KEY HIGHLIGHTS
Rupee Closes Stronger Against U.S. Dollar
The local currency closed 4 paise stronger against the U.S. Dollar at 83.44.
It closed at 83.47 on Monday.
Source: Bloomberg
Nifty Closes Lower After Hitting Record High As HDFC Bank, ICICI Bank Drag: Market Wrap
Indian benchmarks erased all gains and ended lower on Tuesday as heavyweights HDFC Bank Ltd., ICICI Bank Ltd. weighed. Decline in metal and IT stocks also pressured the benchmarks.
The NSE Nifty 50 settled 45.60 points or 0.20% lower at 22,597.80, and the S&P BSE Sensex ended 188.50 points or 0.25% down at 74,482.78.
Intraday, the NSE Nifty 50 index rose 0.62% to record high of 22,783.35. The S&P BSE Sensex rose 0.59% to 75,111.39.
Market participants will monitor the policy decision from the U.S. Federal Reserve, due to be published on Wednesday. The Fed fund future traders expect 97% possibility of a status quo, while the rest expects a cut of 25 basis points, according to CME FedWatch Tool.
"Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing," Rupak De, a senior technical analyst at LKP Securities said.
Other indicators such as the 20-day simple moving average and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index also indicates a bullish crossover. Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22783. On the downside, immediate support is placed at 22500, below which the index might decline further, De added.
"The Bank Nifty witnessed a volatile trading session during the expiry day, with bulls dominating the first half and bears taking control in the second half. Although the index fell short of reaching the 50,000 mark, the overall sentiment remains bullish. Dips in the index should be seen as buying opportunities, especially with strong support noted around the 49,000 mark, where the highest open interest lies on the put side," Kunal Shah, senior technical and derivative analyst at LKP Securities.
HDFC Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., and Infosys Ltd. weighed on the benchmark.
Mahindra & Mahindra Ltd., Powergrid Corp of India Ltd., Bajaj Finance Ltd., Bajaj Auto Ltd., and Shriram Finance Ltd. limited gains in the stock
On NSE, seven sectors out of 12 declined, and five advanced. The NSE Nifty IT was the top loser, and the NSE Nifty Auto was the top gainer.
"Among the sectors, Auto was the top gainer of the day followed by Realty; and on the flip side, IT extended its southward journey while Metal segment witnessed a round of profit booking. At record levels, the Index has made a bearish candle with a probable divergence in the RSI (not yet confirmed)," Aditya Gaggar, director,Progressive Shares said.
Broader markets outperformed. The S&P BSE Midcap settled 0.49% up, and the S&P BSE Smallcap ended 0.10% higher.
On BSE, eight sectors advanced, and 12 declined out of 20. The S&P BSE Auto was the top gainer, while the S&P BSE Information Technology was the top loser of the day.
Market breadth was skewed in favour of the sellers. Around 1,989 stocks declined 1,832 rose, and 129 stocks remained unchanged on BSE.
Varun Beverages Starts Production At Odisha & Assam
Varun Beverages Ltd. started commercial production at Odisha and Assam facilities.
Source: Exchange filing
See strong opportunity from coal based power plants: VK Devangan, CMD, REC Ltd
Govt plans to add 94,000 MW coal based power plants.
NTPC to set up 20,000 MW out of this.
Of the remaining 74,000 MW expect to fund 37,000 MW of this.
Cost of setting up thermal power projects has risen to Rs 10 crore/MW.
Source: Media Conference
Indian Markets Fall To Day's Low
Indian Oil Corp Q4 Earnings Highlights (Standalone, QoQ)
Revenue down 1.41% to Rs 1,97,978.23 crore from Rs 1,99,103.97 crore.
Ebitda fell 32.62% to Rs 10,435.16 crore from Rs 15,488.68 crore.
Margin fell 250 bps at 5.27% from 7.77%.
Net profit fell 40% to Rs 4,837.69 crore from Rs 8,063.29 crore.
Most European Markets Decline
Most share indices in Europe were trading in negative as traders assessed latest inflation and GDP data from the region.
Europe's Consumer Price Index remained unchanged at 2.4% in April, while core CPI reduced to 2.7%, from 2.9%, Bloomberg reported. The print is also in line with estimates.
Further, the region's GDP grew 0.3% on the quarter, beating 0.1% growth estimated in a Bloomberg survey.
