INTRAMETEN: SELL CRUDEOIL 19MAY2025 BELOW 5,502 TGT 5,400. SL ABV 5,570 CMP: 5,502.---- CORRECTED

INTRAMETEN: SELL NATGASMINI 25APR2025 BELOW 255 TGT 246. SL ABV 260.50 CMP: 255.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN COPPER 30APR2025 AT 855.30, BOOK LOSS RS.250

INTRAMETEN: SELL COPPER 30APR2025 BELOW 855 TGT 846. SL ABV 858 CMP: 855.

INTRAMETEN: ONCE BOOK AND EXIT SHORT IN NATGASMINI 25APR2025 AT 258.90, BOOK LOSS RS. 975.

INTRAMETEN: SELL GOLDM 05MAY2025 BELOW 94,400 TGT 93,700. SL ABV 94,850 CMP: 94,400.

OPTIONCOM: ONCE BOOK AND EXIT LONG IN SILVERM OPTION 19JUN2025 97,000 PE AS SL HIT AT 3,400, LOSS RS.2,500.

METEN: BUY CRUDEOIL 19MAY2025 ABV 5,350 TGT 5,750. SL BELOW 5,130 CMP: 5,350.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN ZINC 30APR2025 AT 250.30, BOOK PROFIT RS.2,500.

INTRAMETEN: ONCE BOOK AND EXIT SHORT IN COPPER 30APR2025 AT 854.50, BOOK PROFIT RS. 1,250

INTRAMETEN: ONCE BOOK AND EXIT LONG IN ALUMINIUM 30APR2025 AT 234.30, BOOK PROFIT RS.500.

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WHAT TO WATCH:
• India Halts Pakistan Water Treaty After Kashmir Attack
o Kashmir Attack Exposes Modi’s Challenges: Karishma Vaswani
• India Says Tariffs Could Shave Half Percentage Point Off Growth
• India’s Tech Rally Is Defying Risks Sparked by Global Trade War
• Indian Stocks to Widen Lead Over Chinese Peers Amid Tariff Risks
• Ultra-Rich Indians Find New Route to Invest Their Cash Overseas
• UBS Drops Long-Held Bearish View on India, Downgrades Hong Kong
• Rupee Bonds Sales See Record Start to Fiscal Year: India Credit
• Musk-Backed XPRIZE Awards $100 Million for Carbon Capture
• Boeing Ready to Resell China-Bound Jets If Trade War Worsens
• LG Electronics Is Said to Pause Work on IPO of Indian Unit
• RBI Sees Case for Easing Amid Tariff Uncertainty, Minutes Show
• Vance Says Concessions Needed for Deal to End War in Ukraine
• India’s 110% Car Tariffs Become Harder to Defend in Trump Era
• India Pulls Ahead of Rivals as Trump Trade War Roils Markets
• India, Saudi Aim to Conclude Investment Treaty Talks Earliest
• Tesla Working on India Market Entry Amid High Car Tariffs: CFO
• Adani Airport Unit Seeks $750 Million Loan From Global Banks
• Boeing Prepared to Remarket China Aircraft to Other Customers
• SEBI Member Discusses Municipal Bonds With Mayor of Kochi City
• Indian Stocks Extend Winning Streak to 7th Day; Tech Firms Rally
• Axis Bank Profit to Fall For First Time in Two Years: Preview
• Unilever India to Report Weak Earnings on Demand Lull: Preview
• Nestle India Profit to Dip on Higher Input Costs: Preview
• Tech Mahindra’s Profit Seen Boosted by Cost Cut Program: Preview
• KPIT Technologies, IIFL Finance See Long Positioning in Futures
• India ADR, GDR Equity Premium/Discounts for April 23
• Global Funds Buy Net 33.3B Rupees of Indian Stocks April 23: NSE
• Overseas Investors Buy Net INR19.7B of Indian Equities April 22
• Trump U-Turns on Powell, China Follow Dire Economic Warnings
• Wall Street Missed Warning Signs When Backing $1 Billion Fintech
• US Officials Mull Easing Tariffs Targeting the Auto Industry
• Oil Holds Decline With Focus on OPEC+ Supply and Tariff Outlook
• Gold Rises After a More Conciliatory Trump Spurs Steep Decline
• Stock Rally Loses Steam After Wavering Tariff News: Markets Wrap

