Indian indices witnessed a rebound in early trade on Thursday amid positive global trends. On Wednesday, the indices gave up gains to trade lower, tracking weak Asian and US trends. Key Wall Street indices ended higher overnight in a choppy trading session, following a boost from strong earnings from Microsoft and Visa, with concerns of a global economic slowdown, lockdown in China, high inflation, and US rate hikes keeping the bulls in check. The roller-coaster ride in markets is likely to continue as multiple headwinds dampen risk appetite of investors. Oil prices edged lower in early Asian trade on Thursday. In Asia, shares rose in Japan, South Korea, Hong Kong, Australia, while that in Shanghai declined.
Trent’s March quarter results are a mix of hits and misses
Trent Ltd reported 53% year-on-year (y-o-y) growth in standalone revenue from operations to ₹1185 crore in the March quarter (Q4FY22). This is despite the adverse impact of the third wave in January and February.
ICICI Securities gives ‘buy’ tag to this multibagger Rakesh Jhunjhunwala stock
Rakesh Jhunjhunwala portfolio: Despite hospitality industry reeling under the Covid-19 pandemic heat for last two years, Indian Hotel share has delivered multibagger return in last one year. In last one year, it has shot up to the tune of 125 per cent whereas in 2022, this Rakesh Jhunjhunwala stock has surged to the tune of 35 per cent. However, ICICI Securities sees more upside in this multibagger stock. According to ICICI Securities research report post-Q4FY22 results of Indian Hotels Company Limited, the brokerage has revised Indian Hotel share price target to ₹292 levels.
Asian shares mostly higher after wobbly day on Wall Street
Asian shares logged moderate gains on Thursday after Wall Street stabilized following a sell-off in tech stocks the day before.
Tokyo’s Nikkei 225 rose 1per cent to 26,642.88 after the Bank of Japan wrapped up a policy meeting with no major changes, maintaining its near-zero interest rate stance despite a sharp weakening of the yen against the dollar and rising costs for many imported commodities.
Chinese benchmarks recovered from sharp drops as officials highlighted efforts to counter the impact of pandemic shutdowns in many cities.
The Shanghai Composite index gained 0.6per cent to 2,975.28 and Hong Kong’s Hang Seng jumped 1.4per cent to 20,218.39.
Elsewhere, the Kospi in Seoul added 0.5per cent to 2,953.09. Australia’s S&P/ASX 200 surged 1per cent to 7,333.50.
Wall Street ended Wednesday with a lackluster finish as traders braced for more earnings reports from major U.S. companies this week.
The S&P 500 saw most of a midday rally evaporate and wound up with a gain of just 0.2per cent, at 4,183.96. The Dow Jones Industrial Average also added 0.2per cent, to 33,301.93. The Nasdaq was barely changed at 12,488.93, while the Russell 2000 fell 0.3per cent to 1,884.04.
As RIL shares trade at record high, what Morgan Stanley’s Ridham Desai says on stock’s outperformance
From among the top 20 aggregate institutional holdings, active positions (relative to the MSCI Index) rose the most for Reliance Industries (RIL) as institutions like FPIs, mutual funds, DFIs probably had to catch up with the stock’s outperformance, highlighted global brokerage Morgan Stanley in a note.
Govt-owned iron ore producer KIOCL surges more than 10%
Godrej Properties acquires 58 acres in Nagpur for plotted project
Godrej Properties Ltd (GPL) Thursday said it has acquired 58 acres of land in Nagpur, which will comprise primarily of plotted residential units and offer an estimated saleable area of 1.5 million sq ft.
Asia oil refiners rake in record profits on tight global supplies
Asian oil refiners are reaping their highest profits ever this week, spurred by higher fuel demand during peak holiday seasons as more economies recover from the COVID-19 pandemic while the region ramps up exports to Europe to replace a Russia shortfall.
