Morning Note : Market Update and Key Stocks 12 April 2023 By Asit C Mehta Investment


* Bharat Heavy Electricals/Titagarh Wagons: The BHEL-Titagarh Wagons consortium has received an order from Ministry of Railways for supply of 80 sleeper class Vande Bharat trains at Rs 120 crore per train, their comprehensive maintenance for 35 years, and upgradation of government manufacturing units and trainset depots.

* Time Technoplast: The company received an order worth Rs 54 crore from Indraprastha Gas for supply of CNG cascades made from Type-lV composite cylinders.

* Paras Defence and Space Technologies: Paras Anti-drone Technologies, a subsidiary of the company, signed an MoU with Spacekawa Explorations for indigenous developments and deployment of space intelligence, surveillance and reconnaissance payloads, including RF wideband software defined radio.

* Adani Enterprises: The company incorporated a wholly owned subsidiary Pelma Collieries which will develop, build and operate coal washery, including coal handling systems.

* Sanofi India: The price of company’s insulin glargine brand Lantus has been reduced 21% on a weighted average basis after National Pharmaceutical Pricing Authority fixed the ceiling price for the cost to buyers. While it will impact sales, there will be no impact on profitability, the company said.

* Lumax Industries: The board approved Vineet Sahni’s resignation from the position of chief executive officer and senior executive director of the company with effect from close of business on April 14.

* HDFC Bank: The board of the bank will meet on April 15 to consider raising Rs 50,000 crore during the 2024 fiscal through perpetual debt instruments (part of AT1 capital), Tier II capital bonds and long-term bonds on private placement basis.

* Spandana Sphoorty Financial: The board of the company will meet on April 14 to consider and approve raising funds via privately placed non-convertible debentures.

* Zydus Lifesciences: Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Tavaborole Topical Solution.

* Sula Vineyards: The largest wine producer in the country, Sula Vineyards on Tuesday announced March 2023 quarterly sales figures. In Q4, Sula recorded the highest-ever annual revenues in both its own brands and wine tourism business. As per the regulatory filing, Sula registered an upside of 15% in own brands sales to ?104.3 crore during the March quarter as compared to ?90.7 crore in the corresponding quarter last fiscal. Sula Vineyards' own brand's sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark for the first time.

* ONGC: State-run Oil and Natural Gas Corporation Limited (ONGC) has commissioned a new gas collecting station (GCS) in its Bokaro coal bed methane block. It is the first gas collecting cum gas compression station in the Bokaro CBM (Coal Bed Methane) Block. GCS-Bokaro is a major production installation in ‘PatchA’ of Bokaro CBM Block of ONGC-IOCL Joint Venture with ONGC as the JV operator.

* LIC: Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday said that it has appointed PC Paikray as Chief Risk Officer and Ratnakar Patnaik as Chief Investment Officer. The company said that Ratnakar Patnaik, who has been appointed as Chief Investment Officer, will replace P R Mishra, who has been transferred and posted to another assignment. His appointment as CIO came into effect from April 10, 2023, said LIC in its regulatory filing.

* Delta Corp Q4 FY23 (Consolidated, YoY): Revenues up 4.05% at Rs 227.16 crore. Ebitda down 12.78% at Rs 60.18 crore. Ebitda margin at 26.5% vs 31.6%. Net profit up 6.36% at Rs 51.17 crore.

* TCS: Shares of IT major TCS will be in focus as the company will announce its fourth quarter earnings.



Global Market Update

Futures tied to the Dow Jones Industrial Average traded flat, while S&P 500 and Nasdaq 100 futures inched 0.04 percent and 0.07 percent higher, respectively. Stocks ended Tuesday’s regular session mixed. The S&P 500 closed little changed, while the Dow Jones Industrial Average gained 0.29 percent and Nasdaq Composite lost 0.43 percent. The Dow added 98 points, or 0.29 percent, during Tuesday's regular trading session. The S&P 500 remained flat at 4108, while the tech-heavy Nasdaq Composite slipped by 0.43 percent to close at 12,031.

Crude Oil

Oil prices rose about 2% on Tuesday on hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. inflation report this week, though concerns remain over Chinese demand. Brent crude futures settled up $1.73 or 2.1 percent, to $85.57 a barrel. U.S. West Texas Intermediate futures rose $1.74 or 2.1 percent, to $81.48 a barrel.

SGX Nifty: Trends on the SGX Nifty indicate a mildly positive start for the broader index in India, as the index gains 15 points to trade at 17,802 level on the Singaporean Exchange from its April 11 closing of 17,787.



Nifty Outlook: Nifty opened gap up on Tuesday at 17705, made a high of 17749, made a low of 17655, and closed on a positive note at 17722 levels. For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17780 and 17820 levels.

Bank Nifty Outlook: Bank Nifty opened gap up on Tuesday at 41232, made a high of 41403, made a low of 40990, and closed on a positive note at 41366 levels. For the day, support for Bank Nifty exists at 41000 and 40800 levels, whereas resistance for Bank Nifty stands at 41400 and 41600 levels


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