Manappuram Finance Rises Over Two-Year High
Shares of Manappuram Finance Ltd. surged to a multi-year high after SEBI website showed that the company's arm Asirvad Micro Finance Ltd. got approval for its IPO last Monday.
Central Bank Of India Q4
Net profit at Rs 807 crore from Rs 571 crore YoY
Gross NPA at 4.5%, flat QoQ
Net NPA at 1.23% vs 1.27% QoQ
NII rose 1% on year to Rs 3,541 crore from Rs 3,513 crore
Symphony Q4 Earning Highlights (Consolidate, YoY)
Revenue 7.79% to Rs 332 crore from Rs 308 crore.
EBITDA rose 147.82% to Rs 57 crore from Rs 23 crore.
Margin rose 970 bps to 17.16% from 7.46%.
Net profit rose 200% to Rs 48 crore from Rs 16 crore.
REC Q4 Earnings Highlights (Consolidated, YoY)
Total income rose 24% to Rs 12,707 crore from Rs 10,255 crore.
Net profit rose 33% to Rs 4,079 crore from Rs 3,065 crore.
Board recommends final dividend of Rs 5 per share.
Nifty Hits New High In Twelve Session
The NSE Nifty 50 index rose to 22,779.75, the highest level since its incorporation as Mahindra & Mahindra Ltd., Reliance Industries Ltd. rose. The index took 12 sessions to scale a new high.
Exide Industries Surges Post Result Announcement
Exide Industries Q4 Highlights (Consolidated, YoY)
Revenue at Rs 41,72.9 crore vs Rs 3,676.8 crore, up 13.49%
EBITDA at Rs 448 crore vs Rs 371.6 crore, up 20.55%
Margin at 10.73% vs 10.1%, up 62 bps
Net profit at Rs 185.7 crore vs Rs 181.1 crore, up 2.54%
Board recommends dividend of Rs 2/share
Appoints Avik Kumar Roy as MD, CEO for 3 years w.e.f. May 1
Current MD & CEO Subir Chakraborty retires today
P&G Hygiene Q3 Earnings Highlights (YoY)
Net profit down 6.5% at Rs 154 crore vs Rs 165 crore
Revenue up 13.5% at Rs 1,002 crore vs Rs 883 crore
EBITDA at Rs 257 crore vs Rs 149 crore, up 72.4%
Margin at 25.7% vs 16.9%
Sensex, Nifty Near Lifetime Highs Led By M&M, RIL; Nifty Bank At Record: Midday Market Update
Benchmark equity indices extended gains to trade near their respective record highs through midday on Tuesday, tracking global peers and strong quarterly results announcements.
At 12:48 p.m., the Nifty traded 100.80 points, or 0.45%, higher at 22,744.20, and the Sensex gained 300.36 points, or 0.4%, to trade at 74,971.64.
"We had a huge short-covering rally in banks yesterday, and it seems it is poised to cross the landmark 50,000 in a very short time," said Ajit Rambhia, founder and chief executive at Ajira Ventures. He expects the Nifty to hit a new record high very soon.
According to Rambhia, the Nifty's expiry close of 22,570 last month will act as support, while its all-time high of 22,775 will act as resistance.
He added that Nifty Bank's monthly close of 48,200 will act as good support, and it is in the free zone above this. However, he advises you to continue hedging in your positions due to the impending major events.
Shares of Reliance Industries Ltd., Mahindra & Mahindra Ltd., Power Grid Corp. Of India Ltd., Tata Motors Ltd. and Maruti Suzuki India Ltd. contributed the most to the gains.
While those of Tata Consultancy Services Ltd., Infosys Ltd., Tata Steel Ltd., Tech Mahindra Ltd., and HCLTech Ltd capped the upside.
Most sectoral indices rose with Nifty Auto gaining more than 2% followed by Nifty Realty. Nifty PSU Bank and Nifty Metal were the top losers.
Broader markets traded higher on BSE. The S&P BSE Midcap was 0.82% up, and the S&P BSE Smallcap was 0.50% higher.
On BSE, 16 sectoral indices advanced, and four declined out of 20. The S&P BSE Auto rose the most followed by S&P BSE Realty.
Market breadth was skewed in favour of the buyers. Around, 1,979 stocks rose, 1,655 stocks declined, and 154 stocks remained unchanged on BSE.
