KEY HIGHLIGHTS
Rupee Strengthens Sharply Against U.S. Dollar
The local currency strengthened by 19 paise to close at 83.09 against the US dollar.
The rupee strengthened by 20 paise intraday to 83.08 against the US dollar.
It closed at 83.28 on Wednesday.
Source: Bloomberg
Nifty Logs Best Week In Over Three Months After Record Run: Market Wrap
After scaling fresh highs in early trade, India's benchmark indices settled flat on Friday as ITC Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. declined. Rise in shares of HDFC Bank Ltd., Larsen & Toubro Ltd., and Bharti Airtel Ltd. supported the benchmarks
The NSE Nifty 50 settled 10.55 points or 0.05% lower at 22,957.10, and the S&P BSE Sensex ended 7.65 points or 0.010% down at 75,410.39.
Intraday, the NSE Nifty 50 index rose 0.23% to record high of 23,026.40, and the S&P BSE Sensex rose 0.29% to fresh high of 75,636.50.
However, the benchmark NSE Nifty 50 snapped a six-day winning streak on Friday, while the S&P BSE Sensex reversed a two-day gains.
"The improvement in market sentiment over the past week suggests that market expectations surrounding the ongoing Lok Sabha elections have steadied. Furthermore, better-than-expected 4QFY24 earnings in some key pockets supported momentum," Shrikant Chouhan, head, Equity Research at Kotak Securities.
The NSE Nifty 50 and the S&P BSE Sensex rose 2.02% and 1.90%, respectively this week, the highest percentage gain since Feb 4.
HDFC Bank Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and NTPC Ltd added to the index.
Reliance Industries Ltd., Tata Consultancy Services Ltd., ITC Ltd., Infosys Ltd., and Mahindra & Mahindra Ltd. weighed on the benchmark.
On NSE, all 12 sectors gained in the week ended on May 24. The NSE Nifty Media was the top performer with over 4% gain, and the NSE Nifty FMCG sector was top loser with barely 1% gain.
Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.23% higher, and the S&P BSE Smallcap settled 0.20% down.
On BSE, eight sectoral indices advanced out of 20, and 12 declined. The S&P BSE Telecommunications was the top performing sector, and the S&P BSE Services fell the most.
Market breadth was skewed in favour of sellers. Around 2,143 stocks declined, 1,700 stocks rose, and 102 remained unchanged on BSE.
PNC Infratech Q4 Highlights (Consolidated, YoY)
Revenue at Rs 2,600 crore vs Rs 2,305 crore, up 12.8%
EBITDA at Rs 736 crore vs Rs 411 crore, up 79.3%
Margin at 28.3% vs 17.8%
Net profit at Rs 396 crore vs Rs 146 crore
Aditya Vision Q4 Highlights (Consolidated, YoY)
Revenue at Rs 376 crore vs Rs 306 crore, up 22.7%
EBITDA at Rs 38 crore vs Rs 29 crore, up 31.4%
Margin at 10% vs 9.4%
Net profit at Rs 8 crore vs Rs 7 crore, up 15.8%
Ashok Leyland Current CFO Re-Designated
Current CFO Gopal Mahadevan re-designated as Director - Strategic Finance and M&A for 2 years effective May 24
Source: Exchange filing
Manappuram Finance Q4 Highlights (YoY)
Total income at Rs 1,513 crore vs Rs 1,215 crore, up 24.5%
Net profit at Rs 428 crore vs Rs 309 crore, up 38.6%
Suzlon Energy Q4FY24 (Consolidated, YoY)
Revenue up 30% at Rs 2,196 crore vs Rs 1,694 crore
EBITDA up 54% at Rs 357 crore vs Rs 233 crore
Margin at 16.3% vs 13.7%
Net profit down 6.3% at Rs 285 crore vs Rs 304 crore
Exceptional loss of Rs 27 crore in current quarter vs exceptional gain of Rs 252 crore in Q4 FY23
HUDCO Q4 Results (Consolidated, YoY)
Total income at Rs 2,194 crore vs Rs 1,862 crore, up 17.8%
Net profit at Rs 700 crore vs Rs 639 crore, up 9.54%
Board recommends final dividend of Rs 2.65/share
Max India Approves Infusion Of Up To Rs 332 Crore In Arms
Approves sale of 3 leased-out floors at its Noida property
Source: Exchange filing
Sundaram Finance Q4 Earnings (YoY)
Total income at Rs 1,570 crore vs Rs 1,105 crore, up 42.1%
Net profit at Rs 506 crore vs Rs 316 crore, up 60%
Board recommends final dividend of Rs 16 per share
Zaggle Prepaid Shares Rise After Q4 Results
Zaggle Prepaid Ocean Services Ltd. rose 7.64% to Rs 338.10, the highest level since March 11. It pared gains to trade 0.59% higher at Rs 316.20 as of 2:27 p.m., as compared to 0.09% advance in the NSE Nifty 50 index.
