KEY HIGHLIGHTS
Rupee Strengthens Sharply Against U.S. Dollar
The local currency strengthened by 17 paise to close at 83.33 against the U.S dollar.
Intraday high of 83.33 is the highest in three weeks
It closed at 83.50 on Thursday.
Source: Bloomberg
Nifty, Sensex Register Best Week In Over Three Months: Closing Bell
Benchmark equity indices gained the most this week since week ended February 2. Today, they ended higher for the second consecutive session led by gains in M&M, RIL, and HDFC Bank.
On Saturday, the Indian stock exchanges will remain open and trade in a special session for the second time this year in a bid to switch over to a disaster recovery site.
The Nifty ended higher by 60.95 points or 0.27% at 22,464.80 while the Sensex gained 253.31 points or 0.34% to end at 73,917.03.
Jai Bala, founder of Cashthechaos said that as long as Nifty stays above 21,770 markets are safe. He added that its just a matter of time when the critical support of 21,770 breaks.
Bala added that there will be a euphoric high in Nifty Bank towards 50,000 and then a reversal.
Mahindra & Mahindra Ltd., Reliance Industries Ltd., UltraTech Cement Ltd., Kotak Mahindra Bank Ltd., and ITC Ltd. contributed the most to the gains today.
While those of Tata Consultancy Services Ltd., Infosys Ltd., Hindustan Unilever Ltd., HCL Tech Ltd., and Cipla Ltd. weighed on the Nifty.
Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 1.18% higher, and the S&P BSE Smallcap settled 1.39% higher.
On BSE, 18 sectors advanced out of 20, and two declined. The S&P BSE Consumer Durables was the top performing sector, and the S&P BSE Healthcare was the worst performing sector.
Market breadth was skewed in favour of buyers. Around 2,403 stocks advance, 1,410 stocks declined, and 126 remained unchanged on BSE.
This week, all but Nifty FMCG ended higher. Nifty Realty and Nifty Metal gained over 6%.
On a weekly basis, the Nifty gained 1.86% and the Sensex rose 1.72%.
Saudi Food & Drug Authority Completes Inspection At Concord Biotech Unit
Saudi Food and Drug Authority completes inspection at Concrod Biotech Ltd.'s Gujarat unit.
Source: Exchange filing
GSK Pharma Q4 Earnings Key Highlights (Consolidated, YoY)
Revenue up 18.1% to Rs 930 crore from Rs 787 crore
Ebitda up 51.6% at Rs 257 crore from Rs 170 crore
Margin up 610 bps at 27.7% from 21.6%
Net profit up 45.7% at Rs 194 crore from Rs 133 crore
Board recommends dividend of Rs 32 per share
Poly Medicure Q4 Earnings Key Highlights (Consolidated, YoY)
Revenue up 23.2% to Rs 378 crore from Rs 307 crore
Ebitda up 16.1% at Rs 97 crore from Rs 83 crore
Margin down 210 bps at 25.6% from 27.1%
Net profit up 16.3% at Rs 68 crore from Rs 59 crore
Nifty, Sensex Trade Higher As M&M, HDFC Bank, ITC Lead Gains: Midday Market Update
India's benchmark stock indices recovered from early losses to trade higher through midday on Friday, tracking gains in shares of Mahindra & Mahindra Ltd., HDFC Bank Ltd. and ITC Ltd.
As of 12:38 p.m., the NSE Nifty 50 was 77.15 points, or 0.34% higher at 22,481.00, and the S&P BSE Sensex was 305.83 points, or 0.42% up at 73,969.55.
In the morning trade, Nifty fell 0.29% to 22,345.65, and Sensex declined 0.28% to 73,459.80.
Election results could turn out to be a non-event as well, though there's build up as we approach the day, said Aditya Agarwala, head of research and investment at Invest4edu Pvt. India VIX may approach level of 30-34, which has been the case in every election year from 2004 onwards. Then, it reverts back from the levels, he noted.
Within this time frame, Nifty could see a bit of profit taking as well. Overall, markets are not expected to correct significantly. Looking at the option data, 22,000-21,800 should act as immediate support for markets. If these levels breaks, markets are in for a very good profit taking, Agarwala said.
Shares of Mahindra & Mahindra Ltd., HDFC Bank Ltd., ITC Ltd., State Bank of India, and Kotak Mahindra Bank Ltd. were positively contributing to changes in the Nifty.
