Stock Market Today: All You Need To Know Going Into Trade On April 26
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
Most markets in Asia-Pacific region were trading lower, tracking overnight losses in U.S. stocks, and as investors await for the Bank of Japan's policy outcomes.
The Nikkei 225 was trading 48.15 points or 0.13% lower at 37,580.33, and the S&P ASX 200 was trading 93.70 points or 1.22% down at 7,589.30. The KOSPI index was trading 24.42 points or 0.93% higher at 2,653.04 as of 06:35 a.m.
Wall Street was rattled by data that showed exactly what stock traders did not want to hear: a significant slowdown in the world’s largest economy and persistent inflation pressures, Bloomberg said.
The S&P 500 Index and Nasdaq Composite fell by 0.46% and 0.64%, respectively, as of Thursday. The Dow Jones Industrial Average fell by 0.98%.
Brent crude was trading 0.36% higher at $89.32 a barrel. Gold fell 0.14% to $2,329.14 an ounce.
The GIFT Nifty was 30.00 points or 0.13% lower at 22,643.00 as of 6:36 a.m.
India's benchmark stock indices gained for the fifth straight day on Thursday, with the Nifty 50 closing above 22,500, led by nearly 4% gains in PSU banks.
The Nifty ended 0.75%, or 167.95 points, higher at 22,570.35, while the Sensex gained 0.66%, or 486.50 points, to close at 74,339.44.
Overseas investors stayed net sellers on Thursday for the fourth consecutive day. Foreign portfolio investors sold stocks worth Rs 2,823.33 crore and domestic institutional investors stayed net buyers for the fourth day and mopped up equities worth Rs 6,167.56 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat at 83.33 against the U.S. dollar.
Earnings Post Market Hours
Tech Mahindra (Consolidated, QoQ)
Revenue down 1.8% at Rs 12,871 crore vs Rs 13,101 crore (Bloomberg estimate 12,958 crore).
EBIT margin at 4.95% vs 5.36% (Bloomberg estimate 11.10%).
EBIT down 9% at Rs 638 crore vs Rs 703 crore (Bloomberg estimate Rs 1,442 crore).
Net profit up 27% at Rs 664 crore vs Rs 524 crore (Bloomberg estimate Rs 744.5 crore).
Recommended a final dividend of Rs 28 per share.
IndusInd Bank (Consolidated, YoY)
NII up 15% at Rs 5,377 crore vs RS 4,670 crore.
Net profit up 15% at Rs 2,349 crore vs Rs 2,043 crore (Bloomberg estimate Rs 2,402 crore).
Gross NPA at 1.92%.
Net NPA at 0.57%.
Recommended a dividend of Rs 16.5 per share.
Bajaj Finance (Standalone, YoY)
Total income rises 31% to Rs 12,764 crore vs Rs 9,719 crore. (Bloomberg estimate Rs 9,970 crore).
Net profit up 20% at Rs 3,402 crore vs Rs 2,837 crore (Bloomberg estimate 3,785 crore).
Gross NPA stage 3 at 1.05%.
Net NPA stage 3 at 0.46%.
Recommended dividend of Rs 36 per share.
L&T Technology Services (Consolidated, QOQ)
Revenue up 4.77% at Rs 2,538 crore vs Rs 2,422 crore (Bloomberg estimate Rs 2,546 crore).
EBIT up 2.88% at Rs 428 crore vs Rs 416 crore (Bloomberg estimate Rs 442 crore).
Margin down 31 bps at 16.87% vs 17.18%, (Bloomberg estimate 17.35%).
Net profit up 1.24% at Rs 341 crore vs Rs 337 crore (Bloomberg estimate Rs 348 crore).
Board recommends a final dividend of Rs 33 per share.
UTI Asset Management (Consolidated, YoY)
Total income up 35.92% at Rs 420 crore vs Rs 309 crore.
Net profit up 110.46% at Rs 181 crore vs Rs 86 crore.
AUM as up 19% YoY on March 31 at Rs 18.48 lakh crore.
Recommended final dividend of Rs 24 per share.
Aavas Financiers (Consolidated, YoY)
Total income up 21.33% at Rs 546 crore vs Rs 450 crore.
Net profit up 11.81% at Rs 142 crore vs Rs 127 crore (Bloomberg estimate Rs 125 crore).
Tanla Platforms (Consolidated, QoQ)
Revenue up 0.29% at Rs 1,005 crore vs Rs 1,002 crore (Bloomberg estimate Rs 975 crore).
EBIT down 18.79% at Rs 137 crore vs Rs 169 crore (Bloomberg estimate Rs 129.5 crore).
Margin down 321 bps at 13.68% vs 16.89%, (Bloomberg estimate 13.28%).
Net profit down 7.06% at Rs 130 crore vs Rs 140 crore (Bloomberg estimate Rs 113.1 crore).
Board recommends final dividend of Rs 6 per share.
Himadri Speciality Chemical (Consolidated, YoY)
Revenue up 14.38% at Rs 1,177 crore vs Rs 1,029 crore.
Ebitda up 42.57% at Rs 179 crore vs Rs 126 crore.
Margin at 15.22% vs 12.21%, up 300 bps.
Net profit up 51.13% at Rs 115 crore vs Rs 76.21 crore.
Zensar Technologies (Consolidated, QoQ)
Revenue up 2.12% at Rs 1230 crore vs Rs 1204 crore (Bloomberg estimate Rs 1,223 crore).
EBIT up 1.64% at Rs 179 crore vs Rs 176 crore (Bloomberg estimate Rs 173 crore).
Margin down 6 bps at 14.58% vs 14.64% (Bloomberg estimate 14.13%).
