Share Market Highlights 23 May 2024: Sensex, Nifty hit record closing highs; Adani Ent jumps over 8%

Benchmark stock indices Sensex and Nifty rallied more than 1.6 per cent to close at lifetime high levels on Thursday following buying in banking, oil and auto shares and a record dividend payout by the RBI to the government.

Regaining the 75,000 level after its best single-day gain since January 29, the 30-share BSE Sensex closed at all-time peak of 75,418.04, up by 1,196.98 points or 1.61 per cent over the last close. During the day, it zoomed 1,278.85 points or 1.72 per cent to reach its all-time intra-day high of 75,499.91.

The NSE Nifty inched closer to the record 23,000 mark during the day. It went up by 369.85 points or 1.64 per cent to 22,967.65. During the day, it jumped 395.8 points or 1.75 per cent to 22,993.60 — its intra-day record peak.

Thrissur-based Dhanlaxmi Bank has posted a 17 per cent growth in net profit at ₹57.82 crore for the financial year ended March 31 against a net profit of ₹49.36 crore for the period ended March 31, 2023. Operating profit for the period was ₹69.26 crore.

“The headline index posted a record gain, with leading sectors such as banking and automotive outperforming. The RBI’s record dividend is akin to an indirect rate cut, and is expected to reduce bond yields. The broader market remained buoyant, aided by the composite HSBC PMI data for May, which indicated strong expansion. Early onset of southwest monsoon has provided a boost to the domestic market, which was underperforming in the last 2 months to other emerging markets.”

Top gainers:

Adani Enterprises (8.19%), Adani Ports (4.80%), M&M (3.53%), Eicher Motors (3.40%), Axis Bank (3.37%)

Top losers:

Sun Pharma (-2.71%), Power Grid (-2.07%), Hindalco (-1.25%), Coal India (-0.94%), NTPC (-0.44%)

Shakti Pumps (India) Limited has received a patent for inventing “Method and apparatus for soft start, soft stop, protection & brown out operation of a grid-connected motor.”

Shakti Pumps stock rose 1.39% on the BSE, trading at ₹2,719.60.

Uno Minda stock surges 6.91% on the NSE, trading at ₹810.10. The board has approved acquisition of 1.97% stake in Toyoda Gosei Minda India from Minda Investment.

The board considered shareholder authorisation for raising up to ₹2,000 crore through issue of securities, including foreign currency convertible bonds (FCCBs).

In the quarter ended March 2024, the company reported consolidated net profit of ₹301.72 crore, as against ₹194.06 crore in the corresponding quarter last year.

Awfis Space Solutions IPO has been subscribed 3.73 times as of 3 pm on May 23, 2024. The QIB portion has been subscribed 0.31 times, NII portion 5.64 times, retail 11.04 times, and that reserved for employees 6.23 times. The issue closes on May 27.

Of a total of 3,925 stocks that were traded today, 1,774 advanced, while 2,028 stocks declined; 123 stocks remained unchanged. The number of stocks that recorded a 52-week high was 216, and those that hit a 52-week low was 27. 

In addition, 254 stocks traded in the upper circuit, while 240 hit the lower circuit.

The Nifty index reached a record high during Thursday’s trading session, while the Sensex surged by over 750 points, buoyed by significant gains in banking and technology heavyweights. The Nifty50 attained a lifetime high of 22,841, rising nearly 1%. Market sentiment, particularly in the banking sector, improved substantially following the Reserve Bank of India’s announcement of a ₹2.11 lakh crore dividend payout to the government for FY24, which exceeded market expectations. This dividend payout is expected to help the government reduce its fiscal deficit and increase capital expenditure. Additionally, the continuous decline in crude oil prices, which fell by nearly 4% this week, has raised expectations of a reduction in the U.S. inflation figures. This potential mitigation of inflation could prompt the US monetary authorities to lower the key benchmark rate sooner than anticipated.

Top gainers: Adani Enterprises (5.60%), L&T (3.85%), Adani Ports (3.40%), Axis Bank (3.25%), Maruti (2.98%)

Major losers: Power Grid (-2.96%), Sun Pharma (-2.94%), Hindalco (-2.34%), Coal India (-1.12%), NTPC (-0.71%)

The RBI has approved the transfer of Rs 2.1 trillion as surplus to the Centre for FY2024. “We expect this transfer to have stemmed mainly from (1) large interest income earnings on foreign and domestic holdings and (2) FX sales operations by the RBI.” Noting the Indian economy’s continued resilience and robustness in FY2024, the RBI increased the contingency risk buffer (CRB) to 6.5% (from 6.0% in FY2023).

Fiscal consolidation becomes easier

The surplus transfer of Rs 2.1 trillion is higher than that of FY2025BE of around Rs 800 billion and market expectations of around Rs 1-1.2 trillion. The additional amount of around Rs1.3 tn over FY2025BE is around 0.4% of GDP. However, there could be a shortfall in divestment and telecom receipts that could partly offset gains from the surplus transfer. However, fiscal consolidation to the 4.5% GFD/GDP target by FY2026 is now easier for the government.

Central government has higher degrees of freedom

While adhering to the fiscal consolidation path is now relatively easier, there is space to alter the budgeted receipts and/or expenditure. The government can continue with its capex thrust by increasing allocations to roads, railways and defense (from their single-digit growths over FY2024RE). There is also room for the government to lower personal income taxes to boost consumption at the lower end of the tax pyramid. We expect the government to focus on higher capex and fiscal consolidation over any stimulus through tax cuts.

Favorable domestic cues to aid bond market sentiments

Domestic sentiments have lately turned quite favorable, amid (1) announcements of buybacks and (2) 1QFY25 T-Bill calendar lowered by Rs 600 bn. Meanwhile, liquidity conditions have tightened significantly due to slower government spending during the election period, even as currency leakage has been fairly tepid. We estimate the government’s cash balance to have surged to around Rs6 tn this week (including the RBI transfer). We expect the comfortable fiscal position and surplus cash balances to provide room for further buybacks, thereby reducing the net G-sec supply, and further improving demand-supply dynamics. We expect liquidity conditions to improve from 2QFY25, led by (1) revival in government spending, (2) seasonal payback in currency in circulation and (3) likely RBI intervention to manage FPI debt flows. Although domestic factors are very conducive for a rally in bonds, we remain watchful for the possibility of sterilization of the FX intervention and upside to global yields, amid further delays in the US Fed rate cycle.

AZAD Engineering Ltd, engaged in precision engineering and manufacturing, has secured a contract from GTRE (Gas Turbine Research Establishment), a research and development organization under DRDO (Defence Research and Development Organisation) and the Ministry of Defence, to play the role of a production agency.

