Share Market Highlights May 29, 2024: Sensex sheds 668 pts, Nifty closes at 22,705

The rupee settled 21 paise lower at 83.39 (provisional) against the US dollar on Wednesday, tracking a negative trend in domestic equities and elevated crude oil prices.

Forex traders said dollar demand from importers and oil marketing companies (OMCs) also weighed on the rupee.

However, foreign inflows in the bond markets ahead of inclusion on India’s government bonds in global bond index cushioned the downside.

Weak global cues prompted investors to take profits ahead of the US core PCE data, a key gauge of inflation that is anticipated to rise. Continued soaring of global inflation, like latest trend in Japan and Australia is diminishing investor expectation of a US Fed rate cut in the near term. Broad based weakness is noticed across the sectors with heavy underperformance from financials and IT.

SJVN board has approved signing of joint venture agreement with Indian Oil Corporation for the purpose of formation of JV Company for development of Green RTC/Renewable Projects and other New Technology based Projects.

Infosys, in partnership with the French Tennis Federation (FFT), has launched several AI-first innovations for Roland-Garros 2024.

Stock closed at ₹1,455 on the NSE, down by 0.82%.

Top gainers:

Hindalco (3.52%), Divi’s Lab (1.72%), Power Grid (1.29%), Bajaj Auto (1.03%), Cipla (0.95%) 

Top losers:

HDFC Life (-2.90%), SBI Life (-2.53%), Tech Mahindra (-2.27%), Tata Consumer (-2.17%), Bajaj Finserv (-2.04%)

India’s equity benchmarks BSE Sensex and NSE Nifty closed in red for the fourth day in a row. While the Sensex ended at 74,502.90, lower by 667.55 pts, or 0.89%, the broader Nifty50 closed at 22,704.70, down by 183.45 pts, or 0.8%, show provisional data on the exchanges.

Top gainer:

Hindalco (3.33%), Sun Pharma (1.59%), Power Grid (1.58%), Nestle India (1.16%), Divi’s Lab (1.06%)

Top losers:

SBI Life (-2.60%), HDFC Life (-2.46%), ICICI Bank (-2.35%), Tech Mahindra (-1.94%), Axis Bank (-1.91%)

Avanti Feeds board has accorded approval of investments of funds upto ₹51 Crore in Avanti Pet Care Pvt. Ltd. (APCPL) subsidiary Company. Out of total investments of ₹51.00 crore, the Company has already invested ₹26.30 Crore. 

APCPL has approached for the balance investment to meet the expenses related to purchase of land.

Avanti Feeds stock trades at ₹509.50 on the NSE

Stocks advanced on BSE at 3 pm on May 29, 2024, were 1,623 against 2,174 stocks that declined; 105 stocks remain unchanged. Total stocks traded were 3,902. The number of stocks that recorded a 52-week high was 143, and those that hit a 52-week low was 43. 

In addition, 235 stocks traded in upper circuit, while 283 hit the lower circuit.

Samvardhana Motherson International reported its consolidated net profit for the quarter ended March 2024 was at ₹1,444 crore as against ₹699.10 crore in the corresponding quarter last year. 

Stock rises by 1.27% to trade at ₹143.80 on the NSE.

Garware Hi-Tech Films’ consolidated net profit for the quarter ended March 2024 was at ₹57.81 crore as against ₹43.07 crore in the corresponding quarter last year. 

Stock trades higher by 9.89% on the NSE at ₹1,740.

Thermax has incorporated a wholly-owned subsidiary - Thermax Chemical Solutions Private Limited (TCSPL).

Thermax stock trades at ₹5,292.75 on the NSE, down by 1.06%.

Alkem Laboratories board has recommended a final dividend of ₹5 per equity share of ₹2 each for financial year ended March, 2024.

Company’s consolidated net profit for the quarter ended March 2024 was at ₹304.4 crore as against ₹67.6 crore in the corresponding quarter last year.

Stock rises 1.11% on the NSE, trading at ₹5,372.90.

Taking note of the robust growth and rising quality of government spending, S&P Global Ratings on Wednesday revised India’s outlook to ‘Positive’ from ‘Stable’. However, it retained the sovereign rating as ‘BBB Minus’.

This means, while the investment grading rating remains the same, there is possibility of upgrade in the next two years.

Panabyte Technologies Limited (formerly known as Panache Innovations Limited) has received a work order from One International Center Private Limited to carry out SITC (Supply, Installation, Testing, Commissioning) of Boom Barrier — ANPR (Automatic Number Plate Recognization) System and Flap Barrier — Access Control System at One International Center - Tower Four situated at Elphinstone Road, Mumbai. 

The contract is valued at ₹16.63 lakh.

Panabyte Technologies stock rises 2.05% on the BSE, trading at ₹26.90.

IPCA Laboratories reported its consolidated net profit for the quarter ended March 2024 at ₹59.59 crore as against ₹76.52 crore in the corresponding quarter last year.

The board has recommended a final dividend of ₹21 per share (200%) for the FY ended March 2024.

Stock trades at ₹1,305 on the NSE, down by 1.12%.

Maamba Collieries Limited (MCL), Nava’s Zambian subsidiary, to double its capacity with 2 x 150MW (300MW) Power Units under Phase II. 

The Phase II Project cost is estimated at $400 million.

Nava Ltd stock trades at ₹500.20 on the NSE, up by 0.59%.

The benchmark BSE Sensex fell 557.36 points, or 0.74%, to 74,613.09, while the broader NSE index lost 136.05 points, or 0.59%, to 22,752.1, dragged by losses in heavyweight financials and information technology stocks, while uncertainty around domestic election results and the timing of U.S. rate cuts also weighed. - Reuters

Newgen Software has launched LumYn, Gen AI-powered hyper-personalisation platform designed specifically for the banking sector. 

Stock trades at ₹880.40 on the NSE, up 0.93%.

Oil India stock declines by 1.95% on the NSE, trading at ₹640. Company had signed an MoU with Hindustan Petroleum Corporation to collaborate on a conventional and alternative energy portfolio.

HPCL stock trades at ₹539.70 on the NSE, down by 1.32%.

.CUB had received approval from RBI for the appointment of R Vijay Anandh as Whole-time Director - Executive Director of the bank for three years. Currently, R Vijay Anandh is the Executive President of the bank.

Top gainers of Nifty metal stocks: Hindalco (4.04%), National Aluminium (3.76%), Vedanta (1.31%), Adani Enterprises (1.27%)

HCLTech has added generative AI (GenAI) capabilities to its maintenance, repair, and overhaul (MRO) solution, iMRO/4, to help enterprises raise the performance and efficiency of complex, high-value assets in transportation, technology, energy, and aerospace and defense. HCLTech will launch a GenAI bot to kickstart the AI integration on iMRO/4. 

The stock trades at ₹1,356.30 on the NSE, down by 0.15%.

“Silver prices have outperformed gold this year, gaining about ~18% Year-Till-Date (YTD). In addition to being a precious metal, having ornamental value, silver is also considered as an industrial metal. Silver is an imperative raw material in electric vehicles, solar panels, and 5G antennas, among other products that are expected to drive the global economy in the coming years, supported by a constant rise in demand. Fuelled by the on-going geopolitical tensions, economic uncertainty, higher inflation, anticipation of rate cuts coupled with robust industrial demand, silver prices are increasingly gaining momentum from the past few days. 

Going ahead, given its hybrid nature of being a precious and an industrial metal, a robust rally seems to be in the foresight, with a possibility to breach INR 1,00,000 mark by the end of 2024 supported by the ongoing circumstances.”

Cello World board has approved issuing up to 86,54,000 equity shares of face value of ₹5 or an equivalent amount thereof via QIP.

Stock surges 4.13% on the BSE, trading at ₹879.05.

Crown Lifters Ltd has placed order for brand new crawler cranes, 260 MT x 2 nos each and 100 MT x 2 nos each. 

Stock trades at ₹231.35 on the NSE, up 1.98%.

Reliance Industries stock trades at ₹2,891 on the NSE, down by 0.73%. Company had signed a one-year deal with Russia’s Rosneft to buy at least 3 million barrels of oil a month in roubles.

Copper prices have recovered this week after a sharp fall in the past week. The copper futures contract on Multi Commodity Exchange (MCX) tumbled from a high of ₹945.90 per kg last week to a low of ₹880 before recovering to trade at ₹907.

Drugmaker Wockhardt Limited posted a reduced net loss at ₹177 crore for the three month period ended March 31, 2024, from a net loss of ₹237 crore in the same period last year. 

In the current reporting period, the company recognized an impairment loss of ₹79 crore on assets held for sale, besides incurring a loss of ₹42 crore on the sale of property, plant, and equipment attributable to the restructuring of the company’s United States operations, it said. 

Tata Steel is expected to post a 20 per cent year-on-year fall in its consolidated net profit at Rs 1,354 crore for the fourth quarter of FY24 due to weak demand and lower realisations.

The steelmaker’s quarterly margin may fall to 10.67 per cent as against 11.46 per cent a year ago, according to analysts report. 

Tata group’s quarterly revenue may be lower at Rs 61,096 crore against Rs 62,962 crore logged in for the same period last year. 

