View on market: Stay Cautious, be with quality business:
Global stocks declined Friday after registering the worst quarter since the pandemic bear market, amid concerns over a tightening Fed monetary policy and Russia’s war in Ukraine. Japanese equities fell, while S&P 500 and Nasdaq 100 futures rose. Oil held losses on United States’ plan to release roughly a million barrels a day from reserves to tackle rising energy costs. Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell 0.60% to 17,430.50 points as of 6:50 am. In Europe, talks between Ukraine and Russia are set to resume on Friday. President Vladimir Putin said that Russia aims to keep supplying gas to European customers even as it demands they shift to payments in rubles. Elsewhere, bitcoin fell below $45,200.
Economic Calendar:
- INR:Export Dataon 1st April 2022.
- INR:Forex Reserve on 1st April 2022.
- USD: Unemployment Rate1st April, 2022.
- USD: Private Non Payroll on 1st April, 2022.
Brokerage Radar:
NOMURA ON GAS PRICE HIKE: APM Gas Prices Doubled, Ceiling Increased Sharply; Further Hikes Likely In Oct 22 Upstream Gas Producers Key Beneficiaries; -ve For Gas Consumers CGDs Have Taken Sharp Price Hikes Already GAIL Likely To Be Worst Impacted.
CLSA ON GAS PRICE HIKE: Domestic Gas Price To More Than Double; Big +ve For ONGC/Oil India See Massive 160%/130% Upside For ONGC/Oil India Reforms Are Not Likely To Be Rolled Back Amid High Energy Prices Price Hike Should Be Manageable For IGL/MGL If Domestic Gas Supply Reinstated.
GOLDMAN SACHS ON AXIS BANK: Buy, TP Rs 883 CITI transaction would add 7% to Axis’ FY23E retail book Key to enhancing shareholder value will be retention of customers & scaling up of the franchise via cross-selling & up-selling Expect BK to deliver 1.6% RoA& 16% RoE by FY24E
News Update:
ONGC: The company will add Vindhya Basin on production. Exploratory well Hatta#3 was drilled in the Son valley sector of Madhya Pradesh. On testing, the well-produced over 62,044 cubic metres/day gas, thus confirming the production potential of Proterozoic Basin for the first time in India.
ONGC, Oil India, GAIL India, RIL: Price of domestically-produced natural gas has been doubled. The price of gas for regulated fields will be $6.1 per million British Thermal Unit, more than twice the current price of $29 per million Btu.The new price will be effective for six months beginning April 1.
Hindustan Oil: Pre-commissioning and safety checks at KGB-offshore installation and FSO Prem Pride are complete. The system is ready to receive first hydrocarbons.
Nestle India: To consider declaration of dividend on April 11.
Lupin: The U.S. FDA concluded an inspection at the company’s wholly owned subsidiary Novel Laboratories based in Somerset, New Jersey. The inspection closed with thirteen observations. The company does not believe that this will have an impact on disruption of supplies or the existing revenues from operations of this facility. The facility contributes less than 5% of its global revenues,
Tata Consultancy Services: To consider declaration of final dividend on April 11.
State Bank Of India: India’s largest public sector lender acquired 5% stake in India Debt Resolution Company.
Vedanta/Hindustan Zinc: The company will source 580 MW of Renewable Energy for its operations. at Hindustan Zinc, Bharat Aluminum Co. and Vedanta Ltd.
Sterlite Technologies: The company has sold 64.98% stake in Maharashtra Transmission Communication Infrastructure for Rs 43 crore.
Club Mahindra: The company has voluntarily liquidated its Finnish arm SuomenVapaa-aikakiinteistot Oy LKV.
Adani Wilmar: The company has subscribed 90,000 shares of Rs 10 each of AWL Edible Oils and Foods, a wholly owned subsidiary.
Punjab and Sind Bank: The bank has issued 272.51 crore equity shares of face value Rs 10 each at Rs 16.88 per share on preferential basis to the Government of India. Government’s stake has now increased to 98.25% from 97.07%.
Indian Bank: The bank appointed Sunil Jain as chief financial officer in place of Arun Kumar Bansal, with effect from March 31.
Cipla: The company got tentative approval for Dolutegravir Lamivudine from US FDA
International Markets: U.S. & Europe:
| Particulars | 31st Mar | Chg | Chg(%) |
| Nasdaq | 14,220.52 | -221.76 | -1.54 |
| Dow | 34678.35 | -550.46 | -1.56 |
| FTSE | 7,515.68 | -63.07 | -0.83 |
| CAC | 6,659.87 | -81.72 | -1.21 |
| DAX | 14,414.75 | -191.3 | -1.31 |
| Dow Fut.* | 34833.2 | 154.2 | 0.44 |
*As per 1st Apr.
Asian markets:
| Particulars | 1st Apr | Chg. | Chg(%) |
| SGX Nifty | 17,442.00 | -94.5 | -0.54 |
| Nikkei | 27,618.27 | -203.16 | -0.73 |
| Straits Times | 3,406.91 | -1.61 | -0.05 |
| Hang Seng | 21,753.99 | -242.86 | -1.1 |
| Shanghai | 3,266.70 | 14.5 | 0.45 |
ADR Watch:
| Particulars | 31st Apr | Chg. | Chg.(%) |
| Dr Reddy | 55.73 | -0.91 | -1.61 |
| HDFC Bank | 61.33 | 0.1 | 0.16 |
| ICICI Bank | 18.94 | -0.07 | -0.37 |
| Infosys | 24.89 | -0.08 | -0.32 |
| Tata Motor | 27.95 | -0.3 | -1.06 |
| Wipro | 7.71 | -0.14 | -1.78 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 75.79 | -0.16 |
| Brent | 104.28 | -0.41 |
| Gold | 1934.40 | -0.76 |
| Silver | 24.960 | -0.68 |
FIIs & DII:
| Particulars | 31st Mar | 30th Mar |
| FIIs | 3088.73 | -801.41 |
| DIIs | 1145.28 | 1161.70 |
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