BLOOMBERG INTELLIGENCE:
• India’s IPO Boom in Reverse Gear Amid Slow Growth, Tight Rates
• India GDP Tracker Shows Growth Slump Reversing in March
• India’s Exports May Gain from US Tariff Hit to Asia
• US Tariffs Added Headwinds to India’s Investment-Grade Returns
• India’s Tariff-Haven Status Lifting Equities, to Drive Recovery
• India Bonds Outshine Peers Amid Treasury Swings and Tariff Blow
• Vedanta Small Cash Pile Less Onerous After Dollar Refinancing

MEDIA REPORTS:
• India Front Pages: Economic Times, Mint, Standard for April 24
• Vedanta Considers US Listing for Zambian Unit Konkola: Reuters
• Gensol’s West Asia Ops Mulls Separation From Parent: Mint
• India’s GCC workforce expected to create 400,000 jobs for freshers by 2030, FirstMeridian: PTI

EARNINGS (net income adj. ests. in INR where available):
• ACC Ltd. (ACC IN) 4Q 4.83b (12 analysts)
• Aavas Financiers Ltd. (AAVAS IN) 4Q 1.54b (12)
• Adani Energy Solutions Ltd. (ADANIENS IN) 4Q 3.1b (2)
• Axis Bank Ltd. (AXSB IN) 4Q 66.01b (24)
• Cyient Ltd. (CYL IN) 4Q 1.73b (10)
• Hindustan Unilever Ltd. (HUVR IN) 4Q 24.8b (22)
• Indian Energy Exchange Ltd. (IEX IN) 4Q 1.12b (3)
• L&T Technology Services Ltd. (LTTS IN) 4Q 3.55b (22)
• Laurus Labs Ltd. (LAURUS IN) 4Q 1.79b (8)
• Macrotech Developers Ltd. (LODHA IN) 4Q 9.14b (5)
• Mphasis Ltd. (MPHL IN) 4Q 4.42b (27)
• Nestle India Ltd. (NEST IN) 4Q 8.58b (24)
• Persistent Systems Ltd. (PSYS IN) 4Q 3.94b (28)
• SBI Cards & Payment Services L (SBICARD IN) 4Q 5.11b (17)
• SBI Life Insurance Co. (SBILIFE IN) 4Q 10.4b (4)
• Sterling & Wilson Renewable (SWSOLAR IN) 4Q 702m (2)
• Supreme Industries Ltd. (SI IN) 4Q 2.57b (12)
• Tanla Platforms Ltd. (TANLA IN) 4Q
• Tech Mahindra Ltd. (TECHM IN) 4Q

GOVERNMENT (All times India Time):
• Prime Minister Narendra Modi to address Gram Sabhas Nationwide on National Panchayati Raj Day from Madhubani, Bihar and also confer Special Category National Panchayat Awards 2025, dedicate Infra Projects worth INR135Bs on the occasion
• The Archaeological Survey of India will hosts the 38th meeting of the Central Advisory Board of Archaeology (CABA), at the Bharat Mandapam, New Delhi.
• Vice-President Jagdeep Dhankhar and Sudesh Dhankhar will begine a three day visit to Tamil Nadu.

BOND SALES/PURCHASES (All times India Time):
• RBI to conduct INR1 Tln of daily variable rate repo auctions

CORPORATE BONDS:
• Aadhar Housing Finance to Sell INR2b August 2028 Bond at 8.10%
• Bajaj Finance Seeks Bids for Up to INR25b Three-Part Bond April 25
• Cube Highways Trust Seeks Bids for Upto INR11.52b Bonds April 24
• Godrej Housing Plans to Sell Up to INR1b 10Y Bond April 24
• HDB Financial to Sell INR15.95b Three-Part Bond April 24
• HDB Financial to Sell INR16.25b Three-Part Bond (1)
• Kotak Mahindra Prime to Sell INR4b Tap of May 2028 Bond April 24
• L&T Metro Rail Seeks Bids for INR28.72b 10Y 2-Day Bond April 25
• National Housing Bank INR50b April 2032 Bond at 6.80% on April 25
• SK Finance to Sell INR3b October 2027 Bond at 9.25% on April 24
• Sundaram Home Finance to Sell INR1.5b May 2027 Bond at 7.27%
• Tata Capital Housing Seeks Bids for Upto INR15.95b Bond April 24
• Tata Power Renewable Seeks Bids for INR10b 15Y Bond April 24