Its EBITDA per tonne is expected to contract to Rs 15,322 for the March quarter from Rs 16,160 a year ago, according to the reports.

EID Parry (6.24%), STEL (2.63%), Hindalco (2.52%), JSW Infra (2.02%), Brigade Enterprises (1.73%)

Intellect Design Arena Ltd has announced the launch of two cutting-edge AI-powered platforms: iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange) using eMACH.ai.

Intellect Design Arena stock trades at ₹895.45 on the NSE, down by 0.08%.

Top gainers on the NSE at 12 noon:

Hindalco (2.34%), Adani Enterprises (1.20%), Sun Pharma (1.14%), Nestle India (1.09%), Power Grid (0.98%)

Top losers:

SBI Life (-2.78%), ICICI Bank (-2.08%), HDFC Life (-1.79%), Ultratech Cement (-1.76%), Bajaj Finserv (-1.67%)

Stocks advanced on BSE at 12 noon on May 29, 2024, were 1,614 against 1,997 stocks that declined; 144 stocks remain unchanged. Total stocks traded were 3,755. The number of stocks that recorded a 52-week high was 121, and those that hit a 52-week low was 37. 

In addition, 191 stocks traded in upper circuit, while 239 hit the lower circuit.

Top gainers of nifty pharma stocks: Gland Pharma (2.74%), IPCA Lab (2.14%), Glenmark (1.62%), Abbott India (1.34%)

Vikas Lifecare Limited announced that VLL has submitted a term sheet to independent directors of Ebix, Inc. to acquire 100% of the equity of Ebix as a member of the consortium led by Eraaya Lifespaces Limited.

Power Mech Projects has been awarded a order valued at ₹563.23 Crore from BHEL - Power Sector Southern Region for Civil, Structural, and Architectural works of Turbine Island package of 2 x 700 MWe, PHWR, Kaiga Atomic Power Project (Units 5 and 6) in Uttar Kannada Dt., Karnataka. 

Power Mech Projects stock rises 2.17% on the NSE, trading at ₹4,809.95.

Non core asset sale exercise has commenced with the Department of Investment and Public Asset Management (DIPAM) inviting bids for sale of six assets of state run telecom firms Bharat Sanchari Nigam Ltd (BSNL) and Mahanagar Telephone Nigam (MTNL) through its new asset monetisation portal. The Reserve price pegged for these assets stood at about ₹ 970 crore.

“Non core asset monetisation commences with the first set of six properties of BSNL/MTNL bid out on the MSTC portal”, DIPAM Secretary Tuhin Kanta Pandey tweeted.

Tiger Logistics (India) announced the launch of FreightJar 2.0, an upgrade to its proprietary freight booking and management platform that will enable businesses to handle their import shipments, including FCL (Full Container Load), LCL (Less than Container Load), and Air Freight, with enhanced ease and efficiency.

Tiger Logistics stock trades at ₹42.50 on the BSE, up 1.34%.

Indo-National has launched a new Product “Nippo Swooper” under the Household Insecticide category.

Stock trades at ₹617.05 on the NSE, down by 0.21%.

Bank Nifty index has declined sharply today and is currently trading at 48,646, down about 1.1 per cent. The advance-decline ratio is at 4:8. This is negative.

The index has declined below a key support level of 48,800. So long as the index stays below 48,800 the outlook will be negative.

Top gainers on the BSE at 11 am:

Campus (16.11%), Grindwell Norton (7.32%), Paras (6.90%), Kirloskar Ferrous (5.52%), Great Eastern Shipping (5.34%)

Top losers:

Mtar Tech (-8.83%), Hindware (-6.81%), Inox Wind (-6.33%), PNB Housing (-6.26%), Schneider (-5%)

Zuari Industries reported its consolidated net profit for the quarter ended March 2024 at ₹61.34 crore as against ₹118 crore in the corresponding quarter last year.

The board has recommended final dividend of ₹1 per equity share for FY 2023-24.

Stock declines by 2.70% on the NSE, trading at ₹300.55

Marico has received demand order under Section 125 of the CGST Act, 2017 and TNGST Act, 2017 levying penalty of ₹50,000, on account of ‘mismatch in address pin-code’ mentioned in Invoice vis-à-vis GST registration certificate.

Stock trades at ₹612.40 on the NSE, up 0.71%

Indian Indices opened lower during today’s session. 

BSE Sensex was down 0.37 per cent or 280.44 points to 74,890, while the NSE Nifty was at 22,801 down by 0.38 per cent or 87 points. A total of 3,186 stocks were actively traded, 1,619 advanced, while 1,454 declined and 113 stocks remained unchanged where 73 stocks hit a 52 week high and 32 stocks hit a 52 week low at 10 am on the BSE.

Schneider Electric Infrastructure has received a show cause notice from the Office of Assistant Commissioner State Tax, Begumpet-II Circle, Hyderabad, relating to the financial year 2019-20 in which quantification of Tax, Interest & Penalty is determined, totaling ₹4,58,456.

Schneider Electric trades in the lower circuit at ₹746.70 on the NSE, down by 5%.

Sensex slumped over 500 pts. It is currently trading at 74,648.99, down by 521.46 pts or 0.69%.

Nifty 50 is under pressure. The index opened with a wide gap-down at 22,762.75. It then bounced to an intraday high of 22,825.50 and then came down slightly from there. Nifty is currently trading at 22,801, down 0.38 per cent. The advances/declines ratio is currently at 16:34. This indicates weakness in the index.

Crude oil futures traded higher following the geopolitical concerns over the developments in West Asia.

At 9.52 am on Wednesday, August Brent oil futures were at $84.19, up by 0.30 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $80.14 up by 0.39 per cent.

June crude oil futures were trading at ₹6,677 on Multi Commodity Exchange (MCX) during initial trading on Wednesday morning against the previous close of ₹6,637, up by 0.60 per cent, and July futures were trading at ₹6,663 against the previous close of ₹6,624, up by 0.59 per cent.

Top losers of nifty bank stocks: IndusInd (-1.22%), HDFC Bank (-1.20%), Axis Bank (-1.19%), ICICI Bank (-1.18%)

Suzlon Group has secured a new order for the development of 551.25 MW wind power project for the Aditya Birla Group.

Suzlon will install 175 wind-turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at sites in the Barmer district in Rajasthan and Bhuj district in Gujarat. 

Suzlon Energy trades at ₹45.05 on the NSE, up 2.50%.

(Nirmal Bang Retail Research) 

Result continue to remain weak 

Revenue from Operations came at Rs. 31.4 Cr (160.6% QoQ, 98.2% YoY) vs QoQ Rs. 12.1 Cr, YoY Rs. 15.9 Cr 

EBIDTA came at Rs. -28.2 Cr (54.3% QoQ, 108.9% YoY) vs QoQ Rs. -18.3 Cr, YoY Rs. -13.5 Cr 

EBITDA Margin came at -89.7% vs QoQ -151.4%, YoY -85.1% 

Adj. PAT came at Rs. 34.8 Cr vs QoQ Rs. -35.2 Cr, YoY Rs. -24.8 Cr 

Quarter EPS is Rs. 7.1 

Stock is trading at P/E of -26.2x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 155.7 Cr (-2% QoQ, 8.1% YoY) vs QoQ Rs. 158.9 Cr, YoY Rs. 144.1 Cr 

EBIDTA came at Rs. 53.6 Cr (-4.1% QoQ, 20.2% YoY) vs QoQ Rs. 55.9 Cr, YoY Rs. 44.6 Cr 

EBITDA Margin came at 34.4% vs QoQ 35.2%, YoY 31% 

Adj. PAT came at Rs. 18.4 Cr vs QoQ Rs. 27.4 Cr, YoY Rs. 10.6 Cr 

Quarter EPS is Rs. 0.9 

Stock is trading at P/E of 56x TTM EPS

(Nirmal Bang Retail Research) 

Result inline with expectation 

Revenue from Operations came at Rs. 2796.7 Cr (-2.9% QoQ, 15.1% YoY) vs expectation of Rs. 2852.9 Cr, QoQ Rs. 2881.1 Cr, YoY Rs. 2429.2 Cr 

EBIDTA came at Rs. 407.7 Cr (-0.5% QoQ, 20.9% YoY) vs expectation of Rs. 405.1 Cr, QoQ Rs. 409.9 Cr, YoY Rs. 337.3 Cr 

EBITDA Margin came at 14.6% vs expectation of 14.2%, QoQ 14.2%, YoY 13.9% 

Adj. PAT came at Rs. 228 Cr vs expectation of Rs. 228.3 Cr, QoQ Rs. 239.6 Cr, YoY Rs. 185.6 Cr 

Quarter EPS is Rs. 12.5 

Stock is trading at P/E of 21.6x FY25E EPS

(Nirmal Bang Retail Research) 

Result is declining 

Revenue from Operations came at Rs. 152.4 Cr (7.6% QoQ, -0.6% YoY) vs QoQ Rs. 141.7 Cr, YoY Rs. 153.3 Cr 

EBIDTA came at Rs. 12 Cr (-22% QoQ, 84.9% YoY) vs QoQ Rs. 15.4 Cr, YoY Rs. 6.5 Cr 

