Good morning!

The GIFT Nifty was little changed at 23,302.00 as of 6:38 a.m.

Markets in Japan, South Korea and Australia traded higher on Tuesday morning, tracking an overnight rebound in US equities. The Nikkei 225 rose 1.12%, while South Korea’s KOSPI gained 0.56%. Australia’s S&P/ASX 200 added 0.27% as of 6:32 a.m.

On Monday, US stocks advanced, led by technology shares after certain electronic components and products were exempted from tariffs. The Dow Jones Industrial Average and the S&P 500 climbed 0.78% and 0.79%, respectively. The Nasdaq Composite closed 0.64% higher.

The dollar index strengthened 0.30% to 99.94. The yield on the 10-year US Treasury note stood at 4.36%.

Brent crude futures rose 0.14% to $64.97 a barrel as of 6:26 a.m. Bloomberg spot gold was up 0.08% at $3,213.57 an ounce.

On Friday, the Indian equities posted a second straight week of losses, dragged by concerns over the deepening global tariff conflict. However, benchmark indices closed higher.

The Nifty 50 ended up 429.40 points, or 1.92%, at 22,828.55. The BSE Sensex advanced 1,310.11 points, or 1.77%, to 75,157.26 following a volatile week.

Foreign portfolio investors extended their selling for a ninth consecutive session, offloading shares worth Rs 2,519.03 crore, according to provisional data from the NSE. Domestic institutional investors remained net buyers for a fourth day, purchasing equities worth Rs 3,759.27 crore.

Earnings In Focus

GM Breweries, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, and Indian Renewable Energy Development Agency.

Earnings Post Market Hours 

Orient Cement (Q4, Consolidated YoY)

  • Net profit down 38.3% at Rs 42 crore versus Rs 68 crore.

  • Revenue down 7.1% at Rs 825 core versus Rs 888 crore.

  • Ebitda down 30.4% at Rs 103 crore versus Rs 148 crore.

  • Margin at 12.5% versus 16.7%.

Stocks To Watch

  • ICICI Bank: Board to consider fund raising via issuance of debt securities, including NCDs, on April 19.

  • JK Cement: Board to consider raising up to Rs 500 crore through NCDs.

  • 360 One Wam: Board to consider raising up to Rs 250 crore via NCDs on a private placement basis on April 23.

  • Sula Vineyards: Expects March quarter revenue to rise 0.7% year-on-year to Rs 133 crore; full-year income projected to rise 1.7% to Rs 619 crore.

  • Zydus Lifesciences: To acquire 85.6% equity in Amplitude Surgical SA, France, at Euro 6.25 per share, for a total consideration of Euro 256.8 million. Also received final USFDA approval for Jaythari (Deflazacort) Tablets in 6 mg, 18 mg, 30 mg, and 36 mg strengths.

  • HCLTech: Secured three new Google Cloud Partner Specialisations in Generative AI Services, Cloud Migration Services, and Infrastructure Modernisation Services, bringing total to seven.

  • Ircon International: Received Rs 128 crore order from S&T (Construction), North Western Railway and Indian Railways.

  • Home First Finance: Board approved closure of QIP on April 11 at Rs 970 per share, 4.83% discount to floor price of Rs 1,019.25; also approved allocation of 1.28 crore shares to qualified institutional buyers.

  • Ashiana Housing: FY25 area booked at 26.97 lakh sq ft versus 26.40 lakh sq ft a year ago; value of area sold at Rs 1,937 crore against Rs 1,798 crore.

  • Ugro Capital: AUM rose to Rs 12,000 crore in March quarter from Rs 11,067 crore in December quarter and Rs 9,047 crore a year ago.

  • Jaykay Enterprises: Board approved acquisition of partly paid-up shares of JK Technosoft via share swap not exceeding Rs 112.46 crore.

  • Yatra Online: Board appointed Anuj Kumar Sethi as Interim CFO, effective immediately.

  • Indian Overseas Bank: Revised repo-linked lending rate to 8.85% from 9.10%.

  • Swiggy: Sahil Barua resigned as Independent Director citing increased work commitments.

  • Thermax: Incorporated Fortmax Chemicals India Pvt as a wholly owned step-down subsidiary.

  • Persistent Systems: NCLT approved merger of Capiot Software into the company.

  • Spectrum Electrical Industries: Signed MoU with Maharashtra’s Department of Industries for proposed Rs 100 crore expansion investment during the Investment Summit 2025.

  • Jubilant Agri And Consumer Products: Incorporated Jubilant Agri Solutions as a wholly owned subsidiary.

  • J.B. Chemicals & Pharmaceuticals: Approved acquisition of up to 70 lakh shares of Jamnagar Renewables One Pvt Ltd for Rs 7 crore to source power from a group captive hybrid power project.

  • Reliance Industries: Subsidiary Nauyaan Tradings completed acquisition of 10% stake in step-down unit Nauyaan Shipyard for Rs 51.7 crore from Welspun Corp.

  • Baazar Style: Reported temporary disruption at Style Baazar store in Dhuliyan, West Bengal, due to civil unrest.

  • Onesource Specialty Pharma: Compensated eligible shareholders for fractional entitlements under scheme of arrangement with Strides Pharma, Steriscience Specialties, and Onesource.

