View on market: Stay Cautious, be with quality business:
Asian markets were mixed and U.S. equity futures retreated Wednesday amid high inflation, a hawkish U.S. Federal Reserve and China’s pandemic challenges. Nasdaq 100 contracts lost 1% following an after-hours Netflix Inc. slump on poor subscriber numbers. Asian stocks, led by Japan, managed to harness a tailwind from a U.S. rally on Tuesday ahead of the streaming app’s results. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.66% to 17,042.50 points as of 7:00 a.m. Treasury yields rose as expectations of sharp Federal Reserve policy tightening to damp price pressures hardened. Oil pared a portion of overnight losses while bitcoin hovered around $41,300.
Economic Calendar:
- INR: RBI MPC Meeting on 22nd April 2022.
- INR: Bank Loan Growth on 22nd April 2022.
- USD: API weekly crude 20th April, 2022.
- USD: Crude Oil Inventories 20th April, 2022.
Quarterly Result Today:
ICICI Securities, Angel One
Q4Fy22 Earning:
Tata Steel Long Products Q4 FY22: (Consolidated, YoY) Revenue up 16.3% to Rs 1,799.4 crore vs Rs 1,546.7 crore EBITDA falls 67% at Rs 164.34 crore vs Rs 497.82 crore EBITDA margin 9.13% vs 32.19% Net Profit fell 88.5% to Rs 59.62 crore vs Rs 339.85 crore Approved dividend of Rs 12.50 per share.
ACC Q4 FY22 (Consolidated, YoY) Revenue up 2.5% to Rs 4,321.86 crore vs Rs 4,213.28 crore EBITDA falls 32.1% to Rs 529.98 crore vs Rs 781.55 crore EBITDA margin 12.26% vs 18.55% Net profit falls 9.4% to Rs 396.33 crore vs Rs 437.5 crore
L&T Infotech Q4 FY22 (Consolidated, QoQ) Revenue up 3.7% at Rs 4,301.6 crore vs Rs 4,137.6 crore EBIT up 0.26% at Rs 744.5 crore Vs Rs 742.6 crore EBIT Margin 17.31% Vs 17.95% Net Profit falls 5.84% at Rs 637 crore Vs Rs 676.5 crore Approved dividend of Rs 30 per share of Rs 1.
Mastek Q4FY22 (Consolidated, QoQ) Revenue up 5.37% at Rs 581.53 crore vs Rs 551.91 crore EBIT margins at 18.66% vs 19.14% PAT up 5.73% at Rs 88.23 crore vs Rs 83.45 crore.
Brokerage Radar:
JP MORGAN ON LTI : OW, TP Cut to Rs 6400 Supply lead miss; cut margins proactively, but keep the faith as expect it stay sector growth leader Cut revenues by 2-4% & margins by 80-150bps, driving 6% EPS cuts over FY23-24E.
NOMURA ON LTI : Neutral, TP Rs 5970 Mixed bag in 4QFY22 Rising onsite attrition to be a key challenge in near term Rev growth softer than expected due to onsite supply side challenges EBIT largely meets est Lower FY23-24F EPS by 3%, prefer Persistent.
MACQUIRE ON ACC: O-P, TP Rs 2530 EBITDA beat led by 1% higher realization vs estimate Expansion on track; new WHRS projects approved – medium-term cost & carbon +ve In near term, news flow related to Holcim’s plans to sell stake in India biz is key.
JEFFERIES ON ACC: Buy, TP Rs 2400 Reported in-line Op. Ebitda for 1QCY22 Vol declined 3% YoY, & grey realisation increase qoq was muted at <1% (6% YoY) EBITDA dipped 26% YoY to Rs6.3bn Cut CY23e EBITDA by 7%
International Markets:
U.S. & Europe:
| Particulars | 19th Apr | Chg | Chg(%) |
| Nasdaq | 13,619.66 | 287.3 | 2.15 |
| Dow | 34911.69 | 499.51 | 1.45 |
| FTSE | 7,601.28 | -15.1 | -0.2 |
| CAC | 6,534.79 | -54.56 | -0.83 |
| DAX | 14,153.46 | -10.39 | -0.07 |
| Dow Fut.* | 34892.00 | -19.2 | -0.05 |
Asian markets:
| Particulars | 20th Apr | Chg. | Chg(%) |
| SGX Nifty | 17,032.00 | 102 | 0.6 |
| Nikkei | 27,139.99 | 154.9 | 0.57 |
| Straits Times | 3,329.72 | 22.59 | 0.68 |
| Hang Seng | 20,985.70 | -42.06 | -0.2 |
| Shanghai | 3,178.78 | -15.25 | -0.48 |
ADR Watch:
| Particulars | 19th Apr | Chg. | Chg.(%) |
| Dr Reddy | 55.48 | 0.16 | 0.29 |
| HDFC Bank | 54.57 | 0.32 | 0.59 |
| ICICI Bank | 19.95 | 0.4 | 2.05 |
| Infosys | 20.42 | -0.14 | -0.68 |
| Tata Motor | 28.19 | -0.36 | -1.26 |
| Wipro | 6.95 | 0.05 | 0.72 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.51 | 0.32 |
| Brent | 108.52 | 1.20 |
| Gold | 1947.95 | -0.57 |
| Silver | 25.185 | -0.81 |
FIIs & DII:
| Particulars | 19th Apr | 18th Apr |
| FIIs | -5871.69 | -6387.45 |
| DIIs | 3980.81 | 3341.96 |
News Update
Reliance Industries: Jio Fiber postpaid users to get OTT subscriptions for Rs 100-200 per month; users can get access to up to 14 OTT apps. Reliance Brands Ltd. has also signed a deal to take a majority stake in ‘Abu Jani Sandeep Khosla’ to accelerate the couture house’s growth plans.
Punjab and Sind Bank: The lender has classified SREI Infrastructure Finance and SREI Equipment Finance as fraud accounts with loan exposure worth Rs 510.16 crore and Rs 724.18 crore, respectively. The accounts have been declared as fraud to the Reserve Bank of India and have been fully provided for.
Escorts: The company’s agri-machinery division will increase prices of its tractors due to a steady rise in commodity prices.
VRL Logistics: The company has signed an MoU with Ratna Cements for transfer of the wind power undertaking along with all underlying assets and liabilities as a going concern on a slump sale basis for Rs 48 crore.
IRCON: The company has appointed Ragini Advani as director (finance) for a period of five years, effective April 19.
VA Tech Wabag: International Water Treatment LLC, Oman–a special purpose vehicle for implementing EPC contracts for water desalination in Muscat–has been liquidated.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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