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Business News/ Markets / Live Blog/  Market Close Highlights : Sensex ends up 270pts, Nifty at 22,600; Bank, FS, Auto Metal under pressure, IT, FMCG gain
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Market Close Highlights : Sensex ends up 270pts, Nifty at 22,600; Bank, FS, Auto Metal under pressure, IT, FMCG gain

Market Close Highlights : Foreign institutional investors (FIIs) net sold 1,874.54 crore worth of shares, while domestic institutional investors (DIIs) pumped in 3,548.97 crore worth of shares on May 21, provisional data from the NSE showed.

Market Close Highlights : Companies reporting results on Wednesday, 22 May include Grasim Industries, Sun Pharma, Paytm, Nykaa, Power Grid Corp., Ashoka Buildcon, GE Power, Gland Pharma, Jubilant FoodWorks, Minda Corporation, Petronet LNG, Torrent Power, and Unichem Laboratories, among others. (Image: Pixabay)Premium
Market Close Highlights : Companies reporting results on Wednesday, 22 May include Grasim Industries, Sun Pharma, Paytm, Nykaa, Power Grid Corp., Ashoka Buildcon, GE Power, Gland Pharma, Jubilant FoodWorks, Minda Corporation, Petronet LNG, Torrent Power, and Unichem Laboratories, among others. (Image: Pixabay)

Market Close Highlights : European stocks fell and bond yields rose after the latest price data from the UK cast doubt on hopes that prices pressures have been vanquished.

The Stoxx Europe 600 slipped about 0.3%, with the FTSE 100 underperforming, after data showed that UK inflation slowed less than expected last month, raising questions about when the Bank of England can start cutting interest rates. The pound strengthened and gilts plunged, sending the two-year yield about 12 basis points higher.

Bond yields across Europe rose, while 10-year US Treasury borrowing costs also ticked up.

The figures will reinforce concerns that inflation pressures globally remain sticky, preventing central banks from easing policy as soon as currently anticipated. Earlier on Wednesday, the Reserve Bank of New Zealand kept interest rates unchanged and signaled policy will stay tight for longer, while Federal Reserve Governor Christopher Waller said on Tuesday he needs to see several more good inflation numbers to begin interest-rate cuts.

“Both the RBNZ and the UK inflation data highlight the fraught nature of the current juncture, with investors struggling to gauge both the timing and extent of long-awaited central bank easing cycles," Rabobank’s head of rates strategy, Richard McGuire, said in a note.

US equity futures were little changed after the S&P 500 hit yet another record high Tuesday, with artificial intelligence bellwether Nvidia Corp. due to report its results after market close. It’s projected to report a 243% gain in revenue, according to Wall Street estimates, but a 90% year-to-date share rally means it could struggle to match sky-high expectations.

In Europe, shares in Anglo American Plc slid as investors waited to see if bigger rival BHP Group Ltd. would launch its takeover bid to create a global copper behemoth. BHP has a deadline of 5 p.m. London time to announce a firm intention to make an offer. Among other prominent stock movers, Marks & Spencer Group Plc jumped to the highest since November 2018 after issuing better-than-expected results and a robust outlook.

Energy stocks were among the losers as Brent crude futures dropped for the third straight day.

Gold, silver and copper also eased after hitting record highs, though the recent price surge for metals and grains has renewed inflation fears, with Bloomberg’s spot commodity index holding near a 16-month peak.

Traders have dialed down expectatons for Fed interest rate cuts this year, currently seeing around 40 basis points of rate cuts in 2024, versus the 50 basis-point reduction priced last week. Minutes of the last Fed policy meeting, due later Wednesday, could offer further clues on rate-setters’ thinking.

22 May 2024, 03:49:16 PM IST

Sensex Today Live : Closing Bell Wrap

Sensex Today Live : Indian benchmark indices closed higher on Wednesday, led higher by positive cues from global peers, coupled with a raft of positive Q4 earnings reports from some major companies.

Sensex, which had opened higher at 74,165.52, touched an intraday high of 74,307.79, but shed some of its gains to close at 74,221.06, up 267.75 points, or +0.36% higher than Tuesday's close.

Similarly, the Nifty 50, which had opened higher at 22,576.60, climbed to a high of 22,629.50, but shed some its gains to close at 22,597.80, up 22.85 points, or 0.1%, at 22,551.90.

Seven of the 30 stocks on the BSE Sensex closed in the red on Wednesday. SBI, JSW Steel, Axis Bank, ICICI Bank, and Tata Steel were the top drags, while Hindustan Unilever, Reliance Industries, Infosys, Asian Paints and ITC, were the top gainers for the day.

On the Nifty 50, 17 of the 30 stocks closed in the red. Shriram Finance, Apollo Hospital Enterprise, Hindalco Industries, Hero MotoCorp, and HDFC Life were the top drags, while Cipla, Tata Consumer Products, Hindustan Unilever, Coal India and Reliance Industries were the top gainers for the day.

The broader market indices closed on a mixed note, with the BSE MidCap down by 0.05%, and the BSE SmallCap up 0.18%.

The FMCG, Realty and IT indices were the top sectoral gainers for the day, while the Metal index had lost the most, followed by Bank and Financial services.

The Pharma, Health and Oil & Gas indices closed in the green, and Auto and Consumer Durables were red at close.

In corporate news, TeamLease Services reported a 14.6% YoY increase in Q4 net profit at 27.5 crore, compared to 24 crore in the same period last year. Revenue for the quarter increase 20% YoY at 2,432 crore, compared to 2,027.3 crore in the same period last year. Shares of the company closed 2.60% higher at 3,512.70.

Talbros Automotive, posted a net profit of 50 crore, up 194.12% YoY from 17 crore in the year ago period. The company's revenue for the quarter was up 16% YoY at 203 crore, compared to 175 crore in the same period last year. Shares of the company closed 4.73% higher at 329.80.

Lastly, Sun Pharma reported a net profit of 2,655 crore, higher than the street estimates of 2,602 crore, while revenue for the quarter stood at 11,933 crore, lower than the street estimates of 12,522 crore. Shares of the company closed 1.50% higher at 1,564.

22 May 2024, 03:30:21 PM IST

Sensex Today Live : Sun Pharma reports net profit at ₹2,655 crore, higher than streen estimates of ₹2,602 crore; shares up

Sensex Today Live : Sun Pharma reports PATat 2,655 crore, higher than the street estimates of 2602 crore

Revenue for the quarter at 11,933 crore, lower than the street estimates of 12,522 crore

22 May 2024, 03:28:21 PM IST

Sensex Today Live : Unichem Labs’ Q4 net loss widens to ₹129 crore from ₹44 crore in the year ago period; shares down

Sensex Today Live : Unichem Labs reported a net loss of 129.3 crore, higher than the loss of 44.3 crore in the same period last year

Revenue for the quarter was up 7.4% YoY, at 431.7 crore compared to 402 crore in the same period last year

EBITDA for the quarter was up 54.3% YoY, at 25.3 crore compared to 16.4 crore in the same period last year

22 May 2024, 03:23:00 PM IST

Sensex Today Live : TeamLease Services posts 14% increase in Q4 net profit at ₹27.5 crore; shares gain

Sensex Today Live : Teamlease Services reported a 14.6% YoY increase in Q4 net profit at 27.5 crore, compared to 24 crore in the same period last year

Revenue for the quarter increase 20% YoY at 2,432 crore, compared to 2,027.3 crore in the same period last year

22 May 2024, 03:16:32 PM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : The FMCG, Realty and IT indices were the top sectoral gainers, while the Metal index had lost the most, followed by Bank and Financial services.

The Pharma, Health and Oil & gas were trading in the green, while Auto and Consumer Durables were trading under pressure.

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22 May 2024, 03:11:51 PM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market indices were trading mixed, with the BSE MidCap down by 0.04%, and the BSE SmallCap up 0.23%. 

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22 May 2024, 03:10:17 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 20 of the 30 stocks on the Nifty 50 were trading in the red. Shriram Finance, Hindalco, Apollo Hospital Enterprise, Hero MotoCorp, and Axis Bank were the top drags, while Cipla, Hindustan Unilever, Tata Consumer Products, Coal India and Reliance Industries were the top gainers. 

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22 May 2024, 03:08:10 PM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 11 of the 30 stocks on the BSE Sensex were trading in the red. SBI, Axis Bank, JSW Steel, ICICI Bank, and Sun Pharma, were the top drags, while Hindustan Unilever, Reliance Industries, Infosys. Asian Paints and ITC, were the top gainers. 

