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

Stocks and bonds fell Friday after Federal Reserve Chair Jerome Powell hinted a two or more half percentage-point interest-rate increases in the upcoming policy meeting. Powell said a 50bps rake hike will be on the table for the May Bank at an IMF-hosted panel on Thursday. A possible three consecutive half-point Fed interest-rate hikes would represent the sharpest tightening in 40 years. Shares declined in Japan, Australia and South Korea, while U.S. futures fell, after Wall Street logged losses, dragged by energy and technology stocks. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell over 1% to 17,203.50 points as of 8:05 a.m. The dollar held a rally and Nymex crude remained above $103 a barrel. Bitcoin hovered around $40,500.

Economic Calendar:

  • INR: RBI MPC Meeting Minutes 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: Hindustan Zinc, MMTC, Tata Metaliks, Tejas Networks

Q4Fy22 Earning:

HCL Technologies: Q4 FY22 (Consolidated, QoQ) Revenue up 1.19% at Rs 22,597 crore Vs Rs 22,331 crore (Bloomberg Estimate: Rs 22,669.9 crore) EBIT fell Rs 4.42% at Rs 4,069 crore Vs Rs 4,257 crore (Bloomberg Estimate: Rs 4,128.7 crore) EBIT margin 18% Vs 19.1% (Bloomberg Estimate: 18.21%) Net profit up 4.39% at Rs 3,593 crore Vs Rs 3,442 crore (Bloomberg Estimate: 3,354.3 crore) Approved dividend of Rs 18 per share

ICICI Lombard: Q4 FY22 (Consolidated, YoY) Revenue up 33% at Rs 4,636 crore Vs Rs 3,489 crore Net premiums up 27% at Rs 3,318 crore Vs Rs 2,616 crore EBITDA up 29% at Rs 1,010 crore Vs Rs 782 crore EBITDA margin at 21.8% Vs 22.4% Solvency ratio at 2.46 Vs 2.9 Proposed dividend of Rs 5 per share of face value of Rs 10.

Tata Communications: Q4 FY22 (Consolidated, QoQ) Revenue up 4.8% at Rs 1,725.28 crore Vs Rs 1,657.7 crore EBITDA fell 12.3% at Rs 443.58 crore Vs Rs 505.74 crore EBITDA margin 25.71% Vs 30.51% Net profit up 58% at Rs 356.5 crore Vs Rs 225.51 crore Approved final dividend of Rs 20.7 per share.

L&T Technology Services: Q4 FY22 (Consolidated, QoQ) Revenue up 4.07% at Rs 1,756.1 crore Vs Rs 1,687.5 crore EBIT up 4.13% at Rs 327.4 crore Vs Rs 314.4 crore EBIT Margin 18.64% Vs 18.63% Net profit up 5.31% at Rs 262 crore Vs Rs 248.8 crore Approved final dividend of Rs 15.

Brokerage Radar:

MORGAN STANLEY ON NESTLE: UW, TP Rs 15712 1Q in-line with est, but below consensus. Weak growth in the largest category, margin pressure from inflation headwinds and likely mix deterioration (higher rural focus), & relative valuation keep us UW.

MORGAN STANLEY ON ICICI LOMBARD: Review MS OW, TP Rs 1700 Profits missed forecast by 9% on both underwriting results & investment gains. Loss ratios improved across most product segments Management sounded confident of strong top-line growth in F2023.

NOMURA ON HCL TECH: Nomura Buy, TP Rs 1370 Product biz drags performance in 4QFY22 FY23F revenue guidance reasonable, margin disappoints Strong growth in services offset by weakness in products & platforms Margin miss was led again by product & platform.

International Markets:

U.S. & Europe:

Particulars 21st Apr Chg Chg(%)
Nasdaq 13,174.65 -278.42 -2.07
Dow 34792.76 -368.03 -1.05
FTSE 7,627.95 -1.27 -0.02
CAC 6,715.10 90.19 1.36
DAX 14,502.41 140.38 0.98
Dow Fut.* 34650.1 144 -0.42

Asian markets:

Particulars 22nd Apr Chg. Chg(%)
SGX Nifty 17,210.00 -197 -1.13
Nikkei 27,033.33 -519.73 -1.89
Straits Times 3,343.17 -5.29 -0.16
Hang Seng 20,464.10 -218.12 -1.05
Shanghai 3,076.51 -3.3 -0.11

ADR Watch:

Particulars 21stApr Chg. Chg.(%)
Dr Reddy 55.72 -1.05 -1.85
HDFC Bank 55.44 -0.41 -0.73
ICICI Bank 19.64 -0.07 -0.36
Infosys 20.68 0.11 0.53
Tata Motor 28.91 0.08 0.28
Wipro 6.87 -0.12 -1.72

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.15 -0.09
Brent 107.22 -1.11
Gold 1949.65 0.07
Silver 24.543 -0.32

FIIs & DII:

Particulars 21st Apr 20th Apr
FIIs -713.69 -3009.26
DIIs 2823.43 2645.82

News Update

Cyient Q4 FY22 (Consolidated, QoQ) Revenue fell 0.19% at Rs 1,181.2 crore Vs Rs 1,183.4 crore EBIT Margin up 3.86% at Rs 169.5 crore Vs Rs 163.2 crore EBIT Margin 14.35% Vs 13.79% Net profit up 17% at Rs 154.2 crore Vs Rs 131.8 crore.

Jindal Steel and Power: The company said that its offices in in Delhi and Gurugram were visited by officials from Enforcement Directorate for seeking business related information.

JSW Energy: The company’s subsidiary JSW Neo Energy has signed a memorandum of understanding with Government of Telangana for setting up 1,500 MW capacity of Hydro Pumped Storage Project.

RailTel: The company has received a work order from National Informatics Centre Services Incorporated in relation to assignment of work of immigration visa and foreigner registration and tracking at a total cost of Rs. 29.75 crore.

TVS Motor: The company will invest an addition £100 million in Norton Motorcycle, which was acquired in 2020.

L&T Technology Services: The company was awarded over $100 million electric air mobility deal from Jaunt Air Mobility.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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