INTRAMETEN: SELL NATURALGAS 25APR2025 BELOW 256.5 TGT 248. SL ABV 261 CMP: 256.5

METEN: SELL NATURALGAS 27MAY2025 BELOW 265.50 TGT 241. SL ABV 280.50 CMP: 265.50.

METEN: SELL GOLDM 05MAY2025 BELOW 96,600 TGT 94,450. SL ABV 97,280 CMP: 96,600.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN ALUMINIUM 30APR2025 AT 231.25, BOOK PROFIT RS.3,250.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN CRUDEOIL 19MAY2025 AT 5,495, BOOK PROFIT RS.3,500

Securities in F&O Ban for Trade Dated 23-April-2025
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WHAT TO WATCH:
• Modi Cuts Short Saudi Trip After Worst Kashmir Attack in Years
• IMF Now Sees Global Growth More Reliant on China and India
o IMF Warns on Trade-War Fallout for China, US in 2026 and Beyond
• India Pulls Ahead of Rivals as Trump’s Trade War Shakes Markets
o Vance Calls for New Era of US-India Ties as Trade Talks Advance
o Asia Would Welcome Trade Deals That Exclude China: Mihir Sharma
• Saudi Arabia, India Agree to Set Up Two Oil Refineries
• India’s Domestic Growth Engines Resilient, RBI Says
• Permira Shuts Hong Kong, Shanghai Offices in Pivot to India
• India’s Solar Makers See Opportunities, Risks in Trade Turmoil
• Russian Oil Flows to India on Track for Two-Year High in April
• Renault Aims 500,000 Yearly India Sales by 2030 in Revival Plan
• UBS Inks Deal With 360 One to Drive India Wealth Growth
• OIL TENDER: Nayara Energy Offers 10ppm Gasoil for Loading in May
• India Extends RBI Deputy Governor Sankar’s Tenure by a Year
• RBI Buys 200 Billion Rupees of Bonds as Planned Via OMO Auction
• India’s RBI Net Sold $1.6B of Foreign Currency in February
• A Near $100 Billion Rally in Indian Banks’ Shares Gets RBI Boost
• Indian Shares Extend Rally as Banks, Consumer Firms Advance
• Tata Consumer’s Results May Show Persistent Weak Demand: Preview
• Colgate India, Crompton Greaves See Short Covering in Futures
• Hindustan Unilever, ITC, Larsen, ONGC, Trent: Vol Dispersion
• India ADR, GDR Equity Premium/Discounts for April 22
• Global Funds Buy Net 12.9B Rupees of Indian Stocks April 22: NSE
• Overseas Investors Buy Net INR17.5B of Indian Equities April 21
• Trump Says He Has No Intention of Firing Fed Chief Powell
• Bessent Sees China De-Escalation, Trump Says He’ll Play ‘Nice’
• Oil Pushes Higher as Trump Signals No Intention to Ax Powell
• Gold Falls From Record as Trump Stances on Fed, China Calm Fears
• Stocks, Dollar Gain on Trade Talks, Fed Reprieve: Markets Wrap

BLOOMBERG INTELLIGENCE:
• India’s Benchmark Inclusion Put Its FX Reserves Under Spotlight
• Financials Vault to Top of India Scorecard on Valuation Support
• Dollar-Dependent Asian Stocks Could Struggle to Draw Fund Flows
• Infosys’ Sustainable Sales-Growth Level Recovery Likely Delayed
• Tata Consultancy Sales Recovery Likely Pushed Amid Economic Woes
• Vedanta’s Debt Reduction, Demerger Could Be Positive Catalysts
• Vedanta Facility Confirms Market Access, Liquidity: Credit React
• Vedanta Bonds Can Tighten on Positive Catalysts: Credit Outlook
• Suzuki to Top Raised Target, Guarded Outlook Likely: 4Q Preview
• Suzuki Hits Setback on 50% India-Share Aim; Mahindra, Kia Climb

MEDIA REPORTS:
• India Front Pages: Economic Times, Mint, Standard for April 23
• Flipkart Plans India IPO Next Year at $60B-$70B Valuation: BS
• India, Saudi Arabia mull high-voltage connect at bottom of Arabian Se: ET

