Wipro Q4 result:
IT services company Wipro on April 15 reported a 0.1 percent sequential growth in consolidated profit to Rs 2,972.3 crore for the quarter ended March 2020.
IT Services business clocked revenue at Rs 16,334 crore for the quarter.
The revenue growth in constant currency came in at 3 percent for the March quarter and the topline growth in dollar terms reported at 3.9 percent.
Vinod Nair, Head of Research at Geojit Financial Services:
Market is becoming more cautious as states are increasing restrictions due to the havoc created by the virus. Growth-oriented sectors & stocks are losing momentum while defensives like Pharma, FMCG & IT are gaining. However, states will not opt for a complete lockdown like last year, but high valuation will lead to a phase of short-term consolidation.
Rupee Close:
Indian rupeehas erased early losses and ended at day's high at 74.92 per dollar, amid buying saw in the domestic equity market.It opened 14 paise lower at 75.19 per dollar against Monday's close of 75.05 and traded in the range of 74.92-75.33.
Jateen Trivedi, Senior Research Analyst at LKP Securities:
Rupee saw volatile session as the financial equity markets too, were in first half bears had the upper hand inequities, and the rupee was weak in tandem, but later half rupee strengthens due to buying interests in banking and equities, helping rupee scale towards 75.00 after touching 75.35 in the morning session. Going ahead rupee can be seen in a range of 74.70-75.30.
Rohit Singre, Senior Technical Analyst at LKP Securities:
One more positive session witnessed today as the index closed a day at 14581 with gains of more than half percent and formed a bullish candle for the second consecutive day. The index has formed a good base near 14460-14350 zone if managed to sustain the above-said levels we may see northward move towards 14700-14800 zone which is an immediate and strong hurdle on the higher side. The overall range for Nifty is coming in between 14250 on the downside and 15k on the higher side.
Market Close:
Benchmark indices witnessed volatile session but manages to endnear the day's high level on April 15 despite rising covid cases and wholesale inflation data.
At clsoe, the Sensex was up 259.62 points or 0.53% at 48803.68, and the Nifty was up 76.70 points or 0.53% at 14581.50. About 1226 shares have advanced, 1611 shares declined, and 162 shares are unchanged.
TCS, Cipla, ONGC, Wipro and Adani Ports were among the major gainers on the Nifty, while losers were Eicher Motors, Grasim Industries, Infosys, Maruti Suzuki and IndusInd Bank.
On the sectoral front, auto and PSU bank indices shed 1 percent each, while metal and pharma indices rose over 1 percent each. BSE midcap and smllcap indices ended flat.
Ashish Kacholia buys 1.45 percent stake in Phillips Carbon Black:
Ashish Kacholia bought 25,02,495 shares, or 1.45 percent stake, in Phillips Carbon Black in the March quarter of FY21, data available with BSE showed.
Phillips Carbon Black was quoting at Rs 199.25, up Rs 9.35, or 4.92 percent on the BSE.
Abhishek Bansal, Founder Chairman, Abans Group.
Silver prices are currently trading near $25.63, sharply higher from the recent low of $23.74 registered on March 31. Weakness in the US dollar index is supporting a bullish move in silver prices.
Silver and gold prices also found support from weakness in bond yield. United States 10-Year Bond Yield is currently trading near 1.617 which is sharply lower from the recent high of 1.776 registered on March 30.
Silver prices are likely to trade firm while above the key support level of $25.297 and $24.775 while it may find stiff resistance near $26.020-$26.795.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market continued to witness resilience and stayed above the Nifty 50 Index level of 14300. The short-term technical condition of the market shows that the expected range of the market is likely to range between 14300 and 14800. The market breadth to improve slightly and manage to stay above the 14500 levels. Sustaining above 14500, market to gain momentum, leading to an upside projection till 14800 levels.
Coinbase jumps 11% day after Nasdaq debut
Coinbase Global Inc shares jumped 11% in early trades on Thursday, a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.
Rakesh Jhunjhunwala pares Titan stake in Q4FY21:
Well-known investor Rakesh Jhunjhunwala pared by 22.7 lakh shares his stake in one of his favourite picks Titan Company in the March quarter of the financial year 2021 (FY21).