  • PDS: Arms in Hong Kong allotted sweat equity to employees, reducing holding in GoodEarth and Progress Manufacturing to 93% and 87%, respectively; both cease to be wholly owned subsidiaries.

  • Ashoka Buildcon: Emerged lowest bidder for Rs 569 crore construction order from Central Railway.

  • Carraro India: Received final assessment order and Rs 24.33 crore demand; to appeal the order.

  • V-Mart Retail: Received labour court order of Rs 10 lakh for non-payment of minimum wages.

  • Ceinys Tech: NCLT approved merger of subsidiary Allygrow Technologies into the company.

  • MMP Industries: Five workers died in a fire incident at Nagpur plant; investigation underway.

  • Vedanta and Hindustan Zinc: Penalised Rs 71.1 crore by State Pollution Control Board for unauthorised disposal of fly ash.

  • Concord Enviro System: Arm Concord Enviro (FZE) incorporated Concord Water Africa in Uganda as a wholly owned subsidiary.

  • Easy Trip Planners: Board approved preferential allotment of 12.57 crore shares of face value Rs 1 each.

  • Brigade Enterprises: ICRA reaffirmed long-term and short-term credit ratings for bank facilities.

  • Prestige Estates: Incorporated Prestige Vaishnaoi Hospitality to develop a hospitality project in Hyderabad.

  • Walchandnagar Industries: Withdrew suspension of operations and declared lockout at Satara plant due to violent acts by workmen; production at other plants continues. Daily production loss estimated at Rs 10 lakh.

  • NHPC: Completed trial run of Unit 4 (200 MW) at Parbati-II HE Project in Himachal Pradesh, completing all four units.

  • GMR Power and Urban Infra: To divest stakes in non-operating assets to Synergy to meet OTS for GMR Rajahmundry Energy, reduce debt by Rs 4,400 crore and separate stressed assets.

  • Piccadily Agro Industries: Launched Indri Founder’s Reserve 11-Year-Old Single Malt Whisky; released 1,100 bottles globally, half for India.

  • Info Edge: Board set April 11, 2025, as record date for share split of Rs 10 equity shares into five Rs 2 shares.

  • Ahluwalia Contracts: Received Rs 397 crore order from Godrej Properties for a housing project in Uttar Pradesh.

  • Godrej Industries: Chemicals business completed acquisition of Savannah Surfactants’ Food Additives Business.

  • Cyient: Secured contract to support Green H Bodø and Luxcara in developing a green hydrogen facility in Norway.

  • Lloyds Engineering Works: Board to meet April 17, 2025, to discuss deferred Rights Issue of up to Rs 1,050 crore.

  • Tata Power: Tata Power Renewable Energy signed PPA with NTPC to develop 200 MW renewable project using solar, wind and BESS; project to be completed in 24 months.

  • Sasken Technologies: Completed acquisition of Borqs Technologies’ ODM and software services to enhance IoT and 5G capabilities.

  • Greaves Cotton: Arup Basu resigned as MD and CEO; company appointed Parag Satpute as new MD and Group CEO.

  • HEC Infra Projects: Received Rs 9.6 crore order from Blue Pine Energy.

  • Transrail Lighting: Secured new domestic orders worth Rs 1,085 crore, marking strong start to FY26.

  • Macrotech Developers: Abhishek and Abhinandan Lodha resolved disputes; Macrotech owns ‘Lodha’ brand, while HoABL remains separate.

  • Indian Hotels: Added 100 new locations in FY25 through 74 signings and 26 openings; portfolio now at 380 hotels.

  • Dee Development: Appointed Shruti Aggarwal as Additional Director and Whole-Time Director.

  • Renaissance Global: Board approved closure of Gujarat unit, which contributes 9.94% to revenue, to realign manufacturing capacity.

  • Dr. Reddy’s Laboratories: Denied accuracy of Business Standard report on workforce cost cuts and margin pressures.

  • Electronics Mart India: Commenced operations of new multi-brand store under ‘Bajaj Electronics’ in Andhra Pradesh.

  • Nibe: Subsidiary Nibe Space registered with IN-SPACe as a ‘Data Disseminator’ for Earth Observation data.

  • Adani Ports and SEZ: Board to meet April 17, 2025, to consider equity issuance via preferential issue.

  • IDFC First Bank: Board to meet April 17, 2025, to consider fund raising via preferential issue.

Insider Trades

Mrs. Bectors Food Specialities: Promoter Neena Ramesh Aggarwal bought 1,200 shares between Feb. 10 and Feb. 24.

Trading Tweaks

  • Price Band Changes from 20 to 5: Quess Corp.

  • Record Date Demerger: Quess Corp.

  • To be excluded from Short Term ASM: Jindal Worldwide.

F&O Cues

  • Nifty 50 April Futures up 2.08% at a premium of 89.1 points.

  • Nifty 50 April open interest down 1.86%.

  • Nifty 50 April 17 Expiry: Maximum call option open interest at 25,400.

  • Nifty 50 April 17 Expiry: Maximum put open interest at 20,400.

  • Securities in F&O ban: Birlasoft, Hindustan Copper, Manappuram Finance, National Aluminum.

Currency Market Update

The rupee closed stronger against the greenback, as the dollar index hit an over two-year low. The Indian unit closed 65 paise higher to close at 86.05 against the US dollar.

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