On Wednesday, 2128 stocks advanced, 1667 declined and 131 remained unchanged, on the Bombay Stock Exchange (BSE) with an advance decline ratio of 1.27, 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, 72 securities advanced and closed at a new 52-week high whereas 25 securities sank to close at their new 52-week lows. In sectoral indices, Nifty IT was the only loser. Nifty Auto, Nifty Energy and Nifty Metal among the biggest gainers.
Bharat Forge consolidated profits saw a significant surge of 78% during the fourth quarter of FY24, leading to a 15% increase in its stock value to an all-time high on Wednesday. In FY24, the company generated revenues of Rs15,682, marking a notable 21% year-on-year growth. During a recent conference call, Deputy Managing Director Amit Kalyani highlighted various factors that contributed to the company's improved performance compared to the previous quarter. These factors include a substantial influx of orders from businesses relocating from China and Europe to India, positive forecasts from its clients, and successful expansion into both existing and new product markets. The company's share price has surged by 15.87% year-to-date and by 85.3% over the past year. Bharat Forge's board of directors has proposed a final dividend of Rs6.50 per share for the fiscal year ending March 31, 2024, which is set to be distributed on or after August 14, 2024.
Mercury Ev-Tech (-2.55%) has received approval for the acquisition/purchase of 65% stake in Traclaxx Tractors, equivalent to 5,23,900 equity shares of Rs10 each at a price of Rs10 each, total consideration being Rs52.39 lakh. Henceforth, Traclaxx Tractors will be considered as Subsidiary Company of Mercury EV-Tech.
RattanIndia Enterprises Revolt Motors has unveiled a newly optimized pricing structure for its popular RV400 and RV400 BRZ models.
Crompton Greaves (+6.15%) Consumer Electricals has commenced manufacturing and assembly operations of its built-in kitchen appliances in its Vadodara manufacturing facility. The new assembly line boasts minimal changeover time, enabling seamless transitions and eliminating downtime.
Dixon Technologies’ (India) (+1.72%) Subsidiary -- Dixon Electro Appliances (DEAPL) has entered into an Agreement with Nokia Solutions and Networks OY (Nokia) for undertaking development and manufacturing of Telecom products.
Tata Elxsi (-0.43%) has collaborated with Arm, the global semiconductor design and software platform company to offer advanced solutions on the latest Arm processors, which will help Automotive OEMs and Tier-1s fast track their transition to software-defined vehicles (SDVs).
PTC Industries (+0.91%) has signed an agreement to incorporate Special Purpose Vehicle (SPV) under Section 8 of the Companies Act of 2013. Further Uttar Pradesh Expressways Industrial Development Authority will provide 2 acres of land to the proposed Section 8 Company for the Defence Testing Infrastructure (DTI) at the Lucknow node of the Uttar Pradesh Defence Corridor.
Larsen & Toubro (L&T) (+1.60%) has won multiple orders in India and abroad for its power transmission & distribution (PT&D) business.
LTIMindtree (+0.27%) has collaborated with IBM to establish a global, joint Generative AI Center of Excellence (CoE) in India, a co-innovation center combining the power of the IBM watsonx AI and data platform and the engineering skills of LTIMindtree.
Earnings:
Hero Motocorp (+2.49%): Net Sales was Rs9,617 crore in Q4FY24 up 14% YoY (Rs8,434 crore). Net Profit was Rs943 crore in Q4FY24 up 16% YoY (Rs811 crore)
Jupiter Wagons (+0.91%): Net Sales was Rs1,113 crore in Q4FY24 up 56% YoY (Rs712 crore). Net Profit was Rs104 crore in Q4FY24 up 156% YoY (Rs41 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:
