KEY HIGHLIGHTS
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 3 paise to close at 83.28 against the US dollar.
It closed at 83.31 on Tuesday.
Source: Bloomberg
Nifty Records Longest Winning Streak In Nearly One Month
India's benchmark indices ended the range-bound session higher tracking gains in shares of Reliance Industries Ltd., Infosys Ltd., and Hindustan Unilever Ltd.
The NSE Nifty 50 settled 68.75 points or 0.31% higher at 22,597.80. This index settled higher four fifth consecutive session and recorded longest winning streak since April 25.
The S&P BSE Sensex 267.75 points or 0.36% higher at 74,221.06.
During the last leg of the trade, the NSE Nifty 50 rose 0.45% to 22,629.50, and the S&P BSE Sensex rose 0.48% to 74,307.79.
"Markets remained volatile for another session but ended with modest gains. After a flat start, Nifty fluctuated within a narrow range for most of the session, closing at 22,586. Sector trends were mixed, with FMCG and realty showing decent gains, while metal and banking lagged. The broader indices mirrored the same pattern, resulting in flat market breadth," said Ajit Mishra, senior vice president, research, Religare Broking Ltd.
All key sectors are contributing to the index's recovery, but the banking sector's underperformance is limiting momentum. Amid the market's choppiness, we anticipate the Nifty index will retest its record high soon. We continue to recommend a stock-specific approach, using dips or periods of consolidation to accumulate quality stocks, Mishra said.
"A late surge in heavyweight counters pushed the Index higher to settle the session at 22,597.80 with gains of 68.75 points," said Aditya Gaggar, director, Progressive Shares.
Among the sectors, FMCG was the top performer of the day followed by Realty and Energy. On the flip side, Metal sector witnessed a round of profit booking after a spectacular rally in the previous session. Midcap segment underperformed the benchmark index but ended in green; while on the other hand, Smallcaps ended in the red. Back-to-back green candles on the daily chart indicate a strong bullish momentum and now the immediate hurdle for the Index stands at its previous high 22,780 while the support level shifted higher at 22,470, Gaggar said.
Reliance Industries Ltd., Infosys Ltd., Hindustan Unilever Ltd., ITC Ltd., HDFC Bank Ltd. added to the index.
State Bank of India, ICICI Bank Ltd., Axis Bank Ltd., Shriram Finance Ltd., and Hindalco Industries Ltd. weighed on the benchmark indices.
On NSE, seven sector advanced, and five declined out of 12. The NSE Nifty Realty rose the most among its peers, and the NSE Nifty Metal was the worst performing sector.
On BSE, broader markets ended on a mixed note. The S&P BSE Midcap ended 0.05% lower, and the S&P BSE Smallcap settled 0.18% higher.
On BSE, 15 sectors advanced, and five declined out of 20. The S&P BSE Realty was the top performing sector, and the S&P BSE Bankex was the top loser.
Market breadth was even split between buyers and sellers. Around 1,923 stocks declined, 1,906 stocks advanced, and 119 stocks remained unchanged on BSE.
BEL Receives Rs 1,150 Crore Order So Far In FY25
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Sun Pharmaceutical Q4 Earning Highlights (Consolidated, YoY)
Revenue up 9.62% at Rs 11,983 crore vs Rs 10,931 crore,
EBITDA up 9.26% at Rs 3092 crore vs Rs 2829 crore
Margin down 8 bps at 25.8% vs 25.9%
Net profit up 33.76% at Rs 2654 crore vs Rs 1984 crore
Max Healthcare Q4 Earnings Highlights (Consolidated, YoY)
Margin at 27% vs 28%
Ebitda rose 12.1 to Rs 382 crore from Rs 340 crore
Revenue rose 17.2% to Rs 1,423 crore from Rs 1,215 crore
Net profit rose 0.2% to Rs 252 crore from Rs 251 crore
TeamLease Services Q4 Earnings Highlights (Consolidated, QoQ)
Net profit fell 9.6% to Rs 28 crore from Rs 31 crore
Revenue fell 0.6% to Rs 2,432 crore from Rs 2,445 crore
EBIT rose 2.6% to Rs 23.1 crore from Rs 22.5 crore
EBIT margin at 0.94% vs 0.92%
Coal India Touches Fresh High
Shares of Coal India Ltd. rose 3.40% to Rs 507.35, the highest level since its listing on Nov 4, 2010. It was trading 2.19% higher at Rs 501.40 as of 2:41 p.m., as compared to 0.27% advance in the NSE Nifty 50 index.