Century Plyboards Q4 Highlights (Consolidated, YoY)
Revenue at Rs 1,061 crore vs Rs 965 crore, up 10%
EBITDA at Rs 137 crore vs Rs 164 crore, down 16.2%
Margin at 12.9% vs 17%
Net profit at Rs 78 crore vs Rs 115 crore, down 31.6%
Ashok Leyland Q4 Earnings (Consolidated, YoY)
Revenue down 3.1% at Rs 11,267 crore vs Rs 11,626 crore
Ebitda up 24.8% at Rs 1,592 crore vs Rs 1276 crore
Margin at 14.1% vs 10.9%
Net profit up 19.8% at Rs 900 crore vs Rs 751 crore
Hindalco Industries (Consolidated, YoY)
Revenue at Rs 55,994 crore vs Rs 55,857 crore, up 0.2%
EBITDA at Rs 6,681 crore vs Rs 5,327 crore, up 25.4%
Margin at 11.9% vs 9.5%, up 239 bps
Net profit at Rs 3,174 crore vs Rs 2,411 crore, up 31.6%
Nifty, Sensex Flat After Hitting Record Highs: Midday Market Update
Benchmark equity indices came off their record highs through midday on Friday as shares of Reliance Industries Ltd., ICICI Bank Ltd. and Tata Consultancy Services Ltd. weighed on them. At noon, the NSE Nifty 50 and the S&P BSE Sensex were trading flat at 22,971.35 and 75,440.71 respectively.
The previous day's move was not expected and the VIX and the Nifty are moving in the same direction, noted Milan Vaishnav, founder of Gemstone Equity Research. "From a technical perspective, this is slightly unhealthy because if we look at historical instances, we see major tops getting formed when this happens."
However, 23,000 continues to remain a psychologically important level, he noted. "I expect the Nifty to oscillate in a wider range, but I don't expect it to go beyond 23,200–23,300 level, even if there's upside volatility around June 4," he said, pointing out that profit taking is likely at higher levels.
Shares of HDFC Bank Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., UltraTech Cement Ltd. and State Bank of India led the gains in the Nifty.
Infosys Ltd., ITC Ltd., Tata Consultancy Services Ltd., and Reliance Industries Ltd. weighed on the index the most.
On the NSE, most sectoral indices gained, with Nifty Media leading gains. Nifty FMCG and Nifty Realty were top losers.
The broader markets outperformed the benchmark indices. The BSE MidCap rose 0.43% higher and the BSE SmallCap was 0.37% higher.
On the BSE, 12 out of the 20 sectors advanced. Telecommunication was the top performing sector, while Services fell the most.
The market breadth was split between buyers and sellers as 1,895 stocks declined, 1,747 rose and 145 remained unchanged on the BSE.
Rupee Strengthens Sharply Against U.S. Dollar
The local currency strengthened by 20 paise intraday to 83.08 against the US dollar.
