Nifty, Sensex May Continue to Push Higher - Thursday Closing Report
Moneylife Digital Team 16 May 2024
On Thursday, after an extremely volatile session, 2040 stocks advanced, 1798 declined and 114 remained unchanged, with an advance decline ratio 1.13 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets. The trend of the major indices on Thursday’s trading is given in the table below.
 
 
On NSE, 115 securities advanced and closed at a new 52-week high whereas 14 securities sank to close at their new 52-week lows.  In sectoral indices, Nifty IT, Nifty Media and Nifty Infrastructure were among the biggest gainers. Nifty PSU bank was the only loser.
 
Texmaco Rail & Engineering rallied more than 5%  after the company's consolidated net profit stood at Rs45.32 crore in Q4FY23-24  150%  higher than Rs18.33 crore in Q4FY22-23. Revenue from operations increased 37.03% to Rs1,144.56 crore in fourth quarter. On a full year basis, the consolidated net profit zoomed to Rs 113.21 crore in FY24 from Rs 26.03 recorded in FY22-23.
 
Revenue from operations climbed 56.15% to Rs 3,502.87 crore in FY23-24 over FY22-23. Meanwhile, the board recommended a dividend of Rs 0.50 per share for the FY23-24. 
 
The custom manufactured chemicals division of Chemplast Sanmar (+0.95%) signed a new agreement to manufacture an advanced intermediate.
 
Norway’s Norges Bank decides to exclude Adani Ports (+0.31%) from the Government Pension Fund due to unacceptable risk. The bank says the company contributes to serious violations of individuals' rights in situations of war or conflict.
 
Vedanta Copper International will set up a copper rod manufacturing facility in the Saudi Arabia with a projected capacity of 125 KTPA. This investment will enable VCI to explore more growth opportunities in new geographies. After the investment, VCI will become a direct wholly owned subsidiary of the Company.
 
Angel One (+1.65%) launched Fin One to enhance financial awareness among Gen-Z and Millennials.
 
IColt Technology Services collaborated with Infosys (+2.19%) to accelerate its digital transformation program.
 
Mahindra & Mahindra (+3.91%) board approved Rs12,000 crore investment for its EV Subsidiary (MEAL) over 3 years.
 
Dixon Technologies (+1.63%) signed MoU with Acer pure for manufacturing of consumer appliance products. 
 
GAIL (-2.07%) entered in to a 14 year time charter with Cool Co for LNG carrier. 
 
Earnings: 
Motherson Sumi Wiring (-0.22%): Net Sales was Rs2,333 crore in Q4FY24 up 19% YoY (Rs1,872 crore). Net Profit was Rs191 crore in Q4FY24 up 38% YoY (Rs138 crore). 
 
Mishtann Foods (-2.48%): Net Sales was Rs338 crore in Q4FY24 up 100% YoY (Rs169 crore). Net Profit was Rs94.2 crore in Q4FY24 up 566% YoY (Rs14.1 crore).
 
Alicon Castalloy (-0.05%): Net Sales was Rs360 crore in Q4FY24 up 32% YoY (Rs273 crore). Net Profit was Rs12.9 crore in Q4FY24 up 60% YoY (Rs8.02crore).
 
Sanghvi Movers: Net Sales was Rs165 crore in Q4FY24 up 30% YoY (Rs127 crore). Net Profit was Rs47.7 crore in Q4FY24 up 41% YoY (Rs33.9 crore).
 
Hindustan Aeronautics (+10.89%): Net Sales was Rs14,769 crore in Q4FY24 up 18% YoY (Rs12,495 crore). Net Profit was Rs4,292 crore in Q4FY24 up 51% YoY (Rs2,841 crore).
 
Kopran (-1.98%): Net Sales was Rs186 crore in Q4FY24 up 25% YoY (Rs149 crore). Net Profit was Rs18.6 crore in Q4FY24 up 132% YoY (Rs8.04 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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