Avanti Feeds Q4 Earnings Key Highlights (Consolidated, YoY)
Revenue up 17.4% at Rs 1284 crore vs Rs 1,093 crore
Ebitda down 2.9% at Rs 130 crore vs Rs 133 crore
Margin at 10.1% vs 12.2%
Net profit up 11% at Rs 113 crore vs Rs 101 crore
TCS's Product Gets Selected For Core Banking By Burgan
Burgan Bank selects Tata Consultancy Services Ltd.'s BaNCS for core banking.
Source: Exchange filing
Strides Pharma Q4 Earning Highlights (Consolidated, YoY)
Revenue rose 10% to Rs 1,084 crore from Rs 986 crore
Ebitda rose 48% to Rs 230 crore from Rs 156 crore
Ebitda margin fell 540 basis points to 21.2% from 15.8%
Net profit at Rs 10.4 cror vs loss of Rs 14 crore
European Markets Decline
Awfis Space Solutions's IPO Fully Subscribed
The IPO has been subscribed 1.02 times as of 1:51 p.m. on Wednesday.
Institutional investors: Nil.
Non-institutional investors: 1.07 times.
Retail investors: 3.93 times.
Employee reserved: 2.64 times.
BEML Rises To Fresh High And Extends Gain To Fourth Session
BEML Ltd. rose as much as 12.01% to Rs 4,680 apiece, the highest level since its listing on Nov 5, 2003. It pared gains to trade 8.92% higher at Rs 4,550.00 apiece, as of 1:34 p.m. This compares to a 0.23% advance in the NSE Nifty 50 Index.
It has risen 216.39% in 12 months, and on year to date basis, it has risen 60.92%. Total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 78.30, which implied the stock is overbought.
Out of five analysts tracking the company, three maintain a 'buy' rating, one recommend a 'hold,' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 21.4%.
M&M Financial Gets Certificate From IRDAI To Act As Corp Agent
Mahindra & Mahindra Financial Services Ltd. received a certificate of registration from IRDAI to act as a Corporate Agent.
Certification will help the company to undertake business in life, health & general insurance.
Source: Exchange filing
Nifty, Sensex Pare Gains As ICICI Bank, SBI Drag: Midday Market Update
The benchmark stock indices pared some gains from Wednesday morning, tracking decline in shares of ICICI Bank Ltd., State Bank of India and Axis Bank Ltd. As of 11:53 a.m., the NSE Nifty 50 was trading 31.75 points or 0.14% higher at 22,560.80, and the S&P BSE Sensex was 139.77 points or 0.19% up at 74,093.08.
During the day, the Nifty rose 0.21% to 22,577.40 and the Sensex rose 0.29% to 74,165.52.
"The big question is whether Nifty will break out of consolidation and move higher. It has now reached the 22,570–22,600 zone," Shrey Jain, chief executive officer of SAS Online, said. "Today, substantial put writing across multiple strikes indicates limited downside potential, while resistance is likely at the 22,700 level."
For the day's weekly expiry, significant open interest at the 48,000 call and put levels suggests potential consolidation around the current levels in the Nifty Bank, according to Jain.
Reliance Industries Ltd., Infosys Ltd., Hindustan Unilever Ltd., ITC Ltd. and Larsen & Toubro Ltd. led the gains in the Nifty.
ICICI Bank, SBI, Axis Bank, HDFC Bank Ltd. and Sun Pharmaceutical Industries Ltd. weighed on the benchmark the most.
On the NSE, seven sectors declined and five advanced, with the Nifty FMCG leading. The Nifty Realty, Energy and Metal hit a record high earlier in the day.
The Broader markets were trading on a mixed note as the BSE MidCap declined 0.21% and the SmallCap rose 0.09%.
On the BSE, 11 sectors advanced and nine declined, with the Realty sector rising the most.
The market breadth was skewed in favour of the sellers as 1,839 stocks declined, 1,801 advanced and 146 remained unchanged on the BSE.
D.B. Corp Q4 Earnings Highlights (Consolidated, YoY)
Revenue up 16.2% at Rs 617 crore vs Rs 531 crore
Ebitda up 128.9% at Rs 172 crore vs Rs 75 crore
Margin at 27.8% vs 14.1%
Net profit up 199% at Rs 122.5 crore vs Rs 41 crore
Welspun Enterprises To Build Multi-Modal Corridor In Maharashtra
Welspun Enterprises Ltd. emerged as the lowest bidder for constructing multi-modal corridor in Maharashtra.
