KEY HIGHLIGHTS
Rupee Weakens Against U.S. Dollar
The local currency weakened by 5 paise to close at 83.14 against the U.S dollar.
It closed at 83.09 on Friday.
Source: Exchange filing
Nifty, Sensex Close Lower After Hitting New Record Highs: Market Wrap
India's benchmark indices ended lower changed on Monday after hitting record highs tracking losses in shares of Reliance Industries Ltd., ITC Ltd., and Mahindra & Mahindra Ltd.
The NSE Nifty 50 ended 24.55 points or 0.11% lower at 22,932.55, and the S&P BSE Sensex settled 45.79 points or 0.06% lower at 75,364.60.
Earlier in the day, the NSE Nifty 50 rose 0.67% or 153.70 points to record high of 23,110.80. The S&P BSE Sensex 0.79% or 599.29 points to fresh high of 76,009.68.
Reliance Industries Ltd., ITC Ltd., Mahindra & Mahindra Ltd., Adani Enterprises Ltd. dragged the benchmark indices.
HDFC Bank Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., and State Bank of India limited losses in the benchmark
On NSE, seven sectors declined, and five advanced out of 12. The NSE Nifty Media declined the most among sectoral indices, and the NSE Nifty PSU Bank gained the most sectoral indices.
Broader markets were mixed. The S&P BSE Midcap ended 0.63% higher and the S&P BSE Smallcap ended 0.09% lower.
Ten out of 20 sectoral indices on the BSE fell and ten rose. S&P BSE Realty rose the most and S&P BSE Oil & Gas was the top loser.
The market breadth was skewed in the favour of sellers. Around 2,254 stocks declined, 1,711 rose, and 140 remained unchanged on the BSE.
Track the historical performance of NSE and BSE indices here.
Nykaa Board Appoints New Independent Director
FSN E-Commerce Ventures Ltd.'s board appoints Santosh Desai as Independent Director effective July 15.
Source: Exchange filing
Landmark Cars Drops To Over Six-Month Low
Shares of Landmark Cars fell 6.09% to Rs 678.10, the lowest level of Nov 10, 2023. It was trading 5.84% down at Rs 679.95 as of 2:43 p.m., as compared to 0.35% advance in the NSE Nifty 50 index.
Power Finance Hits Record High
Shares of Power Finance Corp Ltd. rose 6.0% to Rs 520.00, the highest level since its listing on Feb 23. It was trading 5.94% higher at Rs 520.80 as of 2:36 p.m., as compared to 0.37% advance in the NSE Nifty 50 index.
Electronics Mart India Q4 Earnings Highlights (Consolidated, YoY)
Revenue rose 14.8% to Rs 1,524 crore from Rs 1,328 crore
Ebitda rose 18.4% to Rs 108 crore from Rs 91 crore
Margin rose 30 basis points to 7.1% from 6.8%
Net profit rose 12.2% to Rs 41 crore from Rs 36 crore
HCL Technologies & Its Arm To Collab On Custom Silicon Chips
HCL Technologies Ltd. and its arm is to collaborate on custom silicon chips optimised for AI workloads.
Source: Exchange filing
Axis Bank Rises To Record High
Shares of Axis Bank Ltd. rose 1.73% to Rs 1,194.35, the highest level since Nov 16, 1998. It was trading 1.40% higher at Rs 1,190.40 as of 1:54 p.m., as compared to 0.47% advance in the NSE Nifty 50 index.
The scrip gained 274.45% in 12 months, and on year to date basis, it has risen 7.94%. Total traded volume on the NSE so far in the day stood at 0.59 times its 30-day average. The relative strength index was at 69.51.
REC Rises To Life High
REC Ltd. rose 3.2% to Rs 571.95, the highest level since March 12, 2008. It was trading 2.38% at Rs 569.75 as of 1:51 p.m., as compared to 0.48% advance in the NSE Nifty 50 index.
HBL Power Systems Q4 Earnings Highlights (Consolidated, YoY)
Revenue rose 52% to Rs 610 crore from Rs 403 crore
Ebitda rose 194% to Rs 132 crore from Rs 45 crore
Margin at 21.6% vs 11.1%
Net profit rose 134% to Rs 81 crore from Rs 35 crore
Sensex Hits 76,000 For The First Time; Nifty Crosses 23,100: Midday Market Update
India's benchmark equity indices resumed their uptrend after a one-day fall to hit a fresh record high on Monday, driven by gains in banks and IT services companies.
