Stock Market Today: Nifty, Sensex Halt Three-Day Winning Streak As HDFC Bank, RIL,Tata Motors Drag

• The local currency closed flat at 83.50 against the U.S dollar.

• It closed at 83.51 on Tuesday.

Source: Bloomberg

Snapping a three-day winning streek, India's benchmark indices ended lower as losses in shares of heavyweight HDFC Bank Ltd., Tata Motors Ltd. pressured.

The NSE Nifty 50 settled 17.30 points or 0.08% lower at 22,200.55, and the S&P BSE Sensex ended 117.58 points or 0.16% down at 72,987.03.

Intraday, the NSE Nifty 50 rose 0.36% to 22,297.55, and the S&P BSE Sensex rose 0.27% to 73,301.47.

Market participants await for the U.S. CPI print for April, scheduled for release later today, which will provide fresh clues about the Federal Reserve's policy outlook.

The core U.S. CPI, which excludes volatile food and energy costs, is expected to come at 0.3% on month in April from 0.4%, according to a Bloomberg's survey.

"Rangebound trade comes to an end on a negative note at 22,200.55. With gain of more than 1%, PSU Banking and Energy were the top performers; and on the flip side, FMCG was the major laggard followed by Auto," said Aditya Gaggar, Director, Progressive Shares.

"Despite a rangebound trade in Nifty50, Mid, and Smallcaps continued to showcase a strong outperformance by advancing over 0.50%. After a steep rally in the preceding days, the Index found resistance around its crucial hurdle of 22,240-22,330; a convincing move above the mentioned levels will push the Index further higher to 22,400 while on the lower side, 22,100 will be considered as a strong support," he added.

HDFC Bank Ltd., Tata Motors Ltd., Reliance Industries Ltd., Asian paints Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the index.

Bharti Airtel Ltd., Coal India Ltd., Larsen & Toubro Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. added to the index.

On NSE, five sectors declined, five advanced, while two remained flat out of 12. The NSE Nifty FMCG index was the top loser among peers, and the NSE Nifty PSU Bank was the top gainer.

Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 0.60% higher, and the S&P BSE Smallcap settled 0.96% up.

On BSE, 16 sector advanced, and four declined out of 20. The S&P BSE FMCG was the worst performing sector. S&P BSE Capital goods gained the most.

Market breadth was skewed in favour of buyers. Around 2,214 stocks rose, 1,577 stocks declined, and 144 stocks remained unchanged on BSE.

• Rane Holdings Ltd. appointed J Ananth as CFO with effect from July 1.

Source: Exchange filing

• Mobile churn reduced from 2.9% to 2.4% QoQ

• Highest ARPU in the industry at Rs 209

• Need to do more work in broadband services

• Africa accounts for 25% of the total business

• India mobile accounts for 58%

• India non mobile accounts for 17%

• Rural market continues to grow exponentially

• Bharti Airtel is to roll out of 25,000 sites this year, lower than last year

Source: Gopal Vittal, MD and CEO, Bharti Airtel at Earnings Call

• Services estimate better than what was projected last month.

• New benchmark established at $778.21 billion FY24 in merchandise and services trade.

Source: Trade Briefing

• Revenue up 5% at Rs 228 crore from Rs 217 crore

• Ebitda down 10% at Rs 94 crore from Rs 105 crore

• Margin at 41.5% vs 48.4%

• Net profit down 13% at Rs 70 crore vs Rs 81 crore

• Revenue up 3% to Rs 1,105 crore from Rs 1,072 crore

• Ebitda up 5.8% at Rs 180 crore from Rs 170 crore

• Margin up 40 basis points at 16.3% from 15.9%

• Net profit up 7.6% at Rs 73 crore from Rs 68 crore

• Net profit at Rs 78 crore vs Rs 59 crore, up 31.9%

• Revenue at Rs 660 crore vs Rs 617 crore, up 7%

• EBITDA at Rs 108 crore vs Rs 91 crore, up 18.7%

• Margin at 16.4% vs 14.8%

• Redesignates MR Jyothy as Chairperson & MD

In pact for silicone oils in UK

Source: Exchange Filing

Shares of Andhra Paper Ltd. snapped their three-day rally after the company's net profit fell in the quarter ended March.

