· Expects market to on a positive note on account of global cues and strong domestic factors. Impressive quarterly results, domestic bond yield fell to 7-month low, strong domestic buying interest and slowing down FIIs selling and technically Nifty formed a bullish candle on daily frame which will be positive for the market. SGX Nifty is up quarterly after yesterday Sensex reclaim above 60000 level yesterday. Among the global markets, US stocks ended on a mixed bag on Monday with investors looking ahead to a week of earnings from technology companies (Microsoft, Alphabet, Amazon.com and Meta) and a batch of economic data that will help determine whether the Federal Reserve can pause its interest-rate increases soon. US bond yield fell to 1-month low and Dollar Index fell to 2-week low on hope of US Fed to cooling down its aggressive stance on hike in interest rate in the next monthly policy meeting. Microsoft, Alphabet, General Motor and Pepsi to announce quarterly results today. In the domestic front, expects stock specific action in the market. Banking stocks will be focus as Bank Nifty gave a Symmetrical Triangle breakout on daily scale has relatively outperformed the broader market. Moreover, yesterday, 10-year government bond yield fell to 7-month low, which will be positive for banking sectors. PSU Banks will be focus after small cap PSU Bank major Bank of Maharashtra announced strong Q4 results. Expects rally on railway stocks to continue due to Govt. capex allocation for the railway sector is up 14-15% y/y for current financial year. Focus on sugar and Coffee stocks as raw sugar and Coffee price spiked to 11-year and 12-year high in the international market. Focus on FMCG stock after the Coca-Cola chairman James Quincey yesterday told analyst meeting in US that he sees strong growth in India and robust consumption.
· US Market – U.S. stocks closed mixed on Monday as investors stay wary ahead of the earnings reports of big technological companies this week. Dow Jones gained 0.2% while Nasdaq Compote decline 0.3%.
· US listed - First Republic Bank – Stock declined 20% in the post market in US after the news that that its customers withdrew more than $100 billion (nearly $140bn) while earlier expectation was $100bn.
· Global market summary – US 10-Year and 2-Year bond Yield fell by 10bps or 2% to close 1-month low. US Dollar Index fell to 2-week low
· Asian Market – Most stocks in Asia gained and the dollar weakened as investors digested mixed corporate earnings and economic data. Shares opened higher in Japan amid optimism about corporate earnings, and were little changed in South Korea. Hong Kong Index slipped 0.3%.
· European Market – European stock markets were marginally lower in Monday trading. France, UK and Germany Index ended flat to negative. The European Central Bank published the third progress report on the digital euro Monday, including the findings of focus groups commissioned by the central bank concerning the public's views on the features of a potential digital wallet.
· Oil – Brent Crude gained 2% to above $82/bbl with an uncertain demand outlook being partially offset by disruptions to supply from Iraq.
· Gold – Gold gained 1% to above $2000/ounce, as the dollar weakens on investors' growing expectation for a Fed rate cut
· Previous Day market update – Equity benchmark Sensex climbed up over 400 points to close above 60k psychological level after better than expected quarterly results announced by heavyweights ICICI Bank, Reliance Industries. Further, downward movement in the crude oil prices and fall in USDINR to below 82 level boosted the sentiments. Banking, FMCG and IT stocks were major gainers today. Sensex jumped 401 points or 0.70 per cent to reach the 60,000-level and closed the session at 60,056 Nifty ended at 17,743, up 119 points or 070 per cent. HDFC Life, Tata Consumer, Ultratech Cement, ICICI Bank and HDFC were major gainers among the Nifty stocks while Maruti, Dr Reddy, Divi’s Lab and Indusind Bank were major losers. FIIs were net sellers Rs412cr while DIIs were net buyers Rs1177cr Yesterday.
· Nifty Technical Levels - Nifty formed a Bullish candle on daily frame with longer lower shadow indicating support based buying. Now it needs to hold above 17717 zones to witness an up move towards 17777 and 17850 zones while on the downside supports are placed at 17620 and 17550 marks.
· Bank Nifty Technical Levels – Bank Nifty formed a Bullish candle on daily scale as strong momentum was seen in banking space and it ended the day with gains of nearly 520 points. It gave a Symmetrical Triangle breakout on daily scale and has relatively outperformed the broader market. Now it has to hold above 42500 zones for an up move towards 43000 then 43200 levels while on the downside support shift higher 42250 then 42000 zones.
· Actionable BUY –Bank of Baroda, BHEL, Varun Beverage and L&T
· Brokers Radar – Indusind Bank – CLSA TGT at 1500, Morgan Stanley TGT at 1525, Goldman Sachs TGT at 1522, Jefferies TGT at1550, Macquarie TGT at 1510, Citi TGT at 1380. Macro Tech Developers (Lodha) – CLSA TGT at 1048, JP Morgan TGT at 1050 from 1100. Ashok Leyland – HSBC TGT at 145, HDFC Life TGT by Morgan Stanley – Morgan Stanley TGT 650 and Citi TGT at 595
· Events – Mankind IPO open today with price band between Rs1026 to 1080, Asian Grinato board meeting for fund raising.