At 12:44 p.m., the NSE Nifty 50 traded at 23,101.90, up by 144.80 points or 0.63%, and the S&P BSE Sensex was at 75,967.53, up by 557.14 points or 0.74%. Intraday, the Nifty touched a fresh lifetime high of 23,108.35 points , and the Sensex hit 76,009.68, a fresh record high.
"The overall trend remains bullish as we enter the election result phase," said Ajit Rambhia, founder and chief executive at Ajira Ventures. However, he expects some volatility, given the rise in India VIX.
At 11:55 a.m., the volatility index was up 4.9% to 22.76. He noted that as long as the Nifty and the Bank Nifty sustain above their support levels of 28,800 and 48,700, respectively, it's a free zone for them.
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., and Larsen & Toubro Ltd. contributed the the gains in Nifty.
While those of Reliance Industries Ltd., NTPC Ltd., Oil & Natural Gas Corp. Ltd., Wipro Ltd., and Grasim Industries Ltd. weighed on the index.
Most sectoral indices traded higher with Nifty PSU Bank leading the gains. Nifty Media was the top loser.
Broader indices were trading higher with the S&P BSE Midcap rising 0.59% and the S&P BSE Smallcap gaining 0.19% through midday trade on Monday.
Five out of 20 sectoral indices on the BSE fell, while 15 rose. S&P BSE Bankex rose the most, and S&P BSE Energy was the top loser.
The market breadth was skewed in favour of the sellers. Around 1,971 stocks declined, 1,790 rose, and 164 remained unchanged on the BSE.
Honasa Consumer To Acquire Cosmogenis Labs
Honasa Consumer Ltd. announced a strategic acquisition of Cosmogenesis Labs.
Source: Exchange Filing
India VIX Jumps Over 20% To Near Two-Year High
The India NSE Volatility Index jumped 20.66% to 26.20, the highest level since Jun 16, 2022. It was at 5.10% up at 22.82 as of 12:50 p.m.
Divi's Labs Q4 Result Review: Custom Synthesis Business And API Businesses Drive Growth
Divi's Laboratories Ltd. reported better than expected earnings for fourth quarter as its custom synthesis business revived, and as the company maintained margin in its Active Pharmaceutical Ingredients segment, brokerages said.
BofA and MotilaL Oswal Financial Services have retained their rating as the company beat their estimates.
Custom synthesis is synthesis of chemical compounds on the scale, with purity on request of customers.
Shares of Divi's Laboratories Ltd. rose 5.74% to Rs 4,359.00, the highest level since May 23. It was trading
The scrip rose 23.56% in 12 months, and 10.14% on year to date basis. Total traded volume so far in the day stood at 9.1 times its 30-day average. The relative strength index was at 77.17.
Out of 26 analysts tracking the company, eight maintain a 'buy' rating, five recommend a 'hold,' and 13 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside/downside of 11.35%
Sensex Touches 76,000 For The First Time
The S&P BSE Sensex scaled a fresh high of 76,009.68 as IndusInd Bank Ltd., HDFC Bank Ltd., and Larsen & Toubro Ltd. rose.
Nifty Smallcap 250 Rises To Fresh High
The NSE Nifty Smallcap 250 rose 0.86% to record high of 16,002.25. The index was trading 0.57% higher at 15,955.70 as of 11:42 a.m., as compared to 0.25% advance in the NSE Nifty 50 index.
Suzlon Energy Expects To Execute Current Order Book In Next 2 Fiscals
Expects to execute current order book in next 2 fiscals
Current order book revenue potential of over Rs 19800 crore
Expects more order book execution in second half of financial year
Expect wind installations of 4.5-5 GW in FY25 in India
Expects merger of Suzlon Global Services to be completed in 6-9 months
SGEL Merger to help with contracts, eliminate inter company transactions
Source: Suzlon Energy To NDTV Profit
BSE To Buy Remaining Stakes In Asia Index Private
BSE is likely to buy remaining 50% stake in Asia Index Private from SPDJS.
Asia Index Pvt to become a wholly owned subsidiary of company.
Source: Exchange filing
Sobha Rises To Life high
Sobha Ltd. jumped 7.55% to Rs 2,093.70, the highest level since its listing on 20 December, 2006. It was trading 5.18% higher at Rs 2,047.55 as of 11:14 a.m., as compared to 0.12% advance in the NSE Nifty 50 index.
The scrip rose 303.42% in 12 months, and on year to date basis, it has risen 107.62% on year to date basis. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 67.84.
