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PremiumMarket Close Highlights : Stocks edged higher as markets reopened in Europe and the US with traders looking to inflation prints and central bank speakers for hints on the timing of interest-rate cuts.
Europe’s Stoxx 600 was little changed, on track for a 3.5% gain in May, while contracts on US shares climbed 0.3%. The 10-year Treasury yield slipped two basis points and the dollar was steady. Brent crude was also flat after two days of gains even as tensions in the Middle East ratcheted higher following the death of an Egyptian soldier during a clash with Israeli troops.
Consumer inflation expectations in the euro zone ticked lower in April, while the Federal Reserve’s favorite measure of underlying inflation is seen showing modest relief when it lands on Friday. The ECB’s Klaas Knot speaks Tuesday, with Lisa Cook and Neel Kashkari among Fed speakers due this week.
“We are very much on the inflation data watch for now," said Marija Veitmane, senior multi-asset strategist at State Street Global Markets. “Stocks and risk will continue to be supported, but I don’t see change of leadership nor a broadening of the performance. Large-cap growth stocks will be leading."
ECB policymakers next meet on rates on June 6. On Monday, France’s Francois Villeroy de Galhau said the ECB shouldn’t exclude cutting rates in both June and July, though hawkish policymakers including Executive Board member Isabel Schnabel recently came out in opposition to back-to-back moves.
As traders return from the long weekend they’ll also be alert for problems connected with the switch to “T 1" rule — whereby US equities will settle in one day rather than two.
There are worries about potential teething issues, including that international investors may struggle to source dollars on time, global funds will move at different speeds to their assets, and everyone will have less time to fix errors.
Elsewhere, Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up efforts to return a $9 billion hoard of the largest digital asset to creditors.
Sensex Today Live : Indian benchmark indices traded on a subdued note on Tuesday, bogged down by the cautious mood in the markets amid the ongoing 2024 Lok Sabha elections, and the anticipation of inflation data across countries.
These uncertainties have led the benchmark indices to touch all time highs in the previous two trading sessions, while also leading them to close in the red for the second straight day today.
Sensex, which had opened higher at 75,585.40, remained rangebound between that and a low of 75,083.22, through the day. At close, the Sensex was at 75,170.45, down 220.05 points, or 0.29%.
Similarly, Nifty 50, which had opened higher at 22,977.15, remained rangebound between a low of 22,858.50 and a high of 22,998.55, through the day. At close, Nifty 50 was at 22,888.15, down 44.30 points, or 0.19%.
19 of the 30 stocks on the BSE Sensex closed in the red. Power Grid Corp., NTPC, Tech Mahindra, Bharti Airtel, and Tata Motors, were the top drags for the day, while Asian Paints, Wipro, JSW Steel, Hindustan Unilever, and Bajaj Finserv were the top gainers.
Meanwhile, 28 of the 50 stocks on the Nifty 50 closed in the red. Adani Ports & SEZ, Power Grid Corp., BPCL, Coal India, and Adani Enterprises were the top drags for the day, while Divi's Laboratories, SBI Life, HDFC Life, Hero MotoCorp and Grasim Industries were the top gainers.
That apart, the broader market also closed in the red, with the BSE MidCap down 0.63% and the BSE SmallCap down 1.09%.
The Realty, PSU Bank and Oil & Gas indices were the top drags at close, while the Pharma and Healthcare indices had gained the most.
The Bank, Auto, Metal, Consumer Durables and IT indices also closed in the red, while the Financial Services, Media and FMCG sectoral indices ended in the green.
In corporate news, 3M India reported Q4 revenues at ₹1,094.5 crore, up 4.6% compared to ₹1,046 crore in the year ago period, while its net profit rose 27% YoY to ₹173 crore compared to ₹136 crore in the year ago period.
Separately, Hind Rectifiers recorded a net profit of ₹5 crore in Q4, compared to a loss of ₹2.4 crore in the year ago period. The company reported revenues of ₹151.3 crore, compared to ₹111.6 crore in the year ago period.
Sensex Today Live : J Kumar Infra reported revenues of ₹1,425 crore in Q4FY24, compared to ₹1,134 crore in the year ago period
The company reported net profit at ₹99.7 crore, compared to ₹73.8 crore in the year ago period
Sensex Today Live : Hind Rectifiers reported revenue of ₹151.3 crore, compared to ₹111.6 crore in the year ago period
The company reported net profit at ₹5 crore, compared to a loss of ₹2.4 crore in the year ago period
Sensex Today Live : 3M India reported Q4 revenue at ₹1,094.5 crore, up 4.6% compared to ₹1,046 crore in the year ago period
Net profit rose 27% YoY at ₹173 crore compared to ₹136 crore in the year ago period
Sensex Today Live : The Realty, PSU Bank and Oil & Gas indices were the top drags, while the Pharma and Healthcare indices had gained the most.
The Bank, Auto, Metal, Consumer Durables and IT indices were trading in the red, while the Financial Services, Media and FMCG sectoral indices were trading in the green.
Sensex Today Live : The broader market were trading in the red, with the BSE MidCap down 0.57% and the BSE SmallCap down 0.96%.
Sensex Today Live : 29 of the 50 stocks on the Nifty 50 were trading in the red. Adani Ports & SEZ, Power Grid Corp., Coal India, BPCL, and Tata Motors were the top drags, while DIVI's Laboratories, SBI Life, HDFC Life, Grasim Industries and Hero MotoCorp were the top gainers.
Sensex Today Live : 20 of the 30 stocks on the BSE Sensex were trading in the red. Power Grid Corp., NTPC, Tech Mahindra, Tata Motors, and Bharti Airtel, were the top drags, while Asian Paints, Wipro, Hindustan Unilever, JSW Steel, and Mahindra & Mahindra were the top gainers.
Sensex Today Live : Indian benchmark indices had fallen on Tuesday, amid mixed signals from global peers and caution amid the ongoing 2024 Lok Sabha elections.
At 3 pm, Sensex was down 176.24 points, or 0.23%, at 75,214.26 and Nifty was down 34.75 points, or 0.15%, at 22,897.70.
Sensex Today Live : Ramco Industries reported consolidated revenue from operations at ₹364.9 crore in Q4FY24, compared to ₹350 crore in the year ago period
Profit before tax stood at ₹28 crore compared to ₹24.8 crore in the year ago period
Net Profit came in at ₹19.7 crore, compared to ₹42.9 crore in the year ago period
Sensex Today Live : RITES reported consolidated revenue from oporatIons at ₹643.25 crore in Q4FY24, compared to ₹686.81 crore in the year ago period
Profit before tax stood at ₹186.69 crore, compared to ₹191.13 crore in the year ago period
Profit after tax for the period stood at ₹136.67 crore, compared to ₹138.89 crore in the year ago period
Sensex Today Live : Revenue from operations stood at 79.8 crore, compared to ₹93.8 crore in the year ago period
Profit before tax stood at ₹2.20 crore, compared to ₹2.4 crore in the year ago period
Net profit for the period stood at ₹1.2 crore, compared to ₹1.13 crore in the year ago period
Sensex Today Live : Indian benchmark indices were trading on a muted note on Tuesday, amid mixed signals from global peers.
At 2 pm, Sensex was down 73.03 points, or 0.10%, at 75,317.47 and Nifty was down 10.55 points, or 0.05%, at 22,921.90.
Sensex Today Live : TTK Prestige consolidated reported revenue from operations at ₹622.56 crore in Q4FY24, compared to ₹610.97 crore in the year ago period
Profit before tax stood at ₹74.52 crore, compared to ₹78.07 crore in the year ago period
Profit after taxes stood at ₹57.42 crore, compared to ₹58.01 crore in the year ago period
Sensex Today Live : Citing a brighter domestic demand outlook led by expectations of a normal monsoon, remunerative crop prices and the lower H1FY24 base, we are enthused about double-digit FY25 revenue growth y/y, with a steady improvement in margins to be led by a greater contribution from corn hybrid seeds.
We trim our FY25e/26e EPS 7%/5%. We expect the company to clock 9%/12% revenue/ PAT CAGRs over FY24-26.
We maintain a Buy, with a revised TP of ₹6,200 (earlier ₹6,500), 30x FY26e EPS.
