Equity99

*News Headlines from Business News Agencies:*

*Business Standard*

📝 HDFC Life Q4FY24 results: Net profit up 14.8% Y-o-Y at Rs 411 cr
📝 NSE to launch derivatives on Nifty Next 50 index from Apr 24, gets Sebi nod
📝 ReNew, JERA to jointly evaluate green ammonia projects in Odisha
📝 India's FY24 pulses imports hit 6-year high as red lentil purchases jump
📝 After media report, Nestle India says cut added sugars in baby cereal range
📝 Blackstone reports 1% rise in 1st-quarter earnings on growth in fee income
📝 Musk's India visit sparks expectations for Tesla investment and expansion
📝 Orders for ABB globally fall, drag share price for India-listed entity
📝 Sales of first electric car 'SU7' 3-5 times higher than expected: Xiaomi
📝 Apple's India push puts Tamil Nadu on top on electronic exporters
📝 Quess Corp Ajit Isaac seals record real estate deal at Rs 67.5 cr
📝 ITC Infotech to acquire Pune-based Blazeclan Technologies for Rs 485 crore

*Economic Times*

📝 Bajaj Auto Q4 Results: PAT jumps 35% YoY to Rs 1,936 crore
📝 India says it is ready to mitigate economic impact of Iran-Israel conflict
📝 Axis Bank revises savings, salary account tariff structure with effect from April 1, 2024
📝 Power Mech Projects bags orders worth Rs 232 crore
📝 India smartphone up 15% on year in Q1, continues recovery: Canalys
📝 India's trade deficit with ASEAN expands since FTA of 2010
📝 Kotak Mutual Fund files draft document with Sebi for special opportunities fund
📝 NHAI identifies 33 highway stretches for monetisation in FY25
📝 Surbhi Goel to be appointed first female CEO of Munich Re India
📝 SDLG opens its first manufacturing facility in Bengaluru
📝 Hiring in electronics industry sees a hike of 154% year-on-year in March: Quess Corp

*Mint*

📝 Infosys Q4 results: Net profit rises 30% to ₹7,969 crore, revenue up by 1.2%
📝 Infosys Q4 Results: Attrition rate declines further to 12.6%
📝 Tata Motors plans JLR luxury cars production at $1 bn Tamil Nadu plant: Report
📝 Bharti Airtel divests Sri Lanka operations, merges with Dialog Axiata
📝 Hyundai starts setting the stage for India’s biggest IPO
📝 Goldman initiates coverage on Power Grid & Hitachi Energy with 'buy' rating
📝 FSSAI to examine charges against Nestle on adding sugar in baby food products
📝 NCLT grants Byju's one week to settle payment dispute
📝 Tata Group in talks with Fabindia promoters for stake acquisition, says report
📝 News aggregator Dailyhunt parent acquires US-based Magzter
📝 SpiceJet hit with new insolvency claims by three lessors over ₹77 crore dues

Defence Multibagger Stock 🚀

3 x Potential

Aartech Solonics, (CMP – 216.70 ), is a manufacturer of Electrical Machinery and Apparatus N.E.C. Company is a system solution-oriented R&D enterprise in the field of specialized and selected energy appliances. Company has ROCE of 8.31% and ROE of 5.19%. It is a regular dividend paying counter having dividend yield of 0.28%. Company has minimal debt of 2.66Cr with debt equity ratio of just 0.02x. Also, company has recently made some investments in UK by forming subsidiary under the name of Aartech Solonics UK Limited. We expect some technical investments by company through this subsidiary.

Stock is consolidating near its all time high levels. One base is created we expect strong momentum in this counter making new all time high.

Defence sector is the top highlight now, Aartech Solonic is also a defence company with high growth potential on upside.

🚀 AARTECH SOLONIC 🚀

Stock might hit upper circuit again in this negative market.