“The Nifty hitting a new record is the market’s message of political stability after the elections. The rally is healthy since it is led by fairly valued largecaps.”

The Kirloskar Electric board has approved the proposal for merger by absorption (amalgamation) of four wholly-owned subsidiary companies. Stock tanks 8.42% on the NSE, trading at ₹189.90.

The company’s consolidated net profit for the quarter ended March 2024 was at ₹5.42 crore, as against ₹10.89 crore in the corresponding quarter last year.

Santosh Meena, Head of Research at Swastika Investmart Ltd

The Nifty index has surged to a record high after the Reserve Bank of India announced a substantial ₹2.1 lakh crore dividend to the government. This development is a significant macroeconomic positive for the market, with direct implications for the fiscal deficit and bond yields.

The infusion of funds is akin to an indirect rate cut for the economy, as it is expected to lead to a reduction in bond yields. Since many investment instruments are linked to government bond yields, this reduction will likely have a broad positive impact across the financial markets. The improved fiscal position could also prompt upgrades in India’s economic outlook.

In the current market scenario, Foreign Institutional Investors (FIIs) have been net short, but the market is experiencing a short-covering rally that appears to have further momentum. Despite continuous selling by FIIs in the cash market, there is now an anticipation that they may shift to buying, which would provide additional support to the market.

Looking ahead, the Nifty index may witness further expansion. An immediate target of 23,000 is in sight, with the possibility of reaching 24,000 as the election outcome approaches. However, while large-cap stocks are expected to perform well, mid-cap and small-cap stocks may underperform from this point forward.

Researchbytes Events Update

11:00 AM Grasim

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Ashoka Buildcon Ltd. | CMP Rs. 182 | M Cap Rs. 5105 Cr | 52 W H/L 196/75

(Nirmal Bang Retail Research)

Result is below expectations

Revenue from Operations came at Rs. 2499.8 Cr (17.2% QoQ, 22.3% YoY) vs expectation of Rs. 2208.8 Cr, QoQ Rs. 2133.5 Cr, YoY Rs. 2043.5 Cr

EBIDTA came at Rs. 185.9 Cr (5.3% QoQ, 23.8% YoY) vs expectation of Rs. 201.2 Cr, QoQ Rs. 176.5 Cr, YoY Rs. 150.1 Cr

EBITDA Margin came at 7.4% vs expectation of 9.1%, QoQ 8.3%, YoY 7.3%

Adj. PAT came at Rs. 268.5 Cr vs expectation of Rs. 107.5 Cr, QoQ Rs. 86.7 Cr, YoY Rs. 85.6 Cr

Quarter EPS is Rs. 9.6

Stock is trading at P/E of 11.5x TTM EPS

GRSE (17.81%), Elgi Rubber (16.12%), Cochin Shipyard (11.86%), RVNL (8.36%)

Lead futures on the Multi Commodity Exchange (MCX), which consolidated in the resistance band of ₹194-196 for two weeks, has seen prices drop this week. The bears seem to be making use of the barrier to drag the contract lower.

Gujarat Pipavav Port Ltd. | CMP Rs. 208 | M Cap Rs. 10056 Cr | 52 W H/L 225/105

(Nirmal Bang Retail Research)

Result broadly inline with Expectation

Revenue from Operations came at Rs. 251.3 Cr (-6.8% QoQ, 7% YoY) vs expectation of Rs. 265.1 Cr, QoQ Rs. 269.6 Cr, YoY Rs. 234.7 Cr

EBIDTA came at Rs. 157.3 Cr (-1.3% QoQ, 21% YoY) vs expectation of Rs. 156.8 Cr, QoQ Rs. 159.3 Cr, YoY Rs. 129.9 Cr

EBITDA Margin came at 62.6% vs expectation of 59.2%, QoQ 59.1%, YoY 55.4%

Adj. PAT came at Rs. 109.1 Cr vs expectation of Rs. 110.4 Cr, QoQ Rs. 110.4 Cr, YoY Rs. 89 Cr

Quarter EPS is Rs. 2.3

Stock is trading at P/E of 23.4x FY25E EPS

The QIB portion has been subscribed 0.31 times, NII 4.44 times, retail 9.33 times, and those reserved for employees 5.43 times. The issue closes on May 27.

Adani Enterprises (4.09%) 

Adani Power (2.63%)

Adani Wilmar (1.95%) 

Adani Total Gas (1.91%) 

Adani Ports (1.51%) 

Adani Green Energy (1.20%) 

Adani Energy Solutions (1.12%) 

Ambuja Cements (0.62%) 

ACC (0.50%)

Saregama India’s consolidated net profit for the quarter ended March 2024 at ₹53.90 crore as against ₹43.61 crore.

Hindustan Zinc (-7.30%), Vedanta (-4.27%), National Aluminium (-3.16%), NMDC (-3.09%)

Major gainers on the NSE at 12 noon:

Adani Enterprises (3.04%), Axis Bank (2.98%), L&T (2.72%), Eicher Motors (1.74%), SBI (1.62%)

Major losers:

Power Grid (-3.53%), Sun Pharma (-3.13%), Hindalco (-2.02%), Coal India (-1.53%), Grasim Industries (-1.10%)

Total stocks traded were 3,785. The number of stocks that recorded a 52-week high was 177, and those that hit a 52-week low was 24. 

In addition, 216 stocks traded in upper circuit, while 194 hit the lower circuit.

Surana Solar has informed about adoption of new line of business, belonging to the manufacturing and trading of Defence-related equipments, accessories, components, and products. 

Raminfo Ltd has been appointed as the consortium partner with training service provider, Shri Technology India Pvt Ltd, to implement skill development training programs for the Jharkhand Skill Development Mission.

Aether Industries will commence operations for 75% capacity at its manufacturing Facility II, following revocation order from the Gujarat Pollution Control Board.

Delhivery stock declines 1.19% on the NSE, trading at ₹398.65.

Top gainers on the BSE at 11 am:

Garden Reach Builders (14.13%), Cochin Shipyard (8.73%), SCI (8.67%), PGEL (8.39%), IRFC (8.25%)

Top losers:

HEG (-8.35%), Team Lease (-8.16%), Hindustan Zinc (-6.88%), Lupin (-4.87%), Vedanta (-4.57%)

Adani Total Gas Limited has been imposed fine of ₹4,00,000 each from NSE and BSE for Non-compliance with the requirements pertaining to the composition of the Board. 

The company informed that it has already appointed Independent Director effective from March 21, 2024 after which, the Company is in full compliance of Regulation 17(1) of the SEBI Listing Regulations effective from 21st March, 2024. 

