ASHOK LEYLAND Q4 RESULT

ASHOK LEYLAND Q4 Result 

NET PROFIT 7.51B RUPEES VS 9.01B (YOY); 3.61B (QOQ)

REVENUE 116.26B RUPEES VS 87.44B (YOY); 90.30B (QOQ) 

EBITDA 12.76B RUPEES VS 7.76B (YOY)

EBITDA MARGIN 10.98% VS 8.87% (YOY)

*CO RECOMMENDED A DIVIDEND OF 2.60 RUPEES PER SHARE*

Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

◆ Nifty index opened flattish and witnessed buying interest throughout the day and it went on to touch 18335 zones. The second half of the session was comparatively range bound and it finally closed with gains of around 110 points. Buying at support zones continued from its previous session and it remained afloat. It formed a Bullish candle on daily scale and negated its lower highs formation of the last four sessions

◆ Now it has to hold above 18281 zones, for an up move towards 18400 and 18442 zones while on the downside support exists at 18181 and 18081 zones

◆ India VIX was up by 2.20% from 12.30 to 12.57 levels. Volatility was slightly high during the day but overall lower levels continued comforting the bulls at support zones

◆ On Option front, monthly Maximum Call OI is at 18500 then 18300 strike while Maximum Put OI is at 18200 then 18000 strike. Call writing is seen at 18500 then 18300 strike while meaningful Put writing is seen at 18200 then 18300 strike. Option data suggests a broader trading range in between 18000 to 18500 zones while an immediate trading range in between 18150 to 18450 zones

◆ Bank Nifty opened on a flattish note but failed to hold 44000 zones and drifted gradually towards 43700 zones in the latter part of the session. Some recovery was seen from lower zones in the last hour but it relatively underperformed the broader market to close with marginal losses of around 80 points. It formed a small bodied candle on daily scale as buying is visible at lower zones while multiple hurdles are intact at higher levels. Index has got stuck in between 43333 to 44144 zones from the past seven sessions and follow up is missing on either side

◆ Now it has to continue to hold above 43750 zones for an up move towards 44144 then 44250 zones while on the downside support is seen at 43500 then 43333 levels

◆ Bullish setup in Balkrisind, Ambuja Cement, Ramco Cement, BEL, Mphasis, Persistent, Techm, LTTS, TCS, Coforge, Hcltech, Bsoft, Cumminsind, DLF, IOC, AU Bank, Apollo Tyre, ITC, HAL, Maruti and M&M 

◆ Bearish setup in Siemens, Alkem and UBL

Pre- Market analysis 23th May

Pre- Market analysis 23th May

-  Bulls have dominated and Indian equity markets rallied 2nd consecutive day

-  Nifty was opened 18200 and rallied up to 18335

-  Sensex was up 234 points or 0.38% at 61,963.68

- Nifty was up 111 points or 0.61% at 18,314.4

-  Adanient & Adaniports have contributed around 60 points to lift the index

-  midcap index added 0.7 percent and the smallcap index 0.4%

- BPCL net profit zooms 159% YoY to Rs 6478 crore

-  FIIs net bought 922 crore while DIIs net bought 605 crore on May 22

- NCLT (Natioanal Company Law Tribunal) has ordered to NSE BSE to revies Sony-Zee merger

-  VEDL declared first interim dividend of Rs 18.50 for FY 2024. Record date of May 30

- VEDL already paid interim dividend os Rs 101.50 through FY 2023-2024

-  US president & Speaker MCCarthy meeting ends with no deal on debt ceilling

-  US Futures higher following a mixed close for the cash market

- Dow declined 0.42%, Nasdaq added 0.5% and S&P500 ended flat note

- US VIX ended 17.20

- US 10-year yield rises to 3.72%

-  Crude inches higher on rise in US gasoline futures

-  Brent crude above $76/bbl

- Gold prices fall to $1960/oz as FED Hawkish comments on weigh dollar

- Asian markets higher in early morning

- Nikkei & Kospi higher 0.5% and Hangseng at flat note

STOCKS IN ACTION 23 May

STOCKS IN ACTION 23 May

Torrent Power: The board of the company will consider raising Rs 3,000 crore via private placement of non-convertible debentures, along with the financial results for the March quarter and a final dividend for financial year 2022-23.

CENTURY TEXTILES: BOARDMEET Today 

Consider Fund Raising worth Rs 400 Crores Via NCDs

AXITA COTTON: BOARDMEET Today 

Consider BuyBack Proposal

ITI bags an Advance Purchase Order (APO) worth Rs. 3,889 cr from BSNL for its 4G rollout

Astra Microwave joint venture (JV) company, Astra Rafael Comsys, bags an order of Rs 158 cr from Defence Public Sector Undertaking (DPSU) for supply of Software Defined Radio (SDR)

JSW Steel | NCLT approves resolution plan of JSW Steel Coated Products For National Steel & Agro Industries Limited (NSAIL)

JSW Steel & JFE Steel agree to establish cold rolled grain oriented electrical steel manufacturing JV in India

IGL accepts authorisation for Noida Geographical Area (GA) without prejudice

Co has filed appeals against Petroleum & Natural Gas Regulatory Board (PNGRB) order in respect of Faridabad and Gurugram GAs

Alert: On Apr 25, PNGRB released its order regarding authorisation for Noida & Gurugram GAs

TELECOM DATA - MARCH 

RelianceJio added 30.5 Lakh mobile subscribers

BhartiAirtel onborded 10.37 Lakh mobile subscribers

VodafoneIdea lost 12.12 Lakh wireless users

MTAR TECHNOLOGIES: Alert Bloom Energy to host investor conference Tomorrow 

Vedanta: The company announced the first interim dividend of Rs 18.50 per share for the financial year 2023-24, with a total outgo of Rs 6,877 crore.

Coal India: The Joint Bipartite Committee for the Coal Industry signed the National Coal Wage Agreement for the period five years, effective July 1, 2021. The company has made provisions to the tune of Rs 9,252.24 crore for this effect for 21 months from July1, 2021 to March 31, 2023. The final impact of this is not likely to be significant.

MAX HEALTHCARE: Large Trade

GQG PARTNERS EMERGING MARKETS EQUITY FUND

BUY 75,50,000 Shares @ Rs 549.7/ Share

MATRIMONY: Large Trade

CARNELIAN ASSET ADVISORS PRIVATE LIMITED

BUY 135,495 Shares @ Rs 560/ Share 

KOKUYO CAMLIN: Large Trade 

EQUITY INTELLIGENCE INDIA PRIVATE LIMITED

BUY 540,000 Shares @ Rs 105.79/ Share

GLAND PHARMA: Large Trade 

MORGAN STANLEY INVESTMENT FUNDS EMERGING MARKETS EQUITY FUND

SOLD 960,271 Shares @ Rs 930.69/ Share

BPCL Q4 Result

BPCL Q4 Result 

NET PROFIT 64.78B RUPEES VS 19.59B (QOQ); 21.3B (YOY) 

REVENUE 1.33T RUPEES VS 1.33T (QOQ); 1.24T (YOY) 

EBITDA 111.5B RUPEES VS 42.33B (QOQ)

EBITDA MARGIN 8.36% VS 3.18% (QOQ)

*CO RECOMMENDED DIVIDEND OF 4 RUPEES PER SHARE*

GUJARAT ALKALIES & CHEMICALS Q4 Result

GUJARAT ALKALIES & CHEMICALS Q4 Result

NET PROFIT 710M RUPEES VS 2.2B (YOY); 872M (QOQ)

REVENUE 11.38B RUPEES VS 11.4B (YOY); 11.2B (QOQ) 

EBITDA 2.43B RUPEES VS 3.5B (YOY)

EBITDA MARGIN 21.31% VS 30.69% (YOY)

*CO RECOMMENDED FINAL DIVIDEND OF 23.55 RUPEES PER EQUITY SHARE*

UPI transactions

837X rise in UPI transactions between April 2020 - April 2023 (Value in Rs. Crores):

April 2023: 1415505

April 2022: 983573

April 2021: 493664

April 2020: 151141

(RBI)

Derivatives update

*Derivatives update*

Good morning !! Derivatives update for Monday, 20 May 2023.

India VIX was down by 3.91% from 12.79 to 12.30 levels. Volatility sunk during the day and paved way for the bulls in the market at support zones.

Nifty *Put/Call Ratio* (OI) increased from 0.93 to 1.01 level. 

On Option front, monthly Maximum Call OI is at 18200 then 18500 strike while Maximum Put OI is at 18200 then 18000 strike. Call writing is seen at 18450 then 18400 strike while minor Put writing is seen at 18100 then 18000 strike.

*Option data suggests a broader trading range in between 17900 to 18400 zones while an immediate trading range in between 18050 to 18350 zones.*

For weekly Bank Nifty, Maximum Put OI is at 43000 then 44000 strike and maximum Call OI is placed at 44000 then 44500 strike. We have seen Call writing 46000 and Put writing is witnessed at 44000 strike. 

Bank Nifty Put Call Ratio increased from 1.01 to 1.15. Implied volatility fell from 14.4 to 13.2 levels.

Bank Nifty (CMP 43,969.4)

Data setup for Bank Nifty suggests a trading range in between *43333/43500 to 44144/44250 zones.*

Looking ahead at the FII’s derivatives activity, there was short built up in index futures, call & put selling in index options and long built up in stock futures.

In the cash market, FIIs were net sellers to the tune of 113 crores while DII’s were net buyers worth 1071 crores. FIIs Index Long Short Ratio decreased to 47.64%.

Derivatives data and price set up suggests, Nifty has to hold above 18181 zones, for an up move towards 18333 and 18442 zones while on the downside supports exist at 18081 and 18018 zones.

Bank Nifty has to hold above 43750 zones for an up move towards 44144 then 44250 zones while on the downside support is seen at 43500 then 43333 levels.

Thank you. Have a great trading day and week ahead..!!

Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

◆ Nifty index opened positive and fell steeply in the first half of the session to touch intraday low of 18060 and was followed by recovery throughout the day. Buying interest was ignited at 18081 zones and it touched high of 18218 zones to finally close with gains of around 70 points. It formed a Bullish hammer on daily scale with longer lower shadow indicating buying at support zones. It formed a Bearish candle on weekly frame but has been forming higher highs from the last eight weeks which suggests supports are gradually shifting higher

◆ Now it has to hold above 18181 zones, for an up move towards 18333 and 18442 zones while on the downside supports exist at 18081 and 18018 zones

◆ India VIX was down by 3.91% from 12.79 to 12.30 levels. Volatility sunk during the day and paved way for the bulls in the market at support zones

◆ On Option front, monthly Maximum Call OI is at 18200 then 18500 strike while Maximum Put OI is at 18200 then 18000 strike. Call writing is seen at 18450 then 18400 strike while minor Put writing is seen at 18100 then 18000 strike. Option data suggests a broader trading range in between 17900 to 18400 zones while an immediate trading range in between 18050 to 18350 zones

◆ Bank Nifty opened gap up by 150 points near 43950 zones but failed to hold its opening gains and drifted swiftly towards 43500 zones in the initial hour of the session. Later on it remained consolidative in narrow range of 100 points but recovered its intraday losses and extended its momentum towards 44000 zones. It formed a Bullish Pin Bar candle with long lower shadow on daily scale which suggests buying is visible at lower zones but facing multiple hurdle near 44050 zones from the past few sessions. On weekly structure, it formed a small bullish candle and higher highs - higher lows structure is intact from the past eight weeks

◆ Now it has to hold above 43750 zones for an up move towards 44144 then 44250 zones while on the downside support is seen at 43500 then 43333 levels

◆ Bullish setup in DLF, Tata Motors, Adani Ent, Adani Ports, Bsoft, Coforge, Indhotel, Infy, Mphasis, LTIM and Ramco Cement

◆ Bearish setup in ABFRL, AB Capital, Astral, Auropharma, Bandhan Bank, Britannia, Divis Labs, Siemens and Zyduslife

STOCKS IN ACTION 22 May

STOCKS IN ACTION 22 May

Dilip Buildcon: The company has been selected as the L-1 bidder for construction of Malhargarh pressurized micro lift major irrigation project on turnkey basis by Water Resource Department in the state of Mandsaur, Madhya Pradesh at a cost of Rs 699.03 crore.

NTPC: NTPC Green Energy, the renewable arm of the company, signed an MoU with HPCL Mittal Energy under which it will supply 250 MW green energy to the latter, according to a statement by NTPC. Both companies will explore opportunities in production of green hydrogen, green ammonia and green methane.

NDTV: The company’s stock has been moved out of long-term additional surveillance measure framework by BSE and National Stock Exchange.

Piramal Pharma: The U.S. FDA completed the good manufacturing practices and pre-approval inspection of the company’s Pithampur facility with no Form 483 observations.

Shreyas Shipping and Logistics to delist from exchanges: BSE

Zomato appoints Rakesh Ranjan as CEO of Food Ordering & Delivery Business, Rinshul Chandra as COO of Food Ordering & Delivery Business & Rishi Arora as CEO of Zomato Hyperpure

JSW Steel board elevates Jayant Acharya as MD & CEO for 5 years

Gajraj Singh Rathore appointed as Whole-time Director designated as Chief Operating Officer

Zee Entertainment Enterprises/IDBI Bank: The Mumbai bench of the National Company Law Tribunal has dismissed the application by IDBI Bank to initiate insolvency proceedings against Zee Entertainment.

Aurobindo Pharma: The U.S. FDA has issued a Form 483 with four observations after inspecting the company’s Unit XIV, an API non antibiotic manufacturing facility situated at Paravada Industrial Area, in Anakapalli, Andhra Pradesh.

positive returns in PSB

All PSBs have given positive returns in the last one year.

1. UCO Bank +130%

2. PSB +100%

3. Bank of Maha. +96%

4. UBI +95%

5. BOB +89%

6. Indian Bank +88%

7. BOI +74%

8. PNB +68%

9. Canara Bank +59%

10. Central Bank +52%

11. IOB +42%

12. SBI +28%

19-05-2023

Largest companies by country (market cap)

Largest companies by country (market cap):

