by 18%/23% on higher commodity prices.
Lower CoP in aluminium and zinc supports Ebitda.
Believe the company’s debt peaked out in FY24.
Vedanta's business expansion during FY25 to provide visibility in volume growth and cost reduction FY26 onwards.
Forecast cash flow of Rs 140bn+ in FY25
Increasing average aluminium/zinc/silver price to USD 2,600/2,900/30 for FY25e and FY26e.
Yield On The 10-Year Bond Opens Higher
The yield on the 10-year bond opened 2 bps higher at 7.23%
It closed at 7.21% on Thursday.
Source: Bloomberg
Rupee Opens Stronger Against U.S. Dollar
The local currency opened 2 paise stronger against the U.S. Dollar at 83.31.
It closed at 83.33 on Thursday.
Source: Bloomberg
Watch India Market Open At NDTV Profit
Brokerages' Take On Nestle
Morgan Stanley Raises Nestle India's Target Price
Rates the stock underweight raises with a Target Price Rs. 1,990 which implied 28% downside.
Morgan Stanley said Nestle India has a strong beat on earnings.
Nestle earnings were ahead of their consensus estimates by 9-10%.
Sees headwinds to growth and margins in FY25.
Believes two new business initiatives announced positive.
Milk, coffee and wheat/flour cumulatively account for 60% of Nestle’s raw material basket.
CLSA Raises Target Price But Rates Underperform
CLSA rated underperform and revised its target price to Rs. 2,719 from Rs. 2,665, which implied an upside of 6%.
Top-line growth stays similar to Q4CY23 led by pricing and mix.
Estimates volumes remained flat during the quarter.
Continues to expect the F&B segment within staples to outperform.
Nestle’s expensive valuations limit upside.
Increased CY25- 26CL earnings by 2% factoring in the margin beat.
Citi Research Keeps 'Sell' On Tech Mahindra
Citi Research maintained a 'Sell' rating with a target price Rs.1,095, which implied a downside 8%.
Management expects recovery in H2FY25, the brokerage said.
Turnaround in large cap IT has not been easy, according to Citi Research.
Weak exit makes it difficult to grow revenues anytime soon.
TechM will continue to be “hope” stock.
Investors will monitor the execution of 3yr roadmap.
Margin improvement is not easy to achieve in a competitive market.
Most Asian Markets Rise
Global Cues
US Dollar Index at 105.59
US 10-year bond yield at 4.70%
Brent crude up 0.30% at $89.28 per barrel
Nymex crude up 0.26% at $83.79 per barrel
Bitcoin was down 0.25% at $64,634
Citi Research Maintains 'Buy' On Bajaj Finance
Citi maintains 'buy' with a target price Rs 8,675 apiece, an upside of 19% from the previous close.
Earnings in line with forecast despite being impacted by 4% due to regulatory restrictions.
Formally requested the RBI for review and removal of product restrictions, the brokerage said.
Trims fiscal 2025 guidance on moderation in net interest margin and elevated credit cost.
Pivot towards secured assets and funding cost peaking to impact the NIM.
Building in 30 bps NIM compression.
Credit cost of 1.7–1.8% and 26–27% AUM growth.
Cuts earnings estimates by 7% each for fiscals 2025 and 2026.
Sandur Manganese To Acquire Stakes In Arjas Steel
Sandur Manganese & Iron Ores Ltd. is to acquire 80% stake in Arjas Steel Pvt. at an enterprise value of Rs 3,000 crore.
Promoter entity BAG Holdings will also acquire 19.12% stake in Arjas Steel.
Source: Exchange filing
Brokerages On IndusInd
Nuvama Raises Target Price
Nuvama retained 'Buy' on IndusInd and raised target price Rs 1,800 from 1860 earlier.
Soft Q4FY24 earnings relative to peers, the brokerage said in a note.
Retail slippage, a key variable, dipped from 4% to 3.3% on quarter.
PC6 RoA range of 1.8–2.2% will continue be achieved.
Lower TP on tweaking EPS estimates.
Motilal Oswal On IndusInd Bank
The brokerage reiterates 'buy' with a target price of Rs 1,850 per share, a 24% upside from the previous close.
In line with performance, asset quality remains stable.