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22 May 2024, 03:02:13 PM IST

Sensex Today Live : 3 pm market update

Sensex Today Live : Indian benchmark indices were off the day's high but were trading in the green on Wednesday, led by positive cues from global peers.

At 3 pm, Sensex was up 111.01 points, or 0.15%, at 74,064.32 and Nifty was up 22.85 points, or 0.1%, at 22,551.90.

22 May 2024, 03:00:35 PM IST

Sensex Today Live : Talbros Automotive posts nearly 200% increase in Q4 net profit at ₹50 crore; shares jump more than 6%

The company posted a net profit of 50 crore, up 194.12% YoY from 17 crore

Revenue for the quarter was up 16% YoY, at 203 crore, compared to 175 crore in the same period last year

EBITDA for the quarter was up 23.2% YoY, at 30.8 crore compared to 25 crore last year

22 May 2024, 02:57:42 PM IST

Sensex Today Live : TCS gets Burgan Bank contract to transform its core banking

Sensex Today Live : : Tata Consultancy Services has signed a deal to modernize the core banking technology of Burgan Bank, a leading commercial bank in Kuwait.

The bank will deploy TCS BaNCSTM to consolidate multiple standalone legacy applications into a contemporary universal banking solution that drives innovation and strengthens customer relationships, the company said in an exchange filing.

Burgan Bank will harness the products of the TCS BaNCSTM suite such as core and digital banking, payments, retail and corporate loan origination, wealth management, regulatory compliance, and more to simplify and digitally transform its technology landscape.

22 May 2024, 02:54:28 PM IST

Sensex Today Live : Avanti Feeds posts 11% YoY increase in Q4 net profit at ₹104 crore; shares up

Avanti Feeds reported a net profit of 104 crore in Q4FY24, up 11.5% YoY compared to 93.3 crore in the same period last year

Revenue for the quarter was up 17.4% YoY, at 1,283.5 crore compared to 1,093 crore last year

EBITDA for the quarter was down 2.9% YoY, at 129.6 crore compared to 133.5 crore in the year ago period

22 May 2024, 02:43:02 PM IST

Sensex Today Live : Elara Securities India recommends to 'BUY' Kaynes Technology, citing robust performance and stong FY25 outlook

Sensex Today Live : Kaynes Technology Rating: BUY

Target Price : 4060

Upside : 20%

CMP : 3,396 (as on 21 May 2024)

We raise our EPS by 61% in FY25E and 9% by FY26E on addition of operationalization of Outsourced Semiconductor Assembly and Testing (OSAT) and printed circuit board (PCB) manufacturing along with a sharp rise in Other income.

We raise our TP by 31% to 4,060 from 3,100 on 60x (from 56x) March 2026E P/E and roll over to FY27E. We revise to Buy from Accumulate. KAYNES is a preferred play on India’s industrial growth opportunity, import substitution, and a diversified business stream.

We expect an earnings CAGR of 54% during FY24-26E with an average ROE of 13% and a ROCE of 12% during FY24-26E.

22 May 2024, 02:40:17 PM IST

Sensex Today Live : Strides Pharma turns a profit of ₹18.18 crore, from a loss of ₹9.54 crore in the year-ago period; shares jump more than 7%

Sensex Today Live : Strides Pharma posted a net profit of 18.18 crore, compared to a loss of 9.54 crore in the year ago period

Revenue for the quarter was at 1,080 crore, up 10% YoY

Total costs were at 984 crore, up 1.2% YoY

EBITDA for the quarter was 204 crore, up 28% YoY

The company announced a dividend of 2.5 per share

22 May 2024, 02:32:15 PM IST

Sensex Today Live : Va Tech Wabag shares down despite turning profitable in Q4

Company posts net profit at 72.4 crore, compared to a loss of 111 crore in the year ago period

Revenue rises 0.8% to 934.2 crore compared to 926.9 crore in the year ago period

22 May 2024, 02:19:19 PM IST

Sensex Today Live : Mahindra & Mahindra Financial Services gets IRDAI approval to act as corporate agent, allowing it to sell insurance plans; shares gain

Sensex Today Live : Mahindra & Mahindra Financial Services today announced that it has obtained a Certificate of Registration from IRDAI (Corporate Agency License) to act as a ‘Corporate Agent (Composite)’ under the Insurance Act, 1938.

