View on market: Stay Cautious, be with quality business:
Stocks declined on Wednesday amid mixed corporate earnings, worries that Russia may choke gas flows to Europe, China’s pandemic struggles and the prospect of aggressive Federal Reserve monetary tightening. Equities fell in Japan, Australia and South Korea. U.S. equity futures were volatile after the S&P 500 fell to a six-week low. The Nasdaq 100 plumbed levels last seen in 2021. Gains in Microsoft Corp. in late trading on better-than-expected results alleviated some of the gloom. The euro fell to its weakest level since 2017. The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, fell over 1.25% to 16,973.50 points as of 7:00 am. The energy brinkmanship and disappointment over earnings from the likes of Alphabet Inc. and Texas Instruments Inc. sowed further doubts about the outlook for markets. Elsewhere, crude oil climbed to $102 a barrel and gold was steady around $1,905 an ounce. Bitcoin nursed losses at around $38,100.
Economic Calendar:
- INR: Federal Fiscal Deficit on 29th April 2022.
- INR: Infrastructure Output on 29th April 2022.
- USD: MBA 30Year Mortgage Rate order 27th April, 2022.
- USD: Mortgage Market Index 27th April, 2022.
Earnings: Apcotex Industries, Bajaj Auto, Chennai Petroleum Corporation, Hatsun Agro Product, HDFC Asset Management Company, Hindustan Unilever, Indian Energy Exchange, Indian Hotels Company, K.P.R. Mill, Mahindra Lifespace Developers, Persistent Systems, Supreme Petrochem, Swaraj Engines, Syngene International, Trent
Q4Fy22 Earning:
Bajaj Finance Q4 FY22 (Consolidated) Net Profit: Rs 2,419.51 crore vs Rs 1,346.64 crore (YoY) Total Income: Rs 8,630.28 crore vs Rs 6,454.94 crore (YoY) Gross NPAs: 1.60% vs 1.73% (QoQ) Net NPAs: 0.68% vs 0.78% (QoQ) Recommended dividend of Rs 20 per share
Macrotech Developers Q4 FY22 (Consolidated, YoY) Net profit up 72.4% at Rs 535.46 crore vs Rs 310.56 crore Revenue up 36% at Rs 3,444.56 crore vs Rs 2,533.56 crore EBITDA up 7.8% at Rs 871.25 crore vs Rs 808.39 crore EBITDA margin: 25.3% Vs 32%.
Schaeffler: Q4 FY22 (Consolidated, YoY) Net profit up 48.43% at Rs 207.12 crore vs Rs 139.54 crore Revenue up 19% at Rs 1,567.51 crore vs Rs 1,316.82 crore EBITDA up 45% at Rs 308.47 crore vs Rs 212.87 crore EBITDA margin at 19.7% vs 16.2%
AU Small Finance Bank Q4 FY22 (Consolidated, YoY) Net profit up 105% at Rs 346.07 crore vs Rs 168.97 crore NII up 43% at Rs 936.56 crore vs Rs 655.83 crore Gross NPAs: 1.98% vs 4.25% (QoQ) Net NPAs: 0.50% vs 2.18% (QoQ) Recommended bonus issue in 1:1 ratio
Nippon Life India Asset Management Q4 FY22 (Consolidated, QoQ) Net profit rose 0.46% to Rs 174.85 crore Revenue fell 0.17% to Rs 337.97 crore EBIT fell 2.28% to Rs 201.02 crore EBIT margin stood at 59.48% vs 60.77% AUMs as on March 31, 2022: Rs 3,45,604 crore
Mahindra Logistics Q4 FY22 (Consolidated, QoQ) Net profit up 107% at Rs 11.68 crore Revenue fell 4% to Rs 1,072.68 crore EBITDA up 15.3% at Rs 54.96 crore EBITDA margin at 5.12% vs 4.26% Recommended dividend of Rs 2 per share
Brokerage Radar:
CLSA ON BAJAJ FINANCE: on Bajaj Fin Sell, TP cut to Rs 6000 Cut FY23/24 EPS by 8%/9% PAT missed est by 9% on a/c of a 6% NII miss Latter was driven by 100bp QoQ yield compression, despite lower interest reversals Core AUM growth in line at 6% QoQ/26% YoY.
MORGAN STANLEY ON WIPRO: OW, TP Rs 690 Making bold inorganic bets to build consulting service In near term, however: a) there could be integration challenges; b) earnings dilution from M&A; & c) lower chances of higher returns to shareholders
International Markets:
U.S. & Europe:
| Particulars | 26th Apr | Chg | Chg(%) |
| Nasdaq | 12,490.74 | -514.11 | -3.95 |
| Dow | 33240.18 | -819.28 | -2.38 |
| FTSE | 7,386.19 | 5.65 | 0.08 |
| CAC | 6,414.57 | -34.81 | -0.54 |
| DAX | 13,756.40 | -167.77 | -1.2 |
| Dow Fut.* | 33470 | 235.70 | 0.70 |
Asian markets:
| Particulars | 27th Apr | Chg. | Chg(%) |
| SGX Nifty | 17,029.50 | -166.5 | -0.97 |
| Nikkei | 26,198.79 | -501.32 | -1.88 |
| Straits Times | 3,316.12 | -5.93 | -0.18 |
| Hang Seng | 19,916.03 | -18.68 | -0.09 |
| Shanghai | 2,894.48 | 8.05 | 0.28 |
ADR Watch:
| Particulars | 26thApr | Chg. | Chg.(%) |
| Dr Reddy | 53.31 | -0.08 | -0.2 |
| HDFC Bank | 55.57 | -0.67 | -1.2 |
| ICICI Bank | 19.1 | -0.33 | -1.7 |
| Infosys | 20.12 | -0.29 | -1.4 |
| Tata Motor | 27.67 | -0.3 | -1.1 |
| Wipro | 6.71 | -0.15 | -2.2 |
Commodities & Currency:
| Particulars | Current Price | Chg(%) |
| USD/INR | 76.58 | 0.00 |
| Brent | 104.78 | 0.16 |
| Gold | 1898.80 | -0.27 |
| Silver | 23.555 | 0.01 |
FIIs & DII:
| Particulars | 26th Apr | 25th Apr |
| FIIs | -1174.05 | -3302.85 |
| DIIs | 1643.84 | 1870.45 |
News Update
Reliance: Reliance and TA’ZIZ will enter a joint venture to construct and operate a Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride production facility. The total investment for the project is over $2 billion (AED 7.34 billion).
Wipro: The company has signed definitive agreement to acquire US based Rizing Intermediate Holdings for $540 million for the SAP consulting firm. The acquisition is subject to regulatory approvals and is expected to close before the end of the quarter ending June 30, 2022.
Infosys: The company has collaborated with Nu Skin to help scale its business model with social commerce-based capabilities.
Source: Moneycontrol, Livemint,, Bloomberg, Investing
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