Indian benchmark indices closed lower on a volatile May 28 session, with the Nifty slipping below 22,900. The Sensex fell by 220.05 points, or 0.29%, to 75,170.45, while the Nifty declined by 44.30 points, or 0.19%, to 22,888.20. Market breadth was negative, with 1,079 shares advancing, 2,272 shares declining, and 83 remaining unchanged.
The biggest Nifty losers included Adani Ports, Power Grid Corp, Coal India, Adani Enterprises, and BPCL. Conversely, Divis Laboratories, SBI Life Insurance, HDFC Life, Grasim Industries, and Hero MotoCorp were among the top gainers.
Sector-wise, Oil & Gas, Capital Goods, Telecom, PSU Banks, Power, and Realty stocks fell by 1-2%. The BSE Midcap index declined by 0.5%, while the Smallcap index shed 1%.
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May 28, 2024, 3:45 pm IST
Market Ends With Cut
Indian benchmark indices closed lower on a volatile May 28 session, with the Nifty slipping below 22,900. The Sensex fell by 220.05 points, or 0.29%, to 75,170.45, while the Nifty declined by 44.30 points, or 0.19%, to 22,888.20. Market breadth was negative, with 1,079 shares advancing, 2,272 shares declining, and 83 remaining unchanged.
May 28, 2024, 3:26 pm IST
J Kumar Infra Shares Surge After Healthy Q4 Results
J Kumar Infra's shares rose by 2.5% following the release of its Q4 financial results. The company reported a 34.9% increase in net profit, reaching Rs 99.7 crore compared to Rs 73.8 crore year-on-year. Additionally, revenue saw a 26% growth, climbing to Rs 1,425 crore from Rs 1,134 crore in the same period last year.
May 28, 2024, 3:00 pm IST
RITES Shares Dip Following Q4 Earnings Report
Shares of RITES fell after the company released its Q4 earnings report. The report showed a 1.6 percent decline in net profit, down to Rs 136.7 crore from Rs 138.9 crore year-on-year (YoY). Additionally, revenue decreased by 6.3 percent, dropping to Rs 643.2 crore compared to Rs 686.8 crore YoY.
May 28, 2024, 2:36 pm IST
DOMS Industries Stock Soars To Record High On Strong Q4 Results
Shares of DOMS Industries surged over 10%, reaching an all-time high of Rs 2,035 per share on May 28, following the release of impressive Q4 FY24 results. This rally marks a significant milestone, with the stock now up over 150% from its issue price of Rs 790 per share.
In the January-March quarter, DOMS Industries reported a 20% year-on-year (YoY) increase in revenue, totaling Rs 403 crore. Additionally, earnings before interest, tax, depreciation, and amortization (EBITDA) grew by 22% YoY, reaching Rs 76 crore.
May 28, 2024, 1:55 pm IST
RBI Announces Buy Back Of Govt Bonds Worth Rs 40,000 Crore & Sell Rs 29,000 Crore Govt Securities
In a move to manage its debt profile, the Reserve Bank of India (RBI) announced on Monday that it will conduct a buyback of government bonds worth Rs 40,000 crore on Thursday. However, market participants predict lukewarm participation in this third buyback auction, as banks might be reluctant to sell bonds at a loss.
The bond market experts suggest that banks may only offload securities worth Rs 5,000 crore to Rs 10,000 crore, far less than the notified amount. The reluctance stems from the fact that the RBI had already attempted to repurchase these same securities in previous auctions.
May 28, 2024, 1:38 pm IST
Inox Wind Hits 10% Lower Circuit Post Bonus Share Allotment
Inox Wind Ltd shares today traded 10% lower circuit after the company allotted an aggregate of 97,78,45,488 fully paid-up Bonus Equity Shares of Rs. 10/- (Rupees Ten) each. Current market price of Inox Wind share on BSE is Rs 147.65 per share. The company has a market capitalisation of Rs 19,250.52 crore. Inox Wind shares declined 3.59% in last 1-week and offered whopping returns of 405% in last 1-year. Earlier on April 25, 2024 the company recommended 3:1 bonus issue and fixed May 25, 2024 as the record date. Inox Wind on May 3, 2024 announced its consolidated net profit at Rs 36.72 crore for the March 2024 quarter amid soaring income as against the net loss of Rs 119.04 crore declared in the corresponding quarter of last year.
May 28, 2024, 1:15 pm IST
Nibe Ltd Hits 5% Upper Circuit On Inking Agreement With Thales
Nibe Ltd, a defence component manufacturing company, has announced a business agreement with Thales USA. This partnership aims to design, manufacture, install, and supply state-of-the-art MM-7000 TACAN equipment and related services to bolster the Indian Navy's operational efficiency and strategic preparedness. With significant terms including equipment provision and comprehensive support services, this collaboration shows Nibe's pivotal role in advancing India's defence sector.