ICICI Prudential Life Insurance Gets GST Demand & Penalty
ICICI Prudential Life Insurance Co. Ltd. received GST demand of Rs 835 crore including interest and penalty for FY19.
Source: Exchange filing
Newgen Software Q4 Earnings Highlights (Consolidated,QoQ)
Revenue rose 15.96% to Rs 375.26 crore from Rs 323.6 crore.
EBIT rose 64.27% to Rs 115.14 crore from Rs 70.09 crore.
EBIT margin rose 902 bps to 30.68% from 21.65%.
Net profit rose 54.02% to Rs 105.26 crore from Rs 68.34 crore.
JNK India Shares Debut At 50% Premium Over IPO Price
Shares of JNK India Ltd. listed at Rs 621 apiece on the National Stock Exchange, a premium of 49.6% over their IPO price of Rs 415 apiece.
On the BSE, the stock debuted at Rs 620, a 49.4% premium.
KEC International Rises To Over Three-Week High On Order Wins
KEC International Ltd. rose to over three-week high on Tuesday after the company informed the exchanges of winning multiple orders worth Rs 1,036 crore in both India and overseas.
The stock price rose as much as 6.59% to Rs 779.70, the highest level since April 5. It was trading 2.12% higher at Rs 747.00 as of 12:43 p.m., compared to 0.43% advance in the NSE Nifty 50 index.
The scrip gained 50.30% in 12 months, and year-to-date basis, it has risen 26.87%. Total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was at 58.59.
Out of 25 analysts tracking the company, 13 maintain a 'buy' rating, five recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.7%.
Indian Markets Trade Near Day's High
Bunch Trades So Far On Tuesday
FSN E-Commerce Ventures Ltd. had 46.3 lakh shares traded in a bunch trade.
Ashok Leyland Ltd. had 12.2 lakh shares change hands in bunch trades.
Kotak Mahindra Bank Ltd. had 29.8 lakh shares traded in a bunch trade.
NHPC To Collaborate With Norwegian Company
NHPC Ltd. is to collaborate with Norwegian company for implementation of floating solar energy tech in India.
Source: PIB
Orient Cement Commissions Waste Heat Recovery Unit
Orient Cement Ltd. commissioned waste heat recovery unit at Chittapur.
Source: Exchange fIling
PSP Projects Receives Order Worth Rs 236 Crore
PSP Projects Ltd. got orders worth Rs 236 crore for construction of mall.
Source: Bloomberg
Jammu & Kashmir Bank In Pact With New India Assurance To Serve & Solicit Insurance Products
Jammu & Kashmir Bank Ltd. entered into corporate agency agreement with the New India Assurance Co. Ltd.
The pact is for servicing and soliciting insurance products.
Source: Exchange filing
Grasim Industries Starts Paint Production At Ludhiana
Grasim Industries Ltd. commenced commercial production of paint plants at Ludhiana, Panipat & Cheyyar.
Source: Exchange filing
Star Health Allied Insurance Q4 Earning Highlights (Standalone, YoY)
Net profit rose 39% to Rs142 crore from Rs 102 crore.
Total income rose 17% to Rs 3,576 crore from Rs 3,053 crore
Net premiums earning rose 17% to Rs 3,395 crore from Rs 2,913 crore
Combined ratio at 92.8% vs 91.4%
Nifty Realty Surges To Over 13-Year High
The NSE Nifty Realty index rose 1.58% to 975.55, the highest level since Jul 16, 2010. It was trading 1.55% higher at 974.25 as of 11:46 a.m.
Phoenix Mills Ltd., Macrotech Developers Ltd. were top gainers in the index.
Trent Hit Fresh High On Posting Surge In Its Net Profit
Trent Ltd. rose as much as 8.25% to Rs 4,670.00, the highest level since its listing after its net profit surged over 1000% on year to Rs 712 crore during January-March, from Rs 45 crore in the corresponding period of previous financial year.
Spandana Sphoorty Hits Over One-Month High On Strong Operating Performance In Q4
Shares of Spandana Sphoorty Financial Ltd. jumped to hit its highest level in over a month after the company reported a strong operating performance in the quarter ended March.
The company's net interest margin was up 130 bps sequentially at 14.6%. This was driven by a sharp AUM growth of 15% on quarter to Rs 11,973 crore.