CORPORATE EVENTS:
• 10am: New Delhi. ASSOCHAM hosts 2nd National Conference on Logistics and Warehousing for Viksit Bharat
• 10am: New Delhi. ASSOCHAM 3rd Global IP Leadership Conference on Building a Robust IP Ecosystem for Viksit Bharat
• 10:30am: Dalmia Bharat hosts conf call to discuss on 4Q FY25 earnings
• 4pm: Railways, I&B, Electronics and IT Minister Ashwini Vaishnaw to address Tata Consultancy event Accelerating India to rolls out India-focused solutions. TCS CEO K. Krithivasan to address
• 4pm: Hindustan Unilever hosts conference call on 4Q FY25 earnings
• 4:15pm: SBI Life Insurance Co. conference call on 4Q FY25 earnings
• 5pm: Cyient hosts conference call on 4Q FY25 results
• 5pm: Laurus Labs hosts conference call on 4Q FY25 results
• 6pm: Aavas Financiers hosts conference call on 4Q FY25 earnings
• 6:20pm: Axis Bank hosts conference call on 4Q FY25 earnings
• 6:30pm: Tech Mahindra hosts conference call on 4Q FY25 results
• 7:15pm: SBI Cards hosts conference call on 4Q FY25 earnings
• AAVAS Financiers to mull limits for raising of funds via issuance of NCDs
• Axis Bank to consider fund raising plan via equity/debt
• Bannari Amman Spinning to consider fund raising plan
• Devyani International to consider Fund raising plan
• JK Cement to mull upto INR5b fund raising via bonds
• Other Shareholder Events: GOLDSTAR IN, REGENCY IN, TIL IN
• Earnings Calls: AAVAS IN, AIMTRON IN, CANF IN, CYL IN, DALBHARA IN, KKPC IN, RALI IN, REFX IN, SYNG IN, TIPSMUSI IN, TMB IN, WNS US

OFFERINGS:
• LG Electronics Is Said to Pause Work on IPO of Indian Unit
• Flipkart Plans India IPO Next Year at $60B-$70B Valuation: BS
• Ather Energy Sets India IPO Price Band at 304-321 Rupees Apiece

ANALYST ACTIONS:
• Atul Rated New Buy at Emkay Global; PT 8,500 rupees
• Dixon Tech India Rated New Buy at William O’Neil
• Greenply Rated New Buy at Axis Capital Limited; PT 360 rupees
• Greenlam Rated New Add at Axis Capital Limited; PT 250 rupees
• HCL Tech Raised to Accumulate at Elara Secs India
• Havells India Cut to Neutral at YES Research; PT 1,800 rupees
o Cut to Hold at Prabhudas Lilladher
• Kansai Nerolac Raised to Accumulate at Prabhudas Lilladher
• LTIMindtree Cut to Equal-Weight at Morgan Stanley
o Cut to Hold at Nirmal Bang; PT 4,837 rupees
o Raised to Buy at Antique Stock Broking
o Raised to Reduce at Avendus Spark; PT 4,500 rupees
o Raised to Buy at Dolat Capital; PT 5,690 rupees
• Tata Consumer Cut to Hold at JM Financial; PT 1,160 rupees
o Cut to Hold at Jefferies; PT 1,100 rupees
• Vijaya Diagnostic Centre Reinstated Buy at William O’Neil
• Waaree Energies Cut to Underperform at Jefferies

MARKETS:
• S&P 500 up 1.7% at 5,375.86
• STOXX Europe 600 up 1.8% at 516.77
• MSCI Asia Pacific Index up 0.2% at 182.75
• Gold spot up 2.1% at $3,357.41/Oz;
• Brent Futures up 0.3% at $66.31/bbl
• Sensex up 0.7% at 80,116.49
• Nifty up 0.7% at 24,328.95
• GIFT Nifty April futures little changed at 24,247
• INR down 0.3% at 85.4238 per USD on April 23
• Yield on 6.79% bonds maturing Oct. 7, 2034 up 1bp at 6.33%
• Rupee May Fall After Reprisal for Kashmir Attack: Inside India

EQUITY PREVIEW:
• Bajaj Finance (BAF): to Consider Stock Split, Bonus Shr Issue April 29
• Bajaj Housing Finance (BAJAJHFL): Bajaj Housing Finance 4Q Net Income 5.87B Rupees
• Biocon (BIOS): to Raise Upto $527 Million Via Shares, Bonds Or Warrants
• Bharat Petroleum (BPCL): BPCL, GPS Renewables to Jointly Build Compressed Biogas Plants
• Can Fin Homes (CANF): 4Q Net Income Beats Estimates
• Dalmia Bharat (DALBHARA): 4Q Net Income Beats Estimates
• Embassy Office Parks REIT (EMBASSY):Approves raising INR65b via debt
• Infosys (INFO): Incorporates unit Infosys Australia Tech
• LTIMindtree (LTIM): 4Q Net Income +2.6% Y/y to 11.3b rupees, Misses Ests. 11.65b
• Persistent Systems (PSYS): 4Q Net Income Meets Estimates
• Rallis India (RALI): 4Q Net Loss 320M Rupees, Est. Loss 118M Rupees
• Syngene International (SYNG): 4Q Net Income Misses Estimates
• Tamilnad Mercantile Bank (TMB): 4Q Net Income +15% Y/y to 2.92B Rupees
• Tata Consumer (TATACONS): 4Q Net Income +59% Y/y to 3.45b rupees, Beats Ests. 3.22b
• Thyrocare Tech (THYROCAR): 4Q Net Income +22% Y/y to 217m rupees, Misses Ests. 236m
• Vascon Engineers (VSCN): Gets LoI for INR2.25b order for construction of Two Terminal Buildings in Goa