Net profit of the paper company fell 75.04% year-on-year to Rs 38.41 crore, during the January-March period. Its revenue from operations also declined 38.3% to Rs 364.38 crore.

Shares of the company fell as much as 3.90%, the lowest level since May 10, before paring loss to trade 2.05% lower at 12:43 p.m. This compares to a flat in the NSE Nifty 50.

The stock has fallen 15.9% year-to-date, but risen 15.36% in the last 12 months. Total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 48.96.

Canara Bank rose as much as 4.93% to Rs 118.90, the highest level since May 8. It was trading 4.45% higher at Rs 118.40 as of 1:00 p.m., as compared to 0.12% decline in the NSE Nifty 50 index.

The scrip gained 35.26% in 12 months, and on year to date basis, it has risen 91.07%.  Total traded volume so far in the day stood at 0.93 times its 30-day average. The relative strength index was at 52.62.

Indian equity benchmark indices erased early gains to trade lower by midday on Wednesday as rate-sensitive banking stocks fell even as investors await US CPI data, due later today, to give direction about Fed rate stance. After its one-day blip, the volatility gauge was again green.

At 11:33 a.m., the NSE Nifty 50 was trading 38 points, or 0.17%, lower at 22,179.85, while the S&P BSE Sensex fell 191.21 points, or 0.26%, to 72,913.40.

Doubling of India VIX level in the last four to five weeks indicates that the market is preparing for sharp volatility, said Milan Vaishnav, founder and technical analyst at Gemstone Equity Research.

The volatility index stood at 20.3, up 0.53%, as of 12:20 p.m. The gauge has risen 62.9% in the last 30 days, and 51.64% since April 19, when Lok Sabha elections began.

For the next two-three weeks, Nifty's resistance has gradually shifted to 22,500, with the 22,775 level being the intermittent top, he said. However, he expects selling pressure to kick in at 22,400–22,500 levels.

On the downside, 22,000-22,100 will act as support, Vaishnav noted. Breaking below 22,000 will lead to incremental weakness, he said.

Shares of Coal India Ltd., Cipla Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., and NTPC Ltd. cushioned fall in the Nifty.

While those of HDFC Bank Ltd., ICICI Bank Ltd., Sun Pharmaceutical Industries Ltd., Tata Consultancy Services Ltd., and Hindustan Unilever Ltd. dragged the index.

Sectoral indices were mixed on the NSE, with Nifty PSU Bank and Nifty Realty gaining the most, by over 1%. Nifty FMCG and Nifty Bank were the top losers.

Broader markets outperformed. S&P BSE Midcap rose 0.66% and S&P BSE Smallcap was 0.93% higher.

Sixteen of the 20 sectoral indices rose and four declined. S&P BSE Power rose the most.

The market breadth was skewed in the favour of buyers. Around 2,269 stocks rose, 1,328 fell and 145 remained unchanged on the BSE.

• Revenue down 2% to Rs 1,176 crore from Rs 1,196 crore

• Ebitda up 12% at Rs 256 crore from Rs 229 crore

• Margin up 270 basis points at 21.8% from 19.1%

• Net profit up 8% at Rs 130 crore from Rs 120 crore

• Oil India Ltd. is to consider bonus issue of shares on May 20.

Source: Exchange filing

The NSE Nifty Metal index rose 1.56% to 9,492.50, the highest level since its inception on July 12, 2011. It was trading 0.67% higher at 9,410.20 as of 12:37 p.m., as compared to 0.9% decline in the NSE Nifty index.

• Total income rose 20% on the year to Rs 12,249 crore from Rs 10,186 crore.

• Net profit rose 18.4% to Rs 4,135 crore from Rs 3,492 crore.