· Results – Anant Raj, Au Small Finance, Bajaj Auto, Dalmia Bharat, HDFC AMC, Mahindra CIE, Mahindra Life, Mahindra Holiday, Nestle, Nippon Life, Rallis India, Tata Consumers, Tata Steel Long and VST Industries
· Corporate Action - Goyal Aluminum - Stock split from Rs10 to Re1. Achyut Healthcare bonus 1:2
· Global Data – Consumer Confidence, New Home Sales (US), Business Optimism (UK), Consumer Confidence (France).
· Market Summary – IndusInd Bank promoters get in-principal approval to raise stake in co – CEO , Ipca Seeks Control of Smaller Rival Unichem in $224 Million Deal , Adani Group Starts First Bond Buyback After Hindenburg Woes, Cyient to focus actively on India: CEO Karthikeyan Natarajan, Ami Organics to Acquire Majority Stake in Baba Fine Chemicals. Infosys, Aramco in accord to collaborate on HR Technology
· Induind Bank- Promoters of India's IndusInd Bank have received in-principal approval from the country's central bank to increase their stake in the private lender, the bank's chief executive said on Monday. – positive
· Poonawalla Fincorp: Ratings agency Crisil has upgraded its rating on the long-term bank facilities and non-convertible debentures of the company to 'CRISIL AAA/Stable' from 'CRISIL AA+/Stable’. - positive
· Coca-Cola sees strong growth in India, chief lauds resilient economy - India’s economy is resilient and it has a strong job market and robust consumption, James Quincey, chairman and chief executive officer of Coca-Cola, told analysts in his opening remarks after announcing the January-March quarter earnings – expects positive for Varun Beverage.
· JSW Steel - JSW Group in talks with MG Motor India to pick up under 25% stake in the company
· Infosys, Aramco in accord to collaborate on HR Technology – Company announced that it signed a Memorandum of Understanding (MoU) with Aramco, one of the world's leading integrated energy and chemicals companies, to collaborate on accelerating their human resource (HR) technology - Positive
· M&M – Company announcement of the Rs1000cr investment in Telangana that M&M announced in February 2023. With this new facility, the company aims to build a state-of-the art battery assembly line, producing power packs and manufacture electronic as well as drivetrain components for electric 3- and 4-wheelers. Mahindra Bolero SUV breaks sales record: surpasses 1 lakh mark in FY 2023 – positive
· Welspun India – Company to consider share buy-back on April 27 board meeting - Positive
· Crompton Greaves Consumers – Company names Promeet Ghosh as MD and CEO. Company’s CEO Mathew Job resign from April 30 – expects volatile on the stock
· Computer Age Management Services (CAMS) – Company has signed on 75 Alternative Investment Funds (AIF) & Portfolio Management Services (PMS) enterprises since its launch last year to provide smooth digital experience for High Net-worth customers. – positive
· LTTS – LIC of India's (LIC) shareholding in "L&T Technology Services Ltd." has increased from its shareholding from 4.988% to 5.008% of the paid-up capital of the said Company. – Positive
· Mahindra Lifespace – Company to red-develop residential property of 3.68 acre - positive
· Vedanta Resources Pays April Debt; Cutting Gross Debt to $6.8b - Vedanta Resources has paid all its maturing loans and bonds due in April 2023 and has reduced its gross debt by a further $1b to to $6.8b. During the balance of FY24, company believes that strong operational performance with robust commodity prices will lead to further de-leveraging - Positive
· Cyient to focus actively on India: CEO Karthikeyan Natarajan - Technology solutions company Cyient will actively focus on Indian market in the next 3-4 years on the basis of the growth opportunities across segments such as communications, transportation, and new-age verticals like medical, semiconductor, hi-tech, and automotive, etc, the company's chief executive officer Karthikeyan Natarajan told FE in an interaction.- positive
· Route Mobile – Company launches Route Guard, an innovative blockchain based AI and ML solution, with advanced security features to prevent spamming and phishing attacks. - positive
· IPCA Labs – . Company agreed to buy a stake in Unichem Lab stake of 33.38% equity at Rs440 (CMP Rs388) a share worth Rs1030cr from one of its founders, and made an open offer for further shares as the Indian drug maker looks to expand its product range in select markets. The firm also made an open offer for as much as 26% more worth Rs805cr of Unichem shares at the same price per share. – positive