RVNL Shares Hit Record After Winning Nagpur Metro Project Worth Rs 187 Crore
Shares of Rail Vikas Nigam Ltd. hit a new record high on Monday after it emerged as the lowest bidder for a Nagpur Metro Project costing Rs 187.34 crore.
The scrip rose as much as 7.94% to Rs 399.90 apiece, the highest level. It pared gains to trade 3.5% higher at Rs 383.25 apiece, as of 10:28 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.
It has risen 111% on a year-to-date basis and 218.38% in the last twelve months. Total traded volume so far in the day stood at 1.78 times its 30-day average. The relative strength index was at 83.84, indicating that the stock may be overbought.
Out of the three analysts tracking the company, one maintain a 'buy' rating, two recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 30.1%.
Bosch Hits Record As Q4 Net Profit Jumps Nearly 42% On Year
Shares of Bosch Ltd. recorded their highest level on Monday following the company's announcement of Q4 results, which showed a nearly 42% increase in its net profit for the quarter ended March.
The scrip rose as much as 8.67% to 726 apiece, the highest level since Oct. 23, 2008. It pared gains to trade 3.44% lower at Rs 691 apiece, as of 11:35 a.m. This compares to a 0.04% advance in the NSE Nifty 50 Index.
It has risen 45.48% on a year-to-date basis. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 55.
Out of the 22 analysts tracking the company, 19 maintain a 'buy' rating, three recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 16.6%.
Glenmark Pharma Rises To Over Eight-Year High Despite Reporting Higher-Than-Expected Loss
Shares of Glenmark Pharmaceuticals Ltd. rose 8.48% to Rs 1,123.90, the highest level since Sep 2, 2015. It was trading 6.66% higher at Rs 1,104.45 as of 10:56 a.m., as compared to 0.17% advance in the NSE Nifty 50 index.
The scrip gained 85.70% in 12 months, and on year to date basis, it has risen 29.33%. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 67.96.
Out of 14 analysts tracking the company, six maintain a 'buy' rating, five recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 9.4%.
NTPC Rises To Fresh High After Net Profit Rises Beating Estimates
Shares of NTPC Ltd. rose 1.48% to Rs 380.50, the highest level since Nov 5, 2004. It erased gains to trade 0.97% down at Rs 371.30 as of 10:42 a.m., as compared to 0.16% advance in the NSE Nifty 50 index.
NTPC's consolidated net profit rose 33.2% to Rs 6,490 crore in January-March from Rs 4,872 crore. The figure is higher than Rs 5,331 crore estimated by Bloomberg survey.
The scrip rose 110.61% in 12 months, and on year to date basis, it has risen 19.3% on year to date basis. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 59.96.
Out of 23 analysts tracking the company, 20 maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 7.5%.
Torrent Pharma Shares Hit Record As Analysts Raise Target Price After Q4 Results
Shares of Torrent Pharmaceutical Ltd. rose to a lifetime high on Monday after its profit jumped in the fourth quarter, prompting brokerages to raise the stock's target price.
Shares of the company rose as much as 6.98% to hit a record high of Rs 2,795 apiece. It pared gains to trade 4.9% higher at Rs 2,738.50 apiece as of 10:01 a.m. This compares to a flat NSE Nifty 50.
The stock has fallen 23.62% on a year-to-date basis, but risen 15.9% in the last 12 months. The total traded volume so far in the day stood at 2.66 times its 30-day average. The relative strength index was at 58.37.
Out of the 36 analysts tracking the company, 29 maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.3%.
Hindalco Plans For Rs 30,000-Crore Capex In Three-Four Years, Says MD
Hindalco Industries Ltd. is planning a capital expenditure of Rs 30,000 crore over the next three to four years with strong capacity addition buoyed by a strong demand, Managing Director Satish Pai said on Monday. Shares of the aluminium producer an aa life high after the company's net profit rose 31.6% year-on-year in the quarter-ended March 2024.
Shares of Hindalco Industries Ltd. rose 2.41% to Rs 689.50, the highest level since May 24y. It was trading 1.11% higher at Rs 681 as of 10:29 a.m., as compared to 0.06% advance in the NSE Nifty 50 index.
It has risen 62.13% in the last 12 months and 10.51% on a year-to-date basis. Total traded volume so far in the day stood at 0.47 times its 30-day average. The relative strength index was at 66.31.
Transformers & Rectifiers Successfully Tests Electric Arc Furnace
Transformers & Rectifiers (india) Ltd. has successfully tested and supplied 220 MVA electric arc furnace transformer to leading steal manufacturer.
