INTRA: ONCE BOOK AND EXIT LONG IN CRUDEOIL 19MAY2025 AT 5,356, ON COST AS PRICES GETTING RESISTANCE.

INTRA: ONCE BOOK AND EXIT SHORT IN NATURALGAS 27MAY2025 AT 267.50, BOOK PROFIT RS. 2,500

INTRA: ONCE BOOK AND EXIT SHORT IN NATGASMINI 27MAY2025 AT 267.30, BOOK PROFIT RS. 500.

INTRAMETEN: BUY NATURALGAS 27MAY2025 ABV 268 TGT 278. SL BELOW 263 CMP: 268.

INTRAMETEN: BUY COPPER 30MAY2025 ABV 860 TGT 868. SL BELOW 854.50 CMP: 860.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN NATURALGAS 27MAY2025 AT 266, BOOK LOSS RS.2,500.

INTRAMETEN: ONCE BOOK AND EXIT LONG IN COPPER 30MAY2025 AT 856.80, BOOK LOSS RS.8,000.

INTRAMETEN: SELL ALUMINIUM 30MAY2025 BELOW 234.90 TGT 233.50. SL ABV 236. CMP: 234.90.

INTRAMETEN: SELL ALUMINI 30MAY2025 BELOW 235.50 TGT 234. SL ABV 236.60 CMP: 235.50.

INTRAMETEN: ONCE BOOK AND EXIT SHORT IN SILVERM 30APR2025 AT 97,050, BOOK PROFIT RS. 850.

INTRAMETEN: ONCE BOOK AND EXIT SHORT IN ALUMINIUM 30MAY2025 AS SL HIT AT 236., LOSS RS.5,500.

INTRAMETEN: ONCE BOOK AND EXIT SHORT IN ALUMINI 30MAY2025 AT 236.30, BOOK LOSS RS. 800.

Securities in F&O Ban for Trade Dated 25-April-2025
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WHAT TO WATCH:
• Pakistan Hits Back at India as Kashmir Fallout Widens
• Modi Vows to Hunt and ‘Punish’ Kashmir Attackers in Fiery Speech
• Pakistan Closing Airspace Means India’s Airlines Will Fly Longer
• Modi’s Kashmir Problem Returns to Haunt India: Balance of Power
• What We Know About the Attack on Tourists in Kashmir: QuickTake
• How Trump Is Reshaping India’s Ties With the US: QuickTake
• Modi’s Challenges in a Fog of Terror and Trade: India Edition
• India’s Water Treaty Suspension Spells Risk for Pakistan’s Farms
• More Russian Insurers Seek Indian Nod for Oil Tanker Coverage
• Unilever India Profit Meets Estimate Amid Continued Demand Slack
• Netanyahu, Modi Discuss Transport, Communications CorridorAxis Bank to Raise $6.4 Billion Through Debt and Equity
• Sugar Falls on Brighter Outlooks in Top Producers Brazil, India
• Ultra-Rich Indians Find A New Route to Invest Overseas
• India’s Tech Rally Defies Risks Sparked by Global Trade War
• Time to Sell US Tech to Buy Emerging Markets, Carmignac Says
• Indian Stocks Halt Seven-Day Rally as Banks, Consumer Firms Fall
• Reliance Profit to Fall on Weak Core Business: Preview
• Maruti Suzuki 4Q Profit Likely to Slip on Higher Costs: Preview
• India March Growth in Retail Payments Climb +13.9% Y/y: Details
• Overseas Investors Buy Net INR39.7B of Indian Equities April 23
• Pakistan Dollar Bonds Sink Amid Diplomatic Stand Off With India
• Zelenskiy Resists Trump Pressure After Russian Strike Hits Kyiv
• US Existing-Home Sales Fall by Most Since 2022 on Rates, Prices
• Fed’s Hammack Says June Rate Move in Play If Data Is Clear
• Stocks Climb as Fed-Cut Hopes Sink Treasury Yields: Markets Wrap

BLOOMBERG INTELLIGENCE:
• EM Sector Scorecard Favors Defensive Exposure Amid Tariff Risks
• Can US Be Exceptional Without China? Tech’s Leadership at Risk
• Vedanta’s US Listing Can Add Financial Flexibility: Credit React

MEDIA REPORTS:
• India, Pak trade miniscule; now will come to complete halt, Exporters: PTI

EARNINGS (net income adj. ests. in INR where available):
• Atul (ATLP IN) 4Q 1.28b (5 analysts)
• Bank of Maharashtra (BOMH IN) 4Q
• Chennai Petroleum Corp. (MRL IN) 4Qc1.83b (2)
• Cholamandalam Investment (CIFC IN) 4Q 11.9b (20)
• Dr Lal PathLabs (DLPL IN) 4Q 996m (17)
• Hindustan Zinc (HZ IN) 4Q 25.2b (5)
• L&T Finance (LTF IN) 4Q 6.31b (9)
• Lloyds Metals & Energy (LLOYDSME IN) 4Q
• Mahindra Holidays & Resorts (MHRL IN) 4Q
• Mahindra Lifespace Developers (MAHLIFE IN) 4Q 1.03b (3)
• Maruti Suzuki India (MSIL IN) 4Q 38.6b (25)
• Motilal Oswal Financial Services (MOFS IN) 4Q
• Oracle Financial Services (OFSS IN) 4Q
• Poonawalla Fincorp (POONAWAL IN) 4Q 1.68b (3)
• RBL Bank (RBK IN) 4Q 475m (7)
• Reliance Industries (RELIANCE IN) 4Q 184.7b (11)
• Shriram Finance (SHFL IN) 4Q 22.3b (19)
• Tata Technologies (TATATECH IN) 4Q 1.78b (8)
• Tejas Networks (TEJASNET IN) 4Q
• Zensar Technologies (ZENT IN) 4Q 1.66b (9)

ECONOMIC DATA (All times India Time):
• April 25: April Foreign Exchange Reserves, prior $677.8b

GOVERNMENT (All times India Time):
• 10am: New Delhi. Food Processing Industries Minister Chirag Paswan at the inauguration of SUFALAM 2025 at NIFTEM-K

BOND SALES/PURCHASES (All times India Time):
• India to Sell 270 Billion Rupees of Bonds in Auction, with option to retain additional 20b rupees against each security
• RBI to hold INR500B of daily variable rate repo auctions under LAF

CORPORATE BONDS:
• Cube Highways Trust to Sell INR11.52b Two-Part Bond
• Godrej Housing Finance to Sell INR1b 10Y Bond at 8.15% on April 25
• HPCL Plans to Sell Up to INR25B 5Y Bond on April 28
• Prayagraj Nagar Nigam Seeks Bids for Up to INR500m Muni Bond
• India’s REC Plans to Sell Up to INR60b Two-Part Bond on April 28
• Tata Capital Housing to Sell INR15.95b 3Y Bond at 7.27% on April 25
• Tata Power Renewable to Sell INR10b 15Y Bond at 7.55%