• Executive Director Sandeep Kumar appointed as CFO effective immediately.

Source: Exchange filing

The scrip rose as much as 7.23% to Rs 1,629.05 apiece, the highest level. It pared gains to trade 3.08% higher at Rs 1,566.70 apiece, as of 11:16 a.m. This compares to a flat NSE Nifty 50 Index.

It has risen 8.84% on an year-to date basis and 68.99 in the last twelve months. Total traded volume so far in the day stood at 8.10 times its 30-day average. The relative strength index was at 62.33.

Out of 23 analysts tracking the company, eight 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 7.2%.

The scrip rose as much as 8.70% to Rs 7,240 apiece, the highest level. It pared gains to trade 7.2% higher at Rs 7,142 apiece, as of 10:26 a.m. This compares to a 0.17% decline in the NSE Nifty 50 Index.

It has risen 77.4% year-to-date and 101.05% in the last twelve months. Total traded volume so far in the day stood at 4.11 times its 30-day average. The relative strength index was at 85.93, indicating that the stock may be overbought.

Out of 26 analysts tracking the company, 17 maintain a 'buy' rating, four recommend a 'hold,' and five suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 15.2%.

• Securities Exchange Board of India granted three more years to achieve 10% public shareholding.

• Three more years to achieve 10% public shareholding in addition to earlier period of 5 years from listing.

• Revised timeline to achieve 10% public shareholding is on or before May 16, 2027.

Source: Exchange filing

Archean Chemical Industries Ltd. fell to the lowest level since in two months after its consolidated net profit fell 57.9% on year to Rs 58 crore during January-March, from Rs 194 crore.

Bloomberg Survey forecasted Rs 84 net profit for the period.

Archean Chemical Industries Ltd. declined 9.64% to Rs 583.55, the lowest level since March 15. It pared losses to trade 4.29% down at Rs 618.10 as of 10:28 a.m., as compared to 0.14% decline in the NSE Nifty 50 index. 

The scrip rose 16.54%, and on year to date basis, it has decline 4.93%. Total traded volume so far in the day stood at 5.8 times its 30-day average. The relative strength index was at 41.04.

Out of four analysts tracking the company maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 20.4%.

• Nucleus Software Exports appointed Surya Prakash Kanodia as CFO effective May 8.

Source: Exchange filing

• Lists at Rs 315/share on NSE

• Lists at Rs 314.30/share on BSE vs issue price of Rs 315

• Lists at a discount of 0.2% on BSE

• Lists at Rs 1,426 on NSE vs issue price of Rs 920

• Lists at a premium of 55% on the NSE

• Lists at Rs 1,380 on BSE vs issue price of Rs 920

• Lists at a premium of 50% on the BSE

• Promoters Shirin Hamied, Rumana Hamied, Samina Hamied and Okasa Pharma together sold 2.53% stake

• Entire promoter group continues to hold 31.67% stake in Cipla Ltd.

• Promoter group sold stake to create liquidity for specific needs including philanthropy

Source: Exchange filing

Shares of Mahindra & Mahindra Ltd. rose to the highest level since its listing after the company said its subsidiary to offload stakes in New Delhi Centre For Sight.

Mahindra Holding Ltd. has entered a share purchase agreement to sell its entire 30.83% of paid-up capital of the New Delhi Centre For Sight in a fully diluted basis.

The scrip gained 76.60% in 12 months, and on year to date basis, it has gained 31.3%. Total traded volume so far in the day stood at 0.11 times its 30-day average. The relative strength index was at 70.51, which implied the stock is 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 9.2%.

Cipla Ltd. rose 4.83% to Rs 1,422.85, the highest level since May 13 as its promoters sold 2.53% stake in the company.

Shirin Hamied, Rumana Hamied, Samina Hamied and Okasa Pharma together sold 2.53% stake to create liquidity for specific needs including philanthropy, the exchange filing said

Entire promoter group continues to hold 31.67% stake in the pharmaceutical company.

