Back
PremiumMarket Close Highlights : European stocks struggled to make headway on Wednesday, with a rally in technology stocks barely keeping the benchmark afloat amid disappointing earnings in the banking and luxury sectors.
The Stoxx Europe 600 edged about 0.2% higher after its biggest two-day advance since November. The tech sector climbed 2.5%. ASM International NV surged after orders beat expectations, with chipmakers also taking heart from an upbeat outlook by US peer Texas Instruments Inc.
Banks weighed on the index, with Lloyds Banking Group Plc falling after missing estimates for lending income. Svenska Handelsbanken AB slumped as much as 11% after Sweden’s largest property lender reported earnings for the first quarter that missed analyst estimates. Kering SA tumbled, dragging luxury peers lower, after warning that profit will plunge on slowing sales at Gucci, its biggest brand.
US equity futures advanced, with contracts on the Nasdaq 100 outperforming. Tesla Inc.’s gains alone represented about a third of the rally in Nasdaq futures, according to data compiled by Bloomberg. The MSCI Asia Pacific Index increased the most in a month, with chip-related stocks among the best performers.
In addition to the strong performance of the US tech giants in Tuesday’s Wall Street rally, weakness in measures of business activity in the world’s largest economy also helped keep alive forecasts for Federal Reserve policy easing this year. The 10-year Treasury yield ticked higher and a gauge of the dollar was steady.
The S&P 500 notched its best back-to-back rally in two months. Nvidia Corp., the poster child of the artificial-intelligence boom, led a surge in chipmakers. Texas Instruments Inc. gave a bullish revenue forecast — a good sign for the chip industry that helped lift Asian and European producers on Wednesday.
Sensex Today Live : Indian benchmark indices ended in the green for the fourth straight session on Wednesday, buoyed by companies reporting somewhat mixed Q4 results. Gains were also capped by the mixed performance of global peers.
Sensex, which had opened higher at 73,957.57, touched a high of 74,121.61 in intraday trades, but pared some of its gains later. The Sensex closed up 114.49 points, or 0.16%, at 73,852.94.
Meanwhile, the Nifty 50, which had also opened higher at 22,421.55, climbed to a high of 22,476.45 during the day. At close, the Nifty 50 was up 34.40 points, or 0.15%, at 22,402.40.
13 of the 30 stocks on the BSE Sensex ended in the red. TCS, Tech Mahindra, Maruti Suzuki India, Reliance Industries, and Titan were the top drags for the day, while JSW Steel, Tata Steel, Power Grid Corp., Kotak Mahindra Bank, and UltraTech Cement, were the top gainers.
Meanwhile, 20 of the 50 stocks on the Nifty 50 ended in the red. Hindalco, Cipla, JSW Steel, Tata Steel, and Power Grid Corp., were the top gainers, while Tata Consumer Products, Grasim Industries, Bajaj Auto, Tech Mahindra, and HDFC Life, were the top drags of the day.
The broader market outperformed the benchmark indices, with the BSE SmallCap gaining 0.79%, while the BSE MidCap closed up 0.92%.
Separately, barring IT, Media, PSU Bank, and Auto, all other sectoral indices ended in the green on Wednesday, with gains led by the Metal index, which had gained 2.69% by close.
The healthcare index closed up 1.26%, while the Consumer Durables index closed up 0.90%, the Oil & Gas index ended 0.67% higher, and the Pharma index closed up 0.66%.
The Bank and Financial Services indices closed up 0.46% and 0.51%, respectively, while the FMCG index was up 0.05% at close.
Sensex Today Live : Barring IT, Media, PSU Bank, and Auto, all other sectoral indices were in the green, with gains led by the Metal index, which had gained 2.62%.
The healthcare index was up 1.17%, while the Consumer Durables index was up 0.90%, the Oil & Gas index was up 0.68%, and the Pharma index was up 0.63%.
The Bank & Financial Services index were up 0.42% and 0.48%, respectively, while the FMCG index was up 0.07.
