Share Market Highlights 26 April 2024: Sensex, Nifty slip on financial drag, still close week with gains

India’s benchmark indexes fell on Friday, dragged by financials, although the losses were not enough to prevent weekly gains, powered by a post-results rally in key index constituents and easing Middle East worries.

The NSE Nifty 50 was down 0.67% to 22,419.95, on the day, while the S&P BSE Sensex shed 0.82% to 73,730.16. Both the indexes snapped a five-day winning streak.

For the week, the Nifty 50 and Sensex gained about 1.25% and 1%, respectively.

“Easing geopolitical tensions in Middle East, lack of any major negative surprises from earnings, which have justified the high valuations, have helped Indian equities post weekly gains,” said G Chokkalingam, founder and head of research at Equinomics Research.

Axis Bank surged 9.83% this week, its best since October 2022, and was the top weekly gainer on the Nifty 50, after the private lender beat profit estimates in the March quarter.

Drugmaker Divi’s Laboratories logged a weekly gain of 9.39% after announcing capacity addition at its manufacturing facility at an estimated investment of 6.5-7 billion rupees.

Information technology company Tech Mahindra surged 7.43% on the day, and 7.13% this week, after the company announced a three-year business plan.

“The company’s new turnaround plan looks sensible,” analysts at HSBC said, terming Tech Mahindra’s valuation “attractive” in comparison with its peers.

Axis Bank, Divi’s Laboratories and Tech Mahindra were among the top five Nifty 50 gainers, for the week.

In contrast, Kotak Mahindra Bank tumbled 10.27%, its worst week in nearly four years, after India’s central bank barred the private lender from taking new digital clients and issuing credit cards, on Wednesday.

Bajaj Finance dropped 7.73%, after the non-bank lender forecast slower asset growth and weaker margins. The stock lost 5.45% this week and was among the top Nifty 50 losers. - Reuters

The Indian rupee dipped 0.03% to 83.35 per U.S. dollar, tracking its rangebound Asian peers, with traders expecting the local unit to stick to its prevailing range ahead of closely watched U.S. inflation data. GOVERNMENT BONDS: The benchmark 10-year bond was quoted at 99.82 rupees, with the yield unchanged at 7.2054%, after strong demand at the weekly debt sale. OVERNIGHT INDEX SWAPS: The one-year overnight index swap rate was up 1 bps at 6.86%, while the benchmark five-year swap rate rose 1 bps to 6.57%. - Reuters

Maruti Suzuki India reported consolidated net profit for quarter ended March 2024 at ₹3,952.3 crore as against ₹2,687.7 crore in March 2023 quarter.

Stock closed at ₹12,760 on the NSE, down by 1.26%.

Force Motors reported net profit for the quarter ended March 2024 at ₹140.29 crore as against ₹146.62 crore in March 2023 quarter. 

Stock closed flat ₹9,870 on the NSE

MMTC has informed that Hardeep Singh of the Department of Commerce, Ministry of Commerce & Industry, was appointed as CMD as additional charge of the company for a period of one year or until further order, whichever is earlier.

MMTC stock trades at ₹76.45 on the NSE, up 2.34%.

The regulatory action by RBI on April 24, preventing Kotak Mahindra Bank from onboarding new customers online or issuing new credit cards, may set back credit growth and profitability, according to S&P Global Ratings.

Credit cards are a higher-yielding target growth segment for Kotak Bank, with the portfolio growing 52 per cent on year as of Dec 2023. In comparison, total loan growth was at 19 per cent.

“Action by RBI this week could push the bank to rely more on physical branch network expansion to supplement growth thus entailing higher operating costs,” the global agency said in a note.

The company’s net profit for the quarter ended March 2024 is at ₹724.6 crore as against ₹166.96 crore in March 2023 quarter.

​Motilal Oswal Financial Services​’ stock jumps 4.56% on the NSE, trading at ₹2,576.

Shriram Finance board has approved acquisition of 100% equity stake in Shriram Overseas Investments Private Limited (SOIPL) from Shriram Investments Holdings Private Limited. 

The company has reported its standalone net profit for the quarter ended March 2024 at ₹1,945.87 crore as against ₹1,308.31 crore in March 2023 quarter. 

The board has also recommended a final dividend of ₹15 per equity share.

Stock is up 1.13% on the NSE, trading at ₹2,519.95.

Major gainers on the NSE at 3 pm: 

Tech Mahindra (7.59%), Divi’s Lab (4.29%), LTIMindtree (3.31%), Bajaj Auto (2.71%), BPCL (1.16%)

Major losers:

Bajaj Finance (-7.68%), Bajaj Finserv (-3.60%), IndusInd (-3.37%), Nestle India (-3.24%), M&M (-2.47%)

The number of stocks that recorded a 52-week high was 243, and those that hit a 52-week low was 16. 

In addition, 325 stocks traded in upper circuit, while 175 hit the lower circuit.

Bata India’s stock trades at ₹1,364 on the NSE, up 1.08%.

Atul Ltd reported its consolidated net profit for the quarter ended March 2023 at ₹58.79 crore as against ₹92.21 crore in the March 2024 quarter. 

Stock trades at ₹5,976.30 on the NSE, up 1.73%

Andhra Sugars’ stock trades at ₹107.45 on the NSE, down by 0.09%.

Tata Communications (₹1,755), after hitting a record high of ₹2,084.65 early this month, saw a sharp decline in price. So far this month, Tata Communications’ share price has dropped nearly 13 per cent.

The scrip is now below the 200-day moving average and has invalidated a rising trendline support. The nearest notable base from the current level is at ₹1,650.

Shree Vasu Logistics stock surges 4.61% on the NSE, trading at ₹218.90.

Hindustan Unilever has to get the volumes and is pivoting its strategy by investing in premium brands that are showing traction and growth, a ₹2,000-crore portfolio of six selective premium lines in which it plans to invest and scale them up. It is also planning to get more brands from its parent Unilever into India.

Given the demand within communications (~36% of rev.) remained weak and unstable, we believe the company’s laid out strategy to drive balanced portfolio mix with reduced dependency on communications is a positive. However, the cyclicality of its portfolio business and weakness across its BUs seem to be challenging, hence we would wait for early sign of recovery before we turn positive on the name. We are building in revenue growth of 1.8% and 6.0% YoY CC with margin improvement (adjusted) of 70bps and 300bps for FY25e and FY26e, respectively. The stock is currently trading at 20x FY26e, we are assigning P/E of 19x to FY26e with a target price of ₹1,135. 

With that we assume coverage on Tech Mahindra with a “HOLD” rating.

Bajaj Finserv reported its consolidated net profit for the quarter ended March 2024 at ₹2,118.53 crore as against ₹1,768.95 crore in the March 2023 quarter.

Stock trades at ₹1,596.80 on the NSE, down by 3.55%.

Ponni Sugars (Erode) board has recommended a dividend of ₹7 per equity share of ₹10 each for the financial year 2023-24. The Dividend, if approved by the Members at the AGM, will be paid on or before June 12, 2024. 