The project worth Rs 1,865 crore to be completed within 36 months.
Source: Exchange filing
IFSCA Forms Panel To Develop GIFT IFSC As Commodity Trading HJub
IFSCA formed panel is to develop GIFT IFSC as commodity trading hub
The panel will explore potential advantages of having global commodity trading hub at GIFT IFSC.
Former Commerce Secretary Rajeev Kher will head the 21-member panel.
Source: Press release
Bernstein Sees Nifty 50 Breaching 23,000 During Lok Sabha Election
As India enters the final phases of Lok Sabha elections with heightened market volatility, Bernstein expects a short-term rally to push the Nifty beyond 23,000.
The rally, whether leading into elections or the week after results, could potentially breach the brokerage's 23,000 target for Nifty, Bernstein said in a report on May 21. As the reality of execution and valuations emerge, a profit booking would follow it, the brokerage said.
Indian Markets Near Day's High
PNC Infratech Surges To Record High After Becoming Lowest Bidder For Rs 4,994-Crore Road Project
Shares of PNC Infratech Ltd. surged to the highest level since its listing after the company emerged as the lowest bidder for road projects from Maharashtra State Road Development Corp.
The project is worth Rs 4,994 crore, and it entails building approximately 42 kilometres stretch of road.
Shares of PNC Infratech Ltd. jumped 12.36% to Rs 514.45, the highest level since its listing on May 26, 2015.
The scrip gained 60.18% in 12 months, and on year to date basis, it has risen 44.9%. Total traded volume so far in the day stood at 17.81 times its 30-day average. The relative strength index was at 77.59, which implied the stock is overbought.
Sheela Foam Surges Nearly 8% After Its Net Profit Beats Estimates
The Sleepwell-mattress manufacturer's net profit rose 49.5% on the year to Rs 65 crore in January-March, which is over 20% higher than Bloomberg's estimate. Bloomberg survey forecasted Rs 54 crore net profit for the period.
Sheela Foam jumped 7.83% to Rs 996.80 apiece, the highest level since April 10. It erased gains to trade flat at 924.00 as of 11:24 a.m. This compares to a 0.04% advance in the NSE Nifty 50 Index.
It has declined 8.46% in 12 months, and on year to date basis, it has fallen 25.51%. Total traded volume so far in the day stood at 7.2 times its 30-day average. The relative strength index was at 48.79.
Out of three analysts tracking the company, two maintain a 'buy' rating, and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 32.8%.
Granules India Founder Sells Stake To Clear Personal Debt
Granules India Ltd.'s Founder Krishna Prasad Chigurupati sold 3.1% stake in a block deal today.
Chigurupati sold stakes for clearing personal debt.
Chigurupati's current stake stands at 31.69%.
Source: Exchange filing
Strides Pharma's Unit Gets U.S. FDA Approval Sucralfate
Strides Pharma Science Ltd.'s subsidiary received U.S. Food and Drug Adminstration approval for Sucralfate Oral Suspension.
Source: Exchange filing
Hitachi Energy Jumps Over 8% As Q4 Net Profit Rises
Hitachi Energy Ltd. rose as much as 8.01% to Rs 11,700 apiece, the highest level since May 16. It pared gains to trade 1.55% higher at Rs 11,001 apiece, as of 10:49 a.m. This compares to a 0.06% advance in the NSE Nifty 50 Index.
It has risen 108.95% in 12 months, and on year to date basis, it has risen185.84. Total traded volume so far in the day stood at 0.62 times its 30-day average. The relative strength index was at 68.06.
Out of eight analysts tracking the company, five maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 32.7%.
Cipla Gets U.S. FDA Approval Somatuline Injection
Cipla Ltd. has received the U.S. Food and Drug Adminstration's approval for generic version of Somatuline injection.
Source: Exchange filing
BHEL Falls Over 7% As Net Profit Declines
Shares of Bharat Heavy Electricals Ltd. fell to the lowest level in five days after it posted over 25% decline in the net profit during January-March.
The company's consolidated net profit declined 25.6% on the year to Rs 490 crore, from 658 crore.
Shares of BHEL Ltd. fell 7.58% to Rs 295.00 apiece, the lowest level since May 17. It pared losses to trade 4.06% lower at Rs 306.55 apiece, as of 10:34 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.
It has risen 273.02% in 12 months, and on year to date basis, it has declined 4.23%. Total traded volume so far in the day stood at 1.59 times its 30-day average. The relative strength index was at 62.48.
