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The GIFT Nifty dropped 0.3% to 23,835 at 8:30 a.m., signalling a weak start for the Nifty 50.

US equity futures and the dollar declined early Monday. Market participants remained cautious amid trade negotiations between the United States, Japan, and the European Union. Japanese shares opened lower.

India’s benchmark equity indices recorded their best week in four years as they closed higher for the third consecutive session on Thursday. Markets traded for only three sessions last week as Monday and Friday were holidays, with major companies such as Infosys, HDFC Bank, ICICI Bank, and YES Bank announcing results after Thursday’s close. Besides earnings, key announcements included Divi’s Laboratories signing a long-term supply agreement, Coal India’s SECL inking a Rs 7,040 crore mining deal, and fundraising plans by Biocon and NHPC.

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Here’s a quick look at what could influence equities today.

Global Cues

  • The S&P 500 fell by 1.5% across four sessions last week.

  • West Texas Intermediate crude was down 1% at $64.05 per barrel at 6:57 a.m.

  • Spot gold rose 0.8% to $3,354.08 per ounce.

Asian Market Cues

  • Japan’s Topix fell 1.1% to 2,531.82.

  • South Korea’s KOspi index rose 0.2% to 2,487.03.

Commodity Cues: London Metal Exchange

  • Lead rose 0.88%.

  • Nickel rose 0.37%.

  • Zinc rose 0.1%.

  • Copper rose 0.2%.

  • Aluminium fell 0.2%.

Key Events/Data To Watch

  • US Vice President JD Vance is visiting India from April 21-24. He is accompanied by Second Lady Usha Vance, their children, and senior officials from the US Administration.

  • Finance Minister Nirmala Sitharaman is visiting the United States and Peru from April 20-30. She will attend the IMF-World Bank Spring Meetings and participate in G20 Finance Ministers and Central Bank Governors meetings. She will also hold bilateral meetings with various countries and organisations.

  • Rajesh Agrawal, Additional Secretary in the Department of Commerce, will hold a press conference on agricultural exports at 11 a.m.

Earnings To Watch

  • Anant Raj Ltd.

  • Himadri Speciality Chemical Ltd.

  • International Gemmological Institute India Ltd.

  • Mahindra Logistics Ltd.

  • Pitti Engineering Ltd.

  • Rajratan Global Wire Ltd.

Earnings Reaction To Watch

HDFC Bank Q4FY25 (Standalone)

  • Net profit up 7% to Rs 17,616 crore (YoY).

  • Net interest income rose 10% to Rs 32,066 crore (YoY).

  • Gross NPA fell 1.33% vs 1.42% (QoQ).

  • Net NPA at 0.43% vs 0.46% (QoQ).

ICICI Bank Q4FY25 (Standalone)

  • Net profit up 18% to Rs 12,630 crore (YoY).

  • Net interest income up 11% to Rs 21,193 crore (YoY).

  • Gross NPA fell 1.67% vs 1.96% (QoQ).

  • Net NPA at 0.39% vs 0.42% (QoQ).

Yes Bank Q4 FY25

  • Net Profit up 63% to Rs 738 crore (YoY).

  • Net interest income rose 5.7% on the year to Rs 2,276 crore.

  • Net interest margins of the bank were up by 10 basis points on the quarter and on the year to 2.5%.

  • Gross NPA ratio of the bank remained the same at 1.6% on a sequential basis.

  • Net NPA fell to 0.3% from 0.5% in the previous quarter.

HDFC Life Insurance Co. Q4FY25

  • Net Profit up 15.8% at Rs 477 crore versus Rs 412 crore (YoY)

  • Net Premium Income up 16% at Rs 23,766 crore versus Rs 20,488 crore (YoY)

  • Solvency ratio at 194% versus 187% (YoY)

  • Annual premium equivalent grew 10% YoY to Rs 5186 crore

  • Value of New Business grew 12% YoY to Rs 1376 crore

  • VNB Margins came in at 26.53%, up 43 bps (QoQ)

Infosys Q4FY25 (Consolidated QoQ)

  • Revenue down 2.01% at Rs 40,925 crore versus Rs 41,764 crore

  • Ebit down 3.8% at Rs 8,575 crore versus Rs 8,912 crore

  • Ebit margin 21% versus 21.3%

  • Net profit up 3.3% at Rs 7,033 crore versus Rs 6,806 crore

Tata Elxsi Ltd. Q4FY25 (Consolidated QoQ)