Company reported its net profit for the quarter ended March 2024 at ₹13.56 crore as against ₹6.83 crore in the quarter ended March 2023.

Stock trades at ₹450.80 on the NSE, up 4%.

Dalmia Bharat (₹1,825) has been in a downtrend since the beginning of 2024. It started to fall after facing a barrier at ₹2,400. Notably, on Thursday, Dalmia Bharat’s stock lost 7.5 per cent.

However, the weekly chart shows that the price band of ₹1,760-1,850 is a good support band. So, there is a chance for the stock to witness a corrective rally, if not a bullish trend reversal.

NCLT Kolkata has sanctioned the scheme of amalgamation of two wholly owned subsidiaries of Jayshree Chemicals - Bangur Exim Private Limited and East Coast Powers Limited - with Jayshree Chemicals, the transferee company. 

HG Solar Projects Private Limited, a wholly owned subsidiary of H.G. Infra Engineering Limited, has incorporated wholly-owned subsidiaries: H.G. Solar Park Private Limited and H.G. Solar Park Developer Private Limited.

HG Infra Engineering stock rises 2.14% on the NSE, trading at ₹1,175.80. The stock has hit a 52-week high at ₹1,229.

Asian Hotels (North) has received the Adjudication Order under section 15-I of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 for non-disclosure of material events under Regulation 30 of Listing Regulations.

Stock trades at ₹146.80 on the NSE, up 1.94%.

Supreme Industries’ stock declines 1.68% on the NSE, trading at ₹4,231.05

ICICI Securities has received order under section 73 of the GST Act, 2017 from the State Goods and Service Tax Department, West Bengal, demanding GST along with interest and penalty (₹9,15,419 in total).

The bank has reported standalone net profit for the quarter ended March 2024 at ₹1217.7 crore as against ₹840.04 crore in the quarter ended March 2023.

The bank reported 44 per cent y-o-y increase in 4th quarter net profit at ₹1218 crore against ₹840 crore in the year ago period.

The shares of Bank of Maharashtra rise 1.99% on the NSE, trading at ₹66.55

Zydus Lifesciences’ stock trades at ₹947.80 on the NSE, down by 0.36%.

Kirloskar Pneumatic (16.55%) 

HUDCO (13.49%) 

Kirloskar Industries (11.68%) 

Dolat Algotech (9.67%) 

MM Forgings (7.31%) 

Havells (4.90%)

Paisalo Digital reported standalone net profit for the quarter ended March 2023 at ₹35.89 crore as against ₹19.33 crore in March 2023 quarter. Stock trades at ₹72.95 on the NSE, down by 4.89%.

Crompton Greaves Consumer Electricals has received an order from the office of the Assistant Commissioner of State Tax Bhubaneswar II, Odisha for the period April 2018 to March 2019 imposing demand of ₹34,77,483 (Tax ₹17,24,484, Interest ₹15,80,551 and penalty of ₹1,72,448) under the Goods and Service Tax Act, 2017.

Crompton Greaves stock rises 1.60% on the NSE, trading at ₹314.70.

PSP Projects has approved allotment of 3,641,791 equity shares of face value of ₹10. each, to eligible qualified institutional buyers at the issue price of ₹670 per share, including a premium of ₹660 per share, which includes a discount of 1.84% (i.e. ₹12.59 per equity share) on the floor price of ₹682.59 per share, aggregating to ₹244 crore.

PSP Projects stock declines 1.13% on the NSE, trading at ₹687.40.

ICICI Bank has blocked 17,000 credit cards after a technical glitch in its mobile banking application ‘iMobile’ led users to complain about being able to view other customers’ card details, including co-branded cards.

A number of users took to social media platform ‘X’ (formerly twitter) to post about being able to access card details of other customers including the complete card number, expiration date, and CVV. The glitch also allowed users to adjust the settings for these cards, such as enabling foreign transactions or changing of spend limits.

In response, ICICI Bank said that about 17,000 new credit cards which were issued in the past few days were “erroneously mapped in our digital channels to wrong users”. These cards constitute about 0.1 per cent of the bank’s credit card portfolio.

IndiGo stock hits 52-week high at ₹3,958.80. Stock currently trades at ₹3,933.95 on the NSE, higher by 3.18%. The company is to purchase 30 Airbus A350-900 aircraft.

Aditya Birla Fashion and Retail Ltd has received a GST order on account of disputing the claim of input tax credit on account of difference between ITC availed in GSTR 3B and ITC available in GSTR 2A.

Shares trade at ₹269.25 on the NSE, up 1.60%.

Major gainers: Tech Mahindra (8.36%), LTIMindtree (3.46%), Divi’s Lab (3.24%), Wipro (2.82%), Bajaj Auto (1.72%)

Major losers: Bajaj Finance (-7.53%), Bajaj Finserv (-3.35%), Shriram Finance (-2.09%), Nestle India (-1.83%), IndusInd (-1.33%)

A total of 2,171 stocks advanced on BSE at 12 noon on April 26, 2024, against 1,405 stocks that declined; 155 stocks remained unchanged. A total of 3,731 stocks were traded. While 223 recorded a 52-week high, 12 hit a 52-week low. In addition, 262 stocks hit the upper circuit, while 147 hit the lower circuit.

Tata Chemicals has received an order from the Goods & Service Tax Department in Aluva, Kerala, levying a penalty of ₹20,000 under the Central Goods & Service Tax Act (CGST Act) / Kerala Goods & Service Tax Act (KGST Act) & Rules framed thereunder. The company plans to pay the penalty and bring the proceedings to closure. Stock is up 1.04% on the NSE, trading at ₹1,124.35.

Som Distilleries & Breweries stock trades at ₹333.40 on the NSE, down by 1.45%. However, the company’s March quarter consolidated profit was at ₹19.99 crore as against the profit of ₹15.87 crore in the March 2023 quarter. 

RBI had imposed a monetary penalty of ₹10,000 on Equitas Small Finance Bank on account of a deficiency observed in one of our Branches viz., Kandri Branch, Kanhan Nagpur, Maharashtra in providing the exchange facility for the soiled/mutilated notes to non-customers.

Equitas Small Finance Bank stock inches up 0.51% on the NSE, trading at ₹99.50.

GTPL Hathway Limited’s shares rise 1.17% on the NSE, trading at ₹181.

Major Gainers on the BSE at 11 am:

Zensar Tech (9.42%), Tech Mahindra (8.81%), GMR Infra (8.21%), Bector Food (7.33%), Saregama (6.85%)

Major losers:

LTTS (-8.03%), Bajaj Finance (-7.05%), KPI Green (-5%), Sparc (-4.99%), Aster DM (-4.45%)

Asian Paints has received an order demanding additional tax on outward supplies and disallowance on account of input tax credit (‘ITC’). The total tax demand amounts to ₹2,82,76,829 and a penalty of ₹28,27,682 has been imposed. 