Sensex Today Live : The broader market outperformed the benchmark indices, with the BSE SmallCap gaining 0.86%, while the BSE MidCap was up 0.93%.
Sensex Today Live : Half of the 50 stocks on the Nifty 50 were in the red. Cipla, Hindalco, JSW Steel, Tata Steel, and Power Grid Corp., were the top gainers, while Tata Consumer Products, Grasim Industries, Tech Mahindra, HDFC Life, and TCS, were the top drags.
Sensex Today Live : 14 of the 30 stocks on the BSE Sensex were in the red. Tech Mahindra, TCS, Infosys, Titan, and Reliance Industries, were the top drags, while JSW Steel, Tata Steel, Power Grid Corp., Kotak Mahindra Bank, and NTPC, were the top gainers.
Sensex Today Live : Indian benchmark indices were in the green on Wednesday, following global peers higher that were up on the back of easing geopolitical tensions and robust company earnings for the March quarter.
At 3 pm, Sensex was up 133.96 points, or 0.18%, at 73,872.41, and Nifty was up 37.10 points, or 0.17%, at 22,405.10.
Sensex Today Live : Himanshu Pandya, a registered investment advisor, recently shared on LinkedIn, "Delighted to announce that I've completed my KYC update for the 18th time in my relatively brief adulthood." The most recent KYC (Know Your Client) update he pointed out is related to his mutual fund account. Mutual funds have been urging investors to refresh their KYC using officially valid documents (OVDs), primarily Aadhaar, by April 1st to comply with regulatory standards. Unfortunately, those who are not aware of the new KYC regulations are finding their forthcoming investments being rejected. (Read the full story here.)
Sensex Today Live : United Breweries today informed the exchanges that Heineken (belonging to its promoter group), disclosed in its Q1 - January - March 2024 results update that its net revenue in India has grown by 20% organically.
The company, citing a press announcement released by the promoter group, reported the text publised by Heineken N.V., which said, “In India, net revenue (beia) grew by 20% organically, driven by volume and positive price mix. Beer volume grew in the low-teens, ahead of the market, cycling route-to-market changes from last year. To celebrate International Women's day, we introduced Queenfisher, an all-women initiative. Our premium portfolio grew volume in the lowtwenties, led by Kingfisher Ultra and Heineken® Silver."
Sensex Today Live : RVNL today informed the exchanges that its JV with Karnataka Road Development Corporation Limited (KRDCL) has baged the contract worth ₹438.95 crore to redevelop the Thiruvananthapuram Central railway station floated by Southern Railway.
KRDCL owns 51% in the JV that has bagged the contract, while RVNL owns the rest of the 49%.
Sensex Today Live : Rating: ACCUMULATE
Target Price : ₹305
Upside : 13%
CMP : ₹271 (as on 23 April 2024)
Valuation: Upgrade to Accumulate; TP raised to ₹305
Seeds business volumes are set to grow (led up volume ramp-up in cotton hybrid seed) despite industry-wide production concerns. We slightly trim FY25E EBITDA/PAT estimate 3%/5%, but raise FY26E estimates 4%/2%, respectively. We upgrade RALI to Accumulate (from Reduce) given favorable volume outlook in an expectedly better season in FY25. We also raise TP to ₹305 (from ₹246), on 22x (from 18x earlier) FY26E EPS of ₹13.9.
Sensex Today Live : Indian benchmark indices were in the green on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter
At 2 pm, Sensex was up 258.29 points, or 0.35%, at 73,996.74, and Nifty was up 80.20 points, or 0.36%, at 22,448.20.
Sensex Today Live : Indian corporations engaged with European businesses, either directly or indirectly, are confronted with a double challenge as Germany enforces a new law focused on maintaining equitable labor practices and environmental standards.
For Indian enterprises that are already subject to Europe's carbon tax, the implementation of Germany's supply chain regulations implies increased compliance and reporting expenses. Additionally, any breaches could result in penalties and a potential loss of business prospects, according to industry specialists Mint talked to. (Read the full story here.)