Mahindra & Mahindra Rises To Life-Time High
Mahindra & Mahindra Ltd. rose 4.86% to Rs 2,162.25, the highest level since its listing on Jan 3, 1996. It was trading 4.55% higher at Rs 2,155.90 as of 11:17 a.m., compared to 0.38% advance on NSE Nifty 50.
The scrip gained 75.12% in 12 months, and in year-to-date basis 24.25%. Total traded volume so far in the day stood at 1.0 times its 30-day average. The relative strength index was at 67.22.
Greaves Cotton Unit Launches Family Electric Scooter
Greaves Cotton Ltd.'s unit Greaves Electric launched family electric scooter Ampere Nexus at starting price of Rs 1.1 lakh.
Source: Exchange filing
Granules India Gets U.S. FDA Approval For Colchicin Capsules
Granules India Ltd.'s unit received the U.S. Food Drug Administration's approval for ANDA of Colchicine capsules
Alerts: Colchicine bioequivalent of Mitigare Capsules
ANDA approval stands for abbreviated new drug application, which is used to grant permission to manufacture, distribute generic drug products.
Source: Exchange filing
Tata Chemicals Slips To Over One-Month Low After Reporting Loss
Tata Chemicals Ltd. declined 4.50% to Rs. 1,050.00, the lowest level since March 26. It was trading 3.05% down at Rs 1,066.00 as of 10:47 a.m., as compared to 0.46% advance in the NSE Nifty 50 index.
It has risen 11.21% in 12 months, and on year-to-date basis, it has declined 2.21%. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 44.88.
Out of nine analysts tracking the company, one maintain a 'buy' rating, two recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 18.1%
KFin Technologies Hits Lifetime High After Q4 Results
An over 11% sequential rise in KFin Technologies' net profit for the fourth quarter drove its share price to extend gains in the seventh consecutive session and hit a lifetime high.
The stock has risen as much as 24.33% in the seven-day rally.
The scrip rose as much as 8.50% to Rs 765.65 apiece, the highest level. It pared gains to trade 5.47% higher at Rs 744 apiece, as of 10:17 a.m. This compares to a 0.39% advance in the NSE Nifty 50 Index.
It has risen 54.65% on a year-to-date basis and 137.24% in the last twelve months. Total traded volume on the NSE so far in the day stood at 2.36 times its 30-day average. The relative strength index was at 76.94, indicating that the stock may be overbought.
Out of 13 analysts tracking the company, ten maintain a 'buy' rating, one recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 7%.
Vesuvius India Hits Lifetime High On Strong Q4 Results
Shares of Vesuvius India jumped to hit their lifetime high after the company's net profit for the quarter ended March jumped 58.72% year-on-year.
The scrip rose as much as 16.76% to Rs 5,084.10 apiece, the highest level. It pared gains to trade 10.92% higher at Rs 4,830 apiece, as of 9:38 a.m. This compares to a 0.24% advance in the NSE Nifty 50 Index.
It has risen 34.36% on a year-to-date basis and 185.85% in the last twelve months. Total traded volume on the NSE so far in the day stood at 1.07 times its 30-day average. The relative strength index was at 85.23, indicating that the stock may be overbought.
Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.8%.
Broader Markets Rise To Record High
Nifty Auto Climbs To Highest Level Since Inception
The NSE Nifty Auto index rose to 22,576.85, the highest level since its incorporation on July 12, 2011. It was trading 491.90 points or 2.23% higher at 22,570.65 as of 09:37 a.m.
Nifty Bank Erase Gains After Touching Record High
The NSE Nifty scaled a life time high of 49,509.70 during early trade before it pared gains. It was trading 0.02% lower at 49,406.45 as of 09:34 a.m.
Nifty, Sensex Open Higher As RIL, M&M, UltraTech Cement Rise: Opening Bell
India's benchmark indices opened higher on Tuesday as gains in shares of Reliance Industries Ltd., Mahindra & Mahindra Ltd., and UltraTech Cement Ltd. supported.
As of 09:18 a.m., the NSE Nifty 50 was 48.45 points or 0.21% higher at 22,691.85, and the S&P BSE Sensex was 126.05 points or 0.17% up at 74,797.33.
"With Above The Stomach candlestick pattern, the Index has breached its immediate hurdle of 22,600 and is set to move toward its previous high of 22,770 while on the lower side, the support is shifted higher at 22,460," said Aditya Gaggar, director, Progressive Shares.