Management expects to maintain net interest margin in the range of 4.2–4.3%.
Bank utilised Rs 300 crore of contingent provisions, and now holds Rs 1,000 crore of contingency buffer.
Restructured book declined 8 basis points quarter-on-quarter to 0.4%.
Estimates the bank to deliver a 21% earnings compound annual growth rate over financial year 2024–26.
Leading to return on asset and return on equity of 2.1% and 16.8% respectively by fiscal 2026.
Morgan Stanley On IndusInd Bank
The brokerage maintains 'overweight' with a target price of Rs 1,925 per share, a 29% upside from the previous close.
Asset quality improved along with strong retail deposit growth.
Profit after tax 5% below our estimate due to core pre-provision operating profit miss.
Higher funding costs are offset by an increase in asset yields.
Loan growth remained strong, moderated to 18% YoY vs 20% last quarter.
Gross slippages moderated due to corporate and retail.
Expect growth in core pre-provision operating profit to remain at 20% in fiscal 2024–26.
Money Market Update
The Indian currency closed flat at 83.33 against the US dollar.
F&O Cues
Nifty April futures up by 0.60% to 22,575.1 at a premium of 4.75 points.
Nifty April futures open interest up by 35.8%.
Nifty Bank April futures up by 0.61% to 48,643.15 at a premium of 148.2 points.
Nifty Bank April futures open interest up by 16.5%.
Nifty Options May 2 Expiry: Maximum call open interest at 22,500 and maximum put open interest at 21,500.
Bank Nifty Options April 30 Expiry: Maximum call open interest at 50,000 and maximum put open interest at 48,000.
Securities in ban period: Vodafone Idea.
Trading Tweaks
Moved into short-term ASM framework: GMR Power and Urban Infra, JG Chemicals, Mic Electronics.
Moved out of short-term ASM framework: Ashiana Housing.
Price Band change from 20% to 10%: Shalimar Paints.
Ex/ record dividend: ICICI Securities.
Bulk Deal
Harsha Engineers International: American Funds Insurance Series Global Small Capitalization Fund sold 9.7 lakh shares (1.06%) at Rs 410.06 apiece, while Plutus Wealth Management LLP bought 7.29 lakh shares (0.8%) at Rs 410.01 apiece.
Indian Pesticides: Winro Commercial India bought 6.83 lakh shares (0.59%) at Rs 229.52 apiece.
Restaurant Brands Asia: FMRC Fidelity Emerging Markets Fund sold 25.84 lakh shares (0.52%) at Rs 100.26 apiece.
IPO Offering
JNK India: The public issue was subscribed to 28.13 times on day 3. The bids were led by institutional investors (75.72 times), non-institutional investors (23.26 times), retail investors (4.11 times).
Stocks to Watch
InterGlobe Aviation: The company has ordered 30 Airbus A350-900 aircraft and has the purchase rights for an additional 70 Airbus A350 Family aircraft.
Life Insurance Corp: The board has approved the infusion of approximately Rs 14 crore into Life Insurance Corp. (Lanka), subject to approval from the Insurance Regulatory and Development Authority of India and the Central Bank of Sri Lanka.
Tata Steel: The company is to proceed with an investment worth £1.25 billion in the Port Talbot furnace. To commence the closure of existing heavy-end assets in the following months.
Rites: The company entered an MOU with UltraTech Cement for project management consultancy services for Rail Infra projects.
PSP Projects: The company has approved the allocation of 36 lakh shares to eligible qualified institutional buyers at Rs 670 apiece.
Biocon: The NCLT approved the scheme of amalgamation of Biofusion Therapeutics with Biocon Pharma.
Bharat Heavy Electricals: The company appointed Koppu Sadashiv Murthy as CFO.
Aster DM Healthcare: Amitabh Johri, Joint CFO and KMP of the company, resigned due to the segregation of the company’s business in the Gulf Cooperation Council region from its business in India and he will continue as the CFO of the segregated Aster Business at the Gulf Cooperation Council region.
Crisil: The company’s unit received SEBI licence to commence the business of ESG Ratings Provider.
NHPC: The tribunal awarded Rs 383 crore to L&T in dispute with the company and received Rs 45.18 crore in counter claim.