CORPORATE EVENTS:
• 10am: Sterling and Wilson Renewable Energy conference call on 4Q FY25 results
• 11am: New Delhi. Minister of State Prataprao Jadhav to address FICCI’s Medical Value Travel Conference and Awards
• 3pm: SkillUp and Microsoft hosts live webinar on ‘AI in Governance: Paving the Way for Efficient Public Services’
• 3:30pm: Maruti Suzuki officials will hold a virtual press meet on 4Q FY25 earnings
• 4pm: Hindustan Zinc hosts conference call on 4Q FY25 earnings
• 4pm: Bank of Maharashtra conference call on 4Q FY25 earnings
• 4pm: Dr. Lal PathLabs conference call on 4Q FY25 earnings
• 4:30pm: Shriram Finance hosts conference call on 4Q FY25 results
• 5:30pm: Mumbai. Chief Minister of Maharashtra Devendra Fadnavis, at the book launch event Sthitapragya - a celebration inspired by the journey of Ashishkumar Chauhan, MD & CEO of NSE
• 5:30pm: RBL Bank hosts conference call on 4Q FY25 results
• 6pm: Maruti Suzuki India hosts conference call on 4Q FY25 earnings
• 6:30pm: Tata Technologies conference call on 4Q FY25 results
• 8pm: Zensar Technologies hosts conference call on 4Q FY25 earnings
• Reliance Industries hosts conference call after announcement of 4Q FY25 earnings
• Reliance Industries to consider bond sale plan with the earnings meet
• Other Shareholder Events: BLJT IN, RATNABHU IN, UCAL IN, VIRAT IN
• Earnings Calls: DCBB IN, DLPL IN, ELCN IN, FLTX IN, HUIN IN, IEX IN, MHRL IN, ORIENTEL IN, POONAWAL IN, SAHAJSOL IN, SPPT IN, TANLA IN
• Other/M&A: IRIS IN

OFFERINGS:
• Prestige Hospitality Files for $317 Million India IPO

ANALYST ACTIONS:
• 360 One WAM Cut to Hold at Dalal & Broacha; PT 1,120 rupees
• Cyient DLM Cut to Accumulate at Prabhudas Lilladher
• LTIMindtree Cut to Accumulate at Prabhudas Lilladher
• Persistent Systems Raised to Buy at Prabhudas Lilladher
• Solar Ind India Rated New Buy at William O’Neil
• Tata Consumer Cut to Add at Ashika Stock Broking

MARKETS (As of 9:15 p.m. India Time):
• S&P 500 up 1.3% at 5,443.28
• STOXX Europe 600 up 0.4% at 518.75
• MSCI Asia Pacific Index up 1.8% at 182.48
• Gold spot up 1.1% at $3,325.58/Oz;
• Brent Futures up 0.2% at $66.27/bbl
• Sensex down 0.4% at 79,801.43
• Nifty down 0.3% at 24,246.7
• GIFT Nifty May futures up 0.2% at 24,454.5
• INR up 0.2% at 85.27 per USD
• Yield on 6.79% bonds maturing Oct. 7, 2034 down 1bp at 6.32%
• Rupee Erases Loss on Corporate, Foreign Inflows: Inside India

EQUITY PREVIEW:
• ACC (ACC): 4Q Net Income -2% Y/y to 7.35b rupees, Beats Ests. 4.83b
• Axis Bank (AXSB): 4Q Net Income 71.2b rupees, Beats Ests. 66b
o Axis Bank to Raise as Much as $6.5 Billion Via Shares, Bonds
• Adani Energy (ADANIENS): 4Q Net Income +79% Y/y to 6.47b rupees, Beats Estis. 3.1b
• Bharti Airtel (BHARTI): Adds net 1.59m mobile subscribers in Feb.: TRAI
• Container Corp (CCRI): Signs accord with GAIL, Railways ministry for LNG Infra at terminals of Concor
• Cyient (CYL): 4Q Net Income Misses Estimates
• Indian Energy Exchange (IEX): IEX 4Q Net Income Beats Estimates
• Laurus Labs (LAURUS): 4Q Net Income 2.34b rupees, Beats Ests. 1.81b
• Macrotech Developers (LODHA): 4Q Net Income Meets Estimates
• Power Grid Corp (PWGR): Says 85MW Nagda Solar plant starts commercial operations
• Reliance Industries (RELIANCE): Reliance Jio Feb. Net Mobile Subscriber Adds 1.77m
• Rites (RITE): Gets INR280 million order from Mahanadi Coalfields
• SBI Cards (SBICARD):
• SBI Life (SBILIFE): 4Q Net Income 8.14b rupees, Misses Ests. 10.4b
• Tech Mahindra (TECHM): 4Q Net Income Beats Estimates
• Vodafone Idea (IDEA): Loses net 20,720 mobile subscribers in Feb.