Source: Exchange filing
Nazara Tech Falls To Over One-Year Low As A Promoter Offloads Stakes
Shares of Nazara Technologies Ltd. declined 3.72% to Rs 591.50, the lowest level since May 22, 2023. It erased losses to trade 2.65% higher at Rs 630.60 as of 10:13 a.m., as compared to flat NSE Nifty 50 index.
Mitter Infotechh LLP, a promoter of the company, has sold 6.38% stakes to Plutus Wealth Management via block trade.
The scrip gained 1.03% in 12 months, and on year to date basis, it has declined 26.22%. Total traded volume so far in the day stood at 72 times its 30-day average. The relative strength index was at 50.72.
Out of 11 analysts tracking the company, six maintain a 'buy' rating, four recommend a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 44.8%.
Cochin Shipyard Jumps To Fresh High After Sixfold Increase In Net Profit
Shares of Cochin Shipyard Ltd. jumped to fresh high in the first trading session of the week after it reported a sixfold increase in net profit during January-March quarter.
Shares of Cochin Shipyard Ltd. rose 9.80% to Rs. 2,100.00, the highest level since its listing on Aug 11, 2017. It pared gains to trade 4.09% higher at Rs. 1,990.75 as of 09:48 a.m, as compared to 0.11% advance in the NSE Nifty 50 index.
The scrip gained 718.07% in 12 months, and on year to date basis, it has risen 191.59%. Total traded volume so far in the day stood at 4.0 times its 30-day average. The relative strength index was at 85.78, which implied the stock is overbought.
Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 59.0%.
Nifty Realty Scales Fresh High As Godrej Properties, Lodha Lead Gains
The NSE Nifty Realty rose 1.67% or 17.10 points to record high of 1,040.75 tracking sharp gains in Godrej Properties Ltd. and Macrotech Developers Ltd.
Nifty Midcap 100 Climbs To Fresh High
The NSE Nifty Midcap 100 rose 0.74% to fresh high of 52,814.20. It was trading 0.72% higher at 52,799.90 as of 09:38 a.m.
Nifty Midcap 150 Touches Fresh High
The NSE Nifty Midcap 150 rose 1.68% to fresh high of 19,678.55. As of 09:34 a.m., the NSE Nifty Midcap 150 was 0.32% higher 19,615.95.
Here Are Indices That Are Trading At Record
Nifty, Sensex Open At Record High As HDFC Bank, Airtel, Adani Ports Lead
Indian benchmark touched a fresh high at open tracking sharp gains in shares of HDFC Bank Ltd., Bharti Airtel Ltd., and Adani Ports and Special Economic Zones Ltd.
As of 09:17 a.m., the NSE Nifty 50 was trading 53.95 points or 0.24% higher at 23,011.05, and the S&P BSE Sensex was 202.91 points or 0.27% up at 75,613.30.
Shortly after opening, the NSE Nifty 50 scaled a fresh high of 23,043.20, and the S&P BSE Sensex touched a record high 75,679.67.
"On the higher side the resistance would be in range of 23,200- 23,400 levels being the pivot resistance and the highest call OI at 23,400 strikes. RSI is overbought on the hourly charts and we expect volatility to increase with respect to rollover movement in individual sectors and stocks. Highest call OI is at 23,500 strike while the downside the highest put OI is at 22,900 for the monthly expiry," said Vikas Jain, Senior Research Analyst at Reliance Securities.
HDFC Bank Ltd., Bharti Airtel Ltd., Adani Ports & Special Economic Zones Ltd., Divi's Laboratories Ltd., and Hindalco Industries Ltd. added to the benchmark index.
Adani Enterprises Ltd., Reliance Industries Ltd., Maruti Suzuki India Ltd., Mahindra & Mahindra Ltd., and Oil and Natural Gas Corp Ltd. limited gains in the index.
On NSE, 11 sectors advanced, and one declined out of 12. The NSE Nifty Realty was the top performing sector, and the NSE Nifty Auto was the top loser sector.
Broader markets rose in line with the benchmarks. The S&P BSE Midcap was 0.46% higher, and the S&P BSE Smallcap index was 0.42% 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 Auto was the top loser sector.
Market breadth was skewed in favour of buyers. Around 1,878 stocks advanced, 1,138 stocks declined, and 141 stocks remained unchanged on BSE.
Nifty, Sensex Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 index was 81.85 points or 0.36% higher at 23,038.95, and the S&P BSE Sensex was 245.07 points or 0.32% higher at 75,655.46 as of 09:09 a.m.
