Morning Update :–The Nifty saw major gains from Bharti Airtel, HCL Technologies, SBI Life Insurance, Dr Reddy’s Labs, and Wipro, while Nestle India, Power Grid, Eicher Motors, M&M, and Reliance Industries suffered losses.
Sensex – Rise 232 Points at 73,881
Nifty 50 – Rise 62 Points at 22,399
Indian Market
FII AND DII
| FII Sold | 2,915.23 Cr |
| DII Bought | 3,542.93 Cr |
Indian Market News
- Wall Street stocks end higher, with major corporate earnings expected.
- Asian markets trade mixed; the Shanghai Composite fell 0.6%, while the Straits Times rose 1%.
- Oil steadies in Asian trading, while Middle Eastern tensions remain in focus.
- Gold prices hit a one-week low as worries about the Iran-Israel conflict subside.
- The yen falls closer to the intervention range as the dollar strengthens.
- Bernstein maintains its Outperform rating on Reliance Industries, targeting Rs 3,160 per share.
- Macquarie introduces Vertelo, a $1.5 billion India EV financing platform.
- Vodafone Idea FPO subscribed 6x on the final day, while QIBs outperformed
- Grill Splendour Services will debut on NSE Emerge on April 23.
- Vodafone Idea’s board approves the offer price for FPO at Rs 11 per share.
- Morgan Stanley gives Reliance Industries an overweight rating, with a target price of Rs 3,046 per share.
- Jefferies maintains ‘buy’ on Honasa Consumer, target price of Rs 590.
- 12.66 million shares of Union Bank of India traded in a bunch, according to Bloomberg.
- Patel Engineering announces QIP at Rs 59.50 per share.
Global Markets updates
GIFT Nifty
The GIFT Nifty, which gained 32 points, or 0.14 percent, suggests that the Indian index as a whole is off to a good start. The 22,416.50 level was the trading range for the Nifty futures.
US Market
Wall Street stocks ended higher on Monday, following a sell-off, as investors awaited quarterly results from key companies. The S&P 500 and Nasdaq Composite gained 43.37 points and 15,451.3 respectively, while the Dow Jones Industrial Average rose 253.58 points to 38,239.98. The week’s results could provide insight into the US economy’s health.
Asian Market
Tuesday’s early trading saw gains across Asian markets, with the Kospi and Nikkei both slightly higher and Strait Times up almost 1%.
Crude
Reversing losses from the previous session, oil prices increased slightly in early Asian trading on Tuesday as investors continued to evaluate the risk associated with Middle Eastern geopolitical concerns.
Dollar
A strong US dollar kept the yen close to a new 34-year low on Tuesday, putting investors on high alert for intervention as they anticipated this week’s rate decision by the Bank of Japan and a significant US inflation report.
After plunging to its lowest point since the mid-1990s on Monday, the yen stayed stuck as the sharp differences in interest rates between the US and Japan once again became apparent, along with a detente in hostilities between Iran and Israel. At one point, it was trading at 154.76 per dollar.
Gold
When investors reduced their holdings of safe-haven assets in favour of riskier investments like stocks, gold prices fell more than 2 percent to a one-week low on Monday due to waning concerns over a wider conflict in the Middle East.
News Updates
Q4 earnings for Reliance Industries totals Rs 21,243 crore.
Reliance Industries Ltd reported a 0.1% increase in net profit to Rs 21,243 crore in the fiscal fourth quarter, surpassing analyst estimates, thanks to a recovery in its core oil-to-chemicals business. The company’s profit attributable to owners was Rs 18,951 crore, up from 19,299 crore in the previous year. The board approved a Rs 10 per share dividend payout. The company reported revenue of Rs 2.41 lakh crore in the three months ended March 31.
Macquarie unveils Vertelo, a $1.5 billion India EV financing platform
Macquarie Group has launched Vertelo, an EV financing platform, with a $1.5-billion investment focusing on electrifying commercial vehicle fleets. The platform has received an anchor investment from the Green Climate Fund, which has committed up to $200 million. Vertelo has signed a long-term lease agreement with Indian transport technology company Chalo Mobility Pvt Ltd to supply 44 electric buses manufactured by JBM for operation in Mumbai. The remaining five percent of the investment will go towards charging infrastructure.
Stocks in news
Reliance Industries: Due in part to increased tax expenses, the oil, telecom, and retail giant reported net profit of Rs 21,243 crore for the March FY24 quarter, up 0.1 percent year over year. The quarter’s gross revenue, which came in at Rs 2,64,834 crore, increased 10.8% year over year thanks to double-digit growth in the consumer and oil-to-chemical (O2C) industries.
Tejas Networks: Driven by a robust topline, the manufacturer of wireline and wireless networking products reported consolidated net profit of Rs 146.8 crore for the quarter that ended in March of FY24. One year prior, there was a net loss of Rs 11.5 crore. In Q4FY24, revenue from operations jumped sharply by 343.3 percent year over year to Rs 1,326.88 crore.
Hatsun Agro Product: Thanks to robust operating performance, the dairy company reported a massive 109 percent on-year growth in net profit at Rs 52.2 crore for the March FY24 quarter. When comparing the current fiscal quarter to the same period last year, revenue from operations increased by 14.4% to Rs 2,047 crore.
Patel Engineering: On April 22, the construction engineering firm began its qualified institutions placement (QIP) offering. The floor price of Rs 59.50 per share represents a 5.3% discount to the closing price of the previous trading session.
Hero MotoCorp: As of April 30, Arun Jaura has left his position as Chief Technology Officer (CTO) of the biggest two-wheeler manufacturer in the world.
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