Previous intraday high of 83.04 was recorded on March 21, 2024
It closed at 83.28 on Wednesday.
Source: Bloomberg
PSP Projects Q4FY24 (Consolidated, YoY)
Revenue down 8.5% at Rs 668 crore vs Rs 730 crore
Ebitda down 35% at Rs 53 crore vs Rs 81 crore
Margin at 7.9% vs 11.1%
Net profit down 66.3% at Rs 15.5 crore vs Rs 46 crore
Johnson Control Shares Surge To Life High On Higher-Than-Expected Profit
Shares of Johnson Controls-Hitachi Air Conditioning India Ltd hit an upper circuit of 20% and rose to the level of Rs 1,486.85, the highest level since its listing on Jan 3, 2000. It remained locked in the upper circuit as of 1:26 p.m., as compared to 0.16% advance in the NSE Nifty 50 index.
The scrip gained 42.41% in 12 months, and on year to date basis, it has risen 33.22%. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 74.80.
Out of two analysts tracking the company, two maintain a 'buy' rating, one recommends a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 27.4%.
Nifty Auto Hits Record High
All stocks of the Nifty Auto, but M&M, index were in the green.
Broader Indices Also Hit Record
Nifty At 23,000 — Stocks That Lead The 1,000-Point Journey
The NSE Nifty 50 index scaled a fresh high and touched 23,000 level for the first time on Friday ahead of the completion of the Lok Sabha election next week. There were sharp gains in construction, metal and mining stocks.
The benchmark took 89 trading sessions to reach the 23,000 mark, which is 63 sessions more than it took to touch the 22,000 mark on Jan 15. Before that, the Nifty took 61 sessions to cross 21,000 level in December.
Shortly after opening lower, the Nifty erased early losses and rose 0.16% or 36.40 points to record high of 23,004.05. As of 12:10 p.m., Nifty 50 was 1.60 points or 0.01% higher at 22,969.25.
Read at
Brigade Enterprises Hits Record As Co To Develop Residential Project
Shares of Brigade Enterprises Ltd. rose to all-time high level on Friday after the company signed a joint development agreement to develop a residential project.
Brigade Enterprises Ltd. rose 2.80% to Rs 1,300, the highest level since its listing on Dec 31, 2007. It erased gains to trade 0.66% lower at Rs 1,256.15 as of 1:05 p.m., as compared to 0.19% advance in the NSE Nifty 50 index.
It has risen 134.41% in 12 months. Total traded volume so far in the day stood at 0.83 times its 30-day average. The relative strength index was at 72.96, which implied the stock is overbought.
Out of 15 analysts tracking the company, 14 maintain a 'buy' rating, and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.2%.
EID Parry Q4 FY24 (Consolidated, YoY)
Revenue down 19% at Rs 5,557 crore vs Rs 6860 crore
Ebitda down 27% at Rs 469 crore vs Rs 644 crore
Margin at 8.4% vs 9.4%
Net profit up 2.6% at Rs 294 crore vs Rs 287 crore
Godrej Properties Falls Over 5% On Reports That Its Project Objected By Indian Army COD
A report said that the Indian Army's Central Ordnance Depot, in Mumbai's northern suburb of Kandivali has sought to stop a luxury residential project developed by the Godrej Group.
The scrip fell as much as 5.57% to Rs 2,658.05 apiece. It pared gains to trade 2.7% lower at Rs 2,742 apiece, as of 1:06 p.m. This compares to a 0.18% advance in the NSE Nifty 50 Index.
It has risen 35.99% on a year-to-date basis and 97% in the last 12 months. Total traded volume so far in the day stood at 0.66 times its 30-day average. The relative strength index was at 52.55.