Source: Bloomberg

Global News, Views, and Updates

Stocks Rise on Trade Talks, Fed Rate-Cut Hopes
Global stocks advanced for a fourth consecutive day - on track for the best winning streak in more than two months - on signs of progress in trade negotiations and after Federal Reserve officials indicated they would be open to cutting rates earlier than anticipated. Shares in South Korea gained more than 1% as Treasury Secretary Scott Bessent said the US may reach an “agreement of understanding” on trade as soon as next week. The Nikkei-225 rose as much as 1.8% as the yen declined on positive comments from the US-Japan trade talks. A gauge of the dollar edged up while Treasuries held gains from Thursday. Google parent Alphabet Inc. rose 4.9% in late trading after reporting revenue and profit that exceeded analysts’ estimates, sending futures contracts for the S&P 500 and the Nasdaq 100 up at least 0.5%. Optimism the White House will clinch crucial trade deals with top economic partners is boosting risk appetite. Some steadiness is appearing in markets after they were roiled when President Donald Trump upended the global trading order by slapping century-high levies. The S&P 500 jumped Thursday to the highest since the day Trump announced his tariff offensive.

Vale Profit Misses Estimates on Faltering Iron Ore Prices
Major iron ore producer Vale SA’s first-quarter earnings missed forecasts due to weakening prices for the steelmaking staple that have been hit by trade war fears and a slowdown in China. Vale also churned out less iron ore than expected in the three months through March, due to a heavier-than-usual rainy season that hampered operations. It was impacted by licensing restrictions in northern Brazil, where the company has its most-prized assets. The miner said it’s monitoring the trade tariffs imposed by the US, but so far does not expect any significant direct effects on its operations.The Brazilian company reported $3.2 billion in quarterly earnings on a proforma basis before interest, taxes, depreciation and amortization, it said in a filing on Thursday. That missed the $3.39 billion average estimate of analysts surveyed by Bloomberg. The world’s biggest iron ore producers are navigating a challenging environment as the escalating trade war threatens demand in China, which is already being battered by a prolonged property crisis and slowing economic growth.

Energy Secretary Tries to Reassure US Oil Bosses Amid Trade War
• Energy Secretary Chris Wright says the uncertainty around tariffs is a short-term issue that will last only a few more weeks.
• The Trump administration is focused on tearing down barriers to make it cheaper and easier to pump crude and natural gas, and is doing everything it can to encourage production.
• Despite current challenges, oil executives at an energy conference in Oklahoma City were largely upbeat, with some predicting oil prices could climb back into the mid-$70s if tariff uncertainty is removed.

Trade War Is Diverting US Petroleum Gas Cargoes Away from China
• Multiple carriers of petroleum-based gases traveling from the US to China have begun diverting to other countries due to the intensifying trade war.
• Four cargoes of propane have shifted their routes from China to alternate destinations, including Japan and South Korea, and at least one cargo of ethane has been scrapped entirely.
• The diversions show the disruption to supply chains caused by the trade fight between the US and China, historically a major buyer of US ethane and petroleum gases.

Trump Says US Talking with China on Trade After Beijing’s Denial
• President Donald Trump said his administration was talking with China on trade, despite Beijing denying the existence of negotiations on a deal and demanding the US revoke all unilateral tariffs.
• Chinese Commerce Ministry spokesman He Yadong dismissed speculation that progress has been made in bilateral communications, saying "any reports on development in talks are groundless," and urging the US to "show sincerity" if it wants to make a deal.
• The focus is now on what policy support Beijing will unleash to shield the world's No. 2 economy from the impact of tariffs, with hints on stimulus possibly coming as soon as this week.

Source: Bloomberg

ONCE BOOK AND EXIT SHORT IN AXISBANK 29MAY2025 AT 1,165 AND EXIT LONG IN 1220CE AT 17, BOOK PROFIT RS. 19,062.5.

SELL HAVELLS 29MAY2025 BELOW 1,609 TGT 1,540. SL ABV 1,645 CMP: 1,609 AND BUY 1600CE AT 60.