Stock Market Today: Sensex, Nifty Log Worst Losing Streak In Seven Months

-The local currency strengthened by 3 paise to close at 83.32 against the US dollar.

-It closed at 83.35 on Wednesday.

Source:Cogencis

Benchmark equity indices fell for the fifth consecutive session today as heavyweights weighed on them with both the Nifty and the Sensex closing at their lowest level in seven sessions.

The Nifty closed at 22,488.65, down by 216.05 points or 0.95% and the Sensex fell 617.30 points or 0.83% at 73,885.60.

"Bears remained in the driver's seat as Nifty50 began the monthly expiry day lower at 22,650, following the weak global equities," said Aditya Gaggar, director of Progressive Shares. "The immediate support is placed at 22,390 while 22,700 will be considered a strong hurdle."

Shares of Reliance Industries Ltd., Tata Steel Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and ITC Ltd. weighed on the Nifty.

While those of ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., Bharti Airtel Ltd., and Larsen & Toubro Ltd. cushioned the fall.

Most sectoral indices ended lower with Nifty Metal and Nifty IT losing the most. Nifty Bank and Nifty Media were the top gainers on the NSE.

Broader markets underperformed benchmarks. The S&P BSE Midcap declined 1.21%, and the S&P BSE Smallcap fell 1.33%.

On BSE, 19 sectoral indices closed lower and one ended in the positive out of 20. The S&P BSE Metal was the top loser, while the S&P BSE Bankex emerged out to be the top gainer.

Market breadth was skewed in favour of sellers. Around 2,597 stocks declined, 1,213 stocks rose, and 107 stocks remained unchanged on BSE.

• IDFC First Bank has approved preferential issue worth Rs 3,200 crore

• The lender approved issue of shares on a preferential basis at Rs 80.63 per share

• Allotees for preferential issue include LIC, HDFC Life, Aditya Birla Sun Life & Bajaj Allianz

• Allotees for preferential issue also include ICICI Lombard and SBI General Insurance

• The private lender is to raise Rs 3,200 crore via preferential allotment of 39.7 crore shares

Source: Exchange filing

• FDI inflows fall 3.49% to $44 billion in FY24 from $46.03 billion in FY23

• Top inflows from Singapore at $11.77 billion accounting for 26% of all inflows

Source: Department for Promotion of Industry and Internal Trade

• Applicant should be set up as a not-for-profit company

• Should represent FinTech sector with membership across all entities

• Should have a minimum net worth of Rs 2 crore within 1 year after recognition as an SRO-FT or before start of operations

• Must have systems for managing ‘user harm’ instances

• Alert: SRO stands for Self-regulatory organisation

Source: RBI notification

• PVR Inox Ltd. has appointed Gaurav Sharma as CFO effective August 1.

Source: Exchange filing

The S&P BSE Sensex declined 0.78% to 73,925.34 as Tata Steel Ltd., Tech Mahindra Ltd. dragged.. It was trading 559.10 points or 0.75% lower at 73,943.80 as of 2:28 p.m.

JV to be formed in India for warehousing and trucking services

Source: Exchange Filing

Sharat Sinha as CEO of Airtel Business effective June 3

Source: Exchange filing

Fitch Ratings has assigned a 'BBB-' rating to Adani Green Energy Ltd. Restricted Group 1's 18-year fully amortising senior secured notes, due in 2042, on a strong credit profile. The rating agency also has a stable outlook for the Adani Group company.

• Looking to share construction market practices - 33 construction centres planned, helps move the value chain

• Relining of Blast Furnace 6 weighed on product mix and cost profile

• Early closure of coke ovens will weigh on RM costs and bulk gases in near term

• Spent Rs 18,207 cr on capex in FY24

• Will spend Rs 16,000 cr capex in FY25, most of which will be spent on Kalinganagar expansion and UK de-carbonisation

The benchmark stock indices extended losses on Thursday as Reliance Industries Ltd., Tata Steel Ltd., and Infosys Ltd. declined. The NSE Nifty 50 was trading 134.65 points or 0.59% down at 22,570.05, and the S&P BSE Sensex was 410.01 points or 0.55% lower at 74,092.89 as of 12:24 p.m.

The Nifty opened 0.38% lower at 22,617.45, and the Sensex opened 0.18% down at 74,365.88. During the day, it declined as much as 0.72% to 22,540.90, and the Sensex fell 0.67% to 74,004.31.

For the past four consecutive sessions, the Nifty remained under pressure. The India VIX is at an elevated level and that is definitely a cause of concern, according to Nilesh Jain, assistant vice president of technical and derivative research at Centrum Broking. "It basically indicates that markets are going to witness some amount of selling pressure."

"The immediate hurdle for the Nifty is now placed at 22,800. Today's data of the expiry shows that 22,500 should provide some amount of support," Jain told NDTV Profit.

RIL, Tata Steel, Infosys, Tata Consultancy Services Ltd. and ITC Ltd. weighed on the Nifty the most.

HDFC Bank Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., and Larsen & Toubro Ltd. led the gains.

Ten out of the 12 sectors on the NSE declined, with the Nifty Metal falling the most.

The broader markets declined in line with the benchmarks as the BSE MidCap declined 0.70% and the SmallCap fell 0.83%.

Nineteen out of the 20 sectors on the BSE declined, with Metal falling the most and the Bankex rising the most among its peers.

The market breadth was skewed in favour of the sellers as 2,388 stocks declined, 1,254 rose and 123 remained unchanged on BSE.

Shares of Alkem Laboratories Ltd. extended fell for the fifth consecutive session on Thursday after the company's net profit for the quarter ended March was lower than what analysts had expected. The stock has fallen nearly 9% from its closing price on the previous Thursday.

Shares of Uno Minda jumped 7.26% to Rs 928.95, the highest level since its listing on Feb 2, 2007. It was trading 0.55% higher at Rs 870.80 as of 1:19 p.m., as compared to 0.66% decline in the NSE Nifty 50 index.

• Alembic Pharmaceuticals Ltd. received US FDA final approval for Sacubitril and Valsartan Tablets.

Source: Exchange filing

• Revenue up 15.3% at Rs 560 crore from Rs 486 crore

• Ebitda flat at Rs 109.5 crore vs Rs 109.4 crore

• Margin declined 290 basis points to 19.6% from 22.5%

• Net profit fell 6.2% to Rs 77.6 crore from Rs 82.7 crore

Shares of Aventel Ltd. jumped 10.38% to Rs 126.50. It pared gains to trade 8.60% higher at Rs 124.45 as of 12:33 p.m., as compared to 0.60% decline in the NSE Nifty 50 index.

Avantel received Rs 110 crore order from the Ministry of Defense to supply SATCOM equipment.

The scrip rose as much as 6.38% to Rs 147.5 apiece, the highest level since May 24. It pared gains to trade 1.15% higher at Rs 140.20 apiece, as of 11:36 a.m. This compares to a 0.66% decline in the NSE Nifty 50 Index.

It has risen 16.85% on a year-to-date basis and 45.86% in the last 12 months. Total traded volume so far in the day stood at 1.81 times its 30-day average. The relative strength index was at 43.91.

Out of 18 analysts tracking the company, 15 maintain a 'buy' rating, one recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.3%.

• Jash Engineering Ltd.'s subsidiary opened a pens new manufacturing facility in Glasgow.

Source: Exchange filing

Shares of Emami Ltd. surged on Thursday after its net profit rose 3.6% to Rs 146.8 crore in the fourth quarter of financial year 2024.

On Indian Economy

• Real GDP growth for FY25 is projected at 7%

• FY24 total expenditure at Rs 64,694 crore from Rs 1.48 lakh crore in FY23

• Sustained 7% growth for three successive years on govt capex

• Farm activity slowed in FY24 on uneven, deficient monsoon

• Labour market conditions improved during FY23, FY24

• IT sector remained muted in FY24 on global headwinds

On Inflation

• Headline inflation is expected to moderate further

RBI's Finances

• Income increased by 17.04%; Expenditure decreased by 56.3%

• Rs 42,820 crore moved to contingency fund for FY24

• Balance sheet rose by 11% to Rs 70.48 lakh crore in FY24

• Forex transaction gains in FY24 at Rs 83,610 crore from Rs 1.03 lakh crore in FY23

