MOMENTUM : ONCE BOOK AND EXIT LONG IN GRASIM 24APR2025 AT 2,768, BOOK LOSS RS.2,500.

MOMENTUM : ONCE BOOK AND EXIT LONG IN HINDALCO 24APR2025 AT 620.70, ON COST AS PRICES GETTING RESISTANCE

MOMENTUM : ONCE BOOK AND EXIT LONG IN ADANIENT 24APR2025 AT 2,444, BOOK LOSS RS.1,800.

BUY BANKNIFTY OPTION 29MAY2025 55,500 PE ABV 1,090 TGT 1,400. SL BELOW 750 CMP: 1,090.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN ALUMINIUM 30APR2025 AS SL HIT AT 230.10, LOSS RS.6,000.

INTRAMETEN: SELL NATGASMINI 25APR2025 BELOW 268 TGT 260. SL ABV 274 CMP: 268.

METEN: ONCE BOOK AND EXIT LONG IN CRUDEOILM 19MAY2025 AT 5,316, BOOK LOSS RS.840.

INTRAMETEN: SELL NATURALGAS 25APR2025 BELOW 266.50 TGT 258. SL ABV 272 CMP: 266.50.

INTRAMETEN: ONCE BOOK AND EXIT SHORT IN NATGASMINI 25APR2025 AT 262.50, BOOK PROFIT RS. 1,375.

INTRAMETEN: ONCE BOOK ANDD E EXIT SHORT IN SILVERM 30APR2025 AT 95,380, BOOK LOSS R. S. 150.

Securities in F&O Ban for Trade Dated 22-April-2025
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WHAT TO WATCH:
• India’s Modi to Meet Saudi Crown Prince in Push for Closer Ties
• Vance Meets With Modi as India Seeks Reprieve From Tariffs
o Vance Will Have to Mind His Manners in India: Karishma Vaswani
• RBI’s Cash Boost Helps Trim Borrowing Costs More Than Rate Cuts
o RBI Revises Liquidity Computation Norms to Boost LCR for Banks
o Indian Lenders May Gain After Central Bank’s Asset Ratio Update
• India Imposes 12% Safeguard Duty on Some Steel Products Import
o Indian Steel Stocks May Gain as 12% Import Duty Is Announced
o Tata Steel CEO Backs Government’s Steel Import Safeguard Duty
• Metals Tycoon Agarwal Seeks Growth Reboot as Trade War Looms
• Fast Deliveries and Rickshaws Boost Battery Swapping in India
• Citi Casts India as a Trade War Safe Haven: Bloomberg Deals
• India March Key Industries’ Output Rises 3.8% Y/y
• India Finance Chief to Meet Bessent This Week Amid Trade Talks
• Adani to Grow Data Center Investment by $10 Billion on AI Demand
• Air India Keen to Take Boeing Jets Refused by China Airlines
• Google Settles India Android TV Antitrust Case for $2.4 Million
• India Switches INR226.1B Bonds to Longer Notes, Less Than Plan
• Indian Stocks See Biggest Five-Day Rally Since Early 2021
• HCL’s Margin Squeeze to Signal Rising Cost Pressures: Preview
• Dollar Doomed If President Trump Channels Nixon: Macro Models
• Emerging Market ETFs Fall for 4th Week in $6.1 Bln Losing Streak
• India ADR, GDR Equity Premium/Discounts for April 21
• Adani Ports, ICICI Bank, Kotak Mahindra, Maruti Suzuki: Skew
• Tata Elxsi, HDFC AMC See Short Covering in India Futures
• Global Funds Buy Net 19.7B Rupees of Indian Stocks April 21: NSE
• Overseas Investors Buy Net INR43.2B of Indian Equities April 17
• Foreigners Sell Net INR215.5B Indian Equity Derivatives April 21
• Pope Francis Mourned by Leaders Seeking a Link to His Legacy
• Nomura’s Biggest Deal Since Lehman Forms $770 Billion Funds Unit
• Markets Are Discovering the Real Trump Trade Is ‘Sell America’
• Oil Climbs After Plunging Monday on Trump’s Criticism of Powell
• Gold Surges to Record as Trump Ramps Up Threats Against Powell
• Stocks Drift After US Selloff, Dollar Rebounds: Markets Wrap

BLOOMBERG INTELLIGENCE:
• INDIA INSIGHT: Tariffs, Weak Policy Push to Cap Recovery
• Tariffs Take 2025 Global GDP Forecast Down to 2.7%
• Trump Tariffs to Slice $2 Trillion Off World GDP: Global Outlook
• Tariffs Stagflationary for US, Disinflationary For Everyone Else
• Fertilizer Firm on Tariffs, Demand as India Comes Up Short
• India’s Uphill Struggle to Find Fertilizer: Weekly Wrap
• HDFC Bank Loans to Rise, Margin Under Pressure: Earnings Outlook
• ICICI Margin, Provisions to Slow Profit Growth: Earnings Outlook
• ‘Liberation Day’ to Chop Profit, Spur Inflation, Curtail Exports
• GLOBAL INSIGHT: A Guide to Calculating Effective US Tariffs
• Vedanta Bonds Could Tighten on Debt Reduction, Demerger Benefits
• Wilmar’s Valuation Discount Could Persist, IPO Avenues Exhausted
• Fed Independence Could be a Casualty of Trade War