Garden Reach Shipbuilders & Engineers’ board has recommended a final dividend of ₹1.44 per equity share, in addition to interim dividend of ₹7.92 per equity share paid, for the Financial Year 2023-24.

The QIB portion has been subscribed 0.30 times, NII 3.70 times, retail 7.93 times, and those reserved for employees 4.60 times. The issue closes on May 27.

Yatharth Hospital & Trauma Care Services posted its consolidated net profit for the quarter ended March 2024 at ₹38.34 crore as against ₹17.31 crore in the corresponding quarter last year.

May futures of the Nifty 50 opened today’s session slightly lower at 22,650, as against yesterday’s close of 22,658. However, it rallied post the opening and is now trading at 22,720, up 0.3 per cent.

Given the prevailing price action, the contract will most likely rally to 22,850, a resistance. Subsequent resistance is at 22,950. There is a good chance that Nifty futures will see a downward reversal in the 22,850-22,950 range. In that case, there could be a fall to 22,500.

Grasim Industries, an Aditya Birla group company, has reported a 16 per cent increase in its March quarter net profit at ₹2,722 crore, against ₹2,356 crore.

Income increased 13 per cent to ₹38,154 crore (₹33,682 crore). EBITDA was up 27 per cent at ₹6,196 crore (₹4,873 crore).

While the US market remains a beacon of success, Goldiam International has strategically expanded into new geographies. The company remains debt-free and boasts strong cash and cash equivalents totalling approximately Rs. 31.32 crore, underscoring its robust financial health.

We remain positive on the growth prospects and currently have a BUY rating on the stock with a target price of Rs.225. 

Sundram Fasteners announced a double-digit growth in its net profit for the March 2024 quarter and a marginal rise in FY24 net profit.

Go Digit witnessed a moderate debut on the stock exchanges, listing at Rs. 286 per share. This translates to a 5.15% gain over its issue price of Rs. 272. 

While positive, this performance falls short of pre-listing expectations and the grey market premium (GMP) which suggested a potential gain of around 10%.

Go Digit’s position as the fastest-growing private non-life insurer by GWP in India positions it for continued success in the dynamic insurance market. The company’s advanced technology platform and focus on innovation bode well for its future.

Go Digit’s moderate listing necessitates a balanced approach from investors. While the company possesses strong long-term potential, careful consideration of the valuation and competitive landscape is crucial. Investors may hold their position by keeping a stop-loss at the issue price.

Mishra Dhatu Nigam has been imposed with penalty from BSE and National Stock Exchange of India Limited (NSE), a fine of ₹5,36,900 each (inclusive of GST) for the quarter ended on March 31, 2024, for non-compliance under Regulation 17(1) of SEBI LODR i.e., half of the Board of Directors does not comprise of Independent Directors.

MIDHANI will seek waiver of fine levied by BSE & NSE on account of impossibility of compliance as per policy for exemption of fines. 

Stock is up 1.28% on the NSE at ₹482.90.

IOB (3.22%), Bank of Maharashtra (3.18%), Indian Bank(2.98%), Bank of India (2.80%)

HDFC Equity Savings Fund (HDFC Multiple Yield earlier) is a sturdy scheme in the category and has consistently delivered robust performances over the years. With above-average, double-digit returns over the medium and long terms, the fund can be a good diversifier for a conservative investor’s portfolio, especially in the current environment. Investors can consider parking lump-sums (if they have a surplus amount currently) in the fund with a 3-5-year perspective. Others can consider SIPs in the scheme.

With initial volatility settling post the initial hour yesterday, there appears to be no major challenge to the upside trajectory, aiming for 22720-850. But we will keep 22560 in focus, and a slippage past this could call for 22417-370.

JSW Infrastructure Limited and AP Moller Capital have signed a non-binding Memorandum of Understanding (MOU) to explore possibility of collaborating to pursue value accretive organic and inorganic opportunities in the port and related infrastructure sector.

Piramal Pharma stock surges 4.32% on the NSE, trading at ₹153.35

Nykaa shares rise 1.20% on the BSE, trading at ₹181.20 after posting a four-fold jump in its consolidated net profit for the March 2024 quarter. The board has approved further investment up to ₹20 crore in FSN International Limited (‘FSN International’), a wholly owned subsidiary of the Company, on rights basis; and investment up to $1.9 million by FSN International in one of its overseas subsidiaries viz., Nessa International Holdings Limited (‘Nessa International’).

Paytm stock declined by 2.01% on the NSE, trading at ₹361.45. Company reported a consolidated net loss of ₹550.5 crore for the quarter ended March 31, 2024, as against net loss of ₹167.5 crore recorded in the same quarter in the previous fiscal.

Godrej Properties stock trades at ₹2,821.55 on the NSE, up 0.29%.

L&T Technology Services’ stock inches up 0.59% on the NSE, trading at ₹4,615.

Ashoka Buildcon board has approved fund raising proposal by way of issuance of unsecured, commercial papers of up to ₹200 Crore and issuance of unsecured, non-convertible debentures on private placement basis up to ₹300 Crore.

Company’s consolidated net profit for the quarter ended March 2024 was at ₹254.30 crore as against the loss of ₹44.75 crore in the corresponding quarter last year.

Stock trades at ₹191.20 on the NSE, higher by 5%.

Major gainers on the NSE at 9.30 am:

L&T (0.96%), Axis Bank (0.84%), Asian Paints (0.77%), SBI Life Insurance (0.76%), IndusInd Bank (0.67%)

Major losers:

Power Grid (-4.71%), Sun Pharma (-4.45%), JSW Steel(-2.62%), Hindalco (-2.16%), Tata Steel (-1.13%)

Heavyweights-led recovery pushed the Index higher to end the 22nd May trade at 22,598. The presence of strong momentum was seen as the Index has made back-to-back green candles on the daily chart indicating a high probability of retesting its previous high of 22,780 while on the lower side, the support is placed at 22,470.

BankNifty remained an area of concern and limited the upmove of Nifty50. A firm move above 48,200 is a must to regain its momentum while 47,500 acts as a strong support. The Auto sector has been oscillating in a thin range, and at any point in time, we can expect a breakout. Coal India from the Energy segment is performing as per our expectations and we continue to hold a positive stance. A bullish Flag and Pole Formation breakout in the FMCG sector suggests continuation of the current underlying uptrend. We can expect some profit booking correction in the Metal sector; however, the underlying uptrend will remain intact and such corrections will provide better entry points. 

The pharma sector is on the verge of giving a much-awaited range breakout and post the breakout, we can foresee a strong outperformance.