• FY24 foreign source income at Rs 1.87 lakh crore, up 23% YoY

On Liquidity

• RBI plans to issue consolidated instructions on liquidity facility

• Liquidity operations to be in sync with stance of monetary policy

• To liberalise external commercial borrowing framework

On Global Conditions

• Global economy growth may weaken below historical average in 2024

• To review IFSC regulations under FEMA

On Non-Banking Financial Services' Management

• Reviewing need for RBI nod for change in managements of HFCs & NBFCs

Source: Cogencis

Ahluwalia Contracts Ltd. has declined 13.47% to Rs 1,177.75 apiece, the lowest level since May 16. It pared losses to trade 4.86% down at Rs 1,294.90 as of 11:19 a.m., as compared to 0.62% decline in the NSE Nifty 50 index.

It has risen 121.45% in 12 months, and it has risen 66.98% on year to date basis. Total traded volume so far in the day stood at 6.35 times its 30-day average. The relative strength index was at 65.92.

Shares of Tata Steel Ltd. declined to the lowest level in nearly two weeks after the company reported a 64.6% annual fall in its consolidated net profit.

Its consolidated net profit fell 64.6% on the year to Rs 555 crore in the quarter ended in March from Rs 1,566 crore as its revenues declined.

However, brokerages like Jefferies and Motilal Oswal maintained its rating as the company's Ebitda beat their estimates.

The scrip fell as much as 4.28% to Rs 166.80 apiece, the lowest level since May 17. It was trading 3.79% lower at Rs 167.65 apiece, as of 11:07 a.m. This compares to a 0.50% decline in the NSE Nifty 50 Index.

It has risen 56.94% in 12 months, and on year to date basis, it has risen 20.34%. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 49.74.

Out of 32 analysts tracking the company, 17 maintain a 'buy' rating, eight recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.1%.

Shares of IRB Infrastructure Developers Ltd. fell after the multiple large trades on the bourses. On the NSE 4.15% stake in the company changed hands and 1.73% stake changed hands on the BSE.

• JSW Steel is going to launch indigenous steel product JSW Magsure.

• The company aims to manufacture and market the zinc-magnesium-aluminium alloy coated product in the domestic market.

Source: Exchange filing

Shares of Edelweiss Financial Services Ltd. recorded their worst fall in over four years on Thursday after the Reserve Bank Of India announced severe business restrictions against two of the group's companies, owing to material supervisory concerns.

• Shares of Awfis Space Solutions Ltd. listed at Rs 435 apiece on the National Stock Exchange, a premium of 13.5% to its IPO price of Rs 383 per share.

• On the BSE, the stock debuted at Rs 432.25 per share, a 12.86% premium to the issue price.

Shares of SJVN Ltd. declined to the lowest level in near two-week low after the company's revenue fell during January-March.

The scrip fell as much as 5.87% to Rs 131.50 apiece, the lowest level since May 17. It was trading 3.61% lower at Rs 134.65 apiece, as of 09:41 a.m. This compares to a 0.41% decline in the NSE Nifty 50 Index.

It has risen 275.73% in 12 months, and on year to date basis, it has risen 47.99%. Total traded volume so far in the day stood at 4.3 times its 30-day average. The relative strength index was at 48.87.

Out of five analysts tracking the company, two maintain a 'buy' rating, and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 16.4%.

India's benchmark indices opened lower on Thursday as Tata Steel Ltd., HDFC Bank Ltd. declined.

As of 09:16 a.m., the NSE Nifty 50 was 61.95 points or 0.27% lower at 22,642.75, and the S&P BSE Sensex was 222.93 points or 0.30% down at 74,279.97.

The NSE Nifty 50 has broken on the downside from its inside range of the previous day and closed near the support of 22,650 levels, said Vikas Jain, a senior research analyst at Reliance Securities.

On the higher side crossover of 22,800 will trigger sharp covering with respect to the monthly expiry and the next support would be 22,480 being the 20 day average, Jain said.

RSI has reversed below from its average line on daily charts and oversold on hourly charts so could expect some pullback to test the higher range. Highest call OI is at 22,800 strike while the downside the highest put OI is at 22,500 for the monthly expiry, he added.

Infosys Ltd., HDFC Bank Ltd., Tata Steel Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. pressured the benchmark.

State Bank of India, Kotak Mahindra Bank Ltd., ICICI Bank Ltd., Hindalco Industries Ltd., and Tata Motors Ltd. limited losses in the index.

On NSE, six sectors declined, one remained flat, and five advanced out of 12. The NSE Nifty Pharma was the worst performing sector, and the NSE Nifty PSU Bank was the top gainer.

Broader markets outperformed benchmark indices. The S&P BSE Midcap fell 0.15%, and the S&P BSE Smallcap declined 0.10%.

On BSE, 13 sectors declined, and seven advanced out of 20. The S&P BSE Consumer Durables was the worst performing sector, and the S&P BSE Bankex was the top gainer.

Market breadth was skewed in favour of buyers. Around 1,476 stocks advanced, 1,335 stocks declined, and 124 stocks remained unchanged.

At pre-open, the NSE Nifty 50 was 87.25 points or 0.38% lower at 22,617.45, and the S&P BSE Sensex was 137.02 points or 0.18% down at 74,365.88.

• The yield on the 10-year bond opened flat at 7.02%.

• It closed at 7.01% on Wednesday.

Source: Cogencis

• The local currency weakened by 8 paise to open at 83.42 against the U.S dollar.

• It closed at 83.34 on Wednesday.

Source: Bloomberg

• Welspun Corp's Saudi Arabia-based associate company East Pipes signed off contract worth Rs 316 crore with Alrawaf Contracting Company.

• Duration of the contract is 19 months.

Source: Exchange filing

• Alok Industries Ltd.'s Vinod Sureka resigned as CFO effective June 1.

Source: Exchange filing

• OPEC+ oil producers might extend current supply cuts

• Deeper supply cuts could be acceptable by Important OPEC+ members

• Plans for capacity increases might cause division within group

• An agreement seems to be on the table already

• Existing plan involves a 5.86 million bpd supply reduction ( 5.6% of global demand)

• Tighter supply could boost oil prices, benefitting Saudi Arabia and Russia

• OPEC’s supply cut policy + ongoing geopolitical risks keeps adding floor under crude oil prices

• US Dollar Index at 105.14

• US 10-year bond yield at 4.62%

• Brent crude down 0.25% at $83.67 per barrel

• Nymex crude up 0.13% at $79.33 per barrel 

• Bitcoin was up 0.60% at $67,812.75

• The GIFT Nifty was 78 points or 0.34% down at 22,644.00 as of 7:44 a.m.

• Citi Research maintains a 'buy' with a target price Rs 2,043, which implies an upside of 18%.

• In-line numbers but margin largely flattish

• Revenue over medium term could grow 18–20% CAGR

• Expects margin increase, should lead to 27% EPS CAGR over FY24–26

• In FY25, EBIT margin in C&W should improve by 100–120 bps

• Looking at both organic, inorganic growth opportunities in FMEG business

• FMEG breakeven is possible by 1QFY26

• Increases target P/E multiple to 48x from 46x earlier

• Edelweiss Financial Services Ltd. has clarified on the RBI's order to cease and desist from undertaking any structured transactions in respect of its wholesale exposures

• The firm said its board has already passed a resolution to discontinue wholesale business

• Directive will not materially affect company's strategy and business

• Reduction of wholesale exposure to continue as permitted

Source: Exchange filing

• Citi Research kept a 'sell' with the target price revised to Rs 215 from Rs 180, which implied downside of 16%.

• A price cut is likely soon as current domestic prices are already at a premium to export parity

• There is potential downside risk to global prices

• There is limited support from domestic steel price trends.

• Management expects pricing to remain buoyant on strong demand.

• NMDC trades at 7x EV/Ebitda (1-year forward on consensus)

• Motilal Oswal maintains 'buy' on NMDC with a target price Rs 300, which implies a 16% potential upside.

• Q4 earnings below estimates on higher operating costs and royalty & cess

• Outlook remains bright

• Q4 revenue in line with estimates, led by better realisations

• ASP for Q4 improved to Rs 5,174/t vs estimate of Rs 4,955/t

• Two price hikes in Q1 FY25 to improve company's ASP and earnings

• Production likely to ramp up in FY25 and FY26, providing strong growth comfort

• Steel demand volume growth expected to be robust

• Nomura upgraded Eureka Forbes to 'buy' with a target price of Rs 534, which implied an upside of 23%.

• Focus on premium launches to drive revenue growth

• Margin tailwinds in place and valuations attractive

• Ebitda margin at 11.2 benefited from lower RM/sales at 41% and other expense/sales at 19.8%

• Reported PAT at Rs. 21.4 crore was impacted by a Rs 15.1-crore loss due to a fire at warehouse

• Weaker e-commerce channel and shift in spends impacted near-term demand

• Significant increase in AMC contracts revenue to benefit growth as they get booked over a period

• Operating leverage should support further margin improvement

• Margins have multiple tailwinds from higher service revenue, direct to-consumer sales and operating leverage

• The yield on the new benchmark 7.10% 2034 bond rose 2 basis points to settle at 7.01% on Wednesday.

• It closed at 6.99% on Tuesday.

• The Indian currency closed 17 paise lower against the U.S. Dollar at 83.35 on Wednesday.

• It closed at 83.18 a dollar on Tuesday.

• Nifty May futures are down by 0.9% to 22,743.8 at a premium of 39.1 points.

• Nifty May futures open interest down by 20%.

• Nifty Bank June futures are down by 0.9% to 49,011.15 at a premium of 509.8 points.

• Nifty Bank June futures open interest up by 59.6%.

• Nifty Options May 30 Expiry: Maximum call open interest at 23,500 and maximum put open interest at 22,000.

• Bank Nifty Options June 5 Expiry: Maximum call open interest at 53,000 and maximum put open interest at 49,000.

• Securities in ban period: Aditya Birla Fashion, GMR Airports Infrastructure, Hindustan Copper, Vodafone idea.

• PNB Housing Finance: General Atlantic Singapore Fund Fii Pte Ltd sold 58 lakh shares (2.23%) at Rs 727.47 apiece; Asia Opportunities V (Mauritius) Ltd. sold 58 lakh shares (2.23%) at Rs 727.26 apiece; and Societe Generale bought 13.08 lakh shares (0.5%) at Rs 724.55 apiece.

• Great Eastern Shipping Co.: Nalanda India Fund Ltd. sold 20 lakh shares (1.4%) at Rs 1,045.14 apiece, while Ghisallo Master Fund Lp bought 9.94 lakh shares (0.69%) at Rs 1,045 apiece.

• Blue Cloud Softech Solutions: Duranta Infrastructure Pvt. sold 24.04 lakh shares (1.1%) at Rs 80.46 apiece and Supraja Business Consultants Pvt. sold 17.35 lakh shares (0.79%) at Rs 80.46 apiece.

• Chambal Fertilisers & Chemicals: Promoter Zuari Industries Ltd. revoked a pledge for 1.7 crore shares on May 23. Promoter Zuari Industries Ltd. created a pledge for 0.5 crore shares on May 24. Promoter Zuari Industries Ltd. revoked a pledge for 3.31 crore shares on May 24. Promoter Zuari Industries Ltd. revoked a pledge for 2 crore shares on May 24.

• Raymond: Promoter Shephali Ruia sold 4,700 shares.

• Som Distilleries & Breweries: Promoter Jagdish Kumar Arora bought 20,000 shares.

• Usha Martin: Promoter Peterhouse Investments India Ltd. sold 2 lakh shares.

• Hatsun Agro Product: Promoter RG Chandramogan bought 29,434 shares.

• Bharat Wire Ropes: Promoter Gyanshankar E-Trading Llp bought 60,928 shares; Promoter Gyanshankar Investment & Trading Co. bought 15,000 shares.

• Price Band Change from 20% to 10%: Johnson Controls-Hitachi Air Condition. India Ltd.

• Ex/record dividend: Ajanta Pharma, GPT Infraprojects, India Grid Trust, L T Foods.

• Edelweiss Financial Services: The Reserve Bank of India has stopped Edelweiss Asset Reconstruction Co., the subsidiary of the company, from acquiring any stressed assets, according to a supervisory action notification.

• SJVN: The company has signed a pact with Indian Oil for JV in renewable, new tech projects.

• Avantel: The company gets a Rs 110 crore order for the supply of SATCOM equipment from the Defence Ministry.

• Aditya Birla Capital: The company invests Rs 300 crore in its arm, Aditya Birla Housing Finance, on a rights basis.

• Ramco Systems: RAMS Solutions announces the expansion of its strategic partnership with the company.

• ONGC: The S&P Global rating changed the outlook from stable to positive. The company has stronger standalone credit profiles.

• RVNL: The company gets an order worth Rs 38 crore for signalling work.

• IndiaMart InterMesh: The company has entered into an agreement to acquire 10% of the share capital of Baldor Technologies.

• ICICI Bank: S&P Global Ratings has affirmed ICICI Bank's rating and revised its outlook to BBB-/positive/A-3 from BBB-/Stable/A-3. The bank's stand-alone credit profile was revised upwards from BBB to BBB+.

• State Bank of India: S&P Global Ratings has revised the outlook of the bank from stable to positive.

• G R Infraprojects: The company issued non-convertible debts on a private-placement basis up to Rs 200 crore.

• CESC: A fire incident occurred at the company's West Bengal plant owned by Haldia Energy Operations at Unit 1 of the West Bengal plant, which was partially disrupted.

• Nazara Technologies: Nazara Mauritius has completed the sale and transfer of its existing 100% stake held in NZMobile to Lychee Ventures for an aggregate consideration of $260000, paid in cash by Lychee Ventures.

Ace Software Exports, Authum Investment & Infrastructure, Apollo Hospitals Enterprises, Bharat Dynamics, Mrs Bectors Food Specialities, Bengal & Assam Co., BF Utilities, Century Extrusions, Dynacons Systems & Solutions, Eastern Logica Infoway, Elpro International, Emami Realty, Godfrey Phillips India, Hinduja Global Solutions, Kellton Tech Solutions, La Opala Rg, Marksans Pharma, Mold-Tek Packaging, Nagreeka Exports, Nagarjuna Agri Tech, PC Jeweller, Praj Industries, Premier Explosives, PTC India, Rajesh Exports, Roto Pumps, Snowman Logistics, Triveni Enterprises, Welspun Corp and Yatra Online

Tata Steel Q4 FY24 (Consolidated, YoY)

• Revenue down 6.8% at Rs 58,687 crore versus Rs 62,962 crore.

• Ebitda down 8.6% at Rs 6,601 crore versus Rs 7,219 crore.

• Margin at 11.2% versus 11.5%.

• Net profit down 64.6% at Rs 555 crore versus Rs 1,566 crore.

• Board recommends dividend of Rs 3.6/share.

• Board approved issue of NCDs worth up to Rs 3,000 crore on private placement basis.

SJVN Q4 FY24 (Consolidated, YoY)

• Revenue down 4.2% at Rs 483 crore versus Rs 504 crore.

• Ebitda at Rs 240 crore versus Rs 309 crore.

• Margin at 49.6% versus 61.3%.

• Net profit up at Rs 61 crore versus Rs 17 crore.

RHI Magnesita India Q4 FY24 (Consolidated, YoY)

• Revenue up 7.8% at Rs 943 crore versus Rs 875 crore.

• Ebitda at Rs 148 crore versus Rs 47 crore.

• Margin at 15.7% versus 5.4%.

• Net loss at Rs 258 crore versus Rs 679 crore.

• Board recommends final dividend of Rs 2.5/share

Ahluwalia Contracts Q4 FY24 (Consolidated, YoY)

• Revenue up 34.8% at Rs 1,164 crore versus Rs 863 crore.

• Ebitda down 5.4% at Rs 104 crore versus Rs 110 crore.

• Margin at 9% versus 12.8%.

• Net profit at Rs 200 crore versus Rs 72 crore.

Websol Energy System Q4 FY24 (YoY)

• Revenue at Rs 24.87 crore versus Rs 0.11 crore.

• Ebitda loss at Rs 3.16 crore versus Rs 1.46 crore.

• Net loss at Rs 58.57 crore versus Rs 5.35 crore.

Hindustan Oil Exploration Q4 FY24 (Consolidated, QoQ)

• Revenue up 80.92% at Rs 330.63 crore versus Rs 182.75 crore.

• Ebitda up 26.8% at Rs 117.69 crore versus Rs 92.82 crore.

• Margin at 35.59% versus 50.79%.

• Net profit at Rs 70.61 crore versus Rs 4.82 crore.

Maithan Alloys Q4 FY24 (Consolidated, YoY)

• Revenue down 18.97% at Rs 433.27 crore versus Rs 534.73 crore.

• Ebitda at Rs 6.54 crore versus Rs 89.96 crore.

• Margin at 1.51% versus 16.82%.

• Net profit up 44.79% at Rs 142.01 crore versus Rs 98.08 crore.

Lemon Tree Hotels Q4 FY24 (Consolidated, YoY)

• Revenue up 29.5% at Rs 327 crore versus Rs 252.68 crore.

• Ebitda up 22.6% at Rs 171 crore versus Rs 140 crore.

• Margin at 52.4% versus 55.4%.

• Net profit up 42.3% at Rs 84 crore versus Rs 59 crore.

• Divergence on PAT level is due to a tax write back of Rs 137 million.

G R Infraprojects Q4 FY24 (Consolidated, YoY)

• Revenue down 12% at Rs 2,310 crore versus Rs 2,049 crore.

• Ebitda up 37% at Rs 399 crore versus Rs 289 crore.

• Margin at 17.69% versus 14.53%.

• Net profit up 43% at Rs 275 crore versus Rs 192 crore.

Heritage Foods Q4 FY24 (Consolidated, YoY)

• Revenue up 16.3% at Rs 951 crore versus Rs 818 crore (Bloomberg Estimate: Rs 918.80 crore).

• Ebitda up 67.6% at Rs 70 crore versus Rs 42 crore (Bloomberg Estimate: Rs 58.80 crore).

• Margin at 7.4% versus 5.1%.

• Net profit doubles at Rs 40 crore versus Rs 18 crore (Bloomberg Estimate: Rs 30.30 crore).

Rishabh Instruments Q4 FY24 (Consolidated, YoY)

• Revenue up 2% at Rs 1,77.9 crore versus Rs 174.4 crore.

• Ebitda down 28% at Rs 18 crore versus Rs 24.9 crore.

• Margin at 10.11% versus 14.2%.

• Net profit up 85% at Rs 2.3 crore versus Rs 15.1 crore.

Banco Products Q4 FY24 (Consolidated, YoY)

• Revenue up 19% at Rs 723.87 crore versus Rs 609.30 crore.

• Ebitda up 16% at Rs 114.05 crore versus Rs 98.26 crore.

• Margin at 16% versus 16.12%.

• Net profit up 33% at Rs 68 crore versus Rs 51 crore.

KNR Construction Q4 FY24 (Consolidated, YoY)

• Revenue up 13.5% at Rs 1,414 crore versus Rs 1,245 crore.

• Ebitda up 53% at Rs 374 crore versus Rs 245 crore.

• Margin at 26.4% versus 19.6%.

• Net profit up 2.4 times at Rs 341 crore versus Rs 142 crore.

• Other income of Rs 125 crore versus Rs 10 crore.

Dredging Corp. Q4 FY24 (Consolidated, YoY)

• Revenue at Rs 278 crore versus Rs 337 crore.

• Ebitda at Rs 22 crore versus Rs 167 crore.

• Margin at 8%.

• Net loss at Rs 23 crore versus loss of Rs 223 crore.

Bata India Q4 FY24 (Consolidated, YoY)

• Revenue up 2.5% at Rs 798 crore versus Rs 7799 crore.

• Ebitda up 0.1% at Rs 182 crore versus Rs 182 crore.

• Margin down 53 bps at 22.8% versus 23.4%.

• Net profit down 3% at Rs 64 crore versus Rs 66 crore.

• Board recommends dividend of Rs 12/share.

ION Exchange Q4 FY24 (Consolidated, YoY)

• Revenue up 20.7% to Rs 782 crore versus Rs 647 crore.

• Ebitda declined 13.3% to Rs 92 crore versus Rs 106 crore.

• Margins contracted to 11.8% versus 16.4%.

• Net profit fell to Rs 72.4 crore versus Rs 81.2 crore.

Indegene Q4 FY24 (Consolidated, YoY)

• Revenue up 6.5% to Rs 673 crore versus Rs 632 crore.

• Ebitda up 42.4% to Rs 139 crore versus Rs 97 crore.

• Margins at 20.6% vs 15.4%.

• Net profit up 94.3% to Rs 94.8 crore versus Rs 48.8 crore.

Cummins India Q4 FY24 (Consolidated, YoY)

• Revenue up 19.9% to Rs 2,319 crore versus Rs 1,934 crore.

• Ebitda up 63.1% to Rs 539 crore versus Rs 330 crore.

• Margins at 23.2% versus 17.1%.

• Net profit rose 54.4% to Rs 539 crore versus Rs 349 crore.

• Board recommends final dividend of Rs 20/share.

MM Forgings Q4 FY24 (Consolidated, YoY)

• Revenue up 2.4% to Rs 397 crore versus Rs 388 crore.

• Ebitda up 11.5% to Rs 78 crore versus Rs 70 crore.

• Margins at 19.5% versus 17.9%.

• Net profit rose 18.2% to Rs 36 crore versus Rs 31 crore.

• Board recommends final dividend of Rs 20/share.

NOCIL Q4 FY24 (Consolidated, YoY)

• Revenue down 9.2% to Rs 357 crore versus Rs 393 crore.

• Ebitda fell 10.3% to Rs 45 crore versus Rs 50 crore.

• Margins at 12.5% versus 12.7%.

• Net profit rose 46.7% to Rs 42 crore versus Rs 28 crore.

Healthcare Global Enterprises Q4 FY24 (Consolidated, YoY)

• Revenue up 11.9% to Rs 493 crore versus Rs 441 crore.

• Ebitda up 19.9% at Rs 91 crore versus Rs 76 crore.

• Margins at 18.4% versus 17.1%.

• Net profit at Rs 23 crore versus Rs 6 crore.

Markets in the Asia-Pacific region were trading in loss early on Thursday, tracking a similar move in Wall Street after the US Treasury yields increased.

The Nikkei 225 was 844.26 points or 2.19% down at 37,712.61, and the S&P ASX 200 was 36.00 points or 0.47% down at 7,629.60, as of 06:30 a.m.

The US stock market came under pressure, with traders on high alert before a $44 billion sale of seven-year notes that follows two weak auctions on Tuesday, Bloomberg said.

The S&P 500 Index and Nasdaq Composite fell 0.74% and 0.58%, respectively, as of Wednesday. The Dow Jones Industrial Average fell 1.06%.

Brent crude was trading 0.08% lower at $83.53 a barrel. Gold fell 0.12% to $2,335.30 an ounce.

The GIFT Nifty was trading 70 points or 0.31% down at 22,652.00 as of 06:37 a.m.

The benchmark equity indices recorded their biggest fall in 14 sessions on Wednesday as they continued to decline for the fourth consecutive session. The NSE Nifty 50 closed 183.45 points or 0.8%, lower at 22,704.70, while the S&P BSE Sensex ended 667.55 points or 0.89%, lower at 74,502.90.

Overseas investors turned net sellers on Wednesday after a day of buying. Foreign portfolio investors sold stocks worth Rs 5,841.84 crore and domestic institutional investors stayed net buyers for seven straight sessions and mopped up equities worth Rs 5,233.79 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed 17 paise lower against the U.S. dollar at 83.35.