"Banking indices were the star performers; both have given strong breakouts and we have already recommended stocks and continue to remain overweight. After a strong rally, the Metal segment is witnessing a consolidation but the overall uptrend is intact and we hold our positive stance on the same," Gaggar added.
Mahindra & Mahindra Ltd., Reliance Industries Ltd., Maruti Suzuki India Ltd., Axis Bank Ltd., and Eicher Motors Ltd. added to the index.
Bharti Airtel Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., and Tech Mahindra Ltd. limited gains in the index.
On NSE, 11 sectors out of 12 opened higher, and one declined. The NSE Nifty Auto index was the top gainer in early trade, while the NSE Nifty IT was the top loser.
Broader markets trade higher during open. The S&P BSE Midcap was 0.54% higher, and the S&P BSE Smallcap was 0.43% up.
On BSE, 17 sectors advanced, while three declined out of 20. The S&P BSE Auto rose over 1% to emerge as the top gainer, while the S&P BSE Teck was the top loser.
Market breadth was skewed in favour of the buyers. Around 2,821 stocks advanced, 1,984 stocks declined, and 104 stocks remained unchanged on BSE.
Watch India Market Open At NDTV Profit
Nifty, Sensex Higher At Pre-Open
The NSE Nifty 50 was trading 36.25 points or 0.16% higher at 22,679.65, and the S&P BSE Sensex was trading 129.61 points or 0.17% higher at 74,800.89.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 7.19%
Source: Bloomberg
Rupee Opens Flat Against U.S. Dollar
The local currency opened flat at 83.48 against the U.S. Dollar.
Source: Bloomberg
Kotak Institutional On Tata Chemicals
Kotak Institutional Equities maintained a sell with target price of Rs 770; which implied 30% downside.
Weak earnings was led by pricing pressure on soda ash across geographies, according to Kotak Institutional Equities.
Earnings to stay near current run-rates in FY25 led by Continued oversupply
Mgmt suggested bottoming out of prices but no signs of recovery
Remain concerned about capacity expansion in China and U.S.
Cut FY25-26 by further 12-20%
Hopes around large expansion into battery chemicals seen misplaced
Brokerages On Trent
Motilal Oswal Rates Trent Equal Weight
Motilal Oswal rated Trent equal weight with a target price of Rs. 3,675, which implied a downside 15%.
Q4 beat on the top line and margins
Beat was led by better-than-expected fashion top line and margins
Uncharted execution on growth and profitability in F24 increases conviction in growth sustainability
Co. had higher proceeds from the sale of assets of Rs3.4bn in F24 versus an average Rs1.2bn during the past 3 years
Jefferies Rates Trent Hold
Jefferies rated Trent hold with a target price of Rs. 4,150, which implied a downside 4%.
Strong performance is quite like Tata but disclosures are quite unlike.
Trent will likely become more mainstream than in the past, Jefferies said.
Sees merit in following best practices from group firms like TCPl and Titan
Gross margin surprise was offset by 90% increase in employee cost
Motilal Oswal Reiterates Buy On Craftsman Automation
Motilal Oswal reiterated a 'Buy' with target price Rs 5,304, which implied an upside of 20%.
Weak 4QFY24 was largely due to subdued performance of powertrain division, the brokerage said.
Inventory corrections from key OEMs
Raising Rs 1,200 crore via equity/debt is to pay outstanding borrowing.
The brokerage expects high single digit growth in powertrain.
Industrial & Off-highway to generate $100 million over five years.
Motilal Oswal cut its FY25E/26E EPS by 6%/5%, factoring slowdown in CV, Tractors.
Estimate CAGR of 15%/17%/27% in consolidated revenue/EBITDA/PAT over FY24-26E
Attractive valuation at 19x FY26E EPS
Global Cues
US Dollar Index at 105.76
US 10-year bond yield at 4.61%
Brent crude down 0.10% at $88.31 per barrel
Nymex crude down 0.17% at $82.49 per barrel
Bitcoin was up 1.88% at $64,126.49
Most Asian Markets Gain
Motilal Oswal Remains 'Neutral' On Mahindra Lifespace Developers
Motilal Oswal maintains 'neutral' rating on Mahindra Lifespaces at Rs 600 target price.
Strong year-end performance, but low traction at existing projects in Q4 leads to miss in pre-sales.
Contribution of new Pune and Chennai launches to be reflected in Q1.
Firm well poised to sustain booking momentum. given a healthy project pipeline.