Established in 2005, Nibe Ltd has emerged as a player in manufacturing critical components for defence, e-vehicles, and software development. Specializing in fabrication, machining, and assembly, Nibe caters to the intricate demands of both defence and sustainable mobility sectors. Furthermore, the company is committed to fostering innovation through strategic product development and pioneering research initiatives, exemplified by its contributions to the BVM R&D Foundation.
May 28, 2024, 1:04 pm IST
Adani Enterprises Approves 16,600 Crore Fundraise, Shares Down 0.34%
Adani Enterprises on May 28 announced that its the board has approved fundraising of Rs 16,600 crore via the QIP routes as it pushes for growth after the Hindenburg fallout last year. Current market price of Adani Enterprises is Rs 3276.95 apiece with intraday fall of 0.34%
"We wish to inform you that the Board of Directors... has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Re 1 each of the Company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 16,600 crore or an equivalent amount thereof by way of qualified institutional placement (“QIP”) or other permissible mode in one or more tranches," said the company in a regulatory filing.
May 28, 2024, 12:37 pm IST
Adani Energy Plans To Secure Rs 12,500 Crore Funding
Adani Energy has disclosed its intention to procure funding amounting to Rs 12,500 crore, as announced by the company's board. The funding will be raised through qualified institutional placement (QIP) or other permissible methods, subject to regulatory approvals.
May 28, 2024, 12:31 pm IST
24K/100 Grams Gold Price Jumps By Rs 4900 In 2 Days, Silver Rises By Rs 5000
Gold prices in India continued to rally for second consecutive day on May 28, 2024 as investors sought to maintain a vigilant approach ahead of crucial US inflation data that may throw may light on Federal Reserve’s policy trajectory. 22k gold prices today jumped by Rs 200 to Rs 66,850/10 grams in India on May 28, 2024 and 100 grams of 22 carat yellow metal prices zoomed by Rs 2000 in the country.
24K gold prices today rose by Rs 220 to Rs 72,930/10 grams and 100 grams of 24 carat precious metal prices surged by Rs 2200 to settle at Rs 7,29,300 on May 28, 2024. 18k yellow metal prices today jumped Rs 170 in India to Rs 54,700/10 grams and 100 grams of 18k gold prices today rallied by Rs 1700 to Rs 5,47,000 on Tuesday.
Silver Prices Today: Silver prices in India today witnessed a strong jump as 1 kg silver prices got dearer by Rs 3,500 to Rs 96,500. 100 grams of silver prices today rallied by Rs 350 to Rs 9,650.
May 28, 2024, 11:58 am IST
BHEL Signs Agreement With BARC For Hydrogen Production
State-owned Bharat Heavy Electricals Ltd. (BHEL) has announced a Technology Transfer Agreement (TTA) with the Bhabha Atomic Research Centre (BARC) for the development of a 50 kW alkaline electrolyser system for hydrogen production, according to an exchange filing. BHEL highlighted that this technology, developed domestically by BARC, boasts a high local material content. The collaboration aims to enable BHEL to scale up the technology and bring it to market for various applications across sectors like refineries, fertilizers, steel, transportation, and more. This initiative aligns with BHEL's commitment to supporting the National Green Hydrogen Mission.
May 28, 2024, 11:29 am IST
PB Fintech Sees 1.2% Equity Transfer In Significant Trade
PB Fintech Ltd. shares fell by up to 4% on Tuesday (May 28) following a significant trade in the market. A block deal on the exchanges involved the transfer of 55 lakh shares, representing 1.2% of the company's total equity. The average price per share in this transaction was ₹1,228, resulting in a total transaction value of ₹677 crore.
May 28, 2024, 11:01 am IST
Inox Wind Shares Dip 9% On ₹414 Crore Block Deal
On Tuesday, Inox Wind Ltd. saw a significant 9% decline in its share price following a notable trade. A block deal on the exchanges involved the transfer of 2.75 crore shares, constituting 5% of the company's total equity. The shares changed hands at an average price of ₹151 per share, driving the total transaction value above ₹400 crore. As of the end of the March quarter, Inox Wind Energy Ltd. held a 38.43% stake in the company. Considering other promoter entities, the promoter group collectively owned a 52.87% stake in the company. If the promoter entity indeed acted as the seller, the promoter stake in Inox Wind would dip below the 50% threshold.