Morning Alert..
*FPIs pull out of debt, selling pressure may continue until bond inclusion*
The debt market saw a reversal of fortunes in April after a year of consistent robust monthly inflows from foreign portfolio investors (FPI). Market participants anticipate that the selling pressure will persist, with the expectation that the bond market will regain its stability following the JPMorgan bond index inclusion in June. “There might be selling for some time by the active investors who had come in,” said Vikas Goel, managing director and chief executive officer, PNB Gilts. “It is temporary…there will be some outflow but it will be marginal. There is no trigger now to be buying, and that is why I think there is some amount of selling,” he added. In April so far, foreign investors have pulled out a net of Rs 3,592 crore from the debt market due to the surge in US Treasury yields and escalating geopolitical tensions in West Asia. On Tuesday, FPIs sold Rs 3,363 crore worth of bonds in a single day. In the current week, they have sold around Rs 2,669 crore worth of government bonds. FPIs’ investment in government bonds fell by around 5.5 per cent in the past month. They sold Rs 6,530 crore worth of five-year bonds, which is the most liquid bond among fully accessible route (FAR) securities.

*Global market action*
Dow Jones – Down by 1.19% or 448.69 points
FTSE – Up by 0.37% or 29.06 points
CAC – Up by 0.52% or 41.75 points
DAX – Up by 0.38% or 67.38 points
Gift Nifty – Down by 1.53% or 337.50 points

*FII/DII activities*
FII – Sold 4260.33 Cr worth of shares
DII – Bought 2285.52 Cr worth of shares.

*Stocks with high delivery Percentage*
Aptus Value Housing Finance India Ltd – 94%
Pfizer Ltd – 87.7%
Vedant Fashion Ltd – 86.7%
Endurance Technologies Ltd – 86.5%
Kajaria Ceramics Ltd – 86.4%

*Primary market activities*
IPO opening today
Faalcon Concepts Ltd (BSE SME) – Issue size 62Cr

*Commodities updates*
Gold – Rs 75515/10gm, Silver – Rs 83309/kg, Brcrude – Rs 6930/barrel, Copper – Rs 838.50/kg.

*Corporate News*
HDFC Life Q4 results: Net profit up 15% at Rs 411 cr on back book gain.

Bharti Airtel signs deal to merge Sri Lankan unit with Dialog Axiata.

Tata Motors plans Jaguar Land Rover EV imports to India under new policy.

Likely to Hit Upper Circuit 🚀

Important updates

Likely to Hit Upper Circuit 🚀

Morning Alert..
*Crude oil import bill shrank 15.9% in FY24, thanks to Russia shipments*
Discounts on a steady stream of Russian crude have led to India’s crude oil import bill shrinking by 15.9 per cent to $132.4 billion in FY24 (2023-24), down from $157.5 billion in the previous year, even as import volumes remained the same. The crude oil import bill had risen by 30.4 per cent in FY23, data shows. However, the country imported almost the same amount of crude oil by volume in FY24, bringing in 232.5 million metric tonnes (mmt) of crude in FY24, official data released on Wednesday by the Petroleum Planning and Analysis Cell showed. This was marginally down by 0.1 per cent as compared to FY23. This was also the second year that import volumes have remained above the pre-pandemic levels. Imports stood at 226.9 mmt in 2019-20, falling to 196.4 mmt in 2020-21. However, India’s import dependency hit a fresh high of 87.7 per cent in FY24, up from 87.4 per cent and 85.5 per cent in the previous two years. When calculated based on the consumption of petroleum products, import dependency on crude oil inched up to 88 per cent in March.