Vodafone Hits One-Month High As UBS Upgrades To 'Buy'
Vodafone Idea Ltd. is likely to benefit from a potential reduction or waiver of adjusted gross revenue dues by the Union government, according to UBS Research, which upgraded the stock to 'buy' from 'neutral'. The brokerage hiked the target price from Rs 13.1 per share to Rs 18 apiece, implying a potential upside of 28% from the previous close.
Shares of VIL rose as much as 7.11% during the day to Rs 15.05 apiece on the NSE. It was trading 5.69% higher at Rs 14.85 per share, compared to a 0.19% decline in the benchmark Nifty at 10:17 a.m.
The share price stock has risen 138.4% in the last 12 months and fallen 12.5% on a year-to-date basis. The total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 69.12.
Seven out of the 13 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 28.4%.
JK Lakshmi Hits One-Month High As Q4 Net Profit Beats Estimates
The scrip rose as much as 7.36% to hit its one-month high of Rs 852.85 before paring gains to trade 2.98% higher at Rs 818.
JK Lakshmi Cement Q4 FY24 (Consolidated, YoY)
Revenue down 4.4% at Rs 1,781 crore versus Rs 1,862 crore (Bloomberg estimate Rs 1,928 crore).
Ebitda up 44.6% at Rs 337 crore versus Rs 233 crore (Bloomberg estimate Rs 283 crore).
Margin at 18.9% versus 12.5% (Bloomberg estimate 14.7%).
Net profit up 41.1% at Rs 162 crore versus Rs 115 crore (Bloomberg estimate Rs 143 crore).
Adani Flagship Erases All Stock Losses Spurred by Hindenburg
Caplin Point Unit gets US FDA Approval For Ophthalmic Solution
Unit gets US FDA approval for phenylephrine hydrochloride ophthalmic solution
Source: Exchange Filing
Metal Stocks Gain
The Nifty Metal index hit a lifetime high of 10060.25 points.
Aurionpro Solutions In pact with Fime
In pact for ticketing and payment solutions
Source: Exchange filing
Mamaearth Parent Hits Three-Month High After Q4 Results
Shares of Honasa Consumer jumped to their highest level in three months after the company's reported a consolidated net profit of Rs 30.47 crore in the March quarter as against a loss of Rs 161.75 crore in the year-ago period.
Honasa Consumer Q4 FY24 (Consolidated, YoY)
Revenue up 21.5% at Rs 471 crore versus Rs 388 crore.
Ebitda at Rs 33 crore versus Ebitda loss of Rs 3 crore.
Margin at 7%.
Net profit at Rs 30 crore versus loss of Rs 162 crore.
The company said it continued growth momentum in Q4 with increasing profitability and its brand Mamaearth reached 1,88,377 FMCG retail outlets in India as of March 2024, increasing distribution up by 34% on year.
The scrip rose as much as 7.09% to Rs 448 apiece, the highest level since February 23. It pared gains to trade 2.68% higher at Rs 429.65 apiece, as of 10:27 a.m. This compares to a flat in the NSE Nifty 50 Index.
It has fallen 2.56% on a year-to-date basis. Total traded volume on the NSE so far in the day stood at 4.56 times its 30-day average. The relative strength index was at 56.94.
Nifty's Journey From 22,000-23,000
The index took 89 sessions to rise from when it crossed 22,000 level for the first time.
Indigo Hits Lifetime High
Shares of InterGlobe Aviation rose to their highest level since listing after its net profit doubled in January-March. The scrip rose 2.92% to Rs 4,529.00, the highest level since it was listed on Nov 10, 2015. It was trading 0.64% higher at Rs 4,428.85 as of 09:26 a.m., as compared to 0.03% advance in the NSE Nifty 50 index.
The stock rose 95.87% in 12 months, and it has risen 49.29% on year to date basis. Total traded volume so far in the day stood at 1.36 times its 30-day average. The relative strength index was at 75.89.
