Nifty, Sensex Lacking Trigger for a Rally - Wednesday Closing Report
Moneylife Digital Team 24 April 2024
On Wednesday, 2253 stocks advanced, 1567 declined and 109 remained unchanged, on the Bombay Stock Exchange (BSE) with an advance decline ratio of 1.43, indicating positive closing of stocks in broader markets. The trend of the major indices on Wednesday’s trading is given in the table below. 
 
 
On NSE, 150 securities advanced and closed at a new 52-week high whereas 6 securities sank to close at their new 52-week lows. In sectoral indices, Nifty IT, Nifty PSU Bank and Nifty Media among the biggest losers. Nifty Metal, Nifty Pharma and Nifty Infrastructure among the biggest gainers.
 
Chennai Petroleum Corporation's shares soared by over 15% on 24 April  following its announcement of a 72% sequential increase in profit for the quarter ending March 31, along with a dividend of Rs55 per share, as disclosed in an exchange filing. Closing at Rs1070.45 on the BSE on 24 April, the stock witnessed a significant surge of 15.38%.In the Q4FY23-24, the company's net profit surged by 71.9% to Rs627.89 crore compared to Rs365.28 crore in the preceding December quarter. However, this figure was lower than the Rs1,012.81 crore reported in the corresponding period of the previous year. Additionally, it announced a dividend payout of Rs55 per share.
 
Exhicon Events Media Solutions (-3.45%) 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) on the April 23, 2024 for acquisition of 89.99% of the Equity Share of United Helicharters.
 
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 Rs 438.95 crore (Incl GST). The said order is expected to be executed within 42 months.
 
Sudarshan Chemical Industries (+2.92%) launched a new product ‘Sumica Gold 42631’ on April 23, 2024 for domestic and international markets.
 
Paisalo Digital (-1.99%) received approval for the issuance of Secured Rated Listed Redeemable Non-Convertible Debentures (NCDs) aggregating upto Rs 30 crore through Private Placement basis.
 
Century Plyboards (India) (+0.16%) completed disposal and transfer of its entire stake in Century Ply (Singapore) (CSPL) on April 23, 2024.
 
HIL (-0.56%) acquired the entire equity share capital of Crestia Polytech at an all-cash consideration of Rs 158.44 crore.
 
GPT Infraprojects (GPT) (+9.68%) bagged order worth Rs 487 crore for construction of new BG line from chainage 52500 to 83200 in Solapur-Osmanabad section of Solapur Division of Central Railway.
 
Ambuja Cements (+1.57%) completed the acquisition of My Home Group's 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu on April 22, 2024.
 
Lupin (-0.16%) received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its Aurangabad manufacturing facility.
 
Welspun Corp (+2.01%) received a binding Letter of Award (LOA) for export of line pipes from India. The contract, valued around Rs 611 crore is for supply of LSAW Pipes, Coating and Bends in Latin America.
 
Indian Hotels Company (IHCL) (+0.74%) opened a Vivanta hotel in Jamshedpur, Jharkhand.
 
Earnings:
Tata ELxsi (-4.67%): 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 Smal Finance Bank (-2.78%): 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 (+4.17%); 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 (-5.61%): 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 (-3.01%): 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 (+12.99%): 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 (-4.54%): 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).
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
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