*Indian economy projected to grow 6.5% in 2024, suggests UNCTAD report*
India's economy is projected to grow by 6.5 per cent in 2024, according to a report by the UN which noted that multinationals extending their manufacturing processes into the country to diversify their supply chains will have a positive impact on Indian exports. UN Trade and Development (UNCTAD) in its report released on Tuesday said that India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world. The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector which benefited from robust local demand for consumer services and firm external demand for the country's business services exports, the report said, adding that these factors are expected to continue to support growth in India in 2024. The report also noted the increasing focus by multinationals on India as a manufacturing base as they diversify their supply chains, a reference to China. In the outlook, an increasing trend of multinationals extending their manufacturing processes into India to diversify their supply chains will also have a positive impact on Indian exports, while moderating commodity prices will be beneficial to the country's import bill, it said.

*Global market action*
Dow Jones – Up by 0.18% or 67.40 points
FTSE – Up by 0.35% or 27.63 points
CAC – Up by 0.62% or 48.90 points
DAX – Up by 0.0.02% or 3.79 points
Gift Nifty – Up by 0.19% or 42.50 points

*FII/DII activities*
FII – Sold 4468.09 Cr worth of shares
DII – Bought 2040.38 Cr worth of shares.

*Stocks with high delivery Percentage*
TTK Prestige Ltd – 95.7%
Aptus Value Housing Finance India Ltd – 92%
Emami Ltd – 91.7%
Sundaram Fasteners Ltd – 90.3%
Vmart Retail Ltd – 89.6%

*Primary market activities*
FPO opening today
Vodafone Idea Ltd – Issue size 18000Cr

*Commodities updates*
Gold – Rs 75400/10gm, Silver – Rs 83470/kg, Brcrude – Rs 6926/barrel, Copper – Rs 829.80/kg.

*Corporate News*
ICICI Lombard Q4 net up 19% to Rs 519.50 cr driven by premium growth.

Ahead of FPO, Vi raises Rs 5,400 cr, anchor book subscribed over 2x.

Adanis invest another Rs 8,339 cr in Ambuja Cements, promoter stake up 70%.

Morning Alert..
*India's exports shrink 3% in FY24 but tide is turning, says govt*
Snapping the trend of growth in three consecutive months, goods exports in March year-on-year (Y-o-Y) contracted a moderate 0.67 per cent to $41.68 billion due to falling commodity prices and persistent geopolitical challenges. With March being the seventh month when exports contracted in 2023-24, on a cumulative basis outbound shipments saw a 3.11 per cent decline at $437.06 billion, the data released by the commerce department on Monday showed. The contraction came after exports grew during the last two financial years. However, Commerce Secretary Sunil Barthwal exuded optimism and said exports had moved into a “positive cycle of growth”, particularly in the calendar year 2024. “This year was extremely difficult for trade. The Russia-Ukraine war continues, and other conflicts came up. There was a huge issue due to the Red Sea (crisis) and Panama Canal. There were recessionary trends as well … We have beaten all odds,” Barthwal said. The commerce secretary said that sectors such as electronic goods, drugs, and pharmaceuticals had done well despite adversities.

*West Asia flare-up roils equity, rupee; Sensex, Nifty slip over 1%*
The Indian equity benchmarks declined on Monday as Iran’s missile and drone strike on Israel prompted investors to flee risky assets. The losses, however, were contained as investors shrugged off concerns of a wider war amid diplomatic efforts to contain the crisis. The rupee, too, depreciated to a fresh closing low of 83.45 per dollar on Monday but it performed better than most Asian currencies. Gold continued to witness a safe-haven rush but pressure eased. Though India’s 10-year government bond yield remained largely flat, the 10-year US Treasury yield rose as much as 11 basis points to 4.63 per cent, the highest level since mid-November. After declining more than 1 per cent for a second day, the Sensex ended the session at 73,400, dropping 845 points or 1.14 per cent -- its sharpest decline since March 27. The Nifty 50 ended at 22,273, a drop of 247 points or 1.1 per cent. Foreign portfolio investors (FPIs) sold shares worth Rs 3,268 crore, while domestic institutional investors pumped in nearly Rs 4,800 crore.