The adjudication authority has raised tax demand along with interest and penalty. The Company, said in its regulatory filing that it has discharged liability towards applicable taxes on the outward supplies made in time. It has also fulfilled all the conditions prescribed under the Acts with respect to availment of the ITC.

Asian Paints stock trades at ₹2,869.30 on the NSE, up 0.27%.

VST Americas INC, a wholly-owned subsidiary of V.S.T Tillers Tractors Ltd., has incorporated a Limited Liability Company in the name of VST FIELDTRAC LLC in the US.

VST Tillers Tractors stock surges 4.12% on the NSE, trading at ₹3,445.35.

Nifty 50 is trading lower. The index does not seem to be getting strong follow-through support after moving up well on Thursday. It is currently trading at 22,534, down 0.15 per cent. The advances/ declines ratio is at 23:24. The mixed picture could see the index move in either direction. Read more

The rupee depreciated 5 paise to 83.33 against the US dollar in early trade on Friday, tracking a strong greenback overseas and a positive trend in domestic equities. However, elevated crude prices in international markets and unabated foreign capital outflows capped the gains in domestic unit, forex traders said. Read more

Equity benchmark indices climbed in early trade on Friday, extending their rally for the sixth day running, on heavy buying in Tech Mahindra and firm trends in Asian markets. Read more

Himadri Speciality Chemical stock rises 2.83% on the NSE, trading at ₹378 after Q4 financial results. Board approves brownfield expansion of a new speciality carbon black line of 70,000 MTPA (increasing the total speciality carbon black capacity to 130,000 MTPA) at an estimated capex of ₹220 crore, which is scheduled to be operational within 18 months.

The board of Mphasis Ltd has approved investment in equity share capital of Mphasis Europe BV, a wholly-owned subsidiary of the company, up to US$80 million, in addition to extending Corporate Guarantee up to $150 million; and investment in common stock of Mphasis Corporation, a wholly-owned subsidiary of the company, up to $70 million. 

Mphasis stock surges 5.41% on the NSE, trading at ₹2,350 after Q4 financial results.

Sandur Manganese & Iron Ores has approved business acquisition through purchase of 80% equity share capital of Arjas Steel Private Ltd (ASPL), by entering into a Share Purchase Agreement. Accordingly, the company has entered into the Share Purchase Agreement. Additionally, 19.12% (approx.) stake in Arjas Steel Private Ltd will be acquired by BAG Holdings Private Ltd (an entity owned by Bahirji A. Ghorpade, one of the promoters of The Sandur Manganese & Iron Ores Ltd).

Major gainers: Tech Mahindra (10%), Divi’s Lab (2.03%), Hindalco (1.85%), LTIMindtree (1.81%), Tata Steel (1.67%)

Major losers: Bajaj Finance (-5.60%), Bajaj Finserv (-2.85%), Apollo Hospitals (-1.09%), Tata Consumers (-0.95%), M&M (-0.95%)

Citi on Bajaj Fin

Buy Call, Target Cut To Rs 8,675

Q4 Earnings, Despite Being Impacted 4% By Regulatory Restrictions, Were In-line

Co Trimmed FY25 Guidance Bridging Premium FY24 RoA To Long-term Guidance In FY25 Itself

Co Guides For 30-40 bps NIM Moderation In H1FY25

Co’s Guidance Assumes Lifting Of Regulatory Restrictions In Near Future

Building In 30 bps NIM Compression, Credit Cost Of 1.7-1.8% & 26-27% AUM Growth

Cut Earnings Estimates By 7%/7% For FY25/26

Jefferies on Bajaj Fin

Buy, TP Rs 9260

Profit of Rs38bn, +21% YoY, was in line with est.

Strong AUM growth of 34% was partly offset by lower NIMs, so NII grew by 28%.

While RBI’s embargo affected 4Q perf., expect relaxation in 1/2 qtrs.

Trim est. by 2-3%

Jefferies on Laurus Labs

Underperform Call, Target Rs 250

Missed Estimates Yet Again With Another Weak Quarter For CDMO

Mgmt Provided More Color On The Animal Health And Agrochem CDMO Contracts

Mgmt Believes Animal Health & Agrochem CDMO Contracts Will Scale-up Only Beyond FY26

Till FY26, Co’s EBITDA Margins Will Remain Under Pressure

Cut FY25/FY26 Estimates By 15%/3% On Lower CDMO Sales

GS on Laurus Labs

Sell, TP cut to Rs 325

CDMO growth slower than expected, ltd visibility on ramp-up in FY25;

Lower FY25-FY27E EPS est. by up to 8% to factor in Q4 miss, slower topline/ margin development & revised biz outlook

EBITDA margin below est at 16.8%

MS on Cyient

Overweight Call, Target Cut To Rs 2,250/Sh From 2,400

Q4 Shows Softer Than Expected Rev Guide But Resilience In Margin Relative To Peers

Q4 Shows Reiteration Of Medium-term Revenue Growth And Margin Outlook

MS on L&T Tech

Underweight Call, Target Rs 4,200

Q4 Results Missed Estimates

Weak Revenue Growth Guidance Was Baked Into Buy-side Estimates

A Reset Of Margin Expectations Came As A Negative Surprise

Given Stock’s YTD Outperformance & Cut To EPS Est, Expect To Underperform

CITI on L&T Tech

Sell, TP cut to Rs 4070

4Q rev largely in line, while margins missed

EBIT margins lower largely due to high subcontracting costs

FY25 overall cc rev growth guidance at 8-10% (vs expectation of 10%+)

FY25 margins to be c.16% vs consensus at 18.7%

MS on Dalmia Bharat

Overweight Call, Target Cut To Rs 2,200

Management Sounds Confident On The Medium-Term Outlook

Margin Remain Under Near-Term Pressure Given Weak Prices Over Coming Quarters

JPA Consolidation Is Pushed Out, Which Could Remain An Overhang

Cut Estimates & Price Target To Reflect Poor Results And H1FY25 Outlook

MS on Nestle

Underweight Call, Target Rs 1,990

Co’s Earnings Were Ahead Of Our And Consensus Estimates By 9-10%

See Headwinds To Growth And Margins In FY25

Believe The Two New Business Initiatives Announced Are Positive

MS on Tata Steel

Equal-Weight Call, Target Rs 135

Believe UK Biz Restructuring Update Is A Positive Development

UK Biz Update Positive As Discussions With Trade Unions Was An Overhang On Stock

MS on IndusInd BK

OW, TP Rs 1925

Positives: Asset quality improved, strong retail deposit growth, and strong loan growth.

Negatives: Miss on NII and fees.

Balance sheet is strong with CET-1 ratio at 15.8% & LCR at 118%.

Trim EPS by 2% for F25/F26

Jefferies on IndusInd BK

Buy, TP Rs 1940

Profit of Rs24bn, up 15% YoY, was marginally below estimate.

Stable NIMs and credit quality were key positives, but high opex growth and lower fees dragged profit.