· Ajmera Realty – Company has acquired a land parcel measuring 5,017 sq. mtrs. in Vikhroli East in Mumbai from Tata Communications in a bidding process at a price of Rs 76 crore – positive
· Century Textiles – Company’s real estate arm of the Aditya Birla Group housed acquired prime land parcel in South Mumbai’s upmarket residential area of Walkeshwar at Malabar Hill. The luxury project will hold a revenue potential of over Rs 600 crore. – positive
· Bharti Airtel - Company partnered with Secure Meters to deploy Narrow Band (NB-IoT) services that will power 1.3 million homes in Bihar through a smart meter solution. This will be India’s first NB-IoT service with a fall-back option of 2G and 4G to ensure continuous connectivity. – positive
· Wardwizard Innovations – Major electric two-wheelers under the brand name "Joy e-bike', commenced the deliveries of their New electric two wheeler MIHOS and electric three wheeler Joy e-rik in the phased manner across Gujarat and Maharashtra with price range Rs3,40,000 (ex-showroom) – positive
· Maruti Suzuki - Company starts retail sales of its new sporty compact SUV, FRONX, from NEXA at a starting price of Rs7 46 500. Conceptualized, designed, and developed for young trailblazers, the FRONX stands out with its modern SUV design, spirited performance, and a tech-loaded premium persona. – positive
· Nykaa – Company announces new senior appointments to drive its Next Phase of Growth. Rajesh Uppalapati has joined as the Chief Technology Officer. Having worked for Amazon for 20 years across different roles – positive
· Electronics Mart India – Company commences 9800 sq. ft. new store at Zaheerabad, Telangana – positive
· Bank of Maharashtra – Company approves fund raising worth Rs7500cr via QIP/FPO/Bonds – Positive
· Zydus Life – Company has received final approval from the USFDA for Icosapent Ethyl Capsules. It had annual sales of USD 1,316 mn in the United States (IQVIA MAT Feb. 2023). – Positive
· Adani Group Starts First Bond Buyback After Hindenburg Woes - Adani Ports said it plans to buy back as much as $130 million or Rs1066.8cr of its July 2024 bonds and similar amounts in each of the next four quarters, as it tries to show that its liquidity position is comfortable.
· Ami Organics to Acquire Majority Stake in Baba Fine Chemicals - Ami Organics secured its board's approval to acquire a 55% stake in specialty chemicals manufacturer Baba Fine Chemicals for Rs68.2cr. The acquisition will mark Ami Organics' entry into the semiconductor industry – Positive
· Bank of India – Company appointed Pinapala Hari Kishan as chief risk officer of the bank with effect from Friday – positive
· Dividend - Tamilnad Mercantile Bank Rs5, Bank of Maharashtra Rs1.30, Indusind Bank dividend Rs14, Eimcon Elecon Rs5, Shri Bajrang Rs4, Maharashtra Scooter Rs60
· Oil India –Rating agency, Fitch Ratings has affirmed Oil India Limited's (OIL) on its outstanding senior unsecured debt at 'BBB-'. The Outlook on the IDRs is Stable. – positive
· Indusind Bank Q4 Net profit Rs2040cr (up 49.9% YoY) – Expectation Rs2110cr, Provision Rs1030cr (down 2.8%% QoQ) – expectation Rs1010cr, GNPA 1.98% vs 2.06% (QoQ) – expectation 1.90%, NPA at 0.59% vs 0.62% (QoQ) – expectation 0.6%, other income Rs2150cr (up 13% YoY) – expectation Rs2170cr and NII Rs4669.4cr (up17.17% YoY) – expectation Rs4750cr.
· Tamilnad Mercantile Bank Q4 Net profit Rs253cr (up 11.5% YoY), Provision Rs57.18cr (up 74% QoQ), GNPA 1.39% vs 1.70% (QoQ), NPA at 0.62% vs 0.75% (QoQ), Operating profit Rs404cr (down 5.2% YoY) and NII Rs527.2cr (up 11% YoY)
· Bank of Maharashtra Q4 Net profit Rs840cr (up 137% YoY), Provision Rs945cr (up 62% QoQ), GNPA 2.47% vs 2.94% (QoQ), NPA at 0.25% vs 0.47% (QoQ), Operating profit Rs1860cr (up 58% YoY) and NII Rs1612cr (up 35.7% YoY)
· Mahindra Logistics – Higher depreciation and interest expense drag profitability. Company reported Q4 Revenue grew by 17% YoY to Rs1270cr – expectation Rs1377cr, EBITDA increased 24% YoY to Rs63.70cr – expectation Rs66.30cr, EBITDA margin came in at 5.0% (v/s our estimate of 4.8%) and The company reported loss of Rs82 lakh v/s Rs7.4cr (YoY) - estimate of APAT Rs5.3cr
· Century Textiles - Revenue down 0.18% at Rs 1,208.54 crore, Ebitda down 3.63% at Rs 61.58 crore, Ebitda margin at 5.1% vs 5.28%, Net profit up 68.78% at Rs 145.27 crore . The company received net gain of Rs 134.21 crore as exceptional item during the quarter
· IIFL Securities Q4 FY23 (Consolidated, YoY) - Revenue up 15.9% at Rs 401.9 crore, Ebitda up 21.13% at Rs 151.77 crore, Ebitda margin at 37.76% vs 36.13%, Net profit up 9.36% at Rs 86.34 crore
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