🇦🇷Argentina → MercadoLibre

🇦🇺Australia → BHP Group

🇦🇹Austria → Verbund AG

🇧🇪Belgium → Anheuser-Busch Inbev

🇧🇷Brazil → Petrobras

🇰🇭Cambodia → Sihanoukville Autonomous

🇨🇦Canada → Royal Bank Of Canada

🇨🇱Chile → Sociedad Química y Minera

🇨🇳China → Tencent

🇩🇰Denmark → Novo Nordisk

🇫🇮 Finland → Nordea Bank

🇫🇷France → LVMH

🇩🇪Germany → SAP

🇬🇷Greece → OTE Group

🇭🇰Hong Kong → AIA

🇮🇹Italy → Enel

🇮🇸 Iceland → Alvotech

🇮🇩Indonesia → Bank Central Asia

🇮🇳India → Reliance Industries

🇮🇪Ireland → Accenture

🇮🇱 Israel → Mobileye

🇯🇵Japan → Toyota

🇱🇺Luxembourg → ArcelorMittal

🇲🇾Malaysia → Maybank

🇲🇽Mexico → Walmex

🇳🇱Netherlands → ASML

🇳🇿New Zealand → Fisher & Paykel Healthcare

🇳🇴Norway → Equinor

🇵🇱Poland → PKN Orlen

🇵🇹Portugal → EDP Group

🇷🇺Russia → United Heavy Machinery

🇸🇦Saudi Arabia → Saudi Aramco

🇸🇬Singapore → DBS Group

🇿🇦South Africa → Naspers

🇰🇷South Korea → Samsung

🇪🇸Spain → Inditex

🇸🇪Sweden → Atlas Copco

🇨🇭Switzerland → Nestlé

🇹🇼Taiwan → TSMC

🇹🇭Thailand → Airports of Thailand

🇹🇷Turkey → Sasa Polyester

🇦🇪UAE → International Holding Company

🇬🇧UK → AstraZeneca

🇺🇸US → Apple

PI INDUSTRIES Q4 Result

PI INDUSTRIES Q4 Result 

NET PROFIT 2.79B RUPEES VS 2.05B (YOY); 3.5B (QOQ)  

REVENUE 15B RUPEES VS 13.4B (YOY); 15.7B (QOQ)  

EBITDA 3.34B RUPEES VS 302M (YOY) 

EBITDA MARGIN 22.19% VS 22.4% (YOY)

*CO RECOMMENDED FINAL DIVIDEND OF 5.50 RUPEES PER EQUITY SHARE*

RBI: 2000 RUPEE DENOMINATION

RBI: 2000 RUPEE DENOMINATION BANKNOTES – WITHDRAWAL FROM CIRCULATION; WILL CONTINUE AS LEGAL TENDER

RBI: IT HAS BEEN DECIDED TO WITHDRAW THE 2000 RUPEES DENOMINATION BANKNOTES FROM CIRCULATION || RBI: THE BANKNOTES IN 2000 RUPEES DENOMINATION WILL CONTINUE TO BE LEGAL TENDER

RBI: BANKS MAY EXCHANGE 2000 RUPEES BANKNOTES UPTO A LIMIT OF 20,000 RUPEES AT A TIME

RBI SAYS 2000 RUPEE NOTES NOT COMMONLY USED FOR TRANSACTIONS || RBI SAYS OTHER CURRENCY DENOMINATIONS ADEQUATE TO MEET CURRENCY NEEDS OF PUBLIC

RBI: ALL BANKS SHALL PROVIDE DEPOSIT AND/OR EXCHANGE FACILITY FOR 2000 RUPEE BANKNOTES UNTIL SEPTEMBER 30, 2023

RBI: NO RESTRICTIONS ON DEPOSIT OF 2000 RUPEES NOTES INTO BANK ACCOUNTS

Nifty : Important Technical Update

Nifty : Important Technical Update

4 BEARS found on the chart, but unable to significantly dampen the charts as of now.

The index is still stuck in a range 18050-18450

BANKNIFTY

BANKNIFTY 

43850 level will act as a median. If price gave closed below this level then only can take short trades till 43700 then 43500.

Nifty50

Nifty50 

Upside hurdles at 18180 then 18250 level

Downside supports at 18100 the 18000

Derivatives update

*Derivatives update*

 Derivatives update for Friday, 19 May 2023.

India VIX was down by 2.33% from 13.10 to 12.79 levels. Volatility had sunk in the initial tick but later spiked and caused swings in the market.

Nifty *Put/Call Ratio* (OI) increased from 0.83 to 0.93 level. 

On Option front, monthly Maximum Call OI is at 18200 then 18300 strike while Maximum Put OI is at 18200 then 18000 strike. Call writing is seen at 18200 then 18300 strike while minor Put writing is seen at 18100 then 18000 strike.

*Option data suggests a broader trading range in between 17900 to 18400 zones while an immediate trading range in between 18000 to 18300 zones.*

For weekly Bank Nifty, Maximum Put OI is at 42000 then 43000 strike and maximum Call OI is placed at 44000 then 44500 strike. We have seen Call writing 44000 and Put writing is witnessed at 40000 strike. 

Bank Nifty Put Call Ratio increased from 0.83 to 1.01 Implied volatility fell from 14.6 to 14.4 levels.

Bank Nifty (CMP 43,752)

Data setup for Bank Nifty suggests a trading range in between *43333/43500 to 44000/44144 zones.*

Looking ahead at the FII’s derivatives activity, there was long built up in index futures, position unwinding in index options and short built up in stock futures.

In the cash market, FIIs were net buyers to the tune of 970 crores while DII’s were net sellers worth 850 crores. FIIs Index Long Short Ratio increased to 49.06%.

