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

Asia stocks weakened following broad-based declines in U.S. benchmarks as investors mulled a proposal for higher taxes on the wealthy to help pay for U.S. President Joe Biden’s social plan. Speculation arose that traders may sell shares preemptively as Bloomberg News reported the Biden administration is considering raising the tax on capital gains to 39.6% for those earning more than $1 million a year. The Singapore-traded SGX Nifty fell 0.35% to 14,352, as of as of 7:52 a.m. Trends on SGX Nifty indicate a gap-down opening for the Nifty 50 index in India with a 51 points loss against April 22 close wherein Nifty closed at 14,406.

Key Data/ Action, Result and Board meeting to watch

Major economic Data:

  • INR: Deposit Growth on 23rd April, 2021
  • INR: Bank Loan Growth on 23rd April, 2021
  • USD: New Home Sales (Mar) on 23rd April, 2021

Nifty Results: HCL Technologies

Non-Nifty Results: GNA Axles, M&M Financial Services, Wendt (India)

International Markets:

U.S & Europe

Particulars    22nd Apr. Chg Chg(%)
Nasdaq 13818.41 -131.81 -0.94
Dow 33815.9 -321.41 -0.93
FTSE 6938.24 42.95 0.62
CAC 6267.28 56.73 0.91
DAX 15320.52 124.55 0.82
Dow Fut.* 33,763.00 54 0.16

 

Asian markets:

Particulars    23rd Apr. Chg Chg(%)
SGX Nifty 14352 -50 -0.35
Nikkei 28993.33 -194.84 -0.67
Straits Times 3173.44 -14.34 -0.45
Hang Seng 29001.71 246.37 0.86
Shanghai 3476.53 11.42

0.33

ADR Watch:

Particulars       22nd Apr. Chg Chg(%)
Dr Reddy 68.7 0.86 1.27
HDFC Bank 69.27 0.79 1.15
ICICI Bank 15.02 0.32 2.18
Infosys 17.85 -0.25 -1.38
Tata Motor 19.2 -0.43 -2.19
Wipro 7.17 0.16 2.28

Commodities & Currency

Particulars Current Price Chg(%)
USD/INR 74.95      0.10
Brent 65.62 0.34
Gold 1,787.55      0.30
Silver 26.21      0.13

 

FIIs & DII

Particulars   22nd Apr.       20th Apr.
FIIs -909.56    -1,082.33
DIIs      849.98    1,323.01

 

Tata Elxsi Q4FY21 Result YoY:

Revenue up 9% at Rs 518.39 crore Vs Rs 477.09 crore Net profit up 9% at Rs 115.16 crore Vs Rs 105.2 crore Ebitda up 17% at Rs 168.03 crore Vs Rs 143.6 crore Ebitda margin at 32.4% from 30.1% Has recommended a final dividend of Rs 24 per share for FY21 and a one-time special dividend of Rs Rs 24 per share Growth was led by America and India with both reporting 21.1% growth while Europe grew by 1.6% To appoint Gaurav Bajaj as Chief Financial Officer from August 1, 2021. Bajaj will replace Muralidharan HV who will retire from the position on July 31, 202

Cyient Q4FY21 Result Consolidated, QoQ:

Revenue up 5% at Rs 1,093.1 crore Vs Rs 1,044.3 crore (Bloomberg Estimate: Rs 1,078.7 crore) Net Profit up 8% at Rs 103.10 crore Vs Rs 95.40 crore (Bloomberg Estimate: Rs 105.4 crore) Ebit down 8% at Rs 105.50 crore Vs Rs 115 crore (Bloomberg Estimate: Rs 132.8 crore) Ebitda Margins at 9.7% Vs 11% Recommended final dividend of Rs 17 per share for FY2

News Update:

Fitch Ratings:

has affirmed India’s sovereign rating at ‘BBB-’ with a negative outlook. India’s rating balances a still strong medium-term growth outlook and external resilience from solid foreign-reserve buffers, against high public debt, a weak financial sector and some lagging structural factors, according to a press release by Fitch ratings published on Thursday. The negative outlook, it said, reflects lingering uncertainty around the debt trajectory following the sharp deterioration in India’s public finance metrics due to the pandemic shock from a previous position of limited fiscal headroom.

Tata Motors:

Jaguar Land Rover Automotive Plc to suspend production at Castle Bromwich and Halewood factories in the U.K.–for a limited period from April 26–due to Covid-19 pandemic-related supply chain disruptions, which have resulted in a shortage of semiconductors. Manufacturing will continue at the Solihull plant.

Wipro:

Has pledged to achieve Net-Zero Greenhouse Gas emissions by 2040 in line with the objective of the Paris Agreement to cap temperature rise to 1.5°C. It has also set an intermediate target of a 55% reduction in GHG emissions by 2030 in absolute emission levels compared to its base year of 2016-17 (April-March).

Torrent Power:

Has been awarded a long-term Power Purchase Arrangement for 300 MW capacity of Solar Power Generation. The project will be set up in Gujarat at an estimated cost of Rs 1,250 crore. It is expected to be commissioned within 18 months from the PPA date. The PPA term is 25 years from the scheduled commercial operation date.

India Grid Trust:

Board has approved the public issue of secured, listed NCDs of the face of Rs 1,000 each for an amount up to Rs 100 crore with an option to retain oversubscription of up to Rs 900 crore aggregating up to Rs 1,000 crore. The issue will open on April 28 and close on May 5.

Angel Broking:

Board has appointed Narayan Gangadhar as the Chief Executive Officer effective April 26. It has also declared a third interim dividend for FY21 at the rate of Rs 7.50 per share.

Dhanlaxmi Bank:

Board to discuss augmentation of the paid-up capital by issue of equity shares on a rights basis on April 29

Power Grid:

is preparing to launch the first ever InvIT (infrastructure investment trust) IPO by a state-owned firm, on April 29, marking a landmark deal for the Indian capital markets, people with knowledge of the matter told Moneycontrol.

Source: Moneycontrol, Livemint, Business Standard, Bloomberg, Investing

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