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View on market: Stay Cautious, be with quality business:

U.S. equity futures and Asian equities rose on Thursday amid concerns over surging inflation. Equities were modestly in the green in Japan, South Korea and Australia. U.S. futures advanced after positive earnings from Tesla Inc. and United Airlines Holdings Inc. The Nasdaq 100 tumbled as Netflix Inc. weighed on streaming and media companies post its earnings. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.42% to 17,218.50 points as of 6:30 a.m. Nymex crude rose to more than $102 per barrel. Elsewhere, bitcoin hovered around the $41,500 mark

Economic Calendar:

  • INR: RBI MPC Meeting on 22nd April 2022.
  • INR: Bank Loan Growth on 22nd April 2022.
  • USD: Jobless claims 22nd April, 2022.
  • USD: US Lending Index 22nd April, 2022.

Earnings today: Crisil, Cyient, HCL Technologies, ICICI Lombard General Insurance, L&T Technology Services, Nestle India, Tata Communications

Q4Fy22 Earning:

Angel One Q4 FY22 (Consolidated, QoQ) Revenue up 12.38% to Rs 671.28 crore vs Rs 597.32 crore EBIT up 22.04% to Rs 279.8 crore vs Rs 229.26 crore EBIT margin at 41.68% vs 38.38% Net profit up 24.4% to Rs 204.69 crore vs Rs 164.54 crore

Tata Elxsi Q4 FY22 (Consolidated, QoQ) Net profit up 6% to Rs 160.01 crore vs Rs 150.95 crore Revenue up 7.29% to Rs 681.74 crore vs Rs 635.41 crore EBITDA up 4.92% to Rs 218.07 crore vs Rs 207.84 crore EBITDA margin at 31.9% vs 32.7% Dividend of Rs 42.50 per equity share announced.

ICICI Securities Q4 FY22 : (Consolidated, QoQ) Net profit fell 10.8% to Rs 338.81 crore vs Rs 380.21 crore Revenue fell 5.3% to Rs 891.49 crore Vs Rs 941.63 crore EBIT fell 8% to Rs 545 crore vs Rs 592.12 crore EBIT margin at 61.12% vs 62.88% Approved final dividend of Rs 12.75 per share.

Glenmark Lifesciences Q4 FY22: (Consolidated, QoQ) Net profit fell 4.6% to Rs 98.9 crore vs Rs 103.71 crore Revenue fell 1.6% to Rs 514.06 crore vs Rs 522.5 crore EBITDA fell 1.5% to Rs 147.31 crore vs Rs 149.6 crore EBITDA margins 28.7% vs 28.6%.

Brokerage Radar:

UBS ON APOLLO TYRE: Upgrade to buy, TP Rs 260 See opportunity, stk down c20% over past 4 mths & trading at 5x FY24E EV/EBITDA (5-yr avg at 6.7x) Expect Apollo to benefit from India’s improving economic growth & its European operations’ strong positioning.

UBS ON BAJAJ AUTO: Downgrade to Neutral, TP Rs 4000 Believe stk pricing in most of near- to medium-term positives, while impact of rapid electrification on domestic 3Ws & on co’s profitability is being overlooked by market.

CLSA ON ISEC: O-P, TP cut to Rs 720 vs Rs 750 Muted performance Brokerage vols down sequentially With management planning to make large investments in technology & marketing, raise FY23-25CL cost-to income ratio to 51%+ This leads to a slight cut in FY23/24CL est.

CLSA ON BHARTI AIRTEL: Buy, TP Rs 915 Airtel Payments Bank 122m users; leveraging Bharti subscribers & reach Airtel Payments Bank has seen annual revenues exceed Rs10bn, up 60% YoY (Rs26/per user/month), & even turned profitable

International Markets:

U.S. & Europe:

Particulars 20th Apr Chg Chg(%)
Nasdaq 13,453.06 -166.6 -1.22
Dow 35160.79 249.59 0.71
FTSE 7,629.22 27.94 0.37
CAC 6,624.91 90.12 1.38
DAX 14,362.03 208.57 1.47
Dow Fut.* 35277.6 115.8 0.33

Asian markets:

Particulars 21st Apr Chg. Chg(%)
SGX Nifty 17,230.00 83.5 0.49
Nikkei 27,547.24 329.39 1.21
Straits Times 3,353.57 18.25 0.55
Hang Seng 20,807.72 -136.95 -0.65
Shanghai 3,133.79 -17.26 -0.55

ADR Watch:

Particulars 20th Apr Chg. Chg.(%)
Dr Reddy 56.77 1.29 2.33
HDFC Bank 55.85 1.28 2.35
ICICI Bank 19.71 -0.24 -1.2
Infosys 20.57 0.15 0.73
Tata Motor 28.83 0.64 2.27
Wipro 6.99 0.04 0.58

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.21 -0.39
Brent 107.90 1.04
Gold 1954.20 -0.06
Silver 25.180 -0.36

FIIs & DII:

Particulars 20th Apr 19th Apr
FIIs -3009.26 -5871.69
DIIs 2645.82 3980.81

News Update

Tata Steel: The company has stopped doing business with Russia. All steel manufacturing sites in India, the UK and the Netherlands are now sourcing raw material from elsewhere.

Oil India: The company has commissioned a green hydrogen pilot plant at its Jorhat, Assam, pump station to produce 10 kg of the clean fuel per day. It has initiated a detailed study to explore blending of green hydrogen with natural gas and its effect on the existing infrastructure of Oil India.

L&T: India’s largest engineering firm has signed a memorandum of understanding with the Indian Navy to become its knowledge partner for nurturing various technologies in electrical, weapon, engineering, machinery and control, and hull of a naval warship.
Gland Pharmaceuticals: Nicomac Machinery is selling 20.45 lakh shares equivalent to 1.5% stake in Gland Pharma. The floor price has been set at Rs 3,118 per share. There is an option to upsize the deal.

Dr. Reddy’s Laboratories: The company has launched Posaconazole Delayed-Release Tablets, 100 mg, the therapeutic generic equivalent to NOXAFIL (posaconazole) Delayed-Release Tablets in the US.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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