Estimates value of existing pipeline at Rs 4,000 crore.
Near term growth potential is already factored into current price.
Motilal Oswal Keeps 'Buy' On L&T Finance Holdings
Motilal Oswal maintains 'buy' on L&T Finance at Rs 210 target price.
Q4 earnings miss due to additional provisions of Rs 175 crore on security receipts.
Asset quality improved sequentially; provisioning coverage broadly stable.
Investments in automation, security, e- aggregator partnerships to lead to stronger retail loan growth.
Expects total loan/net-profit CAGR of 26%/35% over FY24-26.
Motilal Oswal Keeps 'Buy' On Coromandel International
Motilal Oswal maintains 'buy' on Coromandel International at Rs 1,400 target price.
Subdued demand hurt Q4 operating performance but beat brokerage estimates.
Operating performance of fertiliser business to remain subdued in the first half of fiscal 2025.
Expects performance of crop protection business to improve from Q1.
Maintains FY25/26 earnings estimates.
Brokerages On UltraTech Cement
Motilal Oswal Keeps 'Buy'
Motilal Oswal maintains 'buy' on UltraTech Cement at Rs 11,500 target price.
Fourth-quarter operating performance 9% above brokerage estimate.
Management pegged FY25 capex at Rs 9,500 crore.
Improving earnings, strong balance sheet, leadership position warrants higher multiples.
Citi Research Retains 'Buy' On UltraTech Cement
Citi Research maintains 'buy' on UltraTech Cement and raises target price to Rs 11,700 apiece.
Q4 Ebitda ahead of brokerage estimates on higher volumes and better costs.
Expects 12% volume CAGR through FY24–27.
Management expects FY25 demand to moderate below 9% but remain in high single digits.
Company on track to achieve 200 MT capacity.
Expects ROCE to rise from an average 13% to 16%/17%.
Jefferies Lowers Target Price
Jefferies maintained 'Buy' on UltraTech Cement, and lowered target price to Rs 1,1500 from Rs 1,1560 previously, which implies 19% upside.
The Q4 Ebitda beat brokerage estimates.
Management expects stable pricing going forward.
Jefferies trimmed FY25 Ebitda estimates by 2%, retain FY26 estimates.
The brokerage assumes Rs 1,215 Ebitda per tonne in FY25
F&O Cues
Nifty April futures up 0.84% to 22,745.15 at a premium of 101.75 points.
Nifty April futures open interest up 4.29%.
Nifty Bank April futures up 2.45% to 49,563.85 at a premium of 139.8 points.
Nifty Bank April futures open interest up 30.81%.
Nifty Options May 2 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,500.
Bank Nifty Options April 30 Expiry: Maximum call open interest at 50,000 and Maximum Put open interest at 47,000.
Securities in ban period: Biocon, Vodafone Idea.
Money Market Update
The Indian currency closed 12 paise weaker against the US Dollar at Rs 83.47.
Trading Tweaks
Moved into short-term ASM framework: Aegis Logistics, Kirloskar Pneumatic, Lux Industries.
Moved out of short-term ASM framework: Exicom Tele-Systems,
Price Band change from 20% to 10%: Yuken India.
Bulk Deal
Protean eGov Technologies: IIFL Special Opportunities Fund sold 10 lakh shares (2.47%) at Rs 1,222 apiece while Plutus Wealth Management bought 5 lakh shares (1.23%) at Rs 1,220 apiece.
New Listing
JNK India: The company's shares will debut on the stock exchanges on Tuesday at an issue price of Rs 415 apiece. The Rs 649.5-crore IPO was subscribed 28.13 times on its third and final day.
Stocks To Watch
Wipro: The company announced the launch of its own Lab45 Think Tank to help enterprise leaders and Wipro customers prepare for a future with emerging technologies. Lab45's Think Tank will study the impact of emerging technologies, such as generative AI, space technology, spatial and quantum computing.
Tata Elxsi: Tata Power Community Development Trust has partnered with the company to drive its Pay Autention initiative forward.
NMDC: The company increased prices of lump ore by Rs 400 per tonne to Rs 6,200 per tonne and fines by Rs 200 per tonne to Rs 5,260 per tonne.
KEC International: The company received new orders worth Rs 1,036 crore across various businesses. The company has received transmission and distribution projects in the Middle East and the US.