*Global market action*
Dow Jones – Down by 0.30% or 111.93 points
FTSE – Down by 0.38% or 30.05 points
CAC – Up by 0.43% or 34.28 points
DAX – Up by 0.54% or 96.26 points
Gift Nifty – Down by 1.04% or 231.50 points

*FII/DII activities*
FII – Sold 3268 Cr worth of shares
DII – Bought 4762.93 Cr worth of shares.

*Stocks with high delivery Percentage*
Astrazeneca Pharma India Ltd – 87%
Blue Dart Express Ltd – 83.5%
Hindustan Unilever Ltd – 80.8%
SIS Ltd – 79%
DOMS Industries Ltd – 77.6%

*Primary market activities*
Listing today
DCG Cables & Wires Ltd (NSE SME) – Subscribed 16.96x
Teerth Gopicon Ltd (NSE SME) – Subscribed 75.54x

*Commodities updates*
Gold – Rs 74590/10gm, Silver – Rs 83810/kg, Brcrude – Rs 7134/barrel, Copper – Rs 831.95/kg.

*Corporate News*
Mahindra Group to invest nearly Rs 1,200 cr in renewable energy projects.

Vodafone Idea earmarks Rs 5,720 crore to roll out 5G wireless network.

Jio Financial-BlackRock JV to launch wealth management, broking business.

Vedanta secures 11-year Rs 3,900 crore loan from PFC, says report.

Morning Alert..
*States fiscal deficits for FY24 likely to be close to 3.1% of GDP: Citi*
The actual fiscal deficit of states for the financial year 2023-24 (FY24) is expected to be closer to the original budgeted estimate of 3.1 per cent of the Gross Domestic Product (GDP) instead of the revised estimate of 3.5 per cent, with both revenue and expenditure showing a lower growth than estimated, an analysis of 22 state Budgets by Citi Research showed. According to Citi Research’s report titled ‘India Economics, State Finances: A Tale of Capex, Grants and Borrowings’, this indicates that “overall, the states are within their borrowing limits.” “However, at least 6 of the 22 states that we tracked have budgeted for a fiscal deficit higher than 3.5 per cent in FY25,” it said. The report suggested that grants from the Centre to states were falling due to no GST compensation funds and lower finance commission grants. Due to this, grants from the Centre which accounted for 18-19 per cent of total state revenues, could fall to 15 per cent for FY24-FY26, the report said. Besides, of the total Rs 2.95 trillion granted to states in the FY22-FY26 period by the Finance Commission, 87 per cent was already distributed in FY22-FY24. Grants would be substantially lower for the FY25-FY26 period, the report said.

*Global market action*
Dow Jones – Down by 1.65% or 270.80 points
FTSE – Up by 0.91% or 71.78 points
CAC – Down by 0.16% or 12.91 points
DAX – Down by 0.13% or 24.16 points
Gift Nifty – Up by 0.60% or 134.50 points

*FII/DII activities*
FII – Sold 8027 Cr worth of shares
DII – Bought 6341.53 Cr worth of shares.

*Stocks with high delivery Percentage*
ZF Commercial Vehicle Control Systems India Ltd – 94.2%
SIS Ltd – 90.4%
Kansai Nerolac Paints Ltd – 89.2%
Cholamandalam Financial Holdings Ltd – 87.5%
Sundaram Fasteners Ltd – 86.7%

*Primary market activities*
IPOs opening today
Ramdevbaba Solvent Ltd (NSE SME) – Issue size 50.27Cr
Grill Splendour Services Ltd (NSE SME) – Issue size 16.47Cr

*Commodities updates*
Gold – Rs 74360/10gm, Silver – Rs 83040/kg, Brcrude – Rs 7190/barrel, Copper – Rs 821.55/kg.

*Corporate News*
TCS will continue to hire despite decrease in headcount: CHRO Lakkad.

Godrej Locks eyes 50% market share, bets big on new cheaper products.

Mphasis announced a multi-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to launch Gen Al Foundry for Financial Services.