Derivatives data and price set up suggests, till Nifty holds below 18181 zones, some more profit booking could be seen towards 18081 and 18018 zones while on the upside hurdle exists at 18218 and 18333 marks.

Till Bank Nifty holds below 44000 zones, bounce could be sold for some weakness towards 43500 then 43333 levels while on the upside hurdle is seen at 44000 then 44144 marks.

Thank you. Have a great trading day and weekend ahead..!!

Pre-Market Derivatives and Technical Set-up

*Pre-Market Derivatives and Technical Set-up*

◆ Nifty index opened gap up but witnessed selling pressure right from the initial tick. It witnessed swings within a small range in the first half of the session followed by bear’s grip in the next half. It breached its previous day’s lower zones and drifted towards 18100 levels. It is facing pressure at higher zones with third consecutive Bearish candle and finally closed with losses of around 50 points

◆ Now till it holds below 18181 zones, some more profit booking could be seen towards 18081 and 18018 zones while on the upside hurdle exists at 18218 and 18333 marks

◆ India VIX was down by 2.33% from 13.10 to 12.79 levels. Volatility had sunk in the initial tick but later spiked and caused swings in the market

◆ On Option front, monthly Maximum Call OI is at 18200 then 18300 strike while Maximum Put OI is at 18200 then 18000 strike. Call writing is seen at 18200 then 18300 strike while minor Put writing is seen at 18100 then 18000 strike. Option data suggests a broader trading range in between 17900 to 18400 zones while an immediate trading range in between 18000 to 18300 zones

◆ Bank Nifty opened gap up by 300 points above 44000 zones but failed to hold its opening gains and remained consolidative in narrow range of 200 points in the first half of the session in between 43850 to 44050 levels. However it breached its hourly support of 43800 zones and drifted swiftly towards 43675 levels and remained volatile to close near 43750 zones. It formed a Bearish candle on daily scale as selling pressure was seen at higher zones

◆ Now till it holds below 44000 zones, bounce could be sold for some weakness towards 43500 then 43333 levels while on the upside hurdle is seen at 44000 then 44144 marks

◆ Bullish setup in Cholafin, Au Bank, Ramco Cement, Bhartiartl, Berger Paint, Pidilitind and Axis Bank

◆ Bearish setup in Metropolis, Gail, Granules, Suntv, Divislabs, Indus Tower, Can Bank, ACC, Shree Cement, RBL Bank, Hindpetro, Alkem, Rain, Bharatforg, SRF, Jindalstel, NMDC, Powergrid, Drreddy and Grasim

News and Impact

News and Impact 

 

 

·      Expects markets to open on a positive note on account of rally in the across the global market as hope grew for a U.S. debt ceiling deal. Optimism for a US debt-ceiling deal, fall in US Job data along with Housing data and better than expected Walmart results lifted Nasdaq by 1.5% to close at 13-month high and S&P 500 advance 1% to close 9-month high. Markets expect that Fed will start cutting interest rates in the second half of the year after the US existing Home Sales decreased by 3.4% month-over-month in April. On the other hand, US House Speaker Kevin McCarthy said a debt-limit deal will likely be considered on the House floor next week and told reporters discussions were in a “much better place” than before. A positive earnings outlook from consumer bellwether Walmart Inc. also added fuel in the market sentiment. However, US dollar Index surged to 2-month high and spiked in US 10-year and 2-year bond yield is a concern in the market. Asian markets open on a positive note and marginally gain US Future. SGX Nifty advance quarter percent today. Yesterday, Nifty declined over half percent from the intra-day high and fell in the last three trading sessions on account of profit booking. Strong FIIs inflow, good quarterly results and impressive micro data will be positive for the market sentiment. Recent fall (Sensex declined 900 points last 3-day) is a good opportunity to buy on domestic equity. We are positive on banks, auto, NBFC and defense stocks. Both SBI and ITC announced impressive Q4 results yesterday. Defense stocks will be focus after the news that the HDFC Mutual Fund will launch India's first defence fund.

 

·      US Market –. US stocks closed higher on mounting optimism that a debt ceiling deal could be reached within days, with discount retailer Walmart providing additional support after an upbeat

·      annual sales forecast. Nasdaq Composite surged 1.5% to close 13-month high while S&P 500 gained nearly 1% to close 9-month high

 

·      Global market summary – Nasdaq closed 13-month high, S&P 500 closed 9-month high, US Dollar Index spiked to 2-month high of above 103, US 10-Year yield surged to 1-month high at 3.63 and over 1-month high of 4.21%. Gold price fell to 6-week low, Japan CPI spiked to 40-year high at 3.4%

 

·      Asian Market – Asian stocks advanced alongside US equity futures on rising hopes that lawmakers in Washington will avert a first-ever US default. Shares in Japan, Australia and South Korea all edged higher by half percent. The advance for the Topix Index placed the gauge of Japanese blue chips on course for its best week since November and a fresh 33-year high.

 

·      European Market –  European stocks bounced after two days of losses following Wednesday’s gains on Wall Street, as investors were optimistic about a breakthrough in US debt-ceiling talks.  Both Germany and France Index gained 1% higher while UK Index gained 0.3%.