Som Distilleries & Breweries Gets Official Permission From Telengana Govt
Som Distilleries & Breweries Ltd. received am official permission from Telangana Govt for supply of its beer brands to the state.
Anticipates substantial increase in sales volumes in short to medium term from Telangana expansion.
Source: Exchange filing
Yield On The 10-Year Bond Flat
The yield on the 10-year bond opened flat at 6.9%.
It closed at 7% on Friday.
Source: Cogencis
Rupee Flat Against U.S. Dollar
The local currency opened flat at 83.09 against the US dollar.
It closed at 83.09 on Friday.
Source: Bloomberg
Jefferies Raises Powergrid's Target Price
Jefferies kept a 'Buy' Power Grid Corp and raised the target price to Rs 370 from Rs 305.
FY25E-26E PAT seeing minimal change as capex, capitalisation picking up
Gained market share in competitive bids awarded in FY24
Upside drivers are bid pipeline, higher dividend payout, higher RoE
Smart metering also adds to the opportunity
Jefferies Initiates 'Buy' On GMR Airports
Jefferies on GMR Airports and Infrastructure initiated a Buy' with a target price Rs 100
See 3x EBITDA in 5 Years
Evolving from utility to a retail consumption play
Strong air traffic growth outlook and travel retail opportunity
Upward reset in Aero tariffs and real estate unlocking opportunity
Aster DM Healthcare To Add 350 Beds
Aster DM Healthcare is likely to add capacity of 350 beds at Aster CMI Hospital.
The company is to pay security deposit of Rs 42.5 crore for the proposed capacity expansion.
Hospital may require further capex infusion of up to Rs 210 crore up to FY27.
Source: Exchange filing
Nuvama Maintains Hold on Hindalco Industries
The brokerage raised the target price to Rs 732 from Rs 651. The target price implied a 8.2% potential upside.
Better than expected Ebitda reported in Indian operations
Increase FY25e/26e consolidated EBITDA by 8%/5%
Aluminium CoP to be under control on improved domestic coal supply and range-bound coal prices
FY25 profits to be higher YoY, hinging on aluminium price
Factor in LME aluminium price of USD 2,600/t in FY25e/26e
Expect consolidated net debt to rise to Rs 37,700 crore by end-FY26
Will be comfortable with net debt/EBITDA of 1.2x
Global Cues
US Dollar Index at 104.70
US 10-year bond yield at 4.46%
Brent crude up 0.02% at $82.14 per barrel
Nymex crude up 0.08% at $77.78 per barrel
Bitcoin was up 0.56% at $69,067.63
The GIFT Nifty was trading 3 points or 0.01% lower at 23,028.50 as of 07:26 a.m.
Brokerages On Ashok Leyland
Jefferies Raises Target Price
Retain Hold with a target price Rs 205 up from 190, Downside 3%
EBITDA/PAT 9% above Jefferies estimates
Expect a capex led economic cycle to fuel demand growth ahead
Historical truck upturns usually last 4-5 years, currently in third year
Overall market share recovered from 2022 low of 27% to 31-32%
Like improving margin trajectory, stock might remain rangebound until demand visibility improves
Emkay Global On Ashok Leyland
Upgrades to buy with a target price Rs 250, which implied an upside of 18%
Upcycle potential from FY26
Contrary to Tata's flattish-to-negative guidance for industry, AL guided for positive FY25
CV cycle has been more 'time correction' than sharp volume drop
Pricing power/margin expansion for CV OEMs will sustain
Despite 21% stock increase price, remains among least-expensive OEMs
12.5 times FY26 EV/Ebitda and 2 times price-to-book ratio for Hinduja Leyland Finance
Brokerages On NTPC
Jefferies Raises Target Price
Jefferies maintains BUY on NTPC, raised target to Rs 445, which impled a 19% upside
Q4 results in line with brokerage expectations
Management guided 22.5GW capacity addition over FY25-27
Muted FY24 renewable capacity additions due to module procurement delays, land acquisition issues
The brokerage sees improvement in earnings visibility for thermal segment
Confident that NTPC will be among the largest RE Indian companies in next decade
Citi Research On NTPC
Citi maintains 'buy' on NTPC, raises target price to Rs 467 which implied a 24.7% upside
Top pick in India Electric Utilities
Plan to order 15.2 GW thermal capacity to help grow regulated equity base
FY25 stand. capex guidance at Rs 22,700 crore vs Rs 19,300 crore in FY24
Renewable capacity addition slow due to operational issues
Company plans to add 3GW/5GW/8GW in FY25/FY26/FY27
Valuations reasonable despite recent stock outperformance
Motilal Oswal On Divi's Labs
Motilal reiterates neutral on Divis Laboratories with a target price Rs 3,900 which implied a 5% downside.