Sensex Today Live : TECHNICAL PICK: BUY TATA TECH
CMP ₹1,080
TARGET ₹1,210 (12.05%)
STOPLOSS ₹1,020 (5.55%)
The stock has witnessed a decent erosion from 1,400 zone and recently has taken support near 1,020 levels to bottom out on the daily chart and with some pullback witnessed has again slipped down to form a higher low pattern.
Currently, with a positive move visible one can expect for some upward move and with a decisive breach above the significant 50EMA level of 1,090 shall further improve the bias and thereafter expect for next targets of 1,150 and 1,210 levels. The RSI has shown improvement with a trend reversal and one can watch for this stock to perform well in the coming days. The major support would be maintained near 1,020 levels and so one can keep the stop loss at that rate.
Sensex Today Live : Indian benchmark indices were in the green on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter
At 1 pm, Sensex was up 269.84 points, or 0.37%, at 74,008.29, and Nifty was up 79.60 points, or 0.36%, at 22,447.60.
Sensex Today Live : Vikas Lifecare today informed the exchanges that it has been summoned by the Securities and Exchange Board of India (SEBI) as the regulatory authority believes that the business transactions of the company may have not been properly dealt with in financial information disclosures.
In an exchange filing, the company said, "This is to inform you that, the Company has received a Summon from Securities and Exchange Board of India (SEBI) on April 23, 2024, for production of documents before the investigating authority under Section 11(2) and 11c (2), 11(3) of the Securities and Exchange Board of India Act, 1992".
The notice added that the Sebi notice is regarding, "Summon for Production of Documents before the Investigating Authority".
Sensex Today Live : Chennai Petroleum Corporation posted total income for Q4FY24 at ₹20,826.44 crore, up 1.81% QoQ from ₹20,456.41 crore in Q3FY24, but down 2.46% YoY from ₹21,351.98 crore in Q4FY23.
Total income for FY24 came in at ₹79,285.50 crore, down 12.8% from ₹90,923.39 crore earned in FY23.
Profit before tax for Q4FY24 jumped 75% at ₹843.52 crore, from ₹481.05 crore in Q3FY24, but fell nearly 40% YoY from ₹1,387.64 in Q4FY23.
Meanwhile, Profit after tax came in at ₹612.38, up nearly 75% QoQ from ₹350.99 in Q3FY24, but down around 40% YoY from ₹1,004.19 in Q4FY23.
For the full financial year 2023-24, the profit after tax came in at ₹2,711.25, down 23.3% from ₹3,533.81 crore in FY23.
The board of directors of the company has also recommended an Equity Dividend (Final) of 550% for Financial Year 2023-2024, that is ₹55 per equity share, subject to the approval of shareholders.
Sensex Today Live : Barring the IT and PSU Bank indices, all other sector indices were in the green.
The metal index had gained the most, climbing 2.08%, followed by the healthcare index, which was up 1.06%.
Sensex Today Live : The broader market was outperforming the benchmark indices, with the BSE SmallCap index gaining 0.94%, and the BSE MidCap index gaining 0.79%.
Sensex Today Live : 11 of the 50 stocks on the Nifty 50 were in the red. Cipla, JSW Steel, Hindalco, Bajaj Finance, and Tata Steel, were the top gainers, while Tata Consumer Products, Hindustan Unilever, Infosys, HDFC Life, and TCS, were the top drags.
Sensex Today Live : Nine of the 30 stocks on the BSE Sensex were in the red. Infosys, Hindustan Unilever, TCS, Tech Mahindra, and Bharti Airtel, were the top losers, while JSW Steel, Tata Steel, Power Grid Corp., Bajaj Finserv, and Kotak Mahindra, were the top gainers.
Sensex Today Live : Indian benchmark indices were in the green on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter
At 12 pm, Sensex was up 308.27 points, or 0.42%, at 74,046.72, and Nifty was up 89.25 points, or 0.4%, at 22,457.25.