 

·      Oil –  Oil declined marginally to below $76/bbl headed on account of slowdown in the global demand and optimism that the US will avert a catastrophic debt default.

 

·      Gold –  Gold declined 2% to 6-week low at $1955/ounce (fell to below 20-DMA) as traders tracked talks to resolve the US debt-ceiling impasse and dissected comments from a slew of Federal Reserve officials on the outlook for interest rates.

 

·      Previous Day market Update –Equity benchmark Nifty reverse the intra-day gain and declined for third trading sessions on account of profit in heavyweights ITC, SBI, L&T, Hindustan Unilever and Maruti. Nifty dropped 52 points or 0.3% to end at 18,130 while touched intra-day high of 18297. PSU Bank Index slipped nearly 2% after the banking major SBI announced Q4 results. FMCG index slipped over 1% lower after ITC announced Q4 result which was in line with expectation. Nifty realty index nosedived over 2% followed by pharma, mid-cap and small cap sectors. Sensex declined 129 points or 0.21% to settle at 61,432. Sensex fell 900 points or 1.5% in the three trading sessions. Traders were booking profit from the higher level after announced mixed bag of quarterly results and lingering concerns about a standoff in US debt-ceiling negotiations. FIIs were net buyers Rs970cr while DIIs were net sellers Rs850cr yesterday.

 

·      Nifty Technical Levels -  Nifty is facing pressure at higher zones with third consecutive Bearish candle and finally closed with losses of around 50 points. Now till it holds below 18181 zones, some more profit booking could be seen towards 18081 and 18018 zones while on the upside hurdle exists at 18218 and 18333 marks.

 

·      Bank Nifty Technical Levels – Bank Nifty breached its hourly support of 43800 zones and drifted swiftly towards 43675 levels and remained volatile to close near 43750 zones. It formed a Bearish candle on daily scale as selling pressure was seen at higher zones. Now till it holds below 44000 zones, bounce could be sold for some weakness towards 43500 then 43333 levels while on the upside hurdle is seen at 44000 then 44144 marks.

 

·      Actionable BUY – Lemon Tree Hotel, Manyavar, Hudco, Ramco Cement

 

·      Brokers Radar –  SBI – CLSA TGT at 725, Morgan Stanley TGT at 715,  JP Morgan TGT at 730, Goldam Sachs TGT at 746, CITI TGT at 710, Macquarie TGT at 695. ITC – Morgan Stanley TGT at 474 from 415, JP Morgan TGT at 425, Jefferies TGT at 520, Nomura TGT at 485 and Goldman Sachs TGT at 470

 

·      Events – Nexus Trust listing today and subscribed over 5 times,  Manyavar or Vedant Fashion OFS for retail segment at Rs1161, G-7 meeting at Japan

 

·      Results –  Abbott India, Alkem Labs, CG Consumers, Dalmia Sugar, Glenmark Pharma Godrej Industries, JSW Steel, Kirloskar Oil, Minda Corp, Motherson SWI, NTPC, Power Grid, Route Mobile, Taj GVK and Zomato.

 

·      Corporate Action  - Home First Finance Rs2.60, Shree Ram Proteins – stock split from Rs10 Re1, Tata Consumers Rs8.45

 

·      Global Data – Consumers Confidence (UK), PPI (Germany). 

 

·      Market Summary – United Spirits announced impressive quarterly results, USDINR surges to 2-month high at above 82, Everstone in talks to sell 41% stake in India's Burger King franchisee, GAIL, Indigo announced lower than expected Q4 results, ITC and SBI reported in line with expected Q4 results, Ramco Cement announced strong Q4 results,  Zydus Life reported impressive Q4 results, Reliance Retail partnership with  China retail giant Shein, Manyavar's Non-retail OFS fully subscribed nearly 2.2 times more bids

 

·      USDINR - The rupee surged by 25 paise to close at 82.62 against the US currency on Thursday, weighed down by a strong greenback in the overseas market and a negative trend in domestic equities – Rising USDINR is a concern in the market

 

·      Reliance Industries - Reliance Retail is set to bring back Chinese fashion giant Shein to India through a strategic partnership, more than two years after the latter’s app was banned by the Indian government – positive

 

·      Nazara Technologies: Nazara Technologies' subsidiary NODWIN Gaming on Thursday announced that it has signed a definitive to raise $28 million crore from new and existing investors - Positive.

 

·      Wipro – Company in 5-year business partnership with Servicenow – positive

 

·      REC: REC is set to significantly expand its loan book under the renewable energy (RE) portfolio, aiming for Rs2.4 lakh crore by the financial year 2030.

