Nifty, Sensex Directionless - Weekly Closing Report
Moneylife Digital Team 26 April 2024
The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
On Friday, Indian markets saw a reversal in fortune as they snapped a 5-day winning streak amidst a volatile trading session. The Sensex closed down by 609.28 points or 0.82% at 73,730.16, while the Nifty declined by 150.30 points or 0.67% to settle at 22,420.
 
The US economy witnessed its slowest pace of economic growth in nearly two years during the last quarter, coupled with inflation figures surpassing Wall Street estimates. According to Bloomberg estimates, GDP in Q1 grew at an annualized pace of 1.6%, missing the expected 2.5% growth. This development led to a downturn in the US market, with the Dow Jones ending 375 points lower at 38,085, the Nasdaq slipping 101 points to 15,611, and the S&P 500 losing 23.21 points to 5048.2.
 
The unexpected surge in the US core PCE price index, along with weaker-than-forecasted GDP growth and spikes in Treasury yields, significantly impacted market sentiments. Investors are increasingly concerned about the potential for a looming recession in the US. In contrast, Indian markets lagged behind their Asian and European counterparts due to concerns regarding high valuations and lackluster Q4 earnings. This has fueled expectations of downward revisions for FY24-25 earnings in India.
 
In other news, the weather department issued a warning regarding severe heat wave conditions expected to prevail over large parts of eastern India and the gangetic plain in the coming days. IMD's DS Pai mentioned in a conversation with the media that this year could potentially be the warmest ever recorded, surpassing the record set in 2023. Mumbai, in particular, is facing its second heat wave advisory in two weeks, with IMD projecting hot and humid conditions for the near future.
 
New Ventures/ Capacity Expansion 
 
Tata Motors has inaugurated a new commercial vehicle spare parts warehouse in Guwahati. The state-of-the-art facility is fully digitalised and spans across 1 lakh square feet, stocking spare parts for the entire commercial vehicle portfolio. The addition of the new facility will enable the company faster turnaround times and easier availability of spares at Tata Authorised Service Stations in the North East.
 
SJVN has inaugurated India's first Multi-purpose (Combined Heat & Power) Green Hydrogen Pilot Project at SJVN’s 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh. The green hydrogen produced from the project will be utilized for High Velocity Oxygen Fuel (HVOF) Coating Facility of NJHPS for meeting its combustion fuel requirements. 
 
PG Electroplast’s wholly-owned subsidiary -- PG Technoplast has unveiled its new marquee air conditioning manufacturing facility for North India in Bhiwadi, Rajasthan. 
 
UltraTech Cement acquired a grinding unit from India Cements for Rs315 crore and it will invest an additional Rs504 crore to expand capacity of two units
 
Escorts Kubota’s Agri Machinery Business Division is all set for increasing the prices of its tractors effective May 1, 2024 onwards.
 
Prudential Sugar Corporation entered into a Memorandum of Understanding (MoU) with The Failte Ventures Group, Ireland for floating a Joint Venture Company for the purpose of setting up Solar Panel Manufacturing facility in India with a capacity of 500 MW per annum.
 
Lupin launched Mirabegron Extended-Release Tablets, 25 mg, in the United States, after having received an approval from the United States Food and Drug Administration (USFDA).
 
Zydus Lifesciences wholly-owned subsidiary -- Sentynl Therapeutics, Inc. (Sentynl) has received marketing authorisation from the UK Medicines and Healthcare products Regulatory Agency (MHRA) for NULIBRY (fosdenopterin) for Injection as the first therapy for the treatment of patients in Great Britain (GB) with Molybdenum Cofactor Deficiency (MoCD) Type A.
 
Landmark Cars signed a Letter of Intent (LoI) with Mahindra & Mahindra for opening three showrooms and four workshops in Hyderabad.
 
Tata Power Company’s subsidiary - Tata Power Renewable Energy’s (TPREL) wholly-owned subsidiary -- Tata Power Solar Systems (TPSSL) has entered into strategic partnership with Indian Bank, a leading public sector bank in India to bolster the adoption of solar rooftop among residential consumers. 
 
Redtape commenced online operational activity from its new warehouse situated at Bhiwandi, Thane, Maharashtra with effect from April 22, 2024.
 
Easy Trip Planners (EaseMyTrip) unveiled the Easy Summer Sale, a special summer sale that promises extensive discounts across a wide range of travel services.
 
Exhicon Events Media Solutions signed the Share Purchase Agreement (SPA) with United Helicharters (Target/ UHPL) and Gulf Helicopters Company Q.S.C, a unit of Qatar General Petroleum Corporation, a Doha, State of Qatar based Company (Seller) for acquisition of 89.99% of the Equity Share of United Helicharters.
 
Sudarshan Chemical Industries launched a new product ‘Sumica Gold 42631’ on April 23, 2024 for domestic and international markets.
 
Paisalo Digital received approval for the issuance of Secured Rated Listed Redeemable Non-Convertible Debentures (NCDs) aggregating upto Rs30 crore through Private Placement basis.
 
Lupin received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Aurangabad manufacturing facility.
 
Indian Hotels Company (IHCL) opened a Vivanta hotel in Jamshedpur, Jharkhand.
 
Tata Motors has filed 222 patents and 117 designs applications during the year FY23-24.
 
Power Grid Corporation of India has inked a pact to infuse funds and take a 50% stake in crisis-hit National High Power Test Laboratory (NHPTL).
 
Nestle India has received approval for execution of agreement with Dr. Reddy’s Laboratories (Dr. Reddy’s) to form a joint venture and to bring together the well-known global range of nutritional health solutions as well as vitamins, minerals and health supplements.
 
Brigade Group and IHG Hotels & Resorts, a global hospitability company, have signed a management agreement to debut the InterContinental brand in Telangana - InterContinental Hyderabad Neopolis.
 
United States Food and Drug Administration (USFDA) has concluded its audit at Jubilant Pharmova’s step down subsidiary -- Jubilant Draximage Inc’s Radiopharmaceutical manufacturing facility located at Montreal, Canada.
 
RITES has signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate for Project Management Consultancy for rail infra works.
Order Wins
 
Lloyds Engineering works secured orders for naval equipment, marking an important milestone in the company's growth trajectory. The orders, valued at over Rs81 crore, encompass Ship steering gears System and Ship stabiliser systems, and are slated for execution over the course of three years.
 
Ajooni Biotech received the second order from Avon Animal Health.
 
Welspun Corp received multiple line pipe orders, both in India & USA, cumulatively valued at around Rs872 crore since its last disclosure made on March 22, 2024. It also received a binding Letter of Award (LOA) for export of line pipes from India. The contract, valued around Rs611 crore is for supply of LSAW Pipes, Coating and Bends in Latin America.
 
Pavna Industries inked an agreement with OLA Electric to supply ignition switches and latches.
 
Vikas Lifecare secured orders for its Agro Products Division. The division has bagged an order for rice, valued about Rs 50 crore, bolstering its presence in the premium and organic rice segments.
 
JSW Energy’s wholly owned subsidiary -- JSW Neo Energy has received Letter of Award (LoA) for setting up 700 MW ISTS connected Solar Power Project from NTPC against Tariff based Competitive Bid invited for setting 1,500 MW ISTS-connected Solar Power Projects (NTPC-ISTS-II).
 
KP Energy received new order for development of 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat.
 
Rail Vikas Nigam’s (RVNL) (+3.12%) joint venture (JV) -- KRDCL- RVNL JV has emerged as the lowest bidder (L1) from Southern Railway for Redevelopment of Thiruvananthapuram Central Railway Station on Engineering, Procurement and Construction (EPC) mode. The project cost is Rs438.95 crore. The said order is expected to be executed within 42 months.
 
GPT Infraprojects (GPT) bagged order worth Rs487 crore for construction of new BG line from chainage 52500 to 83200 in Solapur-Osmanabad section of Solapur Division of Central Railway.
 