Sensex Today Live : Rating: ACCUMULATE | CMP: ₹452 | TP: ₹500
B2B express business has lowered its EBITDA loss to ₹14.8 crore from earlier loss of ₹22.4 crore in Q3FY24
Truck utilization in B2B segment has improved drastically to ~80% from early 60%, with largely flattish volumes (25000T monthly), led by management focus on cost optimization
Mahindra Logistics consolidated revenue grew 4% QoQ to ₹1,450 crore (PLe: ₹1,420 crore), driven by sequential improvement in standalone 3PL (up 2% QoQ to ₹1,180 crore), freight forwarding (up 15% to ₹60 crore) and B2B express business (up 2% to ₹100 crore). Consolidated EBITDA rose 8% QoQ to Rs566mn (PLe: Rs567mn). EBITDA margin expanded 20bps YoY to 3.9% (PLe: 4%) as lower employee expense was partly offset by higher other expenses while consolidated PBT/PAT continued in the negative territory (loss of ₹9.2 crore/ ₹11.9 crore), but showed sequential improvement (Q3 loss of ₹13.4 crore/16.4 crore). The stock is currently trading at 37.2x FY26E earnings. We maintain Accumulate rating with a TP of ₹500 based on 41x FY26E P/E multiple.
Sensex Today Live : Paisalo Digital informed the exchanges today that its board has approved the fund raise totaling an amount of ₹120 crore through various means.
In an exchange filing, the company said, "We wish to inform that the Operations and Finance Committee of Board of Directors of Paisalo Digital Limited in their meeting held on Wednesday, April 24, 2024 has, inter alia:
1. Approved the issuance of Secured Rated Listed Redeemable Non-Convertible Debentures aggregating upto ₹ 30,00,00,000 through Private Placement basis as per the particulars furnished in “Annexure A".
2. Approved the issuance of Commercial Papers (CPs) each having face value of Rs. 5,00,000 (Rupees Five Lakh only) in one or more tranches aggregating upto Rs. 90,00,00,000 on a Private Placement basis."
Sensex Today Live : GPT Infraprojects today informed the exchanges that it has bagged an order worth ₹487 crore from Solapur Division of Central Railway to construct a broad gauge line in Solapur-Osmanabad section.
The company said it has won the contract in a joint venture, in which its share is 25%.
Sensex Today Live : Indian benchmark indices were in the green on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter
At 11 am, Sensex was up 334.98 points, or 0.45%, at 74,073.43, and Nifty was up 94.05 points, or 0.42%, at 22,462.05.
Sensex Today Live : Organic Recycling Systems today informed the exchanges that it has partnered with Canada-based High Grade Farms, Inc. for sustainable wastewater management.
In an exchange filing, the company said that it has signed a Memorandum of Understanding with High Grade Farms, Inc.--that offers a patented algae wastewater treatment (AWWT) technology for sustainably treating liability wastewater--aimed at procuring, installing, and operating an Algae Wastewater Treatment (AWWT) system as part of Integrated Technology Platform (ITP).
This collaborative effort seeks to sustainably treat liability wastewater, enhance recycling, and locally produce high value byproducts through innovative approaches, the company added.
Sensex Today Live : Zydus Lifesciences informed the exchanges today that it has received 10 observations from the US FDA for its injectable manufacturing site at Jarod, near Vadodara.
In an exchange filing, the company said, "We wish to inform that the USFDA conducted an inspection at the Injectable Manufacturing site situated at Jarod, near Vadodara. The inspection was conducted from April 15 to April 23, 2024. The inspection closed with 10 observations".
Sensex Today Live : Bharti Airtel, in an exchange filing, clarified that it is not in any discussions with Vodafone Idea to acquire its stake in the Indus Towers. The company added that it will ensure that the critical telecom infrastructure company remains in robust health and financially stable.
In the exchange filing, the company said, "We wish to clarify that the Bharti Airtel Limited is not in any discussion with Vodafone Group to acquire such stake in Indus Towers Limited. The Company has no desire to raise its stake beyond what is required for financial consolidation of Indus in the Company, which shall be done as and when appropriate with compliance of applicable disclosure requirements.'