As per data available with BSE, Jhunjhunwala and wife Rekha Jhunjhunwala together held 4,49,00,970 shares, or 5.06 percent stake, of Titan at the end of the March quarter. Jhunjhunwala held 3,52,60,395 shares, while Rekha has 96,40,575.
At the end of the December quarter, they collectively held 4,71,70,970 shares, or 5.32 percent stake, in Titan—Jhunjhunwala 3,75,10,395 shares and Rekha 96,60,575.
Titan Company was quoting at Rs 1,529, down Rs 1.65, or 0.11 percent on the BSE.
European Markets Trade Firm:
Flipkart to acquire 100% stake in Cleartrip:
Flipkart, India's homegrown e-commerce marketplace on April 15 announced the proposed acquisition of Cleartrip, a leading online travel technology company. Flipkart will acquire 100 percent of Cleartrip’s shareholding, as the company further enhances its investments to strengthen its digital commerce offerings for customers. Read More
Hindustan Copper raises Rs 500 crore via QIP issue:
Hindustan Copper has raised Rs 500 crore through issuance of shares to institutional investors on fully subscription of qualified institutions placement (QIP)," company said in a statement.
The funds from the QIP are proposed to be used to fund the ongoing capex/expansion plan of the company.
Hindustan Copper was quoting at Rs 137.55, down Rs 1.75, or 1.26 percent on the BSE.
Rupee Updates:
Indian rupeehas erased early losses and trading flat at 75.08 per dollar, amid volatile trading seen on the domestic equity market.
It opened 14 paise lower at 75.19 per dollar against Monday's close of 75.05.
BSE Metal index added 1 percent led by the NALCO, Vedanta, Tata Steel
Sensex gainers & losers
Views of Rahul Bajoria, Chief India Economist, Barclays India, on WPI inflation
In a material upside surprise, the wholesale price index surged 7.4 percent year-on-year (YoY) in March, reaching a 102-month high. The March print also ensured that WPI inflation will exceed CPI inflation (5.5 percent YoY) after running below it for 23 months.
Adverse base effects and strong sequential momentum drove WPI inflation higher, with sharp month-on-month price gains continuing in the fuel and manufacturing segments, which could become a cause for concern. We expect WPI inflation to continue to rise for a few more months, possibly reaching double digits the first time since September 2011 in May 2021.
Nippon Life India enters into strategic collaboration with Cathay SITE:
Cathay SITE (Securities Investment Trust) the largest Asset Manager in Taiwan, signed a Letter of Intent (LOI) for an exclusive strategic collaboration with Nippon Life India Asset Management Limited (NAM India), a subsidiary of Nippon Life Insurance, as per the press release.
Nippon Life India Asset Management was quoting at Rs 331.80, up Rs 2.50, or 0.76 percent on the BSE.
Gaurav Garg, Head of Research, CapitalVia Global Research:
The market opened with a gap up but with increased concerns over rise in Covid cases, the market could not maintain the higher levels and corrected till the level of 14400. The US market closed with a mixed sentiment in the market. Asian markets were trading mixed, after Singapore's central bank retained its monetary policy stance as the policymakers viewed it appropriate amid weak outlook for core inflation and continuing economic recovery.
Market continues to trade in a range between 14250-14800 with 14200 being a major support in the short period of time. On the sectoral front, Metal and Health Care have shown some strength while Auto and IT sector being the top losing sectors each shredding nearly 2 percent. Cipla and ONGC are the top gainers while Grasim and Eicher Motor are the top losers.
Rupee Updates:
Indian rupee has erased early losses and trading at day's high at 75.00 per dollar, amid selling seen on the domestic equity market.
It opened 14 paise lower at 75.19 per dollar against Monday's close of 75.05.
NMDC revises lump ore and fines prices:
The company has fixed the prices of Lump Ore (65.53, 6-40mm) at Rs 6,950/- per ton and Fines prices (643, -10mm) at Rs 5,060/- per ton w.e.f. 14-04-2021, company said in press release.
NMDC was quoting at Rs 141.10, up Rs 3.00, or 2.17 percent on the BSE.