The license enables Mahindra Finance to offer tailored insurance plans to its customer base, the company said in an exchange filing.

22 May 2024, 02:02:46 PM IST

Sensex Today Live : 2 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 2 pm, Sensex was up 217.86 points, or 0.29%, at 74,171.17 and Nifty was up 60.65 points, or 0.27%, at 22,589.70.

22 May 2024, 01:43:39 PM IST

Sensex Today Live : Elara Securities India recommends to 'BUY' Balrampur Chini Mills, citing encouraging sugar sales volume

Sensex Today Live : Balrampur Chini Mills Rating: BUY

Target Price : 519

Upside : 37%

CMP : 378 (as on 21 May 2024)

Resilient sugar price to perk up profitability

Encouraging sugar sales volume but inventory also swells

We believe the worst is over for BRCM and circumstances should normalize hereafter. Higher sugar realization and better feedstock mix within the distillery segment should improve profitability in H1FY25 even as volume may be lower.

With adequate sugar stocks in India, we expect resumption of ethanol-blending program as was the case until Sugar Season (SS)23. We are yet to factor in BRCM’s investment in the polylactic acid business as investment details are sketchy and the plant will start only in FY27.

We raise our EBITDA estimates by 8% and PAT of 15% for FY25 to factor in improvement in sugar prices. We reiterate Buy with a TP of 519 based on 9.5x FY26E blended EV/EBITDA.

22 May 2024, 01:34:11 PM IST

Sensex Today Live : NIIT Learning's shares up as company posts marginal increase in Q4 net profit

Sensex Today Live : Net profit saw a modest rise of less than 1% YoY, at 54.4 crore, up from 54 crore

The company’s revenue increased by 3.2%, standing at 398 crore, compared to 385.6 crore in the year ago period

EBITDA jumped 11% to 96 crore from 86 crore in the year ago period

Margin also improved 24%, up from 22.5% in the year-ago period

22 May 2024, 01:11:30 PM IST

Sensex Today Live : Sinclairs Hotels Q4 net profit falls 2.75% QoQ, and 73% YoY on exceptional items in the year-ago period; shares fall

Sensex Today Live : Sinclairs Hotels posted a net profit of 5.32 crore, down by 2.75% from the previous quarter’s 5.47 crores. Compared to the same period last year, which was at 19.90 crore, net profit decreased 73.27% YoY due to the sale of a land parcel in Kolkata in the year-ago period.

Revenue from operations stood at 14.82 crore, up 5.34% YoY from 14.07 crore in the Year-ago period. Compared to the same quarter last year, revenue increased 10.48% YoY to 13.41 crore.

The profit before tax for the quarter ended 31 March was 6.39 crore, down 0.02% QoQ and down 72.93% YoY compared to the same quarter last year at 23.59 crore.

22 May 2024, 01:02:32 PM IST

Sensex Today Live : 1 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 1 pm, Sensex was up 128.52 points, or 0.17%, at 74,081.83 and Nifty was up 33 points, or 0.15%, at 22,562.05.

22 May 2024, 12:47:33 PM IST

Sensex Today Live : DB Corp posts nearly 200% YoY jump in Q4 net profit at ₹122.5 crore; shares jump 5%

Sensex Today Live : DB Corp reported a 198.78% YoY jump in Q4 net profit at 122.5 crore, compared to 41 crore in the year ago period

Revenue from operations stood at 641.7 crore, up 17.82% YoY compared to 544.6 crore in the year ago period

22 May 2024, 12:39:47 PM IST

Sensex Today Live : Welspun Enterprises bags road construction project worth ₹1,864 crore; shares gain 8%

Sensex Today Live : Welspun Enterprises today announced that it has bagged an order from Maharashtra State Road Development Corporation Limited for the construction of access controlled multi-modal corridor from Navghar to Balavali in Maharashtra.

The company said the quoted amount for the project is 1,864.71 crore. This Project is to be constructed within a period of 36 months from the date of Notice of Commencement, the company added.

22 May 2024, 12:30:46 PM IST

Sensex Today Live : Anand Rathi Research recommends to 'BUY' ONGC

Sensex Today Live : With steady oil and gas realisation, ONGC reported in-line Q4 results. Ahead, volumes are likely to recover due to the ramp up of its KG98/2 field. We prefer upstream companies, given greater clarity on oil and gas realisations along with volume growth.