Credit cost reported was at 1.1% of avg loans, but adj for drawdown at 1.5%

HSBC on Tech Mahindra

Hold, TP Rs 1300

New turnaround plan looks sensible, but execution remains challenging, especially in the current environment

Margin expansion is highly contingent on pyramid improvement while maintaining average pricing, which will be tough to deliver

CLSA on Vedanta

Buy Call, Target Raised To Rs 430

Q4 EBITDA Of Rs88bn, Up 3% QoQ Was 6% Above Our Est Largely On Better Zinc & Oil Profitability

Net Debt Reduction By Rs6,000 Cr QoQ On Lower Working Capital Was A Surprise

Commissioning Of Ongoing Projects Across Segments Would Be A Key Earnings Driver

Commodity Price Uptick Will Be Key Earnings Driver

Given Deleveraging Plans At Parent VRL, Dividend Is Likely To Remain Elevated

Co Is A Good Play On The Metals Upcycle With Its Diversified Commodity Exposure

Co Is A Good Play On The Metals Upcycle With Ongoing Capacity Increase/Cash Reduction Projs

CITI on Vedanta

Buy, TP raised to Rs 425 from Rs 305

At Rs87.7bn (5% ahead), Vedanta’s 4Q EBITDA rose 3% qoq largely on lower costs, commodity prices were subdued.

Liability mgmt at holdo gives us confidence around VED India’s balance sheet as well

Every $100/t in zinc-lead LME impacts EBITDA by 2% and fair value by Rs15/sh.

Every $100/t change in ally LME impacts EBITDA by 4% and fair value by Rs30/sh.

Every $10/t change in crude impacts EBITDA by 1.5% and fair value by Rs5/sh

4Q Ebitda of Rs88bn (+3% QoQ) 6% above est. largely on better zinc & oil profitability

Net debt reduction by Rs60bn QoQ a surprise.

Given deleveraging plans at parent, dividend likely to remain elevated

A good play on metals upcycle

Rites: Company entered into a MOU with Ultratech for project management consultancy services of rail infra projects

*Biocon: Co Says Scheme Of Amalgamation Of Biofusion Therapeutics With Biocon Pharma Approved By Indian Tribunal. 

Cyient: Company Q4 earnings Net profit up 28.5% at ₹196.9 cr vs ₹153.2 cr, Revenue up 2.2% at ₹1860.8 cr vs ₹1,821.4 cr (QoQ) 

Zensar Tech: Net profit up 45.4% at ₹173.3 cr vs ₹119.2 cr, Revenue up 1.4% at ₹1,229.7 cr vs ₹1,212.6 cr (YoY). 

Som Distilleries: Net profit at ₹20 cr vs ₹15.9 cr, Revenue up 51.1% at ₹381.6 cr vs ₹252.6 cr (YoY) 

Jai Balaji: Net profit Rs 273 crore vs loss Rs 13.1 crore, revenue Rs 1846 crore vs Rs 1724 crore (YOY) 

GG Engineering: Net profit Rs 8.1 crore vs Rs 5.3 crore, revenue Rs 76 crore vs Rs 24.9 crore (YOY) 

Aavas Fin: Net profit Rs 143 crore vs Rs 127 crore, revenue Rs 546 crore vs Rs 449 crore (YOY)

Puravankara: Company arm Provident Housing secures ₹1,150 cr investment from HDFC Capital. The investment is for 6.2 msf of new residential projects with a combined GDV of ₹17,100 cr. 

SJVN: Company unit incorporates joint venture with Assam Power Distribution Company

IndiGo: Company places order for 30 Airbus A350 jets. 

PSP Projects: Compay approves allocation of 36 lakh shares to eligible qualified institutional buyers at Rs 670 apiece. 

L&T Tech: Company unveils strategic reorganization. 

REC: Company avails green loan of 60.5 billion Japanese Yen from Italian export credit agency SACE.

Sandur Manganese: Company to acquire 80% stake in Arjas Steel Private at an enterprise value of Rs 3,000 crore.

Macrotech: Company expects pre-sales to grow about 20% in the year to March after reporting its highest-ever quarterly revenue. 

Tata Steel: Company has agreed detailed terms with the UK Government on the proposed grant package to support the £1.25 billion investment 

CRISIL: Company’s unit gets SEBI license to commence the business of ESG Ratings Provider. 

Indusind Bank: NII at Rs 5376 crore versus poll of Rs 5472 crore, Net profit at Rs 2349 crore versus poll of Rs 2403 crore

Vedanta Ltd: Net profit down 27.4% at ₹2,273 cr vs ₹3,132 cr (YoY), Revenue down 6.4% at ₹35,509 cr vs ₹37,930 (YoY) 

Welspun Living: Net profit up 16.4% at ₹146 cr vs ₹125.4 cr (YoY), Revenue up 19.6% at ₹2,575.2 cr vs ₹2,154 cr (YoY) 

Mas Financials: Net profit up 23.3% at ₹69.4 cr vs ₹56.3 cr, Revenue up 24.2% at 345.8 cr vs ₹278.5 cr (YoY) 

Bajaj Fianance: Net profit at ₹3,824.5 cr vs poll of ₹3,888.7 cr, Gross NPA at 0.85% vs 0.95% (QoQ)

Happiest Minds: Company to acquire Pure Software Technologies for Rs 779 crore.

BHEL: Company appoints Koppu Sadashiv Murthy as CFO. 

Tata Motors: Company and Tata Motors DVR merger proposal voting commences on April 25 

LIC: Company board approves infusion of approximately Rs 14 crore in Life Insurance Corporation (Lanka)

Zensar Tech: Company CFO Sachin Zute resigns effective May 3 

Adani Ent: Company to consider Q4 Results and Dividend on 02nd May 2024. 

Coromandel International: Arun Alagappan appointed as Executive Chairman of Company 

Glenmark Life: Net profit down 33% at ₹98 cr vs ₹146.3 cr (YoY), Revenue down 13.6% at ₹536.5 cr vs ₹621.3 cr (YoY)

Tech Mahindra: Net profit plunged almost 41% to ₹661 crore for Q4 FY24, the revenue dropped by 6.2% year-on-year to Rs 12,871 crore. 