Source: Bloomberg

Global News, Views, and Updates

Stock Rally Loses Steam After Wavering Tariff News
Asian stocks traded in a tight range Thursday as a global relief rally started to give up momentum after mixed signals from the Trump administration on its plans for China tariffs. A regional gauge of stocks swung between small gains and losses as market enthusiasm got curbed after Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war. That trimmed the S&P 500’s gain Wednesday to 1.7%. The yen reversed two days of losses and the dollar weakened in early Asian trade. Gold jumped 1.4% in increased demand for the traditional safe-haven asset. Global equities and long-dated Treasuries rose on Wednesday on signs US President Donald Trump is rethinking the most-aggressive elements of his stances on trade and the Federal Reserve. The brief rally after wild gyrations underscores the new reality for investors that US policies on trade tend to shift without forewarning, making it impossible to make even short term forecasts on where the markets are headed.

Oil Holds Decline with Focus on OPEC+ Supply and Tariff Outlook
Oil held a decline as investors weighed the prospect of more OPEC+ supply and the fallout from trade tensions between the US and China. Brent traded near $66 a barrel after sliding 2% on Wednesday, while West Texas Intermediate was above $62. Several members of the producer group will seek another bumper supply increase in June as a dispute over compliance to quotas worsens, Reuters reported, citing people familiar with the matter. Growing strain within the group, particularly with Kazakhstan, have stoked fears of a price war. The Organization of the Petroleum Exporting Countries and its allies will hold a meeting on May 5 to decide what to do in June.

Korea’s Presidential Lead Vows Green Shift but Omits Nuke Detail
South Korea’s leading candidate in the upcoming presidential election has vowed an expansion of renewable energy, but his much anticipated announcement on power was missing details on one key source: nuclear. The Democratic Party’s Lee Jae-myung has proposed an “energy expressway” consisting of renewables including offshore wind to help power major factory zones, according to a Facebook post on Thursday. He also pledged to expand industrial complexes that run entirely on clean energy. Lee vowed cuts to natural gas use and reiterated his stance on phasing out coal, but market watchers seeking clarity on nuclear were left disappointed. Atomic power can be a contentious issue in South Korea, with some saying the energy source is crucial in helping reach the nation’s net-zero goals, while others are wary over safety and waste management.

China’s Farmers Battle Early Weather Threats as Trade Curbs Bite
• Dry spells and heavy rains in key Chinese farming regions are raising concerns over crops, amidst trade conflicts that are hampering imports.
• Last year's bumper harvests have filled stockpiles and depressed prices for many crops, mitigating the emerging threat to staples including wheat and corn.
• Weather conditions are expected to worsen, with water shortages affecting wheat, corn, and groundnut crops, while too much rain in some areas has delayed spring plantings.

US Officials Mull Easing Tariffs Targeting the Auto Industry
• The Trump administration is considering reducing certain tariffs targeting the auto industry, which carmaker executives have warned would deal a severe blow to profits and jobs.
• One option being studied would spare automobiles and parts already subject to tariffs from facing additional duties from levies on steel and aluminum imports, eliminating "stacking" of levies.
• Another option would fully exempt auto parts that comply with the US-Mexico-Canada trade pact, which would abandon the approach of taxing the non-US share of those parts from Canada and Mexico.

Trump U-Turns on Powell, China Follow Dire Economic Warnings
• Trump eased off on criticizing Jerome Powell and China, saying he had no intention to fire Powell and believed a deal with Beijing would reduce tariffs.
• Trump's change in tone came after meeting with business leaders who warned of economic calamity and after a report that the US would phase in lighter tariffs on China over five years.
• Despite the easing of tensions, markets and the economy remain beholden to Trump's whims, and more turmoil is expected ahead.

Source: Bloomberg