India’s equity benchmarks BSE Sensex and NSE Nifty opened on a flat note on Thursday as the Federal Reserve’s latest policy minutes reflected disappointment in recent inflation data, dampening hopes of an early rate cut. 

Crude oil futures traded lower on Thursday morning as the minutes of the April’s meeting of the US Federal Reserve showed committee members willingness to tighten the policy further if inflation increases in the US. At 9.15 am on Thursday, July Brent oil futures were at $81.55, down by 0.43 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $77.17, down by 0.52 per cent. June crude oil futures were trading at ₹6441 on Multi Commodity Exchange (MCX) during the initial hour of trading on Thursday morning against the previous close of ₹6492, down by 0.79 per cent, and July futures were trading at ₹6441 against the previous close of ₹6487, down by 0.71 per cent.

Researchbytes Events Update

As of 08:21 AM Thursday 23 May 2024

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11:00 AM Grasim

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German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI from Euro Zone and Unemployment Claims, Flash Manufacturing PMI, New Home Sales from US Zone.

Gold prices fell as concerns about a hawkish Fed outpaced safe-haven demand and central-bank purchases. According to the minutes of the Fed’s May meeting, the FOMC was concerned about the stickiness of inflation this year, prompting many members to suggest their willingness to tighten monetary policy if price rise remained stubbornly over target. The hawkish opinion was broadly consistent with recent policymakers’ utterances, showing that there is insufficient confidence to cut interest rates given the current inflationary environment.

Silver fell as traders began to reduce their expectations of rate reduction by the United States Federal Reserve this year. According to the minutes of the Federal Reserve’s April 30-May 1 meeting, it will take longer than expected to establish confidence in inflation rising to 2%. Recent statistics suggested that U.S. inflation has resumed its downward trajectory, but several Fed members were wary about dropping rates too soon while ruling out the necessity for another boost. Silver is poised for its fourth consecutive year of deficit due to tighter supplies, with inventories tracked by the London Bullion Market Association falling to the second-lowest level on record in April and volumes at New York and Shanghai exchanges remaining near seasonal lows.

India’s equity benchmarks BSE Sensex and NSE Nifty are set for a muted open on Thursday, after the Federal Reserve’s latest policy minutes reflected disappointment in recent inflation data, dampening hopes of an early rate cut.

The Gift Nifty was trading at 22,646 as of 7:52 a.m., indicating the Nifty 50 will open near Wednesday’s close of 22,597.80.

Asian markets opened lower, with the MSCI Asia ex-Japan index dropping 0.75 per cent.

“The amount of Rs. 2.11-lakh crore is well above the budgeted figure of Rs. 1.5-lakh crore in the Interim Budget for FY2025 under dividends and profits, which includes dividends from PSUs. The higher-than-budgeted RBI surplus transfer would help to boost the GoI’s resource envelope in FY2025, allowing for enhanced expenditures or a sharper fiscal consolidation than what was pencilled into the Interim Budget for FY2025. Increasing the funds available for capex would certainly boost the quality of the fiscal deficit. However, the additional spending may be difficult to be incurred within the 8-odd months left after the Final Budget is presented and approved by Parliament.”

Action Construction Equipment Ltd. | CMP Rs. 1568 | M Cap Rs. 18672 Cr | 52 W H/L 1695/415

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 835.8 Cr (11% QoQ, 36.2% YoY) vs QoQ Rs. 753.1 Cr, YoY Rs. 613.8 Cr

EBIDTA came at Rs. 129.7 Cr (26.2% QoQ, 76.9% YoY) vs QoQ Rs. 102.7 Cr, YoY Rs. 73.3 Cr

EBITDA Margin came at 15.5% vs QoQ 13.6%, YoY 11.9%

Adj. PAT came at Rs. 98.4 Cr vs QoQ Rs. 88.3 Cr, YoY Rs. 47.7 Cr

Quarter EPS is Rs. 8.3

Stock is trading at P/E of 34.5x FY26E EPS

Fiem Industries Ltd. | CMP Rs. 1206 | M Cap Rs. 3174 Cr | 52 W H/L 1299/822

(Nirmal Bang Retail Research)

Result improved

Revenue from Operations came at Rs. 557.5 Cr (14.5% QoQ, 27.8% YoY) vs QoQ Rs. 487 Cr, YoY Rs. 436.2 Cr

EBIDTA came at Rs. 75.5 Cr (17% QoQ, 25.3% YoY) vs QoQ Rs. 64.5 Cr, YoY Rs. 60.2 Cr

EBITDA Margin came at 13.5% vs QoQ 13.2%, YoY 13.8%

Adj. PAT came at Rs. 47.2 Cr vs QoQ Rs. 40.3 Cr, YoY Rs. 38 Cr

Quarter EPS is Rs. 17.9

Stock is trading at P/E of 17.4x FY25E EPS

JK Tyre & Industries Ltd. | CMP Rs. 404 | M Cap Rs. 10533 Cr | 52 W H/L 554/171

(Nirmal Bang Retail Research)

Result ok

Revenue from Operations came at Rs. 3698.5 Cr (0.3% QoQ, 1.8% YoY) vs QoQ Rs. 3687.7 Cr, YoY Rs. 3632.5 Cr

EBIDTA came at Rs. 481.2 Cr (-12.5% QoQ, 27.9% YoY) vs QoQ Rs. 550.2 Cr, YoY Rs. 376.2 Cr

EBITDA Margin came at 13% vs QoQ 14.9%, YoY 10.4%

Adj. PAT came at Rs. 193.8 Cr vs QoQ Rs. 225.3 Cr, YoY Rs. 98.2 Cr

Quarter EPS is Rs. 7.4

Stock is trading at P/E of 10.8x FY25E EPS

Ircon International Ltd. | CMP Rs. 290 | M Cap Rs. 27275 Cr | 52 W H/L 301/78

(Nirmal Bang Retail Research)

Result marginally ahead of Expectation

Revenue from Operations came at Rs. 3649 Cr (30.7% QoQ, -0.6% YoY) vs expectation of Rs. 3564 Cr, QoQ Rs. 2792.1 Cr, YoY Rs. 3669.9 Cr

EBIDTA came at Rs. 246.6 Cr (41.6% QoQ, 23.6% YoY) vs expectation of Rs. 224.6 Cr, QoQ Rs. 174.1 Cr, YoY Rs. 199.4 Cr

EBITDA Margin came at 6.8% vs expectation of 6.3%, QoQ 6.2%, YoY 5.4%

Adj. PAT came at Rs. 285.7 Cr vs expectation of Rs. 242.7 Cr, QoQ Rs. 185.1 Cr, YoY Rs. 248.2 Cr

