Nifty, Sensex Struggling to Head Higher - Thursday Closing Report
Moneylife Digital Team 02 May 2024
On Thursday, 1912 stocks advanced, 1924 declined and 121 remained unchanged, with an advance decline ratio 0.99 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets. The trend of the major indices on Thursday’s trading is given in the table below.
 
 
On NSE, 160 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 Metal, Nifty Auto and Nifty Energy were among the biggest gainers. Nifty Media and Nifty PSU bank were among the biggest losers. 
 
Adani Total Gas reported only a 4.7% increase in revenue but 71.6% rise in profit. Atul Auto, a significant player in India's three-wheeler market, saw a 10% surge in its stock price to Rs581.90 each during early trade today due to robust sales in April. The company sold 1692 vehicles, a 136.64% increase from the previous year. In FY23-24, it sold 26,039 vehicles, up 1.92% from FY22-23. This led to a strong opening at Rs549.85 with the stock hitting Rs581.90, its highest in seven weeks. The stock has soared by 65% over the past year, from Rs344 to Rs568. The company will announce its financial results on May 17.
 
HCL Technologies (HCLTech) (-0.33%) and Cisco have launched Pervasive Wireless Mobility as-a-Service for secure and seamless enterprise-wide connectivity. The service combines HCLTech’s managed network services expertise with Cisco’s Ultra-Reliable Wireless Backhaul (URWB) technology to create a resilient network infrastructure that provides robust connectivity.
 
Krsnaa Diagnostics (+2.12%) has signed the agreement on April 30, 2024, with the Commissioner, Health Services and Mission Director, National Health Mission, Government of Maharashtra for providing MRI and CT Scan Services in the state of Maharashtra in District Hospitals under the Authority. 
 
Landmark Cars (-0.04%) has received a Letter of Intent (LoI) from Honda Cars India to acquire existing dealership operations in Jaipur, Alwar and Bhiwadi. These dealerships are owned by the same group in Rajasthan. This acquisition will be undertaken by Landmark Automobiles, a wholly owned subsidiary of Landmark that runs existing operations of Honda Cars.
 
Jindal Stainless (+3.83%) has unveiled major expansion and acquisition plans to augment its melting and downstream capacities, to become one of the largest stainless steel producers in the world. The company announced a three-pronged investment strategy worth nearly Rs5,400 crore to achieve global leadership in stainless steel.
 
Rail Vikas Nigam (+0.86%) has emerged as the Lowest Bidder (L1) from Eastern Railway for ‘Construction of Sitarampur bye pass line under Asansol Division of Eastern Railway.’ The project cost is Rs391 crore. The project is to be executed within 24 months.
 
Wipro (-0.99%) has been selected by Nokia to overhaul its employee service desk and provide seamless, real-time IT support to a global network of employees. The Wipro team will build a bespoke AI-powered, cloud-based solution for Nokia’s workforce comprising of around 86,700 users globally in 130 countries of operations.
 
Gujarat Toolroom (GTL) (+4.98%) has successfully acquired 65 acres of land on long-term lease in Gujarat for the establishment of a Hybrid Power Plant. Approximately 60 acres of the acquired land will be dedicated to the installation of solar panels. Each acre is projected to generate 1 Megawatt of energy per hour.
 
Tata Chemicals (+2.41%) has received an approval to raise funds through issuance of Non-Convertible Debentures (NCDs) on private placement basis, for an amount up to Rs2,000 crore.
 
Earnings: 
Lloyds Metals (-0.95%): Net Sales was R1,554 crore in Q4FY24 up 77% YoY (Rs876 crore). Net Profit was Rs277 crore in Q4FY24 up 3% YoY (Rs269 crore). But last year’s March quarter was boosted by non-recurring tax write backs.
 
Skipper (-2.68%): Net Sales was Rs1,154 crore in Q4FY24 up 75% YoY (Rs657 crore). Net Profit was Rs23.9 crore in Q4FY24 up 15% YoY (Rs20.9 crore).
 
Ramkrishna Forging (+0.81%): Net Sales was Rs1,023 crore in Q4FY24 up 15% YoY (Rs892 crore). Net Profit was Rs93.8 crore in Q4FY24 up 37% YoY (Rs68.4 crore).
 
Netweb Technologies (+5.00%): Net Sales was Rs266 crore in Q4FY24 up 115% YoY (Rs123 crore). Net Profit was Rs29.7 crore in Q4FY24 up 182% YoY (Rs10.5 crore).
 
Ambuja Cements (+0.68%): Net Sales was Rs8,894 crore in Q4FY24 up 12% YoY (Rs7,966 crore). Net Profit was Rs1,526 crore in Q4FY24 up 24% YoY (Rs763 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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