Nifty, Sensex Facing Headwinds - Weekly Closing Report
Moneylife Digital Team 19 April 2024
The trends of the major indices in the course of the week’s trading are given in the table below:
 
 
After enduring a 4-day losing streak, Indian markets witnessed a significant bounce-back on Friday, driven by short covering and late buying in frontline banking stocks. This resurgence propelled the Sensex above the crucial 73,000 mark, showcasing resilience amidst global uncertainties.
 
Despite escalating tensions in West Asia and a strengthening dollar against major currencies leading to a global market plunge, Indian equities stood out by outperforming their international counterparts. Investors are eyeing India's long-term growth prospects, with ample capital poised to enter the domestic market after a healthy correction phase.
 
The rally was primarily fuelled by large-cap stocks, buoyed by the belief that the recent actions between Israel and Iran would not escalate further. However, concerns linger due to elevated oil prices, posing potential inflation risks. Meanwhile, gold prices surged due to increased safe-haven demand amid geopolitical tensions.
 
Foreign Institutional Investors (FIIs) continued their risk-averse approach, a trend observed since last week. This cautious stance aligns with global sentiment, which remains subdued due to a robust US economy and persistent inflation, dimming expectations of an imminent Fed rate cut.
 
While the large-cap segment drove the market recovery, mid and small caps faced weakness as Q4 earnings expectations remained modest. This dichotomy reflects ongoing market fragility amidst a complex global economic landscape.
 
As the market continues to navigate through uncertainties, investors are advised to stay vigilant, diversify their portfolios, and remain abreast of evolving global and domestic developments that could impact market dynamics.
 
New Ventures/ Capacity Expansion 
Thermax opened state-of-the-art manufacturing facility in Pune for water and wastewater treatment solutions.
 
Brigade Enterprises entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai with an investment of around Rs400 crore.
 
Ambuja Cements signed definitive agreement to acquire My Home Group's 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu.
 
Easy Trip Planners (EaseMyTrip) launched its first franchise store in Karnal, Haryana. This move is a part of the brand’s expansion plans through the franchise model, highlighting its commitment to providing its customers with superior experiences through both offline and online channels.
 
Prime Focus (PFL) incorporated step down subsidiary company in the name of ‘Brahma AI’ in England and Wales.
 
Sun TV Network is all set to commence transmission of its new Hindi General Entertainment Channel Sun Neo.
 
Sasken Technologies and JOYNEXT, a respected Tier1 player in the automotive industry, entered into strategic partnership to collaborate on the development and launch of cutting-edge platforms for both in-vehicle systems (navigation, digital cockpit and 5G telematics) and off-vehicle cloud and digital services leveraging emerging technologies for the automotive industry.
 
Shoppers Stop and Axis Bank launched their co-branded Credit Card - the Axis Bank Shoppers Stop Credit Card.
 
Aditya Birla Capital (ABC) launched its omni-channel D2C platform ABCD making ‘Everything Finance as Simple as ABCD’.
 
Steel Strips Wheels (SSWL) has signed alloy wheel supply agreement with a leading Passenger Vehicle (PV) Original Equipment Manufacturers (OEM) in India.
 
Caplin Point Laboratories subsidiary company -- Caplin Steriles (Caplin) has been granted final approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Ofloxacin Ophthalmic Solution USP 0.3% (eye drops), a generic therapeutic equivalent version of (RLD), OCUFLOX Ophthalmic Solution of Allergan Inc.
 
Som Distilleries & Breweries commissioned state-of-the-art wraparound packaging equipment at its Bhopal canning facility. 
 
Gokul Agro Resources’ wholly owned subsidiary -- Riya Agro Industries entered into a Memorandum of Agreement (MOA) with the Government of Andhra Pradesh represented by the Commissioner of Horticulture & Oil Palm Commissioner for Oil Palm Development programme in the Ananthapuramu district of Andhra Pradesh.
 
Bharti Airtel Dialog Axiata PLC (Dialog) and Axiata Group Berhad (Axiata) signed a definitive agreement to combine their operations in Sri Lanka.
 
Shilpa Medicare’s marketing partner -- Amneal Pharmaceuticals launched PEMRYDI RTU (Pemetrexed injection 10 mg/mL), the first ready-to-use pemetrexed formulation in the US market.
 
Aster DM Healthcare (Aster) and Malabar Institute of Medical Sciences (MIMS), a material subsidiary of Aster DM Healthcare, signed a definitive agreement on April 17, 2024, to acquire 26% stake in Oyster Green Hybrid Two.
 
Biocon signed an exclusive licensing and supply agreement with Biomm S.A., a specialty pharmaceutical company in Brazil, for the commercialization of its vertically integrated drug product, Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.
 
Order Wins
Ramkrishna Forgings has secured significant order for the prestigious Vande Bharat Train Set. This order, valued at Rs270 crore, is to be supplied to the BHEL-TRSL consortium, marking a pivotal moment in the company's journey towards excellence in rail infrastructure development.
 
Dynacons Systems & Solutions secured a significant contract worth Rs233 crore from the National Bank for Agriculture and Rural Development (NABARD).
 
Happy Forgings obtained an order from a leading global Tier 1 manufacturer of automobile driveline components and systems for supply of brake flanges for passenger vehicles (utility vehicles/ pickup trucks) subject to fulfillment of supply terms and conditions.
 
Gujarat Gas (GGL) and Indian Oil Corporation (IOCL) signed a non-binding Memorandum of Understanding (MOU) to broaden the scope and accessibility of energy solutions for consumers.
 