Nifty, Sensex At New Record
Nifty, Sensex Open Lower As ICICI Bank, TCS, RIL Drag
Benchmark equity indices opened lower after Thursday's record rally as losses in the shares of ICICI Bank, Tata Consultancy Services, and Reliance Industries weighed on them.
At pre-open, the Nifty was at 22,930.75, up 36.90 points or 0.16% while the Sensex fell to 75,335.4, down by 82.59 points or 0.11%.
"Considering yesterday's sharp uptick, we expect a pullback in the Index where a level of 22,780 will be considered as immediate support," said Aditya Gaggar, director of Progressive Shares.
Prabhudas Lilladher, in a report said, "The support for the day is seen at 75000/22800 levels, while the resistance is seen at 76000/23200 levels."
Shares of Tata Consultancy Services Ltd., ICICI Bank Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., and Maruti Suzuki Ltd. weighed on the Nifty.
While those of Axis Bank Ltd., Larsen & Toubro Ltd., State Bank Of India, Bharti Airtel Ltd., and NTPC minimised the losses.
Sectoral indices were mixed at open. Nifty Metal was the top gainer and Nifty Auto fell the most.
Cantor Fitzgerald Maintains 'Overweight' OnAdani Enterprises
Target at Rs 4,338 (40% upside)
India's economic growth bodes well for Adani Enterprises
Believes valuation does not fully reflect value of company's current portfolio
Business growth, demerges to result in shares accurately reflecting sum-of-the-parts valuation
Key risks: Govt reliance, macro-related uncertainty, high promoter ownership, lack of formal guidance
Biocon In Pact With Handok In
Signs exclusive licensing and supply deal with South Korea's with Handok In
Deal for commercialisation of Liraglutide in South Korea
Source: Exchange filing
UBS On Indian Telecom
UBS upgrades Vodafone Idea to buy; Target 18 (+28%)
Focus on relief on Govt dues
Market pricing in 15-20% price increase in 12-24months
Relief through AGR reduction by SC or equity conversion by Govt likely
Possibility of 50-75% of AGR dues of VIL may be cancelled
VIL to have AGR dues of $5bn (~4500cr) annually from FY26
TP prices in 50% probability of AGR dues waiver
Risk reward is attractive on VIL
Maintain Neutral on Bharti Airtel and Indus Towers
Bharti Airtel TP: 1430 (vs 1310 earlier) (+4%)
Indus Towers TP: 355 (vs 220 earlier) (+4%)
Nifty, Sensex Lower At Pre-Open
At pre-open, the Nifty was at 22,930.75, up 36.90 points or 0.16% while the Sensex fell to 75,335.4, down by 82.59 points or 0.11%.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 6.99%
It closed at 6.99% on Wednesday.
Source: Cogencis
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 4 paise to open at 83.24 against the US dollar.
It closed at 83.28 on Wednesday.
Source: Bloomberg
Nuvama Raises Indigo's Target Price
Target price raised to Rs 5,192 vs 4288 earlier (Upside 18%)
Retains 'Buy'
Growth attributable to strong capacity addition, low ATF cost and
rise in yields, partially
Growth partially offset by Aircrafts on Ground
Revenue per passenger km is up 17% YOY
Avg seat km rose 15% YOY
Cost per available seat fell 7%
International sustained robust growth led by codeshares and new routes
Cost rationalization to continue
Revenue expected to be flat YOY in Q1
Expect inflationary Cost pressures to persist offset by capacity addition
Revised FY25E EBITAR by +4% and FY26E by -4%
Citi Research Raises ITC's Target Price
Maintains Buy with a roll forward TP to Rs 515 vs. Rs 500 (upside 17%)
ITC’s 4Q was a miss on headline numbers
Results impacted by weakness in agri (-13% YoY) and paper (-7% YoY) segments
Cigarette profitability surprised negatively
Believes pressure on cigarette profitability could continue near-term
Taxation or adverse regulatory pronouncements could impact volumes
Cigarettes net revenue grew 8% YoY; on the back of 2% cigarette volume and ~4% pricing + mix
Expects the margin pressure to continue in the next few quarters
Global Cues
US Dollar Index at 105.06
US 10-year bond yield at 4.47%
Brent crude up 0.16% at $81.49 per barrel
Nymex crude down 0.13% at $76.97 per barrel
Bitcoin was flat at $67,715.06
GIFT Nifty was flat at 22,964.50 as of 7:34 a.m.
