Markets failed to trigger larger decline despite Hindenburg revelation on SEBI chief with Nifty managed to recoup most of losses and ended on a flat note. At present, the key risk for Indian markets remains from movement in Japanese Yen and we expect Nifty to trigger follow-up selling towards 22,500 on back of JPYINR rising above 57.50. In the past few days, crude prices have seen surge of 8% and a further rally is expected to trigger larger breakout for surprising upside of 30% in the near term.
Results Today – Hindalco, Apollo Hospitals, Hero MotoCorp, IRCTC, MTAR Technology
Ratio of Indian markets to Crude Oil
Stocks to watch
Positive Read through
- JSW Steel – To acquire 66.67 pct interest in M Res NSW for USD 120 mn.
- Power Grid – Successful bidder under TBCB for an inter-state transmission project.
- Marico – Manufacturing operations in Bangladesh have resumed at normal scale.
- Vodafone Idea – Losses came at lowest in 14 quarters, margin stable at 40 pct.
- Happiest Minds – USD sales up 10.9 pct, CC sales growth at 11.4 pct QoQ.
- Wipro – Expands partnership with Google for cloud AI.
- NMDC – Posted Q1 above estimates, average realisations rose YoY & QoQ.
- Doms – EBITDA jumped 38 pct, margin improves 290 bps YoY.
- Hind Copper – Margin at 38.2 pct vs 22.4 pct, sales increased 33 pct YoY.
- Alembic – EBITDA up 89 pct, margin at 40.4 pct vs 29.5 pct YoY.
- Power Mech – EBITDA up 14.4 pct, sales increased 16.4 pct YoY.
- Orchid Pharma – EBITDA grew 46.6 pct, margin at 13.3 pct vs 12.1 pct YoY.
- HUDCO – Asset quality improves, disbursements up 19x YoY.
- IRFC – NII up nearly 2 pct, profit increased 1.7 pct YoY.
- Olectra Green – EBITDA up 4.5 pct, sales increased 45.3 pct YoY.
- Oberoi Realty – NCLT nod to acquire Nirmal Life via IBC by paying creditors Rs. 2.73 bn.
Negative Read through
- Senco – Reported Q1 in-line, customs duty reduction will impact margin for next 2-3 quarters.
- Ami Organics – EBITDA fell 13.2 pct, margin at 16.7 pct vs 22.1 pct YoY.
- 63 Moons – Posted loss vs profit, sales tumbled 66.3 pct YoY.
- RCF – EBITDA down 10.4 pct, margin at 2.6 pct vs 3.2 pct YoY.
- ΚPI Green – To raise up to Rs. 10 bn via QIP, issue price Rs. 935 per share.
- HOEC – EBITDA fell 29.3 pct, margin at 42.5 pct vs 48.9 pct YoY.
- Globus – EBITDA dropped 34.4 pct, margin at 7.4 pct vs 12.7 pct YoY.
- Camlin Fine – EBITDA down 53.7 pct, margin at 4.5 pct vs 9.2 pct YoY.
- Yatra – EBITDA down 70 pct, margin at 4.6 pct vs 14.4 pct YoY.
- Campus active – EBITDA down 22 pct, margin at 15.3 pct vs 18.7 pct YoY.
- Spice Jet – Company’s operation from CSMIA expected to be temporarily disrupted.
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