Quarter EPS is Rs. 3

Stock is trading at P/E of 31.3x FY25E EPS

Metropolis Healthcare Ltd. | CMP Rs. 1904 | M Cap Rs. 9754 Cr | 52 W H/L 1935/1209

(Nirmal Bang Retail Research)

Result inline with Expectation

Revenue from Operations came at Rs. 331 Cr (13.7% QoQ, 17.1% YoY) vs expectation of Rs. 307.9 Cr, QoQ Rs. 291.1 Cr, YoY Rs. 282.5 Cr

EBIDTA came at Rs. 80 Cr (23.3% QoQ, 13.8% YoY) vs expectation of Rs. 77.6 Cr, QoQ Rs. 64.8 Cr, YoY Rs. 70.3 Cr

EBITDA Margin came at 24.2% vs expectation of 25.2%, QoQ 22.3%, YoY 24.9%

Adj. PAT came at Rs. 36.4 Cr vs expectation of Rs. 38.2 Cr, QoQ Rs. 27.2 Cr, YoY Rs. 33.4 Cr

Quarter EPS is Rs. 7.1

Stock is trading at P/E of 53.9x FY25E EPS

GE T&D India Ltd. | CMP Rs. 1355 | M Cap Rs. 34689 Cr | 52 W H/L 1354.8/172

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 913.6 Cr (8.9% QoQ, 29.9% YoY) vs expectation of Rs. 860 Cr, QoQ Rs. 839 Cr, YoY Rs. 703.1 Cr

EBIDTA came at Rs. 111 Cr (14.9% QoQ, 297.6% YoY) vs expectation of Rs. 71.9 Cr, QoQ Rs. 96.5 Cr, YoY Rs. 27.9 Cr

EBITDA Margin came at 12.1% vs expectation of 8.4%, QoQ 11.5%, YoY 4%

Adj. PAT came at Rs. 66.3 Cr vs expectation of Rs. 51.8 Cr, QoQ Rs. 49.4 Cr, YoY Rs. -10.9 Cr

Quarter EPS is Rs. 2.6

Stock is trading at P/E of 121.8x FY25E EPS

Hitachi Energy India Ltd. | CMP Rs. 10844 | M Cap Rs. 45958 Cr | 52 W H/L 12368/3283

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 1695.3 Cr (33% QoQ, 27.1% YoY) vs expectation of Rs. 1267.5 Cr, QoQ Rs. 1274.2 Cr, YoY Rs. 1334 Cr

EBIDTA came at Rs. 151.4 Cr (122.6% QoQ, 59.3% YoY) vs expectation of Rs. 81 Cr, QoQ Rs. 68 Cr, YoY Rs. 95.1 Cr

EBITDA Margin came at 8.9% vs expectation of 6.4%, QoQ 5.3%, YoY 7.1%

Adj. PAT came at Rs. 113.7 Cr vs expectation of Rs. 40.2 Cr, QoQ Rs. 23 Cr, YoY Rs. 50.8 Cr

Quarter EPS is Rs. 26.8

Stock is trading at P/E of 137x FY25E EPS

Laxmi Organic Industries Ltd. | CMP Rs. 256 | M Cap Rs. 7048 Cr | 52 W H/L 321/222

(Nirmal Bang Retail Research)

Result is above expectations

Revenue from Operations came at Rs. 792.1 Cr (14.1% QoQ, 8% YoY) vs expectation of Rs. 712.5 Cr, QoQ Rs. 694.3 Cr, YoY Rs. 733.2 Cr

EBIDTA came at Rs. 90 Cr (72.2% QoQ, 48.3% YoY) vs expectation of Rs. 60.1 Cr, QoQ Rs. 52.3 Cr, YoY Rs. 60.7 Cr

EBITDA Margin came at 11.4% vs expectation of 8.4%, QoQ 7.5%, YoY 8.3%

Adj. PAT came at Rs. 44.3 Cr vs expectation of Rs. 27.9 Cr, QoQ Rs. 27.2 Cr, YoY Rs. 24.3 Cr

Quarter EPS is Rs. 1.6

Stock is trading at P/E of 40.2x FY25E EPS

Gulf Oil Lubricants India Ltd. | CMP Rs. 938 | M Cap Rs. 4613 Cr | 52 W H/L 1120/406

(Nirmal Bang Retail Research)

Result has improved

Revenue from Operations came at Rs. 869.6 Cr (6.4% QoQ, 9.8% YoY) vs QoQ Rs. 817.5 Cr, YoY Rs. 792.1 Cr

EBIDTA came at Rs. 117.3 Cr (6.2% QoQ, 34% YoY) vs QoQ Rs. 110.4 Cr, YoY Rs. 87.5 Cr

EBITDA Margin came at 13.5% vs QoQ 13.5%, YoY 11.1%

Adj. PAT came at Rs. 86.2 Cr vs QoQ Rs. 80.1 Cr, YoY Rs. 62.2 Cr

Quarter EPS is Rs. 17.5

Stock is trading at P/E of 15x TTM EPS

BSE:+267(74221)

NSE:+68(22597)

BNF:-266(47781)

MID:-21(43170)

SML:+88(47961)

FII|FPI:(-686.04Cr)

DII:+961.91Cr

B.Crude: 82

Gold$:2411=INR: 73804

Silver: 93955

$/Rs: 83.28

7.18 : 2033 G-Sec: 7.03 (7.07 prv)

NSE PE: 21.55

VIX: 21.47 −0.34 (1.57%)

FIIs - FY24-25

MTD: (-38186.0Cr)

DIIs - FY24-25

MTD: +38331.06Cr

Jefferies on JB Phama: Maintain Buy on Company, raise target price at Rs 2060/Sh (Positive)

ICICI on IDFC First: Upgrade to Buy on Company, raise target price at Rs 95/Sh (Positive)

Jefferies on ONGC: Maintain Buy on Company, target price at Rs 390/Sh (Positive)

Emkay on Ujjivan SFB: Maintain Buy on Company, target price at Rs 65/Sh (Positive)

Nuvama on Hitachi: Maintain Buy on Company, raise target price at Rs 13000/Sh (Positive)

Nuvama on BHEL: Maintain Buy on Company, target price at Rs 400/Sh (Positive)

Antique on BHEL: Maintain Buy on Company, raise target price at Rs 360/Sh (Neutral)

CLSA on BHEL: Maintain Sell on Company, cut target price at Rs 189/Sh (Neutral)

MS on BHEL: Maintain Equal weight on Company, target price at Rs 220/Sh (Neutral)