PG Electroplast: The company started a new AC manufacturing plant in Rajasthan.
NLC India: The company is commissioning a 3X660 MW Thermal Power Plant in Uttar Pradesh. The Ministry of Coal has approved the Pachwara South Coal Block project with an estimated capital cost of Rs 2,243 crore. The coal block has an extractable reserve of 262.8 MT.
Earnings In Focus
Maruti Suzuki India Ltd., HCL Technologies Ltd., SBI Life Insurance Co., Bajaj Finserv Ltd., Shriram Finance Ltd., SBI Cards and Payment Services Ltd., Supreme Industries Ltd., Atul Ltd., Aditya Birla Sun Life AMC Ltd., Mahindra Lifespace Developers Ltd., Motilal Oswal Financial Services Ltd., KSB Ltd., Mahindra Holidays & Resorts India Ltd., Bajaj Holdings and Investment Ltd., Bank of Maharashtra, Usha Martin Ltd., Mastek Ltd., Indiabulls Real Estate Ltd., Eveready Industries India Ltd., VST Industries Ltd. and Force Motors Ltd.
Earnings Estimates
Earnings Post Market Hours
Tech Mahindra (Consolidated, QoQ)
Revenue down 1.8% at Rs 12,871 crore vs Rs 13,101 crore (Bloomberg estimate 12,958 crore).
EBIT margin at 4.95% vs 5.36% (Bloomberg estimate 11.10%).
EBIT down 9% at Rs 638 crore vs Rs 703 crore (Bloomberg estimate Rs 1,442 crore).
Net profit up 27% at Rs 664 crore vs Rs 524 crore (Bloomberg estimate Rs 744.5 crore).
Recommended a final dividend of Rs 28 per share.
IndusInd Bank (Consolidated, YoY)
NII up 15% at Rs 5,377 crore vs RS 4,670 crore.
Net profit up 15% at Rs 2,349 crore vs Rs 2,043 crore (Bloomberg estimate Rs 2,402 crore).
Gross NPA at 1.92%.
Net NPA at 0.57%.
Recommended a dividend of Rs 16.5 per share.
Bajaj Finance (Standalone, YoY)
Total income rises 31% to Rs 12,764 crore vs Rs 9,719 crore. (Bloomberg estimate Rs 9,970 crore).
Net profit up 20% at Rs 3,402 crore vs Rs 2,837 crore (Bloomberg estimate 3,785 crore).
Gross NPA stage 3 at 1.05%.
Net NPA stage 3 at 0.46%.
Recommended dividend of Rs 36 per share.
L&T Technology Services (Consolidated, QOQ)
Revenue up 4.77% at Rs 2,538 crore vs Rs 2,422 crore (Bloomberg estimate Rs 2,546 crore).
EBIT up 2.88% at Rs 428 crore vs Rs 416 crore (Bloomberg estimate Rs 442 crore).
Margin down 31 bps at 16.87% vs 17.18%, (Bloomberg estimate 17.35%).
Net profit up 1.24% at Rs 341 crore vs Rs 337 crore (Bloomberg estimate Rs 348 crore).
Board recommends a final dividend of Rs 33 per share.
UTI Asset Management (Consolidated, YoY)
Total income up 35.92% at Rs 420 crore vs Rs 309 crore.
Net profit up 110.46% at Rs 181 crore vs Rs 86 crore.
AUM up 19% YoY on March 31 at Rs 18.48 lakh crore.
Recommended final dividend of Rs 24 per share.
Aavas Financiers (Consolidated, YoY)
Total income up 21.33% at Rs 546 crore vs Rs 450 crore.
Net profit up 11.81% at Rs 142 crore vs Rs 127 crore (Bloomberg estimate Rs 125 crore).
Tanla Platforms (Consolidated, QoQ)
Revenue up 0.29% at Rs 1,005 crore vs Rs 1,002 crore (Bloomberg estimate Rs 975 crore).
EBIT down 18.79% at Rs 137 crore vs Rs 169 crore (Bloomberg estimate Rs 129.5 crore).
Margin down 321 bps at 13.68% vs 16.89%, (Bloomberg estimate 13.28%).
Net profit down 7.06% at Rs 130 crore vs Rs 140 crore (Bloomberg estimate Rs 113.1 crore).