Coromandel International: The company commenced activity to set up its 1,000-crore-plus phosphoric acid and sulfuric acid plants at Kakinada, Andhra Pradesh.
Rites: The company received a letter of acceptance worth $111 million from Bangladesh Railway for the supply of passenger carriages.
Rail Vikas Nigam: The KRDCL-RVNL Joint Venture received a letter of acceptance worth Rs 439 crore for the redevelopment of Thiruvananthapuram station.
Rashtriya Chemicals and Fertilizers: The Ministry of Chemicals approved the revised investment worth Rs 2,170 crore by the company in Talcher Fertilizers. Talcher Fertilizers is a JV between the company, GAIL, Coal India, and Fertilizer Corp.
Thomas Cook: The company and SOTC successfully operated their inaugural charter to Bhutan from Bengaluru on April 27 and the flight was operated at 100% capacity. This exceptional delivery underscores the robust demand from Bengaluru and Karnataka for premium destination experiences.
Bajel Projects: The company redesignated MD Rajesh Ganesh as MD and CEO.
IDBI Bank: The company received a tax order worth Rs 349 crore, including interest and penalty, from Maharashtra GST authorities.
PC Jeweller: SBI seeks to withdraw the petition against the company on account of agreed settlement terms.
Capri Global Capital: The company has appointed LV Prabhakar as the chairperson of the board.
Earnings Post-Market Hours
Tata Chemicals (Consolidated, YoY)
Revenue down 21.15% at Rs 3475 crore vs Rs 4407 crore (Bloomberg estimate Rs 3,873 crore).
Ebitda down 54.09% at Rs 443 crore vs Rs 965 crore (Bloomberg estimate Rs 519 crore).
Margin down 914 bps at 12.74% vs 21.89%, (Bloomberg estimate 13.4%).
Net loss at Rs 841 crore vs profit of Rs 692 crore (Bloomberg estimate Rs 182 crore).
Approved funds raise worth Rs 2,000 crore via bonds.
Recommended dividend of Rs 15 per share.
Poonawalla Fincorp (Standalone, YoY)
Total Income up 58.6% at Rs 922 crore vs Rs 581 crore.
Net profit up 83.57% at Rs 332 crore vs Rs 181 crore (Bloomberg estimate Rs 275.5 crore).
Vesuvius India (Standalone, YoY)
Revenue up 23.22% at Rs 453 crore vs Rs 368 crore.
Ebitda up 72.6% at Rs 94.97 crore vs Rs 55.02 crore.
Margin up 599 bps at 20.94% vs 14.95%.
Net profit up 58.72% at Rs 92.22 crore vs Rs 58.1 crore.
Shoppers Stop (Consolidated, YoY)
Revenue up 13.25% at Rs 1046 crore vs Rs 924 crore (Bloomberg estimate Rs 1011 crore).
Ebitda up 7.72% at Rs 167 crore vs Rs 155 crore (Bloomberg estimate Rs 174 crore).
Margin down 81 bps at 15.93% vs 16.74% (Bloomberg estimate 17.2%).
Net profit up 62.55% at Rs 23.18 crore vs Rs 14.26 crore (Bloomberg estimate Rs 3.5 crore).
Birlasoft (Consolidated, QoQ)
Revenue up 1.45% at Rs 1,363 crore vs Rs 1343 crore (Bloomberg estimate Rs 1,369 crore).
EBIT up 3.82% at Rs 201 crore vs Rs 193 crore (Bloomberg estimate Rs 202.3 crore).
Margin up 33 bps at 14.72% vs 14.38% (Bloomberg estimate 14.78%).
Net profit up 11.81% at Rs 180.08 crore vs Rs 161.05 crore, (Bloomberg estimate Rs 164 crore).
Board recommends a final dividend of Rs 4 per share.
Spandana Sphoorty Financial (Standalone, YoY)
Total income up 32.49% at Rs 670 crore vs Rs 505 crore.
Net profit up 5.15% at Rs 122.2 crore vs Rs 116.21 crore (Bloomberg estimate Rs 130 crore).
UCO Bank (Standalone, YoY)
Net profit down 9% YoY at Rs 526 crore vs Rs 581 crore.
NII at up 11% Rs 2,187 crore vs Rs 1,972 crore.
Gross NPA at 3.46% vs 3.85% QoQ.
Net NPA at 0.89% vs 0.98% QoQ.