The company added, "Indus is a provider of critical infrastructure services to the telecom industry and Airtel relies heavily on it. Airtel will therefore always ensure that Indus remains in robust health and financially stable".
Sensex Today Live : In the upscale neighbourhood of Pali Hill in Mumbai's Bandra West, real estate developer Puravankara is preparing to transform a 2.5-acre housing society. This society, home to numerous Bollywood celebrities, is set for a major overhaul.
The project boasts a total estimated development potential of 4.10 lakh sq ft of carpet area, with over 2.15 lakh sq ft earmarked for sale. The potential Gross Development Value (GDV) of the project exceeds ₹2,000 crore.
This land parcel, one of the largest in this micro-market, is located in the affluent residential area of Pali Hill. Here, the ongoing property rates consistently exceed ₹1 lakh per sq ft, reflecting the area's high-value real estate market.
Sensex Today Live : On Tuesday, Nelco Ltd, a satellite services company under the Tata Group, announced a 7% YoY rise in net profit, amounting to ₹6.1 crore for the fourth quarter ending March 31, 2024. This is an increase from the ₹5.7 crore net profit reported in the same quarter of the previous year, as per the company's regulatory filing. The company's operational revenue saw a slight decrease of 0.5%, dropping to ₹81.6 crore from ₹82 crore in the corresponding period of the previous fiscal year. At the operational level, the company's EBITDA saw a 12.5% increase, rising to ₹14.7 crore in the fourth quarter of this fiscal year from ₹16.8 crore in the same period of the previous year. The EBITDA margin for the reporting quarter was 18%, compared to 20.5% in the corresponding period of the previous fiscal year. The board of directors has proposed a final dividend of ₹2.
Sensex Today Live : Indian benchmark indices were in the green on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter
At 10 am, Sensex was up 250.09 points, or 0.34%, at 73,988.54, and Nifty was up 68.05 points, or 0.3%, at 22,436.05.
Sensex Today Live : The company reported a significant 23.3% QoQ increase in its consolidated net profit, reaching ₹22.7 crore in Q4FY24, up from ₹18.4 crore in the December quarter of the same fiscal year. The company also saw an impressive 80.7% YoY increase in its net profit in the quarter, from ₹12.6 crore in the corresponding period last year. The company's revenue rose 12.7% sequentially to ₹362 crores, compared to ₹321 crore in the previous quarter. On a yearly basis, the total consolidated revenue saw a 30.5% increase from ₹277.4 crore. For FY24, Cyient DLM's profit after tax (PAT) saw a substantial increase of 92.9%, reaching ₹61.2 crore, compared to ₹31.7 crore in the previous fiscal year. The company's FY24 revenue stood at ₹1,192 crores, marking a YoY growth of 43.2%. Additionally, it reported an FY24 EBITDA of ₹111 crores, with a margin of 9.3% and a YoY growth of 26.5%.
Sensex Today Live : After two consecutive quarters of losses, the Multi Commodity Exchange of India Limited (MCX) reported a net profit of ₹87.8 crore for the January-March quarter of FY24. The commodity derivatives market segment exchange saw a 35% YoY increase in its revenue, reaching ₹181.1 crore. Despite a yearly increase in its revenue, the exchange experienced a 5.42% sequential decrease in its revenue, falling from ₹191.53 crore in the December quarter. For FY24, MCX reported a significant 44.2% decrease in its net profit, dropping to ₹148.97 crore from the previous fiscal year. On Tuesday, the company also declared a final dividend of ₹7.64 per equity share for FY24.