The stock rose as much as 4.83% in today's session to Rs 1,422.85, its highest level since May 13, before paring gains to 3.19% to Rs 1,400.50 as of 9:49 a.m. This compares to a 0.3% advance in the Nifty 50.

It has risen 12.5% year-to-date and 47.12% in the last twelve months. Total traded volume on the NSE so far was 1.47 times its 30-day average. The relative strength index was at 50.59.

Out of 37 analysts tracking the company, 25 maintain a 'buy' rating, six recommend a 'hold,' and six suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.6%.

India's benchmark indices opened higher for fourth day as ICICI Bank Ltd. Tata Consultancy Services Ltd., and Cipla Ltd. led gains.

As of 09:17 a.m., the NSE Nifty 50 index 37.95 points or 0.17% higher at 22,255.80, and the S&P BSE Sensex was 65.50 points or 0.09% up at 73,170.11.

"NIFTY-50 has recovered 400 points from the current support low and on the higher side 22,350-22,400 will act as resistance from current levels. f Any decline near to the support of 22,050-22,100 will be a good entry point and the reversal will be 21,900 from current levels. RSI is trending near the higher end of the range of the channel and other key technical indicators are overbought on hourly time frames. Highest call OI has moved higher to 22,400 strike while the downside the highest put OI is at 22,100 for the weekly expiry," said Vikas Jain, senior research analyst at Reliance Securities.

Bharti Airtel Ltd., Cipla Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and State Bank of India added to the index.

HDFC Bank Ltd., Mahindra & Mahindra Ltd., Asian Paints Ltd., JSW Steel Ltd., and Shriram Finance weighed on the benchmark.

On NSE, 10 sectors advanced, and two declined out of 12. The NSE Nifty Auto was the worst performing sector, and the NSE Nifty PSU Bank was the best performing sector.

Broader markets rose on BSE. The S&P BSE Midcap rose 0.60%, and the S&P BSE Smallcap rose 0.77%.

On BSE, all 20 sectors advanced with the S&P BSE Power rising the most among sectoral indices. The S&P BSE Auto was the worst performing sector.

Market breadth was skewed in favour of buyers. Around 2,263 stocks rose, 525 stocks declined, and 92 stocks remained unchanged on BSE.

• Jefferies maintained a 'Hold' on Shree Cement at Rs 29,500 target, which implied a 13% upside.

• Its Q4 Ebitda beat estimates by 17%.

• Industry leading Ebitda per tonne of Rs 1390

• FY24 capex at Rs 2800 crore

• To commission 12MTPA capacity commissions in FY25

• Green power mix at 55.9% vs 51.1%

• Morgan Stanley maintained Overweight on Shree Cement at Rs 30,000 target which implied a 15% upside.

• Volumes in line, better realizations drove revenue beat

• Await data on power sales which look accelerated during Q4

• Opec per tonne stood 3% lower

• Standalone Ebidta per tonne at Rs 1,392 per tonne

• Nomura maintained a 'Buy' on Shree Cement at Rs 33,400 target which implied a 28% upside.

• Better-than-expected realization in Q4 drover strong beat

• Q4 Ebidta beat brokerage estimates by 18%

• Expect Q4 revenue of Rs 440 crore from merchant power sales

• Company could achieve 80 MT cement capacity by 2028

The NSE Nifty 50 was 37.75 points or 0.17% higher at 22,255.60, and the S&P BSE Sensex was 328.48 points or 0.45% up at 73,104.61.

• The local currency strengthened by 2 paise to open at 83.49 against the U.S dollar.

• It closed at 83.51 on Tuesday.

Source: Bloomberg

• The local currency strengthened by 2 paise to open at 83.49 against the U.S dollar.

• It closed at 83.51 on Tuesday.

Source: Bloomberg

• Jefferies retained a 'Buy' and revised the target price to Rs. 1,590 from Rs. 1,300, which implied an upside of 23.5%.