EBITDA Margin came at 7.9% vs QoQ 10.9%, YoY 4.2% 

Adj. PAT came at Rs. 1.2 Cr vs QoQ Rs. 4.4 Cr, YoY Rs. 2.3 Cr 

Quarter EPS is Rs. 0.1 

Stock is trading at P/E of 50.6x TTM EPS

(Nirmal Bang Retail Research) 

Result is ahead of expectations 

Revenue from Operations came at Rs. 587.6 Cr (33.1% QoQ, 33.9% YoY) vs expectation of Rs. 581.2 Cr, QoQ Rs. 441.6 Cr, YoY Rs. 438.9 Cr 

EBIDTA came at Rs. 106.9 Cr (24.9% QoQ, 28.1% YoY) vs expectation of Rs. 92.7 Cr, QoQ Rs. 85.6 Cr, YoY Rs. 83.5 Cr 

EBITDA Margin came at 18.2% vs expectation of 15.9%, QoQ 19.4%, YoY 19% 

Adj. PAT came at Rs. 50.5 Cr vs expectation of Rs. 31.2 Cr, QoQ Rs. 25.7 Cr, YoY Rs. 21 Cr 

Quarter EPS is Rs. 6 

Stock is trading at P/E of 23.9x TTM EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 92.1 Cr (-2.3% QoQ, 10.5% YoY) vs QoQ Rs. 94.2 Cr, YoY Rs. 83.3 Cr 

EBIDTA came at Rs. 9.7 Cr (-1464.8% QoQ, 28.2% YoY) vs QoQ Rs. -0.7 Cr, YoY Rs. 7.6 Cr 

EBITDA Margin came at 10.5% vs QoQ -0.8%, YoY 9.1% 

Adj. PAT came at Rs. 7.1 Cr vs QoQ Rs. -1.5 Cr, YoY Rs. 22.4 Cr 

Quarter EPS is Rs. 0.7 

Stock is trading at P/E of 65x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 630.1 Cr (-10.8% QoQ, 0% YoY) vs QoQ Rs. 706.2 Cr, YoY Rs. 630.2 Cr 

EBIDTA came at Rs. 178.5 Cr (-4.1% QoQ, -3.9% YoY) vs QoQ Rs. 186.2 Cr, YoY Rs. 185.7 Cr 

EBITDA Margin came at 28.3% vs QoQ 26.4%, YoY 29.5% 

Adj. PAT came at Rs. 105.4 Cr vs QoQ Rs. 120.1 Cr, YoY Rs. 99.3 Cr 

Quarter EPS is Rs. 12.4 

Stock is trading at P/E of 164.4x TTM EPS

(Nirmal Bang Retail Research)

Result inline with expectation 

Revenue from Operations came at Rs. 2852.5 Cr (-18.9% QoQ, 7.6% YoY) vs expectation of Rs. 3353.3 Cr, QoQ Rs. 3516.2 Cr, YoY Rs. 2651.3 Cr 

EBIDTA came at Rs. 341.7 Cr (-39.9% QoQ, 51.7% YoY) vs expectation of Rs. 330.1 Cr, QoQ Rs. 568.7 Cr, YoY Rs. 225.3 Cr 

EBITDA Margin came at 12% vs expectation of 9.8%, QoQ 16.2%, YoY 8.5% 

Adj. PAT came at Rs. -99.3 Cr vs expectation of Rs. -99.3 Cr, QoQ Rs. 45 Cr, YoY Rs. -128.1 Cr 

Quarter EPS is Rs. -1 

Stock is trading at P/E of -77.7x FY25E EPS

(Nirmal Bang Retail Research)

Result ok 

Revenue from Operations came at Rs. 439.6 Cr (34.6% QoQ, 40.5% YoY) vs QoQ Rs. 326.5 Cr, YoY Rs. 313 Cr 

EBIDTA came at Rs. 54.4 Cr (-3.4% QoQ, 1645.4% YoY) vs QoQ Rs. 56.3 Cr, YoY Rs. 3.1 Cr 

EBITDA Margin came at 12.4% vs QoQ 17.3%, YoY 1% 

Adj. PAT came at Rs. 77.5 Cr vs QoQ Rs. 91.9 Cr, YoY Rs. 56.8 Cr 

Quarter EPS is Rs. 7.2 

Stock is trading at P/E of 40.5x FY25E EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 72.4 Cr (30.6% QoQ, 16.4% YoY) vs QoQ Rs. 55.4 Cr, YoY Rs. 62.2 Cr 

EBIDTA came at Rs. 21.9 Cr (42.4% QoQ, 18.2% YoY) vs QoQ Rs. 15.4 Cr, YoY Rs. 18.5 Cr 

EBITDA Margin came at 30.2% vs QoQ 27.7%, YoY 29.7% 

Adj. PAT came at Rs. 14.7 Cr vs QoQ Rs. 8.1 Cr, YoY Rs. 9.2 Cr 

Quarter EPS is Rs. 10.2 

Stock is trading at P/E of 268.2x TTM EPS

(Nirmal Bang Retail Research) 

Result is broadly inline with expectations 

Revenue from Operations came at Rs. 1154.8 Cr (3.3% QoQ, 19.7% YoY) vs expectation of Rs. 1127 Cr, QoQ Rs. 1118.3 Cr, YoY Rs. 965 Cr 

EBIDTA came at Rs. 362.4 Cr (-8% QoQ, 11.7% YoY) vs expectation of Rs. 373.7 Cr, QoQ Rs. 394 Cr, YoY Rs. 324.6 Cr 

EBITDA Margin came at 31.4% vs expectation of 33.2%, QoQ 35.2%, YoY 33.6% 

Adj. PAT came at Rs. 276.3 Cr vs expectation of Rs. 300.1 Cr, QoQ Rs. 314.5 Cr, YoY Rs. 253 Cr 

Quarter EPS is Rs. 3.5 

Stock is trading at P/E of 65.1x FY25E EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 333.1 Cr (16.9% QoQ, 1.8% YoY) vs QoQ Rs. 285 Cr, YoY Rs. 327.2 Cr 

EBIDTA came at Rs. 39.3 Cr (-28% QoQ, 30.9% YoY) vs QoQ Rs. 54.6 Cr, YoY Rs. 30 Cr 

EBITDA Margin came at 11.8% vs QoQ 19.1%, YoY 9.2% 

Adj. PAT came at Rs. 29.2 Cr vs QoQ Rs. 42.8 Cr, YoY Rs. 22.4 Cr 

Quarter EPS is Rs. 0.6 

Stock is trading at P/E of 27.3x TTM EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 973.6 Cr (2% QoQ, 20.7% YoY) vs QoQ Rs. 954.7 Cr, YoY Rs. 806.9 Cr 

EBIDTA came at Rs. 159.3 Cr (5% QoQ, 28.5% YoY) vs QoQ Rs. 151.7 Cr, YoY Rs. 124 Cr 

EBITDA Margin came at 16.4% vs QoQ 15.9%, YoY 15.4% 

Adj. PAT came at Rs. 19.9 Cr vs QoQ Rs. -125.9 Cr, YoY Rs. 37.5 Cr 

Quarter EPS is Rs. 0.4 

Stock is trading at P/E of 24.3x FY25E EPS

(Nirmal Bang Retail Research) 

Result has declined 

Revenue from Operations came at Rs. 272.5 Cr (-23.9% QoQ, -9.7% YoY) vs QoQ Rs. 357.9 Cr, YoY Rs. 301.9 Cr 

EBIDTA came at Rs. 9 Cr (-65.6% QoQ, -131.7% YoY) vs QoQ Rs. 26 Cr, YoY Rs. -28.3 Cr 

EBITDA Margin came at 3.3% vs QoQ 7.3%, YoY -9.4% 

Adj. PAT came at Rs. 7.8 Cr vs QoQ Rs. 12.3 Cr, YoY Rs. -29.3 Cr 

Quarter EPS is Rs. 2.6 

Stock is trading at P/E of 11.7x FY25E EPS

(Nirmal Bang Retail Research) 

Result is ok 

Revenue from Operations came at Rs. 926.1 Cr (2.4% QoQ, 49.5% YoY) vs QoQ Rs. 904.2 Cr, YoY Rs. 619.3 Cr 

EBIDTA came at Rs. 104.6 Cr (2.3% QoQ, 8.9% YoY) vs QoQ Rs. 102.3 Cr, YoY Rs. 96 Cr 

EBITDA Margin came at 11.3% vs QoQ 11.3%, YoY 15.5% 

Adj. PAT came at Rs. 42.2 Cr vs QoQ Rs. 41.6 Cr, YoY Rs. 40.3 Cr 

Quarter EPS is Rs. 13.6 

Stock is trading at P/E of 14.4x TTM EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 3031.9 Cr (58% QoQ, 36.1% YoY) vs QoQ Rs. 1918.6 Cr, YoY Rs. 2227.4 Cr 

EBIDTA came at Rs. 165.9 Cr (62.2% QoQ, 84% YoY) vs QoQ Rs. 102.3 Cr, YoY Rs. 90.2 Cr 

EBITDA Margin came at 5.5% vs QoQ 5.3%, YoY 4% 

Adj. PAT came at Rs. 197.9 Cr vs QoQ Rs. 116.2 Cr, YoY Rs. 101.2 Cr 

Quarter EPS is Rs. 1.1 

Stock is trading at P/E of 47.3x TTM EPS

(Nirmal Bang Retail Research) 

Result below expectations 

Revenue from Operations came at Rs. 143 Cr (20.8% QoQ, -27.2% YoY) vs expectation of Rs. 162.7 Cr, QoQ Rs. 118.4 Cr, YoY Rs. 196.4 Cr 

EBIDTA came at Rs. 18.2 Cr (-23.6% QoQ, -62.8% YoY) vs expectation of Rs. 40.3 Cr, QoQ Rs. 23.9 Cr, YoY Rs. 49.1 Cr 

EBITDA Margin came at 12.7% vs expectation of 24.8%, QoQ 20.2%, YoY 25% 

Adj. PAT came at Rs. 5 Cr vs expectation of Rs. 21.7 Cr, QoQ Rs. 10.4 Cr, YoY Rs. 31.1 Cr 

Quarter EPS is Rs. 1.6 

Stock is trading at P/E of 103x TTMEPS

(Nirmal Bang Retail Research)

Result is marginally above expectations 

Revenue from Operations came at Rs. 2257.7 Cr (11.9% QoQ, 38.4% YoY) vs expectation of Rs. 2104.5 Cr, QoQ Rs. 2017.2 Cr, YoY Rs. 1631.4 Cr 

EBIDTA came at Rs. 220.5 Cr (7.7% QoQ, 50.4% YoY) vs expectation of Rs. 213.8 Cr, QoQ Rs. 204.8 Cr, YoY Rs. 146.6 Cr 

EBITDA Margin came at 9.8% vs expectation of 10.2%, QoQ 10.2%, YoY 9% 

Adj. PAT came at Rs. 89.5 Cr vs expectation of Rs. 81.1 Cr, QoQ Rs. 78.4 Cr, YoY Rs. 37.8 Cr 

Quarter EPS is Rs. 5.2 

Stock is trading at P/E of 17.9x FY25E EPS

(Nirmal Bang Retail Research) 

Result declining 

Revenue from Operations came at Rs. 700 Cr (-0.1% QoQ, 3.2% YoY) vs QoQ Rs. 701 Cr, YoY Rs. 678 Cr 

EBIDTA came at Rs. 20 Cr (-66.1% QoQ, 33.3% YoY) vs QoQ Rs. 59 Cr, YoY Rs. 15 Cr 

EBITDA Margin came at 2.9% vs QoQ 8.4%, YoY 2.2% 

Adj. PAT came at Rs. -46 Cr vs QoQ Rs. -83 Cr, YoY Rs. -112 Cr 

Quarter EPS is Rs. -3 

Stock is trading at P/E of -26.3x TTM EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 497.5 Cr (11.4% QoQ, 5.5% YoY) vs QoQ Rs. 446.7 Cr, YoY Rs. 471.4 Cr 

EBIDTA came at Rs. 45 Cr (4.3% QoQ, 50.9% YoY) vs QoQ Rs. 43.1 Cr, YoY Rs. 29.8 Cr 

EBITDA Margin came at 9% vs QoQ 9.7%, YoY 6.3% 

Adj. PAT came at Rs. 31.1 Cr vs QoQ Rs. 28 Cr, YoY Rs. 14.3 Cr 

Quarter EPS is Rs. 2.8 

Stock is trading at EV/EBITDA of 9.5x TTM EBITDA

(Nirmal Bang Retail Research) 

Result is ahead of expectations 

Revenue from Operations came at Rs. 1490.5 Cr (3.4% QoQ, 19% YoY) vs expectation of Rs. 1489.1 Cr, QoQ Rs. 1441.5 Cr, YoY Rs. 1253 Cr 

EBIDTA came at Rs. 105.9 Cr (15.3% QoQ, 29.7% YoY) vs expectation of Rs. 83.6 Cr, QoQ Rs. 91.8 Cr, YoY Rs. 81.6 Cr 

EBITDA Margin came at 7.1% vs expectation of 5.6%, QoQ 6.4%, YoY 6.5% 

Adj. PAT came at Rs. 33.4 Cr vs expectation of Rs. 18.3 Cr, QoQ Rs. 13.7 Cr, YoY Rs. 26.6 Cr 

Quarter EPS is Rs. 2.8 

Stock is trading at P/E of 73.9x FY25E EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 158.2 Cr (12.9% QoQ, 11.2% YoY) vs QoQ Rs. 140.1 Cr, YoY Rs. 142.3 Cr 

EBIDTA came at Rs. 55.5 Cr (33.8% QoQ, 0.8% YoY) vs QoQ Rs. 41.5 Cr, YoY Rs. 55 Cr 

EBITDA Margin came at 35.1% vs QoQ 29.6%, YoY 38.7% 

Adj. PAT came at Rs. 36.9 Cr vs QoQ Rs. 29.8 Cr, YoY Rs. 38.2 Cr 

Quarter EPS is Rs. 4.6 

Stock is trading at P/E of 24.5x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 805.1 Cr (-7.2% QoQ, -8.5% YoY) vs QoQ Rs. 867.6 Cr, YoY Rs. 880.1 Cr 

EBIDTA came at Rs. 77.5 Cr (54.7% QoQ, -12.1% YoY) vs QoQ Rs. 50.1 Cr, YoY Rs. 88.2 Cr 

EBITDA Margin came at 9.6% vs QoQ 5.8%, YoY 10% 

Adj. PAT came at Rs. 115.5 Cr vs QoQ Rs. 63.3 Cr, YoY Rs. 190.2 Cr 

Quarter EPS is Rs. 2.1 

Stock is trading at P/E of 28.5x FY25E EPS

(Nirmal Bang Retail Research) 

Result is below expectations 

Revenue from Operations came at Rs. 773.7 Cr (11.7% QoQ, 0.8% YoY) vs expectation of Rs. 742.4 Cr, QoQ Rs. 692.9 Cr, YoY Rs. 767.9 Cr 

EBIDTA came at Rs. 56 Cr (10.5% QoQ, -32.3% YoY) vs expectation of Rs. 67.5 Cr, QoQ Rs. 50.6 Cr, YoY Rs. 82.6 Cr 

EBITDA Margin came at 7.2% vs expectation of 9.1%, QoQ 7.3%, YoY 10.8% 

Adj. PAT came at Rs. 2.1 Cr vs expectation of Rs. 16.1 Cr, QoQ Rs. 4.2 Cr, YoY Rs. 22.3 Cr 

Quarter EPS is Rs. 0.3 

Stock is trading at P/E of 21.5x FY25E EPS

(Nirmal Bang Retail Research)

Result improved 

Revenue from Operations came at Rs. 2110 Cr (1.1% QoQ, -7.1% YoY) vs QoQ Rs. 2088 Cr, YoY Rs. 2271 Cr 

EBIDTA came at Rs. 145 Cr (72.6% QoQ, -60.7% YoY) vs QoQ Rs. 84 Cr, YoY Rs. 369 Cr 

EBITDA Margin came at 6.9% vs QoQ 4%, YoY 16.2% 

Adj. PAT came at Rs. 130 Cr vs QoQ Rs. 97 Cr, YoY Rs. 336 Cr 

Quarter EPS is Rs. 8.8 

Stock is trading at P/E of 19.8x TTM EPS

Starting June 25, HDFC Bank will stop sending SMS alerts for UPI transactions up to ₹100. Now SMS notifications will be pushed only for transactions above ₹100 (for money sent/paid) and above ₹500 (for money received). The lender informed its customers through emails that they would continue to receive email alerts for all UPI transactions.

Customers are asked to ensure that their mail is up-to-date to receive all notifications. The lender however did not reveal the reason behind not sending SMS for transactions below ₹100. Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet.

IRCTC stock trades at ₹1,031.10 on the NSE, down by 4.80% after the company reported 2% rise in consolidated net profit for March 31, 2024, at ₹285 crore. Net profit in the year-ago period was ₹279 crore.

Anand James, Chief Market Strategist,Geojit Financial Services. 

Though the day ended on a weak note, swings were seen on both sides yesterday, consistent with the range bound stance taken. We still do not see a vertical collapse happening this week, but downside range could continue to be breached, without gaining momentum, as buying interest is still present. For now, our downside expectation is limited to 22760, while short covering prospects rest on the ability of this region to hold, or on direct rise above 22940.

* The International Monetary Fund (IMF) has revised China’s 2024 and 2025 GDP growth forecasts after a “strong” Q1.

* The IMF expects China’s economy to grow 5% this year, up from a 4.6% expansion in Q1.

* The IMF warns that China’s growth will slow to 3.3% by 2029 due to an ageing population and slower productivity expansion.

* The upgrades were driven by strong Q1 GDP data and recent policy measures.

* China’s economy grew at a faster than expected pace in Q1, above the forecast for a 4.6% gain.

* Domestic consumption remains soft due to fragile confidence amid a protracted property sector crisis.

* The IMF welcomes steps to stabilize China’s property sector and supports steering the sector towards a more sustainable path

Ahead of the release of Q4 and FY24 numbers today, shares of Ramky Infrastructure gained 1. 32 percent on the BSE and are trading at 496.75

AdaniConneX Private Limited (ACX), a joint venture of the Company has completed the acquisition of 100% stake of Terravista Developers Private Limited (TDPL) from Adani Infrastructure Developers Private Limited (AIDPL).

Adani Enterprises stock inches up 0.33% on the NSE, trading at ₹3,254.75.

Tech Mahindra Ltd has received an order from the Joint Commissioner, Office of Commissioner of Central Tax, Central Excise & Service Tax. (Medchal Commissionerate), State/UT: Hyderabad, Telangana imposing an additional penalty u/s 73(9) of CGST Act, 2017 amounting to ₹20,000.

Stock trades at ₹1,302.30 on the NSE, down by 0.97%.

NOXGFL Group has announced the conclusion of equity share sale of Inox Wind Limited by its promoter Inox Wind Energy Limited, raising ₹900 crore. 

Inox Wind Energy stock declines by 1.89% on the NSE, trading at ₹7,128.30. Inox Wind falls by 5.96% to trade at ₹138.95.

Top gainers on the NSE at 9.30 am:

Hindalco (1.13%), Bharti Airtel (1.05%), Tata Steel (0.60%), Divi’s Lab (0.55%), Coal India (0.50%)

Top losers:

SBI Life (-1.64%), M&M (-1.28%), HDFC Life (-1.23%), IndusInd (-1.10%), HDFC Bank (-0.96%)

Paytm said on Wednesday that it was not in talks to sell a stake, contrary to what a media report had said earlier in the day.

Gautam Adani, Indian billionaire and chairman of ports-to-power conglomerate Adani Group, is in talks with Paytm founder Vijay Shekhar Sharma to acquire a stake, the Times of India had reported, citing sources familiar with the matter.

“We hereby clarify that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard,” Paytm said.

Paytm stock trades in upper circuit at ₹359.45 on the NSE, higher by 4.99%.

EMS ltd

Chavda infra

Redtape ltd

Rishabh instrument

CFF fluid

Quicktouch technologies 

Droneacharya aerial

AVG logistics 

Uma export

Marine electrical

ICE make refrigeration 

Mazagon dock

Vikas lifecare

Solara active pharma

Goyal Aluminium

Lemon tree hotel

Astron paper

KIOCL Ltd

NINtec system

Alkem lab

AGI infra

Veto switchgear

Rudra global

Mangalam seeds

SAL automotive 

Shivalik rasayan

POCL enterprises 

KMC speciality

Bata india

RPP infra

RTS power

Aries agro

Renuka Sugar

Websol energy

Vikram thermo

Rana sugar

Lambodhara textile

Jyoti structure

Ion exchange

Genus power

AVT natural

Bajaj steel

Nahar spinning

The hi tech gear

Ashapura minechem

Ahluwalia contract

Shraddha prime

SJVN ltd

Banco product

Tata steel

KNR construction

ADC india

GMR airports

Sreeleathers

Waterbase 

Vidhi speciality

Heubach colorant

Cummins india

Deepak spinners

Emami

Munjal showa

Orient paper

Bharat gear

Globus spirit

RHI magnesita 

NOCIL 

SMS pharma 

Technocraft ind

Indian benchmark indices, Sensex and Nifty, opened on a subdued note on Wednesday, following weakness in global markets as investors await U.S. inflation data due this week for insights on the Federal Reserve’s interest rate trajectory. 

The 30-share BSE Sensex dropped 270.59 points to 74,899.87 in early trade. The NSE Nifty fell 82.05 points to 22,806.10. Recent U.S. data has kept traders uncertain about the strength of the economy and persistent inflationary pressures, clouding the outlook for the Fed’s policy path.

Asian markets were trading lower, with the MSCI Asia ex-Japan falling 0.89%.

“Global markets are consolidating ahead of U.S. GDP data and core PCE data, releasing on May 30, which will be a crucial indicator for the U.S. Fed’s interest rate decision,” said Siddhartha Khemka, head of Retail Research at Motilal Oswal Financial Services.

“Expect Nifty to remain sideways to marginally positive on the back of reduced FII selling, predictions of an above-normal monsoon, and the last leg of Q4 results,” Khemka added.

Sensex and Nifty ended lower on Tuesday in another volatile session, with nervousness surrounding the outcome of the Lok Sabha elections next week. Foreign investors were net sellers on Tuesday, offloading shares worth Rs 65.57 crore, while domestic institutional investors bought Rs 3,232 crore in stocks.

Downgrade to Sell, TP Rs 500

4Q EBITDA (8% qoq/yoy) 2% ahead of est. 

For FY24, key +ve was oil production rising 6% yoy 

With a sharp run up (OIL up 2.5X yoy), believe production upside is priced in 

Downgrade to U-P, TP cut to Rs 17 from Rs 24 

FY24 rev fell 18% YoY to Rs18.6bn, 5% below est. 

Co turned debt free in FY24 from a peak of Rs31.5bn in FY18 

Cut FY25/26CL rev & Ebitda by 3-10% 

Challenge is low promoter ownership in aftermath of pledging crisis 

Hold Call, Target Rs 1,410 

Q4 In-line With Formulations Division Driving Growth 

API Sales In FY24 Was Impacted Due To A Few Customers Shifting Their Bases 

API Sale Is Expected To Pick-up In FY25 

Injectable Facility Commissioning Has Been Delayed By Couple Of Quarter 

Injectable Facility Will Be Online In Q3FY25 & Could Impact Margin In The Year 

FY24 Saw 2 New API Launches And Mgmt Expect Similar Run Rate In Coming Years 

Underweight Call, Target Rs 200 

Q4 Earnings Ahead Of Estimates, On Better-than-expected EBITDA Margin 

In Weak Demand Environment, Management Focussed On Improving Profitability 

Management Focussed On Rationalising Retail Network & Scaling New Businesses 

Co Met Its Stated FY24 Net Debt Target

Buy Call, Target Rs 770

Novelis Announced The Price Band For Its IPO Of 45 m Shares $18-21/Share 

Price Band Implies Novelis’ Mkt Cap Of $10.8-12.6 Bn & Proceeds Of $810-945 m For Hindalco 

The Market Cap & Proceeds For Hindalco Indicates A Valuation Of 7.7x–8.6x For Novelis 

We Value Novelis At 6.5x FY26 EV/EBITDA In Hindalco’s SOTP 

Key Debates Around The Deal Are Likely To Be On Valuation Of Hindalco’s Stake In Novelis 

Key Debates Around The Deal Will Be Its SOTP & Use Of The Proceeds From IPO 

Integra Essentia Limited’s board meeting on May 28, 2024, approved a rights issue of up to 15,26,34,538 equity shares at a price of Rs. 3.25 per share, with a record date of June 1, 2024. The rights issue period is from June 11 to June 25, 2024. The company also confirmed arrangements with NSDL and CDSL for crediting rights entitlements in demat accounts and approved the letter of offer to be filed with NSE and BSE.

MS on Trent: Maintain Equal weight on Company, raise target price at Rs 4817/Sh (Positive) 

CLSA on Hindalco: Maintain Buy on Company, target price at Rs 770/Sh (Positive) 

Investec on Hindalco: Maintain Buy on Company, target price at Rs 750/Sh (Positive) 

Emkay on Oil India: Maintain Buy on Company, target price at Rs 800/Sh (Positive) 

MOSL on Oil India: Maintain Buy on Company, target price at Rs 775/Sh (Positive) 

Nuvama on Natco Pharma: Maintain Buy on Company, raise target price at Rs 1200/Sh (Positive) 

Nuvama on Suzlon: Initiate Buy on Company, target price at Rs 53/Sh (Positive) 

Nuvama on Inox Wind: Initiate Buy on Company, target price at Rs 193/Sh (Positive) 

Jefferies on Concord: Maintain Hold on Company, target price at Rs 1410/Sh (Neutral) 

Citi on LIC: Maintain Buy on Company, target price at Rs 1255/Sh (Neutral) 

MOSL on LIC: Maintain Buy on Company, target price at Rs 1270/Sh (Neutral) 

GS on LIC: Maintain Neutral on Company, target price at Rs 950/Sh (Neutral) 

Elara on Sumitomo: Maintain Accumulate on Company, target price at Rs 472/Sh (Neutral) 

MS on ABFRL: Maintain Underweight on Company, target price at Rs 200/Sh (Neutral) 

CLSA on Dish TV: Downgrade to Underperform on Company, target price at Rs 17/Sh (Negative)

Silver prices rose as the favourable macroeconomic environment for precious metals boosted actual silver purchases for industrial purposes. Even while robust economic growth and stubborn inflationary pressures in the United States have pushed back expectations for the Fed’s monetary easing, markets still anticipate the Fed to cut rates multiple times this year. Combined with expected rate cuts by the ECB, BoE, and PBoC, lower opportunity costs to retain bullion and rising central bank interest in storing precious metals fueled silver’s over 40% jump in the second quarter. Meanwhile, demand for solar panels amid unpredictable global electricity costs has supported industrial demand for silver, as evidenced by solar shares trading at a year-to-date high.

Gold steadied as investors remained cautious ahead of a major US PCE inflation report, looking for clues on the Fed’s policy stance. Minneapolis Federal Reserve President Kashkari argued that the Fed should wait until there is significant progress on inflation before decreasing interest rates. According to the CME FedWatch Tool, traders presently see a 64% chance of a rate drop by November. Gold imports to China through Hong Kong decreased 38% in April compared to the previous month, according to the Hong Kong Census and Statistics Department. Net imports into the world’s largest gold consumer totaled 34.6 metric tonnes in April, down from 55.8 tonnes in March, according to data. 

Bank of Montreal (Pre market) (Sector- Finance)

Dick’s Sporting Goods Inc (Pre market) (Sector- Retail)

Viking Holdings Ltd (Pre market) (Sector- Miscellaneous)

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

Agilent Technologies, Inc (Post market) (Sector-Technology)

HP Inc. (Post market) (Sector-Technology)

Pure Storage, Inc. (Post market) (Sector-Technology)

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

Okta, Inc. (Post market) (Sector- Miscellaneous)

U-haul Holding Company (Post market) (Sector-Logistics)

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

The Descrates Systems Group, Inc (Post market) (Sector-Technology)

From the F&O universe of 183 liquid stocks, we identify 54 companies which are perceived as direct beneficiaries of PM Modi’s policies—half of these are PSUs. Remarkably, 90% of Modi stocks have beaten the Nifty in the election-focused rally over the past six months versus only 42% of the other companies outperforming. This may continue in the case of a strong election result. L&T, NTPC, NHPC, PFC, ONGC, IGL, MAHGL, Bharti Airtel, Indus Towers and Reliance are the preferred Modi stocks for CLSA analysts. However, this narrow election theme based rally may end in June-July and we see banks as the best risk-reward India growth play in 2H24.

Brigade: Net profit at Rs 210.0 cr vs Rs 63.0 cr, Revenue at Rs 1702 cr vs Rs 842 cr. (YoY) (Positive) 

Gensol Engineering: Net profit at Rs 46.5 cr vs Rs 11.7 cr, Revenue at Rs 363 cr vs Rs 144 cr. (YoY) (Positive) 

NBCC: Net profit at Rs 141 cr vs Rs 114 cr, Revenue at Rs 4025 cr vs Rs 2813 cr. (YoY) (Positive) 

India Glycols: Net profit at Rs 42.2 cr vs Rs 39.8 cr, Revenue at Rs 2039 cr vs Rs 1615.7 cr. (YoY) (Positive) 

Campus Activewar: Net profit at Rs 33 cr vs Rs 23 cr, Revenue at Rs 364 cr vs Rs 348 cr. (YoY) (Positive) 

Responsive: Net profit at Rs 46 cr vs Rs 22 cr, Revenue at Rs 288 cr vs Rs 237 cr. (YoY) (Positive) 

WTI Cabs: Net profit at Rs 24 cr vs Rs 10 cr, Revenue at Rs 413 cr vs Rs 250 cr. (YoY) (Positive) 

Medplus: Net profit at Rs 34 cr vs Rs 27.0 cr, Revenue at Rs 1490 cr vs Rs 1252.0 cr. (YoY) (Positive) 

JSW Holdings: Net profit at Rs 19.4 cr vs Rs 17.0 cr, Revenue at Rs 27 cr vs Rs 24.5 cr. (YoY) (Positive) 

Emami Paper: Net profit at Rs 27.2 cr vs loss Rs 11.3 cr, Revenue at Rs 484 cr vs Rs 550 cr. (YoY) (Positive) 

SG Finserve: Net profit at Rs 24 cr vs Rs 14.0 cr, Revenue at Rs 59 cr vs Rs 27 cr. (YoY) (Positive) 

Fineotex Chemicals: Net profit at Rs 30 cr vs Rs 26 cr, Revenue at Rs 153 cr vs Rs 137 cr. (YoY) (Positive) 

ABFRL: Net loss at Rs 266.0 cr vs Rs 195.0 cr, Revenue at Rs 3407 cr vs Rs 2880 cr. (YoY) (Positive) 

Silver Touch: Net profit at Rs 6.3 cr vs Rs 4.0 cr, Revenue at Rs 78 cr vs Rs 43 cr. (YoY) (Positive) 

Havells: Company incorporates joint venture with Krut LED in U.S. to market and sell lighting products and solutions (Positive) 

Oil India: Company signs MoU with HPCL to collaborate on conventional and alternative energy portfolio (Positive) 

PNC Infratech: Company gets bonus worth Rs 56.4 crore for early completion of EPC project (Positive) 

Reliance Industries: Company has signed a one-year deal with Russia’s Rosneft to buy at least 3 million barrels of oil a month in roubles (Positive) 

Adani Total Gas: ICRA upgrades long-term rating to AA, outlook stable and re-affirms short-term rating at A1+ (Positive) 

Wipro: Company to transform, modernise IT operations of Close Brothers. (Positive) 

Infosys: Company Collaborates With Commerzbank To Transform Its Trading Ecosystem. (Positive) 

Hindalco: Novelis files to offer 45 m shares in the US IPO; sets price range at $18-21/share. (Positive) 

Canara Bank: To consider fund raising plan for FY25 on May 31. (Positive) 

Timken: Company intends to maintain controlling interest in Timken India and plans no further sale transactions. (Positive) 

Symphony: Company expected to outperform with improving margins (Positive) 

Spice Jet: Delhi HC grants time until June 17 to return 2 aircraft & engines along with technical records. (Positive) 

NMDC: Company to act as distributor, stockist for NMDC Steel. (Positive) 

Servotech Power: Company arm Incharz in pact with 3ECO to develop exclusive EV charging stations (Positive) 

Intellect: Company launches Canada-ready EMACH AI cloud for banks and credit unions, enhancing payments, digital experiences, core banking and contextual (Positive) 

Man Industries: Net profit at Rs 24 cr vs Rs 30 cr, Revenue at Rs 810.7 cr vs Rs 597.7 cr. (YoY) (Neutral) 

Chaman Lal Setia: Net profit at Rs 23.0 cr vs Rs 38.0 cr, Revenue at Rs 385 cr vs Rs 363 cr. (YoY) (Neutral) 

Ashiana: Net profit at Rs 17.0 cr vs Rs 28.0 cr, Revenue at Rs 290 cr vs Rs 184 cr. (YoY) (Neutral) 

IRCTC: Net profit at Rs 284.0 cr vs Rs 279.0 cr, Revenue at Rs 1155 cr vs Rs 965 cr. (YoY) (Neutral) 

RR Kabel: Net profit at Rs 79.0 cr vs Rs 65.0 cr, Revenue at Rs 1754 cr vs Rs 1517 cr. (YoY) (Neutral) 

Jagran Prakashan: Net profit at Rs 6.0 cr vs Rs 23.0 cr, Revenue at Rs 510 cr vs Rs 459 cr. (YoY) (Neutral) 

Kingfa: Net profit at Rs 33.6 cr vs Rs 36.6 cr, Revenue at Rs 404 cr vs Rs 365 cr. (YoY) (Neutral) 

Epack: Net profit at Rs 28.0 cr vs Rs 33.0 cr, Revenue at Rs 526 cr vs Rs 639 cr. (YoY) (Neutral) 

GNFC: Net profit at Rs 127.0 cr vs Rs 95.0 cr, Revenue at Rs 2110 cr vs Rs 2088 cr. (YoY) (Neutral) 

Supriya: Net profit at Rs 37.0 cr vs Rs 38.0 cr, Revenue at Rs 158 cr vs Rs 142 cr. (YoY) (Neutral) 

GIC RE: Net profit at Rs 2554.0 cr vs Rs 2609.0 cr, Gross Premium at Rs 8890 cr vs Rs 7582 cr. (YoY) (Neutral) 

Wockhardt: Net loss at Rs 177.0 cr vs Rs 237.0 cr, Revenue at Rs 700 cr vs Rs 678 cr. (YoY) (Neutral) 

EPL: Net profit at Rs 15.0 cr vs Rs 85.0 cr, Revenue at Rs 1029 cr vs Rs 969 cr. (YoY) (Neutral) 

Rites: Net profit at Rs 137.0 cr vs Rs 139.0 cr, Revenue at Rs 643 cr vs Rs 687 cr. (YoY) (Neutral) 

Marathon: Net profit at Rs 40 cr vs Rs 16.0 cr, PBT at Rs 44 cr vs Rs 22 cr. (YoY) (Neutral) 

Amara Raja Energy: Net profit at Rs 229.8 cr vs Rs 142 cr, Est 233.3. Revenue at Rs 2908 cr vs Rs 2433.2 cr, Est 2863 crore. (Neutral) 

Power Grid: Company has successfully commissioned the project in Jamnagar (Neutral) 

Inox Wind: Company promoters reduce stake in co via block deals (Neutral) 

L&T: Adil Zainulbhai ceases to be Independent Director of Larsen & Toubro (Neutral) 

IKIO Lighting: CFO Subhash Chand Agrawal resigns effective June 30 (Neutral) 

Imagicaa world: Company’s board of directors approves fund-raising plan, aiming to raise up to Rs 600 crore via QIP. (Neutral) 

PNB Housing: Block deal of 500 cr in PNB Housing, Block deal likely for 69.6 lac shares, Floor price for deal set at 717 per share. (Neutral) 

M&M Financial: Company approves issuance of bond on private placement basis up to Rs 2,000 crore with green shoe option up to Rs 500 crore (Neutral) 

ITI: Net loss at Rs 239.0 cr vs Rs 72.0 cr, Revenue at Rs 601 cr vs Rs 775 cr. (YoY) (Negative) 

MTAR Tech: Net profit at Rs 5.0 cr vs Rs 31.0 cr, Revenue at Rs 143 cr vs Rs 196 cr. (YoY) (Negative) 

Monte Carlo: Net loss at Rs 18 cr vs Profit Rs 20 cr, Revenue at Rs 207 cr vs Rs 237 cr. (YoY). (Negative) 

Insecticides: Net profit at Rs 8.0 cr vs Rs 12.0 cr, Revenue at Rs 273 cr vs Rs 358 cr. (YoY) (Negative) 

Ugar Sugar: Net Profit at Rs 17.4 cr vs Rs 65.3.0 cr, Revenue at Rs 404 cr vs Rs 647 cr. (YoY). (Negative) 

Mirza: Net Profit at Rs 0.9 cr vs Rs 2.3 cr, Revenue at Rs 143 cr vs Rs 150 cr. (YoY). (Negative)

* ABFRL

* BIOCON 

* HINDCOPPER 

* IDEA 

* PEL

Life Insurance Corporation of India’s foray into the health insurance segment is expected to heighten competition in the already crowded health insurance space and may even trigger some consolidation, according to industry players.

Health insurance has been the fastest-growing insurance segment on the back of a sharp rise in medical inflation and increased awareness about health coverage. However, this has led to a sharp rise of 25-50 per cent in Medicare premiums over the past 2-3 years.

Reliance, Grasim, PNB Housing, Hindalco, Wockhardt, HDFC Life Insurance company, Oil India, City Union Bank, IKIO Lighting, Aarti Drugs, Concord Biotech, Concord Biotech, Prudent Corporate Advisory Services

Aadharhfc, Ahlucont, Alkemlab, Ashapurmin, Bataindia, Cumminsind, Dbrealty, Deepakfert, Donear, Emamiltd, Entero, Fdc, Genuspower, Gmrinfra, Hcg, Hindoilexp, Innovacap, Ionexchang, Ipcallab, Isgec, Jublpharma, Kiocl, Knrcon, Lemontree, Mazdock, Midhani, Munjalshow, Nocil, Ramky, Samhi, Samil, Sjvn, Solara, Tatasteel, Webelsolar, Zuariind

TENT EURO German Prelim CPI m/m (Expected: 0.2% versus Previous: 0.5%)

19:30 U.S. Richmond Manufacturing Index (Expected: -6 versus Previous: -7) 

23:15 U.S. FOMC Member Williams Speaks

(Nirmal Bang Retail Research)

Result inline with expectation 

Revenue from Operations came at Rs. 1425 Cr (16.9% QoQ, 25.6% YoY) vs expectation of Rs. 1356.2 Cr, QoQ Rs. 1218.7 Cr, YoY Rs. 1134.2 Cr 

EBIDTA came at Rs. 203.1 Cr (13.2% QoQ, 27.4% YoY) vs expectation of Rs. 198.2 Cr, QoQ Rs. 179.5 Cr, YoY Rs. 159.4 Cr 

EBITDA Margin came at 14.3% vs expectation of 14.6%, QoQ 14.7%, YoY 14.1% 

Adj. PAT came at Rs. 99.7 Cr vs expectation of Rs. 88 Cr, QoQ Rs. 82.6 Cr, YoY Rs. 73.9 Cr 

Quarter EPS is Rs. 13.2 

Stock is trading at P/E of 13.4x FY25E EPS

(Nirmal Bang Retail Research)

Result improved 

Revenue from Operations came at Rs. 1094.5 Cr (8.8% QoQ, 4.6% YoY) vs QoQ Rs. 1005.6 Cr, YoY Rs. 1046 Cr 

EBIDTA came at Rs. 214.4 Cr (20% QoQ, 10.3% YoY) vs QoQ Rs. 178.6 Cr, YoY Rs. 194.3 Cr 

EBITDA Margin came at 19.6% vs QoQ 17.8%, YoY 18.6% 

Adj. PAT came at Rs. 172.9 Cr vs QoQ Rs. 135.2 Cr, YoY Rs. 135.7 Cr 

Quarter EPS is Rs. 153.4 

Stock is trading at P/E of 63.3x TTM EPS

(Nirmal Bang Retail Research)

Result is ok 

Revenue from Operations came at Rs. 244.2 Cr (13% QoQ, 22.7% YoY) vs QoQ Rs. 216 Cr, YoY Rs. 199 Cr 

EBIDTA came at Rs. 38.9 Cr (-8.2% QoQ, 51.5% YoY) vs QoQ Rs. 42.3 Cr, YoY Rs. 25.7 Cr 

EBITDA Margin came at 15.9% vs QoQ 19.6%, YoY 12.9% 

Adj. PAT came at Rs. 16.6 Cr vs QoQ Rs. 19.1 Cr, YoY Rs. 13.9 Cr 

Quarter EPS is Rs. 1.5 

Stock is trading at P/E of 25.3x FY25E EPS

(Nirmal Bang Retail Research) 

Result broadly inline with expectation 

Revenue from Operations came at Rs. 643.3 Cr (-5.8% QoQ, -6.3% YoY) vs expectation of Rs. 715.8 Cr, QoQ Rs. 682.9 Cr, YoY Rs. 686.8 Cr 

EBIDTA came at Rs. 176 Cr (4.2% QoQ, -8.1% YoY) vs expectation of Rs. 175.8 Cr, QoQ Rs. 168.9 Cr, YoY Rs. 191.6 Cr 

EBITDA Margin came at 27.4% vs expectation of 24.6%, QoQ 24.7%, YoY 27.9% 

Adj. PAT came at Rs. 136.7 Cr vs expectation of Rs. 126.4 Cr, QoQ Rs. 120.1 Cr, YoY Rs. 132 Cr 

Quarter EPS is Rs. 5.7 

Stock is trading at P/E of 26.5x FY25E EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 281.1 Cr (-7.8% QoQ, 18.2% YoY) vs QoQ Rs. 305.1 Cr, YoY Rs. 237.8 Cr 

EBIDTA came at Rs. 24.7 Cr (-9.7% QoQ, -26.7% YoY) vs QoQ Rs. 27.4 Cr, YoY Rs. 33.7 Cr 

EBITDA Margin came at 8.8% vs QoQ 9%, YoY 14.2% 

Adj. PAT came at Rs. 18 Cr vs QoQ Rs. 20.1 Cr, YoY Rs. 25.3 Cr 

Quarter EPS is Rs. 3.4 

Stock is trading at P/E of 38.1x TTM EPS

(Nirmal Bang Retail Research) 

Result has improved 

Revenue from Operations came at Rs. 533.1 Cr (7.5% QoQ, 12.8% YoY) vs QoQ Rs. 496 Cr, YoY Rs. 472.4 Cr 

EBIDTA came at Rs. 88 Cr (14.6% QoQ, 30.9% YoY) vs QoQ Rs. 76.8 Cr, YoY Rs. 67.3 Cr 

EBITDA Margin came at 16.5% vs QoQ 15.5%, YoY 14.2% 

Adj. PAT came at Rs. 33.7 Cr vs QoQ Rs. 32.2 Cr, YoY Rs. 24.1 Cr 

Quarter EPS is Rs. 2.4 

Stock is trading at P/E of 22.2x TTM EPS

(Nirmal Bang Retail Research) 

Result ok 

Revenue from Operations came at Rs. 2426.3 Cr (9.2% QoQ, 4.5% YoY) vs QoQ Rs. 2221.8 Cr, YoY Rs. 2321.6 Cr 

EBIDTA came at Rs. 173.1 Cr (6.8% QoQ, 3.7% YoY) vs QoQ Rs. 162.1 Cr, YoY Rs. 166.9 Cr 

EBITDA Margin came at 7.1% vs QoQ 7.3%, YoY 7.2% 

Adj. PAT came at Rs. 4.3 Cr vs QoQ Rs. 9.6 Cr, YoY Rs. -11.5 Cr 

Quarter EPS is Rs. 0.1 

Stock is trading at P/E of 58.3x FY25E EPS

(Nirmal Bang Retail Research) 

Result ahead of Expectation 

Revenue from Operations came at Rs. 1068.3 Cr (40.8% QoQ, 19% YoY) vs expectation of Rs. 962.4 Cr, QoQ Rs. 758.6 Cr, YoY Rs. 897.9 Cr 

EBIDTA came at Rs. 497.3 Cr (85.5% QoQ, 46.7% YoY) vs expectation of Rs. 416 Cr, QoQ Rs. 268.1 Cr, YoY Rs. 339.1 Cr 

EBITDA Margin came at 46.6% vs expectation of 43.2%, QoQ 35.3%, YoY 37.8% 

Adj. PAT came at Rs. 386.3 Cr vs expectation of Rs. 317.8 Cr, QoQ Rs. 212.7 Cr, YoY Rs. 275.8 Cr 

Quarter EPS is Rs. 21.6 

Stock is trading at P/E of 12.5x FY25E EPS

(Nirmal Bang Retail Research)

Result ok 

Revenue from Operations came at Rs. 1093.3 Cr (53.2% QoQ, 35.5% YoY) vs QoQ Rs. 713.4 Cr, YoY Rs. 807.1 Cr 

EBIDTA came at Rs. 165.3 Cr (58.7% QoQ, 14.6% YoY) vs QoQ Rs. 104.2 Cr, YoY Rs. 144.2 Cr 

EBITDA Margin came at 15.1% vs QoQ 14.6%, YoY 17.9% 

Adj. PAT came at Rs. 91.9 Cr vs QoQ Rs. 58.1 Cr, YoY Rs. 94.7 Cr 

Quarter EPS is Rs. 4.6 

Stock is trading at P/E of 15.7x FY25E EPS

(Nirmal Bang Retail Research)

Result declining 

Revenue from Operations came at Rs. 283.1 Cr (-14.2% QoQ, -8.4% YoY) vs QoQ Rs. 330 Cr, YoY Rs. 309.1 Cr 

EBIDTA came at Rs. -25.5 Cr (-226.1% QoQ, -174.4% YoY) vs QoQ Rs. 20.2 Cr, YoY Rs. 34.3 Cr 

EBITDA Margin came at -9% vs QoQ 6.1%, YoY 11.1% 

Adj. PAT came at Rs. -53.3 Cr vs QoQ Rs. -15.6 Cr, YoY Rs. 10.1 Cr 

Quarter EPS is Rs. -4.1 

Stock is trading at P/E of -78.1x TTM EPS

(Nirmal Bang Retail Research)

Result Ahead of Expectation 

Revenue from Operations came at Rs. 674.2 Cr (24.4% QoQ, 3.5% YoY) vs expectation of Rs. 651.3 Cr, QoQ Rs. 542 Cr, YoY Rs. 651.6 Cr 

EBIDTA came at Rs. 140.2 Cr (113% QoQ, 74% YoY) vs expectation of Rs. 100.8 Cr, QoQ Rs. 65.8 Cr, YoY Rs. 80.6 Cr 

EBITDA Margin came at 20.8% vs expectation of 15.5%, QoQ 12.1%, YoY 12.4% 

Adj. PAT came at Rs. 109.7 Cr vs expectation of Rs. 79.9 Cr, QoQ Rs. 54.7 Cr, YoY Rs. 72.1 Cr 

Quarter EPS is Rs. 2.2 

Stock is trading at P/E of 46.4x FY25E EPS

(Nirmal Bang Retail Research)

Result improved 

Revenue from Operations came at Rs. 657.2 Cr (171.5% QoQ, 44.2% YoY) vs QoQ Rs. 242.1 Cr, YoY Rs. 455.7 Cr 

EBIDTA came at Rs. 104.9 Cr (208.7% QoQ, 63% YoY) vs QoQ Rs. 34 Cr, YoY Rs. 64.4 Cr 

EBITDA Margin came at 16% vs QoQ 14%, YoY 14.1% 

Adj. PAT came at Rs. 67.1 Cr vs QoQ Rs. 17.4 Cr, YoY Rs. 39.9 Cr 

Quarter EPS is Rs. 5.4 

Stock is trading at P/E of 17.8x TTM EPS

(Nirmal Bang Retail Research)

Volume Came at 12.51mnt vs QoQ 11.42mnT YoY 12.46mnT 

Result below Expectation 

Revenue from Operations came at Rs. 6475.3 Cr (19.7% QoQ, 10.7% YoY) vs expectation of Rs. 6377 Cr, QoQ Rs. 5409.9 Cr, YoY Rs. 5851.4 Cr 

EBIDTA came at Rs. 2136.4 Cr (5.3% QoQ, -1.3% YoY) vs expectation of Rs. 2480.8 Cr, QoQ Rs. 2029.7 Cr, YoY Rs. 2165.4 Cr 

EBITDA Margin came at 33% vs expectation of 38.9%, QoQ 37.5%, YoY 37% 

Adj. PAT came at Rs. 1492.1 Cr vs expectation of Rs. 1956.3 Cr, QoQ Rs. 1745 Cr, YoY Rs. 1040 Cr 

Quarter EPS is Rs. 5.1 

Stock is trading at EV/EBITDA of 6.5x FY26 EBITDA

(Nirmal Bang Retail Research)

Result is ok 

Revenue from Operations came at Rs. 865.9 Cr (5.4% QoQ, 3.6% YoY) vs QoQ Rs. 821.8 Cr, YoY Rs. 835.7 Cr 

EBIDTA came at Rs. 125.2 Cr (-3.2% QoQ, -1.7% YoY) vs QoQ Rs. 129.4 Cr, YoY Rs. 127.4 Cr 

EBITDA Margin came at 14.5% vs QoQ 15.7%, YoY 15.2% 

Adj. PAT came at Rs. 76.2 Cr vs QoQ Rs. 83.9 Cr, YoY Rs. 64.7 Cr 

Quarter EPS is Rs. 2.4 

Stock is trading at P/E of 54.2x FY25E EPS

(Nirmal Bang Retail Research)

Result ok 

Revenue from Operations came at Rs. 25.7 Cr (-3.2% QoQ, 3.3% YoY) vs QoQ Rs. 26.5 Cr, YoY Rs. 24.8 Cr 

EBIDTA came at Rs. 15 Cr (-26.8% QoQ, -164.1% YoY) vs QoQ Rs. 20.5 Cr, YoY Rs. -23.4 Cr 

EBITDA Margin came at 58.4% vs QoQ 77.2%, YoY -94.1% 

Adj. PAT came at Rs. 14.3 Cr vs QoQ Rs. 15 Cr, YoY Rs. -16.4 Cr 

Quarter EPS is Rs. 7.8 

Stock is trading at P/E of 12.8x TTM EPS

(Nirmal Bang Retail Research)

Result is declining 

Revenue from Operations came at Rs. 571.5 Cr (5.6% QoQ, -17.5% YoY) vs QoQ Rs. 541.3 Cr, YoY Rs. 693 Cr 

EBIDTA came at Rs. 63.7 Cr (10.1% QoQ, -18% YoY) vs QoQ Rs. 57.9 Cr, YoY Rs. 77.7 Cr 

EBITDA Margin came at 11.1% vs QoQ 10.7%, YoY 11.2% 

Adj. PAT came at Rs. 44.1 Cr vs QoQ Rs. 39.1 Cr, YoY Rs. 50.8 Cr 

Quarter EPS is Rs. 29.2 

Stock is trading at P/E of 18.4x TTM EPS

(Nirmal Bang Retail Research)

Result improved 

Revenue from Operations came at Rs. 750.7 Cr (33% QoQ, -21.1% YoY) vs QoQ Rs. 564.3 Cr, YoY Rs. 951.8 Cr 

EBIDTA came at Rs. 205.3 Cr (69.4% QoQ, -48.7% YoY) vs QoQ Rs. 121.2 Cr, YoY Rs. 400.6 Cr 

EBITDA Margin came at 27.4% vs QoQ 21.5%, YoY 42.1% 

Adj. PAT came at Rs. 207.1 Cr vs QoQ Rs. 116.8 Cr, YoY Rs. 452.3 Cr 

Quarter EPS is Rs. 6.5 

Stock is trading at EV/EBITDA of 19.6x TTM EBITDA 

(Nirmal Bang Retail Research)

Result above expectations 

Revenue from Operations came at Rs. 3579.1 Cr (6.9% QoQ, -2.5% YoY) vs expectation of Rs. 3705.3 Cr, QoQ Rs. 3346.9 Cr, YoY Rs. 3670.9 Cr 

EBIDTA came at Rs. 1107.5 Cr (43.3% QoQ, 44.5% YoY) vs expectation of Rs. 917.7 Cr, QoQ Rs. 773.1 Cr, YoY Rs. 766.5 Cr 

EBITDA Margin came at 30.9% vs expectation of 24.8%, QoQ 23.1%, YoY 20.9% 

Adj. PAT came at Rs. 589 Cr vs expectation of Rs. 578.8 Cr, QoQ Rs. 488.5 Cr, YoY Rs. 521.9 Cr 

Quarter EPS is Rs. 3.2 

Stock is trading at EV/EBITDA of 8.5x FY26E EBITDA

Here’s an interesting stock idea: The stock idea that we have for you today is HDFC Asset Management Company. The upmove in the stock seems to be slowly gaining strength. On Tuesday the stock has risen and closed well above a key near-term resistance. That has opened the doors for the share price to go up further in the coming days.

The upmove in HDFC Asset Management Company is slowly gaining strength. The stock has risen over 5 per cent so far this week and is looking strong. The rise on Tuesday has taken the share price well above the intermediate resistance level of ₹3,945. 

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