We retain our earnings estimates and a Buy rating, with a TP of 323, 4x FY25e EV/EBITDA, and add the value of investments at a 20% discount to market prices.

22 May 2024, 12:16:28 PM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : The FMCG and Realty sector indices were the top gainers, while Bank and Financial Services were the biggest sectoral drags.

The IT, Healthcare and Consumer Durables indices were trading in the green, while the Auto index was red.

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22 May 2024, 12:14:04 PM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market indices were trading mixed, with the BSE MidCap down 0.15% and the BSE SmallCap climbing up 0.13%. 

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22 May 2024, 12:12:18 PM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 23 of the 50 stocks on the Nifty 50 were trading in the red. Hindustan Unilever, Britannia Industries, Tata Consumer Products, Coal India, and Reliance Industries, were the top drags, while BPCL, Hero MotoCorp, Apollo Hospitals Enterprises, Hindalco, and Sun Pharma, were the top drags.

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22 May 2024, 12:03:38 PM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 17 of the 30 stocks on the BSE Sensex were trading in the green. SBI, Sun Pharma, Tata Steel, Bharti Airtel, and Mahindra & Mahindra, were the top drags, while Hindustan Unilever, Reliance Industries, ITC, Infosys, and Asian Paints, were the top gainers. 

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22 May 2024, 12:01:27 PM IST

Sensex Today Live : 12 pm market update

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 12 pm, Sensex was up 110.82 points, or 0.15%, at 74,064.13 and Nifty was up 22.70 points, or 0.1%, at 22,551.75.

22 May 2024, 11:51:13 AM IST

Sensex Today Live : Zydus Lifesciences receives final approval for asthma drug Theophylline extended-eelease tablets from US FDA

Sensex Today Live : Zydus Lifesciences today announced that it has received final approval from the US FDA to market Theophylline Extended-Release Tablets, 300 mg and 450 mg.

Theophylline is used to treat asthma and chronic obstructive pulmonary disease (COPD). The drug will be manufactured at the group’s formulation manufacturing facility in Ahmedabad SEZ, India, the company said in an exchange filing.

Theophylline Extended-Release Tablets, 300 mg and 450 mg had annual sales of USD 12.6 mn in the United States (IQVIA MAT March 24).

22 May 2024, 11:33:16 AM IST

Sensex Today Live : Tushar Chaudhari, Research Analyst , Prabhudas Lilladher, recommends to 'SELL' Steel Authority of India (Sail)

Sensex Today Live : Steel Authority of India Rating: SELL | CMP: 174 | TP: 127

Going forward, there is expectation of USD30/t decline in cost of coking coal in 1Q while FY25 sales guidance of ~19mt was given. 

SAIL has planned to increase its capacity from ~20.2mtpa to 35mtpa by FY32 in phases, yet, in the near term no significant capacity addition is envisaged till FY27E. SAIL has ~1.5mt of finished goods inventory and enough capacity to cater to strong demand till FY26E.

We expect SAIL to remain a play on steel prices in long term as a) its volume growth would depend upon successful execution of planned capex and significant capacity addition would only come post FY27E; b) near term volume growth would remain 7-9% but margins may remain at mercy of coking coal prices; and c) higher capex can deteriorate balance sheet unless there is timely execution.

We cut our FY25/26E EBITDA estimates by -1% each assuming ~18.5/20mt sales volume. We downgrade the stock to ‘Sell’ with revised TP of 127 ( 138 earlier) as the stock has run up ahead of fundamentals and we do not expect proportionate earnings growth.

22 May 2024, 11:20:53 AM IST

Sensex Today Live : IREDA clarifies reports of FPO are incorrect

Sensex Today Live : After reports emerged that IREDA may come up with an FPI after an interaction of the company's Chairman and MD with media personnel, the company clarified, in an exchange filing on the night of 21 May, that no such plans are under consideration at the moment.

The company stated, "Today, many news websites i.e. Times Now, India TV, Business Standard, the Print etc. have reported that the Indian Renewable Energy Development Agency Limited (IREDA) is planning a Follow-on Public Offer (FPO).

