May 06, 2024, 3:47 pm IST
Market Ends Flat Amidst Volatility
The stock market today saw a mixed bag of results, as indices struggled amidst heightened volatility. The Reserve Bank of India's (RBI) draft proposal on infrastructure lending weighed heavily on public sector undertakings (PSUs), dragging down indices associated with them.
May 06, 2024, 3:03 pm IST
CG Power Q4 Results
CG Power has released its Q4 earnings report, revealing a 45.1% decline in net profit, dropping to Rs 234 crore compared to Rs 426 crore in the previous year. However, the company saw a notable increase in revenue, rising by 15.2% to Rs 2,192 crore from Rs 1,903 crore year-on-year. EBITDA also experienced growth, up by 3% to Rs 284 crore compared to Rs 276 crore in the previous year. Despite these positive aspects, the margin stood at 13%, down from 14.5% year-on-year.
May 06, 2024, 2:01 pm IST
Gold Prices
Today 22k/10 grams gold price got dearer by Rs 200 to Rs 66,050 and 22k/100 grams yellow metal prices surged by Rs 2000 to Rs 6,60,500 on softer than expected US data released last week. Meanwhile, traders are looking forward to comments from Federal Reserve officials for more cues on the US interest rate cut timeline.
May 06, 2024, 12:24 pm IST
Paytm Share Price Drops
Paytm witnessed a significant dip in its share prices, plummeting over 5% on May 6th. This downward trend came on the heels of the company's announcement regarding the resignation of its Chief Operating Officer (COO) and President, Bhavesh Gupta, as per a regulatory filing made over the weekend.
May 06, 2024, 11:56 am IST
EaseMyTrip Expands Its Footprint With New Franchise Store In Amritsar
EaseMyTrip.com, one of India’s largest online travel tech
platforms, is excited to announce the launch of its latest franchise store in Amritsar, Punjab. This is the 15th store to be
launched as a part of the brand’s expansion plans and the first one in Amritsar. Mr. Rikant Pittie, Co-Founder of
EaseMyTrip, commented, “Our franchise in Amritsar is a testament to our commitment
towards making quality travel services accessible to more people through a harmonious blend
of online convenience and personalized offline assistance. With each new store, including our
plan to open 100 franchise stores in this financial year, we are not just growing our network
but also enriching the travel booking experiences for our customers across India."
May 06, 2024, 11:34 am IST
Caplin Points Gets Colombia Approval For Softgel Capsules
Caplin Point Laboratories Limited has received Colombia's INVIMA approval for its Softgel Capsules division at
Puducherry. The site inspection of Unit-1 was completed on May 3rd and found compliant with INVlMA's norms of Good Manufacturing Practices (GMP) and Good Laboratory Practices
(GLP). Mr.C.C.Paarthipan, Chairman, Caplin Point Laboratories
Limited said “Expansion into larger markets of Latin America such as Colombia, is an
important aspect of our future growth, and this approval, especially in the niche Softgel
Capsules range will contribute well to the same”. The Unit currently caters to Emerging Markets in Latin America and Africa with a variety of
dosage forms such as Tablets, Capsules, Softgel Capsules, Suppositories, Liquid Orals, Topicals, and Injectables
May 06, 2024, 11:12 am IST
Gold Price India Today Recovers From Previous Falls Amidst Stable Global Demand
India gold rates today for 24-carat are Rs. 72,050/- and Rs. 66,050/- for10 grams of 22-carat gold. The yellow metal price in India today have surged by Rs. 220/- and Rs. 200/- per 10 grams of pure gold and standard gold respectively. Similar to this, today India gold prices for 18-carat are Rs. 54,040/-, rising by Rs. 160/- per 10 grams since yesterday. The US Spot gold prices today are currently trading around $ 2,311/- per ounce, while the MCX Gold Futures maturing next month are currently floating at Rs. 70,996/-, rising 0.46% or Rs. 328/- since Friday's closing.