While those of Tata Consultancy Services Ltd., Infosys Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., and Larsen & Toubro Ltd. negatively contributed to the change.
On NSE, 10 sectors were trading in positive and two declined. The NSE Nifty Realty was the best performing sector with 1.73% gain. On the other side, the NSE Nifty IT turned out to be the top loser.
Earlier in the day, NSE Nifty Auto and NSE Nifty Metal touched the highest level since inception. NSE Nifty Realty rose to an over 13-year high.
On BSE, 18 out of 20 sectors advanced, and two declined. The S&P BSE Consumer Durables was the top performing sector, and S&P BSE TECK was the worse performer.
Market breadth was skewed in the favour of buyers. Around 2,393 stocks advanced, 1,224 stocks declined, and 161 stocks remained unchanged on BSE.
Rupee Strengthens Sharply Against U.S. Dollar
The local currency strengthened by 16 paise to trade at 83.34 against the U.S dollar as of 1:20 p.m.
Intraday high of 83.34 highest in three weeks.
Alert: The previous strongest level was seen on April 26.
Source: Bloomberg
Dhanuka Agritech Q4 Highlights (Consolidated, YoY)
Revenue down 0.8% at Rs 368 crore vs Rs 371 crore
Ebitda up 2.8% at Rs 80 crore vs Rs 78 crore
Margin at 21.7% vs 21%
Net profit down 9.6% at Rs 59 crore vs Rs 65 crore
RBI Approves J Natarajan As Karur Vysya Bank ED
Gets RBI nod for appointing J Natarajan as Executive Director for a year
J Natarajan is serving as the current President of the bank
Source: Exchange Filing
Landmark Cars Acquires Existing Kia Dealership In Kolkata
Company has received LOA to operate 1 showroom and 2 workshops in Kolkata
Source: Exchange Filing
Nifty Realty Rises To Highest Level In Over 13 Years
The NSE Nifty Realty rose 1.84% to 9,98.75, the highest level since its incorporation on August 30, 2007. It was trading 16.80 points or 1.71% higher at 9,97.55 as of 12:54 p.m., as compared to 0.29% advance in the NSE Nifty 50 index.
Indian Markets Trade Near Day's High
Metal Stocks Trading At Record High
Nifty Metal Rises To Fresh High
The NSE Nifty Metal rose 1.85% to 9,571.10, the highest level since its inception on July 12, 2011. It was trading 155.25 points or 1.65% higher at 9,560.65 as of 12:48 p.m.
BSE Metal Surges To Record High
The S&P BSE Metal index rose 1.67% to 32,462.17, the highest level since its inception on Feb 2, 1999. It was trading 1.43% higher at 32,448.38 as of 11:43 a.m, as compared to 0.34% advance in the NSE Nifty 50 index.
Go Digit General Insurance IPO Fully Subscribed On Day 3
The IPO has been subscribed 1.12 times as of 11:39 a.m. on Friday.
Institutional investors: 0.45 times
Non-institutional investors: 1.19 times
Retail investors: 3.01 times
Info Edge Jumps Over 8% To One-Month High After Reporting Net Profit
Info Edge (India) Ltd.'s shares rose 8.03% to Rs 6,338.10, the highest level since April 9. The surge came after the company reported Rs 88 crore net profit in fourth quarter of financial year 2024-25, against a loss of Rs 503 crore in the corresponding period of the preceding year.
The company was able to report profit due to an uptick on billing led by IT and non-IT sectors.
L&T Gets Order Worth Rs 1,000-2,500 Crore
Larsen & Toubro Ltd. received an order worth Rs 1,000-2,500 crore for buildings, factories business.
Source: Exchange filing
Crompton Greaves Electricals Jumps Over 17% After Its Q4 Net Profit Matches Estimates
Crompton Greaves Electricals Ltd. jumped 17.61% to Rs 398.80, the highest level since Oct 7,2022. It was trading 16.15% higher at Rs 394.40 as of 11:11 a.m., as compared to 0.23% advance in the NSE Nifty 50 index.
The scrip gained 55.13% in 12 months, and on year-to-date basis, it has risen 26.97%. Total traded volume so far in the day stood at 18 times its 30-day average. The relative strength index was at 84.87, which implied the stock is overbought.