Risks: Adverse weather; a complete ban on glyphosate (contributed ~13-14% of overall FY23 revenues).
Sensex Today Live : Century Plyboards Rating: ACCUMULATE
Target Price : ₹770
Upside : 17%
CMP : ₹656 (as on 27 May 2024)
We cut our earnings estimates by 14% for FY25 and 9% for FY26 to factor in lower profitability even as we slightly raise our revenue estimates by 3.6% for FY25 and 3.9% by FY26. We reiterate Accumulate with lower TP of ₹770 from ₹850 on 35x (unchanged) FY26E P/E.
Sensex Today Live : STL today announced that it has been chosen by Connexin as a partner to deliver the Nottinghamshire sections of their UK government award.
STL will provide its Smart Fibre Deployment Services to Connexin to bring fast and reliable broadband connectivity around Nottinghamshire in the UK.
The government had recently awarded Connexin a £58 million contract to connect ~34,300 hard-to-reach premises in rural communities of Nottinghamshire and West Lincolnshire with gigabit broadband. This is a part of Project Gigabit, the UK government’s flagship £5-billion project to bring ultrafast gigabit connectivity to remote areas.
Under the partnership, STL will connect around 12,000 rural premises in hard-to-reach areas such as Kirkby in Ashfield, Sutton-in-Ashfield, Annesley and Newark on Trent with Connexin’s full fibre-to-the-premise (FTTP) infrastructure, the company said in an exchange filing.
STL will also support Connexin in building, operating and maintaining this gigabit broadband network.
Sensex Today Live : Indian benchmark indices were trading on a muted note on Tuesday, amid mixed signals from global peers.
At 1 pm, Sensex was down 13.2 points, or 0.02%, at 75,377.30 and Nifty was up 2.05 points, or 0.01%, at 22,934.50.
Sensex Today Live : Power Grid Corp., today announced that it has commissioned the transmission line between Reliance Industries' Jamnagar, Gujarat refinery and the Jam Khambhaliya ISTS power station.
The company, in an exchange filing, said, "Project under “Jamnagar Oil Refinery of Reliance Industries Limited (RIL) to connect with Jam Khambhaliya ISTS PS" has been commissioned with effect from 5th May, 2024 for which Notification for Commercial Operation (DOCO) has been received on 27th May, 2024".
Sensex Today Live : Sundaram Brake Linings reported revenue from operations at ₹89.03 crore, compared to ₹91.8 crore
Profit before tax stood at ₹23.9 lakh, compared to ₹2.2 crore in the year ago period
Profit for the period stood at ₹57.88 lakh, compared to ₹2.2 crore, in the year ago period
Sensex Today Live : Barring FMCG, IT, Pharma, and Healthcare, all other sectoral indices were trading in the red.
The Realty, PSU Bank, Oil & Gas and Consumer Durables indices were the top drags.
Sensex Today Live : Broader market indices heat map
Sensex Today Live : 23 of the 50 stocks on the Nifty 50 were trading in the red. Adani Ports & SEZ, Power Grid Corp., BPCL, Coal India, and NTPC, were the top drags, while Divi's Laboratories, HDFC Life, Hero MotoCorp, Dr Reddy's and SBI Life were the top gainers.
Sensex Today Live : 12 of the 30 stocks on the BSE Sensex were trading in the red. Power Grid Corp., NTPC, Tata Motors, Tech Mahindra, and SBI were the top drags. Hindustan Unilever, UltraTech Cement, TCS, Bajaj Finance, and Mahindra & Mahindra were the top gainers.
Sensex Today Live : Indian benchmark indices were trading on a muted note on Tuesday, amid mixed signals from global peers.
At 12 pm, Sensex was down 26.21 points, or 0.03%, at 75,364.29 and Nifty was up 5.95 points, or 0.03%, at 22,938.40.
Sensex Today Live : Ajooni Biotech today announced that it has leased 75,000 sq. yards land parcel in Bikaner, Rajasthan for the plantation of Moringa.
Moringa leaves are used in Neutraceutical Industries as raw material. These are rich in amino acid and 18 types of amino acids are found in Moringa. Further, Moringa oil cake is a rich source of oil and protein and can be replaced by mustard cake and cotton cake and this further reduces the cost of animal feed, the company said in an exchange filing.
