Nifty, Sensex Overbought but Rising on Increased Flows - Wednesday Closing Report
Moneylife Digital Team 22 May 2024
On Wednesday, stocks 1906 advanced, 1925 declined and 117 remained unchanged, on the Bombay Stock Exchange (BSE) with an advance decline ratio of 0.99, indicating negative closing of stocks in broader markets. The trend of the major indices on Wednesday’s trading is given in the table below. 
 
 
On NSE, 145 securities advanced and closed at a new 52-week high whereas 17 securities sank to close at their new 52-week lows. In sectoral indices, Nifty FMCG Nifty Energy and Nifty Media among the biggest gainers. Nifty Metal, Nifty PSU Bank and Nifty Auto among the biggest losers.
 
Talbros Automotive Components Limited (+4.73%), a prominent automotive components manufacturer, reported an impressive surge in its profits for the fourth quarter of the fiscal year 2023-24. The company's net profit soared to Rs49.79 crore, marking a substantial 195% increase compared to the Rs16.88 crore recorded during the corresponding quarter of the previous fiscal year 2022-23. Simultaneously, the company's revenue from operations exhibited robust growth, climbing 15.9% year-on-year to reach Rs202.68 crore, surpassing the Rs174.95 crore achieved in the same period of the prior fiscal.
 
Jubilant FoodWorks (+0.02%), the Indian franchisee of Domino's Pizza, reported a remarkable surge in its quarterly profits on Wednesday. The company's consolidated net profit for the March quarter soared to an impressive Rs208.2 crore, marking a staggering seven-fold increase compared to the Rs28.5 crore recorded during the corresponding period last year. This exceptional performance can be attributed to the sustained demand from online channels and the easing of prices for certain key ingredients. Complementing this stellar profit growth, the Domino's Pizza operator witnessed a robust 23.8% year-on-year increase in revenue, which reached Rs1,572.7 crore, surpassing the Rs1,269.8 crore achieved in the same quarter of the previous year.
 
Zydus Lifesciences (-0.12%) has received final approval from the United States Food and Drug Administration (USFDA) to market Theophylline Extended-Release Tablets, 300 mg and 450 mg (USRLD: Theo-Dur Extended-Release Tablets). Theophylline is used to treat asthma and chronic obstructive pulmonary disease (COPD). 
 
Transindia Real Estate (+2.19%) has planned to acquire 100% equity shares in various companies. The company is all set to acquire 100% stake of Transindia Freight Services, a promoter and promoter group entity for a consideration of Rs6.78 crore. The transaction is subject to receipt of the necessary regulatory and other customary approvals, if any.
 
Vodafone Idea (Vi) (-0.37%) has expanded eSIM services for its prepaid customers in Punjab. This marks a significant step forward in providing seamless, faster, and eco-friendly connectivity for millions of Indians.
 
Tata Power Delhi Distribution (TPDDL), a joint venture (JV) between Tata Power (+1.43%) and the Government of NCT of Delhi, has signed a Memorandum of Understanding (MoU) with the India Smart Grid Forum (ISGF) to collaborate on a ground-breaking Vehicle-to-Grid (V2G) Technology Demonstration Project.
 
Aditya Birla Capital’s (-0.47%) health insurance joint venture -- Aditya Birla Health Insurance Co. (ABHICL) has partnered with Emoha, India's premier eldercare brand. This collaboration will empower ABHICL to offer personalized senior care solutions to its corporate clients and group mediclaim policyholders, thereby extending Emoha's comprehensive services to a wider audience across the nation. 
 
Cipla (+2.75%) and its wholly owned subsidiary Cipla USA Inc have received the final approval for its Abbreviated New Drug Application (ANDA) for Lanreotide Injection 120 mg/0.5 mL, 90 mg/0.3 mL, 60 mg/0.2 mL from the United States Food and Drug Administration (USFDA).
 
Indoco Remedies (-0.57%) has received final approval from the US Food and Drug Administration (USFDA) for Abbreviated New Drug Application (ANDA) for Pregabalin capsules 25mg, 50mg, 75mg, 100mg, 150mg, 200mg, 225mg and 300mg.
 
Mayur Uniquoters (+1.54%) has received approval for investment upto the amount of Rs30 crore in one or more tranches by way of subscribing to the Common stock of Mayur Uniquoters Corp (MUC) USA, Wholly Owned Subsidiary Company, subject to applicable laws. 
 
Reliance Industries (RIL) (+1.66%) has entered into a technology licensing agreement with Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA. The agreement provides RIL with an exclusive license for Nel’s alkaline electrolysers in India and also allows RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally. 
 
Earnings: 
Strides Pharma (+7.25%): Net Sales was Rs1,084 crore in Q4FY24 up 10% YoY (Rs 986 crore). Net Profit was Rs 10.4 crore in Q4FY24 up 165% YoY (Rs -13.8 crore) 
 
Goldiam International Ltd (-1.29%): Net Sales was Rs148 crore in Q4FY24 up % YoY (Rs135 crore). Net Profit was Rs17.8 crore in Q4FY24 up 10% YoY (Rs16.2 crore) 
 
Avanti Feeds Ltd (+0.71%): Net Sales was Rs 1,284 crore in Q4FY24 up 17% YoY (Rs 1,093 crore). Net Profit was Rs 113 crore in Q4FY24 up 8% YoY (Rs101crore) 
 
Greenply Industries Ltd (+0.84%): Net Sales was Rs600 crore in Q4FY24 up 40% YoY (Rs427 crore). Net Profit was Rs 28.4 crore in Q4FY24 up 75% YoY (Rs11.1 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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