Out of 41 analysts tracking the company, 31 maintain a 'buy' rating, 10 recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.2%
Sanghvi Movers Falls To Nearly Two-Month Low As Board Approves Stock Split
Sanghvi Movers Ltd. declined to the lowest level since March 26 as the board approved stock split.
Sanghvi Movers' each share with a face value of Rs 2 will be split into two with each having face value of Rs 1.
Shares of Sanghvi Movers plunged 9.70% to Rs 1,156.00 on Friday. It was trading 7.43% lower at Rs 1,185.00 as of 10:58 a.m., as compared to 0.19% advance in the NSE Nifty 50 index.
The scrip gained197.96% in 12 months, and on year to date basis, it has risen 45.1%. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 40.99.
Endurance Technologies At Over Four-Month High After Its Net Profit Beats Estimates
Endurance Technologies Ltd. rose 14.31% to Rs 2,315, the highest level since Jan 5. It was trading 10.22% higher at Rs 2,232.80 as of 10:47 a.m., compared to 0.21% advance in the NSE Nifty 50 index.
The scrip gained 56.00% in 12 months, and on year to date basis, it has gained 15.52%. Total traded volume so far in the day stood at 36 times its 30-day average. The relative strength index was at 71.68.
Out of 18 analysts tracking the company, 11 maintain a 'buy' rating, three recommend a 'hold,' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.6%.
Nifty Midcap 150 Touches All Time High
The NSE Nifty Midcap 150 rose 0.63% to Rs 19,169.15, the highest level since it was incorporated April 1, 2016. It was trading 0.56% higher at 19,155.60 as of 10:40 a.m., as compared to 0.22% advance in the NSE Nifty 50 index.
BEML Gets Order Worth Rs 200 Crore
BEML Ltd. received Rs 250 crore order from Northern Coal Fields for dump trucks.
Source: Exchange filing
Kaynes Technology Rises To Over Two-Month High As Net Profit Doubles Almost
Kaynes Technology surged to over two-month high Friday after the company reported that its net profit almost doubles during January-March.
The industrial products manufacturing company's net profit rose 96.9% on the year to Rs 81 crore from Rs 41 crore. A Bloomberg survey forecasted Rs 64.06 crore net profit for the period.
Shares of Kaynes Technology India Ltd. jumped 14.90% Rs 2,950.00, the highest level since March 12. It was trading 13.00% higher at Rs 2,901.05 as of 10:09 a.m., as compared to 0.01% advance in the NSE Nifty 50 index.
The scrip gained 148.00% in 12 months, and on year-to-date basis, it has risen 11.35%. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 64.77.
Out of 21 analysts tracking the company, 16 maintain a 'buy' rating, four recommend a 'hold,' and one suggests to 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.8%.
Nifty Midcap 100 Rises To Record High
The NSE Nifty Midcap 100 rose 0.55% to 51,435.45, the highest level since its incorporation on July 18, 2005. It was trading 0.50% higher at 51,406.90 as of 10:01 a.m., as compared to 0.01% advance in the NSE Nifty 50 index.
M&M Hits Lifetime High In Fourth Session After Q4 Results, Positive Outlook
Shares of Mahindra & Mahindra Ltd. continued their record rally in the fourth consecutive session as the company's net profit for the quarter ended March beat analysts expectations. In addition, the company's outlook for volume growth, product launches and capacity expansion also led to positive commentary by the brokerages.
Nifty Auto Rises To Highest Level Since Incorporation
The NSE Nifty Auto rose 2.19% to 23,386.95, the highest level since its inception on July 12, 2011. Mahindra & Mahindra Ltd., Tata Motors Ltd. were the top gainer in the index.
The index was 418.80 points or 1.83% higher at 23,305.65 as of 09:37 a.m.
Nifty, Sensex Decline At Open As RIL, ICICI Bank, Axis Bank Drag: Opening Bell
India's benchmark indices declined shortly after opening as heavyweight Reliance Industries Ltd., Axis Bank Ltd., and ICICI Bank Ltd. dragged.
As of 09:18 a.m., the NSE Nifty 50 was trading 25.40 points or 0.11% lower at 22,378.45, and S&P BSE Sensex 74.73 points or 0.10% down at 73,588.99.
Reliance Securities expects intra-day volatility to continue. Short covering may not be ruled out as foreigners most short on India stocks since 2012 on poll jitters. Technically, the NSE Nifty 50 took support at 100 and momentum indicator Relative Strength Index has given bullish cross over which may support the ongoing up move, senior research analyst Vikas Jain said.