EARNINGS (net income adj. ests. in INR where available):
• 360 One WAM (360ONE IN) 4Q 2.43b (5 analysts)
• Astec LifeSciences (ASTEL IN) 4Q
• Bajaj Housing Finance (BAJAJHFL IN) 4Q 5.57b (4)
• Can Fin Homes (CANF IN) 4Q 2.23b (9)
• Dalmia Bharat (DALBHARA IN) 4Q 2.97b (19)
• Den Networks (DEN IN) 4Q
• LTIMindtree (LTIM IN) 4Q 11.7b (26)
• Maharashtra Scooters (MHSC IN) 4Q
• Rallis India (RALI IN) 4Q 118m loss (11)
• Supreme Petrochem (SPPT IN) 4Q
• Syngene International (SYNG IN) 4Q 1.93b (5)
• Tamilnad Mercantile Bank (TMB IN) 4Q
• Tata Consumer Products (TATACONS IN) 4Q 3.22b (19)
• Tata Teleservices Maharashtra (TTLS IN) 4Q
• Thyrocare Technologies (THYROCAR IN) 4Q 236m (2)

ECONOMIC DATA (All times India Time):
• 10:30: April HSBC India PMI Mfg, prior 58.1 (preliminary)
• 10:30: April HSBC India PMI Services, prior 58.5 (preliminary)
• 10:30: April HSBC India PMI Composite, prior 59.5 (preliminary)

GOVERNMENT (All times India Time):
• US Vice President JD Vance will be in Agra on the third day of his India visit.
• 2:15pm: New Delhi. Food Processing Industries Minister Chirag Paswan, to addres at AlcoBev India 2025 hosted by CIABC. Speakers include MoFPI Secretary Subrata Gupta; APEDA Chairman Abhishek Dev

CENTRAL BANK (All times India Time):
• 05:00pm: RBI will release minutes of meeting of the Monetary Policy Committee that was held April 7 to 9

BOND SALES/PURCHASES (All times India Time):
• Govt to sell INR90b of 91-day, INR50b of 182-day and INR50b of 364-day T-bills in auctions
• RBI to conduct INR1 Tln of daily variable rate repo auctions

CORPORATE BONDS:
• Aditya Birla Housing to Sell INR3b 10Y Bond at 8.03% Yield April 22
• NEW DEAL: Bajaj Finance Plans to Sell June 2027 Rupee Bond
• ICICI Home to Sell INR7b Two-Part Bond on April 23
• IRFC Plans to Sell Up to INR30b April 2030 Bond on April 24
• Sundaram Finance to Sell INR7.5b 2Y Bond at 7.35% on April 23

CORPORATE EVENTS:
• 12noon. Mumbai. ICL Fincorp hosts a press conference to brief on its public issue of NCDs
• 12:30pm: Tata Communications hosts conference call on 4Q FY25 earnings
• 2pm: Mumbai. Ather Energy hosts a press conference to announce their IPO plan
• 6pm: Vidhi Centre for Legal Policy address media for the launch of event and panel discussion on The Impact of Criminalisation on Citizens, Businesses & the state
• 6pm: Bajaj Housing Finance conference call on 4Q FY25 earnings
• 6pm: LTIMindtree hosts conference call on 4Q FY25 earnings
• 6pm: Thyrocare Technologies hosts conference call on 4Q FY25 results
• 6:30pm: Tata Consumer Products hosts conf call on 4Q FY25 earnings
• 360 One WAM to consider Fund Raising via issue of non-convertible debt
• Biocon to consider fund raising proposal
• Housing & Urban Development Corp to mull NCDs issue plan
• Other Shareholder Events: KCK IN, SLONE IN
• Earnings Calls: 360ONE IN, CFIS IN, INFOLLIO IN, PITTIENG IN, TCOM IN, VSSL IN

OFFERINGS:
• Ather Energy Sets India IPO Price Band at 304-321 Rupees Apiece
o EV Maker Ather Energy’s Downsized India IPO to Open April 28