Gujarat State Fertilizers Drops Nearly 9% On Decline In Net Profit
Gujarat State Fertilizers and Chemicals Ltd. fell over 8% Wednesday after the company posted 89% decline in its net profit during January-March
Its consolidated net profit fell 89% on the year to Rs 24 crore in the fourth quarter from Rs 225 crore.
Shares of Gujarat State Fertilizers and Chemicals Ltd. fell 8.81% to Rs 220.00, the lowest level since May 13. It pared losses to trade 6.94% lower at Rs 224.55 as of 10:21 a.m., as compared to 0.10% advance in the NSE Nifty 50 index.
The scrip gained 42.71% in 12 months, and on year to date basis, it has fallen 6.94%. Total traded volume so far in the day stood at 1.49 times its 30-day average. The relative strength index was at 44.23.
SpiceJet To Seek Rs 450 Crore Refund From Promoter
SpiceJet will seek refund of Rs 450 crore from former promoter Kalanithi Maran.
SpiceJet will seek refund after Delhi HC division bench rules in favour of company and Ajay Singh in share transfer case.
Source: Press release
Suzlon Energy Secures Order From Juniper Green Energy
Suzlon Energy secured new orders for 402 MW from Juniper Green Energy.
The company will supply 134 wind turbines with rated capacity of 3 MW each.
Source: Exchange filing
H.G. Infra Engineering Rises To Fresh High On Securing Order From MSRDC
H.G. Infra Engineering Ltd. rose to the highest level since listing on the exchanges after it secured an order worth Rs 4,142 crore from Maharashtra State Road Development Corp.
The order is for construction of two stretches of Nagpur-Chandrapur Access Controlled Super Communication Expressway. One stretch is from Chargaon village to Nandgaon. The other is from Nandgaon to Jogapur.
H.G. Infra Engineering will be building total 59.95 kilomtres of roads in stipulated 60 months for the expressway, the exchange filing said.
Broader Market Indices Trade At Record On NSE
Here Are Sectors That Hit Life
Nifty, Sensex Extend Gains At Open As RIL, L&T, Dr. Reddy's Rise: Opening Bell
India's benchmarks opened higher tracking gains in shares of Reliance Industries Ltd., Larsen & Toubro Ltd., and Dr. Reddy's Laboratories Ltd.
As of 09:18 a.m., the NSE Nifty 50 was trading 10.95 points or 0.05% higher at 22,540.00, and the S&P BSE Sensex was 40.61 points or 0.06% higher at 73,993.92.
The NSE Nifty 50 has closed flat to positive and we expect a minor retracement to test the 20 day average of 20,350-20,380 levels f On the higher side now crossover of 22,650 levels will make the monthly candle positive and a breakout to test the all time high, said Vikas Jain, senior research analyst at Reliance Securities.
"RSI is overbought on hourly charts and we expect some pullback from current levels to test the lower band of average. f Highest call OI has moved higher to 23,000 strike while the downside the highest put OI is at 22,400 for the weekly expiry," Jain added.
Reliance Industries Ltd., Larsen & Toubro Ltd., Dr. Reddy's Laboratories Ltd., Infosys Ltd., and UltraTech Cement Ltd. added to the index.
State Bank of India, Mahindra & Mahindra Ltd., HDFC Bank Ltd., Powergrid Corp of India Ltd., and Shriram Finance Ltd. weighed on the benchmark.
On NSE, eight sectors out of 12 advanced, and four declined. The NSE Nifty Realty was the top gainer, and the NSE Nifty Auto was the top loser in early trade.
Broader markets were trading higher on BSE. The S&P BSE Midcap was trading 0.12% higher, and the S&P BSE Smallcap was 0.21% up.
On BSE, 14 sectors advanced, and six declined out of 20. The S&P BSE Realty rose over 1% to become the top sector, and the S&P BSE Auto was the top loser sector.
Market breadth was skewed in favour of buyers. Around 1,809 stocks advanced, and 1,080 stocks declined, and 119 stocks remained unchanged on BSE.
Nifty, Sensex Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 was 47.55 points or 0.21% higher at 22,576.60, and the BSE Sensex was 212.12 points or 0.29% higher at 74,165.52.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.07%.
It closed at 7.07% on Tuesday.
Source: Bloomberg
Rupee Flat Against U.S. Dollar
The local currency opened flat at 83.31 against the US dollar.
It closed at 83.31 on Tuesday.
