Markets rebounded with vengeance with Nifty gaining around 1 pct to cement its position above 22300. The corrective phase for market may be over for now and we expect next leg of rally towards 23500. We expect banks to remain outperformers.
The US futures remained steady after the market ended on a positive note on Monday. Asian markets are showing a mix of optimism and caution due to the lack of fresh cues. The price of crude oil is stable, with Brent crude trading at USD 87 per barrel following a de-escalation of tensions between Iran and Israel.
Result Today – Tata Consumer Products, Tata Elxsi, MCX
Nifty 50 Chart
Stocks to watch
Positive Read Through
- Reliance – Q4 operation performance better- than-estimates, growth across all key operating business.
- PSP Projects – To raise up to Rs. 2.44 bn via QIP, indicative issue price Rs. 670/s.
- Patel Engg – To raise up to Rs. 4 bn via QIP, indicative issue price at Rs. 56.53/sh.
- Tejas Networks – Reports profit after 5 quarters of loss, sales jumped 137 pct QoQ.
- Tamilnad Mercantile – NIM at 4.24 pct vs 4.08 pct QoQ, NII jumped by 7.54 pct YoY.
- Hatsun Agro – Profit doubles on margin expansion, margin at 11.2 pct vs 8.7 pct YoY.
- Voda Idea – Total FPO subscription at 6.99x, QIB at 19.30x, retail 1.01x, NIIs: 4.54x.
- Aarti Surfactants – EBITDA rose by 3.6 pct, margin at 14.3 pct vs 13.8 pct YoY.
- Inox Wind – To consider bonus issue in April 25, 2024 board meet.
- Sona BLW – Precision Forgings commissions new plant in Mexico to meet demand for battery EVs.
- KP Energy – Gets 9 MW wind power project order from Bhathwari Technologies.
- Zomato – Company hikes platform fee by 25 pct to Rs. 5.
- Paytm – Launches new Made-in-India Soundbox for UPI and Credit Card on UPI payments.
- HAL – Signs agreement with NAL for manufacture of Bismaleimide Engine Bay Door for series production of Light Combat Aircraft Tejas Mk1A.
- HDFC Bank – Mitsubishi UFJ Financial Group considering sweetening USD 1.7 bn offer for minority stake in HDFC Bank’s consumer lending unit.
Negative Read Through
- Mazdock – Government may dilute stake to meet the minimum public shareholdings norms by 9 pct in different tranches.
- Nestle – FSSAI initiates action against company for possible violations.
- M&M Fin – Delays earnings board meet after Rs.1.50 bn fraud at a North East Branch.
- BGR Energy – Union bank classifies its exposure of Rs. 1.88 bn to the company as an NPA.
- Kesoram Ind – Subdued results as margin gets compressed, EBITDA declined by 30 pct YoY.
- Mahindra Logistics – EBITDA down 11 pct, margin declines by over 100 bps YoY.
- RR Kabel – Terminates employment of Dinesh Aggarwal, CEO with immediate effect.
- Tanfac Ind – EBITDA declined by 36.8 pct, margin at 15.9 pct Vs 22.30 pct YoY.
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