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Positionally Looks Good to Buy "ABCAPITAL" @115 50% @ 111 For the TGT 120/ 125 / 135 /140 SL 108. (CLOSING BASIS)

Positionally Looks Good to Buy "AMBUJACEM" @382 50% @ 371 For the TGT 400 / 430 / 440 SL 363. (CLOSING BASIS)

Results on April 25 Tatva Chintan Pharma Chem, Tata Investment Corporation, Century Textiles & Industries, Eveready Industries India, Gujarat Mineral Development Corporation, Mahindra CIE Automotive, Meghmani Finechem, Arihant Capital Markets, Artson Engineering, Automotive Stampings & Assemblies, Axita Cotton, Divyashakti, Maharashtra Scooters, Snowman Logistics, Steel Exchange India, Sylph Technologies, Triveni Enterprises and VTM.

*ICICI Bank Q4FY22 Result – First Cut* *Margin expands; provisioning almost negligible*  ICICI Bank reported strong set of numbers for Q4FY22 with profitability grew by 59.4% YoY to Rs70 bn. Business and NII growth came in line with our estimate, while sharp reduction in provisioning (almost negligible if adjusted with contingent provisioning of Rs10.2 bn) and strong growth in other income provided a boost to the bottom line (our estimate of PAT at Rs57 bn).  NIM improved by 4 bps QOQ to 4.0% as yield on advances (YoA) increased by 12 bps QoQ compared to 2 bps QoQ rise in cost of funds (CoF). Core fee income grew by 14.4% YoY as compared to 19.2% YoY in the previous quarter.  Slippages remained contained at Rs42 bn (Rs40.2 bn in Q3FY22), while strong R&U led to 53 bps sequential improvement in GNPA ratio to 3.6% in Q4FY22 v/s 4.13% in the previous quarter. Net restructured assets reduced to Rs82.7 bn in Q4FY22 v/s Rs96.8 bn in previous quarter.  Advances grew by 17.1% YoY & 5.5% QoQ led by strong growth in SME (33.6% YoY) and business banking (43.2% YoY). Deposits grew by 14.2% YoY and 4.6% QoQ and CASA share rose to 48.7%.  The bank’s board has recommended a dividend of Rs 5 per share  ICICI Bank posted robust performance on business growth, profitability and assets quality front. *Currently we have a “Buy” recommendation on the stock with a target price of Rs915 per share. The rating may be altered post detailed analysis of the Q4FY22 result.*

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