Board recommends final dividend of Rs 6 per share.
Himadri Speciality Chemical (Consolidated, YoY)
Revenue up 14.38% at Rs 1,177 crore vs Rs 1,029 crore.
Ebitda up 42.57% at Rs 179 crore vs Rs 126 crore.
Margin at 15.22% vs 12.21%, up 300 bps.
Net profit up 51.13% at Rs 115 crore vs Rs 76.21 crore.
Zensar Technologies (Consolidated, QoQ)
Revenue up 2.12% at Rs 1230 crore vs Rs 1204 crore (Bloomberg estimate Rs 1,223 crore).
EBIT up 1.64% at Rs 179 crore vs Rs 176 crore (Bloomberg estimate Rs 173 crore).
Margin down 6 bps at 14.58% vs 14.64% (Bloomberg estimate 14.13%).
Net profit up 7.17% at Rs 173 crore vs Rs 162 crore (Bloomberg estimate Rs 151 crore).
CFO Sachin Zute resigned effective May 3.
Schaeffler India (Consolidated, YoY)
Revenue up 10.59% at Rs 1,873 crore vs Rs 1694 crore (Bloomberg estimate Rs 1,917 crore).
Ebitda up 4.82% at Rs 330 crore vs Rs 315 crore (Bloomberg estimate Rs 348 crore).
Margin down 96 bps at 17.6% vs 18.57%, (Bloomberg estimate Rs 18.1%).
Net profit up 0.18% at Rs 220 crore vs Rs 219 crore (Bloomberg estimate Rs 237.55 crore).
KPI Green Energy (Consolidated, YoY)
Revenue up 58.64% at Rs 289.36 crore vs Rs 182.4 crore
Ebitda up 71.25% at Rs 92.87 crore vs Rs 54.23 crore
Margin at 32.09% vs 29.73% up 236 bps
Net profit up 35.43% at Rs 43.04 crore vs Rs 31.78 crore
Olectra Greentech (Consolidated, YoY)
Revenue down 23.18% at Rs 289 crore vs Rs 376 crore.
Ebitda down 31.05% at Rs 34.45 crore vs Rs 49.97 crore.
Margin down 136 bps at 11.92% vs 13.29%.
Net profit down 45.83% at Rs 14.89 crore vs Rs 27.49 crore.
GIFT Nifty Trades Above 22,600
Stocks in the Asia Pacific region were trading lower on Friday after the US market fell on data that showed a sharp U.S. economic slowdown and stubborn inflation. The Wall Street, however, recovered as technology companies surged in late trading as stellar results from Microsoft Corp. and Google's parent, Alphabet Inc., fuelled confidence. Investors will also wait for the Bank of Japan's policy outcomes that is scheduled for Friday.
The Nikkei 225 was trading 48.15 points or 0.13% lower at 37,580.33, and the S&P ASX 200 was trading 93.70 points or 1.22% down at 7,589.30. The Kospi index was trading 24.42 points or 0.93% higher at 2,653.04 as of 06:35 a.m.
The Wall Street was rattled by data that showed exactly what stock traders did not want to hear: a significant slowdown in the world's largest economy and persistent inflation pressures, Bloomberg said. The S&P 500 and the Nasdaq Composite fell 0.46% and 0.64% respectively as of Thursday. The Dow Jones Industrial Average fell 0.98%.
The Brent crude was trading 0.36% higher at $89.32 a barrel. Gold fell 0.14% to $2,329.14 an ounce.
The GIFT Nifty was 30.00 points or 0.13% lower at 22,643.00 as of 6:36 a.m.
India's benchmark stock indices gained for the fifth straight day on Thursday, with the Nifty 50 closing above 22,500, led by nearly 4% gains in PSU banks.
The Nifty ended 0.75%, or 167.95 points, higher at 22,570.35, while the Sensex gained 0.66%, or 486.50 points, to close at 74,339.44.
Overseas investors stayed net sellers on Thursday for the fourth consecutive day. Foreign portfolio investors sold stocks worth Rs 2,823.3 crore and domestic institutional investors stayed net buyers for the fourth day and mopped up equities worth Rs 6,167.6 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.33 against the US dollar.