  • Revenue down 3.3% at Rs 908 crore versus Rs 939 crore

  • Ebit down 17.1% at Rs 183 crore versus Rs 221 crore

  • Ebit margin at 20.1% versus 23.5%

  • Net profit down 13.4% at Rs 172 crore versus Rs 199 crore

Jio Financial Services Ltd. Q4FY25 (Consolidated YoY)

  • Total income up 24% at Rs 518 crore versus Rs 418 crore

  • Pre-provision operating profit up 18% at Rs 374 crore

  • Net profit up 1.8% at Rs 316 crore versus Rs 311 crore

Mastek Q4 FY25 (Consolidated, QoQ)

  • Revenue up, 4% at Rs 905 crore versus Rs 870 crore

  • Ebit down 3.2% at Rs 120 crore versus Rs 124 crore

  • Ebit margin at 13.3% versus 14.3%

  • Net profit down 14.4% at Rs 81.1 crore versus Rs 94.7 crore

Just Dial (Consolidated, YoY)

  • Revenue up 7% at Rs 289 crore vs Rs 270 crore.

  • Ebitda up 21.8% at Rs 86.1 crore vs Rs 70.7 crore.

  • Margin at 29.8% vs 26.1%.

  • Net Profit up 36.3% at Rs 158 crore vs Rs 116 crore.

Stocks To Watch

  • Jubilant Pharmova: Police filed a closure report after finding allegations against the chairman baseless. A court accepted the report. The case had no material impact on the company or its operations.

  • Shree Cement: Commissioned a 3.40 MTPA clinker grinding unit as part of a brownfield expansion in Baloda Bazar, Raipur, Chhattisgarh.

  • Biocon: Board will meet on April 23 to consider fund raising.

  • BHEL: Reported FY25 revenue of Rs 27,350 crore, up 19% year-on-year. Secured record order inflows of Rs 92,534 crore. FY25 order book stood at Rs 1.96 lakh crore.

  • Vedanta: Orissa High Court stayed the State Pollution Control Board’s demand for Rs 71.2 crore in environmental compensation.

  • Cipla: US FDA classified Arm Medispray’s facility as ‘voluntary action indicated’. No regulatory action is planned despite some observations.

  • Divi’s Laboratories: Signed a long-term manufacturing and supply deal with a global pharmaceutical firm. Plans to invest Rs 650–700 crore to expand capacity.

  • Dynamatic Technologies: Launched rear fuselage assembly line for 40-seater turboprop aircraft at Bengaluru facility.

  • National Fertilizers: Will set up a joint venture to develop a new ammonia-urea complex in Assam.

  • Ethos: Established wholly owned subsidiary Ficus Trading LLC in Dubai to expand global presence.

  • Coal India: Subsidiary SECL signed a Rs 7,040 crore agreement with TMC Mineral Resources. First coal PSU to adopt paste fill technology in mining.

  • Abbott India: Board appointed Maithilee Mistry as CFO effective May 6.

  • Emcure Pharmaceuticals: US FDA classified Pune facility inspection as ‘voluntary action indicated’.

  • Aster DM Healthcare: CCI approved merger with Quality Care India. New entity ‘Aster DM Quality Care’ will be co-managed by Aster Promoters and Blackstone.

  • Mazagon Dock Shipbuilders: Defence Ministry appointed retired Captain Jagmohan as chairman and managing director.

  • JSW Steel: Italian subsidiary secured €33 million government grant for Rail Mill Modernisation Project.

  • PSP Projects: Received Rs 107 crore order from Brigade Projects in Gujarat.

  • General Insurance Corp: Government appointed Manoj Muttathil Ayyappan, joint secretary in Department of Financial Services, as director.

  • Prestige Group: Provided corporate guarantee for Rs 175 crore loan taken by subsidiary Prestige Hospitality.

  • Eternal: Approved cap of 49.5% on aggregate foreign ownership. Notified commencement of liquidation for step-down subsidiary Zomato Netherlands B.V.

  • JB Chemicals & Pharmaceuticals: Received US FDA approval for Bisoprolol Tablets USP in 5 mg and 10 mg, a generic version of Zebeta for hypertension treatment.