MEDIA REPORTS:
• India Front Pages: Economic Times, Mint, Standard for April 22
• Alphabet Looking to Ramp up Pixel Production in India: ET
• RIL buys govt bonds from secondary market on yield softening hopes: Business Standard
• Maharashtra orders shutting down of 121 unauthorized Ola Electric stores: Mint

EARNINGS (net income adj. estimates in INR where available):
• AU Small Finance Bank (AUBANK IN) 4Q 5.04b (14 analysts)
• Delta Corp (DELTA IN) 4Q
• HCL Technologies (HCLT IN) 4Q 43.4b (30)
• Havells India (HAVL IN) 4Q 4.6b (9)
• Huhtamaki India (HUIN IN) 1Q
• Mahindra & Mahindra Financial (MMFS IN) 4Q 5.93b (18)
• Tata Communications (TCOM IN) 4Q 3.05b (3)
• Waaree Energies (WAAREEN IN) 4Q 4.96b (2)

GOVERNMENT (All times India Time):
• Prime Minister Narendra Modi to Visit Saudi Arabia on April 22-23. at the invitation of Prince Mohammed bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.
• 11am: New Delhi. Home Minister Amit Shah will be chief guest at ‘Save the Earth Conclave 2025’ hosted by ICFA. Speakers include Road Transport Minister Nitin Gadkari; Agriculture Minister Shivraj Singh Chouhan; Environment Minister Bhupender Yadav
• 11:15am: New Delhi. Renewable Energy Minister Pralhad Joshi to inaugurate Solar PV Module Testing and Calibration Facility at National Institute of Solar Energy
• 03:00pm: Vice President JD Vance will speak at the Rajasthan International Centre in Jaipur on US-India shared economic priorities.

BOND SALES/PURCHASES (All times India Time):
• Indian state governments to sell INR108.7B of bonds in auction: RBI
• RBI to conduct INR1.25 Trillion of daily variable rate repo auctions

CORPORATE BONDS:
• HDB Financial Seeks Bids for Up to INR28b Three-Part Bond
• PRICED: India’s Hudco to Sell INR24.3b 7Y Bond at 6.90%
• ICICI Home Plans to Sell Up to INR7b Two-Part Bond April 22
• National Housing Bank Plans to Sell Up to INR50b Bond April 23
• Sundaram Finance Seeks Bids for Up to INR7.5b 2Y Bond April 22
• Tata Capital Housing Plans at Least INR7.5b Bond Sale on April 24

CORPORATE EVENTS:
• 9am: New Delhi. PMI Electro Mobility hosts press meet for launch of Delhi Electric Vehicle Interchange in association with Delhi Government, to start bus service operations in Delhi
• 9am: Mumbao. Pinaki Bhattacharyya, CEO of AMPIN Energy Transition, hold a press conference to announces landmark global partnerships with Japan’s Sumitomo Corporation
• 10:30am: New Delhi. Road Transport Minister Nitin Gadkari and Education Minister Dharmendra Pradhan to attend official launch of the SIAM-KVS Road Safety Online Education Program
• 11am: Chennai. Press conference for the launch of the Renault Design Centre Chennai
• 5:30pm: AU Small Finance Bank hosts conference call on 4Q FY25 earnings
• 6pm: Havells India hosts conference call to discuss on 4Q FY25 earnings
• 6pm: M&M Financial hosts conference call on 4Q FY25 earnings
• 7:30pm: HCL Technologies officials conduct audio conference call to discuss the 4Q FY25 results
• Muthoot Capital Services to consider raising of Funds via Debt issue
• Other Shareholder Events: SINF IN
• Earnings Calls: CYIENTDL IN, IGIL IN, RGW IN

OFFERINGS:
• SEBI Approves Continuum Green Energy India IPO plan

ANALYST ACTIONS:
• Bajaj Auto Cut to Hold at Jefferies; PT 7,500 rupees
• Hero MotoCorp Cut to Underperform at Jefferies; PT 3,200 rupees
• Infosys Cut to Neutral at Goldman; PT 1,530 rupees
• Infosys ADRs Cut to Neutral at Goldman; PT $17.90
• KPIT Technologies Rated New Buy at Mirae Asset Securities
• L&T Technology Rated New Add at Mirae Asset Securities
• Persistent Systems Rated New Add at Mirae Asset Securities
• Tata Technologies Rated New Sell at Mirae Asset Securities
• Tata Elxsi Rated New Sell at Mirae Asset Securities

MARKETS:
• S&P 500 down 2.4% at 5,158.2
• STOXX Europe 600 down 0.1% at 506.42
• MSCI Asia Pacific Index down 0.2% at 178.86
• Gold spot up 0.7% at $3,447.27/Oz;
• Brent Futures up 0.8% at $66.79/bbl
• Sensex up 1.1% at 79,408.5
• Nifty up 1.1% at 24,125.55
• GIFT Nifty April futures up 0.4% at 24,165
• INR up 0.3% at 85.135 per USD on April 21
• Yield on 6.79% bonds maturing Oct. 7, 2034 down 6bps at 6.32%
• Rupee Closes at Best Level of 2025; Bonds Gain: Inside India