Schaeffler: Company reported a 25.3% YoY fall in net profit at ₹219.7 crore, revenue increased 10.6% to ₹1,873.1 crore against ₹1,693.6 crore YoY

Tips Industries Limted- Buyback_Starts Today

Route – Tender

Buyback Price: 625/

Current Market Price: 460.95/-

Market Cap: Rs 5,920 crores

Buyback Size: Rs 37.19 Crs (Representing 24.89% of the aggregate of the Company’s fully paid-up equity capital and free reserves)

Buyback Size: 5,95,000 shares (Representing 0.46% of O/s. shares)

Retail Quota: 89,250 Shares

Entitlement:

General Category - 11 Equity Share for every 931 Equity Shares held on the Record Date

Retail Category - 11 Equity Shares for every 444 Equity Shares held on the Record Date

Buyback Record Date: 22 April 2024

Tender Period:

Start Date - 26 April 2024 (Today)

Close Date - 03 May 2024 

Obligation Date - 09 May 2024

Settlement Date - 10 May 2024

GS on Zomato: Maintain Buy on Company, raise target price at Rs 240/sh (Positive) 

HSBC on Indusind Bank: Maintain Buy on Bank, target price at Rs 2020/sh (Positive) 

CLSA on Tech Mah: Maintain Buy on Company, target price at Rs 1589/Sh (Positive) 

CLSA on Vedanta: Maintain Buy on Company, raised target price at Rs 430/Sh (Positive) 

DAM on Laurus Lab: Maintain Buy on Company, raise target price at Rs 472/sh (Positive) 

UBS on Tech Mah: Maintain Sell on Company, cut target price at Rs 1150/Sh (Neutral) 

JP Morgan on Tech Mah: Maintain Underweight on Company, target price at Rs 1100/Sh (Neutral) 

Macquarie on Tech Mah: Maintain Neutral on Company, target price at Rs 930/sh (Neutral) 

Jefferies on Tech Mah: Maintain Neutral on Company, cut target price at Rs 1065/sh (Neutral) 

HSBC on Tech Mah: Maintain Hold on Company, target price at Rs 1300/sh (Neutral) 

Citi on Tech Mah: Maintain Sell on Company, target price at Rs 1095/sh (Neutral) 

GS on Nestle: Maintain Neutral on Company, raise target price at Rs 2550/ (Neutral) 

MS on Nestle: Maintain Underweight on Company, target price at Rs 1990/ (Neutral) 

Macquarie on Bajaj Finance: Maintain Neutral on Company, target price at Rs 8100/sh (Neutral) 

Citi on Bajaj Finance: Maintain Buy on Company, cut target price at Rs 8675/sh (Neutral) 

JP Morgan on Bajaj Finance: Maintain Overweight on Company, target price at Rs 8500/sh (Neutral) 

CLSA on ACC: Maintain Underperform on Company, target price at Rs 2640/sh (Neutral) 

BofA on Glenmark Life: Maintain Buy on Company, target price at Rs 940/sh (Neutral) 

Macquarie on Indusind Bank: Maintain Outperform on Bank, target price at Rs 1900/sh (Neutral) 

MS on Indusind Bank: Maintain Overweight on Bank, target price at Rs 1925/sh (Neutral) 

MS on LTTS: Maintain Underweight on Company, target price at Rs 4200/sh (Neutral) 

MS on Cyient: Maintain Overweight on Company, cut target price at Rs 2250/sh (Neutral) 

MS on Dalmia Bharat: Maintain Overweight on Company, cut target price at Rs 2200/Sh (Neutral) 

MS on Tata Steel: Maintain Equal weight on Company, target price at Rs 135/sh (Neutral) 

Jefferies on Syngene: Downgrade to Underperform on Company, cut target price at Rs 620/sh (Negative) 

Macquarie on Kotak Bank: Maintain Neutral on Bank, target price at Rs 1860/sh (Negative) 

UBS on Bajaj Finance: Maintain Sell on Company, target price at Rs 6800/sh (Negative) 

Jefferies on Laurus Labs: Maintain Underperform on Company, cut target price at Rs 250/sh (Negative)

* Gold surges past $2,330 per ounce due to mixed economic data.

* US GDP growth for Q1 missed expectations, marking the most sluggish expansion in two years.

* Acceleration in consumer inflation suggests Fed may extend its restrictive monetary policy.

* Higher rates reduce gold’s appeal, but rising price pressures increase its attractiveness as a hedge against inflation.

* Investors await March PCE figures for clearer Fed’s monetary policy outlook.

* Gold is expected to drop by 2.5% over the week.

Silver gains were supported by a weaker dollar as investors analysed conflicting economic data from the United States and its possible implications on the Fed’s relaxation cycle. While US GDP growth in Q1 was substantially lower than expected, consumer inflation increased to 3.4% from 1.8% in Q2. This, together with lower-than-expected unemployment claims, strengthened the argument for the Fed to keep its restrictive interest rate policy in place for an extended period of time. Typically, higher interest rates reduce demand; nevertheless, growing price pressures increase its attractiveness as a hedge against inflation. 

Key economic data slated for release includes Spanish Unemployment Rate from Euro Zone, Core PCE Price Index m/m, Revised UoM Consumer Sentiment from US Zone.

Gold prices stabilised as investors focused on critical U.S. inflation data for clues about the Federal Reserve’s interest rate path. The US economy expanded at its weakest pace in almost two years in the first quarter, but a surge in inflation reaffirmed predictions that the Fed would not lower interest rates until September. Top consumer China’s net gold imports via Hong Kong increased by 40% in March compared to the previous month, according to statistics. The Bank of Japan is expected to forecast that inflation would remain around its 2% objective in the coming years and show its willingness to hike interest rates from near-zero in the hopes of deterring yen bears from sending the currency to new 34-year lows.

Key economic data slated for release includes Spanish Unemployment Rate from Euro Zone, Core PCE Price Index m/m, Revised UoM Consumer Sentiment from US Zone.

26 April 2024 (Today)

Derivative Segment

* Atul Ltd.

* Bajaj Finserv Ltd.

* HCL Technologies Ltd.

* Maruti Suzuki India Ltd.

* SBI Cards & Payment Services 

* SBI Life Insurance Company Ltd.

* Shriram Finance Ltd.

Cash Segment

* Aditya Birla Sun Life AMC Ltd.

* Bajaj Holdings & Investment 

* Bank Of Maharashtra

* CSB Bank Ltd.

* Indiabulls Real Estate Ltd.

* KSB Ltd.

* Mahindra Holidays & Resorts 

* Mahindra Lifespace Developers

* Mastek Ltd.

* Motilal Oswal Financial Services

* Supreme Industries Ltd.

* Usha Martin Ltd.

* VST Industries Ltd.

27 April 2024

Derivative Segment

* ICICI Bank Ltd.

* IDFC First Bank Ltd.

* L&T Finance Ltd.

* RBL Bank Ltd.

Cash Segment

* Craftsman Automation Ltd.

* Yes Bank Ltd.

29 April 2024

Derivative Segment

* Birlasoft Ltd.

* Can Fin Homes Ltd.

* Tata Chemicals Ltd.

* Trent Ltd.

* Ultratech Cement Ltd.

Cash Segment

* Gillette India Ltd.

* KPIT Technologies Ltd.

* PNB Housing Finance Ltd.

* Poonawalla Fincorp Ltd.

* Rossari Biotech Ltd.

* Shoppers Stop Ltd.

* UCO Bank

30 April 2024

Derivative Segment

* Cholamandalam Inv & Fin Co 

* Exide Industries Ltd.

* Havells India Ltd.

* Indiamart Intermesh Ltd.