MS on SBI Cards: Maintain Equal weight on Company, target price at Rs 750/Sh (Neutral)

MS on Metropolis: Maintain Equal weight on Company, target price at Rs 1792/Sh (Neutral)

Nuvama on ONGC: Maintain Reduce on Company, target price at Rs 210/Sh (Neutral)

Citi on ONGC: Maintain Buy on Company, target price at Rs 315/Sh (Neutral)

Bernstein on HCL Tech: Maintain Market perform on Company, cut target price at Rs 1460/Sh (Neutral)

Bernstein on LTI Mindtree: Maintain Market perform on Company, cut target price at Rs 4800/Sh (Neutral)

Bernstein on L&T Tech: Maintain Underperform on Company, cut target price at Rs 4070/Sh (Neutral)

Jefferies on Astral: Maintain Hold on Company, target price at Rs 2150/Sh (Neutral)

CLSA on Astral: Maintain Sell on Company, target price at Rs 1800/Sh (Neutral)

Jefferies on PI Ind: Maintain Buy on Company, target price at Rs 4165/Sh (Neutral)

GS on Hitachi Ind: Maintain Buy on Company, target price at Rs 8250/Sh (Neutral)

IIFL on L&TFH: Downgrade to Reduce on Company, cut target price at Rs 155/Sh (Negative)

Jefferies on PI Industries

Buy Call, Target Rs 4,165

Q4 Revenue Missed Est By 6% With Both Agrochemical & Pharma Weaker

EBITDA, Came In-line On Strong Gross Margin Despite Drag From Pharma

PAT At Rs 370 Cr, Up 32% YoY & Down 18% QoQ, Was 6% Ahead On Lower Tax Rate

Key Focus Areas Are Growth & Margin In CSM & Domestic Business

Key Focus Area Is Ramp Up Of Pharma Over FY25

CLSA on BHEL

Sell Call, Target Rs 189

Co Reported A Surprise 25% Decline In Its Q4 PAT

Co’s Backlog Grew 44% YoY As Thermal Orders Picked-up

Operationally, Another Weak Quarter In Q4 With Flat Execution

PAT Down 25% YoY Driven By Slow-moving Orders

FY24 Gross Margin Fell 58 bps, Management Said Should Be The Bottom

Key Bright Spot Was Resurgence Of Fossil Orders, Given Energy Security

Future Of Co’s Thermal Business Looks Bleak Beyond FY30

MS on BHEL

Equal-Weight Call, Target Rs 220

Q4 Earnings Missed Estimates

Operating Cash Flow Was Weak On Higher Net Working Capital

Earnings Visibility Is Improving With Strong Orders & Healthy Prospect Pipeline

Depleted Vendor Base & Extending Them Attractive Terms Is A Key Risk Factor

Macquarie on BHEL

U-P, TP Rs 192

Flat rev & 31% YoY EBITDA fall in 4Q

EBITDA margin weakness in contrast to YoY expansion/beats reported by several peers

While order inflow outlook is healthy, presence of multiple moving parts &long gestation backlog nature keeps us cautious

MS on Metropolis

Equal-Weight Call, Target Rs 1,792

Q4 Reported EBITDA Grew 15%, In-line With Estimates

Q4 Core Revenues Were Up 15% YoY, Led By 7.3% Core Patient Volumes Growth

Contribution Was Stable QoQ At 15% Of Total Revenues

Jefferies on ONGC

Buy Call, Target Rs 390

Standalone EBITDA In-line With Estimates

PAT Was 14% Ahead On Lower Exploration Costs & Higher Other Income

Production Was Broadly In-line

Management Guided For KG Field Ramp-up To Peak Over H2FY25

Mgmt Expects Modalities Of Prem Gas Price From Nomination Blocks To Be In Place By QFY25

Valuation Is At A Steeper Discount To Nifty Compared To LT Avg

CLSA on ONGC

Buy, TP Rs 330

Standalone 4Q PAT 7% ahead of est.driven by higher crude sales despite a lower tax-adjusted realisation

Management remained confident of driving production growth over next three years & guided for a ramp-up in production from KG-98/2 in 2HFY25

Jefferies on Astral

Hold Call, Target Rs 2,150

Q4 In-line With Estimates, Thus, Retain FY25-26 EPS

Q4/FY24 Pipes Volume Growth Was Healthy At +23%/+24% YoY

Pipes Volume Growth Was Yet Again Lower Than Supreme At +41%/34% YoY

Traction In New Categories Seems On-track

CLSA on Astral

Sell Call, Target Rs 1,800

Q4 Below Estimates Despite Strong Pipe Volume Growth

Q4 Below Estimates Due To Weak Margin And International Adhesives Business

Mgmt Guided For Robust Growth (15-20%) Across Pipes & Adhesives Businesses In FY25

Over Medium-term, Plugging Mfg White Spaces Will Pave Way For Strong Growth

New Product Introductions & Pick-up In New Biz Verticals Will Pave Way For Strong Growth

At A 62x FY26 PE This Looks Priced In

MS on Astral

EW, TP Rs 1884

CO continues to guide for doubling its revenue over next five years – a 15% CAGR, led by strong real estate momentum, capex upturn, and market share gains by leveraging its strong distribution network.

Guiding for 15-20% volume growth in plumbing/pipes

MS on SBI Card

Equal-Weight Call, Target Rs 750

Co’s April Spending Market Share Rose Nearly 50 bps MoM To 15.7%

Spending Growth YoY Was Slower At 1% Vs 18% YoY For Industry In April

Slower Spending Growth Reflects Impact Of RBI’s Recent Notification On Corp Card Spending

RBI’s dividend payout in end-May (to be effectively spent only in early June) and post-election pent up spending by the Govt. in June/July should augur well for the banking system liquidity, which is currently in deficit of more than Rs 1tn. The improvement in liquidity will be further helped by lower CIC in coming months and consistent debt FPI flows. We see net liquidity surplus averaging ~0.5-0.8% of NDTL in coming three months vs current deficit of ~0.5% of NDTL.

While this would lead the call money rate mostly tracking the repo rate or a tad lower than repo rate, we do not immediately see the RBI taking any drastic actions to suck out this liquidity durably from the system via blunt tools like OMOs (alb use regular tools like VRRR). This is especially so given that there has anyway been coordinated fiscal, monetary and regulatory tightening in the economy. We reckon that the overall inflation dynamics have been favourable and unless there is any material upside deviation from the RBI’s forecast (FY25: 4.5%), the ensuing liquidity surplus may not disturb the RBI as much, assuming global rates remain soft.