Reliance Industries Ltd., ICICI Bank Ltd., Axis Bank Ltd., ITC Ltd., and Infosys Ltd. weighed on the index.
Mahindra & Mahindra Ltd., Tata Motors Ltd., Tata Steel Ltd., State Bank of India, and Grasim Industries Ltd. added to the index.
On NSE, five sectors declined, and seven advanced out of 12. The NSE Nifty FMCG index fell the most among peers, and the NSE Nifty Auto was the top gainer.
The NSE Nifty Auto index also rose its highest level since inception at open as Mahindra & Mahindra, Tata Motors Ltd. gained.
Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 0.41%, and the S&P BSE Smallcap rose 0.55%.
On BSE, seven sectors declined and 13 advanced out of 20. The S&P BSE Auto was the top gainer, while the S&P BSE Services was the top loser.
Market breadth was skewed in favour of buyers. Around 1,927 stocks advanced, 953 stocks declined, and 115 stocks remained unchanged on BSE.
Nomura Keeps 'Buy' On Honeywell Automation India
Nomura maintained a 'Buy' on Honeywell Automation India at Rs 53,600 target which implied a 12.1% upside.
Q4 sales in line, margins missed estimates
Revival in real estate, healthcare, hospitality to push building automation demand
Tailwinds for automation segment over the next 12-18 months
Well placed to capatalize growth in renewable energy
Expect EBITDA margin to recover to1 5.6% by FY26
Expect sales/EBITDA/PAT CAGRs of 16%/23%/25% over FY24-26
Raise P/E multiple to 60x (from 55x) on sectoral tailwinds, cyclical upturn in end user industries
Nifty, Sensex Flat At Pre-Open
At pre-open, the NSE Nifty 50 was 11.40 points or 0.051% higher at 22,415.25, and the S&P BSE Sensex was 0.06% or 47.59 points higher at 73,711.931.
Glenmark Pharma Gets Final U.S. FDA Approval For Ophthalmic Solution
Gets final US FDA approval for Brimonidine Tartrate and Timolol Maleate Ophthalmic Solution
Source: Exchange filing
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 7.08%.
It closed at 7.07% on Thursday.
Source: Bloomberg
Rupee Flat Against U.S. Dollar
The local currency opened flat at 83.49 against the US dollar.
It closed at 83.50 on Thursday.
Source: Bloomberg
Nomura On Global Rate Cut Cycle
US core CPI easing in April and other evidence shows slowdown in US economy
Rising conviction level for Fed rates cuts in July
Unusual cycle allows other central banks to diverge from Fed on favorable local economies
Global rate cutting cycle revving up
Forecasts rate cuts by the ECB, SNB, BoC, PBoC, and BOT
Bank of Canada, Reserve Bank of New Zealand, South African Reserve Bank seem ripe to start cuts
Brazil, Mexico to have significant scope to rate cuts
Watch India Market Open At NDTV Profit
Nomura Maintains 'Buy' On HAL
Nomura maintains BUY on Hindustan Aeronautics at Rs 4,750 target, which implied a 13% upside.
Q4 earnings beat was led by strong margins
Order backlog at Rs 94000 cr, translating to 3.3xTTM sales
HAL’s 4Q gross margin at 63.2% likely on favorable sales mix and stage of execution
Maintain positive stance on the back of strong pipeline o
Improvement of capability on GE deal
Company diversifying MRO segment into commercial aircraft maintenance
Expect revenue/EBITDA/PAT CAGRs of 14%/11%/23% over FY23-26
Brokerages On Info Edge
Citi Research
The brokerage maintained a 'Buy' and revised the target price to Rs. 6,870 from Rs. 6,650 which implied an upside of 17%.
Uptick in billing led by both IT and non IT, consultant sector was flat
Lower losses in non-recruitment verticals were key contributor to margin expansion
Management commentary suggest overall billings growth should improve hereon
Nuvama
Nuvama retains buy on Infoedge with a target price Rs 7,050, which implied a 20% upside.
Reported in-line Q4FY24 results
Management saw initial signs of a growth revival in IT segment
Billing by IT client saw 11% YoY growth, which is a significant improvement from revenue decline
Billing growth to accelerate from here due to high utilisation at IT services
Also Read: Info Edge Q4 Profit At Rs 88 Crore
Motilal Oswal On LIC Housing Finance
Motilal Oswal re-iterates Buy on LIC Housing Finance Ltd.