Sensex Today Live : On Tuesday, April 23, Tata Elxsi reported a 4.6% decrease in net profit for Q4FY24 , falling to ₹197 crore from ₹206.4 crore in Q3FY24. The company's operational revenue for the quarter also saw a slight decrease of 1%, dropping to ₹906 crore from ₹914.2 crore in the December quarter. The company's revenue from operations rose by 13% YoY to ₹3,552 crore. On an operational basis, the company's EBITDA for the March quarter was ₹233.7 crore, a 4.5% decrease from ₹244.7 crore in the December quarter. However, the EBIT margin increased to 25.8%, up from 26.8% in the preceding quarter. The EBITDA margin was at 29.5%, and the PBT margin was at 28.5%. The Profit before Tax (PBT) grew by 11.9% to ₹1048.7 crore, crossing the ₹1,000 crore-mark for the first time in a full year, subject to shareholders' approval.
Sensex Today Live : The company announced a decrease in its new business margin on Tuesday due to a sustained drop in demand for high-value policies. The Value for New Business (VNB), which is the projected profit from new policies, dropped by 19.5% to ₹22.27 billion ($267 million) for the year ending March 31. This resulted in the VNB margin falling to 24.6% from 32% the previous year. The linked segment accounted for 43.2% of the overall product mix by Annualised Premium Equivalent (APE) for the year, according to ICICI Prudential. The company's APE sales increased by 4.7% for the year. The insurer reported a net premium income growth of 17% to ₹147.88 billion for the three months ending March 31. However, the company's profit after tax for the fourth quarter decreased by 26% to ₹1.74 billion from the previous year.
Sensex Today Live : Axis Bank, India's fourth-largest private lender by market capitalisation, is projected to post a net profit of ₹6,305.25 crore for the quarter ending March 31, 2024. This is a significant turnaround from the loss of ₹5,728 crore it reported in the same period last year, according to the average estimates of four brokerages.
The bank's profit after tax (PAT) recovery is expected to be driven by an increase in interest income. The bank is predicted to report a net interest income of ₹12,926 crore, a year-on-year increase of 10.60%, as per the average estimates.
Sensex Today Live : The company announced on Tuesday that it is proactively withdrawing six lots of a medication designed to lower blood phenylalanine (Phe) levels from the US market due to subpotency. The pharmaceutical company is recalling specific lots of Sapropterin Dihydrochloride Powder for Oral Solution 100 mg at the consumer level because of powder discoloration in some packets, which has resulted in reduced potency. The problem was identified during an accelerated stability test and was also reported by customers. The diminished effectiveness of the product could lead to increased Phe levels in patients. Persistently high Phe levels in infants and children can result in permanent neurocognitive deficits, including irreversible intellectual disability, developmental delay, and seizures.
Sensex Today Live : Barring FMCG, which was down 0.13%, all other sectoral indices were in the green. The Realty index had gained the most, up 1.27%.
Sensex Today Live : The broader market was climbing, with the BSE SmallCap index up 0.85%, followed by the BSE MidCap index was up 0.58%.
Sensex Today Live : On Tuesday, April 23, the company reported a 22.5% decrease in net profit, at ₹267.7 crore in Q4FY24, down from ₹345.6 crore recorded in Q4FY23. However, the company's operational revenue for the quarter increased by 8.5%, to ₹3,927 crore in A4FY24 from ₹3,619 crore in Q4FY23. From an operational standpoint, the company's EBITDA for the March quarter was ₹629.6 crore, marking a 23% growth from the ₹511.7 crore reported in the same period last year. Its EBIT margin increased by 160 basis points to 16%, compared to 14% in the year-ago period. The group's net profit before exceptional items stood at ₹427 crore, a 46% increase, driven by robust operational performance and one-time tax credits during the quarter. In addition, the company's board proposed a final dividend of 775% for FY24, translating to ₹7.75 per equity share of ₹1 each, subject to shareholders' approval.
Sensex Today Live : 14 of the 50 stocks on the Nifty 50 were in the red. Tata Consumer Products, HDFC Life, IndusInd Bank, SBI Life and Infosys, were the top drags, while Cipla, Nestle India, Axis Bank, UltraTech Cement, and Adani Ports, were the top gainers.
Sensex Today Live : Only six of the 30 stocks on the Sensex were in the red. IndusInd Bank, Infosys, Mahindra & Mahindra, Hindustan Unilever, and ITC, were the biggest drags, while Axis Bank, JSW Steel, UltraTech Cement, Tata Steel, and Nestle India, were the top gainers.
