The trends of the major indices in the course of the week’s trading are given in the table below:
On Friday, the market ended flat, taking cues from the global markets. However, key Indian benchmark indices extended gains, defying the adverse market sentiment in the U.S. and Europe. Despite intraday volatility being the norm, gains have been limited in recent sessions due to investors' cautious approach during the election season. While volatility could increase over the next couple of weeks, selective buying in key frontline, mid-cap, and small-cap stocks is expected to persist.
Despite mixed global signals and uncertainties surrounding the U.S. Federal Reserve, the Indian market experienced a robust recovery. This recovery was largely driven by the outperformance of the broader market and positive Q4 earnings results.
News
Jubilant Ingrevia has reported 44.08% fall in its net profit at Rs 29.25 crore for fourth quarter ended March 31, 2024 as compared to Rs52.31 crore for the same quarter in the previous year. Total income of the company decreased by 6.07% at Rs 1,083.94 crore for Q4FY24 as compared Rs1153.98 crore for the corresponding quarter previous year. For the year ended March 31, 2024, the company has reported 35.89% fall in net profit at Rs 162.45 crore as compared to Rs 253.41 crore for the previous year. Total income of the company decreased by 12.37% at Rs 4022.77 crore for year under review as compared to Rs 4590.60 crore for year ended March 31, 2023.
Siemens 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. Siemens 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.
Texmaco Rail & Engineering consolidated net profit stood at Rs45.32 crore in Q4FY23-24 150% higher than Rs18.33 crore in Q4FY22-23. Revenue from operations increased 37.03% to Rs1,144.56 crore in fourth quarter. On a full year basis, the consolidated net profit zoomed to Rs 113.21 crore in FY24 from Rs 26.03 recorded in FY22-23. Revenue from operations climbed 56.15% to Rs 3,502.87 crore in FY23-24 over FY22-23. Meanwhile, the board recommended a dividend of Rs 0.50 per share for the FY23-24.
New Ventures/ Capacity Expansion
The custom manufactured chemicals division of Chemplast Sanmar (+0.95%) signed a new agreement to manufacture an advanced intermediate.
Praveg has secured 30-year land lease for the development of Cave Resort in Jawai, Rajasthan. This new project will leverage the scenic beauty of Jawai with a one-of-a-kind luxury cave room structure. Praveg has been granted a 12-month rent-free to facilitate the setup.
Bharti Airtel and Google Cloud have entered into a long-term collaboration to deliver cloud solutions to Indian businesses.
Adani Enterprises is planning to spend Rs80,000 crore across businesses in the current financial year (FY25).
Housing & Urban Development Corporation (HUDCO) (+0.98%) has signed a Memorandum of Understanding (MoU) with Surat Integrated Transportation Development Corporation (SITCO), a joint venture organization of Ministry of Railways through Rail Land Development Authority, Government of Gujarat through GSRTC and Surat Municipal Corporation at New Delhi, for construction and development of Surat Multi Modal Transportation Hub (SMMTH) on the land provided by the Ministry of Railways and Government of Gujarat.
Escorts Kubota will invest up to Rs4,500 crore over the next three to four years to set up a new manufacturing plant.
Biocon has signed semi-exclusive distribution and supply agreement with Medix, a specialty pharmaceutical company in Mexico, for the commercialization of its vertically integrated drug product, Liraglutide (gSaxenda), used in the treatment of obesity. Biocon will undertake the responsibility of obtaining regulatory approval, manufacturing and supply of the drug product, and Medix will be responsible for its commercialization in the Mexican market.
PVR Inox and Devyani International (DIL) have extended their association and entered into strategic partnership to jointly establish a company in India for the purpose of development and operation of food courts within shopping malls in India
Manali Petrochemical has received an approval for setting up of additional Manufacturing facilities at Western Part of India.
Rail Vikas Nigam has received Letter of Acceptance (LoA) from Southern Railway for ‘Provision of Automatic Block Signaling system in Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway.’ The project cost is Rs239.09 crore.
Tata Consultancy Services (TCS) will set up Global Artificial Intelligence (AI) Center of Excellence in Paris. The new AI center will be based in the upcoming TCS PacePort in the La Defense area of Paris, which will be inaugurated in June 2024, becoming the 7th such facility in TCS’ global pace network, following Amsterdam, London, New York, Pittsburgh, Toronto, and Tokyo.
InterGlobe Aviation (IndiGo) 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 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) 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) 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.
Shivalik Bimetal Controls has signed an agreement for acquisition of industrial land and building at Solan, Himachal Pradesh from M/s Kulja Industries.
Vedanta Copper International will set up a copper rod manufacturing facility in the Saudi Arabia with a projected capacity of 125 KTPA. This investment will enable VCI to explore more growth opportunities in new geographies. After the investment, VCI will become a direct wholly owned subsidiary of the Company.
Angel One launched Fin One to enhance financial awareness among Gen-Z and Millennials.
IColt Technology Services collaborated with Infosys to accelerate its digital transformation program.
Dixon Technologies signed MoU with Acer pure for manufacturing of consumer appliance products.
GAIL entered in to a 14 year time charter with Cool Co for LNG carrier.
Order Wins
Goldiam International has received additional new export orders worth of Rs30 crore from International clients for manufacturing of lab-grown diamond studded gold jewellery.
Sarveshwar Foods has secured contract from the esteemed Shri Mata Vaishno Devi Shrine Board in Jammu and Kashmir. Under this contract, Sarveshwar Foods will supply its premium Steamed Basmati Rice to the renowned pilgrimage destination.
Investments/ Acquisitions/ Fund Raise/ Stake Sale
Tube Investments of India has received approval for long-term borrowing up to Rs350 crore by way of term loan and/or by way of issue of privately placed secured non-convertible debentures, in one or more tranches.
