Nifty, Sensex May Move Sideways - Tuesday Closing Report
Moneylife Digital Team 23 April 2024
On Tuesday, 2337 stocks advanced, 1477 declined and 120 remained unchanged, on the Bombay Stock Exchange (BSE) with an advance decline ratio of 1.58 indicating positive closing of stocks in broader markets. The trend of the major indices on Tuesday’s trading is given in the table below.
 
 
On NSE, 377 securities advanced and closed at a new 52-week high whereas 271 securities sank to close at their new 52-week lows. In sectoral indices, Nifty FMCG, Nifty Media and Nifty IT were among the biggest gainers. Nifty Metal, Nifty Energy and Nifty Pharma were among the biggest losers.
 
Tejas Networks Ltd. reported blockbuster financial results for the fourth quarter of the fiscal year 2024. Revenue surged over fourfold quarter-on-quarter, reaching Rs 1,327 crore and the order book expanded significantly, exceeding Rs 8,200 crore. It reported a net profit of Rs147 crore in the March quarter, over Rs 2.5 crore loss. Throughout fiscal 2024, Tejas Networks demonstrated robust growth, with its revenue more than doubling to Rs 2,471 crore. Profitability experienced a remarkable increase, nearly quadrupling to Rs 63 crore during the same period. The stock hit the upper circuit of 20% reaching an all-time high of Rs 1,088.25 per share on the NSE.
 
Tata Power Company’s subsidiary (+0.36%)-- 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. 
 
Sakuma Exports (+0.35%) entered into a significant contract amounting to around Rs 150 crore for the supply of sugar to the North East, West Bengal and Bihar regions. 
 
Redtape (+2.99%) commenced online operational activity from its new warehouse situated at Bhiwandi, Thane, Maharashtra with effect from April 22, 2024.
 
PSP Projects (+1.41%) launched a qualified institutional placement (QIP) with a floor price of Rs 682.59 per share.
 
Easy Trip Planners (EaseMyTrip) (+4.56%) unveiled the Easy Summer Sale, a special summer sale that promises extensive discounts across a wide range of travel services.
 
Patel Engineering (PEL) (+1.19%) launched a qualified institutional placement (QIP) with a floor price of Rs 59.50 apiece.
 
Panorama Studios (+4.27%) International has acquired 10% stake in NY Cinemas
 
Max Healthcare Institute (+0.78%) 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.
 
KP Energy (+5.00%) received new order for development of 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat.
 
Patanjali Foods (+1.61%) incorporated two Wholly Owned Subsidiary (WOS) companies namely, ‘Contemporary Agro’ and ‘Rishikrishi Farming’ in India.
 
Sudardshan Chemicals (13.87%) 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.
 
Earnings: 
 
Piccadily Agro (+5.00%): 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)
 
Tejas Networks (+20.00%): 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 (-1.36%): 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 (+4.99%): 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 (+8.18%): 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)
 
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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