It further improves the nutrition value of feed and overall health of cattle and increases the milk by 10-15% of cattle, it added.
Sensex Today Live : Intellect Design Arena today announced the launch of the Canada eMACH.ai Cloud for Banks and Credit Unions.
This comprehensive suite of products spans Digital engagement, Liquidity, Virtual Accounts and Core Banking (including payments and deposits), with embedded AI, allowing financial institutions to tailor their digital experiences to meet customer expectations and fuel growth, the company said in a statement.
All these products are Canada-ready and/or live with Canadian customers, it added.
Sensex Today Live : Tata Consultancy Services has tied up with the Indian Institute of Technology, Bombay (IIT-Bombay), to develop India’s first Quantum Diamond Microchip Imager.
This advanced sensing tool will hold the potential to unlock new levels of precision in the examination of semiconductor chips, reduce chip failures and improve the energy efficiency of electronic devices, the company said in an exchange filing.
Over the next two years, experts from TCS will work with Dr. Kasturi Saha, Associate Professor in the Department of Electrical Engineering of IIT-Bombay to develop the quantum imaging platform in the PQuest Lab.
This platform will enable better quality control of semiconductor chips, thereby improving product reliability, safety, and energy efficiency of electrical devices, it added.
Sensex Today Live : Marksans Pharma today announced that its wholly owned subsidiary Relonchem has has received marketing authorization for the product Levetiracetam Relonchem 100 mg/mL Oral Solution from UK MHRA.
The product will be manufactured at the group’s UK manufacturing facility, the company said.
Sensex Today Live : Indian benchmark indices were trading on a muted note on Tuesday, amid mixed signals from global peers.
At 11 am, Sensex was up 123.77 points, or 0.16%, at 75,514.27 and Nifty was up 49.40 points, or 0.22%, at 22,981.85.
Sensex Today Live : Bharat Heavy Electricals Limited (BHEL) today announced that it has entered into a technology transfer agreement with Bhabha Atomic Research Centre (BARC) for a 50 kW alkaline electrolyser system for hydrogen production.
The proven technology offered by BARC is indigenously developed, with high local material content, the company said in an exchange filing.
BHEL, through this collaboration with BARC, intends to scale up Indigenous Alkaline Electrolyser Technology and commercialise it for application in sectors such as refineries, fertiliser, steel, transportation, etc, the company added.
Sensex Today Live : Wipro today announced a collaboration with the Centre for Brain Research (CBR), hosted at the Indian Institute of Science to develop new technologies that will provide precision support towards the prevention and management of long-term health disorders.
Wipro’s research & development (R&D) team, part of Lab45, will design and develop a personal care engine – an AI that will take into account an individual’s health history, desired health state, and other behavioral responses – to promote healthy aging, positive lifestyle changes, and psycho-social wellbeing to meaningfully improve an individual’s health over time, the company said in a press statement.
The personal care engine will focus on reducing and managing the risk of cardiovascular disease and correlated neurodegenerative disorders, by using AI to personalize its interaction with users, optimizing for their long-term health and wellbeing, it added.
Sensex Today Live : VA Tech Wabag today announced that it has secured an order worth around ₹85 crore from Nama Water Services in the Sultanate of Oman towards Operation & Maintenance (O&M) of the Al Duqm Desalination Plant for a period of five years.
WABAG constructed this 8 MLD Desalination Plant over 10 years ago, and was responsible for the O&M of the Plant until 2018. This long term O&M order which has been won against international competition entails O&M of the plant, the sea water intake and outfall systems, the company said in an exchange filing.
The water produced from this plant will be used for domestic consumption in Duqm & Haima areas of Al Wusta Governorate, it added.
Sensex Today Live : Poonawalla Fincorp today announced the launch of a co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’, in collaboration with IndusInd Bank.
The credit card will have NIL joining and annual fees, earn rewards on every ₹100 spent (except fuel), earn rewards on UPI transactions, and 2.5 times reward points on e-commerce transactions (except fuel, travel & low interchange MCC), among other benefits, the company said in an exchange filing.