* Indian Oil Corporation Ltd.

* Indus Towers Ltd.

* REC Ltd.

Cash Segment

* Adani Energy Solutions Ltd.

* Adani Total Gas Ltd.

* Castrol India Ltd.

* Central Bank Of India

* Dwarikesh Sugar Industries Ltd.

* Five-Star Business Finance Ltd.

* IRB InvIT Fund

* Nuvoco Vistas Corporation Ltd.

* P&G Hygiene & Health Care Ltd.

* Sona BLW Precision Forgings 

* Star Health & Allied Ins Co

* Symphony Ltd.

* Vedant Fashions Ltd.

01 May 2024

Derivative Segment

* Ambuja Cements Ltd.

Cash Segment

* Adani Power Ltd.

* Adani Wilmar Ltd.

* Orient Cement Ltd.

* SIS Ltd.

02 May 2024

Derivative Segment

* Adani Enterprises Ltd.

* Adani Ports and SEZ Ltd.

* Coal India Ltd.

* Coforge Ltd.

* Dabur India Ltd.

* The Federal Bank Ltd.

Cash Segment

* Ajanta Pharma Ltd.

* Blue Dart Express Ltd.

* Blue Star Ltd.

* Ceat Ltd.

* CIE Automotive India Ltd.

* JBM Auto Ltd.

* K.P.R. Mill Ltd.

* KEI Industries Ltd.

* Privi Speciality Chemicals Ltd.

* Procter & Gamble Health Ltd.

* Ramkrishna Forgings Ltd.

* Ugro Capital Ltd.

03 May 2024

Derivative Segment

* Godrej Properties Ltd.

* MRF Ltd.

* Titan Company Ltd.

Cash Segment

* Adani Green Energy Ltd.

* Aptus Value Housing Fin India 

* Carborundum Universal Ltd.

* Firstsource Solutions Ltd.

* HFCL Ltd.

* Mangalore Refinery & Petrochem

* Raymond Ltd.

04 May 2024

Derivative Segment

* Kotak Mahindra Bank Ltd.

Cash Segment

* Kansai Nerolac Paints Ltd.

06 May 2024

Derivative Segment

* Gujarat Gas Ltd.

* Lupin Ltd.

* Marico Ltd.

Cash Segment

* Grindwell Norton Ltd.

* Happiest Minds Tech Ltd.

07 May 2024

Derivative Segment

* Dr. Reddy’s Laboratories Ltd.

* IDFC Ltd.

* Max Financial Services Ltd.

* Navin Fluorine International

* Pidilite Industries Ltd.

* United Breweries Ltd.

* Voltas Ltd.

Cash Segment

* Century Textiles & Industries

* CreditAccess Grameen Ltd.

* Kajaria Ceramics Ltd.

* Latent View Analytics Ltd.

* PB Fintech Ltd.

08 May 2024

Derivative Segment

* Canara Bank

* Hero MotoCorp Ltd.

* Larsen & Toubro Ltd.

* Tata Power Company Ltd.

* TVS Motor Company Ltd.

Cash Segment

* BSE Ltd.

* Capri Global Capital Ltd.

* Gujarat State Petronet Ltd.

* Sterlite Technologies Ltd.

* Westlife Foodworld Ltd

09 May 2024

Derivative Segment

* Asian Paints Ltd.

* Escorts Kubota Ltd.

* Hindustan Petroleum Corp Ltd.

Cash Segment

* Alembic Pharmaceuticals Ltd.

* Alkyl Amines Chemicals Ltd.

* Computer Age Mgmt Services 

* Rain Industries Ltd.

* Timken India Ltd.

10 May 2024

Derivative Segment

* ABB India Ltd.

* Cipla Ltd.

* Polycab India Ltd.

* Tata Motors Ltd.

Cash Segment

* Cholamandalam Fin Hldgs Ltd.

* Kalyan Jewellers India Ltd.

* TCI Express Ltd.

* Thermax Ltd.

12 May 2024

Derivative Segment

* JK Cement Ltd.

13 May 2024

Derivative Segment

* Aditya Birla Capital Ltd.

14 May 2024

Derivative Segment

* Bharti Airtel Ltd.

* Shree Cement Ltd.

Cash Segment

* BASF India Ltd.

15 May 2024

Derivative Segment

Nil

Cash Segment

* Clean Science & Tech Ltd.

16 May 2024

Derivative Segment

* Biocon Ltd.

* Crompton Greaves Cons Elec

Cash Segment

* Akzo Nobel India Ltd.

* Endurance Technologies Ltd.

* Motherson Sumi Wiring 

17 May 2024

Derivative Segment

* JSW Steel Ltd.

Cash Segment

* Glaxosmithkline Pharma Ltd.

21 May 2024

Derivative Segment

Nil

Cash Segment

* Gujarat State Fert & Chem Ltd.

22 May 2024

Derivative Segment

* Jubilant FoodWorks Ltd.

23 May 2024

Derivative Segment

* Page Industries Ltd.

Cash Segment

* Bikaji Foods International Ltd.

* Esab India Ltd.

24 May 2024

Derivative Segment

* Bosch Ltd.

* Hindalco Industries Ltd.

Cash Segment

* HEG Ltd.

* JM Financial Ltd.

28 May 2024

Derivative Segment

Nil

Cash Segment

* Amara Raja Energy & Mobility 

* Medplus Health Services Ltd.

* TTK Prestige Ltd.

29 May 2024

Derivative Segment

* Cummins India Ltd.

* Samvardhana Motherson Int

Cash Segment

* Emami Ltd.

Tata Steel will invest £1.25 billion to build a modern electric arc furnace in Port Talbot and commence closure of the existing heavy-end assets in the following months. A Voluntary Redundancy Aspiration process will be launched across Tata Steel UK from May 15. The move follows seven months of formal and informal national-level discussions with UK trade unions, Tata Steel said in a statement. Read more

The beginning of a fresh series (July introduction today at the NSE derivative segment) will see domestic markets opening flat on Monday.

Despite the US stocks closing deep in the red, Asian shares rose on Friday as all eyes are on the Bank of Japan’s policy decision later in the day, and the weak yen. US stock futures, too, recovered after tech giants Alphabet and Microsoft reported better-than-expected quarterly results. However, Australian stocks are down over 1 per cent in early deals on Friday.

Gift Nifty at 22,691 indicates a flat-to-positive opening, as Nifty May futures closed at 22,654. Read more

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Conference call Replay available in Various speeds !

Researchbytes Events Update

As of 07:21 AM Friday 26 April 2024

Can set alert for them at www.researchbytes.com 

8:30 AM MphasiS

(Press Release )

Dial: +91 22 7115 8066

Weblink: https://tinyurl.com/3npa6n2n

10:30 AM Schaeffler Ind

Dial: +91 22 6280 1538

Weblink: https://tinyurl.com/y8ux8b8c

11:00 AM UTI Asset Managmnt co.