 

·      Manyavar's Non-retail OFS update - The offer for sale (OFS) launched by Vedant Fashions,

·      that operates ethnic wear brand Manyavar, garnered nearly 2.2 times more bids than the shares on offer. The floor price for the OFS has been set at Rs 1,161 – Today for Retail segment

 

·      Rail Vikas Nigam (RVNL) – Company – NHAI JV to build multi model logistic parks – positive

 

·      Restaurant Brands Asia – Restaurant Brands Asia  (RBA) - Media reports that a consortium of private-equity firms, including Advent and General Atlantic, and Jubilant Foodworks are among entities in talks to buy Everstone’s entire 41% stake in Restaurant Brands Asia. – Stock gained 14% yesterday.

 

·      NDTV To Launch Nine News Channels In Different Indian Languages -  Company has approved a proposal to seek permission of Ministry of Information and Broadcasting for launch of nine news channels in different Indian languages in phases. – Positive

 

·      Tata Elxsi: Tata Elxsi Ltd on Thursday reported a 26% year-on-year rise in its net profit for the fiscal's fourth quarter ended March (Q4FY23) to ₹201.5 crore. The Tata Group company had reported a profit of ₹160.01 crore in the year-ago period. The company's revenue from operations for Q4FY23 rose 23% on year to ₹838 crore from ₹681.7 crore

 

·      BPCL – Company has entered into a strategic Memorandum of Understanding (MOU) with Aspen Technology Inc., USA. This partnership aims to integrate Aspen Tech's process simulation solution with BPCL's BPMARRK® software, enabling the generation of complete assay data within a fraction of the time it would traditionally take using laboratory methods. – Positive

 

·      K&R Rail Engineering – Company has received a work order, from M/s. JK Cement Limited for the Design and Survey work of Railway Siding Project at Muddapur in Bagalkot District of Karnataka State valued at more than Rs.300 Crores.- positive

 

·      Bharti Airtel – Company announced that it has surpassed the 2 million unique 5G user mark on its network in Tamil Nadu. – positive

 

·      Nippon Life – Company announced the appointment of Mr. Ashish Chugani as the Head of Alternative Assets for its AIF business. - positive

 

·      GAIL – Company expects to get four liquefied natural gas cargoes each in May and June from Germany’s SEFE Marketing and Trading. The Singapore unit of SEFE Marketing, formerly known as Gazprom Marketing & Trading Ltd., had stopped supplies under a long term contract to GAIL since mid-2022.  Company is planning capital expenditure of Rs10000cr ($1.2 billion) in FY24 and expects 6-7% growth in India gas demand in the financial year ending March 2024 – long term positive

 

·      Vedanta: The company’s board will meet on May 22 to consider the first interim dividend for fiscal 2023–24. The record date for the dividend, if approved, will be May 30. – positive on hope of higher dividend

 

·      BHEL : The company has given Jai Prakash Srivastava additional charge of the post of director (finance) for one year, effective April 18, 2023, to April 17, 2024. It also appointed Krishna Kumar Thakur as director (human resources) for a period of five years from the date of assumption of charge.

 

·      Dividend – Sikha Interplant Rs4, JK Tyre Rs2, Thermax Rs10, BDH Rs4, Honeywell Automation Rs95, Endurance Tech Rs7, SBI Rs11.30. ITC Rs6.75 and special dividend Rs2.75

 

·      Zydus Life better than expected Ebitda and Ebitda margin. Company reported Q4 net profit Rs297cr (down 255 YoY) – expectation Rs731cr, US sales Rs2250cr (up 58% YoY), India sales Rs1290cr (up 46% YoY), Ebitda Rs1256cr (up 46% YoY) – expectation Rs1081.3cr and Ebitda margin at 25.1% vs 22.3% - Expectation 22.6%, Gujarat Narmada Rs30

 

·      Restaurant Brands Asia announced impressive Q4 results. Company reported Q4 FY23 - Revenue rose 28.55% (YoY) to Rs 513.95 crore,  Ebitda up 35.41% (YoY) at Rs 27.38 crore,  Ebitda margin at 5.33% vs 5.06% and Net loss narrows to Rs 79.96 crore vs net loss of Rs 81.54 crore

 

·      Honeywell Automation India announced above Bloomberg estimates Q4 results -  Revenue up 27.2% (YoY) at Rs 849.68 crore (Bloomberg estimate: Rs 910.04 crore), Ebitda up 58.99% (YoY) at Rs 138.8 crore (Bloomberg estimate: Rs 132.14 crore) Ebitda margin at 16.34% vs 13.07% YoY  (Bloomberg estimate: 14.5%) and Net profit up 54.16% (YoY) at Rs 112.03 crore (Bloomberg estimate: Rs 104.68 crore)

 

·      Jindal Stainless announced above Bloomberg estimates Q4 results Q4 FY23 -  Revenue up 0.4% (YoY) at Rs 9,765.08 crore (Bloomberg estimate: Rs 10,508.67 crore), Ebitda down 19% (YoY) at Rs 1,143.93 crore (Bloomberg estimate: Rs 904.20 crore) Ebitda margin at 11.71% vs 14.52% YoY (Bloomberg estimate: 8.6%) Net profit down 19.96% at Rs 716.29 crore (Bloomberg estimate: Rs 603.07 crore)

 