• Strong subscriber additions and higher mobile ARPU surprised positively

• Lower than expected margins in Africa due to currency devaluation

• We raise revenue/Ebitda estimates by upto 5%

• Expect 15/16% CAGR in Revenue/Ebitda over FY24-27

• Moderating capex should support deleveraging of $6bn over FY25/26 and boost returns

• CLSA retained a 'Buy' and raised the target price to Rs 1,540 from Rs1,370, which implied an upside of 19.7%.

• 4QFY24 India revenue ahead of estimates

• Hit from currency devaluation in African business

• ARPU was up 8% YoY

• We lift our FY25/26 India revenue/Ebitda estimates by 1% 3%

• Expect modest recovery in chemicals cycle in terms of volume and price

• India's chemicals sector is relatively small and could increase share in global market

• Earning expectations seem to have built in recovery from current downcycle

• Expects destocking cycle to end shortly ,this will support revival in Indian cos.

• Initiate Buy on

• PI Industries with target price of Rs 4,800;upside 31.3%

• Prefer PI given its strong growth, management track record, scale up of pharma vertical

• Navin fluorine with target price of Rs 4,250;upside 27.8%

• Navin is leveraging growth opportunities in agrochemicals, CDMO and 3rd/4th-gen refrigerants

• Sell on

• Aarti Industries with target price Rs 615;downside 5.6%

• Aarti's greater cyclical dependency and debt levels are coupled with high near-term EBITDA guidance

• Gujarat Fluorochemicals with target price Rs 3,000;downside 8%

• GFL exposed to Chinese overcapacity in fluoropolymers; EV business in nascent stage

• US Dollar Index at 104.99

• US 10-year bond yield at 4.44%

• Brent crude up 0.55% at $82.83 per barrel

• Nymex crude up 0.63% at $78.51 per barrel 

• Bitcoin was up 0.15% at $61,673.04

• GIFT Nifty was flat at 22,372.00 as of 07:24 a.m.

• Nuvama retains 'buy' on Colgate Palmolive India Ltd. with a price target Rs 2,910 apiece, implying a potential upside of 3%.

• The company's Q4 results were ahead of Nuvama's estimates.

• Strong domestic growth of 10%, led by toothpaste.

• Rural market displayed positive signs of demand recovery outperforming urban

• Gross margins expanded 244 bps YoY at 69.3%.

• Ebitda margins expanded 226 bps at 35.7% despite ad spends

• Nuvama will await conference call for checking on Colgate's approach to inorganic growth strategies.

• The brokerage maintains 'buy' with a target price of Rs 7,700 per share, implying a potential upside of 15% from the previous close.

• Beats consensus profit by 46%, Ebitda margins expansion of 250 basis points.

• Order inflows fell 9% but maintained Rs 5,000 crore run rate.

• Mid-high-teen margins sustainable given operating leverage/pricing benefit/cost efficiencies.

• Raises FY24/25/26 earnings-per-share estimates by 8%/21%/29%.

• Jefferies maintained a 'Buy' on Siemens with a target price Rs 8,000 from Rs 5,575 which implied a 21% upside.

• Capex 50% higher than co has in the last 7yrs

• Additional capex of 333cr announced for smart infra business

• Capex of Rs 186 crore for train manufacturing facility

• Clean demerger of power division - has potential to create additional value

• Operating leverage linked upside surprise fairly high

• Transmission order of Rs 50,000 crore awarded in last 12 months vs 10,000 crore in CY22

• Utilisation at T&D facilities is less than 60%

• Large orders to pick up post elections

• 35% EPS CAGR FY23-26E; ROE 20%+

• Round-the-clock power receives a huge boost due to the tariff fall in battery energy storage systems.

• Decline in BESS tariffs on 60% fall in battery-cell prices

• Round-the-clock power costs now Rs 6–7/unit vs Rs 9 in 2022.

• Viability depends on capital cost that could crash further with fall in lithium battery prices.

• Indigenisation of critical minerals like lithium should lower costs.