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/3p9zvk98

( Hosted by Adfactors )

3:00 PM Bajaj Finserv

Dial: +91226280 1366

Weblink: https://tinyurl.com/3snw8x5b

3:30 PM Huhtamaki PPL

Weblink: https://tinyurl.com/26bktf8d

4:00 PM Amkay Products

Weblink: https://tinyurl.com/2w9mdrkf

4:00 PM Quick Heal Tech

Dial: +91 22 6280 1341

Weblink: https://tinyurl.com/4h9epn7x

( Hosted by Valorem )

4:00 PM Supreme Ind

Dial: +91 22 6280 1384

4:00 PM Dhampur Bio Org

(Results)

Dial: +91 22 6280 1480

Weblink: https://tinyurl.com/4phtxexh

4:00 PM Mahindra Holida

Dial: +91 22 6280 1550

4:30 PM SBI Life Insurance

Dial: + 91 22 6280 1101

Weblink: https://tinyurl.com/2bzjvpxe

4:30 PM Tanla Platforms

Dial: +91 22 6280 1141

5:00 PM Maruti Suzuki

No Contact Available

Please check again for details @ www.researchbytes.com 

5:00 PM Bank of Mah

*Analyst Meet:*The Regal,Trident Hotel, Nariman Point

5:30 PM CSB Bank

Dial: +91 22 6280 1315

Weblink: https://tinyurl.com/2s3chddb

6:00 PM Motilal Oswal

Dial: +91 22 6280 1118

Weblink: https://tinyurl.com/33tsus9m

6:00 PM Utkarsh Small

Dial: +91 22 6280 1144 

Weblink: https://tinyurl.com/3kcemuks

6:30 PM SBI Cards&payment service

Dial: +91 22 6280 1506 

Weblink: https://tinyurl.com/y8y2nycy

7:00 PM Shriram Trans

No Contact Available

Please check again for details @ www.researchbytes.com 

7:30 PM HCL Tech

Dial: +91 22 6280 1119

Weblink: https://tinyurl.com/5hf9cpuj

Bajaj Finance : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298899

AAVAS Financier : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298898

Laurus Labs : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298895

Cyient : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298896

Welspun India : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298890

Anant Raj : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298891

Kirloskar Pneum : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298888

Glenmark Life : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298886

MAS Financial S : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298883

Syngene International : (replay)

https://www.researchbytes.com/webcast.aspx?WID=298878

Results today …

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Recent interviews …

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Replays available at www.researchbytes.com

Engineering and technology solutions company, Cyient has posted a net profit of ₹173 crore, showing a growth of 9.1 per cent year-on-year. It registered a revenue of ₹1,489 crore, reporting a growth of 2.8 per cent y-o-y. Read more

Murugappa Group firm Wendt India’s Board has recommended a final dividend of ₹20 per equity share (on a face value of ₹10) for FY24 amid posting a flat consolidated profit after tax for the year. Read more

IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), has appointed three members including former NABARD Chairman, Govinda Rajulu Chintalato its Board of Directors. Read more

Indian Hotels Company Ltd is scaling up its presence with a new upscale brand and launching new websites to more sales, IHCL managing director and CEO Puneet Chhatwal tells businessline. Read more

Tata Steel will invest 1.25 billion pounds to build a modern electric arc furnace in Port Talbot and commence closure of the existing heavy-end assets in the following months. Read more

A day after Reserve Bank of India asked Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, MD and CEO Ashok Vaswani said that the lender is in constant discussions with the regulator to address its concerns. Read more

Reflect the ongoing weak demand for IT services, Tech Mahindra reported a 41 per cent decline in its consolidated net profit to ₹661 crore for the fourth quarter ended March 2024 compared to a net profit of ₹1,117.7 crore in the same period last year. Revenue dropped by 6.2 per cent to ₹12,871 crore. For the fiscal year 2024, consolidated PAT was at ₹2,358 crores, down 51.2 per cent compared to the previous fiscal year. Read more

Total headcount at 145,455 down 795 quarter-on-quarter.

Mohit Joshi, Chief Executive Officer and Managing Director, Tech Mahindra, said, “FY’24 posed its fair share of challenges for the IT services sector; yet, amidst the global economic uncertainties, we continue to observe a notable push towards digital adoption.”

Rohit Anand, Tech Mahindra’s Chief Financial Officer, said, “With another quarter of robust cash generation, we have reported improvement in deal wins and operating margins in Q4FY’24, which has enabled consistent dividend distribution. We are confident that our actions will lead to steady earnings growth in the coming years. We will continue to focus on operational excellence and cost savings to deliver superior shareholder returns.”

Related Article

Anglo Eastern Group to create job opportunities for Indian youth in merchant navy

Analysts said the reduction in client spending has dented the company’s performance D. K. Mudaraddi, Research Analyst, StoxBox said “Tech Mahindra’s Q4FY24 results reflect the ongoing weak demand environment, leading companies to focus on improving margins through cost optimization. However, the inability to decrease subcontracting expenses and lower utilization makes us wary of the company’s approach towards efficiently managing resources.”

Related Stories

NSE cuts Nifty lot size to 25 from Friday

LTIMindtree aims to bounce back in Q1, bets on broad-based growth for FY25

Cyient Q4 PAT up by 9% at ₹173 cr

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Published on April 25, 2024

Related Topics

• Tech Mahindra Ltd
• Quarterly Results

Latest News

How can corporate governance aid start-up valuations?

SJVN

Brigade Enterprises Ltd’s shares were up by 1.09% after the company partnered with IHG Hotels & Resorts to introduce the InterContinental to Hyderabad. Read more

Bengaluru-based food and delivery company Swiggy has received a go-ahead from its shareholders for its initial public offering (IPO), as per regulatory filings. Read more

The Association of Mutual Funds in India (AMFI) has held multiple rounds of discussions with the Securities and Exchange Board of India (SEBI) to clear the logjam arising out of the validation of investor KYC records. This is in addition to separate talks held by individual fund houses and distributors with the regulator on the issue. Read more

Prabhudas Lilladher, one of the leading broking firms, expects the equity market to turn cautious in the run-up to the second phase of the General Election and give up some gains closer to the polling date. Read more

Jindal Saw (JSAW): CMP: 520, Market Cap: Rs 166 bn, TP: Rs 818 (~60% upside)

Favourable Industry Tailwinds & significant debt reduction to drive the earnings growth.

Key Trigger: Rising Order Book, higher exports, debt reduction

JSAW (a unit of the PR Jindal group), is a leading player in the steel pipes and pellets industry in India and overseas. It holds significant market share in SAW and Ductile Iron Pipes domestically (~25% market share in SAW pipes and ~20% market share in Ductile Iron Pipes) and has a strong presence in regions like Latin America and MENA. ~60% of the company’ revenues come from the water supply and sanitation (WSS) which is growing rapidly in India and globally and the remaining from O&G and other segment which supports the company in a volatile industry scenario. Its client base includes both government and private sectors across various industries, ensuring stability and growth opportunities. Overall, JSAW is well-positioned for sustained success with its market leadership, diversified revenue streams, and global presence.