Investments/ Acquisitions/ Mergers/ Stake sale/ Fund Raising
 
Solara Active Pharma Sciences has completed sale of 100% shareholding in SeQuent Penems to M/s. Symbio Generrics India. 
 
Sandur Manganese & Iron Ores has received approval from board of directors for strategic business acquisition through purchase of 80% equity share capital of Arjas Steel (ASPL).
 
Genus Power Infrastructures entered into Share Purchase Agreement (SPA) with Gemstar Infra Pte for transfer of 100% equity shares being held by Genus Power Infrastructures in its wholly owned subsidiary namely Hi-Print Metering Solutions (HPMSPL).
 
Manappuram Finance received approval for raising up to $500 million (about Rs4,100 crore) by way of external commercial borrowings (ECBs).
 
Aditya Birla Fashion and Retail (ABFRL) received approval for vertical demerger of Madura Fashion and Lifestyle business (MFL Business) from ABFRL into a newly incorporated company named  Aditya Birla Lifestyle Brands (ABLBL), which will be listed separately on completion of the demerger.
 
Patanjali Foods incorporated two Wholly Owned Subsidiary (WOS) companies namely, ‘Contemporary Agro’ and ‘Rishikrishi Farming’ in India.
 
Max Healthcare Institute acquired additional 7,76,601 equity shares of Sandhya Hydro Power Projects Balargha (Sandhya Hydro) at par for a consideration of Rs 77,66,010 representing around 3.33% equity stake. Post this investment, the Company holds around 5.51% equity stake in Sandhya Hydro.
 
Panorama Studios International has acquired 10% stake in NY Cinemas
 
PSP Projects launched a qualified institutional placement (QIP) with a floor price of Rs682.59 per share.
 
Patel Engineering (PEL) launched a qualified institutional placement (QIP) with a floor price of Rs59.50 apiece.
 
Century Plyboards (India) completed disposal and transfer of its entire stake in Century Ply (Singapore) (CSPL).
 
HIL acquired the entire equity share capital of Crestia Polytech at an all-cash consideration of Rs158.44 crore.
 
Ambuja Cements completed the acquisition of My Home Group's 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu.
 
Puravankara’s wholly owned subsidiary -- Provident Housing has secured Rs1,150 crore investment from HDFC Capital.
 
Veranda Learning Solutions has signed a business transfer agreement with Logic Management Training Institutes through its Subsidiary Veranda XL Learning Solutions.
 
Other
 
The Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to cease and desist, with immediate effect, from onboarding of new customers through its online and mobile banking channels and issuing fresh credit cards.
 
Earnings
 
K.P. Energy: Net Sales was Rs206 crore in Q4FY24 up 40% YoY (Rs147 crore). Net Profit was Rs25.4 crore in Q4FY24 up 61% YoY (Rs15.8 crore)
 
Persistent System Ltd: Net Sales was Rs2,591 crore in Q4FY24 up 15% YoY (Rs2,254 crore). Net Profit was Rs315 crore in Q4FY24 up 25% YoY (Rs252 crore).
 
HDFC Bank Ltd: Net Sales was Rs79,434 crore in Q4FY24 up 67% YoY (Rs47,548crore). Net Profit was Rs18,013 crore in Q4FY24 up 40% YoY (Rs12,634 crore).
 
Tejas Networks: Net Sales was Rs1,327 crore in Q4FY24 up 343%YoY (Rs299  crore). Net Profit was Rs147 crore in Q4FY24 up 1380% YoY (Rs -11.5 crore)
 
Reliance Industries: Net Sales was Rs2,36,533 crore in Q4FY24 up 11% YoY (Rs2,12,834  crore). Net Profit was Rs21,243 crore in Q4FY24 down  1% YoY (Rs21,327  crore)
 
Aditya.Birla Money: Net Sales was Rs114 crore in Q4FY24 up 73% YoY (Rs65.9 crore). Net Profit was Rs16.5 crore in Q4FY24 up 123% YoY (Rs7.37 crore)
 
