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Indices end with minor gains, Nifty closes above 17,750

Published on Apr 25, 2023 15:48

The frontline indices ended a volatile session with minor gains on Tuesday. The Nifty settled above the 17,750 mark after hitting the day`s low of 17,716.85 in early trade. PSU bank, oil & gas and metal shares advanced while consumer durables, media and financial services stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, extended its winning streak for the fourth consecutive session, rising 74.61 points or 0.12% to 60,130.71. The Nifty 50 index added 25.85 points or 0.15% to 17,769.25.

In the broader market, the S&P BSE Mid-Cap index ended flat while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,888 shares rose and 1,641 shares fell. A total of 120 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Mankind Pharma received bids for 21.20 lakh shares as against 2.80 crore shares on offer, according to stock exchange data at 15:24 IST on Tuesday (25 April 2023). The issue was subscribed 0.08 times.

The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index rose 1.31% to 4,036.35, extending gains for the second day in a row. The index rallied 3.95% in two trading sessions.

Bank of Baroda (up 2.11%), Central Bank of India (up 1.48%), Indian Bank (up 1.39%), Canara Bank (up 1.37%), State Bank of India (up 1.14%), Punjab National Bank (up 1.12%), UCO Bank (up 1.09%), Bank of India (up 0.44%), Indian Overseas Bank (up 0.41%) and Union Bank of India (up 0.2%) edged higher.

On the other hand, Punjab & Sind Bank (down 0.76%) and Bank of Maharashtra (down 0.66%) corrected.

Stocks in Spotlight:

Nestle India shed 0.03%. The FMCG major reported 24.69% jump in net profit to Rs 736.64 crore on 21% rise in revenue from operations to Rs 4,830.53 crore in Q1 CY23 over Q1 CY22.Total sales increased by 21.34% year on year to Rs 4,808.4 crore in Q1 CY23. Domestic sales and export sales for the quarter ended March 2023 rose by 21.2% and 24.92% respectively.

HDFC Asset Management Company fell 0.80%. The asset management company reported 9.5% jump in net profit to Rs 376.20 crore on 9.79% increase in total income to Rs 637.81 crore in Q4 FY23 over Q4 FY22. The AMC had a QAAUM (quarterly average assets under management) of Rs 4,49,800 crore as of 31 March 2023 compared to Rs 4,32,100 crore as on 31 March 2022 and its market share was 11.1% in QAAUM of the mutual fund industry.

Larsen & Toubro (L&T) rose 0.52% after the company announced that its Power Transmission & Distribution business has secured `significant` orders in India and overseas. As per L&T classification, the value of the large project is Rs 1,000 crore to Rs 2,500 crore. The business has secured orders to develop distribution infrastructure in two discom circles of western Rajasthan and a power supply system order for the second phase of Chennai Metro.

Sun Pharmaceutical Industries fell 0.73%. The pharma major said that one of its wholly owned subsidiaries has launched a novel ophthalmology treatment, CEQUA, in India for patients who have dry eye disease (DED).

Oil India declined 0.33%. Fitch Ratings has affirmed Oil India`s long-term foreign-currency issuer default rating (IDR), senior unsecured rating and the rating on its outstanding senior unsecured debt at `BBB-`. The outlook on the IDRs is `stable`, the credit rating agency said.

IndiaMART InterMESH gained 1.85% after the company said that its board will meet on Friday, 28 April 2023 to consider the proposal of bonus issue.

Persistent Systems added 0.61% .The IT company recorded 5.7% increase in consolidated net profit to Rs 251.51 crore on a 3.9% rise in revenue to Rs 2,254.47 crore in Q4 FY23 over Q3 FY23. As compared with Q4 FY22, the company`s net profit and revenue are higher by 25.1% and 37.6%, respectively. The order booking for the quarter ended on 31 March 2023 was at $421.6 million in total contract value (TCV) and at $310.4 million in annual contract value (ACV) terms.

Century Textiles & Industries slipped 3.33%. The Aditya Birla Group company`s consolidated net profit jumped 68.8% to Rs 145.27 crore in Q4 FY23 as against Rs 84 crore posted in Q4 FY22. Net sales declined marginally to Rs 1,186.76 crore in Q4 FY23 from Rs 1,188.22 crore recorded in corresponding quarter previous year.

IIFL Securities jumped 7.67% after the stockbroker reported 9.4% rise in consolidated net profit to Rs 86.34 crore on a 15.9% increase in revenue from operations to Rs 401.90 crore in Q4 FY23 over Q4 FY22. During the financial year 2022-2023, the assets under management and custody stood at Rs 1,24,573 crore.

Ipca Laboratories tumbled 10% while Unichem Laboratories rose 1.14%. Ipca Laboratories slipped 9.43% to Rs 747.70 after the pharma company said that it has entered into a definitive share purchase agreement for acquisition of 33.38% of share capital in Unichem Laboratories aggregating to Rs 1,034.06 crore. Ipca will acquire 2,35,01,440 fully paid-up equity shares from one of its promoter shareholder at a price of Rs 440 per equity share aggregating to Rs 1,034.06 crore.

Tata Teleservices (Maharashtra) lost 2.05%. The company has reported a net loss of Rs 277.07 crore in Q4 FY23 as against a net loss of Rs 280.62 crore posted in Q4 FY22. Revenue from operations stood at Rs 280.13 crore in Q4 FY23, up 2.7% from Rs 272.78 crore recorded in the same period a year ago.

Welspun India advanced 2.64%. Welspun India said that the meeting of the board of directors of the company is scheduled on 27 April 2023 to consider buyback of equity shares.

Anupam Rasayan India rallied 4.45% after the company signed letter of intent (LoI) worth revenue of $46 million (Rs 380 crore) with American multinational company to supply new age specialty chemical advance intermediate for next 5 years. This product will be manufactured in the upcoming multipurpose manufacturing facilities, said the speciality chemical maker.

NELCO surged 13.04% after the company reported a consolidated net profit of Rs 5.66 crore in Q4 FY23, which is higher by 87% as compared with Rs 3.03 crore in Q4 FY22. Revenue from operations during the quarter increased by 14% YoY to Rs 81.98 crore.

Meghmani Finechem dropped 5.92% after the company`s consolidated net profit declined 23% to Rs 76.73 crore in Q4 FY23 from Rs 99.18 crore in Q4 FY22. Revenue from operations increased by 13% YoY to Rs 562.17 crore in the fourth quarter.

Global Markets:

The Dow Jones futures were down 155 points, indicating a negative opening in the US stock market today.

Markets in Europe and Asia declined on Tuesday, as investors react to a slew of corporate earnings announcements. Markets in Australia and New Zealand are closed for a holiday.

Meanwhile, South Korea`s gross domestic product climbed 0.8% in the first quarter compared with a year ago, according to advance estimates from the country`s central bank. On a quarter-on-quarter basis, South Korea`s GDP expanded by 0.3%.

US stocks closed mixed on Monday as investors braced for mega tech earnings and economic data.

Investors attention is back on wider banking sector jitters after U.S. regional bank First Republic said Monday that deposits fell by 40.8% to $104.5 billion in the first quarter, worse than market expectations. The bank added they have since stabilized.

Focus this week is on first quarter results from Amazon, Facebook owner Meta, Google-parent Alphabet and Microsoft. Economic data on housing, industrial output and first quarter GDP are also to be released this week.

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