PAT declined ~8% YoY, 8% miss, due to one-offs in opex and tax
NIM expanded ~15bp QoQ to ~3.15%
Management guided for NIM of 2.7-2.9% in FY25
Management guided for double-digit loan growth
Guided for credit costs of ~40bp, and cost-income ratio of 13-14% in FY25
Estimate RoA/RoE of 1.6%/14% in FY26 and reiterate our BUY rating
Valuations based on 1.1x FY26E PBV
Motilal Oswal Stays Neutral On Biocon
Motilal Oswal maintained a 'Neutral' on Biocon with a target price Rs 280, which implied a 8% upside
Work-in-progress to improve business outlook across segments
Better show in biosimilar partly offset by lower generics/research services business YoY
Despite YoY growth in EBITDA, PAT declined YoY due to higher depreciation/tax outgo
Capex would be tapered down going forward
Maintain Neutral on the stock as the current valuation factors in the upside in earnings
Brokerages On M&M
BofA on M&M
Maintain Neutral with a target price Rs 2,480, which implied an upside of 4.5%
Margin improvement in both Auto & Farm
Strong response to 3XO, Thar 5 Door launch to drive growth
Positive growth prospects drive better vain multiples
Farm implement business scale up is impressive
Nuvama
Nuvama retains Buy on M&M; TP: 2760 (+17%)
Q4FY24 revenue/adjusted EBITDA beat estimates
Adjusted PAT grew 3% to INR2040cr, below estimates, on higher depreciation and tax rate
Expect 14% revenue CAGR over FY24–26E
Robust growth of 15% in autos and 9% in farm segment
UV product portfolio to be ramped up with 9 ICE SUVs
Rapidly expanding capacity to meet demand
Motilal Oswal
Motilal Oswal maintained a Buy on M&M with a target price Rs 2,720, which implied a 15% upside.
Capex guidance significantly enhanced for next three years
4QFY24 beat our estimates on all fronts
UV momentum and revival in tractor demand to be drivers for FY24-26E
FES margin expansion due to benign RM and other costs
Raised our EPS estimates by 6%/11% for FY25/FY26
Maintains long-term guidance of 18% RoE
Implied core P/E for MM stands at 24/19x FY25E/FY26E EPS
Coforge Opens Offer To Acquire Stake In Cigniti
Coforge Ltd. have made an open offer to acquire 26% stake in Cigniti's share holders
The the offer to open on June 26, close on July 9.
Source: Exchange filing
Global Cues
US Dollar Index at 104.59
US 10-year bond yield at 4.36%
Brent crude up 0.40% at $83.60 per barrel
Nymex crude up 0.25% at $79.43 per barrel
Bitcoin was up 0.03% at $65,300.38
The GIFT Nifty was 19.5 points or 0.09% higher at 22,479.50 as of 07:38 a.m.
Nuvama Maintains 'Reduce' On Indian Energy
Nuvama maintains 'reduce' on the company with a target price of Rs 119 per share, implying a 20% downside from the previous close.
Q4 Ebitda/net profit missed brokerage estimates by 14%/4%.
Power deficit shift in volumes implies IEX needs to reinvent its products.
View limited upside despite factoring 17% volume growth in FY24–26.
Management expects 15–20% year-on-year volume growth in FY25, driven by rise in electricity demand.
IEX to lose 'business moat', in case of a shift to market coupling.
Nuvama Keeps 'Buy' On Crompton Greaves
Nuvama retains its 'buy' call on Crompton Greaves and raises the target price to Rs 393 per share from the earlier Rs 365 apiece, implying a potential upside of 16% from its previous close.
Electronic consumer durables faring well, with B2B lighting remaining robust.
Focus is on improving Butterfly performance, likely to recover Q2 FY25 onwards.
Company is focusing on product innovation in the ECD segment.
Crompton 2.0 remains intact, with sustainable performance ahead.
Citi Retains 'Buy' And 'Positive Catalyst Watch' On GAIL
Citi retains 'buy' and adds the company on its 'positive catalyst watch' with a target price of Rs 230 per share. This implies a 17% upside from the previous close.
Q4 Ebitda 20% ahead of brokerage estimate.
Ebitda beat driven by gas trading segment.
Robust petchem performance drives beat.