Hatsun Agro: Net Sales was Rs2,047 crore in Q4FY24 up    14% YoY (Rs1,789 crore). Net Profit was RS52.2 crore in Q4FY24 up   109 % YoY (Rs25 crore)
 
Piccadily Agro: Net Sales was Rs269 crore in Q4FY24 up 35% YoY (Rs200    crore). Net Profit was Rs43.3 crore in Q4FY24 up 818% YoY (Rs4.72 crore)
 
Tata ELxsi: Net Sales was Rs906 crore in Q4FY24 up 8% YoY (Rs838   crore). Net Profit was Rs197 crore in Q4FY24 down 2% YoY (Rs202 crore).
 
Equitas Small Finance Bank: Net Sales was Rs1,445 crore in Q4FY24 up 25% YoY (Rs1,156 crore). Net Profit was Rs208 crore in Q4FY24 up 9% YoY (Rs190   crore).
 
360 ONE: Net Sales was Rs792 crore in Q4FY24 up 64% YoY (Rs482 crore). Net Profit was Rs243 crore in Q4FY24 up 56% YoY (Rs155 crore).
 
Tata Consumer Product: Net Sales was Rs3,927 crore in Q4FY24 up 9% YoY (Rs3,619  crore). Net Profit was Rs212 crore in Q4FY24 down 25% YoY (Rs290 crore).
 
ICICI Prudential Life Insurance Company Ltd: Net Sales was Rs22,482  crore in Q4FY24 up 105% YoY (Rs10,984 crore). Net Profit was Rs174 crore in Q4FY24 down 26% YoY (Rs235 crore).
 
DCB Bank: Net Sales was Rs1,445 crore in Q4FY24 up 22% YoY (Rs1,179  crore). Net Profit was Rs156 crore in Q4FY24 up 9% YoY (Rs142 crore).
 
Multi Commodity Exchange of India Ltd: Net Sales was Rs181 crore in Q4FY24 up 35% YoY (Rs134 crore). Net Profit was Rs87.9crore in Q4FY24 up 1512% YoY (Rs5.45 crore).
 
Welspun Living: Net Sales was Rs2,575 crore in Q4FY24 up 20% YoY (Rs2,154 crore). Net Profit was Rs131 crore in Q4FY24 up 4% YoY (Rs129 crore)
 
Kirloskar Pneumatic: Net Sales was Rs490 crore in Q4FY24 up 36% YoY (Rs360 crore). Net Profit was Rs60.2crore in Q4FY24 up 106% YoY (Rs32.2 crore).
 
Enkei Wheels: Net Sales was Rs222 crore in Q4FY24 up 67% YoY (Rs132 crore). Net Profit was Rs8.87crore in Q4FY24 up 302% YoY (Rs-4.40 crore)
 
Nestle India: Net Sales was Rs5,268 crore in Q4FY24 up 9% YoY (Rs4,831 crore). Net Profit was Rs934 crore in Q4FY24 up 26% YoY (Rs737 crore)
 
Paisalo Digital: Net Sales was Rs195 crore in Q4FY24 up 66% YoY (Rs118 crore). Net Profit was Rs36.6 crore in Q4FY24 up 55% YoY (Rs20.7 crore)
 
Quick Heal Technologies: Net Sales was Rs80 crore in Q4FY24 up 62% YoY (Rs49.3 crore). Net Profit was Rs14 crore in Q4FY24 up 311% YoY (Rs-6.64 crore)
 
Bajaj Finance: Net Sales was Rs14,931.98  crore in Q4FY24 up 31% YoY (Rs11,367.54 crore). Net Profit was Rs3,824.53  crore in Q4FY24 up 21% YoY (Rs3,157.79  crore)
 
Other
 
Sudardshan Chemicals attracted buying as Heubach GmbH of Germany, the world’s second largest pigments company required to file for insolvency. Sudarshan Chemicals is the world’s third largest.
 
Top Gainers and Losers of the major indices for the week are given in the table below:
 
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