In this regard, this is to inform you that this information appears to be based on the recent interaction of Shri Pradip Kumar Das, CMD, IREDA, with journalists at the Company's Registered Office, New Delhi wherein a general discussion was held regarding the Sector and Company Outlook. Considering renewable energy sector financing requirements, Mr. Das has just offered his view that IREDA may come up with Perpetual Debt Instruments (PDI)/FPO in the future keeping in view the business requirements of the Company. However, we would like to clarify that the Company has not made any decision regarding FPO. The Company will take up the matter with the Board of Directors and the Government of India at the appropriate time."

"The Company states that the reported information in media is not correct," it added.

22 May 2024, 11:02:05 AM IST

Sensex Today Live : 11 am market update

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 11 am, Sensex was up 109.77 points, or 0.15%, at 74,063.08 and Nifty was up 25.95 points, or 0.12%, at 22,555.

22 May 2024, 10:53:48 AM IST

Sensex Today Live : PNC Infratech bags two road projects of MSRDC for an aggregate amount of ₹4,994 crore; shares jump more than 10%

Sensex Today Live : PNC Infratech announced on May 21 that it has bagged two road projects of MSRDC for an aggregate amoung of 4,994 crore.

The projects involve the construction of access controlled Pune Ring Road on EPC mode for an amount of 2,486 crore, while the other project is for the construction of access controlled Expressway Connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded for an amount of 2,508 crore.

22 May 2024, 10:29:18 AM IST

Sensex Today Live : Cipla receives final approval for stomach tumor drug Lanreotide injection; shares climb

Sensex Today Live : Cipla today announced that its wholly owned subsidiary Cipla USA Inc. has received the final approval for its Abbreviated New Drug Application (ANDA) for Lanreotide Injection 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL from the US FDA.

Cipla’s Lanreotide Injection is AP-rated therapeutic equivalent generic version of Somatuline Depot (lanreotide) Injection, the company said in an exchange filing.

Lanreotide Injection is supplied as 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL single-dose, pre-filled, ready-toinject syringe.

Cipla’s Lanreotide injection is indicated for the treatment of patients with Acromegaly and Gastroenteropancreatic Neuroendocrine Tumors (GEP-NETs).

22 May 2024, 10:23:30 AM IST

Sensex Today Live : SpiceJet to seek refund of ₹450 crore from former promoter Kalanithi Maran after Delhi High Court rules in its favour in share transfer case; shares climb

Sensex Today Live : SpiceJet will seek a refund of 450 crore out of the 730 crore it has already paid to former promoter Kalanithi Maran and his firm, KAL Airways, following the Delhi High Court’s order on May 17.

The Division Bench of the Delhi High Court ruled on May 17 in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.

SpiceJet has paid a total of 730 crore, comprising 580 crore in principal along with an additional 150 crore towards interest to Maran and KAL Airways. With the setting aside of the impugned order, SpiceJet is set to receive a refund of 450 crore.

22 May 2024, 10:17:55 AM IST

Sensex Today Live : Suzlon Energy secures new orders of 402 MW from Juniper Green Energy for the 3 MW series; shares jump 5%

Sensex Today Live : Suzlon Group today announced new order wins for the development of 402 MW wind energy projects for Juniper Green Energy. Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan, the company said in an exchange filing.

These are repeat orders from the customer for the company's larger rated 3 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines and execute the project including foundation, erection, and commissioning. Suzlon will also undertake comprehensive operations and maintenance services post‐commissioning, the company added.

22 May 2024, 10:15:11 AM IST

Sensex Today Live : Strides Pharma receives US FDA approval for stomach ulcer medicine Sucralfate Oral Suspension

Sensex Today Live : Strides Pharma Science today announced that its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for the generic version of Sucralfate Oral Suspension, 1gm/10 mL, from the US FDA.

The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Carafate 1gm/10mL of AbbVie, the company said in an exchange filing. Sucralfate is used to treat stomach ulcers, gastroesophageal reflux disease (GERD), radiation proctitis, and stomach inflammation and to prevent stress ulcers, it added.

Sucralfate Oral Suspension, 1gm/10 mL has a market size of around $ 124 million, as per IQVIA (March 2024). The Sucralfate Oral Suspension, 1gm/10 mL will be manufactured at the company’s flagship facility in KRS Gardens in Bangalore, India, the company said.

22 May 2024, 10:03:37 AM IST

Sensex Today Live : 10 am market update

Sensex Today Live : Indian benchmark indices were trading in the green after dipping momentarily into the red on Wednesday, led by positive cues from global peers.