• The brokerage maintains a 'reduce' rating with a target price of Rs 160 per share, implying a potential upside of 1% from the previous close.

• Strong margin execution, but recovery still seems uncertain.

• Sees FY25 as a mid-teen Ebitda-growth year.

• Lack of near-term triggers.

• The brokerage maintains 'buy' on the company and cuts the target price from Rs 219 to Rs 212 apiece, implying a potential downside of 35% from the previous close.

• Fourth quarter saw negative same-store sales growth for core business.

• KFC brand margins stable QoQ, Pizza Hut margins lowest since initial public offering.

• Cuts FY26 earnings by 6% on soft demand, muted same-store sales growth.

• PVR partnership gives early access and cross promotion.

• The brokerage maintains 'sell' on the company and cuts the target price to Rs 3,550 from Rs 3,625 apiece earlier, implying a potential downside of 9% from the previous close.

• Fourth-quarter results impacted by weaker realisations.

• Price hikes are expected only after Q3 FY25.

• Citi has a negative stance on elevated competitive intensity, near-term demand slowdown.

• Management expects over 10% volume growth in FY25.

• Limited exposure to east, south helped with lower realisations versus peers.

• Lower FY25–26 Ebitda by 5–10% on recent cement pricing trends.

• Nifty May futures up by 0.5% to 22,308 at a premium of 90.15 points.

• Nifty May futures open interest down by 7.6%.

• Nifty Bank May futures up by 0.15% to 48,091.65 at a premium of 232.2 points.

• Nifty Bank May futures open interest up by 2.63%.

• Nifty Options May 16 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,000.

• Bank Nifty Options May 15 Expiry: Maximum call open interest at 49,000 and maximum put open interest at 46,500.

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

• Moved out of short-term ASM framework: Vedanta.

• Moved into short-term ASM framework: Hindustan Zinc.

• Ex/record dividend: IRB Infrastructure Developers, Hindustan Zinc, Coforge, Aptus Value Housing Finance India.

• Ex/record Stock Split: Canara Bank.

• Ex/record right issue: Solara Active Pharma.

• Jindal Saw: Promoter Shradha Jatia bought 18,700 equity shares on May 10.

• TBO Tek: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 920 apiece. The Rs 1,550-crore IPO was subscribed 86.7 times on its third and final day.

• Aadhar Housing Finance: The company's shares will debut on the stock exchanges on Wednesday at an issue price of Rs 315 apiece. The Rs 3,000-crore IPO was subscribed 25.49 times on its third and final day.

• MSCI May Review: MSCI Inc. has added 13 Indian stocks to its Global Standard Index under quarterly review for May.

• Mahindra & Mahindra: The company arm Mahindra Holdings sold the entire 30.8% stake in the New Delhi Centre for Sight for Rs 425 crore.

• Aurionpro Solutions: The board recommended a bonus issue in the ratio of 1:1.

• The New India Assurance: The company appointed Vimal Kumar Jain as CFO and Pooran Kumar Tulsiani as CIO.

• Bigbloc Construction: The company announced a temporary shutdown of the Umargam plant for 45–60 days.

Bharti Airtel Q4 FY24 (Consolidated, QoQ)

• Revenue down 0.8% at Rs 37,599 crore vs Rs 37,899 crore, (Bloomberg estimate Rs 38,607 crore)

• Ebitda down 2.3% at Rs 19,365 crore vs Rs 19,815 crore, (Bloomberg estimate Rs 20,480 crore)

• Ebitda margin AT 51.5% VS 52.3% (Bloomberg estimate 53%)

• Net profit down 28% at Rs 2,068 crore VS Rs 2,876 crore, (Bloomberg estimate Rs 3,274 crore)

• Final dividend of Rs 8 per share.

Siemens India Q2 (Consolidated, YoY)

• Revenue up 18.4% at Rs 5750 crore vs Rs 4,858 crore, (Bloomberg estimate Rs 5,566 crore)

• Ebitda up 41.4% at Rs 878 crore vs Rs 621 crore, (Bloomberg estimate Rs 697 crore)

• Margin at 15.3% vs 12.8% (Bloomberg estimate 12.5%)

• Net profit up 70.2% at Rs 803 crore vs Rs 472 crore, (Bloomberg estimate Rs 548 crore)

• Announced capex of over Rs 1,000 crore for expansion of operations.

• Approved the demerger of Energy Business into a separate listed legal entity.

• Share Entitlement Ratio fixed at 1:1.

Shree Cement Q4 FY24 (Consolidated, YoY)

• Revenue up 6.5% at Rs 5,433 crore vs Rs 5,100 crore, (Bloomberg estimate Rs 5,147 crore)

• Ebitda up 59.9% at Rs 1,422 crore vs Rs 889 crore, (Bloomberg estimate Rs 1,212 crore)

• Margin at 26.2% vs 17.4% (Bloomberg estimate 23.6%)

• Net profit up 28.7% at Rs 676 crore vs Rs 525 crore, (Bloomberg estimate Rs 592 crore)

Colgate Q4 FY24 (Consolidated, YoY)

• Revenue up 10.4% at Rs 1,481 crore vs Rs 1,342 crore, (Bloomberg estimate Rs 1,468 crore)

• Ebitda up 18% at Rs 523 crore vs Rs 443 crore, (Bloomberg estimate Rs 504 crore)

• Margin at 35.3% vs 33% (Bloomberg estimate 34.3%)

• Net profit up 20.1% at Rs 380 crore vs Rs 316 crore, (Bloomberg estimate Rs 360 crore)

• Board declares 2nd interim dividend of Rs 26 per share.

• Board also declares special interim dividend of Rs 10 per share.

Oberoi Realty Q4 FY24 (Consolidated, YoY)

• Revenue up 36.8% at Rs 1,315 crore vs Rs 961 crore, (Bloomberg estimate Rs 1,301 crore)

• Ebitda at Rs 789 crore vs Rs 369 crore (Bloomberg estimate Rs 592 crore)

• Margin at 60% vs 38.3% (Bloomberg estimate 45.5%)

• Net profit up 64.1% at Rs 788 crore vs Rs 480 crore, (Bloomberg estimate Rs 461 crore)

• Board declares interim dividend of Rs 2 per share.

• Approved the equity raise of Rs 2,000 crore and debt raise of Rs 2,000 crore.

Radico Khaitan Q4 FY24 (Consolidated, YoY)

• Revenue up 15.4% at Rs 1,078 crore vs Rs 832 crore (Bloomberg estimate Rs 1,136 crore)

• Ebitda up 55.3% at Rs 123 crore vs Rs 79 crore, (Bloomberg estimate Rs 143 crore)

• Margin at 11.4% vs 9.5% (Bloomberg estimate 12.6%)

• Net profit up 26.4% at Rs 54 crore vs Rs 43 crore (Bloomberg estimate Rs 61 crore)

Apollo Tyres Q4 FY24 (Consolidated, YoY)

• Revenue up 0.2% at Rs 6,258 crore vs Rs 6,247 crore, (Bloomberg estimate Rs 6,427 crore)

• Ebitda up 3% at Rs 1,028 crore vs Rs 998 crore, (Bloomberg estimate Rs 1,133 crore)

• Ebitda Margin at 16.4% VS 16% (Bloomberg estimate 17.6%)

• Net Profit down 14% at Rs 354 crore VS Rs 410 crore, (Bloomberg estimate Rs 457 crore)

• Recommended dividend of Rs 6 per share.

Patanjali Foods Q4 FY24 (Consolidated, YoY)

• Revenue up 4.4% at Rs 8,222 crore vs Rs 7,873 crore.

• Ebitda up 14% at Rs 371 crore vs Rs 326 crore.

• Ebitda margin at 4.5% vs 4.1% YoY.

• Net profit Down 22% at Rs 206 crore vs Rs 264 crore.