EQUITY PREVIEW:
• India Stocks to Watch: Coal India, Dixon, Mahindra Logistics
• Ahasolar Technologies (AHASOLAR): Wins INR322.5M order from ONGC
• Brigade Enterprises (BRGD): Signs joint development pact for Bengaluru project with gross development value of 1.75b rupees
• Coal India (COAL): Signs Agreement With DVC to Build 1.6GW Power Plant
• H.G. Infra Engineering (HGINFRA): Declared as qualified bidder for 300mw battery storage project by the Gujarat Urja Vikas Nigam
• Indo Farm Equipment (INDOFARM): Signs agreement to buy technology from Beida Commercial
• Mahindra Logistics (MAHLOG): 4Q Net Loss 67.5M Rupees
• Mindspace Business Parks REIT (MINDSPCE): Approves raising upto INR12B via bonds
• Nippon Life India Asset (NAM): Says no material impact post cyber security incident
• Vedanta (VEDL): Vedanta Founder Twin Star Signs $530 Million Loan Agreement

Source: Bloomberg

Global News, Views, and Updates

Stocks Drift After US Selloff, Dollar Rebounds
Financial markets fluctuated Tuesday as investors wade through a slew of headlines on President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell and seek clues on progress in tariff negotiations. US assets retraced some losses as equity-index futures extended a late Monday rally after the S&P 500 slumped more than 2%. A gauge of the dollar drifted higher after weakening to a 15-month low while 10-year Treasuries stabilized. Asian stocks were little changed while oil and gold advanced to a record. Concerns Trump may be preparing to fire Powell for refusing to cut interest rates faster is the latest concern for markets, already reeling after the president ratcheted up tariffs to the highest level in a century. The mood on Wall Street has turned from optimism to a ‘Sell America’ mode as Trump upends a global trade order with levies, a move that economists have said will boost inflation and push the US into a recession.

China’s CMOC Agrees to Buy Canada’s Lumina Gold for $420 Million
CMOC Group, a leading Chinese cobalt and copper miner, agreed to buy Canada’s Lumina Gold Corp. for about C$581 million ($420 million) to tap the largest primary gold deposit in Ecuador. CMOC will acquire all shares of Lumina Gold at C$1.27 a piece in an all-cash transaction, subject to approvals, the Vancouver-based company said in a statement. That represents a premium of around 40% to its closing price on April 17. Lumina is focusing on developing the Cangrejos gold project in El Oro province, southwest Ecuador. In 2023, the company completed a pre-feasibility study on the project. The Chinese miner overtook Glencore Plc in 2023 as the world’s biggest cobalt producer and posted a record profit last year, boosted by higher copper prices. Gold has reached a series of all-time highs this year after US President Donald Trump kicked off a global trade war, lifting haven demand. Mining deals involving China often face challenges. The Canadian government in 2022 placed restrictions on foreign investment in its mining sector, in a move widely seen as targeting China’s influence in the global critical minerals supply chain. CMOC sold a controlling stake in its Northparkes copper and gold mine in Australia in 2023, citing geopolitical concerns.

Gold Surges to Record as Trump Ramps Up Threats Against Powell
Gold rose to a record as concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from US stocks, bonds and the dollar. Bullion topped $3,444 an ounce, following a 2.9% surge on Monday. Trump called on the Fed to cut rates immediately, a move seen as a threat to the central bank’s independence that drove the dollar to the lowest since late 2023.

Oil Climbs After Plunging Monday on Trump’s Criticism of Powell
Oil edged higher after tumbling on Monday following President Donald Trump’s escalating criticism of Federal Reserve Chair Jerome Powell, which rattled global markets. Brent rose to near $67 a barrel after sliding 2.5% in the previous session, the most in more than a week, while West Texas Intermediate traded below $64. Trump warned that the US economy may slow if the central bank does not move to reduce interest rates, his latest broadside against Powell. The president has contemplated firing the Fed chair, prompting investors to sell US stocks, bonds and the dollar on Monday. Oil was swept up in the chaos, extending a slump this month that’s been exacerbated by concerns over escalating tensions between the US and its top trading partners.

Source: Bloomberg

SELL AXISBANK 29MAY2025 BELOW 1,229 TGT 1,145. SL ABV 1,271 CMP: 1,229 AND BUY 1220CE AT 50.50 CORRECTED CALL

INTRA: BUY ALUMINIUM 30APR2025 ABV 230.60 TGT 232.20. SL BELOW 229.40 CMP: 230.60.

BUY NATURALGAS OPTION 23MAY2025 260 PE ABV 15.50 TGT 25. SL BELOW 9 CMP: 15.50.

MOMENTUM : BUY LAURUSLABS 24APR2025 ABV 643.20 TGT 649.20. SL BELOW 639.20 CMP: 643.20.