May 06, 2024, 10:43 am IST
Kaizen Agro Infrabuild Ltd With NACOF Secures 80 M. Tons Packet Tea Order From UP-PCF
Kaizen Agro
Infrabuild Limited secures an order of 80 metric tons of packet tea from Uttar Pradesh
Cooperative Federation Ltd (PCF), has 246 distribution centers all over Uttar Pradesh. This
initiative comes from the Indian Government’s commitment to supporting local
farmers and promoting domestically manufactured goods. The company has embarked on the mission to
distribute and encourage domestically manufacture goods to expand its packet tea and Agro
Product business on a large scale through NACOF whose existence in 27 cities of India.
May 06, 2024, 10:22 am IST
Sprayking Limited Wins Order Worth 40 Million & Launched 2 New Brands
Sprayking Limited (Formerly known as Sprayking Agro Equipment Limited), wishes to inform shareholders that the Company Secures an INR 40 Million Order, Advances in Brass Rod Production, and
Introduces Two New Quality-Certified Brands for African Markets.
Jamnagar, May 06, 2024, Sprayking Limited, formerly known as Sprayking Agro Equipment Limited,
proudly announces the acquisition of a substantial order valued at INR 40 million. This significant
milestone underscores the company's continued growth and commitment to excellence in the industry. Leveraging its expertise in manufacturing precision equipment, the company has
introduced two new brands tailored to meet the diverse needs of customers in African countries. These
brands, TPU-PLUMB and NAIK, have been meticulously developed and are registered under quality
certification in the South African Bureau of Standards (SABS).
May 06, 2024, 9:42 am IST
Derivative Outlook Today By Anand James, Chief Market Strategist, Geojit Financial Services
Nifty weekly contract has highest open interest at 22800 for Calls and 22000 for Puts while monthly contracts have highest open interest at 23500 for Calls and 22000 for Puts. Highest new OI addition was seen at 22800 for Calls and 22000 for Puts in weekly and at 22500 for Calls and 21400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 24.60%, increased future index shorts by 10.37% and in index options by 43.55% increase in Call longs, 16.87% increase in Call short, 84.62% increase in Put longs and 36.32% increase in Put shorts.
May 06, 2024, 9:42 am IST
Nifty Outlook Today By Anand James, Chief Market Strategist, Geojit Financial Services
The pull back in the closing hour on Friday and rejection trade again at the 23% fibo limiting further advance, suggest a technical dance, due to which we cannot rule out the possibility of calling this a dead cat bounce, that may be followed by a deeper plunge aiming 20300, especially given the rise of VIX to the vicinity of 15 from record lows. We would however start the week, hunting for upside prospects, should we break and float above 22550, that could bring back the long awaited objective of 23200-600 back into the horizon again.
May 06, 2024, 9:38 am IST
Market Outlook Today By Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
"The cut of 172 points on the Nifty last Friday is rumoured to be triggered by fears of changes in the long-term capital gains tax in the Budget after elections. The finance minister quickly clarified that these are speculative. This clarification and positive global cues are likely to support the market in the near-term. The US jobs data for April has come lower-than-expected indicating weakening labour market and slowing economy. US unemployment has risen to 3.9% in April. So the possibility of a rate cut by the Fed has again brightened. The decline in the dollar index to 105.8 and the cut in the 10-year US bond yield to 4.49% augur well for the market. Positive comment by Warren Buffett that India is an untapped market with great potential is hugely important. FIIs can take a cue from that rather than react every time to changes in US bond yields. Kotak Mahindra Bank is likely to respond positively to its impressive Q4 results. The Q4 auto results coming this week will be keenly watched by the markets and positive market responses are likely."