Source: Bloomberg
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Coforge QIP Opens On May 21
Coforge's QIP opens on May 21
Approves floor price of Rs 4,531.40 per share
Floor price indicates a 5.3% discount to the stock's last close on NSE
Source: Exchange filing
Yes Bank Gets Orde Receives Rs 190 Crore Redemption
Yes Bank received Rs 190 crore as redemption amount from a single trust in Security Receipts Portfolio.
Redemption in NPA portfolio sold to JC Flower ARC
Source: Exchange filing
Global Cues
U.S. Dollar Index at 104.63.
U.S. 10-year bond yield at 4.41%.
Brent crude up 0.14% at $83.02 per barrel
Nymex crude down 0.68% at $79.26 per barrel
Bitcoin was up 0.50% at $70,060.44
GIFT Nifty was 22 points or 0.1% higher at 22,634 as of 07:35 a.m.
Asian Markets Mixed
Nuvama Retains Reduce On VRL Logistics
Nuvama retains its 'reduce' with a target price of Rs 543 per share from Rs 580 apiece earlier. This implies a downside of 7% from the previous close.
Muted demand adversely impacts performance.
Focus on fleet addition and pressure to continue.
In terms of outlook and valuation, the pain will continue.
Tweaks earnings estimates by 4–6% and values stock at 27 times FY26.
Nuvama Keeps 'Buy' On BHEL
Nuvama retains its 'buy' on the company with a target price of Rs 400 apiece, implying a 25.4% upside from the previous close.
Ebitda margin narrows 400 basis points to 8.8% YoY on higher provisioning.
Retains 'buy' given 25GW of thermal total addressable market spread over FY25–26 vs 9.6GW in FY24.
Implies BHEL’s thermal order inflow of 8.4GW/year at 70% market share.
Old legacy projects expected to be completed by FY25.
Estimates earnings per share CAGR of 88% over FY25–27 despite conservative assumptions.
Brokerages On ONGC
Citi Research Keeps 'Buy'
Citi maintains 'buy' on ONGC with a target price of Rs 315 per share, implying a potential upside of 13% from the previous close.
Fourth-quarter standalone revenue, Ebitda in line with estimates.
KG project drives production growth, but ramp-up faces delays.
Higher net oil realisation aided by KG production not attracting windfall tax.
Changes FY25/26 Ebitda estimates by 1%/-3%.
Nuvama Keeps Reduce
Nuvama retains 'reduce' with a target price of Rs 210 per share, implying a potential downside of 25% from the previous close.
Strong oil partially offset by weak gas; windfall tax risk persists.
Weak gross refining margin drags Mangalore Refinery & Petrochemicals Ltd.'s profit.
KG-98/2 production guidance slashed meaningfully over the years.
Cyclical play and production disappointment continues.
Estimates remain unchanged for the company.
Money Market Update
The Indian currency strengthened by 2 paise to close at 83.31 against the US dollar.
F&O Cues
Nifty May futures up by 0.2% to 22,605.9 at a premium of 76.85 points.
Nifty May futures open interest up by 0.05%.
Nifty Bank May futures down by 0.4% to 48,153.1 at a premium of 104.9 points.
Nifty Bank May futures open interest up by 0.28%.
Nifty Options May 23 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,500.
Bank Nifty Options May 22 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 48,000.
Securities in ban period: Aditya Birla Capital, Balrampur Chini Mills, Bandhan Bank, Biocon, GMR Infra, Granules, Vodafone Idea, Indian Energy Exchange, India Cements, National Alunimium, Piramal Enterprises, PNB, Zee Entertainment Enterprises.
IPO Offering
Awfis Space Solutions: The company will offer its shares for bidding on Wednesday. The price band is set from Rs 364 to Rs 383 per share apiece. The Rs 598.9-crore IPO is combination of fresh issue of Rs 128 crore and rest offer for sale. The company has raised Rs 268 crore from anchor investors.
Bulk Deals
Protean eGov Technologies: HDFC Bank sold 12.94 lakh shares (3.2%), while Nippon India Mutual Fund bought 12.78 lakh shares (3.16%) at Rs 1,160 apiece.
Aptus Value Housing Finance: JIH LI LLC sold 1.01 crore shares (2.03%) at Rs 294.73 apiece Westbridge Crossover Fund LLC sold 2.47 crore shares (4.96%) at Rs 294.15 apiece, while East Bridge Capital Master Fund I bought 43.18 lakh shares (0.86%) at Rs 294 apiece, SBI Mutual Fund bought 182.32 lakh shares (3.65%) at Rs 294 apiece.