Delivered a strong beat on earnings in 4Q FY24.
Revival in the Custom Synthesis business
Raises earnings estimates by 3% each for FY25/FY26
Better demand, addition of new technologies, higher number of product offerings in the generics segment
Values Divis Laboratories at 40 times 12-month forward earnings
F&O Cues
Nifty May futures up 0.06% to 23,019.6 at a premium of 62.5 points.
Nifty May futures open interest up 5.02%.
Nifty Bank May futures up 0.42% to 49,045.15 at a premium of 73.5 points.
Nifty Bank May futures open interest down 2.46%.
Nifty Options May 30 Expiry: Maximum call open interest at 24,000 and Maximum Put open interest at 23,000.
Bank Nifty Options May 29 Expiry: Maximum Call Open Interest at 50,000 and maximum put open interest at 48,000.
Securities in ban period: Biocon, Bandhan Bank, GNFC, Hindustan Copper, Vodafone idea, India Cements, National Aluminium, Piramal Enterprises, PNB.
IPO Offering
Awfis Space Solutions: The public issue was subscribed to 11.41 times on day 3. The bids were led by institutional investors (3.39 times), non-institutional investors (20.99 times), retail investors (21.11 times) and portion reserved for employees (10.48 times).
Bulk Deals
Blue Clouds Solutions: Supraja Business Consultants Pvt. sold 20 lakh shares (0.91%) at Rs 69.38 apiece.
Gokul Agro Resources: Promoter Ritika Infracon bought 34,900 shares on May 23.
Pledge Share Details
Prime Focus: Promoter Naresh Mahendranath Malhotra created a pledge of 2.11 crore shares on May 24.
Insider Details
Adani Enterprises: Promoter Emerging Market Investment DMCC bought 7.2 lakh shares on May 21.
Trading Tweaks
Moved out of short-term ASM framework: Jupiter Wagons.
Stocks to Watch
Indian Oil Corp: The company acquired a 100% stake in Mercator Petroleum for Rs 154 crore.
TVS Motor Co: The company announced the launch of the TVS HLX 125 with 5-gears in Tanzania.
NTPC: The company's Q4 coal plant PLF was at 79.77% vs. 80.32% YoY, Q4 commercial generation was at 92.967 BU vs. 89.445 BU YoY and Q4 captive mine coal output at 7.87 MT vs 6.48 MT YoY.
Godrej Properties: The company clarified on the reports on the Mumbai project that it has not received communication from any concerned authority citing non-compliance.
Tata Steel: The NCLT of Kolkata bench approved the scheme of amalgamation with Indian Steel & Wire Products The approval is pending from the Mumbai NCLT bench.
RVNL: The company emerged as the lowest bidder for the construction project worth Rs 187 crore from MMRCL.
Vodafone Idea: The deal to sell Firefly Networks' stake to Manipura Digital Infrastructure is terminated due to non-fulfillment of certain conditions.
Bosch: The company approved the sale of OE/OES diagnosis business from Mobility Aftermarket to ETAS Automotive for Rs 45.6 crore.
Macrotech Developers: The company acquired the remaining 50% stake of Siddhivinayak Realties arm for Rs 415.6 crore.
NTPC: The company's in-principle approval for incorporation of a wholly owned subsidiary for undertaking nuclear energy business, subject to the approval of its administrative Ministry.
Dr Reddy’s Laboratories: The company’s Russia-based arm in a pact with Novartis Pharma to sell anti-diabetes products in Russia.
Sun Pharma Advanced Research Co: The board approved raising Rs 1,800 crore and accepted the resignation of CFO Chetan Rajpara effective June 5 and appointed Anup Rathi as CFO effective June 6.
Earnings in Focus
AstraZeneca Pharma India, Automotive Axles, Borosil Renewables, Career Point, DCM, DCM Shriram Industries, Elgi Equipment, Electronics Mart, Flair Writing, HBL Power, Hercules Hoist, Indo Count Industries, IFB Industries, Indowind Energy, Jindal Worldwide, Juniper Hotels, Kirloskar Industries, Krystal Integrated Services, Life Insurance Corp., Likhita Infrastructure, Lumax Auto Technologies, MSTC, Natco Pharma, National Aluminium, NIBE, NMDC, Nova Agritech, NMDC Steel, Parle Industries, Ruchira Papers, Saksoft, Sigachi Industries, Sumitomo Chemical, TARC, TVS Supply Chain Solutions, Usha Martin, Vishnu Prakash R Punglia, and West Coast Mills.
