Market Close Highlights : Sensex ends down 190pts, Nifty at 22,600; IT, Metal, Pharma, Health, drag, Auto, Realty gain

Sensex Today Live : Indian benchmark indices paused their rally on Tuesday, after investors adopted a cautious stance ahead of Wednesday's Federal Reserve's policy decision, even as various companies mixed Q4 results.

Sensex, which had opened higher at 74,800.89, climbed to a high of 75,111.39 during intraday trades. But the benchmark shed all of its gains to touch a low of 74,351.68. At close, the Sensex was down 188.50 points, or 0.25%, at 74,482.78.

Meanwhile, Nifty, which had opened higher at 22,679.65, also touched an intraday high of 22,783.35. But the 50-stock index soon shed all its gains to touch a low of 22,568.40. At close, the Nifty 50 was down 38.55 points, or 0.17%, at 22,604.85.

On the Sensex, 12 out of the 30 stocks closed the day in the red. Tech Mahindra, Tata Steel, JSW Steel, Sun Pharma, and HCLTech, were the top drags for the day, while Mahindra & Mahindra, Power Grid Corp., IndusInd Bank, Bajaj Finserv, and Bajaj Finance were the top gainers.

Half the stocks on the Nifty 50 ended in the red on Tuesday. Tech Mahindra, Tata Steel, Dr Reddy's, Sun Pharma, and HCLTech were the top drags, while Mahindra & Mahindra, Power Grid Corp., Shriram Finance, Hero MotoCorp, and Bajaj Auto were the top gainers for the day.

But shrugging off the downtrend witnessed in the benchmark indices, the broader market indices ended the day in the green. The BSE MidCap index closed up 0.49% and the BSE SmallCap index closed up 0.10%.

Elsewhere, more than half of the sectoral indices ended the day in the red. The top losers were IT, Media and Metal indices, which closed down 1.13%, 1.02%, and 1%, respectively.

The Bank index closed down 0.06%, while the Pharma and Healthcare indices closed down 0.66% and 0.58%, while the Oil & Gas index closed down 0.61%.

Among the gainers, the Auto index had gained the most; it closed up 1.82%, followed by the Realty index, which closed up 1.45%.

The Financial Services index closed up 0.14%, while the Consumer Durables index closed up 0.23%.

Sensex Today Live : More than half of the sectoral indices were in the red. The top losers were IT, Media and Metal indices, which were down 1.22%, 1.15%, and 1.04%, respectively.

The Bank index was down 0.13%, while the Pharma and Healthcare indices were down 0.67% and 0.58%, while the Oil & Gas index was down 0.59%.

Among the gainers, the Auto index had gained the most; it was up 1.78%, followed by the Realty index, which was up 1.41%.

Sensex Today Live : Shrugging off the downtrend seen in the benchmark indices, the broader market indices were trading in the green, with the BSE MidCap index up 0.48%, and the BSE SmallCap index up 0.16%. 

Sensex Today Live : Nearly half the stocks on the Nifty 50 were in the red. Tech Mahindra, Dr Reddy's, Tata Steel, Hindalco, and HCLTech were the top drags, while Mahindra & Mahindra, Hero MotoCorp, Power Grid Corp., Bajaj Auto, and Shriram Finance, were the top gainers. 

Sensex Today Live : 11 out of the 30 stocks on the Sensex were in the red. Tech Mahindra, Tata Steel, HCLTech, JSW Steel, and Sun Pharma, were the top drags, while Mahindra & Mahindra, Power Grid Corp., IndusInd Bank, Bajaj Finserv, and Axis Bank were the top gainers. 

Sensex Today Live : Indian benchmark indices turned red on Tuesday, tracking losses in global peers.

At 3 pm, Sensex was down 60.24 points, or 0.08%, at 74,611.04, and Nifty was down 2.05 points, or 0.01%, at 22,641.35.

Sensex Today Live : IOC Q4 net profit down 40% at ₹4,837.69 crore, compared to ₹8,063.39 crore in Q4FY23

Sensex Today Live : Net Profit up by 41.33 % to ₹ 807 crore in Q4FY24, compared to ₹ 571 crore in Q4FY23

Total Income (Interest Income plus Non Interest Income) for Q4FY24 improved by 13.20 %, from ₹ 8,568 crore in Q4FY23 to ₹ 9,699 crore for Q4FY24

Return on Assets (ROA) improved to 0.76% for Q4FY24 as against 0.61% for Q4FY23

Return on Equity (ROE) also improved to 2.92 % for Q4FY24 as against 2.27 % for Q4FY23

Net Interest Income (NII) marginally improved to ₹ 3,541 crore, as against ₹ 3,513 crore in the corresponding period of previous year, registering a growth of ₹ 28 crore (0.80%)

Net Profit up by 61.13 % to ₹ 2,549 crore for 12 months period ended on 31 March 2024, over corresponding period of last year of ₹ 1582 crore

Sensex Today Live : Rating: ACCUMULATE

Target Price : ₹1,345

Upside : 12%

CMP : ₹1,204 (as on 29 April 2024)

With new-age businesses of drones, nano fertilizers, spec-chem and CDMO making significant strides, the non-subsidy business may scale up to substantial size in both revenue and profitability, in the next five years. Growth for the subsidy business may be led by continued backward integration initiatives and volume growth. We prune FY25E EBITDA/PAT estimates 9% each to factor in lower-than-expected profitability in the fertilizer business as also delayed recovery in crop protection. CRIN is a structural growth story – We continue to be bullish. We introduce FY26E estimates and revise CRIN to Accumulate (from Buy) due to 15% run up in stock in the past 3 months. Our TP is unchanged at ₹1,345, on 17x FY26E EPS of ₹79.

Sensex Today Live : Hero MotoCorp’s 2W volumes are likely to be up 27%, TVS’ 18%, Royal Enfield’s 9% and Bajaj’s 3%. The favourable base (timing of festivals) is likely to have led to Hero’s outperformance. The timing of the festival season more affects Hero MoroCorp.

PV volume growth (~6% y/y). M&M’s PV volumes are likely to be up 7%, Maruti’s 6% and Tata’s 4%. Blended discounts have inched up m/m.

CV volumes slightly higher (~2% y/y). Tata’s CV volumes are expected to be up 12%; M&M’s volume would be down 10%, VECV’s 3% and Ashok Leyland’s 2%.

Flat tractor volumes. Escorts’ tractor volumes are likely to dip a slight 3%, M&M’s 1%.

Sensex Today Live : Indian benchmark indices were trading in the green on Tuesday, following global peers higher.

At 2 pm, Sensex was up 263.45 points, or 0.35%, at 74,934.73, and Nifty was up 116.55 points, or 0.51%, at 22,759.95.

Sensex Today Live : NII saw a blip at ₹327 crore (PLe ₹336 crore) owing to lower AuM growth at 10.9% YoY (PLe 12.0%) to ₹35,000 crore

Softer AuM growth was due to (1) 6.7% lower disbursals at ₹2,310 crore and (2) higher repayments at 17% (PLe 15%)

While NIM (calc.) was a miss by 8bps, reported NIM saw an uptick of 4bps QoQ to 3.73%

Fees was higher at ₹15.1 crore (PLe ₹12.3 crore); opex soared to ₹72 crore (PLe ₹63.3 crore) due to higher other opex

PPoP at ₹270 crore was 4.9% below PLe because of higher opex and lower NII

Asset quality improved as GNPA/NNPA fell by 9/7bps QoQ to 0.82%/0.42%

Management overlay of ₹34.2 crore was intact vs Q3’24

PAT was a beat ₹209 crore (PLe ₹201 crore) due to lower provisions

At CMP, the stock trades at 2.0/1.7x on Mar’25/26E ABV.

Sensex Today Live : Q4FY24 net profit up 36.5% at ₹284 crore, compared to ₹208 crore in Q4FY23

Q4FY24 revenue up 13.2% at ₹4,009.4 crore compared to ₹3,543 crore in Q4FY23

Q4FY24 EBITDA up 41% at ₹516.4 crore, compared to ₹366.6 crore in Q4FY23

Q4FY24 Margin at 12.8% compared to 10.3% in Q4FY23

Sensex Today Live : Procter & Gamble Hygiene and Health's Q4FY24 net profit fell 6.45% to ₹154.37 crore from ₹165.02 crore in Q4FY23

However, the company's revenue from operations rose 11.66% to ₹1,002.17 crore in Q4FY24, from ₹897.53 crore in Q4FY23

Sensex Today Live : Rossari Biotech Revenue from operations grew 16.3% YoY to ₹472.7 crore in Q4FY24, compared to ₹406.5 crore in Q4FY23

EBITDA improved by 16.5% to ₹63.6 crore in Q4FY24, from Rs. 54.6 crore Q4FY23

EBITDA margin at 13.5% as against 13.4%

PAT increased by 17.8% to ₹34.1 crore in Q4FY24, from ₹28.9 crore in Q4FY23

Sensex Today Live : Newgen Software Technologies posted nearly 25% jump in Q4 YoY jump in consolidated net profit at ₹390.34 crore, compared to ₹312.92 crore in Q4FY23

Sensex Today Live : Indian benchmark indices were trading in the green on Tuesday, following global peers higher.

At 1 pm, Sensex was up 270.43 points, or 0.36%, at 74,941.71, and Nifty was up 97.40 points, or 0.43%, at 22,740.80.

Sensex Today Live : In March, India's economy exhibited a minor upturn. Out of the 16 high-frequency indicators monitored by Mint, only four fell below their five-year average trend, a decrease from five in February.

Nine indicators were marked green, indicating they were above their five-year average trend. However, the count of such indicators remained the same as the previous month. The remaining indicators aligned with their average range. (Read the full story here.)

Sensex Today Live : South Indian Bank informed the exchanges today that it has recevied two notices with tax demand amounting to ₹37.06 crore.

The company said the Maharashtra Goods & Service Tax (GST) Department has sent the company a tax demand notice of ₹24.40 crore (includes tax, interest and penalty), while the Central Tax and Central Excise, Kochi Commissionerate, has sent a notice for ₹12.66 crore (includes tax and penalty).

Sensex Today Live : The Auto index had gained the most; it was up 2.40%, followed by the Realty index which was up 1.70%.

The Bank and Financial Services indices were in the greem while the IT, Metal and Pharma indices were in the red.

Sensex Today Live : The broader market was in the green, with the BSE MidCap index gaining 0.74%, and the BSE SmallCap index gaining 0.47%.

Sensex Today Live : 13 of the 50 stocks on the Nifty 50 were in the red. Tech Mahindra, Dr Reddy's, Tata Steel, Hindalco, and HCLTech were the top drags, while Mahindra & Mahindra, Hero MotoCorp, Power Grid Corp, Bajaj Auto, and Shriram Finance, were the top gainers. 

Sensex Today Live : 12 out of the 30 stocks on the BSE Sensex were in the red. Tech Mahindra, Tata Steel, HCLTech, JSW Steel, and Sun Pharma were the top drags, while Mahindra & Mahindra, Power Grid Corporation, Tata Motors, Bajaj Finserv, and Maruti Suzuki India, were the top gainers.

Sensex Today Live : Indian benchmark indices were trading in the green on Tuesday, following global peers higher.

At 12 pm, Sensex was up 324.37 points, or 0.43%, at 74,995.65, and Nifty was up 106.40 points, or 0.47%, at 22,749.80.

Sensex Today Live : Grasim Industries-owned Birla Opus Paint today announced the beginning of commercial production at three of its plants in India with a total capacity of 636 million litres per annum. The planst are located at Ludhiana, Punjab; Panipat, Haryana; and Cheyyar, Tamil Nadu; with production capacities of 200, 230 and 206 million litres per annum, respectively.

Sensex Today Live : Star Health & Allied Insurance Company's consolidated profit up nearly 40% at ₹142.32 crore in Q4FY24 compared to ₹101.79 crore in Q4FY23

Gross Premium Written at ₹4,968.32 crore in Q4FY24, compared to ₹4,199.23 crore in Q4FY23

Sensex Today Live : NMDC has taken price hikes of ₹400 per tonne for lumps and ₹200 per tonne for fines each w.e.f. 27th April’24, in-line with recent jump in global iron ore prices. Prices of lumps raised to ₹6,200/t (7% increase) while fines were raised to ₹5,260/t (4% increase). With this price hike undertaken, we expect effective price hike of ~1.6% for 1QFY25 on QoQ basis (Vs our assumption of 2% QoQ decline). On YoY basis, if these prices continue till end of 1Q, average realization would be ~6% higher YoY at ~ ₹5,135/t assuming no deterioration in product mix.

Building these prices for 1Q, our FY25E average NSR can increase to ₹5,069/t from earlier ₹4,889/t assuming status quo for rest of the assumptions and new TP can be ₹267 (from c. ₹253).

At CMP, stock is trading at 7.5x/6.1x EV of FY25E/FY26E EBITDA which appears full. Maintain Accumulate with TP of ₹253 assigning 6xFY26E EV/EBITDA.

Sensex Today Live : In the fiscal year 2023-24, promoters of several Indian firms, including Adani Power Ltd, Tata Consultancy Services Ltd, and Tata Motors Ltd, managed to decrease their combined share pledges by ₹56,448 crore (approximately $6.8 billion). They capitalized on the thriving stock markets to alleviate their debt positions.

During the same fiscal year, a total of 52 companies experienced a 35% reduction—equivalent to ₹82,576 crore—in the worth of their pledged shares. This information is derived from a Mint analysis that scrutinized the most recent regulatory filings of Nifty 500 companies. These companies represent 91% of the total market value of all firms listed on the NSE. (Read the full story here.)

Sensex Today Live : : Greaves Electric Mobility, the e-mobility arm of Greaves Cotton, today announced the launch of its first high-performance family electric scooter, called Ampere Nexus, starting at ₹1,09,900 (ex-showroom).

Designed, developed, and manufactured entirely in India, the Ampere Nexus will be available in four colours, the company said.

Sensex Today Live : Indian benchmark indices were in the green on Tuesday, following global peers higher.

At 11 am, Sensex was up 318.6 points, or 0.43%, at 74,989.88, and Nifty was up 103.65 points, or 0.46%, at 22,747.05.

Sensex Today Live : Granules India announced today that the US FDA has approved its Abbreviated New Drug Application (ANDA), filed by Granules Pharmaceuticals, a wholly owned foreign subsidiary of the company, for Colchicine Capsules, 0.6 mg.

The company said it is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Mitigare Capsules, 0.6 mg of Hikma International Pharmaceuticals. Colchicine Capsules are indicated for prophylaxis of gout flares in adults.

Sensex Today Live : The software company reported a consolidated net profit of ₹180 crore for the quarter ending March FY24, marking a 60.5% increase compared to the same period in the previous fiscal year. This growth was fueled by strong operational performance. The company's revenue from operations for the quarter rose by 11.1% year over year, reaching ₹1,362.6 crore. For FY24, the board has proposed a final dividend of ₹4 per share.

Sensex Today Live : The personal care company reported a net profit of ₹99.1 crore for the quarter ending March 31, marking a 3.5% decrease compared to the same period in the previous fiscal year. This was despite strong operational figures and was partially due to lower other income. The company's revenue from operations for the quarter rose nearly 10% YoY to ₹680.7 crore.

Sensex Today Live : KPI Green Energy announced today that it has secured new orders of 74.30 MW solar power plant under the Captive Power Producer segment, which includes a 20 MW solar power project, from captive customers.

In an exchange filing, the company, said, "We are glad to inform that KPI Green has received new orders aggregating to 74.30 MW for executing solar power projects. Within this allocation, KPI Green Energy Limited has undertaken 27 MW capacity, which includes 20 MW capacity for the development of solar power project forming part of the wind-solar hybrid power project".

The company added that its subsidiaries KPark Sunbeat will undertake develipment of 30 MW capacity addition, while Sun Drops Energia will undertake 17.3 MW capacity development, under the Captive Power Producer segment of the company.

Sensex Today Live : Indian benchmark indices were in the green on Tuesday, following global peers higher.

At 10 am, Sensex was up 308.1 points, or 0.41%, at 74,979.38, and Nifty was up 97.60 points, or 0.43%, at 22,741.

Sensex Today Live : The technology-based financial services company announced a consolidated net profit of ₹74.5 crore for the quarter ending March 31. This represents a 30.6% increase compared to the same period in the previous fiscal year. The company's revenue from operations for the quarter rose by 24.7% YoY, reaching ₹228.3 crore. For FY24, the board has proposed a final dividend of ₹5.75 per share.

Sensex Today Live : The microfinance institution reported a net profit of ₹122.2 crore for the quarter ending March FY24, marking a 5.2% growth compared to the same period last year. The company's net interest income for the quarter increased by 21.2% year over year, reaching ₹399 crore.

Sensex Today Live : Barring the Bank index, which was marginally down by 0.08%, all other sectoral indices were in the green, with the Auto index jumping 2.49%.

Sensex Today Live : The broader market was in the green, with the BSE Sensex up 0.56%, and the BSE MidCap climbing 0.80%. 

Sensex Today Live : 13 of the 50 stocks on the Nifty 50 were in the red. Bharti Airtel, Apollo Hospital Enterprises, SBI, Adani Enterprises, and HDFC Bank were the top losers, while Mahindra & Mahindra, Maruti Suzuki India, Bajaj Auto, HDFC Life and Eicher Motors, were the top gainers. 

Sensex Today Live : Nine out of the 30 stocks on the BSE Sensex were in the red. Bharti Airtel, Tech Mahindra, HDFC Bank, Infosys, and TCS were the top drags, while Mahindra & Mahindra, Maruti Suzuki India, Tata Motors, UltraTech Cement, and HCLTech, were the top gainers. 