• Board declared an interim dividend of Rs 6 per share.

V-Mart Retail Q4 FY24 (Consolidated, YoY)

• Revenue at up 12.6% Rs 669 crore vs Rs 594 crore, (Bloomberg estimate Rs 669 crore)

• EBITDA up 75.6% at Rs 40 crore vs Rs 23 crore, (Bloomberg estimate Rs 48 crore)

• Margin at 6% vs 3.9% (Bloomberg estimate Rs 7.2%)

• Net loss of Rs 39 crore vs loss of Rs 37 crore. (Bloomberg estimate loss Rs 30 crore)

Bharti Hexacom Q4 FY24 (QoQ)

• Revenue up 3.7% at Rs 1,868 crore vs Rs 1,801 crore,

• EBIT up 6.1% at Rs 878 crore vs Rs 823 crore,

• EBIT margin at 47% vs 46%

• Net profit up 5% at Rs 223 crore vs Rs 213 crore.

Archean Chemical Q4 FY24 (Consolidated, YoY)

• Revenue down 25.8% at Rs 284 crore vs Rs 382 crore (Bloomberg estimate Rs 349 crore)

• Ebitda down 55.2% at Rs 87 crore vs Rs 194 crore, (Bloomberg estimate Rs 122 crore)

• Margin at 30.7% vs 50.8% (Bloomberg estimate 35.1%)

• Net profit down 57.9% at Rs 58 crore vs Rs 137 crore, (Bloomberg estimate Rs 84 crore)

Repco Home Finance Q4 (YoY)

• Net profit up 32% at Rs 108 crore vs Rs 82 crore

• Total income up 15% at Rs 397 crore vs Rs 345 crore

Power Finance Corp, Mankind Pharma, Jindal Stainless, Dixon Technologies, Honeywell Automation, LIC Housing Finance, Redington, Jyothy Labs, NCC, Clean Sciences and Technology, Asahi India Glass, Titagarh Rail Systems, Indian Energy Exchange, Granules India, CMS Info Systems, Transport Corp, MOIL, Paradeep Phosphates, ICRA, Pricol, Pitti Engineering, Somany Ceramics, NLC India, and Trident.

Markets in the Asia-Pacific region rose in early trade on Wednesday, taking cues from overnight rally in the US stocks. Traders keenly await the release of US CPI print for April later on Wednesday, which will provide fresh clues about the Federal Reserve's policy going forward.

The Nikkei 225 was trading 280.31 points or 0.73% higher at 38,636.37, and the S&P ASX 200 was 41.90 points or 0.54% up at 7,768.70 as of 06:35 a.m. The Kospi was 3.13 points or 0.11% higher at 2,730.34.

On Wall Street, share indices ended higher, shrugging off Producer Price Index data on Tuesday due to big-tech rally, according to Bloomberg.

The S&P 500 Index and Nasdaq Composite rose 0.48% and 0.75%, respectively as of Tuesday. The Dow Jones Industrial Average rose 0.32%.

Brent crude was trading 0.34% higher at $82.72 a barrel. Gold was up by 0.09% to $2,356.10 an ounce.

The GIFT Nifty was trading 11 points or 0.05% higher at 22,383.50 as of 06:39 a.m.

India's benchmark equity indices continued to gain for the third consecutive session on Monday, with shares of Reliance Industries Ltd. leading the gains. The NSE Nifty 50 closed 113.80 points or 0.51% up at 22,217.85, while the S&P BSE Sensex ended 328.48 points or 0.45% higher at 73,104.61. The Sensex reclaimed the 73,000 level after three sessions.

Overseas investors remained net sellers of Indian equities for the ninth consecutive session on Tuesday. Foreign portfolio investors offloaded stocks worth Rs 4,065.5 crore. Domestic institutional investors stayed net buyers for 16 straight sessions and mopped up equities worth Rs 3,527.9 crore, the NSE data showed.

The Indian rupee closed flat at 83.51 against the US dollar.