Sensex Today Live : "BankNifty has been hovering near the 48,000 zone with bias maintained positive and would need a decisive breach above 48,400 levels to confirm clarity and anticipate further rise. The zone near 46,800 levels would remain the important support zone for the index as of now. Bankex has support at the 20 DMA level of 53,950 for the day and would need a decisive move past the 54,800 zone for the bias to improve and expect further rises to the all-time high. BankNifty would have a daily range of 47,500–48,500 levels, with Bankex support at 53,900 and resistance at 54,900."
--Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : "Nifty has maintained above the 22,300 zone with bias remaining positive and would need to cross the hurdle around 22,500 levels to establish conviction to carry on with the positive move further ahead. The zone around 22,000 shall remain the important support from current levels, expecting further rises. Sensex has closed below the 0.618% retracement level of 73,850, and upside would need a decisive breach above 74,250 levels for further conviction to be established. The support for the day is seen at 73,300/22,200 levels, while the resistance is seen near 74,300/22,500 levels."
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sensex Today Live : Indian benchmark indices opene in the green on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter
At opening bell, Sensex was up 219.12 points, or 0.30%, at 73,957.57 and Nifty was up 40.05 points, or 0.18%, at 22,408.05.
Sensex Today Live : On Tuesday, April 23, the company reported a 22.5% decrease in net profit, at ₹267.7 crore in Q4FY24, down from ₹345.6 crore recorded in Q4FY23. However, the company's operational revenue for the quarter increased by 8.5%, to ₹3,927 crore in A4FY24 from ₹3,619 crore in Q4FY23. From an operational standpoint, the company's EBITDA for the March quarter was ₹629.6 crore, marking a 23% growth from the ₹511.7 crore reported in the same period last year. Its EBIT margin increased by 160 basis points to 16%, compared to 14% in the year-ago period. The group's net profit before exceptional items stood at ₹427 crore, a 46% increase, driven by robust operational performance and one-time tax credits during the quarter. In addition, the company's board proposed a final dividend of 775% for FY24, translating to ₹7.75 per equity share of ₹1 each, subject to shareholders' approval.
Sensex Today Live : Indian benchmark indices were green at pre-open on Wednesday, following global peers higher that were higher on the back of easing geopolitical tensions and robust company earning results for the March quarter.
Sensex was up 213.65 points, or 0.29%, at 73,952.10, and Nifty was up 53.55 points, or 0.24%, at 22,421.55 during pre-open.
Sensex Today Live : "The overnight surge in US markets and subsequent gains in Asian equities are pointing towards a firm opening for both Sensex & Nifty. A fall in global crude oil prices towards $83 a barrel raises hopes of easing tensions in the Middle East. Investors are also hoping for easing of geopolitical tensions, and are also expecting for the continuation of the current regime in the general elections, which has helped markets reverse the falling trend over the past few sessions. This is despite FII selling and also uninspiring Q4 results from Reliance and frontline technology companies. The technical landscape suggests Nifty’s major support at 22200 mark, with interweek support at 22000 and then at 21710 mark."
--Prashanth Tapse, Senior VP (Research), Mehta Equities
Sensex Today Live : Welspun Corp informed the exchanges today that it has bagged an order worth ₹611 crore to supply line pipes to Latin America. In an exchange filing, the company said, "We are pleased to announce the receipt of binding Letter of Award (LOA) for export of line pipes from India. The contract, valued at ~ ₹611 Crore is for supply of LSAW Pipes, Coating and Bends in Latin America."
The company added that the LOA is governed by conditions precedent, and would be followed up with a Notice to Proceed / Purchase Order, which is scheduled to be issued by the second week of May.
Sensex Today Live : Tata Consumer, HUL, ICICI Pru., Tata Elxsi, Lupin, Dr Reddy's, are a few stocks likely to be in focus on Wednesday, April 24.