ICRA upgrades rating of bank facilities of Jindal Steel & Power:
Credit rating agency, ICRA, has upgraded its rating from [ICRA] BBB + with “Stable” outlook to [ICRA] A with “Stable” outlook on the Long Term Bank Facilities and from [ICRA]A2 to [ICRA]A1 for short term facilities of Jindal Steel & Power, company said in its release.
Jindal Steel & Power was quoting at Rs 415.15, up Rs 5.65, or 1.38 percent on the BSE.
JUST IN
| March WPI inflation was at 7.39% versus 4.17%. Food inflation stood at 5.28% versus 3.31% and manufactured products inflation was at 7.34% versus 5.81%, MoM.
Nifty Auto index slipped 1 percent dragged by the Eicher Motors, Bharat Forge, Maruti Suzuki
L&T bags contracts across various verticals:
The heavy engineering arm of Larsen and Toubro has won significant contracts for its various business segments in Q4 of FY21, company said in the release.
L&T Heavy Engineering has secured order for 12 Steam Generators (SGs) from NPCIL for the prestigious 3 x 700 MWe Pressurized Heavy Water Reactor (PHWR).
Also, L&T Heavy Engineering also won a Critical Reactor system package order for IOCL's Petrochemical Project against stiff international competition
Other notable orders include Hydroprocessing Reactors for the Renewable diesel & Biofuel Project for prestigious refinery majors from USA & Europe.
Larsen & Toubro was quoting at Rs 1,360.50, down Rs 13, or 0.95 percent on the BSE.
Yes Securities on Infosys:
While the revenue performance was less than expected in the quarter, but robust deal booking and deal pipeline in digital, cloud and data offers strong revenue growth visibility for FY22 and ahead. It should be able to achieve stable operating margin for FY22, supported by positive operating leverage, even though, it faces headwind in terms of increased cost such as salary hikes and increased travel expense. Share buyback would restrict downside risk in the near term. The stock trades at 22.8x on FY23 earnings. Initiate coverage on the stock with buy rating. Target Rs 1,560.
Nifty PSU Bank index fell 1 percent dragged by the IOB, Bank of Maharashtra, Indian Bank
Heena Naik, Research Analyst - Currency, Angel Broking:
The Indian Rupee has been termed as the worst-performing Asian currency this month as it weakened towards the lower levels of 75.54.
Primary reason for the downfall of Rupee could be attributed to RBI's announcement of a formal bond purchase plan in the recent policy. They also hinted towards the uncertainty over India’s growth outlook.
Also, economists have cut their forecast for the current quarter growth amid restrictions to contain the coronavirus which has created worries in the minds of investors.
All the above factors are expected to keep the rupee under pressure for some more time unless and until the RBI decides to step in.
In the future, a supportive policy mix along with government measures and robust vaccination drive could help in the country's recovery.
Hindustan Unilever to consider March quarter results on April 29:
Hindustan Unilever is its press release said that a meeting of the board of directors of the company will be held on Thursday, 29th April, 2021, through Audio-Visual means, to consider the audited standalone and consolidated financial results for the quarter and year ended March 31, 2020 along with the audit report for the corresponding period.
Hindustan Unilever was quoting at Rs 2,454.55, down Rs 1.25, or 0.05 percent on the BSE.
Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors:
USDINR started again on a biddish note as corona cases surge beyond 200k cases per day. Though dollar index fell below 92 INR was still being offered as GDP growth forecasts are scale down. Exporters may keep positions open with a stop below 74.90 while importers should buy all dips and major dips as RBI is the only seller in the market. Range for the day 74.95 to 75.45.
Rakesh Jhunjhunwala trims stake in VIP Industries:
Renowned investor Rakesh Jhunjhunwala trimmed his stake in VIP Industries during the March quarter of the financial year 2021 (Q4FY21) as the coronavirus pandemic hit the tour and travel industry, keeping the outlook hazy.
At the end of Q4FY21, Jhunjhunwala's wife, Rekha Jhunjhunwala, held 32,73,400 shares, or 2.32 percent stake in VIP Industries, data available on BSE showed.
This was lower by 42.27 lakh shares from what Jhunjhunwala held at the end of Q3FY21. He held 22,85,400 shares and 52,15,000 shares—75,00,400 in total—through two accounts in the December quarter.