Trading Tweaks
Price band changes from 20% to 10%: Garden Reach Shipbuilders & Engineers.
Ex/record dividend: Vedanta, Tata Consumer Products
Ex/record Split: Bharat Dynamics, Som Distilleries & Breweries.
Ex/record Bonus: GM Breweries, Inox Wind.
Moved out of short-term ASM framework: Dynamic Cables, Exicom Tele-Systems, Sun Pharma Advanced Research.
Pledge Share Details
Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge for 15 lakh shares on May 17.
Bulk Deals
Coforge: New World Fund Inc bought 3.22 lakh shares (0.52%) at Rs 5073.66 apiece.
Mayur Uniquoters: Unifi Capital Pvt. - Blended Rangoli sold 3 lakh shares (0.68%) at Rs 550.5 apiece.
Krystal Integrated Services: Black Hawk Properties sold 75,000 shares (0.54%) at Rs 710 apiece.
Block Deals
Star Health and Allied Insurance: APIS Growth sold 1.52 crore shares (2.61%), Mio Iv Star sold 140.17 lakh shares (2.39%), Mio Star sold 61.34 lakh shares (1.05%), Roc Star Investment Trust sold 59.08 lakh shares (1.01%), while ICICI Prudential Life Insurance bought 1.17 crore shares (2%), HDFC Mutual Fund bought 56.08 lakh shares (0.95%), East Bridge Capital Master Fund I Ltd bought 55 lakh shares (0.94%), Plutus Wealth Management LLP bought 30 lakh shares (0.51%) and among others at Rs 535 apiece.
IPO Offering
Awfis Space Solutions: The public issue was subscribed to 4.28 times on day 2. The bids were led by institutional investors (0.32 times), non-institutional investors (6.82 times), and retail investors (12.27 times) and portion reserved for employees (6.81 times).
Stocks to Watch
UPL: The company and Aarti Industries entered into a joint venture for the manufacturing and marketing of specialty chemicals that find application in multiple downstream industries. The joint venture is expected to commence commercial supplies by Q1 FY 2026–27, with a peak annual revenue potential of Rs 400–500 crore in the next two–three years.
Vodafone Idea: The company has clarified that they are in discussion with Ericsson and other network vendors for 5G network gear.
Wipro: The company appointed Sarat Chand as regional MD of Northern Europe.
Sun Pharmaceutical Industries: Taro shareholders have approved the merger agreement with the company.
Brigade Enterprises: The company signed a joint development agreement for a residential project with a GDV of Rs 720 crore on Old Madras Road, Bengaluru.
Transformers and Rectifiers: The company received an export order worth Rs 161 crore from AL Anwaar, an order worth Rs 179 crore from Adani Group and Rs 19 crore from L&T.
Zee Entertainment Enterprises: The company seeks a termination fee of $90 million from Culver Max and Bangla Entertainment to terminate the merger cooperation agreement on account of a breach by Culver Max and BEPL.
Earnings Post Market Hours
InterGlobe Aviation Q4 FY24 (Consolidated, YoY)
Revenue up 26% Rs 17,825 crore versus Rs 14,161 crore (Bloomberg estimate Rs 16,860 crore).
Ebitdar up 66% at Rs 4,159 crore versus Rs 2,499 crore (Bloomberg estimate Rs 3,826 crore).
Margin at 23.3% versus 17.6% (Bloomberg estimate Rs 22.7%).