Sequential decline in gas transmission on higher depreciation.
Strong LPG segment driven by higher volumes, better prices.
Raises its FY25-26 Ebitda estimates by 1%.
F&O Cues
Nifty May futures up by 0.84% to 22,452.35 at a premium of 48.5 points.
Nifty May futures open interest down by 2.68%.
Nifty Bank May futures down by 0.48% to 48,092.35 at a premium of 115.3 points.
Nifty Bank May futures open interest down by 2%.
Nifty Options May 16 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 20,200.
Bank Nifty Options May 15 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 45,000.
Block Deal
Jindal Saw: Cresta Fund sold 20 lakh shares (0.62%), Nippon India Small Cap Fund bought 18 lakh shares (0.56%), Societe Generale bought 2 lakh shares (0.06%) at Rs 541.45 apiece.
Trading Tweaks
Moved out of short-term ASM framework: Automotive Stampings and Assemblies, Dynamic Services & Security, IndoStar Capital Finance.
Moved into short-term ASM framework: Jupiter Wagons, GRP.
Ex/record dividend: Advanced Enzyme Technologies, Craftsman Automation.
Ex/record AGM: Craftsman Automation.
IPO Offering
Go Digit General Insurance: The public issue was subscribed to 0.79 times on day 2. The bids were led by institutional investors (0.24 times), non-institutional investors (0.73 times), and retail investors (2.54 times).
Stocks to Watch
Infosys: The company signs a pact with Telstra for AI-led engineering transformation.
Indoco Remedies: The US FDA successfully completed the inspection of its API Kilo Lab manufacturing facility at Rabale, Navi Mumbai, and Indoco Analytical Solutions division and concluded with zero Form 483 observations.
TVS Supply Chain Solutions: The company partnered with Manchester Metropolitan to lead AI innovation.
GE Power India: The company received a purchase order worth Rs 20 crore from Torrent Power for the repair and service of a steam turbine.
Vedanta: The board approved raising up to Rs 8,500 crore via equity and approved the investment in Vedanta Copper International for setting up a copper rod plant in Saudi Arabia.
Sanghvi Movers: The board approved splitting each share into two.
GMR Airports Infrastructure: The company recorded total passenger traffic at Rs 1.04 crore, up 7% YoY for the month of April and total aircraft movements at 67,267, up 4% YoY.
Garden Reach Shipbuilders & Engineers: The company received 16.5 million orders from Bangladesh for the procurement of a trailing suction hopper dredger with spare parts.
Gail: The company entered into a 14-year charter with CoolCo for an LNG carrier to commence in early 2025. The company has the option to extend the charter by two years beyond the 14-year period.
Dixon Technology: The company signed an MoU with Acerpure for the manufacturing of consumer appliance products.
IDBI Bank: The RBI has approved the appointment of Pradeep Natarajan as a whole-time director, designated as executive director for three years.
Earnings in Focus
JSW Steel, Zydus Lifesciences, NHPC, Astral, Rail Vikas Nigam, Phoenix Mills, Balkrishna Industries, Global Health, GlaxoSmithKline Pharmaceuticals, Delhivery, Bandhan Bank, Pfizer, Vinati Organics, Poly Medicure, Sobha, Zee Entertainment Enterprises, Amber Enterprises, Varroc Engineering, Kirloskar Ferrous Industries, Balrampur Chini Mills, Dhanuka Agritec, Sudarshan Chemical, Godrej Industries, and Shipping Corp.
Earnings Post Market Hours
Biocon Q4 FY24 (Consolidated, YoY)
Revenue up 3.8% at Rs 3,917 crore vs Rs 3,774 crore (Bloomberg estimate Rs 3890 crore).
Ebitda down 8.2% at Rs 916 crore vs Rs 997 crore (Bloomberg estimate Rs 818 crore).
Margin at 23.4% vs 26.4% (Bloomberg estimate 21%).
Net profit at Rs 223 crore vs Rs 415 crore, down 46.2% (Bloomberg estimate Rs 164 crore).
Vodafone Idea Q4 FY24 (Consolidated, QoQ)
Revenue fell 0.6% to Rs 10,607 crore vs Rs 10,673 crore (Bloomberg estimate Rs 10,695 crore).
Ebitda down 0.3% to Rs 4,336 crore versus Rs 4,350 crore (Bloomberg estimate Rs 4,321.3 crore).