May 28, 2024, 10:31 am IST
Timken India Witnesses Block Deal: 6.65% Equity Transfers
During the pre-open block deal window on Tuesday, May 28, a significant transaction occurred, with 50 lakh shares, equivalent to 6.65% of Timken India's equity, changing hands. The identities of the buyers and sellers involved in this transaction are currently undisclosed.In June 2023, Timken India experienced a significant trade involving approximately 10% of its equity, equivalent to 84.5 lakh shares, valued at ₹2,629 crore. During this transaction, Timken Singapore sold 63 lakh shares, representing 8.3% of the company's total equity, through a block deal. As of the March quarter, data from the stock exchanges indicated that Timken Singapore held a 57.7% stake in Timken India.
IIFL Finance Ltd. has notified the stock exchanges about the postponement of its quarterly results board meeting for the January-March period, extending beyond May 30, 2024. The delay is attributed to an ongoing special audit mandated by the Reserve Bank of India, which has engaged the company's internal teams. However, IIFL Finance has assured stakeholders that the quarterly results will be disclosed no later than June 30, 2024, marking the end of the April-June quarter. This special audit, initiated last month, follows directives from the Reserve Bank of India.
May 28, 2024, 10:03 am IST
Nazara Technologies Sees 4% Surge In Shares After Q4 Earnings
Nazara Technologies Limited experienced a 4% intraday increase in its shares on May 28, despite concerns surrounding weak fiscal fourth-quarter results. The company reported a net profit of Rs 0.18 crore, reflecting a significant downturn from Rs 9.4 crore recorded in the corresponding quarter of the previous year. This decline was primarily attributed to a Rs 16.87 crore loss from discontinued operations, stemming from write-offs in several of the company's legacy businesses, including its real-money gaming venture, Halaplay.
May 28, 2024, 9:27 am IST
Recommendations By Aditya Gaggar, Director of Progressive Shares
"A round of profit booking from the record levels dragged the Index lower to settle the 27th May trade at 22,932. On the daily chart, Nifty50 has made a bearish candle and we believe that the Index is likely to retest its strong support of 22,780 while a level of 23,110 will be considered as immediate resistance. The Auto sector has reached the higher end of the rising channel which suggests a short-term reversal; however, stock-specific activity will continue. Bearish divergence in the Energy segment denotes a temporary pause in its uptrend, but we are bullish on OMCs as far as components are concerned. After a spectacular run-up, the Metal sector is oscillating in a small range; one can expect continuation of the same rally, post the consolidation breakout. Couple of PSU Banking stocks have given a strong breakout which shows an extension of their uptrend (IOB, PSB, and Uco Bank-Symmetrical Triangle Breakout)."
May 28, 2024, 9:26 am IST
Goldman Sachs Upgrades India's GDP Forecast Following RBI Dividend Windfall
Goldman Sachs has revised its GDP forecast for India upwards by 10 basis points to 6.7%, citing sustained growth momentum and additional fiscal space from a substantial dividend transfer from the Reserve Bank of India (RBI). The financial institution also anticipates a rate cut by the RBI in the October-December quarter, forecasting a rise in core goods inflation due to increased manufacturing costs.
May 28, 2024, 9:23 am IST
Market Opens With Minor Gains
The Indian benchmark indices opened higher on May 28, with the Nifty surpassing 22,950. The Sensex climbed 157.69 points, or 0.21%, to 75,548.19, while the Nifty gained 45.70 points, or 0.20%, to reach 22,978.20. Among the market activity, 1,654 shares advanced, 698 declined, and 122 remained unchanged.
May 28, 2024, 9:07 am IST
Government To Receive Rs 3,662 Crore Dividend From LIC
The Government of India is set to receive Rs 3,662 crore as a dividend from Life Insurance Corporation (LIC) of India, its largest shareholder. This follows LIC's announcement on May 27 of an interim dividend of Rs 6 per share. The government holds a 96.5% stake in the insurer, amounting to 6,10,36,22,781 shares.
May 28, 2024, 9:06 am IST
Rupee Opens Lower
Indian Rupee on Tuesday opened at 83.14 versus yestreday's close of 83.13 against US Dollar.
Oil prices steadied after two days of gains, even as Middle East tensions heightened following the death of an Egyptian soldier in a clash with Israeli troops. The global benchmark Brent held near a barrel, while West Texas Intermediate approached . Egypt's military confirmed that a border guard was killed at the Rafah crossing into Gaza on Monday, potentially escalating tensions with Israel.
May 28, 2024, 8:50 am IST
Asian Stocks Hold Steady Ahead Of Key Inflation Data
Asian markets traded in a narrow range on Tuesday as investors awaited global inflation data expected to influence future monetary policy. Equities in Japan, Australia, and South Korea showed mixed performance following a start to the week marked by the closure of U.S. and UK markets and a modest rise in European shares. Meanwhile, US futures saw slight gains during early Asian trading hours.
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