Net profit up 106.2% at Rs 1,895 crore versus Rs 919 crore (Bloomberg estimate Rs 1,916 crore).
JK Lakshmi Cement Q4 FY24 (Consolidated, YoY)
Revenue down 4.4% at Rs 1,781 crore versus Rs 1,862 crore (Bloomberg estimate Rs 1,928 crore).
Ebitda up 44.6% at Rs 337 crore versus Rs 233 crore (Bloomberg estimate Rs 283 crore).
Margin at 18.9% versus 12.5% (Bloomberg estimate 14.7%).
Net profit up 41.1% at Rs 162 crore versus Rs 115 crore (Bloomberg estimate Rs 143 crore).
Honasa Consumer Q4 FY24 (Consolidated, YoY)
Revenue up 21.5% at Rs 471 crore versus Rs 388 crore.
Ebitda at Rs 33 crore versus Ebitda loss of Rs 3 crore.
Margin at 7%.
Net profit at Rs 30 crore versus loss of Rs 162 crore.
Johnson Controls Q4 FY24 (YoY)
Revenue up 40.9% at Rs 772 crore versus Rs 548 crore (Bloomberg estimate Rs 666 crore).
Ebitda at Rs 81 crore versus Rs 23 crore (Bloomberg estimate Rs 45.23 crore).
Margin at 10.6% versus 4.3% (Bloomberg estimate 6.8%).
Net profit at Rs 49 crore versus loss of Rs 1 crore (Bloomberg estimate Rs 15.35 crore).
Bikaji Foods International Q4 FY24 (Consolidated, YoY)
Revenue up 32.9% at Rs 614 crore versus Rs 462 crore (Bloomberg estimate Rs 602 crore).
Ebitda up 160% at Rs 161 crore versus Rs 62 crore (Bloomberg estimate Rs 143 crore).
Margin at 26.2% versus 13.4% (Bloomberg estimate 23.8%).
Net profit up 197% at Rs 116 crore versus Rs 39 crore (Bloomberg estimate 103.5 crore).
Gabriel India Q4 FY24 (Consolidated, QoQ)
Revenue up 12.5% at Rs 917 crore versus Rs 815 crore (Bloomberg estimate Rs 840 crore).
Ebitda up 14.7% at Rs 80 crore versus Rs 70 crore.
Margin at 8.8% versus 8.6%.
Net profit up 18.9% at Rs 49 crore versus Rs 41 crore (Bloomberg estimate Rs 46.15 crore).
Sandhar Technologies Q4 FY24 (Consolidated, YoY)
Revenue up 20% at Rs 918 crore versus Rs 765 crore (Bloomberg estimate Rs 884 crore).
Ebitda up 45.2% at Rs 98 crore versus Rs 68 crore.
Margin at 10.7% versus 8.8%.
Net profit up 45.1% at Rs 36 crore versus Rs 25 crore (Bloomberg estimate Rs 25.2 crore).
Fortis Healthcare Q4 FY24 (Consolidated, YoY)
Revenue up 8.7% at Rs 1,786 crore versus Rs 1,643 crore (Bloomberg estimate Rs 1,797 crore).
Ebitda up 40.7% at Rs 381 crore versus Rs 271 crore (Bloomberg estimate Rs 335 crore).
Margin at 21.3% versus 16.5% (Bloomberg estimate 18.6%).
Net profit up 47% at Rs 203 crore versus Rs 138 crore (Bloomberg estimate Rs 167 crore).
Schneider Electric Infrastructure Q4 FY24 (YoY)
Revenue up 14.9% at Rs 472 crore versus Rs 411 crore.
Ebitda up 20.1% at Rs 73 crore versus Rs 61 crore.
Margin at 15.5% versus 14.8%.
Net profit down 92.7% at Rs 3 crore versus Rs 45 crore.