  • Bajaj Electricals: Started commercial operations of new multi-brand store under ‘Bajaj Electronics’ on April 18 in Telangana.

  • Sansera Engineering: Completed strategic investment transaction in MMRFIC Technology Pvt. Ltd.

  • Sky Gold And Diamonds: Approved acquisition of 100% equity in Ganna N Gold Pvt.

  • Supreme Petrochem: Acquired 80% stake in Xmold and plans to buy the remaining 20% over the next two years.

  • IndusInd Bank: Relieved Arun Khurana from additional CFO duties; he remains deputy CEO. Promoted Santosh Kumar to deputy CFO from April 18.

  • Zydus Lifesciences: Zydus Medtech and Braile Biomedica signed a global licence deal to commercialise Transcatheter Aortic Valve Implantation technology.

  • NIIT: Acquired 70% stake in iamneo; plans to acquire remaining 30% in phases.

  • Route Mobile: Chairperson Guillaume Antoine Boutin stepped down. Board appointed Mark James Reid, a non-executive director from Proximus Group, as new chairperson.

  • Kolte-Patil Developers: Reported FY25 sales of Rs 2,791 crore and launched projects worth Rs 4,000 crore. Collections reached Rs 2,432 crore, up 18% year-on-year.

  • LIC Housing Finance: Approved appointment of Lokesh Mundhra as CFO.

  • JTL Industries: Enforcement Directorate officials visited company premises; company provided requested information and clarifications.

  • Tata Consultancy Services: Partnered with Vianai Systems to offer conversational AI decision intelligence through Vianai’s hila Platform.

  • Exide Industries: Invested Rs 299.99 crore in subsidiary Exide Energy Solutions Ltd. via rights issue, maintaining ownership stake.

  • NHPC: Board to review proposal to raise up to Rs 2,000 crore in FY26 through private placement of non-convertible bonds.

  • Astral: Approved acquisition of AL-AZIZ Plastics Pvt. Ltd. for Rs 33 crore. AL-AZIZ will become a wholly owned subsidiary.

  • Jai Corp: Received Rs 362.72 crore, post tax deduction, from Urban Infrastructure Pvt. Ltd. under capital reduction by UIHPL.

  • Power Grid Corp: Subsidiary Raipur Pool Dhamtari Transmission commissioned transmission system under Western Region Expansion Scheme-XXVII on March 26.

  • Sangam India: Signed MoU with Golden Seams Industries Pvt. Ltd. to set up a joint venture focused on denim manufacturing and laundry operations in Odisha.

  • TVS Motor Co.: Introduced updated TVS Apache RR310 motorcycle for 2025, meeting OBD-2B norms and marking 20 years of Apache series.

  • Medplus Health Services: Subsidiary Optival Health Solutions received orders from drug regulators suspending two store licences in Andhra Pradesh and Karnataka for violations.

  • Crompton Greaves Consumer Electricals: Received Rs 10.6 crore order from Maharashtra Energy Development Agency to install 433 solar water pumps under PM-KUSUM scheme.

  • Godrej Agrovet: Reappointed Balram S Yadav as managing director effective May 1.

  • Raymond: Promoter entities and arm received demand notices totalling Rs 45.4 crore from Income Tax Department.

  • Craftsman Automation: Commenced commercial operations at new plant in Coimbatore.

  • Electronics Mart India: Commenced commercial operations at new multi-brand store in Telangana.

  • Cosmo First: Acquired veterinary clinic named Small Animal Clinic–Diagnostic Imaging and Surgical Centre.

  • Ujaas Energy: Board recommended bonus issue in 17:25 ratio.

  • Devyani International: Approved share issue to pay for acquisition in Sky Gate Hospitality, which operates restaurants under ‘Biryani by Kilo’ and other brands.

  • Mahanagar Telephone Nigam: Defaulted on principal and interest payments to Union Bank of India, Bank of India, PNB, UCO Bank, Punjab & Sind Bank, Indian Overseas Bank, and SBI.

  • Archean Chemical: Entered a Rs 20 crore loan agreement with wholly owned subsidiary Neun Infra Pvt.

