Auspicious portents herald the dawn of the trading week for Indian equity indices BSE Sensex and NSE Nifty 50, as GIFT Nifty forecasts a favorable opening on Monday. Let us delve into the notable equities commanding attention in the market fray.
Market Insight: GIFT Nifty’s ascent by a mere 112 points, equivalent to 0.50%, to a pinnacle of 22,693 signifies a promising inauguration for the domestic indices NSE Nifty 50 and BSE Sensex come Monday. Last Friday, NSE Nifty 50 concluded its session with a downturn of 172.35 points, marking a decrease of 0.76% to rest at 22,475.85, while BSE encountered a plunge of 732.96 points or 0.98%, settling at 73,878.15.
Analysis: The current market ambiance is tinged with profit-taking maneuvers and a palpable sense of circumspection in anticipation of the US non-farm payroll release. Despite this, the absence of notable adverse developments in Q4 earnings thus far, coupled with a downturn in oil prices, may serve to alleviate potential downturns, as opined by Vinod Nair, Head of Research at Geojit Financial Services. Nair further notes that while the market correction manifests across various sectors, the premier large-cap equities notably falter, largely attributed to the waning interest of Foreign Institutional Investors (FIIs) in the domestic sphere.
Market Watch – May 8, 2024: Britannia Industries: In Q4FY24, Britannia Industries observed a marginal uptick in revenue, surging to Rs 4,069 crore, representing a 1.14% escalation from the preceding period’s Rs 4,023 crore. Conversely, EBITDA witnessed a downturn of 1.67% to Rs 787 crore from Rs 801 crore, resulting in a reduction of 55 basis points in margins to 19.35% from 19.9%. Net profits mirrored this decline, dropping by 3.76% to Rs 537 crore compared to Rs 558 crore, with Britannia Industries declaring a dividend of Rs 73.5 per share.
Kotak Mahindra Bank: The fiscal period saw Net Interest Income (NII) cresting at Rs 6,909 crore, while the private sector lender reported a net profit of Rs 4,133.3 crore. During the quarter, provisions totaling Rs 157 crore were earmarked for AIF. However, write-offs amounting to Rs 1,455 crore in the retail and unsecured segments contributed to the Gross NPA. Notably, Gross NPA witnessed a decline to 1.39% from 1.73% in December, with Net NPA maintaining equilibrium at 0.34%.
Titan Company: Q4FY24 witnessed a robust upswing in Titan Company’s revenue, surging by 20.59% to Rs 12,494 crore from the preceding period’s Rs 10,360 crore. EBITDA tallied Rs 1,191 crore, marking a 9.36% increase compared to Rs 1,089 crore previously. However, margins experienced a marginal contraction of 97 basis points to 9.53% from the prior 10.51%. Net profits, however, soared by 4.75% to Rs 771 crore from Rs 736 crore.
Tata Technologies: The fiscal quarter recorded a modest uptick in Tata Technologies’ revenue, inching up by a mere 0.89% to Rs 1,301 crore from Rs 1,289 crore in the preceding quarter, while EBIT stood at Rs 211 crore, reflecting a 0.76% increase from Rs 209 crore. Margins, however, witnessed a slight dip of 2 basis points, settling at 16.21% compared to the previous 16.23%. Net profits, on the other hand, saw a decline of 7.62% to Rs 157 crore from Rs 170 crore, with the board recommending a final dividend of Rs 8.
Inox Wind: Q4FY24 heralded a meteoric rise in Inox Wind’s revenue, skyrocketing by 176.66% to Rs 528 crore from Rs 191 crore in the corresponding period. EBITDA soared to Rs 102.2 crore from the previous year’s loss of Rs 30.92 crore, with margins standing firm at 19.36%. The company reported a net profit of Rs 36.7 crore, a stark contrast to the loss of Rs 119.04 crore recorded in the previous year.
Adani Energy: The subsidiary of Adani Electricity Mumbai successfully concluded the acquisition of a 100% stake in Pointleap Projects.
HDFC Bank: The Reserve Bank of India (RBI) has accorded approval for the re-appointment of Atanu Chakraborty as the part-time chairman for a term of three years, effective from May 5.
Vodafone Idea: The strategic focus lies in bolstering the 4G network expansion across 17 pivotal circles as part of the overarching strategy to augment competitiveness.
Dr Reddy’s: The company has unveiled the introduction of Doxycycline capsules in the US market.
Life Insurance Corp: IRDAI has greenlit the replenishment of excess expenditures from policyholders’ accounts, effective from the first quarter of FY25 across diverse segments.
Aurobindo Pharma: From April 25 to May 3, the USFDA conducted an inspection of Unit II at the company’s Rajasthan facility and concluded with seven observations.
DCM Shriram: The Caustic Soda Expansion Project in Gujarat has been commissioned, solidifying the Bharuch complex’s status as the largest caustic soda facility in the nation, thereby driving economies of scale.
Yes Bank: CA Basque Investments divested 59.40 crore shares, amounting to 2.06% of shares, at Rs 24.27 apiece, while Goldman Sachs (Singapore) PTE.- ODI acquired 36.92 crore shares, representing 1.28% of shares, at Rs 24.26 apiece.
