KEY HIGHLIGHTS
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Rupee Closes Weaker Against US Dollar
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Yes Bank Clarifies News On Japan's Sumitomo Mitsui Acquiring Stakes
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Earnings In Focus: Polycab India, Piramal Enterprises & Hindustan Petroleum To Report Earnings
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Stock Market Today: Nifty, Sensex Erase Some Opening Gains As RIL, Sun Pharmaceutical Share Prices Drag
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Yield On The 10-Year Bond Opens Flat
Stock Market Close: Nifty, Sensex Snap Two-Day Gaining Streak
The NSE Nifty 50 and BSE Sensex snapped two-day gaining streak on Tuesday.
The Nifty 50 and Sensex ended 0.33% and 0.19% down
Bharti Airtel Ltd., Mahindra & Mahindra Ltd., and Hindustan Unilever Ltd. contributed the most.
Reliance Industries Ltd., State Bank of India, and Eternal weighed on the Nifty 50 index.
The Nifty Auto is the best performer. It ended 0.17% higher at 22,737.60.
The Nifty PSU Bank declined the most. It ended 4.84% down at 6,235.20.
On NSE, 14 number of sectoral indices ended higher, and one lower out of 15
The NSE Nifty Midcap 150 ended 2.01% down at 19,646.20
The NSE Nifty Smallcap 250 ended 2.23% down at 15,181.45.
Rupee Closes Weaker Against US Dollar
Rupee settled 19 paise weaker at 84.44 against US dollar
It closed at 84.25 a dollar on Monday
Source: Bloomberg
Stock Market Today: Gujarat Themis Biosyn Starts Production At Its API Plant IN Gujarat
Gujarat Themis Biosyn Ltd has commenced commercial production at its Active Pharmaceutical Ingredient plant in Gujarat. This marks a significant milestone for the company as it expands its manufacturing capabilities to meet growing demand in the pharmaceutical sector.
India’s Red Tape Turning Bullish Bets Into Idle Cash: Mark Mobius
Veteran investor Mark Mobius says emerging markets like India are poised to benefit as foreign investors pull back from the US, but warns that India’s red tape might be costing it dearly.
“The bureaucracy is incredible,” Mobius said, pointing to the three-month delay in approvals for his new India-dedicated fund. “India has literally money in the bank and yet can’t draw it. They’ve got to make it easier for people to open accounts and put money in.”
Read the full article here.
Stock Market Live: Bank of Baroda Share Price Plunges As NII Declines 7%
Bank of Baroda share price declined 6.74% to Rs 233.81 apiece, the lowest level since April 15. It declined as the lender reported its Net Interest Income fell to Rs 11,020 crore from Rs 11,793 crore.
Stock Market Live Update: JBM Auto Share Erases Loss As Q4 Net Profit Increases
JBM Auto Ltd. share price rose 2.98% to Rs 713 apiece as the company posted a 19% on the year net profit during January–March. It was trading 0.30% higher at Rs 694.40 apiece as of 2:28 p.m.
Alembic Pharma Share Price Extend Losses As Q4 Profit Falls
Alembic Pharmaceuticals Ltd. share price declined 1.39% to Rs 882.35 apiece after the company posted 12% decline in its net profit for January–March. The share price was trading 1.50% down at Rs 891.85 apiece as of 1:59 p.m., as compared to 0.24% decline in the NSE Nifty 50 index.
Stock Market Live: Vedant Fashions Extends Losses After Its Q4 Profit Falls
Vedanta Fashions Ltd. share prices extended losses after it posted 12.7% on the year decline in its net profit during January–March.
Stock Market Today: Sterlite Technologies In Pact With Centre For Development of Telematics
Sterlite Technologies Ltd has entered into an agreement with the Centre for Development of Telematics to demonstrate India's first Quantum Key Distribution transmission. This collaboration aims to showcase advanced secure communication technologies, leveraging quantum mechanics to enhance data security.
Stock Market Live: Apollo Tyres Buys Additional Stake In Green Infra Wind Power Project
Apollo Tyres buys 3.4% stake in Green Infra Wind Power Projects. After this acquisition their stake In Green Infra Wind Power Projects increases to 21.27%.
Source: Exchange Filing
Stock Market Live: Sundaram Clayton Share Price Jumps Over 7% As It Swings Into Profit
Sundaram Clayton Ltd. share price jumped 7.36% to Rs 2,188.00 apiece as the company reported net profit of Rs 144 crore compared to Rs 47.3 crore in the previous quarter.
For faster updates on fourth quarter click here.
Yes Bank Clarifies News On Japan's Sumitomo Mitsui Acquiring Stakes
Yes Bank Ltd. said that it's not aware of any information regarding Japan's Sumitomo Mitsui Banking Group acquiring stakes in the lender.
Discussions are preliminary and it doesn't warrant disclosure. Yes Bank routinely explores opportunities. Therefore, reports speculative at this time and are not factually correct, the bank said in the exchange filing.
Broader Market Update: Nifty Midcap 150 & Nifty Smallcap 250 Underperform Nifty 50
The NSE Nifty Midcap 150 and Smallcap 250 declined as much as 1.31% and 1.21% so far today. The indices were trading 1.24% and 1.20% down, respectively as of 12:49 p.m.
The NSE Nifty 50 fell 0.43% so far.
Indus Towers Ltd., and The Phoenix Mills share prices were top loser in the Nifty Midcap 150 index. Kfin Technologies Ltd., and Computer Age Management Services share prices dragged the Nifty Smallcap 250 the most.
Stock Market Live Update: HUDCO To Raise Upto Rs 2,190 Crore Through NCDs
Housing and Urban Development Corp Ltd has announced that it will raise up to Rs 2,190 crore through the issuance of Non-Convertible Debentures on a private placement basis. This move is part of HUDCO's strategy to secure funding for its various projects and initiatives.
Stock Market Today: Shilpa Medicare's Karnataka Unit Gets Approval From European Medicines Agency
Shilpa Medicare Ltd. received good manufacturing practice approval from European Medicines Agency, the company said in an exchange filing.
Stock Market Live Update: Nifty Bank Declines Nearly 1% As Kotak Bank Share Price Drags
The NSE Nifty Bank index declined as much as 0.94% to 54,400.60, the lowest level since April 25. It was trading 0.89% down at 54,434.35 as of 11:49 a.m., as compared to 0.38% decline in the NSE Nifty 50 index.
Kotak Mahindra Bank and State Bank of India are top draggers. The stock prices continued to decline in Tuesday's session as sentiment for these stocks did not improve after they posted decline in the fourth quarter earning.
Stock Market Live Update: Enviro Engineers Approves To Acquire EIE Renewables
Enviro Infra Engineers has approved the acquisition of EIE Renewables for an initial cost of Rs 10 lakh. This strategic move is aimed at enhancing their capabilities in the renewable energy sector.
Stock Market Today: Paras Defence & Space Signs MoU With Israel's Hevendrones
Paras Defence And Space Technologies has signed a Memorandum of Understanding with Israel's Hevendrones to expand its business in the defence sector. They plan to form a joint venture in India to develop drones for both defence and civil markets.
Stock Market Live Update: Indian Hotels Share Price Slips After Q4 Miss
Shares of Indian Hotels Co. Ltd. fell over 3% on Tuesday after the company’s fourth-quarter results missed Bloomberg estimates, prompting mixed reactions from brokerages.
Indian Hotels stock fell as much as 3.53% during the day to Rs 773.5 apiece on the NSE.
Stock Market Today: Swiggy Grants Kouzina Exclusive License To Scale Its Food Brands
Swiggy has granted Kouzina an exclusive license to scale its food brands. Over time, Swiggy will transfer ownership of these brands to Kouzina. The food brands involved in this agreement include The Bowl Company, Homely, Soul Rasa, and Istah.
Stock Market Live Update: Cummins Shares Hits Nearly One-Month Low
Shares of Cummins India Ltd. fell nearly 8% to hit one-month low after the company's parent Cummins Inc. reported its results for the quarter ended March and suspended its guidance for the full year.
Stock Market Today: Techno Electric & Engineering Incorporates Wholly-Owned Subsidiary
Techno Electric & Engineering Co. Ltd. has incorporated a wholly-owned subsidiary named Techno Digital Infra. This new entity is part of an investment plan valued at $1 billion. The initiative aims to bolster digital infrastructure and support technological advancements.
Stock Market Live Update: KPIT Tech Approves Acquisition Of Caresoft Entities For $191 Million
KPIT Technologies Ltd. has approved the 100% acquisition of four Caresoft entities for a total consideration of $191 million. This strategic move is expected to enhance KPIT Technologies' capabilities and expand its market presence.
Earnings In Focus: Polycab India, Piramal Enterprises & Hindustan Petroleum To Report Earnings
Polycab India Ltd. is expected to report revenue of Rs 8,201.95 crore, a net profit of Rs 634.1 crore, and Ebitda of Rs 1,109.2 crore, with a margin of 13.5%.
BSE Ltd is expected to report a net profit of Rs 292.1 crore.
Hindustan Petroleum Corp is expected to report revenue of Rs 1,06,798.08 crore, a net profit of Rs 1,682.3 crore, and an Ebitda of Rs 6,351.7 crore, with a margin of 6.8%.
Piramal Enterprises Ltd. is anticipated to report revenue of Rs 2,867.7 crore, a net profit of Rs 126.5 crore, and Ebitda of Rs 1,052.6 crore, with a margin of 29.8%.
Apart from above mentioned companies, Aadhar Housing Finance, Aarti Drugs, Alembic Pharmaceuticals, Aptus Value Housing Finance India, Avalon Technologies, Bank of Baroda, CG Power and Industrial Solutions, eMudhra, Godrej Consumer Products, JBM Auto, Kajaria Ceramics, Kansai Nerolac Paints, KEI Industries, Vedant Fashions, Mahanagar Gas, Paradeep Phosphates, One 97 Communications, Poly Medicure, Quick Heal Technologies, Radico Khaitan, Safari Industries India, Shipping Corp. and Sundaram-Clayton will announce their fourth quarter earnings today.
Stock Market Live Update: Coforge Share Price Rises To Over One-Month High
Coforge share price rose as much as 6.70% to Rs 7,999.00, the highest level since April 9. It was trading 1.93% higher at Rs 7,632.5 as of 10:04 a.m., as compared to 0.26% decline in the NSE Nifty 50 index.
Coforge share price rose as fourth quarter net profit jumped 21% on the year to Rs 261.2 crore during January–March. The company also announced that it will split its existing shares into two. The board of Coforge announced an interim dividend of Rs 19 per equity.
Stock Market Today: Ather Energy Shares List At 2% Premium Over Issue Price
Shares of Ather Energy Ltd. debuted on the National Stock Exchange at Rs 328 apiece, at a premium of 2.18%. The stock listed on the BSE at Rs 326.05 per share, marking a premium of 1.57% over the issue price of Rs 321.
Ather Energy's IPO, which closed on April 30, was subscribed 1.43 times, with demand led by employees. The Rs 2,980.7-crore offering consisted of fresh shares worth Rs 2,626 crore, and an offer for sale worth Rs 354.8 crore.
Read the full article here.
Stock Market Live Update: MS on L&T Finance
Maintain underweight with a target price at Rs 115 – 31% downside
Steep valuation; see ROE < COE even in FY28
See mix shift away from MFI as likely to suppress Return on Asset
This coupled with overcapitalization, will keep ROE below COE for a long time
Think valuation needs to reset significantly lower for upside potential to emerge
Stock Market Live Update: Yes Bank Share Price Surges 9%
Yes Bank Ltd. share price jumped over 9% in Tuesday's session on reports that Japan's Sumitomo Mitsui Bank will likely buy stakes in the Indian lender. NDTV Profit reported citing sources that Sumitomo Mitsui Banking Group is in talks for at least 24% stake in Yes Bank. The move will likely be seen as full fledged entry of the Japanese lender to India.
Yes Bank share price jumped 9.64% to Rs 19.44 apiece so far today.
Sectoral Performance At Open: Nifty Defence Emerges As Top Performer
On NSE, 13 sectoral indices advanced, one declined, and one remained flat out of 15. The NSE Nifty Defence rose the most, and the NSE Nifty Pharma declined the most.
Nifty Contributors: M&M, Airtel & ONGC Shares Contribute Most
Mahindra & Mahindra Ltd., Bharti Airtel Ltd., Axis Bank Ltd., Oil and Natural Gas Corp, and Infosys Ltd. shares added to the Nifty 50 index.
Reliance Industries Ltd., Sun Pharmaceutical Industries Ltd., ICICI Bank Ltd., Cipla Ltd., and Titan Co. Ltd. weighed on the Nifty 50 index.
Stock Market Today: Nifty, Sensex Erase Some Opening Gains As RIL, Sun Pharmaceutical Share Prices Drag
The NSE Nifty 50 and BSE Sensex erased some opening gains tracking losses in Reliance Industries Ltd., and Sun Pharmaceutical Industries Ltd. The Nifty 50 was trading 5.25 points or 0.02% lower at 24,455.90, and the Sensex was trading 49.12 points or 0.1% down at 80,747.72.
Stock Market Today: Nifty, Sensex Trade Higher At Pre-Open
At pre-open, the NSE Nifty 50 was trading 0.16% higher at 24,500.75, and the BSE Sensex was trading 0.13% higher at 80,900.30.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.33%
Source: Bloomberg
Rupee Opens Weaker Against US Dollar
Rupee opened 3 paise weaker at 84.28 against US dollar
It closed at 84.25 a dollar on Monday
Source: Bloomberg
Stock Market Live Update: Patel Engineering Gets Order Worth Rs 1,319 Crore
Patel Engineering has secured an order worth Rs 1,319 crore for the construction of the Kondhane Dam. This project has been awarded by the City and Industrial Development Corporation. The development of this dam is expected to enhance water supply and support infrastructure growth in the region.
Sumitomo Mitsui Banking Group In Talks For At Least 24% Stake In Yes Bank
Sumitomo Mitsui Banking Group in talks for at least 24% stake in Yes Bank
Deal likely with State Bank of India
Move seen as SMBC’s full-fledged entry into India
SMBC also owns SMFG Credit, an NBFC in India
Sources: People In The Know To NDTV Profit
Stock Market Today: Citi On CAMS
Maintain Sell and hike target price to Rs 3,055 from Rs 2,985
Core PBT -10% QoQ; pace of non-MF revenue growth slows further
Enthused by new client wins in non-MF and focus on horizontal integration
Lack of pricing stability in most non-MF segments
See pressure on near-term volume accretion and focus on business development is likely to put pressure on profitability
Oil Prices Rebound From Sharp Drop
Crude oil prices recovered from its biggest drop. The prices plummeted after Organization of Petroleum Exporting Countries and its Allies extended a supply increase in June.
The brent crude was trading 1.36% higher at $61.05 a barrel as of 7:55 a.m.
Asia Market Update: Most Markets Rise As Investors Assess Trade Talks With US
Most markets in Asia-Pacific region advanced in Tuesday's session as traders assessed the ongoing trade talks between US and several Asian nations. Market participants also await the outcome of the US Federal Reserve policy meeting.
The CSI 300 and Hang Seng were trading 0.41% and 0.63% higher, respectively. The S&P ASX 200 was trading 0.19% down.
US Market Update: S&P 500, Dow Jones Industrial Average Snap Winning Streaks
US benchmark index S&P 500 snapped its longest winning streak in two decades, and Dow Jones Industrial reversed gaining streak in Monday's session. Market participants shift their attention to the US Federal Reserve meet which will start from later today.
On Monday, Dow Jones Industrial Average and S&P 500 ended 0.24% and 0.64% down, respectively. The Nasdaq Composite index ended 0.74% down.
GIFT Nifty Implies Muted Start; Coforge, Paytm, Gensol Engineering Share Prices In Focus
The GIFT Nifty was trading flat at 24,593.50 as of 6:51 a.m., which implied a muted start for the benchmark Nifty 50 index.
Traders will monitor Coforge Ltd., Indian Hotels Ltd., and Pratap Snacks Ltd. share prices in Tuesday's session as they released their fourth quarter earnings post market hours. Gensol Engineering released a clarification on Delhi High Court order related to reports stating that the company and BlueSmart are barred from transferring vehicles leased by Orix to any third party. One 97 Communication will release its fourth quarter earning later today.
India's benchmark equity indices ended higher for the second session in a row on Monday. The NSE Nifty 50 closed 114.45 points or 0.47% higher at 24,461.15, while the BSE Sensex ended 294.85 points or 0.37% up at 80,796.84.
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