Fineotex Chemical is engaged in advanced discussions with a speciality chemical manufacturing company regarding a potential acquisition. The target company’s product portfolio and customer base aligns well with its current business operations.
The Reserve Bank of India (RBI) has accorded its approval to Quant Money Managers to acquire aggregate holding of up to 9.98% of the paid-up share capital or voting rights in RBL Bank through various schemes of Quant Mutual Fund. The approval has been granted with reference to the application made by Quant Money Managers to RBI. Quant Mutual Fund through its various scheme held 4.68% of the equity share capital of the Bank.
Arihant Foundations and Housing is planning to invest Rs650 crore in its home city and Bengaluru within FY25. The company will invest Rs150 crore to develop Grade A office spaces in Bengaluru and the rest of the investment will be in Chennai real estate.
Ashiana Housing has raised Rs 125 crore through the allotment of 12,500 secured, rated, listed, senior redeemable, taxable, non-convertible debentures (NCDs) on Private Placement basis. The Executive Committee of board of directors of the company (through Resolution by Circulation), has allotted the same.
Bajaj Finance 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 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 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 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.
PDS 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 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.
Norway’s Norges Bank decides to exclude Adani Ports (+0.31%) from the Government Pension Fund due to unacceptable risk. The bank says the company contributes to serious violations of individuals' rights in situations of war or conflict.
Mahindra & Mahindra (+3.91%) board approved Rs12,000 crore investment for its EV Subsidiary (MEAL) over 3 years.
Other
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.
Results Update:
Inox India: Net Sales was Rs276 crore in Q4FY24 up 17% YoY (Rs235 crore). Net Profit was Rs44.1 crore in Q4FY24 up 44% YoY (Rs30.6 crore).
Ethos: Net Sales was Rs253 crore in Q4FY24 up 22% YoY (Rs208 crore). Net Profit was Rs21 crore in Q4FY24 up 58% YoY (R13.3 crore).
Varun Beverages: Net Sales was Rs4,317 crore in Q4FY24 up 11% YoY (Rs3,893 crore). Net Profit was Rs548 crore in Q4FY24 up 25% YoY (Rs439 crore).
BEML: Net Sales was Rs1,514 crore in Q4FY24 up 9% YoY (Rs1,388 crore). Net Profit was Rs257 crore in Q4FY24 up 63% YoY (Rs158 crore).
C.E. Info System: Net Sales was Rs107 crore in Q4FY24 up 48% YoY (Rs72.5 crore). Net Profit was Rs38.2 crore in Q4FY24 up 35% YoY (Rs28.3 crore).
Aditya Birla Capital: Net Sales was Rs10,490 crore in Q4FY24 up 36% YoY (Rs8,025 crore). Net Profit was Rs1,288 crore in Q4FY24 up 105% YoY (Rs636 crore).
Dynamic Cables: Net Sales was Rs241 crore in Q3FY24 up 35% YoY (Rs178 crore). Net Profit was Rs13.8 crore in Q4FY24 up 38% YoY (Rs9.98 crore)
Kirloskar Brothers: Net Sales was Rs1,224 crore in Q3FY24 up 9% YoY (Rs1,125 crore). Net Profit was Rs153 crore in Q4FY24 up 32% YoY (Rs101 crore).
Thyrocare Tech: Net Sales was Rs141 crore in Q3FY24 up 12% YoY (Rs125 crore). Net Profit was Rs19 crore in Q4FY24 up 94% YoY (Rs9.93 crore).
BASF India: Net Sales was Rs3,360 crore in Q3FY24 up 3% YoY (Rs3,277 crore). Net Profit was Rs162 crore in Q4FY24 up 94% YoY (Rs82.4 crore).
HPL Electric & Power: 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: 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)
Motherson Sumi Wiring: Net Sales was Rs2,333 crore in Q4FY24 up 19% YoY (Rs1,872 crore). Net Profit was Rs191 crore in Q4FY24 up 38% YoY (Rs138 crore).
Mishtann Foods: Net Sales was Rs338 crore in Q4FY24 up 100% YoY (Rs169 crore). Net Profit was Rs94.2 crore in Q4FY24 up 566% YoY (Rs14.1 crore).
Alicon Castalloy: Net Sales was Rs360 crore in Q4FY24 up 32% YoY (Rs273 crore). Net Profit was Rs12.9 crore in Q4FY24 up 60% YoY (Rs8.02crore).
Sanghvi Movers: Net Sales was Rs165 crore in Q4FY24 up 30% YoY (Rs127 crore). Net Profit was Rs47.7 crore in Q4FY24 up 41% YoY (Rs33.9 crore).
Hindustan Aeronautics: Net Sales was Rs14,769 crore in Q4FY24 up 18% YoY (Rs12,495 crore). Net Profit was Rs4,292 crore in Q4FY24 up 51% YoY (Rs2,841 crore).
Kopran: Net Sales was Rs186 crore in Q4FY24 up 25% YoY (Rs149 crore). Net Profit was Rs18.6 crore in Q4FY24 up 132% YoY (Rs8.04 crore).
GPT Infraproject: Net Sales was Rs295 crore in Q4FY24 up 10% YoY (Rs268 crore). Net Profit was Rs14.9 crore in Q4FY24 up 44% YoY (Rs10.3 crore).
L T Foods: Net Sales was Rs2,075 crore in Q4FY24 up14% YoY (Rs1,821 crore). Net Profit was Rs150 crore in Q4FY24 up 16% YoY (Rs132crore).
Top Gainers and Losers of the major indices for the week are given in the table below:
