Stock Market Today: Sensex, Nifty Close Higher For Third Consecutive Session

-The local currency closed flat at 83.51 against the US dollar.

-It closed at 83.52 on Monday.

Source: Bloomberg

Benchmark equity indices continued to gain in the third consecutive session with shares of heavyweight Reliance Industries contributing the most to the gains. The Sensex reclaimed 73,000 level after three sessions.

The Nifty closed at 22,222.60, up by 118.55 points or 0.54%, and the Sensex closed 340.58 points or 0.47% higher at 73,116.71.

"The Nifty is now approaching the hurdle zone around 22,300 after two days of rebound, which might lead to a pause or a resumption of a corrective phase," said Ajit Mishra – SVP, research at Religare Broking Ltd.

However he noted that a decrease in volatility could limit the decline. "The mixed sectoral trend presents opportunities for traders on both sides of the market, so it's important for them to plan their positions accordingly," he added.

Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., HDFC Bank Ltd., and Adani Enterprises Ltd. contributed the most to the gains.

While those of ICICI Bank Ltd., Tata Consultancy Services Ltd., Cipla Ltd., Axis Bank Ltd., and ITC Ltd. weighed on the Nifty 50.

Except Nifty FMCG and Nifty Pharma, all sectoral indices ended higher. Nifty Metal rose the most followed by Nifty Auto and Nifty Oil & Gas.

Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 1.14% higher, and the S&P BSE Smallcap settled 1.79% up.

On BSE, 18 sector advanced, and two declined out of 20. The S&P BSE Utilities rose nearly 3% to become the top performing index, and the S&P BSE FMCG was the worst performing.

Market breadth was skewed in favour of buyers. Around 2,698 stocks rose, 1,114 stocks declined, and 111 stocks remained unchanged on BSE.

• Net profit at Rs 260 crore vs Rs 268 crore, down 3%

• Revenue at Rs 1,150 crore vs Rs 1,274 crore, down 10%

• EBITDA at Rs 297 crore vs Rs 316 crore, down 5.8%

• Margin at 25.9% vs 24.8%

• Net profit at Rs 43 crore vs Rs 38 crore, up 13%

• Revenue at Rs 365 crore vs Rs 302 crore, up 21%

• EBITDA at Rs 67 crore vs Rs 58 crore, up 15%

• EBITDA margin at 18.4% vs 19.3%

• Approves appointment of Pooja Bajaj as Executive Director for 5 years effective May 14

• Approves raising up to Rs 500 crore via QIP

Source: Exchange filing

• Net profit at Rs 236 crore vs Rs 243 crore, down 3%

• Revenue at Rs 4,455 crore vs Rs 4,084 crore, up 9%

• EBITDA at Rs 422 crore vs Rs 423 crore, down 0.4%

• EBITDA margin at 9.5% vs 10.4%

• Board recommends dividend of Rs 51/share

Mahindra & Mahindra Ltd. rose as much as 4.40% to Rs 2,280.35, the highest level since its listing on Jan 3, 1996. It was trading 3.91% higher at Rs 2,269.75 as of 2:03 p.m., as compared to 0.74% advance in the NSE Nifty 50 index.

The scrip gained 76.41% in 12 months, and on year-to-date basis, it has risen 31.14%. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 70.41, which implied the stock is slightly overbought.

Out of 41 analysts tracking the company, 36 maintain a 'buy' rating, five recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.4%.

• Revenue rose 3% to Rs 3,360 crore from Rs 3,277 crore

• Ebitda rose 84% to Rs 246 crore from Rs 134 crore

• Net profit rose 97% to Rs 162 crore from Rs 82 crore

• Margin at 7.3% vs 4.1%

• Loss of Rs 130 crore vs loss of Rs 334 crore

• Revenue at Rs 1,256 crore vs Rs 1,143 crore, up 10%

• EBITDA at Rs 278 crore vs Rs 264 crore, up 5.5%

• EBITDA margin at 22.2% vs 23.1%

Restructuring of activities under process

Source: Exchange Filing

• Overall industry premium stands at Rs 26,919 crore, up 15% YoY

• Bajaj Allianz premium stands at Rs 2,389 crore, up 45% YoY

• HDFC Ergo premium stands at Rs 1,727 crore, up 20% YoY

• ICICI Lombard premium stands at Rs 1,727 crore, up 23% YoY

• Reliance General Insurance premium stands at Rs 1,400 crore, up 24% YoY

• Tata AIG premium stands at Rs 1,740 crore, up 11% YoY

• Niva Bupa premium stands at Rs 444 crore, up 25% YoY

• Star Health premium stands at Rs 1,014 crore, up 23% YoY

Finolex Industries reported strong quarter four results on the back of recovery in PVC Volumes and lower commodity costs compared to last year.

In partnership for operating food courts in shopping malls.

Source: Exchange Filing

India's benchmark stock indices were trading higher through midday on Tuesday, led by gains in heavyweights Reliance Industries Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd.

As of 12:42 p.m., the NSE Nifty 50 was 94.90 points, or 0.43%, higher at 22,198.05, while the S&P BSE Sensex gained 242.77 points, or 0.33%, to 73,018.90.

Intraday, Nifty rose 0.39% to 22,189.80, and Sensex was 0.37% higher at 73,047.25.

"On the downside, the 22,000 level is expected to act as support (for Nifty). Specifically, the 22,300 call strike has a notable open interest of approximately 96 lakh shares, while the 22,000 put strike has a substantial OI of around 81 lakh shares," said Shrey Jain, founder and chief executive officer of SAS Online.

Bank Nifty outperformed Nifty, driven by a rebound in HDFC Bank and other private sector banks. Option data indicates that the 48,000 call strike is pivotal. If the Bank Nifty sustains above the 48,000 level, a move towards 48,500 is anticipated, he said.

Shares of Mahindra & Mahindra Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., and Adani Enterprises Ltd. positively contributed to gains in the Nifty.

While those of Tata Consultancy Services Ltd., ICICI Bank Ltd., Axis Bank Ltd., Cipla Ltd., and Nestle Ltd. weighed on the index.

On NSE, seven sectors advanced, two remained flat and three declined. The NSE Nifty Metal was the top performer, while NSE Nifty Pharma was the worst performer.

Broader markets were trading higher on BSE. The S&P BSE Midcap was 0.72% higher, and S&P BSE Smallcap was 1.36% up.

On BSE, 16 sectors advanced and four declined. The S&P BSE Utilities was the top gainer, and the S&P BSE TECK was the top loser.

Market breadth was skewed in the favour of buyers. On BSE, 2,571 stocks advanced, 991 stocks declined, and 157 stocks remained unchanged.

• Revenue at Rs 1,047 crore vs Rs 755 crore, up 39%

• Loss of Rs 49 crore vs net profit of Rs 60 crore

• EBITDA at Rs 172 crore vs Rs 151 crore, up 14%

• EBITDA margin 16.5% vs 19.9%

• Exceptional loss of Rs 42.4 crore in Q4

• Rhenus will build a warehouse facility spanning 1.5 lakh sq ft., capable of storing over 7000 products.

• The furniture retailer seeks to fulfill majority of the orders within 24 hours.

• This marks the first fully outsourced central distribution centre for IKEA.

• IKEA has plans to launch its e-commerce operations in the Delhi-NCR region in mid-2025.

Source: Official Statement

WPI inflation at 1.26% in April vs Bloomberg estimate of 1.10%

WPI inflation at 1.26% in April vs 0.53% in March

Source: Ministry of Commerce

All the Adani Group stocks were up in trade on Tuesday led by Adani Total Gas Ltd., and Adani Energy Solutions Ltd. which gained 6.94%, and 5.22%, respectively.

The market capitalisation of the billionaire Adani-led group rose as much as Rs 66,280 crore, taking their total market capitalisation to Rs 15.86 lakh crore.

Partners with du, from EmiratesIntegrated Telecommunications Company, one of the top telecom companies in the UAE for advanced optical fibre cables

Source: Exchange filing

Shares of Cochin Shipyard snapped their three-day fall and surged today after the company secured a 'large' order from a European Client, for the design and construction of a Hybrid Service Operation Vessel with an option for two more such vessels.

The company classifies orders worth Rs 500-1,000 crore as large.

The scrip rose as much as 9.6% to Rs 1,310 apiece, the highest level since May 7. It pared gains to trade 8.38% higher at Rs 1,293.20 apiece, as of 11:43 a.m. This compares to a 0.35% advance in the NSE Nifty 50 Index.

It has risen 91.20% on a year-to-date basis and 421.68% in the last 12 months. Total traded volume so far in the day stood at 1.23 times its 30-day average. The relative strength index was at 60.75.

Out of the five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 36%.

Passenger vehicles clock highest ever monthly sales yet again, two-wheeler volumes jump by more than a third, according to SIAM data for April 2024.

• PV sales were 3,35,629 units in April 2024

• Three-wheeler sales were 49,116 units in April 2024

• Two-wheeler sales were 17,51,393 units in April 2024

• Total two-wheeler sales rose 30.8% YoY to 17,51,393 units in April 2024, as against 13,38,588 units in April 2023.

• ⁠Total three-wheeler sales rose 14.5% YoY to 49,116 units in April 2024, as against 42,885 units in April 2023.

“Above normal monsoon rainfall, policy continuity post-elections, and push on manufacturing and infrastructure…would help in continuing the auto sector’s growth trajectory.”

— Vinod Aggarwal, SIAM President

Shares of Shriram Finance snapped their six-day losing streak and rose as the company plans to sell its entire stake in its housing finance arm, Shriram Housing Finance, to Warburg Pincus for Rs 4,630 crore.

Warburg Pincus will acquire the stake through its affiliate, Mango Crest Investment Ltd., subject to regulatory approvals.

To date, Shriram Finance maintained a controlling interest in its housing finance subsidiary, with Mauritius-based private equity firm Valiant Partners LP holding the remaining ownership. Valiant will also fully divest its equity stake to the company, according to an exchange filing on Monday.

Brokerage firm Citi Research said Entire stake sale including Valiant's implies Shriram Finance was more keen to deploy capital towards its core business than housing finance entity. The brokerage has a 'buy' rating for the stock and a target price of Rs 2,930, implying an upside of 27.29% from Monday's close.

The scrip rose as much as 5.04% to Rs 2,417.85 apiece, the highest level since May 9. It pared gains to trade 1.6% higher at Rs 2,339 apiece, as of 11:15 a.m. This compares to a 0.3% advance in the NSE Nifty 50 Index.

It has risen 14% on a year-to-date basis and 67.32% in the last 12 months. Total traded volume so far in the day stood at 0.76 times its 30-day average. The relative strength index was at 75.84, indicating that the stock may be overbought.

Out of the 38 analysts tracking the company, 36 maintain a 'buy' rating, one recommend a 'hold,' and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 24%.

"In terms of valuation, the food business stands to be at premium killing the ESOP chatter. The ESOP chatter will continue for the next five years, so, we cut our Ebitda estimate for the food business," Karan Taurani, senior vice president, Elara Capital.

Zomato Ltd. declined 6.28% to Rs 182.10, the lowest level since May 7. It was trading 2.21% down at Rs 190.00 as of 11:20 a.m., as compared to 0.38% advance in the NSE Nifty 50 index.

The gained 197.96% in 12 months, and on year-to-date basis it has risen 53.6%. Total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 51.10.

Out of 28 analysts tracking the company, 24 maintain a 'buy' rating, one recommends a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 202.6%.

Rajat Bose, a SEBI-registered research analyst, said that we needn't worry so much until it crosses 28-32 zone, its earlier high. However he also noted that, "Whenever India VIX moves up in this fashion, even if the market goes up, there is a corrective move after some time that can sustain for quite some time or a sharp fall."

At 10:07 a.m., the volatility gauge traded 2.3% higher at 21.07 level. In the near-term, Bose said that he is not positive on the market and recommends profit-booking. According to him, 22,100 will act as a support for Nifty and resistance is at 22,220-22,260, if it crosses these level, he expects the index to rise to 22,335 levels.

UBS expects Hindustan Aeronautics Ltd.'s order book to quadruple by FY28 and its topline revenue from manufacturing to grow 50% as government push for domestic manufacturing to reduce imports.

The brokerage maintained a 'Buy' rating on the stock and raised the target price to Rs 5,200 from Rs. 3,600. The current price target implied a 25% upside from Monday's closing price.

The scrip rose as much as 3.62% to Rs 4,063.80, the highest level since March 28, 2018. It was trading 2.28% higher at Rs 4,011.5 as of 09:36 a.m., as compared to 0.11% advance in the NSE Nifty 50 index.

The scrip gained 165.98% in 12 months, and 42.94% on year-to-date basis. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 66.51.

Out of 16 analysts tracking the company, 14 maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.8%.

Hero MotoCorp Ltd. rose nearly 2% to the highest level after the company joined ONDC network to offer vehicle parts and accessories. It was trading 1.45% higher at Rs 4,956.50 as of 09:26 a.m., compared to a flat Nifty 50 index.

Benchmark indices continued to gain in the third consecutive session led by gains in the shares of Reliance Industries and Bharti Airtel.

At pre-open, the Nifty traded at 22,112.90, up 8.85 points or 0.04% while the Sensex fell 79.41 points or 0.11% to 72,696.72.

"Yesterday Nifty bounced back from the strong support of 21800 levels and made a hammer pattern indicating bullish reversal on daily charts," said Deven Mehata, research analyst at Choice Broking. "Traders holding a long position should hold with a trailing stop loss of 21950 on a closing basis."

Bank Nifty has virtually completed its corrective move in the rising channel, according to Aditya Gaggar, director of Progressive Shares. "The strong support is placed at 47,200 while a level of 48,100 will act as resistance," he said.

Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., State Bank Of India, Bharti Airtel Ltd., and Shriram Finance Ltd. contributed the most to the gains.

While those of Tata Consultancy Services Ltd., Cipla Ltd., Asian Paints Ltd., ICICI Bank Ltd., and Axis Bank Ltd weighed on the Nifty.

All sectoral indices but Nifty Pharma traded higher. Nifty PSU Bank and Nifty Oil & Gas were the top gainers.

Broader markets outperformed. The S&P BSE Midcap traded 0.37% higher and S&P BSE Smallcap was 0.69% higher.

The market breadth was skewed in the favour of buyers. Around 2,053 stocks gained, 639 fell, and 109 were unchanged on the BSE.

• Motilal Oswal Maintains BUY on Jindal Steel

• Target price raised to Rs 1,090; 17% potential upside

• Q4 EBITDA was marginally lower than estimate, but the outlook remains bright

• Company will increase its total finished steel capacity from 7.25mt to 13.75mt by FY26

• Expects coal cost to moderate by USD 30-40/t in Q1FY25 on consumption basis

• Company expects realization and profitability to improve with higher conversion of semis into VAP

At pre-open, the Nifty traded at 22,112.90, up 8.85 points or 0.04% while the Sensex fell 79.41 points or 0.11% to 72,696.72.

• The yield on the 10-year bond opened flat at 7.12%.

• It closed at 7.11% on Monday.

Source: Bloomberg

• The local currency opened flat at 83.51 against the US dollar.

• It closed at 83.52 on Monday.

Source: Bloomberg

• Quick comparisons with 2019 elections led to panic

• Judging voter turnout with 2019 can often lead to absurd inferences

• Phase 1 of 2019 elections differ significantly than that of ongoing elections

• Structurally, it is more apt to compare current elections to that of 2014

• Average voter turnout of 3 phases at over 66%, close to 2014 levels

• Country lacks central vote theme this time, unlike in 2019

• Only a case with >5% vote share decline, significant anti-incumbency is where elections become a market-defining event

• Rated 'buy' with increased target price of Rs675 (Rs650 earlier), upside 25%

• Outperformance vs estqimates driven by higher than expected revenues & better than expected EBITDA margins

• Management indicated ~80% of impact of channel rebates and high cost inventory consumption is behind

• $300-400m of free cash generation in FY25 will be used to reduce debt

• Mgmt.is evaluating potential stake sales at individual businesses.

• Raise FY25-26 EBITDA estimates by 10-11% on back of improvement in margins in 4Q.

• Continue to value UPL at 7.5x Sep’25E EV/EBITDA

• Maintains buy on HAL; Target raised to Rs 5,200 (vs 3600 earlier) (+32%)

• Orders and delivery run rate to increase with stable profitability

• Expect order wins of Rs5.3trn over FY24-28 implying a quadrupling of the order book by FY28E

• Government push should improve HAL's execution capability and profitability

• Street's concern about production ramp up looks misplaced

• TP increase led by earnings upgrade, roll forward and increased target PE, from 32x to 40x

• Rated Buy with target price of Rs 610 (Earlier Rs 635), upside 22%

• Estimates Industry headwinds to persist in FY25

• Industry supply glut and chinese generic export could keep price under pressure

• Demand recovery, liquidation of global supply glut are key rerating catalysts

• UPL appears to be on better footing once recovery sets in

• Estimates PBT loss in Q1FY25;PE inexpensive

• Core inflation hit a new low at 3% YoY with weakness across goods and services

• No major surprises in April CPI print, with further decline in core inflation momentum

• In-line inflation momentum suggests a manageable supply situation as new crop enters market

• Supply dynamics of fresh wheat crops relatively better despite weather shocks in winter period

• Impact of intense heatwave could still show up in food prices during peak summer months

• Retains FY25 average headline inflation forecast at 4.5% YoY

• Expects RBI to keep forecast unchanged at the June MPC meet

• Expects RBI MPC to be more tactical around timing of the stance change

• Price target increased to Rs 2,986 vs Rs 2,443 (35.2% downside)

• 4QFY24 /FY24 order inflows growth of 2% YoY/6% YoY and were below expectations

• Order inflows slowed down in 4QFY24 / FY24 due to miss in large orders

• Large orders pipeline looking healthy but yet to fructify

• Valuations at 73x /61x FY25E/FY26 EPS remain expensive

RBI approves Quant Money Managers to acquire aggregate holding of up to 9.98% in Bank

Source: Exchange filing

• Morgan Stanley maintains equal weight rating for DLF

• Price target of Rs 900 (+7.3% upside)

• F24 pre-sales of Rs 14,800 crore, 7% lower than estimates

• Sale of Privana West of Rs 5,600 crore in Q1FY25 will help FY25 growth

• Collections growth of 14% to Rs 2,200 crore in 4QF24 slower than 80% in past two quarters

• Net profit of Rs 920 crore (+62% YoY) better than consensus estimates

Morgan Stanley Maintains Overweight On Varun Beverages

• Target price at Rs 1,701 (16% upside)

• Q1 earnings were 13% ahead of brokerage estimates

• Management optimistic on near term Indian demand trends and growth drivers in international market

• Net realization per case up 3.5% YoY driven by improving product mix

• All plants operating at 100% capacity utilization

• Management reiterates margin guidance of 21-22%

Motilal Oswal Maintains 'Buy' On Varun Beverages

• Target price Rs 1,720, Upside 16%

• Cost optimization and better realization drive earnings

• EBITDA margins expanded 240bp YoY to 22.9%, led by improved GM by 390 Bps

• Expects strong sales growth in 2QCY24, led by heat waves,elections

• Has commissioned three Greenfield facilities in CY24 YTD

• Out of planned capex of 3600 cr, 3400 cr is done, 200cr over next quarters

• Expect to maintain momentum due to increased penetration in new territories

• Higher acceptance of new launched products, capacity and distribution expansion

• Expect a CAGR of 21%/22%/29% in revenue/EBITDA/PAT over CY23-26

Emkay Maintains 'Buy' On Varun Beverages

• Maintain Buy with raised TP of Rs 1,650 from Rs 1,500 earlier, upside 11%

• EBITDA was 8-13% ahead of estimates

• 100% utilization of enhanced capacity in Apr-24, which is up ~40% vs CY22

• Acquired South Africa business improves medium-term growth profile

• Expanding engagement in Pepsico’s foods business remain potential upsides

• Increase multiple by around 10% due to SA business,

Nuvama Maintains 'Buy' on Varun Beverages

• Target price Rs 1,690, upside 14%

• International Volume up 21%, driven by Morocco & Zimbabwe

• Net realisation per case rose 3.5% to INR179

• Increasing CY24E/25E EPS by 9%/9%

• Target PE to 60x from 55x, factoring in improving rural demand in CY24

• Market expansion following SA acquisition, Higher realisation & improving operating leverage

Citi Maintains 'Buy' on Zomato At New Target Price Of Rs 235

• Q4 Ebitda largely in-line with Citi estimates

• Pace of quick commerce expansion implies higher competition with peers

• Raise quick commerce estimates, expect GOV growth at 71%/39% in FY25/26

• Margin outlook is still intact in the medium term

• Delhi-NCR, Bangalore, Mumbai to support 500+ dark stores each

• Margin uptick in food delivery on platform-monetization, stable corporate overheads

• Management guides for over 20% YoY growth for food delivery business

Nuvama Maintains 'Buy' On Zomato At Rs 245 Target (24.6% upside)

• Q4 revenue in-line, margin missed brokerage estimates

• Blinkit expansion to impact short-term profitability, but help cement business as quick commerce leader

• Blinkit's AOV down 2.8% QoQ on seasonality

• Anticipate aggressive store addition to hurt Blinkit's margin expansion for next 2 quarters

• Short term store expansion plan impact to be offset by higher margins in FY26.

UBS maintains 'Buy' on Zomato at Rs 250 target (27% upside)

• Q4 GOV, revenues in line, Ebitda missed estimates on higher employee costs

• Dip in Food delivery GOV was due to seasonality

• Guidance of 40%+ YoY growth in adj. revenues for next couple of years holds good

• ESOP costs expected to go up further, but overall employee costs as % of revenue to trend downwards

• Files registration statement with SEC for proposed IPO

• Common shares are expected to be offered by Novelis' sole shareholder, a wholly owned subsidiary of Hindalco Industries

• Novelis to not receive any proceeds from sale of common shares by sole shareholder

• Intends to list common shares on NYSE under the ticker symbol NVL

• Number of shares to be offered & price range for IPO have not yet been determined

Source: Press release

Citi Raises Jindal Steel Target But Reiterates 'Sell'

• Target price raised to Rs 800 from earlier Rs 685; 14% potential downside

• India steel prices are around 7-8% premium to import parity, limiting upsides

• Unsure as to whether the new HSM will translate into higher volumes in FY25

• Revenues appear higher on raw material sales to RINL as part of their MoU

• Expect FY25 sales volume growth at around 9%

• EBITDA/t estimates for FY25/26 are around Rs 14,300 vs Rs 12,000 earlier

Nuvama Raises Jindal Steel Target Price; Reiterates 'Buy'

• Target price raised to Rs 1,185 from earlier Rs 1,030); 27.3% potential upside

• Expect EBITDA/t to increase to ~Rs 15,000 in Q1FY25 owing to higher steel prices

• Expect EBTIDA CAGR to increase to 34% over FY24–26e

• RoCE expected to improve to 21% in FY26 from 13% in FY24

Morgan Stanley Says Transaction At Below Estimates

• Sale of 100% of Shriram Housing but Shriram Finance (83.8%) and Valiant Partners (16.2%)

• Transaction at INR 4630crore - 18% below MS estimates

• Valuation at 2.1x FY25E PBV

• Contribution of HFC to overall SOTP is ~4%, shortfall is <1% of our SOTP

• Transaction should result in 3% higher BV and 70bps accretion to Tier1 capital FY25E

Citi Research On Shriram Finance

• Board approved sale of stake in Shriram Housing to Warburg Pincus at 4630 crore

• Value of 85% stake at Rs. 96 per share vs Rs 140 per share Citi Est

• Values the Co at 2.2x PBV

• Co was generating 2.2% ROA, 14% ROE with a 71% AUM growth

• Entire stake sale implies SFL was more keen on deploying capital in core business

• US Dollar Index at 105.27

• US 10-year bond yield at 4.49%

• Brent crude up 0.10% at $83.44 per barrel

• Nymex crude down 0.11% at $79.21 per barrel 

• Bitcoin was down 0.55% at $62,741.19

• The GIFT Nifty trades 31 points or 0.14% higher at 22,244 as of 7:13 a.m.

• Nifty May futures up by 0.38% to 22,201 a premium of 96.95 points.

• Nifty May futures open interest down by 0.7%.

• Nifty Bank May futures up by 0.98% to 48,003.7 at a premium of 249 points.

• Nifty Bank May futures open interest down by 3.7%.

• Nifty Options May 16 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 21,000.

• Bank Nifty Options May 15 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 46,000.

• Securities in ban period: Balrampur Chini Mills, Canara Bank, GMR Infra, Hindustan Copper, Vodafone Idea, Piramal Enterprise, PNB, SAIL, Zee Entertainment Enterprises.

• Moved out of short-term ASM framework: Abans Holdings, Kirloskar Electric Co.

• Price band change from 20% to 10%: Kirloskar Electric Co..

• Ex/record dividend: Gravita India, Godrej Consumer Products, Omax Autos.

• Great Eastern Shipping: Nalanda India Equity Fund sold 20 lakh shares (1.4%) at Rs 950.25 apiece, Ghisallo Master Fund LP bought 19.58 lakh shares (1.37%) at Rs 950 apiece.

• Anant Raj Industries: Axis Mutual Fund Axis Small Cap Fund bought 26 lakh shares (0.8%) at Rs 368 apiece.

• Hero MotoCorp: The company joined the ONDC network to offer parts and accessories to customers on the digital platform.

• Vedanta: The company will consider raising funds via the issue of equity shares via FPO, rights issue or other means on May 16. Unit Cairn Oil and Gas's reserves and resources portfolio grew by 19% YoY to 1.4 billion barrels of oil equivalent.

• Maruti Suzuki: The company introduced two new variants in Fronx, priced at Rs 8.93 lakh and Rs 9.43 lakh.

• Zomato: Arm ZPPL will voluntarily surrender the certificate of authorization issued by RBI to operate as an online payment aggregator and also withdraw the application to operate as the issuer of pre-paid payment instruments.

• Shriram Finance: The board approved the sale of the entire stake in Shriram Housing Finance to Mango Crest & Warburg Pincus. Warburg Pincus to buy a unit for Rs 4,630 crore.

• Rail Vikas Nigam: The company received an order worth Rs 239 crore.

• Coromandel International: The company, through its arm, acquired an additional 7% stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems for Rs 150 crore.

• Manali Petrochem: The company board approved setting up additional manufacturing facilities in western India.

DLF Q4 FY24 - (Consolidated, YOY)

• Revenue up 46.63% at Rs 2,135 crore vs Rs 1,456 crore (Bloomberg estimate Rs 1,845 crore)

• Ebitda up 89.25%at Rs 754.38 crore vs Rs 399 crore (Bloomberg estimate Rs 545 crore)

• Margin up 795 bps at 35.33% vs 27.37% (Bloomberg estimate 29.6%)

• Net profit up 61.4% at Rs 920 crore vs Rs 570 crore (Bloomberg estimate Rs 644 crore)

• Board approved the appointment of Ashok Kumar Tyagi as CFO in addition to position of MD.

• Board recommended dividend of Rs 5 per share.

Chalet Hotels Q4 FY24 - (Consolidated, YOY)

• Revenue up 23.8% at Rs 418 crore vs Rs 338 crore, (Bloomberg estimate Rs 453 crore)

• Ebitda up 20% at Rs 183 crore vs Rs 152 crore, (Bloomberg estimate Rs 204 crore)

• Margin at 43.7% vs 45.1% (Bloomberg estimate 45%)

• Net profit at Rs 82 crore vs Rs 37 crore (Bloomberg estimate Rs 90 crore)

Jindal Steel and Power Q4 FY24 - (Consolidated, YOY)

• Revenue down 1.5% at Rs 13,487 crore vs Rs 13692 crore (Bloomberg estimate Rs 11,896 crore)

• Ebitda up 11.75% at Rs 2,444 crore vs Rs 2187 crore (Bloomberg estimate Rs 2398 crore)

• Margin up 214 bps at 18.12% vs 15.97% (Bloomberg estimate 10.20%)

• Net profit up 100.45% at Rs 933 crore vs Rs 466 crore (Bloomberg estimate Rs 1,133 crore)

• Note: Exceptional loss Rs 153 crore in Q4 FY23.

• Approved the final dividend of Rs 2 per share.

Sanofi India Q1 - (Consolidated, QoQ)

• Revenue up 5.54% at Rs 732 crore vs Rs 694 crore (Bloomberg estimate Rs 761 crore)

• Ebitda up 16.8% at Rs 219 crore vs Rs 187 crore, (Bloomberg estimate Rs 215 crore)

• Margin up 288 bps at 29.88% vs 27%, (Bloomberg estimate 28.2%)

• Net profit down 0.79% at Rs 137 crore vs Rs 138 crore, (Bloomberg estimate Rs 157 crore)

Electrosteel Castings Q4 FY24 (Consolidated, YOY)

• Revenue up 7% at Rs 2,004 crore vs Rs 1,872 crore 

• EBITDA up 61.5% at Rs 311 crore vs Rs 193 crore 

• Margin at 15.5% vs 10.3%

• Net profit at Rs 227 crore vs Rs 89 crore

Aarti Pharmalabs Q4 FY24 - (Consolidated, YOY)

• Revenue at Rs 506 crore vs Rs 485 crore, up 4.26%

• Ebitda at Rs 118 crore vs Rs 79.99 crore, up 46.91%

• Margin up 674 bps at 23.23% vs 16.49%.

• Net profit up 52.2% at Rs 65.25 crore vs Rs 42.87 crore.

GIC Housing Finance Q4 FY24 (YoY)

• Total income down 7.61% at Rs 266 crore vs Rs 287 crore,

• Net profit up 2.48% at Rs 53.59 crore vs Rs 52.29 crore,

Bharti Airtel, Siemens, Shree Cement, Colgate Palmolive (India), Oberoi Realty, AIA Engineering, Apollo Tyres, Apar Industries, Radico Khaitan, Devyani International, Shyam Metalics and Energy, PVR Inox, Bajaj Electricals, Zydus Wellness, Safari Industries India, Archean Chemical Industries, Jubilant Ingrevia, V-Mart Retail, Thyrocare Technologies, Sagar Cements, Repco Home Finance, Patanjali Foods, BASF India, BLS International, and Kirloskar Brothers.

The May futures contract of the GIFT Nifty was trading 31 points or 0.14% higher at 22,244 as of 7:13 a.m.

Stock indices in the Asia-Pacific region were trading on a mixed note early on Tuesday as market participants await US PPI data, and Federal Reserve Chair Jerome Powell's speech.

Indices in Japan erased their early gains and traded flat, those in China and Hong Kong rose, and South Korea's Kospi traded flat as of 7:21 a.m.

Fed Chair Jerome Powell and European Central Bank's Governing Council member Klaas Knot will speak later on Tuesday. Market participants will monitor the speech for fresh clues on the US central bank's next policy move.

Investors will also look forward to the release of US Producer Price Index print for April, which is expected to show demand for final goods rose 0.3% in the quarter from 0.2% in March, according to a Bloomberg's survey.

US stocks fluctuated at the start of the week, which will bring inflation data seen as key in shaping the outlook for Federal Reserve policy, according to Bloomberg.

The S&P 500 Index fell 0.02%, and the Nasdaq Composite rose 0.29%, as of Monday. The Dow Jones Industrial Average fell by 0.21%.

Brent crude was trading up 0.10% at $83.44 per barrel. Gold was higher by 0.17% at $2,340.28 an ounce.

India's benchmark stock indices recovered from the day's low to end higher for a second consecutive session on Monday, led by gains in HDFC Bank Ltd., ICICI Bank Ltd., and Tata Consultancy Services Ltd.

The NSE Nifty 50 settled 48.85 points, or 0.22%, higher at 22,104.05, and the S&P BSE Sensex gained 111.66 points, or 0.15%, to end at 72,776.13.

Overseas investors remained net sellers of Indian equities for the eighth consecutive session on Monday. Foreign portfolio investors offloaded stocks worth Rs 4,498.9 crore. Domestic institutional investors stayed net buyers for 15 straight sessions and mopped up equities worth Rs 3,562.7 crore, the NSE data showed.

The Indian rupee weakened by 3 paise to close at 83.52 against the US dollar.