View on market: Stay Cautious, be with quality business:
U.S. equity futures declined Friday after post-earnings fall in Amazon.com Inc. and Apple Inc. after Wall Street logged gains. Futures on the S&P 500 and technology-heavy Nasdaq 100 retreated, with the latter shedding over 1%. Equities rose in Australia and South Korea, while Japan is closed for a holiday. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.40% to 17,299 points as of 8:15 am. The dollar dipped but is set for its best week since the beginning of this year. Crude held a jump to about $105 a barrel, amid rising prospect of a European Union ban on Russian crude in retaliation for the invasion of Ukraine.
Economic Calendar:
- INR: Federal Fiscal Deficit on 29th April 2022.
- INR: Infrastructure Output on 29th April 2022.
- USD: Non Payroll Employment order 4th May, 2022.
- USD: Factory Order 3rd May, 2022.
Earnings: Wipro, Ultratech Cement, Maruti Suzuki India, Tata Chemicals, SBI Cards and Payment Services, Shriram City Union Finance, Can Fin Homes, Gillette India, GNA Axles, Gokaldas Exports, HFCL, Indusind Bank, L&T Finance Holdings, LLoyds Metals and Energy, Solara Active Pharma Sciences, Sonata Software, Star Health and Allied Insurance Company, Supreme Industries, Tanla Platforms, Thyrocare
Q4Fy22 Earning:
Axis Bank: Net Interest income up 17% at Rs 8,815 crore Vs Rs 7,555 crore (YoY) Net Profit up 54% at Rs 4,118 crore Vs Rs 2,677 crore (YoY) (Bloomberg estimate: Rs 3,909.5 crore) GNPA: 2.82% vs 3.17% (QoQ) NNPA: 0.73% vs 0.91% (QoQ) Recommended dividend of Rs 1 per share of face value of Rs 2 each
Biocon: Revenue up 30.8% at Rs 2.408.8 crore Vs Rs 1,842.1 crore (Bloomberg Estimate: Rs 2,252 crore) EBITDA up 35.8% at Rs 591.9 crore Vs Rs 435.7 crore (Bloomberg Estimate: Rs 567 crore) EBITDA margin 24.6% Vs 23.65% (Bloomberg Estimate: 25.2%) Net profit fell 5.8% at Rs 238.6 crore Vs Rs 253.2 crore.
Vedanta: Revenues up 16.8% at Rs 39,822 crore Vs Rs 34,097 crore EBITDA up 26.1% at Rs 13,633 crore Vs Rs 10,810 crore EBITDA Margins at 34.2% vs 31.7% Net profit up 39.3% at Rs 5,799 crore Vs Rs 4,164 crore Approved first interim dividend of Rs 31.5 per share of face value of Rs 1 each
Brokerage Radar:
MORGAN STANLEY ON PNB HOUSING FINANCE: OW, TP Rs 525 PPOP 14% ahead of est thanks to lower operating costs AUM & disbursements were better too However, PAT missed owing to higher provisions, largely from 1 large corp slippage from Stage 2 to Stage 3 Overall Stage 3 ratio marginally lower QoQ.
NOMURA ON L&T Buy, TP Rs 2412 Filing for Hyderabad Metro for 4Q shows reduction in interest costs post refinancing of INR-denominated term loans Management stated in previous calls that divestment of these assets are core to L&T transforming itself into an asset-light biz model.
MORGAN STANLEY ON AXIS BANK: OW, TP Rs 910 F4Q22 PAT 16% above MSe, helped by lower provisions, partially offset by slower rev growth Management guided to elevated costs vs moderation earlier That said, it kept its RoE guidance unchanged.
GOLDMAN SACHS ON SBI LIFE: Buy, TP cut to Rs 1370 from Rs 1500 Product mix improvement on track Co’s VNB margins declined marginally yoy despite a better product mix as co adopted voluntary repricing (on non-par products) to defend market share Co expects double digit growth in FY23
International Markets:
U.S. & Europe:
| Particulars | 28th Apr | Chg | Chg(%) |
| Nasdaq | 12,871.53 | 382.6 | 3.06 |
| Dow | 33916.39 | 614.46 | 1.85 |
| FTSE | 7,509.19 | 83.58 | 1.13 |
| CAC | 6,508.14 | 62.88 | 0.98 |
| DAX | 13,979.84 | 185.9 | 1.35 |
| Dow Fut.* | 33938.20 | 17.8 | 0.05 |
Asian markets:
| Particulars | 29th Apr | Chg. | Chg(%) |
| SGX Nifty | 17,299.50 | 69.5 | 0.4 |
| Nikkei | 26,847.90 | 461.27 | 1.75 |
| Straits Times | 3,368.48 | 33.39 | 1 |
| Hang Seng | 20,129.14 | -147.03 | -0.73 |
| Shanghai | 2,978.46 | 2.98 | 0.1 |
ADR Watch:
| Particulars | 28thApr | Chg. | Chg.(%) |
| Dr Reddy | 53.7 | 0.81 | 1.53 |
| HDFC Bank | 56.26 | 0.17 | 0.3 |
| ICICI Bank | 19.52 | 0.4 | 2.09 |
| Infosys | 20.5 | 0.38 | 1.89 |
| Tata Motor | 28.45 | 0.7 | 2.52 |
| Wipro | 6.81 | 0.16 | 2.41 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.48 | -0.07 |
| Brent | 107.19 | -1.31 |
| Gold | 1900.32 | 0.47 |
| Silver | 23.28 | 0.42 |
FIIs & DII:
| Particulars | 28th Apr | 27th Apr |
| FIIs | -743.22 | -1174.05 |
| DIIs | 780.94 | 1643.84 |
News Update
Tata Power: Signed Memorandum of Understanding with National Real Estate Development Council to set up 5,000 EV charging points across its member’s developer properties.
Colgate Palmolive: The company appointed Prabha Narasimhan as CEO and MD for five years effective September 1. Current MD and CEO Ram Raghavan resigned after being promoted as the President – Enterprise Oral Care, Colgate-Palmolive Company, New York. It also declared second interim dividend of Rs 21 per share of face value of Rs 1 each.
Sterlite Technologies: Approved raising of funds of upto Rs 1,000 crore
Lemon Tree Hotels: Approved acquisition of 25.10% stake in Carnation Hotels for Rs 18.85 crore.
Jindal Poly Films: Jindal Polypack, a wholly owned subsidiary of the company will acquire 100% stake in SMI Coated Products for Rs 99.65 crore. SMI Coated Products is engaged in the manufacturing of pressure sensitive label stocks.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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