Profit margins for a complex refinery in Singapore, the bellwether for Asian refiners, tipped over $20 a barrel on Wednesday.
Gasoline, diesel and jet fuel crack spreads hit new highs of $22, $46 and $36 per barrel respectively amid a transport boom as more economies ease COVID restrictions.
Rupee slumps 10 paise to 76.67 against US dollar in early trade
The rupee depreciated 10 paise to 76.67 against the US dollar in the opening trade on Thursday, weighed down by the strength of the greenback and significant foreign fund outflows.
At the interbank foreign exchange, the rupee opened at 76.60 against the American dollar, then lost ground to quote at 76.67, registering a fall of 10 paise from the last close.
On Wednesday, the rupee had settled almost flat at 76.57 against the US dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.37 per cent higher at 103.34.
Forex traders said there is risk aversion among investors amid mounting challenges posed by the indication of aggressive tightening by the US Fed and geopolitical uncertainties.
Bank Nifty Option report by Axis Securities
Insights
Bank Nifty has seen decrease in Open Interest of -46.02% with decrease in price of -2.27% indicating Long Unwinding.
Nifty has seen decrease in Open Interest of -50.66% with a decrease in price of -2.05% indicating Long Unwinding.
Option data indicates a probable trading range of Bank Nifty for the day between 35,800 to 36,800 & that for NIfty at 17,300 to 16,900.
BANK NIFTY Strategy : – PUT Spread
View: Moderately BEARISH.
Rationale: – Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 36,000 strike PUT option and simultaneously selling one lot of 35,500 strike PUT Option.
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BSE IT muted in early trend; KPIT, 63 moons drag the most
Auto industry-focused KPIT Technologies on Wednesday reported a 53 per cent rise in its March 2022 quarter net at ₹80.5 crore.
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IEX shares plunge post Q4 results. Should you buy?
Shares of Indian Energy Exchange (IEX) plunged nearly 3% to ₹213 apiece on the BSE in Thursday’s early deals after the company posted a rise of over 45% in its consolidated net profit at ₹88 crore in the quarter ended March 2022, compared to the year-ago period, mainly on the back of higher revenues.
Expect back ended returns amidst Volume and cost pressures: Prabhudas Lilladher on HUL
Rating: BUY | CMP: Rs2,145 | TP: Rs2,384
We expect 11.0% Sales and 13.6% PAT CAGR over FY22-24 and assign a DCF based target price of ₹2384 ( ₹2356 earlier). We have marginally increased our FY23/24 EPS by 0.7%/1.2% on calibrated price hikes & cost synergies. Risk reward is favorable at 44x FY24 EPS and ~2% dividend yield, however we expect the returns to be back ended given near term volume pressures and volatility in Input costs. Retain Buy.
Cyient to acquire Singapore-based Grit Consulting for $37 million
Cyient Ltd. said on Thursday it is set to acquire Singapore-based Grit Consulting for a total consideration of $37 million, to strengthen its technology consulting practice and gain access to new customer portfolios.
Rainbow Children’s Medicare IPO: What GMP reflects about the public issue
Rainbow Children’s Medicare IPO (Initial Public Offering) hit Indian primary markets on 27th April 2022 and it will remain open for bidders till 28th April 2022. So, bidders have two more days left to apply for the public issue worth ₹1595 crore. As per Rainbow Children’s Medicare IPO subscription status, the public offer has been subscribed 0.29 times whereas its retail portion has been subscribed 0.48 times. Grey market is also giving positive signals in regard to Rainbow Children’s Medicare IPO. According to market observers, shares of Rainbow Children’s Medicare are available at a premium of ₹20 in grey market today.
Rakesh Jhunjhunwala portfolio multibagger stock could rise further as Motilal Oswal sees upside
Indian Hotels‘ Q4 revenue was in line, while EBITDA came in below our estimate. The Tata group hospitality firm reported a consolidated net profit of ₹71 crore in the fourth quarter while revenue from operations during…
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