Trading Tweaks
Moved into short-term ASM framework: Frog Cellsat.
Moved out of short-term ASM framework: Hindustan Zinc.
Price Band change from 10% to 5%: Seamec Consultants.
Price Band change from 20% to 10%: Bharat Bijlee, Hindustan Zinc
Ex/record dividend: State Bank of India, Ponni Sugars, Colgate Palmolive, Trent, Oberoi Realty, the Great Eastern Shipping, Sula Vineyards.
Stocks to Watch
TVS Motor: The company launched the TVS iQube electric scooter in Sri Lanka.
Suyog Telematics: The company signed a 15-year pact with BSNL for the rollout of sites across India.
Indoco Remedies: The company received final approval from the US FDA for an abbreviated new drug application for pregabalin capsules.
Biocon: The company’s arm, Biocon Biologics, announced that the US FDA has approved the company's first-to-file application for Yesafili.
G R Infraprojects: The company emerged as the lowest bidder for the Pune Ring Road project worth Rs 1,997 crore and the Wardha Expressway road project worth Rs 2,350 crore.
Royal Orchid Hotels: The company to open a 5-star resort in Kevadia, Gujarat.
Reliance Industries: The company signed a licence agreement with Nel Hydrogen Electrolyser in which the company will get an exclusive licence for Nel’s alkaline electrolysers in India and allow RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally.
United Spirits: The company’s Nanded unit received notice from the Water Resources Department to pay water charges of Rs 345.5 crore. The company has filed a petition in the Bombay High Court for the same.
HG Infra Engineering: The company emerged as the lowest bidder for two MSRDC projects worth Rs 4,142 crore.
PNC Infratech: The company emerged as the lowest bidder for two road projects worth Rs 4,994 crore from MSRDC.
Earnings in Focus
Sun Pharmaceutical Industries, Power Grid Corp, Grasim Industries, Max Healthcare Institute, Torrent Power, FSN E-Commerce Ventures, Petronet LNG, New India Assurance, Jubilant Foodworks, Metro Brands, Gland Pharma, One 97 Communications, Sundram Fasteners, Ramco Cements, Gujarat Pipavav Port, Garden Reach Shipbuilders, Minda Corp., Star Cement, HEG, Avanti Feeds, Indigo Paints, GMM Pfaudler, DB Corp., Teamlease Services, Ashoka Buildcon, PG Electroplast and Kaveri Seeds.
Here Are Earnings Estimates Of Major Companies
Earnings Post Market Hours
Bharat Heavy Electricals Q4 FY24 (Consolidated, YoY)
Revenue up 0.4% at Rs 8,260 crore vs Rs 8,227 crore.
Ebitda down 30.6% at Rs 728 crore vs Rs 1,049 crore
Margin at 8.8% vs 12.8%.
Net profit down 25.6% at Rs 490 crore vs Rs 658 crore.
VA Tech Wabag Q4 FY24 (Consolidated, YoY)
Revenue up 0.8% at Rs 934 crore vs Rs 927 crore (Bloomberg estimate Rs 1,094 crore).
Ebitda up 6.5% at Rs 116 crore vs Rs 108 crore.
Margin at 12.4% vs 11.7%.
Net profit at Rs 78 crore vs loss of Rs 112 crore.
Eris Lifesciences Q4 FY24 (Consolidated, YoY)
Revenue up 36.8% at Rs 551 crore vs Rs 403 crore (Bloomberg estimate Rs 508 crore).
Ebitda up 25% at Rs 148 crore vs Rs 119 crore (Bloomberg estimate Rs 177 crore).
Margin at 27% vs 29.5% (Bloomberg estimate 34.9%).
Net profit up 29.5% at Rs 80 crore vs Rs 61 crore (Bloomberg estimate Rs 91 crore).
Godawari Power & Ispat Q4 FY24 (Consolidated, YoY)
Revenue up 16.2% at Rs 1,530 crore vs Rs 1,317 crore.
Ebitda up 19.2% at Rs 329 crore vs Rs 276 crore.
Margin at 21.5% vs 21%.
Net profit up 29% at Rs 219 crore vs Rs 170 crore.
FIEM Industries Q4 FY24 (Consolidated, YoY)
Revenue up 27.8% at Rs 558 crore vs Rs 436 crore.
Ebitda up 23.9% at Rs 75 crore vs Rs 60 crore .
Margin at 13.4% vs 13.9%.
Net profit up 21.6% at Rs 46 crore vs Rs 38 crore.