Rupee
Updates:Indian rupee is trading lower by 11 paise at 75.16 per dollar, amid selling seen on the domestic equity market.It opened 14 paise lower at 75.19 per dollar against Monday's close of 75.05.Market Updates
Benchmark indices extended the early losses and trading at day's low level with Nifty below 14400 dragged by the auto and financial stocks.
At 11:11 IST, the Sensex was down 460.58 points or 0.95% at 48083.48, and the Nifty was down 129.80 points or 0.89% at 14375. About 740 shares have advanced, 1731 shares declined, and 108 shares are unchanged.
Second wave unlikely to prevent cyclical recovery: ICICI Securities
Despite the significant impact of COVID-19, the cyclical upturn is visible in corporate profits and economic growth while credit and investment cycles are clearly bottoming out along with the strengthening of corporate balance sheets, said the brokerage firm ICICI Securities.
Although it is difficult to gauge whether these trends are part of a structural super cycle or a shorter-term cycle, it is amply clear that we are closer to the bottom of the cycle in terms of corporate profits, economic growth, credit growth and capex while consensus optimism is missing, the brokerage firm added.
The above environment has typically not been a precursor for large drawdowns in equity markets. The current phase of ‘stock price consolidation’ and ‘continued earnings traction’ will result in market valuations retreating from stretched levels, ICICISec said.
Bucking the trend, Nifty Pharma index rises over a percent
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
Amidst the negative of an alarming rise in Covid cases, a relief from the market perspective is that there is no large- scale lockdown. But the massive restriction of economic activity in economically significant state of Maharashtra is bound to have its impact on growth and earnings. The market knows this, but what is unknown is how long will this last and how quickly we can get ahead of the infection cases.
The market is driven by the hope that in this race between the pandemic and vaccination, the latter will ultimately win. But what price we will have to pay for this is clouded in profound uncertainty. Pharma & IT could be safe defensive plays at this juncture. Investors can move on to economy-facing stocks when the daily Covid cases start steadily coming down.
Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research:
The spot rupee was quoting at 75.2 against 75.14. March month retail inflation increased at four months high eat 5.52% due to higher food and fuel prices. FII is net seller in the month of April also putting pressure on domestic currency despite of weakness in the dollar index globally.
Technically resistance for USDINR Spot is 75.40 levels. Support is shifted to 74.90 – 75.05 levels in coming session.
Dollar Index is trading below USD 92 level indicating for downside momentum will continue towards USD 91.70 levels. USDINR future could trade in a range of 75.20 -75.60 levels in today’s session.
Rupee Opens:
Indian rupee opened 14 paise lower at 75.19 per dollar on Thursday againstMonday'sclose of 75.05, amid selling seen on the domestic equity market.
On April 12, the domestic currency ended 31 paise lower at 75.05 per dollar against Friday's close of 74.74.
Nifty IT index shed 1 percent dragged by the Infosys, Mindtree, Mphasis
Wipro to announce quarterly earnings on April 15:
IT services company Wipro will release quarterly earnings on April 15. The company is likely to report healthy growth in topline driven by volumes and ramp-up in deals, however, margin performance may get dented by wage hikes for the quarter ended March 2021.
The revenue growth in the constant currency could be around 3 percent and the same in dollar terms may be around 3.5 percent for the quarter, according to brokerages. Click to Read More
Wipro was quoting at Rs 424.80, up Rs 6.15, or 1.47 percent on the BSE.
Infosys share falls 5% post Q4 results:
Infosys on April 14, reported a 2.3 percent sequential decline in consolidated profit at Rs 5,076 crore for the quarter ended March 2021. Consolidated revenue from operations grew by 1.5 percent sequentially to Rs 26,311 crore, while consolidated revenue in constant currency grew by 2 percent and the topline growth in dollar terms was at 2.8 percent quarter-on-quarter.
The company board approved a buyback of equity shares, through the open market route, amounting to Rs 9,200 crore at a price not exceeding Rs 1,750 a share, subject to shareholders' approval.
Infosys was quoting at Rs 1,339.90, down Rs 58.70, or 4.20 percent on the BSE.