Over the preceding half-decade, the company faced stagnant steel pipes volumes, lingering at 13 lakh tons (~60% utilization) due to challenges such as rising steel prices and declining demand. However, recent indicators signal a turnaround, with volumes surging to around 17 lakh tons in FY24 (~20% YoY growth). This resurgence is driven by robust orders in both domestic and export markets, particularly in segments with favourable margins (LSAW & Coated HSAW Pipe order wins). Foreseeing a 7.0% volume CAGR over the next two years, the company capitalizes on scale advantages and significant debt reduction, fuelling an expected earnings spike of ~150.0% in FY24E compared to FY23 (with a 14% earnings CAGR expected over the next two years, FY24E-26E). With a positive long-term outlook supported by a diverse product portfolio, effective hedging strategies, restrained CAPEX, and debt reduction initiatives, the stock’s current trading at 5.4x FY26E EV/EBITDA indicates a potential ~60% upside based on an 8x EV/EBITDA valuation.

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Recent Interview...

As of 19:04 PM Thursday 25 April 2024

DCB Bank: Murali M Natrajan, MD & CEO

We Think We Should Be Able To Double Bank Size Every 3-3.5 Years: DCB Bank

https://www.youtube.com/watch?v=xCBK3c11KLk

Equitas Small F: PN Vasudevan, MD

Gross NPA To Remain At Current Levels Of 2.5-2.6% In FY25: Equitas Small Finance Bank

https://www.youtube.com/watch?v=1d0u7GP2J7g

Equitas Small F: PN Vasudevan, MD

EQUITAS SFB: Expected To Increase In Cost Of Funds, No Rate Cut In FY25 | P N Vasudevan

https://www.youtube.com/watch?v=uCJAWHQStYE

Gateway Distri: Prem Kishan Gupta, CMD

Gateway Distriparks: FY25 Demand, Cargo Growth & Business Outlook | Prem Kishan Gupta

https://www.youtube.com/watch?v=qxusy9LY9Cc

Happiest Minds: Venkatraman Narayanan, MD CFO

PureSoftware Acquisition Will Be EPS Accretive From Day 1: Happiest Minds Technologies

https://www.youtube.com/watch?v=qbutnW8beNc

HUL: Rohit Jawa, CEO

HUL Weak Q4: Profit Falls, Dividend Announcement & Management’s Take On Road Ahead

https://www.youtube.com/watch?v=DUaq0d6N0l8

Indian Hotels: Puneet Chhatwal, MD

Target More Than 30% CAGR In New Businesses: Indian Hotels

https://www.youtube.com/watch?v=jbey0tG8QBw

Indian Hotels: Puneet Chhatwal, MD

Indian Hotels: Becoming High Growth Company In The Market, Expecting Double Digit Topline Growth

https://www.youtube.com/watch?v=393EAJSGt_k

LTIMindtree: Nachiket Deshpande, Director

Difficult To Say If We Can Achieve 200 Bps Margin Expansion By FY27: LTIMindtree

https://www.youtube.com/watch?v=gDbonAdUYIg

LTIMindtree: Debashis Chatterjee, CEO & MD

LTIMindtree Q4: Closes FY24 With Strong Inflow| Final Dividend ?45/Equity Share

https://www.youtube.com/watch?v=nieqZ932diU

Events today…

https://www.researchbytes.com/Default.aspx?cc=event

Results today…

https://www.researchbytes.com/Default.aspx?cc=result

Replays available at www.researchbytes.com

Fund Flow Activity: 

25 April 2024 (In Cr) 

Provisional Cash Rs. In Crs. 

FII/FPI: NET SELL: -2823.33 

(19,378.28 - 22,201.61) 

DII: NET BUY: +6167.56 

(19,088.02 - 12,920.46)

Closing Bell:

* Sensex: 74339.44(+486.50)

* Nifty 50: 22570.35 (+167.95)

* Nifty bank: 48494.95 (+305.95)

Nifty top 5 Gainers: 

* Axis bank: 1,127.00(+63.75)

* SBI: 812.70(+ 39.60)

* Dr Reddys Labs: 6,218.75 (+267.95)

* JSW Steel: 905.80 (+23.10)

* Nestle: 2,562.65 (+62.50)

Nifty top 5 losers:

* kotakM: 1,642.45(-200.35)

* LTIMindtree: 4,634.70 (-92.10)

* HUL: 2,230.85 (-29.40 )

* Titan Company: 3,571.10 (-38.65 )

* SBI Life Insura: 1,444.45 (-15.60)

TENT JAPAN BOJ Monetary Policy (Expected: 0.1% versus Previous: 0.1%)

TENT JAPAN BOJ Press Conference

18:00 U.S. Core PCE Price Index m/m (Expected: 0.3% versus Previous: 0.3%)

19:30 U.S. Revised UoM Consumer Sentiment (Expected: 77.9 versus Previous: 77.9)

Exxon Mobil Corporation (Pre market) (Sector - Energy) 

Chevron Corporation (Pre market) (Sector - Energy) 

AbbVie Inc. (Pre market) (Sector - Healthcare) 

Fomento Economico Mexicano S.A.B. de C.V. (Pre market) (Sector – Food Retail) 

HCA Healthcare, Inc. (Pre market) (Sector - Healthcare) 

Colgate-Palmolive Company (Pre market) (Sector - FMCG) 

Phillips 66 (Pre market) (Sector - Energy) 

Aon plc (Pre market) (Sector - Financials) 

Roper Technologies, Inc. (Pre market) (Sector - Technology) 

Centene Corporation (Pre market) (Sector - Healthcare) 

Charter Communications, Inc. (Pre market) (Sector - Technology) 

Imperial Oil Limited (Pre market) (Sector - Energy) 

LyondellBasell Industries NV (Pre market) (Sector - Chemicals) 

NatWest Group plc (Pre market) (Sector - Financials) 

T. Rowe Price Group, Inc. (Pre market) (Sector - Financials) 

Ball Corporation (Pre market) (Sector - Packaging) 

Avantor, Inc. (Pre market) (Sector - Healthcare) 

Saia, Inc. (Pre market) (Sector - Logistics) 

Cameco Corporation (Tentative) (Sector - Energy) 

PT Telekomunikasi Indonesia, Tbk (Tentative) (Sector - Technology) 

Banco De Chile (Tentative) (Sector - Financials)

Alphabet (Google) shares jumped by more than 12% in after-hours trading Thursday after the Google owner reported better-than-expected top and bottom lines for the fiscal Q1 2024. 

Microsoft Corporation rose more than 4% in afterhours trading following the better than expected earnings report.

The upmove in Axis Bank seems to be gaining momentum. The stock surged about 6 per cent on Thursday. It has closed just below a key resistance level of ₹1,130. We see high chances for the stock to breach this resistance from here. Read more