Action Construction Equipment Q4 FY24 (Consolidated, YoY)
Revenue up 36.2% at Rs 836 crore vs Rs 614 crore.
Ebitda up 76.9% at Rs 130 crore vs Rs 73 crore.
Margin at 15.5% vs 11.9%.
Net profit at Rs 98 crore vs Rs 47 crore.
JK Tyre and Industries Q4 FY24 (Consolidated, YoY)
Revenue up 1.8% at Rs 3,698 crore vs Rs 3,632 crore (Bloomberg estimate Rs 3,834 crore).
Ebitda up 27.9% at Rs 481 crore vs Rs 376 crore (Bloomberg estimate Rs 574 crore).
Margin at 13% vs 10.4% (Bloomberg estimate Rs 15%).
Net profit up 53.9% at Rs 172 crore vs Rs 112 crore (Bloomberg estimate Rs 236 crore).
Ircon International Q4 FY24 (Consolidated, YoY)
Revenue down 1% at Rs 3,743 crore vs Rs 3,781 crore.
Ebitda up 56.3% at Rs 286 crore vs Rs 183 crore.
Margin at 7.6% vs 4.8%.
Net profit down 3.8% at Rs 247 crore vs Rs 256 crore.
Dollar Industries Q4 FY24 (Consolidated, YoY)
Revenue up 23% at Rs 500 crore vs Rs 406 crore (Bloomberg estimate Rs 491 crore).
Ebitda at Rs 57 crore vs Rs 11 crore (Bloomberg estimate Rs 54.2 crore).
Margin at 11.4% vs 2.8% (Bloomberg estimate 11%).
Net profit at Rs 34 crore vs Rs 46 lakh (Bloomberg estimate Rs 37 crore).
Metropolis Healthcare Q4 FY24 (Consolidated, YoY)
Revenue up 17.2% at Rs 331 crore vs Rs 283 crore (Bloomberg estimate Rs 308 crore).
Ebitda up 13.8% at Rs 80 crore vs Rs 70 crore (Bloomberg estimate Rs 77.6 crore).
Margin at 24.2% vs 24.9% (Bloomberg estimate 25.2%).
Net profit up 9.1% at Rs 37 crore vs Rs 33 crore (Bloomberg estimate Rs 38 crore).
GE T&D India Q4 FY24 (Consolidated, YoY)
Revenue up 30% at Rs 914 crore vs Rs 703 crore (Bloomberg estimate Rs 860 crore).
Ebitda at Rs 111 crore vs Rs 28 crore (Bloomberg estimate Rs 72 crore).
Margin at 12.1% vs 4% (Bloomberg estimate Rs 8.4%).
Net profit of Rs 66 crore vs loss of Rs 15 crore (Bloomberg estimate Rs 52 crore).
Hitachi Energy India Q4 FY24 (Consolidated, YoY)
Revenue up 27% at Rs 1,695 crore vs Rs 1,334 crore (Bloomberg estimate Rs 1,508 crore).
Ebitda up 91.4% at Rs 182 crore vs Rs 95 crore (Bloomberg estimate Rs 114 crore).
Margin at 10.7% vs 7.1% (Bloomberg estimate 7.6%).
Net profit at Rs 114 crore vs Rs 51 crore (Bloomberg estimate Rs 67 crore).
Laxmi Organic Industries Q4 FY24 (Consolidated, YoY)
Revenue up 8.4% at Rs 792 crore vs Rs 730 crore (Bloomberg estimate Rs 712 crore).
Ebitda up 55.2% at Rs 90 crore vs Rs 58 crore (Bloomberg estimate Rs 60 crore).
Margin at 11.4% vs 7.9% (Bloomberg estimate 8.4%).
Net profit up 82.5% at Rs 44 crore vs Rs 24 crore (Bloomberg estimate Rs 28 crore).
Gujarat State Fertilizers & Chemicals Q4 FY24 (Consolidated, YoY)
Revenue down 17.6% at Rs 1965 crore vs Rs 2384 crore.
Ebitda down 92.1% at Rs 26 crore vs Rs 326 crore.
Margin at 1.3% vs 13.7%.
Net profit down 89.1% at Rs 24 crore vs Rs 225 crore.
Mayur Uniquoters Q4 FY24 (Consolidated, YoY)
Revenue up 14.3% at Rs 221 crore vs Rs 193 crore.
Ebitda up 17.2% at Rs 41 crore vs Rs 35 crore.
Margin at 18.7% vs 18.2%.