At 10 am, Sensex was up 114.11 points, or 0.15%, at 74,067.42 and Nifty was up 26.45 points, or 0.12%, at 22,555.50.

22 May 2024, 10:03:26 AM IST

Sensex Today Live : Sector Indices Heat Map

Sensex Today Live : Barring FMCG, Realty and IT, which were up 1.14%, 1.77% and 0.53% respectively, only Consumer Durables and Oil & Gas indices were trading in the green. Rest all other sectoral indices were trading in the red,

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22 May 2024, 09:58:20 AM IST

Sensex Today Live : Broader market indices heat map

Sensex Today Live : The broader market were trading in the red, with the BSE MidCap index down 0.22% and the BSE SmallCap index down 0.19%.

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22 May 2024, 09:56:53 AM IST

Sensex Today Live : Gainers and Losers on Nifty

Sensex Today Live : 20 of the 50 stocks on the Nifty 50 were trading in the green. Britannia Industries, Hindustan Unilever, Coal India, UltraTech Cement, and Reliance Industries were the top gainers, while Hindalco Industries, BPCL, Power Grid Corp., Sun Pharma, and JSW Steel, were the top drags.

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22 May 2024, 09:54:45 AM IST

Sensex Today Live : Gainers and Losers on Sensex

Sensex Today Live : 10 of the 30 stocks on the BSE Sensex were trading in the green. Hindustan Unilever, Reliance Industries, UltraTech Cement, ITC and Nestle India, were the top gainers, while Sun Pharma, SBI, JSW Steel, Power Grid Corp., and Tata Steel were the top drags. 

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22 May 2024, 09:47:20 AM IST

Sensex Today Live : IRCON International shares down 4.7% after company posts 3.8% decline in Q4 net profit

The company reported a 3.8% decline in its consolidated net profit to 246.8 crore for Q4FY24. However, the company reported a 19% increase in net profit to 929 crore for FY24.

22 May 2024, 09:45:49 AM IST

Sensex Today Live : Sun Pharma shares down 1.5% before company reports Q4FY24 results

Sensex Today Live : The company is expected to post a 22% increase in earnings in Q4 when it reports its March 2024 quarter results on May 22, driven by strong sales of its specialty drugs, contribution from blockbuster generic cancer drug Revlimid and resilient growth in the domestic market. The company’s Q4 net profit is likely to climb to 2,412.60 crore from 1,984.50 crore in the year ago period. Revenue is likely to grow almost 12% to 12,241.25 crore from 10,930.60 crore a year earlier. Sun Pharma’s high-margin, low-competition speciality segment will continue to drive growth in Q4.

22 May 2024, 09:40:07 AM IST

Sensex Today Live : Paytm posts Q4 net loss at ₹550 crore; shares down

Sensex Today Live : Paytm reported a net loss of 550 crore in Q4FY24

Revenue down by 2.9% YoY to 2,267.10 crore

22 May 2024, 09:37:14 AM IST

Sensex Today Live : Arvind Fashions shares down more than 2% after company reports 39% increase in Q4 net profit

Sensex Today Live : The company reported a 39.09% increase in consolidated net profit to 39.67 crore for the March quarter. AFL’s revenue from operations was up 3.66% to 1,093.85 crore during the quarter.

22 May 2024, 09:35:38 AM IST

Sensex Today Live : Bhilwara Technical Textiles shares jump 10% after company reports 214% YoY increase in Q4 net profit

Sensex Today Live : The company reported a substantial growth of 214.49% YoY, reaching 3.1 crore in net profit. The company’s revenue surged by 32.58% compared to the preceding quarter.

22 May 2024, 09:34:15 AM IST

Sensex Today Live : Metropolis Healthcare shares up nearly 5% after company reported 9.2% increase in Q4 net profit

Sensex Today Live : The company reported a 9.2% YoY rise in consolidated net profit at 36 crore for Q4FY24. Revenue came in at 313 crore, up 11% from the year-ago quarter’s 282 crore.

22 May 2024, 09:33:08 AM IST

Sensex Today Live : JK Tyre and Industries shares up more than 6% after company posted 56% rise in Q4 net profit

Sensex Today Live : The company posted a 56% rise in consolidated net profit on sustained demand for Q4FY24 at 169.33 crore. The firm’s revenue from operations rose 1.8% to 3,698.45 crore.

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