  • Inox Wind: Signed a 1,500 MW agreement with Purvah Green Private, a subsidiary of CESC. The 990 MW turnkey order is being executed across Gujarat, Rajasthan, and Madhya Pradesh. Commissioning of the 990 MW capacity is expected in phases from FY26 onwards.

Media Reports

  • PFC, IREDA: To consider sale of Gensol Electric Vehicles, according to Economic Times.

  • Electronics JVs: Government is considering a 10% cap on Chinese firms in joint ventures, reports Economic Times.

  • Bank of Maharashtra: Government plans qualified institutional placement in FY26, reports Mint.

  • India-US Trade Talks: Indian officials to visit the US next week for trade discussions, reports PTI.

Brokerage Radar

Nuvama on Defence

  • Dual opportunity in domestic and export markets

  • Defence electronics expected to grow 1.5–2 times defence capital expenditure

  • Private sector growth depends on delicensing and partnerships

  • Bharat Dynamics – Initiate Buy; target price Rs 1,650

  • Data Patterns – Initiate Buy; target price Rs 2,300

  • Hindustan Aeronautics – Initiate Buy; target price Rs 5,150

Citi Pan-Asia Focus List

  • Add: HDFC Bank, JSW Steel, Avenue Supermarts

  • Remove: Trent, Tech Mahindra, SBI

  • HDFC Bank – Credit costs likely to remain contained; return on equity expected to improve

  • Trent – Same-store sales growth expected to moderate due to slower urban consumption

  • Tech Mahindra – Share price down 25%; underperformed Indian market by 23% year to date

  • SBI – Private banks expected to outperform state-owned peers over the next 12 months

Morgan Stanley on Oil Explorers

  • ONGC – Maintain Overweight; reduce target price to Rs 308 from Rs 416

  • Oil India – Maintain Overweight; reduce target price to Rs 462 from Rs 625

  • Target price reduced to reflect lower crude oil prices

  • ONGC and Oil India equity returns have outperformed oil prices during most demand slowdowns, supported by domestic demand and higher average selling prices

Morgan Stanley on L&T

  • Maintain Overweight; reduce target price to Rs 3,877 from Rs 4,278

  • Core earnings compound annual growth rate expected at 20% for FY25 to FY28

  • A large order closed FY25 on a strong note, marking the third consecutive year

  • Domestic orders expected to recover in FY26

  • Middle East prospect pipeline valued at $80 billion and increasing

  • Company remains a key beneficiary of capital expenditure in India and the Middle East

Click here for the full list of brokerage calls, target changes, and sector outlooks.

Bulk Deals

  • Coforge: Motilal Oswal Mutual Fund bought 3.5 lakh shares (0.52% equity) at Rs 6605.13 each.

  • Fusion Finance: BofA Securities Europe bought 6.7 lakh shares (0.66% equity) at Rs 158.21 each.

  • Hathway Cable & Datacom: Unity Associates sold 95.05 lakh shares (0.54% equity) at Rs 13.89 each.

Trading Tweaks

  • Price band changes from 2% to 5%: Diffusion Engineers

F&O Cues

  • Nifty April Futures rose 1.78%; Trades at a discount of 0.35 points

  • Nifty April saw short covering; OI declined by 6448 contracts

  • FPI net add short positions of Rs 180 crore in Nifty Futures; Open Interest rise to Rs 21,728 crore,

  • FPI Index long positions rise to 30% on Thursday.

  • FPI net add long positions worth Rs 566 crore Nifty Bank Futures; FPI Nifty Bank Futures OI declined to Rs 7765.3 crore

  • Nifty Options April 24 Expiry: Max call open interest at 24000, max put open interest at 23500

  • NIfty OI PCR at 0.86

  • Securities in F&O Ban: Angel one, Hindustan Copper, IREDA, Manappuram finance, National Aluminium company

Money Market Update

  • Indian rupee appreciated by 31 paise at market close on Thursday

  • Currency supported by foreign inflows, steady dollar index, and improved market sentiment

  • Rupee closed at 85.38 against the US dollar

  • Local unit stayed below the 86 mark for the third consecutive session

. Read more on Markets by NDTV Profit.The NSE Nifty 50 closed 1.77% higher at 23,851.65, while the BSE Sensex ended 1.96% up at 78,553.2 on Thursday.  Read MoreMarkets, Notifications 

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