Earnings Post Market Hours
Torrent Pharmaceuticals Q4 FY24 (Consolidated, YoY)
Revenue up 10.2% at Rs 2,745 crore versus Rs 2,491 crore (Bloomberg estimate Rs 2,780 crore).
Ebitda up 21.5% at Rs 883 crore versus Rs 727 crore (Bloomberg estimate Rs 896 crore).
Margin at 32.2% versus 29.2% (Bloomberg estimate 32.2%).
Net profit up 56.4% at Rs 449 crore versus Rs 287 crore (Bloomberg estimate Rs 449 crore).
Board recommends final dividend of Rs 6 per share.
To raised up to Rs 500 crore.
United Spirits Q4 FY24 (Consolidated, YoY)
Revenue up 11.2% at Rs 2,783 crore versus Rs 2,503 crore (Bloomberg estimate Rs 2,678 crore).
Ebitda up 42.1% at Rs 334 crore versus Rs 235 crore (Bloomberg estimate Rs 339 crore).
Margin at 12% versus 9.4% (Bloomberg estimate 12.7%).
Net profit up 136% at Rs 241 crore vs Rs 102 crore (Bloomberg estimate Rs 238 crore).
Board recommends final dividend of Rs 5 per share.
Narayana Hrudayalaya Q4 FY24 (Consolidated, YoY)
Revenue up 4.7% at Rs 1,279 crore versus Rs 1,222 crore.
Ebitda up 6.8% at Rs 295 crore versus Rs 276 crore.
Margin at 23% versus 22.6%.
Net profit up 10.1% at Rs 191 crore versus Rs 173 crore.
Board recommends final dividend of Rs 4 per share.
To raise up to Rs 1,200 crore via debt.
NTPC Q4 FY24 (Consolidated, YoY)
Revenue up 7.6% at Rs 47,622 crore versus Rs 44,253 crore (Bloomberg estimate Rs 45,278 crore).
Ebitda up 18.9% at Rs 14,195 crore versus Rs 11,943 crore (Bloomberg estimate Rs 13,115 crore).
Margin up 281 bps at 29.8% versus 27% (Bloomberg estimate 29%).
Net profit up 33.2% at Rs 6,490 crore versus Rs 4,872 crore (Bloomberg estimate Rs 5,331 crore).
Board recommends final dividend of Rs 3.25 per share.
Glenmark Pharmaceuticals Q4 FY24 (Consolidated, YoY)
Revenue up 2.1% at Rs 3,063 crore versus Rs 3,001 crore (Bloomberg estimate Rs 3,331 crore).
Ebitda up 26.7% at Rs 504 crore versus Rs 398 crore (Bloomberg estimate Rs 513 crore).
Margin at 16.5% versus 13.3% (Bloomberg estimate 15.4%).
Net loss of Rs 1,218 crore versus loss of Rs 428 crore (Bloomberg estimate Rs 198 crore).
Exceptional loss of Rs 447 crore versus Exceptional loss Rs 800 crore.
Hindustan Copper Q4 FY24 (Consolidated, QoQ)
Revenue up 1% at Rs 565 crore versus Rs 560 crore.
Ebitda up 21.6% at Rs 226 crore versus Rs 186 crore .
Margin at 40% versus 33.2%.
Net profit down 6% at Rs 124 crore versus Rs 132 crore.
Kolte-Patil Developers Q4 FY24 (Consolidated, YoY)
Revenue down 34% at Rs 526 crore versus Rs 797 crore (Bloomberg estimate Rs 605 crore).
Ebitda loss at Rs 18 crore versus Ebitda of Rs 173 crore (Bloomberg estimate Rs 85 crore).
Net loss of Rs 26 crore versus profit of Rs 121 crore (Bloomberg estimate profit of Rs 72 crore).
ZF Commercial Vehicle Control Systems India Q4 FY24 (Consolidated, YoY)
Revenue down 1.9% at Rs 956 crore versus Rs 977 crore (Bloomberg estimate Rs 1,037 crore).
Ebitda up 1.4% at Rs 146 crore versus Rs 144 crore (Bloomberg estimate Rs 152 crore).
Margin at 15.2% versus 14.7% (Bloomberg estimate 14.7%).
Net profit down 1% at Rs 100 crore versus Rs 101 crore. (Bloomberg estimate Rs 116 crore).
Board recommends dividend of Rs 17 per share.
Cochin Shipyard Q4 FY24 (Consolidated, YoY)
Revenue up 114% at Rs 1286 crore versus Rs 600 crore.
Ebitda at Rs 288 crore versus Ebitda loss of Rs 67 crore.
Margin at 22.4%.
Net profit 564% at Rs 259 crore versus Rs 39 crore.
Sun TV Network Q4 FY24 (Consolidated, YoY)
Revenue up 14.4% at Rs 961 crore versus Rs 840 crore.
Ebitda up 5% at Rs 523 crore versus Rs 498 crore.
Margin down 484 bps at 54.4% versus 59.2%.
Net profit up 9.1% at Rs 415 crore versus Rs 380 crore.
Karnataka Bank Q4 FY24 (Consolidated, YoY)
Net profit down 22% at Rs 274 crore versus Rs 354 crore (Bloomberg estimate Rs 315 crore).
NII down 3% at 834 crore versus 860 crore.
Gross NPA at 3.53% versus 3.64 (QoQ).
Net NPA at 1.58% versus 1.55% (QoQ).
Bosch Q4 FY24 (Consolidated, YoY)
Revenue up 4.2% at Rs 4,233 crore versus Rs 4,063 crore.
Ebitda up 6.7% at Rs 557 crore versus Rs 522 crore.
Margin at 13.2% versus 12.9%.
Net profit up 41.7% at Rs 564 crore versus Rs 398 crore.
Indiabulls Housing Finance Q4 FY24 (Consolidated, YoY)
Net profit up 21.3% at Rs 319 crore versus Rs 263 crore.
Total income up 8.6% at Rs 2,255 crore versus Rs 2,077 crore.
Affle India Q4 FY24 (Consolidated, QoQ)
Revenue up 1.5% at Rs 506 crore versus Rs 499 crore (Bloomberg estimate Rs 492 crore).
EBIT down 0.5% at Rs 78.8 crore versus Rs 78.2 crore (Bloomberg estimate Rs 76.18 crore).
Margin down 31 bps at 15.4% versus 15.7% (Bloomberg estimate 15.49%).
Net profit up 13.9% at Rs 87 crore versus Rs 77 crore (Bloomberg estimate Rs 76.56 crore).
Lumax Industries Q4 FY24 (Consolidated, YoY)
Revenue up 22.1% at Rs 743 crore versus Rs 608 crore (Bloomberg estimate Rs 689 crore).
Ebitda up 34.72% at Rs 66 crore versus Rs 49 crore (Bloomberg estimate Rs 65.5 crore).
Margin at 8.9% versus 8% (Bloomberg estimate 9.5%).
Net profit up 73.9% at Rs 36 crore versus Rs 21 crore (Bloomberg estimate Rs 30.7 crore).
Board recommended of final dividend of Rs 35 per share.
Also Read: NTPC Q4 Result: Net Profit Rises 33%
GIFT Nifty Trades Above 23,000
Share indices in the Asia-Pacific markets gained in early trade Monday, tracking Wall Street as risk appetite among traders rebounded on expectation that the US inflation print for May is likely to come lower than expected.
The Nikkei 225 was 56.58 points or 0.15% higher at 38,702.69, and the S&P ASX 200 was 48.70 points or 0.63% higher at 7,776.30 as of 06:33 a.m.
University of Michigan's data showed consumers are expecting inflation to fall to 3.3% on the year in May from 3.5% expected earlier in the month.
The S&P 500 Index and Nasdaq Composite rose 0.70% and 1.10%, respectively, as of Friday. The Dow Jones Industrial Average rose by 0.01%. Markets in the US and the UK will be closed on Monday on account of Memorial Day.
Brent crude was trading 0.10% higher at $82.22 a barrel. Gold was higher by 0.07% at $2,335.38 an ounce.
The GIFT Nifty was trading 9 points or 0.04% lower at 2,335.38 as of 06:38 a.m.
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. The 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.
Overseas investors turned net sellers of Indian equities after a day on Friday. Foreign portfolio investors offloaded stocks worth Rs 944.8 crore; domestic institutional investors stayed net buyers for the fourth straight session and mopped up equities worth Rs 2,320.3 crore, the NSE data showed.
The Indian rupee strengthened by 19 paise to close at 83.09 against the US dollar.
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