On Monday, 2015 stocks advanced, 1894 declined and 179 remained unchanged, with an advance decline ratio of 1.06 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets.
The trend of the major indices on Monday’s trading is given in the table below.
On NSE, 171 securities advanced and closed at a new 52-week high whereas 13 securities sank to close at their new 52-week lows. In sectoral indices, Nifty PSU Bank, Nifty Energy and Nifty Infrastructure were among the biggest gainers. Nifty IT and Nifty Auto were among the biggest losers.
Shares of Apollo Hospitals Enterprises Ltd (AHEL) declined more than 8% during Monday's trading session as it gears up for a Rs3,000 crore investment deal with Advent. This decline marks the largest single-day drop since March 2020, amidst the pandemic-induced sell-off. The deal, involving Apollo Health Company Limited (AHCL) (Apollo 24/7) and Keimed, India's prominent wholesale pharmaceutical distributor, will see Advent International invest Rs2,475 crore ($339 million) in equity capital. This investment, divided between Apollo HealthCo (59.2%), Keimed (25.7%), and Advent (12.1%), values the combined entity at an enterprise value of Rs22,481 Crores ($3 billion). Of the total Rs2,475 crore consideration, Rs860 crore will be used for the expansion of AHCL and Rs890 crore will be paid to the parent company AHEL. Advent will invest in compulsory convertible instruments over two tranches in the next 12 months. The capital infusion will facilitate Apollo 24/7's expansion and reduce cash burn, supporting future growth and integrating pharmacy distribution across over 70,000 stores. While the market responded with a drop in AHEL shares, the deal's strategic potential to unlock synergies and drive revenue growth remains significant, despite some concerns about valuation and perceived aggressive expansion.
BSE (-13.25%) witnessed a sharp 18% decline in morning trading on April 29th, following Sebi's directive to calculate regulatory fees based on the notional value of its options contracts rather than the premium value. This adjustment is anticipated to significantly impact BSE's financials, resulting in a substantial increase in its regulatory fee payment to Sebi due to the higher notional value compared to the premium value. Investors responded to this news by selling off shares, marking the largest single-day drop for the stock since its listing. While the correction was driven by this regulatory development, once BSE implements the change, normal operations are expected to resume. However, market sentiment remains cautious as BSE must settle the fees within a month, including interest at 15% per annum on any outstanding amounts.
Tata Motors (+0.13%) has signed a Memorandum of Understanding (MoU) with South Indian Bank to offer convenient financing solutions to its commercial vehicle customers and dealerships.
Techno Electric & Engineering (+5.91%) Company has bagged new orders worth Rs4063 crore in the normal course of business. Its trailing 12-month revenue was Rs1376 crore. The company has received orders from Power Grid Corporation of India, Aparva Energy, Adani Transmission, Millenium Challenge Account (MCA) Nepal, IndiGrid Trust, NERES XVI, Power Transmission, Damodar Valley orporation (DVC) and REC Power Distribution Company.
AVG Logistics (+2.58%) has secured a significant contract from a renowned electrical appliance manufacturer.
GRM Overseas (GRM) (+4.57%) has received its first order from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman, to supply 4,500 MT of Premium basmati rice. The order is worth Rs46.5 crore.
Maruti Suzuki India (-0.03%) had surpassed annual total sales milestone of 2 million units in FY23-24 for the first time.
Uno Minda (+0.85%) has raised Rs100 crore through the allotment of 10,000 unsecured, listed, rated, redeemable, non-convertible, non-cumulative, taxable bonds in the nature of Non-Convertible Debentures (NCDs).
ICICI Bank (+4.38%) has received approval for fund raising by way of issuances of debt securities including by way of non-convertible debentures (NCDs) in domestic markets upto an overall limit of Rs25000 crore by way of private placement and issuances of bonds/notes/offshore certificate of deposits in overseas markets upto $1.50 billion for a period of one year, from the date of passing of resolution by the Board. The bank reported an 18% growth in net profit for the March quarter.
Patanjali Foods (-1.44%) has received a proposal to acquire non-food business from Patanjali Ayurved.
Gland Pharma (-0.08%) has received approval from the United States Food and Drug Administration (USFDA) for Cetrorelix Acetate for Injection, 0.25 mg/vial, Single-Dose Vial (Product). The Product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Cetrotide for Injection, 0.25 mg/vial, of EMD Serono, Inc.
Samvardhana Motherson (-0.23%) International has completed acquisition of 73.05% stake (on a fully diluted basis) in Irillic. Irillic is engaged in design, development, manufacturing and distribution of real time Fluorescence Imaging and 4K Laparoscopy Imaging systems.
AdaniConneX, a 50:50 JV between Adani Enterprises (-0.01%) and EdgeConneX, has established India’s largest sustainability linked financing to raise up to $1.44 billion. The financing has an initial commitment of $875 million, with an accordion feature to extend commitment up to $1.44 billion. The transaction elevates AdaniConneX’s construction financing pool to $1.65 billion, building on the maiden construction facility of $213 million executed in June 2023.
Earnings:
Fedbank Financial Services (+3.30%): Net Sales was Rs408 crore in Q4FY24 up 21% YoY (Rs338 crore). Net Profit was Rs67.7crore in Q4FY24 up 74% YoY (Rs39crore)
Trent (+0.70%): Net Sales was Rs3,298 crore in Q4FY24 up 51% YoY (Rs2,183 crore). Net Profit was Rs712 crore in Q4FY24 up 459% YoY (Rs45 crore).
Tips Industries (+1.84%): Net Sales was Rs63.3 crore in Q4FY24 up 22% YoY (Rs52 crore). Net Profit was Rs25.8 crore in Q4FY24 up 41% YoY (Rs18.3 crore).
KPIT Technologies (+6.59%): Net Sales was Rs1,318 crore in Q4FY24 up 30% YoY (Rs1,017 crore). Net Profit was Rs166 crore in Q4FY24 up 48% YoY (Rs112 crore).
UltraTech Cement (+2.83%): Net Sales was Rs20,419 crore in Q4FY24 up 9% YoY (Rs18,662 crore). Net Profit was Rs2,259 crore in Q4FY24 up 39% YoY (Rs1,670 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:
