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

Asian equities and U.S. Futures declined on Monday as strong tightening signals from the U.S. Federal Reserve Chair Jerome Powell and European Central Bank undermined risk appetite. Equities fell in Japan and South Korea, while futures edged lower earlier in Hong Kong. S&P 500 futures dropped while Nasdaq 100 futures also fell after the tech gauge look poised for the worst month since 2008. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell over 1% to 16,979 points as of 6:45 am. Macron defeated far-right leader Marine Le Pen in the French presidential election on a pro-business platform, bolstering the euro. Oil fell toward $100 a barrel — after sliding for the third week in four — as China lockdowns amplify demand fears. Bitcoin fell to $39,000.

Economic Calendar:

  • INR: Federal Fisacal Deficit on 29th April 2022.
  • INR: Infrastructure Output on 29th April 2022.
  • USD: Core Durable goods order 26th April, 2022.
  • USD: Durable Goods Order 26th April, 2022.

Earnings Today: Century Textiles, Eveready Industries, Gujarat Mineral Development, Mahindra CIE Automotive, Tatva Chintan Pharma, Tata Investment, Steel Exchange India, Meghmani Finechem, Maharashtra Scooters
Q4Fy22 Earning:

Tata Metaliks: Q4 FY22 (Consolidated, YoY) Revenue rose 22.25% to Rs 807.92 crore EBITDA fell 60.23% to Rs 56.91 crore EBITDA margin stood at 7.04% vs 21.65% Net profit fell 30% to Rs 52.46 crore Recommended dividend of Rs 8 per share.

Tejas Networks: Q4 FY22 (Consolidated, QoQ) Revenue rose 18.6% to Rs 126.5 crore EBIT stood at a negative Rs 110 crore EBIT margin stood at -87% vs -45% Net loss widened to Rs 49.62 crore.

ICICI Bank Q4FY22 (Consolidated, YoY) Net Profit stood at Rs 7,018.71 crore vs Rs 4,402.61 crore Net Interest Income was Rs 12,605 crore vs Rs 10,431 crore Gross NPAs stood at 3.6% vs 4.13% in Q3 FY22 Net NPAs stood at 0.76% vs 0.85% in Q3 FY22.

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.

NOMURA ON ADANI PORTS: TP Raised to Rs 1025 OSL acquisition & vol growth tailwinds Recent attractive acquisitions, deeper penetration into port value chain & vol revival are key drivers Raise EBITDA for FY23/24F by 4% to factor in acquisitions &slightly higher volume.

CITI ON HIND ZINC: Review CITI Neutral, TP Rs 330 4Q In-line; Val Likely Factor Near-term Optimism in Zinc Think consensus valuations at 7.5x 1-yr fwd EV/EBITDA likely disc most of near-term optimism Further commentary around actively considering Zinc Int creates some uncertainty.

CLSA ON ICICI BANK: O-P, TP Rs 1050 Impeccable performance continues, now with sector leading RORWA Bank is now consistently delivering sector-best growth in loans & core PPOP & it has delivered an ROE of 16%-17% Further lift earnings by 1%-3% over FY23-24CL

International Markets:

U.S. & Europe:

Particulars 22nd Apr Chg Chg(%)
Nasdaq 12,839.29 -335.36 -2.55
Dow 33811.4 -981.36 -2.82
FTSE 7,521.68 -106.27 -1.39
CAC 6,581.42 -133.68 -1.99
DAX 14,142.09 -360.32 -2.48
Dow Fut.* 33612.9 -198.50 -0.59

Asian markets:

Particulars 25th Apr Chg. Chg(%)
SGX Nifty 16,913.00 -267 -1.55
Nikkei 26,578.70 -526.56 -1.94
Straits Times 3,342.41 -18.7 -0.56
Hang Seng 20,021.66 -616.86 -2.99
Shanghai 3,005.84 -81.08 -2.63

ADR Watch:

Particulars 22ndApr Chg. Chg.(%)
Dr Reddy 53.9 -1.82 -3.27
HDFC Bank 55.09 -0.35 -0.63
ICICI Bank 18.87 -0.77 -3.92
Infosys 20.26 -0.42 -2.03
Tata Motor 28.09 -0.82 -2.84
Wipro 6.76 -0.11 -1.6

Commodities & Currency:

Particulars Current Price Chg(%)
USD/INR 76.15 -0.09
Brent 103.28 -2.79
Gold 1926.70 -0.41
Silver 23.98 -1.15


Particulars 22nd Apr 21st Apr
FIIs -2461.72 <strong-713.69
DIIs 1602.35 2823.43

News Update

Reliance Industries: India’s most valuable firm by market cap has abandoned a plan to buy Future Group’s retail assets amid protracted legal challenges from Inc.

HDFC Bank: The lender’s board has approved a dividend of Rs 15.5 per share, weeks after it approved a merger with HDFC Ltd.

Tata Motors: Hikes passenger vehicle prices to offset rising costs.

Future Group: Secured creditors of the group companies rejected a reorganisation scheme for merging their assets with Reliance Retail.

Firstsource Solutions: The company will expand its operations in the U.K. to create about 1,000 new jobs over the next 12 months.

Varroc Engineering: The firm has termed as “speculative” reports that it plans to sell its lighting business for $650 million.

Torrent Power: The Gujarat-based power generator has agreed to buy out Sunshakti Solar at an enterprise valuation of Rs 417 crore.

Source: Moneycontrol, Livemint,, Bloomberg, Investing

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