Sensex Today Live : Across sectors, the Realty index was the biggest loser, while the Auto, IT, PSU Bank and Consumer Durables indices were trading under selling pressure.
On the flip side, the Pharma and Healthcare indices were the top gainers.
Sensex Today Live : Indian benchmark indices were trading on a muted note on Tuesday, amid mixed signals from global peers.
At 10 am, Sensex was up 21.72 points, or 0.03%, at 75,412.22 and Nifty was up 33.25 points, or 0.14%, at 22,965.70.
Sensex Today Live : The broader market was trading in the red, with the BSE SmallCap index falling 0.59% and the BSE MidCap index down 0.16%.
Sensex Today Live : 19 of the 50 stocks on the Nifty 50 were trading in the red. Adani Ports & SEZ, Coal India, Tech Mahindra, Bajaj Auto, and ITC were the top drags, while Divi's Laboratories, Hindalco, Dr Reddy's HDFC Life, and UltraTech Cement were the top gainers.
Sensex Today Live : 14 of the 30 stocks on the BSE Sensex were trading in the red. Tech Mahindra, ITC, Power Grid Corp., IndusInd Bank, and Kotak Mahindra Bank were the top drags, while UltraTech Cement, Mahindra & Mahindra, Tata Steel, Wipro, and Reliance Industries were the top gainers.
Sensex Today Live : The company reported a revenue of ₹273.68 crore, up 47.18% from the previous year. The company posted a quarterly net profit of Rs. 14.83 crore, an increase of 62.11% from the previous year. EBITDA was Rs. 19.84 crore, up 73.88% from the previous year.
Sensex Today Live : The company reported a revenue of ₹1,524.23 crore, up 14.79% from the previous year. The company posted a quarterly net profit of Rs. 40.55 crore, an increase of 12.29% from the previous year. EBITDA was Rs. 110.59 crore, up 14.74% from the previous year.
Sensex Today Live : The company reported a revenue of ₹539.93 crore, up 18.39% from the previous year. The company posted a quarterly net profit of Rs. 92.58 crore, an increase of 14.82% from the previous year. EBITDA was Rs. 133.85 crore, up 14.21% from the previous year.
Sensex Today Live : The company reported a revenue of ₹550.53 crore, down 15.64% from the previous year. The company posted a quarterly net loss narrowed to ₹4.21 crore. EBITDA was Rs. 9.06 crore, down 85.05% from the previous year.
Sensex Today Live : The company saw a 26.68% YoY increase in revenue at ₹579.12 crore in March 2024. The quarterly net profit rose by 793.51% to ₹27.11 crore, and EBITDA increased by 121.81% to ₹64.79 crore.
Sensex Today Live : The company reported a 54.83% YoY decrease in revenue at ₹73.69 crore in March 2024. However, the quarterly net profit rose by 111.99% to ₹0.95 crore, and EBITDA increased by 127.77% to ₹3.56 crore.
Sensex Today Live : The company saw a 113.22% YoY increase in revenue at ₹19.95 crore in March 2024. The quarterly net profit rose by 388.44% to ₹34.27 crore, and EBITDA increased by 1283.79% to ₹40.13 crore.
Sensex Today Live : The company reported a 1.96% YoY increase in revenue at ₹664.37 crore in March 2024. The quarterly net profit rose by 50.79% to ₹109.28 crore, and EBITDA increased by 70.26% to ₹165.82 crore.
Sensex Today Live : The company saw a 10.82% YoY increase in revenue at ₹216.48 crore in March 2024. The quarterly net profit rose by 633.74% to ₹10.20 crore, and EBITDA increased by 125.91% to ₹22.84 crore.
Sensex Today Live : The company reported a significant 44.38% YoY increase in revenue at ₹657.21 crore in March 2024. The quarterly net profit rose by 74.73% to ₹67.13 crore, and EBITDA increased by 68.4% to ₹108.38 crore.
Sensex Today Live : The company reported a 128% jump in profit to ₹22.2 crore from ₹9.7 crore the previous year. However, revenue dropped by 12.5% to ₹300.3 crore from ₹343.4 crore. The company also reported exceptional gains of ₹13.13 crore.