Margin expands 10 bps to 40.9% vs 40.8% (Bloomberg estimate 40.4%).
Net loss rose to Rs 7,675 crore vs Rs 6,989 crore (Bloomberg estimate Rs 7,701.1 crore).
JK Paper Q4 FY24 (Consolidated, YoY)
Revenue down 1.9% at Rs 1500 crore vs Rs 1,529 crore (Bloomberg estimate Rs 1776 crore).
Ebitda down 18.1% at Rs 310 crore vs Rs 378 crore.
Margin at 20.6% vs 24.7%.
Net profit up 13.6% at Rs 230 crore vs Rs 202 crore (Bloomberg estimate Rs 216 crore).
Kaynes Technology India Q4 FY24 (Consolidated, YoY)
Revenue up 74.8% at Rs 637 crore vs Rs 365 crore (Bloomberg estimate Rs 608 crore).
Ebitda up 60.5% at Rs 95 crore vs Rs 59 crore (Bloomberg estimate Rs 89.78 crore).
Margin at 14.9% vs 16.3% (Bloomberg estimate 14.8%).
Net profit up 96.9% at Rs 81 crore vs Rs 41 crore (Bloomberg estimate Rs 64.06 crore).
Krishna Institute of Medical Sciences Q4 FY24 (Consolidated, YoY)
Revenue up 10.1% at Rs 634 crore vs Rs 576 crore (Bloomberg estimate Rs 653 crore).
Ebitda down 2.6% at Rs 159 crore vs Rs 163 crore (Bloomberg estimate Rs 170 crore).
Margin at 25.1% vs 28.3% (Bloomberg estimate 26.1%).
Net profit down 27.5% at Rs 71 crore vs Rs 99 crore (Bloomberg estimate Rs 85.33 crore).
Prince Pipes and Fittings Q4 FY24 (YoY)
Revenue down 3.2% at Rs 740 crore vs Rs 764 crore (Bloomberg estimate Rs 691 crore).
Ebitda down 37.8% at Rs 92 crore vs Rs 148 crore (Bloomberg estimate Rs 93 crore).
Margin at 12.5% vs 19.4% (Bloomberg estimate 13.4%).
Net profit down 42% at Rs 55 crore vs Rs 94 crore (Bloomberg estimate Rs 53 crore).
Endurance Technologies Q4 FY24 (Consolidated, YoY)
Revenue up 20.2% at Rs 2,685 crore vs Rs 2,234 crore (Bloomberg estimate Rs 2,613 crore).
Ebitda at Rs 389 crore vs Rs 285 crore, up 36.5% (Bloomberg estimate Rs 320 crore).
Margin at 14.5% vs 12.8% (Bloomberg estimate 12.13%).
Net profit up 54% at Rs 210 crore vs Rs 136 crore, (Bloomberg estimate Rs 160 crore).
Container Corp. Q4 FY24 (Consolidated, YoY)
Revenue up 6.4% at Rs 2,325 crore vs Rs 2,184 crore.
Ebitda up 11.3% at Rs 498 crore vs Rs 448 crore.
Margin at 21.4% vs 20.5%.
Net profit up 13.7% at Rs 318 crore vs Rs 279 crore.
Triveni Turbine Q4 FY24 (Consolidated, YoY)
Revenue up 23.9% at Rs 458 crore vs Rs 370 crore (Bloomberg estimate Rs 478 crore).
Ebitda up 35.4% at Rs 90 crore vs Rs 66 crore (Bloomberg estimate 19.3%).
Margin at 19.6% vs 17.9% (Bloomberg estimate Rs 92 crore).
Net profit up 37% at Rs 76 crore vs Rs 56 crore (Bloomberg estimate Rs 75.4 crore).
EClerx Services Q4 FY24 (Consolidated, QoQ)
Revenue up 1.8% at Rs 767 crore vs Rs 753 crore (Bloomberg estimate Rs 759 crore).
EBIT down 6.7% Rs 162 crore vs Rs 174 crore (Bloomberg estimate Rs 181 crore).
EBIT margin at 21.1% vs 23.1% (Bloomberg estimate 23.85%).
Net profit down 6.6% at Rs 130 crore vs Rs 139 crore (Bloomberg estimate Rs 140 crore).
Crompton Greaves Consumer Electricals Q4 FY24 (Consolidated, YoY)
Revenue up 9.5% at Rs 1,961 crore vs Rs 1,791 crore (Bloomberg estimate Rs 121 crore).
