Volatile Trading Session Leads to Flat Closing for Nifty, Sensex - Tuesday Closing Report
Moneylife Digital Team 21 May 2024
On Tuesday, 1619 stocks advanced, 2316 declined and 152 remained unchanged, on the Bombay Stock Exchange (BSE) with an advance decline ratio of 0.69, indicating negative closing of stocks in broader markets. The trend of the major indices on Tuesday’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 and Nifty FMCG among the biggest losers. Nifty Metal, Nifty PSU Bank and Nifty Energy among the biggest gainers.
 
Bharat Electronics (+5.87%) has reported results for fourth quarter (Q4) and year ended 31 March 2024. On consolidated basis, the company has reported 30.00% rise in its net profit at Rs1,796.67 crore for fourth quarter ended March 31, 2024 as compared to Rs1,382.01 crore for the same quarter in the previous year. Total income of the company increased by 34.29% at Rs8,789.51 crore for Q4FY24 as compared Rs6,545.28 crore for the corresponding quarter previous year. The company has reported 33.45% rise in its net profit at Rs3,985.24 crore as compared to Rs2,986.24 crore for the previous year. Total income of the company increased by 16.23% at Rs20,938.38 crore for year under review as compared to Rs 18,015.24 crore for year ended March 31, 2023. 
 
EaseMyTrip (-2.53%) has signed a Letter of Intent (LOI) to join the Open Network for Digital Commerce (ONDC).
 
E.I.D. Parry (India) (+0.17%) has commenced commercial operations of new 120 KLPD distillery at the sugar unit of the company located at Haliyal, Karnataka.
 
Balu Forge Industries (BFIL) (-2.06%) has successful acquired three forging lines in a combination of hammers & presses capable of producing 72,000 tonnes p.a. of heavy forged products.
 
NIBE (+5.00%) has entered into a licensing agreement with vehicles research & development establishment (VRDE), Ahmednagar, Defence Research & Development Organisation (DRDO), Ministry of Defence, Government of India for transfer of technology to manufacture and sell Anti-Terrorist Vehicle (ATV) in India to Indian Armed Forces/Other Government Agencies (Central and State).
 
HFCL’s (-0.64%) wholly owned subsidiary -- HFCL B.V. has acquired 100% stake in Blue Diwali Sp. z.o.o., a company registered in state of Warsaw, Poland, in order to boost export market share for optical fiber cable (OFC) business and to strategically position itself within the EU region to capitalise business opportunities. Consequently, Blue Diwali Sp. z.o.o., has become a wholly owned subsidiary of HFCL B.V. and also a step-down wholly owned subsidiary of the company.
 
Zuari Industries (-0.49%) has received approval to purchase equity shares of Texmaco Rail and Engineering for maximum upto Rs200 crore in one or more tranches from the Zuari International (ZIntl), a wholly owned subsidiary of the company.
 
Trishakti Industries (+1.98%) has bagged contract from Jindal Ferrous (A part of Jindal Group). In this contract, the company plays a role to deploy an entirely new heavy industrial equipment as rental for a long term contract. This contract portrays the company’s capability to support major industrial projects PAN-India and this contract shall positively impact the company’s financial performance. The company has further more plans to expand into this line of business and in this industry. 
 
Kalpataru Projects (+2.90%) International has successfully signed three contracts for the three packages of the third expansion phase of the Master Gas System Network (MGS 3) in Saudi Arabia with ARAMCO for a contract value of around SAR 3.4 billion (presently equivalent to around Rs7,550 crore).
 
Godrej Properties (-2.17%) has acquired 10 land parcels, of which eight were outright, last financial year to build housing projects worth over Rs21,000 crore and has set a target for this fiscal to buy more parcels that can generate sales bookings of Rs20,000 crore.
 
Tata Motors (-0.36%) group has raised its investment outlay for FY24-25 to Rs43,000 crore for new products and technologies, with its British arm Jaguar Land Rover absorbing the maximum share. In FY24, Tata Motors group had given a guidance of 3 billion pound investment for Jaguar Land Rover (about Rs30,000 crore) and Rs8,000 crore for Tata Motors -- a total of about Rs38,000 crore.
 
Shriram Properties (SPL) (+0.80%) has signed a Joint Development Agreement (JDA) for development of a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru.
 
Biocon’s (+1.13%) subsidiary -- Biocon Biologics has received U.S. Food and Drug Administration’s (USFDA) approval for Yesafili (aflibercept-jbvf), an interchangeable biosimilar aflibercept. YESAFILI, a vascular endothelial growth factor (VEGF) inhibitor used to treat several different types of ophthalmology conditions, is a biosimilar of its reference product EYLEA (aflibercept).
 
RITES (+3.08%) has signed a contract agreement for suppling 200 Broad Gauge (BG) passenger carriages to Bangladesh Railways. The export arm of Indian Railways, RITES has won the $111.26 million (approximate Rs915 crore) contract, funded by European Investment Bank (EIB), through a global competitive bidding process.
 
Earnings: 
Rategain Travel (+4.30%): Net Sales was Rs256 crore in Q4FY24 up 40% YoY (Rs183 crore). Net Profit was Rs50 crore in Q4FY24 up 48% YoY (Rs33.8 crore)
Welspun Enterprises (-4.44%): Net Sales was Rs821 crore in Q4FY24 down 3% YoY (Rs845 crore). Net Profit was Rs77.7 crore in Q4FY24 down 28% YoY (Rs142 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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