Ex - Stock Split 24 May 2024 (Tomorrow)

Last day trade for before split Today

Bharat Dynamics Ltd

Stock Split Rs.10/- to Rs.5/-

Previous day Closing Price – Rs. 2646.25

Som Distilleries & Breweries Ltd.

Stock Split Rs.5/- to Rs.2/-

Previous day Closing Price – Rs. 314.95

Ex Bonus 24 May 2024 (Tomorrow)

Last date Trade for Before Bonus Today

G.M.Breweries Ltd.

Bonus issue 1:4

Previous day Closing Price – Rs. 792.85

Inox Wind Ltd

Bonus issue 3:1

Previous day Closing Price – Rs. 600.05

Ex-Dividend 24 May 2024 (Tomorrow)

Last date for Cum-Dividend Today

Qgo Finance Ltd

Dividend Per Share Rs.0.15

Previous day Closing Price – Rs. 67.96

Tata Consumer Products Ltd

Dividend Per Share Rs.7.75

Previous day Closing Price – Rs. 1120.6

Vedanta Limited

Dividend Per Share Rs.11

Previous day Closing Price – Rs. 487

AMRUTANJAN, BAJEL, BARBEQUE, BAY vegERCROP, BIKAJI, CELLO, CESC, CONCORDBIO, ESABINDIA, EXPLEOSOL, FINCABLES, FORTIS, GABRIEL, HIMATSEIDE, HONASA, IMFA, INDIGO, ITC, LANDMARK, MAZDA, NUCLEUS, ORCHPHARMA, PAGEIND, PCBL, SANDHAR, SCHNEIDER, SENCO, SMLISUZU, SUBROS, TAJGVK, TATAINVEST, TDPOWERSYS, TEGA, UNOMINDA, YATHARTH, ZAGGLE

Nykaa: Net profit at Rs 9.1 cr vs Rs 2.3 cr, Revenue at Rs 1667 cr vs Rs 1302 cr. (YoY) (Positive) 

Gland Pharma: Net profit at Rs 192 cr vs Rs 79 cr, Revenue at Rs 1537 cr vs Rs 785 cr. (YoY) (Positive) 

GE Power: Net profit at Rs 26 cr vs loss Rs 130 cr, Revenue at Rs 391 cr vs Rs 344.4 cr (Positive) 

Teamlease: Net profit at Rs 28.13 cr vs Rs 24.36 cr, Revenue at Rs 2432 cr vs Rs 2027 cr. (Positive) 

Ramco Cements: Net profit at Rs 121.4 cr vs poll of Rs 111 cr, Revenue at Rs 2673.3 cr vs Rs 2520 cr. (Positive) 

PGEL: Net profit up 73.1% at ₹69.6 cr vs ₹40.2 cr, Revenue up 30% at ₹1,076.6 cr vs ₹828.2 cr (YoY) (Positive) 

Jubilant Food: Net profit at Rs 207 cr vs poll of Rs 44 cr, Revenue at Rs 1572 cr vs poll of Rs 1327 cr. (Positive) 

Metro Brands: Net profit at ₹155.2 cr vs ₹68.5 cr, Revenue up 7.1% at ₹583 cr vs ₹544.1 cr (YoY) (Positive) 

GR Shipping: Net profit at Rs 111.6 cr vs Rs 55.3 cr, Revenue at Rs 1016 cr vs Rs 601 cr. (YoY) (Positive) 

Navneet: EBITDA at Rs 86.0 cr vs Rs 4.0 cr, Revenue at Rs 435 cr vs Rs 259 cr. (YoY) (Positive) 

NIACL: Operating profit of ₹6 crore from loss of ₹68 crore, Net earned premium up 13.5% from last year to ₹8,975 crore. (Positive) 

All cargo Logistics: Company arm, ECU Worldwide, acquires 25% stake in Fair Trade for €2.9 million (Positive) 

Zydus Life: Company receives USFDA approval for asthma treatment drug. (Positive) 

Mahindra Finance: Company receives IRDAI approval to sell insurance products as corporate agent. (Positive) 

Data Patterns: Company expects to receive another 1,000 cr order intake during the course of this Financial year. (Positive) 

Oil India: Company in pact with NRL for transportation of additional petroleum products via Numaligarh-Siliguri Product Pipeline (Positive) 

Petronet LNG: Net profit at Rs 734.1 cr vs Rs 591.2 cr (YoY) , Revenue at Rs 13,793.2 cr vs Rs 13,873.9 cr. (YoY) (Neutral) 

Minda Corp: Net profit at Rs 71 cr vs Rs 122 cr, Revenue at Rs 1215 cr vs Rs 1075 cr. (YoY) (Neutral) 

GMM Pfaudler: Net profit at Rs 28.71 cr vs Rs 33.34 cr, Revenue at Rs 741 cr vs Rs 866 cr. (YoY) (Neutral) 

Max Healthcare: Net profit at Rs 251.5 cr vs Rs 251 cr, Revenue at Rs 1423 cr vs Rs 1214 cr. (YoY) (Neutral) 

Torrent Power: Net profit at Rs 447.04 cr vs Rs 483.93 cr, Revenue at Rs 6529 cr vs Rs 6038 cr. (Neutral) 

HEG: Net profit at Rs 32.9 cr vs Rs 99.7 cr, Revenue at Rs 546.9 cr vs Rs 616.9 cr. (YoY) (Neutral) 

Star Cement: Net profit down 8.8% at ₹876.6 cr vs ₹961.1 cr, Revenue up 10.2% at ₹9,135.3 cr vs ₹8,291.5 cr (YoY) (Neutral) 

Fair Chem: Net profit at Rs 11.8 cr vs Rs 12.3 cr, Revenue at Rs 161 cr vs Rs 148 cr. (YoY) (Neutral) 

GPPL: Net profit at Rs 66 cr vs Rs 97 cr, Revenue at Rs 157 cr vs Rs 130 cr. (YoY) (Neutral) 

Power Grid: Net profit at Rs 4127 cr vs Rs 4217 cr, Revenue at Rs 11050 cr vs Rs 11328 cr. (YoY) (Neutral) 

Grasim: Net loss at Rs 441 cr vs profit Rs 93.5 cr, Revenue at Rs 6768 cr vs Rs 6646 cr. (YoY) (Neutral) 

Paytm: Company Expect take rate to settle at 3-3.5% due to rise in distribution of loans, focus on prime customers (Neutral) 

Sun Pharma: Dilip Shanghvi, MD of Sun Pharma, appointed as Chairman of the Board. (Neutral) 

Indian Bank: Company to raise up to Rs 12,000 crore via equity and debt (Neutral) 

IB Real: Completed the acquisition of BLU Annex at an enterprise value of ₹1,150 crore. (Neutral) 