Net profit up 37.8% at Rs 32 crore vs Rs 23 crore.
Maharashtra Seamless Q4 FY24 (Consolidated, YoY)
Revenue down 25.6% at Rs 1,215 crore vs Rs 1,633 crore (Bloomberg estimate Rs 1,378 crore).
Ebitda down 14.4% at Rs 275 crore vs Rs 321 crore (Bloomberg estimate Rs 313 crore).
Margin at 22.6% vs 19.7% (Bloomberg estimate 22.7%).
Net profit down 41.4% at Rs 218 crore vs Rs 373 crore (Bloomberg estimate Rs 229 crore).
Sheela Foam Q4 FY24 (Consolidated, YoY)
Revenue up 16% at Rs 845 crore vs Rs 729 crore (Bloomberg estimate Rs 875 crore).
Ebitda up 3% at Rs 81 crore vs Rs 78 crore (Bloomberg estimate Rs 84.3 crore).
Margin at 9.5% vs 10.7% (Bloomberg estimate Rs 9.6%).
Net profit up 49.5% at Rs 65 crore vs Rs 44 crore, (Bloomberg estimate Rs 54 crore).
Galaxy Surfactants Q4FY24 Results (Consolidated YoY)
Revenue down 5.2% at Rs 929 crore vs Rs 980 crore (Bloomberg Estimate: Rs 957 crore).
Ebitda down 24.4% at Rs 102 crore vs Rs 135 crore (Bloomberg Estimate: Rs 119 crore).
Margin at 10.9% vs 13.7% (Bloomberg Estimate: 12.40%).
Net profit down 14.4% at Rs 78 crore vs Rs 91 crore (Bloomberg Estimate: Rs 75 crore).
Gulf Oil Lubricants India Q4 FY24 (Consolidated, YoY)
Revenue up 9.8% at Rs 870 crore vs Rs 792 crore.
Ebitda up 34% at Rs 117 crore vs Rs 88 crore.
Margin at 13.5% vs 11%.
Net profit up 40% at Rs 87 crore vs Rs 62 crore.
PI Industries Q4 FY24 (Consolidated, YoY)
Revenue up 11.2% at Rs 1,741 crore vs Rs 1,566 crore (Bloomberg estimate Rs 1,968 crore).
Ebitda up 29% at Rs 442 crore vs Rs 343 crore (Bloomberg estimate Rs 498 crore).
Margin at 25.4% vs 22% (Bloomberg estimate 25.3%).
Net profit up 31.7% at Rs 370 crore vs Rs 281 crore (Bloomberg estimate Rs 376 crore).
Board recommends final dividend of Rs 9 per share.
Also Read: BHEL Q4 Results: Profit Down 25.6%
GIFT Nifty Trades Above 22,600
Most stocks in the Asia-Pacific region were trading lower despite their Wall Street peers rising to a record high on Tuesday, ahead of Nvidia Corp.'s quarterly results.
The Nikkei 225 was trading 150 points or 0.39% lower at 38,798, while the S&P ASX 200 was 21.13 points or 0.27% up at 7,872 as of 06:17 a.m. Meanwhile, South Korea's benchmark was down 0.10% in early trade.
In the US, the S&P 500 rose to another record ahead of results from giant chipmaker Nvidia Corp. that traders see as a gauge for the sustainability of the bull market, Bloomberg reported.
The S&P 500 Index rose 0.25%, and the Nasdaq Composite rose 0.22%, as of Monday. The Dow Jones Industrial Average was up by 0.17%.
Brent crude was trading 0.51% lower at $82.46 a barrel. Gold was higher by 0.03% at $ 2,421.86 an ounce.
The GIFT Nifty was trading 8.50 points or 0.04% higher at 22,626.5 as of 06:24 a.m.
India’s benchmark indices ended on a mixed note on Tuesday as Tata Steel Ltd. and Hindalco Industries Ltd. rose, while ICICI Bank Ltd. and HDFC Bank Ltd. declined.
The NSE Nifty 50 closed 27.05 points, or 0.12%, higher at 22,529.05, and the S&P BSE Sensex ended 52.62 points, or 0.071%, lower at 73,953.31.
Overseas investors in Indian equities remained net sellers on Monday for the second straight session.
Foreign portfolio investors offloaded stocks worth Rs 1,874.5 crore; domestic institutional investors turned net buyers after a day of selling and mopped up equities worth Rs 3,549 crore, the NSE data showed.
The Indian currency strengthened by 2 paise to close at 83.31 against the US dollar.
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