ANALYST ACTIONS:
• AU Small Finance Cut to Hold at JM Financial; PT 580 rupees
• Cyient DLM Cut to Hold at JM Financial; PT 460 rupees
• Doms Industries Rated New Sell at Ambit Capital Pvt Ltd
• Equitas Small Finance Rated New Buy at Anand Rathi Securities
• Flair Writing Rated New Buy at Ambit Capital Pvt Ltd
• Havells India Cut to Add at Centrum Broking; PT 1,845 rupees
• HCL Tech Raised to Reduce at Avendus Spark; PT 1,530 rupees
o Raised to Overweight at JPMorgan; PT 1,750 rupees
o Raised to Accumulate at Dolat Capital; PT 1,760 rupees
• KSB Ltd. Rated New Buy at Equirus Securities Pvt Ltd
• Mahindra Logistics Raised to Add at ICICI Securities
o Raised to Add at Axis Capital Limited
• Swiggy Rated New Sell at Ambit Capital Pvt Ltd; PT 310 rupees

MARKETS:
• S&P 500 up 2.5% at 5,287.76
• STOXX Europe 600 up 0.3% at 507.71
• MSCI Asia Pacific Index up 1.3% at 181.67
• Gold spot down 0.2% at $3,372.7/Oz;
• Brent Futures up 0.6% at $67.87/bbl
• Sensex up 0.2% at 79,595.59
• Nifty up 0.2% at 24,167.25
• GIFT Nifty April futures up 0.2% at 24,375
• INR little changed at 85.195 per USD on April 22
• Yield on 6.79% bonds maturing Oct. 7, 2034 little changed at 6.32%
• Rupee Bonds Lower on Revised Bank Liquidity Rules: Inside India

EQUITY PREVIEW:
• India Stocks to Watch: Havells, M&M Financial, HCL Technologies
• 360 ONE WAM (360ONE): CCI approves 360 One PE Fund buying Bharti Axa Life shares
• Aditya Birla Capital (ABCAP): Gets corporate agent permit from IRDAI
• AU Small Finance (AUBANK): 4Q Net Income Matches Estimates
• Balrampur Chini (BRCM): Says 2024-25 season net sugar produced 924K tons; sugarcane crused 9.92m tons
• Bank of India (BOI): To mull raising of capital via issue of Basel III on April 30
• Bharat Forge (BHFC): CCI approves co’s AAM India deal with modifications
• Bharti Airtel (BHARTI): Acquires Rights for 400 MHz Spectrum from Adani
• Biocon (BIOS): To Plug Insulin Gap on Report Novo Nordisk to Stop Sales
• Delta Corp (DELTA): 4Q Net Income 1.65B Rupees Vs. 724M Rupees Y/y
• Havells India (HAVL): 4Q Net Income +16% Y/y to 5.22 billion rupees,, Beats Ests.
• HCL Technologies (HCLT): 4Q Net Income Meets Est.; Sees FY Rev. Up 2%-5%
• IndusInd Bank (IIB): Says Reviewing Microfinance Business Internally, EY has not been engaged to carry out a forensic audit
• M&M Financial (MMFL): 4Q Net Income -9% Y/y to 5.63b rupees, Misses Ests. 5.93b
• Tata Communications (TCOM): 4Q Net Income Beats Estimates
• Vardhman Special Steels (VSSL): Approves setting up Punjab Green Steel plant with investment of INR20b

Source: Bloomberg

Global News, Views, and Updates

Stocks, Dollar Gain on Trade Talks, Fed Reprieve
Stocks jumped and the dollar rose in a relief rally as the Trump administration defused some of the tension that had dominated financial markets in recent sessions. A gauge of the dollar advanced for a second day after President Donald Trump said he doesn’t plan to fire Federal Reserve Chair Jerome Powell. Asian shares gained along with US equity-index futures as optimism grew about tariff discussions with India and Japan and a de-escalation of trade tensions with China. Shares of Tesla Inc. rose in after hours as Chief Executive Officer Elon Musk said he will step back “significantly” from the Department of Government Efficiency. Trump’s comments on the Fed chief late Tuesday in Washington walked back opinions expressed in the past week that sparked concerns about the US central bank’s independence, and reinforced a Sell America trade. Signs of progress in some trade talks also helped improve market sentiment, with Treasury Secretary Scott Bessent saying that a standoff with China will ease.