·      SBI announced impressive Q4 results and reported lowest GNPA in the last 10 years. Company reported Q4 net profit Rs 16694cr (up 83.2% YoY) - Expectation Rs15170cr, provision Rs3320cr (down 42% QoQ) – expectation Rs6160, Loan growth 17% while expectation 16%, operating profit Rs24620cr (up 25% YoY) – expectation Rs26920cr, Loan loss provision Rs1280cr (down 12% QoQ), GNPA 2.78% vs 3.14% (QoQ) – expectation 2.9%, NPA at 0.67% vs 0.77% (QoQ) - expectation 0.7% and NII Rs40392.5cr (up 29.5% YoY) – expectation Rs40250

 

·      GAIL announced lower than expected Q4 results. Company reported Q4 Net profit Rs603.7cr (down 77% YoY) – expectation Rs937.6cr, Ebitda Rs307cr (up 17.6% YoY) – Expectation Rs1513.6cr, Company recoveres loan loss Rs4200cr vs Rs1643cr (QoQ) and fresh slippage Rs3190cr (up 3% QoQ), Ebitda margin 0.9% vs 0.7% (QoQ) – expectation 3.7% and Income Rs32843cr (down 7.1% YoY) – expectation Rs41468cr

 

·      Arvind Q4 announced poor Q4 results. Company reported Q4 net profit Rs 197cr (up 12.4% YoY), Ebitda Rs191 ( down 19.9% YoY), Ebitda margin 10.1% vs 10.8% (YoY) and Income Rs1880.8cr (down 14.4% YoY)

 

·      ITC announced impressive Q4 results and above expectation cigarette volume growth. Company reported Q4 Net profit Rs5087cr (up 21.4% YoY) – expectation Rs4730cr, Cigarette volume growth 14.2% vs 15% - expectation 13%, Ebitda Rs6209.3cr (up 18.9% YoY) – Expectation Rs6210cr, Ebitda margin 37.9% vs 33.6% (YoY) – expectation 38.7% and Income Rs16398cr (up 5.6% YoY) – expectation Rs16050cr

 

·      Gujarat Narmada announced poor Q4 results. Company reported Q4 Net profit Rs336cr (down 48% YoY)Ebitda Rs367cr (down 58% YoY),  and Income Rs2270cr (down 18% YoY) 

 

·      Orient Paper announced strong Q4 results. Company reported Q4 Net Profit  Rs50cr vs  loss Rs2.2cr, Ebitda  Rs68.4 vs 4.5cr and Income Rs258.5cr (up 35%)

 

·      Ramco Cement strong Q4 results of all fronts due to higher realization. Company reported Q4 net profit Rs152cr (22.6% YoY) – expectation Rs70cr, Ebitda Rs412 (up 39.5% YoY)– expectation Rs290cr, Ebitda margin 16% vs vs 17.4% - expectation 13% and Income Rs2568cr (up 50.2% YoY)– expectation Rs2260cr

 

·      Indigo announced lower than expected Ebitda and Ebitda margin. Company reported Q4 Net profit Rs916cr vs loss Rs1680cr (YoY) – expectation Rs2180cr, Ebitda margin at 20.9% vs 2.1% (YoY) – expectation 27.9%, Ebitda Rs2970cr vs Rs172cr (YoY) – expectation Rs4240cr, Total passenger 2.34cr (up 60% YoY), Capacity 49.2%, load factor 84.2% vs 76.7% (YoY) – expectation 80.1%, Debt Rs44850cr, cash Rs23420cr and Income Rs14160cr (up 77% YoY) – Expectation Rs15190cr

 

·      PNB Housing announced inline with expected Q4 results. Company reported Q4 Net profit Rs283cr (up 66% YoY) – expectation Rs290cr, GNPA 3.83%, impairments Rs145cr (down 43% QoQ) and Income Rs1630cr (up 15% YoY) – Expectation Rs1685cr

 

·      Gland Pharma announced lower than expected Q4 results. Company reported Income Q4 at Rs790cr (down 29% YoY) – Expectation Rs900cr, Ebitda margin at 21.5% vs 31.6% (YoY)- expectation 30%, Ebitda Rs170cr (down 52% YoY) – Expectation Rs270cr and net profit Rs120cr (down 59% YoY) – Expectation Rs220cr.

 

·      Container Corporation announced lower than expected Q4 results. Company reported Income Q4 at Rs2166cr (up 6% YoY) – Expectation Rs2195cr, Ebitda margin at 20.5% vs 20.2% (YoY)- expectation 23.3%, Ebitda Rs444.7cr (up 7.7% YoY) – Expectation Rs509cr and net profit Rs278.5cr (up 8.4% YoY) – Expectation Rs347.5cr.

 

·      United Spirits Company announced impressive Q4 results. Company reported Income Q4 at Rs2494cr (down 0.3%  YoY) – Expectation Rs2184cr, Ebitda margin at 13.7% vs 217.1% (YoY)- expectation 12.8%, Ebitda Rs338cr (down 21.1% YoY) – Expectation Rs279cr and net profit Rs212cr (down 24% YoY) – Expectation Rs156cr.