Margin at 10.4% vs 11.8% (Bloomberg estimate Rs 196 crore).
Ebitda down 3.7% at Rs 204 crore vs Rs 211 crore (Bloomberg estimate 10%).
Net profit up 1.4% at Rs 133 crore vs Rs 132 crore (Bloomberg estimate Rs 1953 crore).
Restaurant Brands Asia Q4 FY24 (Consolidated, YoY)
Revenue up 16.2% at Rs 597 crore vs Rs 514 crore (Bloomberg estimate Rs 590 crore).
Ebitda at Rs 69 crore vs Rs 27 crore (Bloomberg estimate Rs 58.5 crore).
Margin at 11.6% vs 5.3% (Bloomberg estimate 9.9%).
Net loss of Rs 92 crore vs loss of Rs 80 crore (Bloomberg estimate Net loss of Rs 54.4 crore).
Akzo Nobel India Q4 FY24 (Consolidated, YoY)
Revenue up 2.3% at Rs 973 crore vs Rs 951 crore.
Ebitda up 4.5% at Rs 162 crore vs Rs 155 crore.
Margin at 16.6% vs 16.3%.
Net profit up 13.9% at Rs 109 crore vs Rs 95 crore.
Ratnamani Metals & Tubes Q4 FY24 (Consolidated, YoY)
Revenue down 0.2% at Rs 1,496 crore vs Rs 1,499 crore (Bloomberg estimate Rs 1,493 crore).
Ebitda at Rs 246 crore vs Rs 301 crore, down 18.3% (Bloomberg estimate Rs 237.3 crore).
Margin at 16.4% vs 20% (Bloomberg estimate 15.9%).
Net profit up 0.3% at Rs 193 crore vs Rs 192.6 crore (Bloomberg estimate Rs 54 crore).
Avalon Technologies Q4 FY24 (Consolidated, YoY)
Revenue at Rs 217 crore vs Rs 278 crore, down 20.2% (Bloomberg estimate Rs 229 crore).
Ebitda down 58.1% at Rs 17 crore vs Rs 41 crore (Bloomberg estimate Rs 21.5 crore).
Margin at 7.9% vs 15.1% (Bloomberg estimate 9.4%).
Net profit down 68.9% at Rs 7 crore vs Rs 23 crore (Bloomberg estimate Rs 10.22 crore).
GIFT Nifty Trades Above 22,400
Asia-Pacific markets erased gains in early trade Friday as traders pulled back bets of rate cuts by the Federal Reserve after the initial reaction to softer US inflation data subsided.
The Nikkei 225 was trading 348.25 points or 0.89% lower at 38,572.01, and the S&P ASX 200 was 27.60 points or 0.35% down at 7,853.70 as of 06:43 a.m.
Cleveland Fed President Loretta Mester, New York Fed President John Williams and Richmond Fed President Thomas Barkin said Thursday, speaking at separate events, inflation is expected to take longer to reach target 2%, Bloomberg reported.
Early Thursday, the Dow Jones Industrial Average touched the historic 40,000 mark to extend an advance that's been fuelled by bets the Federal Reserve will be able to cut rates this year, Bloomberg said.
The S&P 500 Index and Nasdaq Composite declined 0.21% and 0.26%, respectively, as of Thursday. The Dow Jones Industrial Average fell by 0.10%.
Brent crude was trading 0.13% higher at $83.38 a barrel. Gold rose 0.03% to $2,377.56 an ounce.
The GIFT Nifty was trading 18.5 points or 0.08% higher at 22,478.50 as of 06:46 a.m.
India's benchmark equity indices recovered in the last hour of trade and surged to their highest level in seven sessions. The Nifty reclaimed 22,400 for the first time after May 6.
The Nifty ended 203.30 points higher, or 0.92%, at 22,403.85 and the Sensex closed 676.69 points, or 0.93%, up at 73,663.72.
Overseas investors stayed net sellers on Thursday for the 11th straight session. Foreign portfolio investors offloaded and sold stocks worth Rs 776.5 crore and domestic institutional investors stayed net buyers for fourteen straight sessions and mopped up equities worth Rs 2,127.8 crore, according to provisional data from the National Stock Exchange.
The Indian currency closed flat against the US dollar at 83.50 on Thursday.
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