Nifty, Sensex May Move Sideways - Wednesday Closing Report
Moneylife Digital Team 15 May 2024
On Wednesday, 2201 stocks advanced, 1591 declined and 143 remained unchanged, on the Bombay Stock Exchange (BSE) with an advance decline ratio of 1.38, 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, 100 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 FMCG, Nifty Media and Nifty IT were among the biggest losers. Nifty PSU Bank, Nifty Energy and Nifty Infrastructure were among the biggest gainers. 
 
Siemens surged more than 6% today as it reported results for second quarter ended March 31, 2024. On consolidated basis, the company has reported 70.18% rise in its net profit at Rs802.90 crore for quarter ended March 31, 2024 as compared to Rs471.80 crore for the same quarter in the previous year. Total income of the company increased by 22.04% at Rs6070.90 crore for the quarter under review as compared to Rs4974.40 crore for the corresponding quarter previous year.
 
InterGlobe Aviation (IndiGo) (+3.08%) will buy up to 100 small planes and is in discussions with some aircraft makers, including ATR and Embraer. While a final decision is yet to be taken, the broad plan is to go for a firm order of 50 planes and the option to buy 50 more such aircraft.
 
Panama Petrochem’s (+1.04%) wholly-owned subsidiary--- Panol Industries RMC FZE has executed an Musataha (Lease) Agreement with RAK Maritime City Free Zone Authority for Plot No. 25, located at RAK Maritime City Free Zone, having an area of 9500 square meters for a period of 25 years.
 
Steel Authority of India’s (SAIL) (+1.15%) unit -- Bhilai Steel Plant (BSP) has planned to install solar power generation systems on the rooftops of various buildings in its plant premises and township in Bhilai.
 
Great Eastern Shipping Company (G E Shipping) (-0.71%) has contracted to sell its 2004 built Medium Range Product Tanker, Jag Pranam of about 48,700 dwt to an unaffiliated third party. The vessel will be delivered to the new buyer by H1FY24-25.
 
The Securities and Exchange Board of India (SEBI) has granted an additional three years of time to the Life Insurance Corporation of India (LIC) to achieve 10% public shareholding. Under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, a company must have a 10% public shareholding in 5 years from the date of listing.
 
Siemens (+6.35%) has received approval from Board of Directors for proposal to demerge its Energy Business into a separate legal entity—Siemens Energy India (currently a wholly owned subsidiary of Siemens). Siemens Energy India will be subsequently listed and will mirror the shareholding of Siemens, upon the receipt of requisite approvals.
 
Bajaj Finance (+0.08%) has raised Rs1,305 crore through the allotment of 1,30,500 Non-Convertible Debentures (NCDs), at face value of Rs1 lakh each on private placement basis.
 
Mahindra & Mahindra’s (+1.39%) wholly-owned subsidiary -- Mahindra Holdings (MHL) has executed a Share Purchase Agreement (SPA) with Space Investments, Defati Investments Holdings BV and Infinity Partners (collectively referred to as Buyers), and New Delhi Centre for Sight (NDCFS) and the promoters of NDCFS, for sale of its entire stake in NDCFS, i.e. 30.83% of the paid-up capital of NDCFS on a fully diluted basis, to the Buyers (Proposed Transaction) for an aggregate consideration of Rs425.39 crore.
 
Indiamart Intermesh (+0.32%) has acquired additional 14.88% of the share capital (on fully diluted basis) of Livekeeping Technologies (erstwhile known as Finlite Technologies and hereinafter referred as Livekeeping). This investment is in line with the Company’s long term objective of offering various Software as a Service (SAAS) based solutions for businesses.
 
Macrotech Developers (+0.32%)is planning to invest Rs3,500-4,000 crore this fiscal (FY24-25) to acquire new land parcels, outright and through joint development agreements with landlords, to build housing projects as part of its expansion plan to encash a surge in demand for residential properties. During the last fiscal year, the company added many new land parcels to build housing projects with a potential sales value of over Rs20,000 crore.
 
Shivalik Bimetal Controls (-2.25%) has signed an agreement for acquisition of industrial land and building at Solan, Himachal Pradesh from M/s Kulja Industries.
 
PDS (-0.12%) has received approval to acquire equity shares of Digital Ecom Techno (Indirect Associate Company of PDS) from PDS Brands (existing wholly owned subsidiary of PDS) and direct further subscription of Optionally Convertible Redeemable Preference Shares (in one or more tranches). The objective of acquisition is to acquire a direct stake in Digital Ecom from PDS Brands with an intent to move towards closure of PDS Brands (wholly owned subsidiary), as a part of the exercise to reduce the number of legal entities within the PDS Group. 
 
Nilkamal (+1.36%) has received approval for raising funds through issue of secured/unsecured, rated/unrated, listed/unlisted, non-convertible, redeemable, taxable debentures (NCDs) on a private placement basis for an amount up to Rs200 crore. 
 
Earnings: 
HPL Electric & Power  (+0.22%): Net Sales was Rs424 crore in Q4FY24 up 17% YoY (Rs363 crore). Net Profit was Rs13.7crore in Q4FY24 up 22% YoY (Rs11.3 crore)
 
CSL Finance (-1.93%): Net Sales was Rs46.6 crore in Q4FY24 up 39% YoY (Rs33.6 crore). Net Profit was Rs18.6 crore in Q4FY24 up 56% YoY (Rs11.9 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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From 3rd May to 9 May 2024, the Sensex and the NIFTY fell 2% each. ML Mega-cap Index and ML Large-cap Index fell 3% and 4% each. ML Micro-cap Index, ML Small-cap Index and ML Mid-cap Index fell 5% each.
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