Ramkrishna Forgings secured approval to supply power train components to USA’s largest electric passenger vehicle producer.
 
Adani Enterprises’ step-down subsidiary -- Mumbai Travel Retail (MTRPL) completed the incorporation process of a joint venture (JV) company namely ‘KING POWER OSPREE PTE.’ (KPO) in Singapore on April 16, 2024 with KING Power international Pte., Singapore.
 
Talbros Automotive Components’ (TACL) Joint Venture Company (JV) -- Marelli Talbros Chassis Systems (MTCS) secured order from a large European OEM for a multi-year contract valued at around Rs1,000 crore.
 
Kamat Hotels opened their new hotel, The IRA by Orchid, Ayodhya in Uttar Pradesh. Power Mech Projects (+0.07%) received orders worth Rs232.03 crore.
 
Investments/ Acquisitions/ Mergers/ Stake sale/ Fund Raising
Mahindra & Mahindra (M&M) has approved acquisition of 26% stake in one or more tranches in the Paid-Up Equity Share Capital of Gelos Solren (Gelos).
 
Shilpa Medicare has raised Rs499.99 crore through qualified institutional placement (QIP) of equity shares.
 
Power Grid Corporation of India is planning to raise funds via issue of Unsecured, Non-Convertible, Non-Cumulative, Redeemable, Taxable Powergrid Bond Issue(s) during FY 2024-25 in one or more tranches/ series up to Rs12,000 crore on private placement.
 
Reliance Power has concluded the slump sale / transfer of its 45 MW Wind Power Project located at Vashpet, Maharashtra to JSW Renewable Energy (Coated) and the consideration amounting to Rs132.39 crore (net of TDS) has been received.
 
Hindustan Zinc has signed Memorandum of Understanding (MoU) with Bhopal-based VEXL Environ Projects for setting up a pilot project for converting waste products into usable resources.
 
Sula Vineyards completed acquisition of 100% equity of N D Wines.
 
Jio Financial Services BlackRock, Inc and BlackRock Advisors Singapore Pte (Blackrock) signed an agreement to form a 50:50 joint venture between the Company and Blackrock.
 
Sterlite Technologies raised Rs1000 crore through a Qualified Institutional Placement (QIP) route.
 
Cipla Health (CHL) the wholly owned subsidiary and consumer healthcare arm of Cipla, signed a business transfer agreement (BTA) for purchase of the distribution and marketing business undertaking of cosmetics and personal care business (Undertaking) of Ivia Beaute, India (IVIA) including IVIA’s brands namely Astaberry, Ikin and Bhimsaini on a worldwide basis.
 
Sterling Tools through its subsidiary signed a Memorandum of Understanding (MoU) with South Korea’s, Yongin Electronics Co., a major supplier of components to the Hyundai Kia Motor Group.
 
Power Grid Corporation of India received an approval for the raising of Bonds as Unsecured, Non-convertible, Non-cumulative, Redeemable, Taxable POWERGRID Bonds Issue(s) during FY 2024-25 in one or more tranches / series up to Rs12,000 crore.
 
Earnings
Anand Rathi Wealth: Net Sales was Rs184 crore in Q4FY24 up 29% YoY (Rs143 crore). Net Profit was Rs56.9 crore in Q4FY24 up 33% YoY (Rs42.7 crore)
 
TCS : Net Sales was Rs61,237 crore in Q4FY24 up 4% YoY (Rs59,162 crore). Net Profit was Rs12,502 crore in Q4FY24 up 9% YoY (Rs11,436 crore)
 
GTPL Hathway: Net Sales was Rs808 crore in Q4FY24 up 17% YoY (Rs692 crore). Net Profit was Rs16.0 crore in Q4FY24 up 462% YoY (Rs-10.7 crore)
 
HDFC Life Insurance Company Ltd : Net Sales was Rs28,041  crore in Q4FY24 up 34% YoY (Rs20,857 crore). Net Profit was Rs412 crore in Q4FY24 up 14% YoY (Rs362 crore)
 
Angel One: Net Sales was Rs1,357  crore in Q4FY24 up 64% YoY (Rs826 crore).
 
Net Profit was Rs340 crore in Q4FY24 up 27.34% YoY (Rs267 crore).
 
Tata Communications: Net Sales was Rs5,692 crore in Q4FY24 up 24% YoY (Rs4,569 crore). Net Profit was Rs322crore in Q4FY24 down 1.5% YoY (Rs327 crore)
 
Just Dial: Net Sales was Rs270 crore in Q4FY24 up 15% YoY (Rs233 crore). Net Profit was Rs116 crore in Q4FY24 up 38% YoY (Rs84 crore)
 
ICICI Securities: Net Sales was Rs1,543 crore in Q4FY24 up 74% YoY (Rs885 crore). Net Profit was Rs537 crore in Q4FY24 up 104% YoY (Rs263 crore)
 
Infosys: Net Sales was Rs37,923 crore in Q4FY24 up 1% YoY (Rs37,441 crore). Net Profit was Rs7,975 crore in Q4FY24 up 30% YoY (Rs6,134 crore)
 
Bajaj Auto: Net Sales was Rs11,555 crore in Q4FY24 up 29% YoY (Rs8,929 crore). Net Profit was Rs2,011 crore in Q4FY24 up 18% YoY (Rs1,705 crore)
 
Top Gainers and Losers of the major indices for the week are given in the table below:
 
 
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