Barbeque Nation Hospitality Q4 FY24 (Consolidated, YoY)
Revenue up 6.4% at Rs 298 crore versus Rs 280 crore (Bloomberg estimate Rs 292 crore).
Ebitda up 37.3% at Rs 55 crore versus Rs 40 crore (Bloomberg estimate Rs 52.35 crore).
Margin at 18.4% versus 14.2% (Bloomberg estimate Rs 17.9%).
Net loss of Rs 4 lakh versus loss of Rs 12 crore (Bloomberg estimate net loss of Rs 6.25 crore).
Bayer Cropscience Q4 FY24 (YoY)
Revenue down 19.5% at Rs 792 crore versus Rs 983 crore (Bloomberg estimate 1,004 crore).
Ebitda down 53.1% at Rs 97 crore versus Rs 206 crore (Bloomberg estimate 221 crore).
Margin at 12.2% versus 21% (Bloomberg estimate 22%).
Net profit down 39.4% at Rs 96 crore versus Rs 159 crore (Bloomberg estimate Rs 137 crore).
Orchid Pharma Q4 FY24 (Consolidated, YoY)
Revenue up 3.4% at Rs 217 crore versus Rs 210 crore (Bloomberg estimate Rs 252 crore).
Ebitda down 27.1% at Rs 29 crore versus Rs 40 crore (Bloomberg estimate Rs 40.4 crore).
Margin at 13.3% versus 18.9% (Bloomberg estimate 16%).
Net profit down 44.3% at Rs 33 crore versus Rs 59 crore (Bloomberg estimate Rs 34 crore).
Earnings in Focus
NTPC, Hindalco Industries, Bosch, Torrent Pharmaceuticals, United Spirits, Ashok Leyland, ZF Commercial Vehicle, Glenmark Pharmaceuticals, Manappuram Finance, Affle India, Century Plyboards India, PNC Infratech, Karnataka Bank, Jamna Auto Industries, Nazara Technologies, Aditya Vision, Kolte Patil Developers, PSP Projects, Lumax Industries, Housing and Urban Development Corp, Hindustan Copper, and EID Parry India.
GIFT Nifty Trades Near 23,000
The May futures contract of the GIFT Nifty traded flat at 22,961 points.
Markets in the Asia-Pacific declined, tracking overnight losses on Wall Street as stronger-than-anticipated economic data compelled traders to push their rate cut expectation further.
The US S&P Global Flash Composite Purchasing Managers Index rose to 54.4 in May from 51.3 in April, topping all estimates by Bloomberg. A reading above 50 indicates expansion, and below hints contraction in activity.
Bonds sold off as data showed US business activity accelerated amid a pickup in inflation that will likely keep the Federal Reserve on hold. An earlier rally in stocks waned, though Nvidia Corp. jumped on a solid outlook, Bloomberg said.
The S&P 500 Index and Nasdaq Composite fell 0.74% and 0.39%, respectively, as of Thursday. The Dow Jones Industrial Average fell by 1.53%.
Brent crude was trading flat at $81.36 a barrel. Gold rose 0.03% to $2,330.05 an ounce.
The GIFT Nifty was trading 11 points or 0.05% lower at 22,949.00 as of 06:54 a.m.
India's benchmark indices ended at a record high on Thursday after the Reserve Bank of India approved the highest-ever dividend of Rs 2.11 lakh crore to the government. The NSE Nifty 50 gained 369.85 points, or 1.64%, to end at its highest closing of 22,967.65. The S&P BSE Sensex ended 1,196.98 points, or 1.61%, higher at 75,418.04, a record closing high.
Overseas investors turned net buyers on Thursday after three days of selling. Foreign portfolio investors bought stocks worth Rs 4,670.95 crore and domestic institutional investors stayed net buyers for three straight sessions and mopped up equities worth Rs 146.51 crore, according to provisional data from the National Stock Exchange.
The Indian currency and bond markets were closed on the occasion of Buddha Poornima.
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