Trump Floats Cutting China Tariffs ‘Substantially’ in Trade Deal
• President Donald Trump said he plans to be "very nice" to China in any trade talks and that tariffs will drop if the two countries can reach a deal.
• Trump's comments come as US stocks and Treasuries have been battered since he rolled out sweeping tariffs on April 2, with 145% duties on China still in place.
• Beijing wants to see several steps from the Trump administration before agreeing to discussions, including reining in disparaging remarks by members of his cabinet and a more consistent US position.

Oil Pushes Higher as Trump Signals No Intention to Ax Powell
Oil extended gains as President Donald Trump said he had no intention of firing Federal Reserve Chair Jerome Powell, while an industry report pointed to a large decline in US crude stockpiles. Brent climbed toward $68 after closing 1.8% higher on Tuesday, and West Texas Intermediate traded near $64 a barrel after Trump’s comments on the Fed chief. His criticism of Powell prompted a global selloff on Monday before oil and other financial assets clawed back some losses in the following session. “Crude has taken in the tailwinds from the reduction in cross-asset volatility and the general feeling that we’re averting a policy mistake in Trump’s push for Powell’s early removal,” said Chris Weston, the head of research at Pepperstone Group Ltd. in Melbourne.

China Turns to Middle East LPG to Replace Tariff-Hit US Flows
Chinese plastics plants that buy liquefied petroleum gas are turning to the Middle East to replace tariff-hit imports from the US, disrupting global flows and reviving moribund freight rates. The LPG buyers, seeking to swap US cargoes bought earlier with alternatives, have found that Persian Gulf producers including Saudi Aramco are able to help with those requests, according to traders. As many as seven supertankers or very-large gas carriers carrying US LPG and set to arrive in China in May and June will now head to India and Southeast Asia, the traders said, asking not to be named as they’re not authorized to speak publicly. In exchange, Middle Eastern shipments meant for those buyers will be supplied to end-users in China.

Trump Says He Has No Intention of Firing Fed Chief Powell
• President Donald Trump said he has no intention of firing Federal Reserve Chair Jerome Powell, despite his frustration with the central bank not moving more quickly to slash interest rates.
• Trump wants Powell to lower interest rates, saying it's a "perfect time" to do so, and would like to see the chairman be "early or on time, as opposed to late".
• Powell and his colleagues have kept interest rates unchanged this year, after lowering them by a full percentage point in the last few months of 2024, as they wait to see how the economy reacts to the administration's policies.

Source: Bloomberg

ONCE BOOK AND EXIT SHORT IN GOLDTEN 30MAY2025 AT 96,000, BOOK PROFIT RS. 2,550.

MOMENTUM : BUY HDFCAMC 24APR2025 ABV 4,611 TGT 4,689.51. SL BELOW 4,571.75 CMP: 4,611

MOMENTUM : BUY BEL 24APR2025 ABV 308 TGT 312.. SL BELOW 306 CMP: 308.

MOMENTUM : BUY NESTLEIND 24APR2025 ABV 2,425 TGT 2,448. SL BELOW 2,413 CMP: 2,425

INTRA: BUY COPPER 30APR2025 ABV 855.40 TGT 860. SL BELOW 852.20 CMP: 855.40.

MOMENTUM : BUY HAL 24APR2025 ABV 4,348.70 TGT 4,411.70. SL BELOW 4,306.70 CMP: 4,348.70.

MOMENTUM : BUY UNITDSPR 24APR2025 ABV 1,568 TGT 1,596. SL BELOW 1,554.00 CMP: 1,568.

ONCE BOOK AND EXIT SHORT IN BANKNIFTY 29MAY2025 AT 55,560, BOOK PROFIT RS. 10,200

MOMENTUM : ONCE BOOK AND EXIT LONG IN HDFCAMC 24APR2025 AS SL HIT AT 4,571.75, LOSS RS.5,887.5