Net profit up 7.17% at Rs 173 crore vs Rs 162 crore (Bloomberg estimate Rs 151 crore).
CFO Sachin Zute resigned effective May 3.
Schaeffler India (Consolidated, YoY)
Revenue up 10.59% at Rs 1,873 crore vs Rs 1694 crore (Bloomberg estimate Rs 1,917 crore).
Ebitda up 4.82% at Rs 330 crore vs Rs 315 crore (Bloomberg estimate Rs 348 crore).
Margin down 96 bps at 17.6% vs 18.57%, (Bloomberg estimate Rs 18.1%).
Net profit up 0.18% at Rs 220 crore vs Rs 219 crore (Bloomberg estimate Rs 237.55 crore).
KPI Green Energy (Consolidated, YoY)
Revenue up 58.64% at Rs 289.36 crore vs Rs 182.4 crore
Ebitda up 71.25% at Rs 92.87 crore vs Rs 54.23 crore
Margin at 32.09% vs 29.73% up 236 bps
Net profit up 35.43% at Rs 43.04 crore vs Rs 31.78 crore
Olectra Greentech (Consolidated, YoY)
Revenue down 23.18% at Rs 289 crore vs Rs 376 crore.
Ebitda down 31.05% at Rs 34.45 crore vs Rs 49.97 crore.
Margin down 136 bps at 11.92% vs 13.29%.
Net profit down 45.83% at Rs 14.89 crore vs Rs 27.49 crore.
Earnings in Focus
Maruti Suzuki India Ltd., HCL Technologies Ltd., SBI Life Insurance Co., Bajaj Finserv Ltd., Shriram Finance Ltd., SBI Cards and Payment Services Ltd., Supreme Industries Ltd., Atul Ltd., Aditya Birla Sun Life AMC Ltd., Mahindra Lifespace Developers Ltd., Motilal Oswal Financial Services Ltd., KSB Ltd., Mahindra Holidays & Resorts India Ltd., Bajaj Holdings and Investment Ltd., Bank of Maharashtra, Usha Martin Ltd., Mastek Ltd., Indiabulls Real Estate Ltd., Eveready Industries India Ltd., VST Industries Ltd. and Force Motors Ltd.
Stocks to Watch
Interglobe Aviation: The company has ordered 30 Airbus A350-900 aircraft, and the company has the purchase rights for an additional 70 Airbus A350 Family aircraft.
Life Insurance Corporation of India: The board has approved the infusion of approximately Rs 14 crore into Life Insurance Corporation (Lanka), subject to approval from the Insurance Regulatory and Development Authority of India and the Central Bank of Sri Lanka.
Tata Steel: The company is to proceed with an investment worth GBP 1.25 billion in the Port Talbot furnace. To commence the closure of existing heavy-end assets in the following months.
RITES: The company entered into an MOU with Ultratech Cement for project management consultancy services for Rail Infra projects.
PSP Projects: The company has approved the allocation of 36 lakh shares to eligible qualified institutional buyers at Rs 670 apiece.
Biocon: NCLT approved the scheme of amalgamation of biofusion therapeutics with Biocon Pharma.
Bharat Heavy Electricals: The company appointed Koppu Sadashiv Murthy as CFO.
Aster DM Healthcare: Amitabh Johri, Joint CFO and KMP of the company, resigned due to the segregation of the company’s business in the Gulf Co-operation Council region from its business in India and he will continue as the CFO of the segregated Aster Business in the Gulf Co-operation Council region.
Crisil: The company’s unit received a SEBI license to commence the business of ESG Ratings Provider.
NHPC: The tribunal awarded Rs 383 crore to L&T in dispute with the company and received Rs 45.18 crore from the counterclaim.
PG Electroplast: The company started a new AC manufacturing plant in Rajasthan.
NLC India: The company is commissioning a 3x660 MW thermal power plant in Uttar Pradesh. The Ministry of Coal has approved the Pachwara South Coal Block project with an estimated capital cost of Rs 2,243 crore. The coal block has an extractable reserve of 262.84 MT.
IPO Offering
JNK India: The public issue was subscribed to 28.13 times on day 3. The bids were led by institutional investors (75.72 times), non-institutional investors (23.26 times), retail investors (4.11 times).
Bulk Deal
Harsha Engineers International: American Funds Insurance Series Global Small Capitalization Fund sold 9.7 lakh shares (1.06%) at Rs 410.06 apiece, while Plutus Wealth Management LLP bought 7.29 lakh shares (0.8%) at Rs 410.01 apiece.
Indian Pesticides: Winro Commercial India bought 6.83 lakh shares (0.59%) at Rs 229.52 apiece.
Restaurant Brands Asia: FMRC Fidelity Emerging Markets Fund sold 25.84 lakh shares (0.52%) at Rs 100.26 apiece.
Trading Tweaks
Moved into short-term ASM framework: GMR Power and Urban Infra, J.G. Chemicals, Mic Electronics.
Moved out of short-term ASM framework: Ashiana Housing.
Price Band change from 20% to 10%: Shalimar Paints.
Ex/ record dividend: ICICI Securities.
F&O Cues
Nifty April futures up by 0.60% to 22,575.1 at a premium of 4.75 points.
Nifty April futures open interest up by 35.8%.
Nifty Bank April futures up by 0.61% to 48,643.15 at a premium of 148.2 points.
Nifty Bank April futures open interest up by 16.5%.
Nifty Options May 2 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 21,500.
Bank Nifty Options April 30 Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 48,000.
Securities in ban period: Idea.
Money Market Update
The Indian currency closed flat at 83.33 against the U.S. Dollar.