Sensex Today Live : The small finance bank reported a net profit of ₹321.7 crore for Q4FY24, marking a nearly fourfold increase from ₹81 crore in the same period last year. This significant growth was fueled by tax write-backs and reduced provisions. The bank's net interest income for the quarter rose by 26.5% YoY, totaling ₹591 crore. The bank also observed an improvement in asset quality during the quarter. Its gross Non-Performing Assets (NPA) fell by 8 basis points sequentially to 2.11%, while the net NPA dropped by 15 basis points to 0.56%.

Sensex Today Live : IOC is scheduled to announce its financial results for the quarter ending March 31, 2024 on Tuesday, April 30. Analysts; estiments suggest a 5% sequential increase in revenues, reaching ₹2.09 lakh crore. However, despite the anticipated growth in revenue, there is an expected 5% drop in Ebitda to ₹14,700 crore, down from the ₹15,488 crore reported in the previous quarter. The margin is also predicted to fall by 70 basis points to 7.1%. Analysts also forecasts a 6% decrease in the quarter's profit after tax to ₹7,571 crore, a decline from ₹8,064 crore in Q3FY24.

Sensex Today Live : The company announced a thirteenfold increase in its consolidated net profit for the March quarter, amounting to ₹704.2 crore. This significant rise was attributed to an exceptional gain of ₹576 crore, which resulted from a reassessment of its lease liabilities and right-of-use assets. The company's revenue for the quarter surged by 51% to ₹3297.7 crore, following the addition of 104 new stores. By the end of the year, the retailer had a total of 811 stores, including 232 Westside stores, 545 Zudio stores, and 34 stores across other lifestyle concepts. The company expanded its presence by adding 12 Westside and 86 Zudio stores across 65 cities, including 25 new cities. The company reported an operating EBIT margin of 8.2% in Q4, a significant increase from the 2.8% margin reported in the same period last year.

Sensex Today Live : The carmaker has introduced the newest model of its subcompact SUV, the XUV 3XO. The base MX1 variant is priced at ₹7.49 lakh, while the high-end AX7L model is available at ₹13.99 lakh. The SUV is set to compete in a fiercely competitive market segment, going head-to-head with popular models like the Tata Nexon and Hyundai Venue. Customers can start booking from May 15, and the deliveries are scheduled to commence from May 26.

Sensex Today Live : Indian benchmark indices climbed at open on Tuesday, following global peers higher.

At opening bell, Sensex was up 64.79 points, or 0.09%, at 74,736.07, and Nifty was up 32.35 points, or 0.14%, at 22,675.75.

Sensex Today Live : Sprayking Limited announced today that it has secured a sample order for hose nozzles from Flobal Corporation, a Japanese company with over a century of expertise in supplying piping and tubing components and parts.

Sensex Today Live : Indian benchmark indices climbed at pre-open on Tuesday, following global peers higher.

Sensex was up 131.75 points, or 0.18%, at 74,803.03 and Nifty was up 36.25 points, or 0.16%, at 22,679.65 during pre-open.

Sensex Today Live : “Yesterday, Nifty surged by 1% after a bullish opening, with Bank Nifty leading the charge, up 2.54%. Private banks like ICICI Bank, IndusInd Bank, and AXIS Bank saw significant gains. Today, the outlook remains positive with factors like net buying by FIIs and DIIs, WTI oil slipping below $83 a barrel, and anticipation of a pre-election rally. Focus shifts to the FOMC meeting decision on May 1 and the April jobs report on May 3. Corporate India’s Q4 results are coming in, with NMDC raising ore prices, Poonawalla Fincorp reporting robust profits, and Tata Chemicals facing losses. Preferred trades on Nifty and Bank Nifty are outlined, along with bullish recommendations on select stocks. The one stock to buy right now is IRCTC, with momentum play investments in mind.”

--Prashanth Tapse, Senior VP (Research), Mehta Equities

Sensex Today Live : GMR Airports Infrastructure announced today that it has entered into a share purchase agreement with Utthishta Virat Fund for the acquisition of a 8.40% stake in airport IT services provider Waisl for ₹56.66 crore.

The company, in an exchange filing, said, "The company has entered into a Share Purchase Agreement to acquire 4,60,000 equity shares of Waisl Limited (representing 8.40% of the equity shares of WAISL) from Utthishta Virat Fund, an existing shareholder of WAISL, for a total consideration of Rs. 56.66 crore'.