Board recommends a dividend of Rs 0.28 per share.
Gillette India (YoY)
Revenue up 9.96% at Rs 681 crore vs Rs 619 crore (Bloomberg estimate Rs 660 crore).
Ebitda up 19.91% at Rs 160 crore vs Rs 134 crore (Bloomberg estimate Rs 157 crore.
Margin up 195 bps at 23.55% vs 21.59% (Bloomberg estimate 23.8%).
Net profit down 3.51% at Rs 99.09 crore vs Rs 103 crore. (Bloomberg estimate Rs 104.3 crore).
KFIN Technologies (Consolidated, QoQ)
Revenue up 4.38% at Rs 228.3 crore vs Rs 219 crore.
EBIT up 6.47% at Rs 89.95 crore vs Rs 84.48 crore.
Margin up 77 bps at 39.39% vs 38.62%.
Net profit up 11.43% at Rs 74.46 crore vs Rs 66.82 crore.
Recommends final dividend of Rs 5.75 per share.
Can Fin Homes (YoY)
Total income up 21.37% at Rs 928 crore vs Rs 764 crore.
Net profit up 26.07% at Rs 209 crore vs Rs 166 crore (Bloomberg estimate Rs 206.3 crore).
Board recommended final dividend of Rs 4 per share.
Rossari Biotech (Consolidated, YoY)
Revenue up 16.31% at Rs 473 crore vs 406 crore (Bloomberg estimate Rs 485.4 crore).
Ebitda up 16.62% at Rs 63.57 crore vs Rs 54.51 crore (Bloomberg estimate Rs 66.1 crore).
Margin up 3 bps at 13.44% vs 13.41%, (Bloomberg estimate 13.6%).
Net profit up 17.7% at Rs 34.1 crore vs Rs 28.97 crore (Bloomberg estimate Rs 35.6 crore).
Earnings in Focus
Indian Oil Corp., REC Ltd., Havells India Ltd., Indus Towers Ltd. REC Ltd., Cholamandalam Investment and Finance Co., Indus Towers Ltd., Procter & Gamble Hygiene & Health Care Ltd., Sona BLW and Precision Forgings Ltd., Star Health and Allied Insurance Co., Exide Industries Ltd., Vedant Fashions Ltd., Five-Star Business Finance Ltd., Castrol India Ltd., IndiaMART InterMESH Ltd., Nuvoco Vistas Corp., Newgen Software Technologies Ltd., Gravita India Ltd., Symphony Ltd., Neogen Chemicals Ltd., Adani Total Gas Ltd., Central Bank of India and IFCI Ltd.
GIFT Nifty Trades Above 22,700
Markets in the Asia-Pacific region extended gains to Tuesday, taking cues from overnight gains on Wall Street. Investors await China's manufacturing activity data.
The Nikkei 225 was trading 484.26 points or 1.28% higher at 38,419.02 as of 06:38 a.m. In Japan, market participants speculated that the government might have intervened to support the yen after it surged back from record low against the US Dollar, Bloomberg reported.
The Kospi was 21.35 points or 0.79% higher at 2,708.79, and the S&P ASX 200 was 7.90 points or 0.10% up at 7,645.30 as of 06:41 a.m.
US stocks rose as a solid earnings season kept the market afloat despite bets the Federal Reserve will be forced to leave interest rates higher for longer, Bloomberg said.
The S&P 500 Index and Nasdaq Composite rose 0.32% and 0.35%, respectively as of Monday. The Dow Jones Industrial Average rose 0.38%.
Brent crude was trading 0.10% lower at $88.30 a barrel. Gold was down 0.04% to $2,334.77 an ounce.
The GIFT Nifty was trading 10.50 points or 0.05% higher at 22,781.00 as of 06:40 a.m.
India's benchmark stock indices rebounded from Friday's drop to close nearly 1% higher on Monday, led by a rally in the banking, power and oil and gas sectors.
The Nifty settled 215.10 points, or 0.96%, higher at 22,635.05, and the Sensex rose 941.12 points, or 1.28%, to end at 74,671.28.
Overseas investors turned net buyers of Indian equities on Monday after five consecutive sessions of selling. Foreign portfolio investors mopped up stocks worth Rs 169.1 crore and domestic institutional investors stayed net buyers for the sixth day and bought equities worth Rs 692.1 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed 12 paise weaker against the US dollar at 83.47.
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