Adani Energy Solutions: To consider fund raising via QIP on May 27. (Neutral) 

*Unichem Lab: Net loss at Rs 129.3 cr vs Rs 44.3 cr, Revenue at Rs 431.7 cr vs Rs 402 cr. (YoY) (Negative) 

Keystone Realtors: Company to raise up to ₹1,000 cr via QIP, indicative price at ₹660/sh (Negative) 

Deepak NTR: Excessive dumping of products by China in the Indian market is posing a challenge for the company (Negative) 

Gandhar Oil : Net profit at Rs 12 cr vs Rs 50 cr, Revenue at Rs 939 cr vs Rs 1103 cr. (YoY) (Negative) 

Everest : Net profit at Rs 5 cr vs Rs 13 cr, Revenue at Rs 432 cr vs Rs 446 cr. (YoY) (Negative)

Symbol: GODIGIT 

Series: Equity “B Group” 

BSE Code: 544179 

ISIN: INE03JT01014 

Face Value: Rs 10/- 

Issued Price: Rs 272/- per share

* ABCAPITAL

* BANDHANBANK

* BALRAMCHIN

* BIOCON

* HINDCOPPER

* INDIACEM

* IEX

* METROPOLIS

* NATIONALUM

* PEL

* PNB

* VODAFONE IDEA

* ZEEL

Medtronic plc (Pre market) (Sector- Healthcare) 

Toronto Dominion Bank (Pre market) (Sector- Financial) 

NetEase, Inc. (Pre market) (Sector- Technology) 

KE Holdings Inc (Pre market) (Sector- Realty) 

BJ’s Wholesale Club Holdings, Inc. (Post market) (Sector- Retail) 

Ralph Lauren Corporation (Post market) (Sector- Textile) 

Intuit Inc. (Post market) (Sector- Financial) 

Workday, Inc. (Post market) (Sector- Technology) 

Ross Stores, Inc. (Post market) (Sector- Textile) 

Deckers Outdoor Corporation (Post market) (Sector- Textile)

10:30 INDIA Manufacturing PMI (Expected: 58.4 versus Previous: 58.8)

13:00 EURO German Manufacturing PMI (Expected: 43.4 versus Previous: 42.5)

18:00 US Unemployment Claims (Expected: 221k versus Previous: 222K)

19:15 US Flash Manufacturing PMI (Expected: 50.0 versus Previous: 50.0)

19:30 U.S. New Home Sales (Expected: 677k versus Previous: 693K)

- Adj EPS $6.12 (est $5.65)

- Rev $26.0B (est $24.69B)

- Data Centre Revenue $22.6B (est $21.13B)

- Sees Q2 Rev $28B Plus Or Minus 2% (est $26.8B)

- Div Raised 150% To $0.01/Shr On Post-Split Basis

- Announces 10-For-1 Forward Stock Split

1. 23rd May ‘24 is declared as a settlement holiday on account of Buddha Purnima.

2. Due to the same, the stocks bought in Delivery on 22nd May, 2024, will not be available for selling on 23rd May ‘24. The settlement of stocks bought on 22nd May ‘24, will take place on 24th May ‘24.

3. The sale proceeds (money) of stocks sold on May 22nd ‘24, will be available on May 24th ‘24, only for further investments.

4.Your Account Balance on May 23rd ‘24, will not include credits from Intraday profits made & credits (i.e. premium from options sold, marked-to-market profit, intraday profits, etc.) received in Equity and F&O Segment on May 22nd ‘24.

Jubilant Foodworks Ltd (JFL) on Wednesday posted a consolidated net profit of ₹208.24 crore for the quarter ended March 2024, recording a multi-fold growth, which included exceptional item gains. The leading food services company had posted a net profit of ₹28.54 crore in the corresponding quarter of the previous fiscal. Consolidated revenue from operations for the quarter under review stood at ₹1,572.8 crore, up 23.9 per cent.

Tata Communications, in partnership with Cisco, has launched Webex Calling with cloud Public Switched Telephone Network (PSTN) for enterprises. 

Webex Calling is a business phone system delivering enterprise-grade calling through a cloud platform. With over 14 million users around the world, this service will be offered by integrating Cisco’s Webex Calling with the cloud voice services of Tata Communications Global Rapide platform. 

Sun Pharmaceutical Industries has reported a net profit of ₹2,654 crore for the three months ended March 31, 2024, up 34 per cent as compared to ₹1,984 crore in the same period last year. It posted gross sales of ₹11,813 crore, up 10.1 per cent over the same period last year.

For the year ended March 31, 2024, the company reported a net profit of ₹9,576 crore and gross sales of ₹47,758 crore, up 10.4 percent over last year.

If the RBI was a listed entity like Japan’s Central Bank or the Bank of Japan, and investors are ready to buy it at a 5 per cent dividend yield today (assuming profits can increase over the years), the RBI would be worth a staggering $ 500 billion. And much more if one is ready to accept a lower dividend yield. But again, let’s stick to prudence here, too, and not think along those lines. This point is just to highlight what a wonderful job the RBI and its Governors have done over the decades. Read an analysis on RBI’s latest dividend transfer to the government.

SpiceJet announced on Wednesday that it would demand a refund of ₹450 crore out of the ₹730 crore previously paid to former promoter Kalanithi Maran and his firm, KAL Airways, following a Delhi High Court order.

However, Kal Airways has rejected the same, stating that the Division Bench’s award remained in favour of Kal Airways and Kalanidhi Maran.

The Delhi High Court’s Division Bench on May 17 set aside a single judge bench’s order that had upheld an arbitral award requiring SpiceJet and its promoter Ajay Singh to refund ₹580 crore plus ₹150 crore interest to Maran.

A SEBI committee has suggested changes to the BRSR, or Business Responsibility and Sustainability Reporting, framework. 

ESG disclosures for the value chain will be applicable to the top 250 listed entities on a comply-or-explain basis from FY25. 

The committee felt the definition of ‘value chain’ needed to be rationalised to cover only significant partners. Accordingly, value chain partners would be redefined to include those upstream and downstream partners of a listed entity, individually comprising 2 per cent or more of the listed entity’s purchases or sales (by value), respectively.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI

The outlook is bullish for CIE Automotive India. The stock has made a bullish breakout by surging over 6 per cent on Wednesday.

This surge has taken the share price well above the key resistance level of ₹510. This level has been capping the upside since October last year. So, the breakout is very significant. Any intermediate dips will now be limited to ₹510 as fresh buyers are likely to come into the market. CIE Automotive India share price can rise to ₹580 in the coming weeks.