May 06, 2024, 9:32 am IST
Kotak Mahindra Bank Q4 Result Update By Axis Securities
Despite the regulatory ban, the management remains confident of no significant financial impact. With restrictions on customer acquisition digitally, KMB will look to increase its branch count in a calibrated manner. A large part of the Opex will continue to be deployed towards tech upgrades. Given near-term challenges on growth, higher Opex largely towards tech (~10% of Opex currently) and normalising credit costs with bank pursuing growth in unsecured book, we reduce our earnings estimates by 4-7% over FY24-26E. We expect KMB’s RoA/RoE to be limited to 2.2%/13-14% over FY25-26E. We value the bank’s core book at 2.1x FY26E ABV and assign a value of Rs 447 to the subsidiaries, thereby arriving at a target price of Rs 1,755/share. The TP implies an upside of 13% from the CMP. We maintain our BUY recommendation on the stock.
May 06, 2024, 9:16 am IST
Market Pre-opening session
Nifty above 22,550, Sensex added over 400 points.
May 06, 2024, 9:14 am IST
Market Outlook Today By Sameet Chavan, Head Research, Technical and Derivative - Angel One
From a technical standpoint, the index has certainly managed to hold the higher ground, but with the developments in the last session, it would be crucial to watch for the pivotal support zones for this trading week. For now, the immediate swing low of the 22350-22300 subzone is likely to provide a firm cushion for any intra-week blip, followed by the 50 DEMA of 22230 and the bullish gap around the 22200 zone. On the higher end, the record-high zone of 22750-22800 seems daunting for the bulls and until we witness a decisive breakthrough, the next leg of rally toward the 23000 mark seems demanding. We remain hopeful that broader participation will continue and propel the benchmark to new highs. Strong participation by the high beta index Bank Nifty is crucial to strengthening momentum in this week. For the time being, we would remain neutral and the ideal strategy would be to take one step at a time. Considering the domestic scenario, one needs to stay light on positions on either side for key indices. Simultaneously, a check on global bourses is advisable, which may act as a catalyst to dictate the near-term trend for our markets.
May 06, 2024, 9:10 am IST
Rupee falls 0.25 paise against US Dollar
Indian rupee declined 0.25 paise against US Dollar in morning trade on Monday.
May 06, 2024, 9:06 am IST
Market Outlook Today By Mr. Aditya Gaggar, Director of Progressive Shares
A sharp reversal after registering a fresh high dragged the Index lower to end 3rd May session at 22,476. DOJI and Bearish Engulfing in weekly and daily charts denoted a trend reversal with a negative divergence in RSI. We anticipate that the Index is likely to oscillate in a wide range of 22,160-22,770. An early indication from GIFT Nifty suggests firm opening but sustainability at the higher levels will be a key factor to watch out for. The immediate support is placed at 22,400 while the higher side seems to be capped at 22,640. BankNifty reversed from the higher end of the rising channel with a negative divergence in RSI which also indicates a trend reversal; however, a firm close above 49,500 will negate the bearish implications while a break below 48,600 will drag the Index further lower. Among the sectors, we continue to hold out positive stance on the Auto and Metal sectors as both of them are moving on expected lines which boosts our confidence. Stock-specific action can be seen in the Energy segment (Coal India- Inverted Head & Shoulder Breakout, PowerGrid- Symmetrical Triangle Breakout, Tata Power-Flag and Pole Breakout).
May 06, 2024, 9:02 am IST
Sprayking Secures Order Worth Rs 40 Million
Sprayking Limited reports that it has acquired a significant order for Rs 40 million. Sprayking Limited, having secured an advance for Brass rod, is well-positioned to grow and innovate its product line. The firm, utilising its proficiency in producing high-precision equipment, has launched two novel brands specifically designed to cater to the varied demands of customers in African nations.
May 06, 2024, 8:46 am IST
Multibagger Penny Stock Below Rs 50 In Focus; Here’s Why
The Uttar Pradesh Cooperative Federation Ltd (PCF) has placed an order for 80 metric tonnes of package tea with Kaizen Agro Infrabuild Limited in partnership with the National Agriculture Cooperative Marketing Federation of India Limited (NACOF). In partnership with Kaizen Agro Infrabuild, Andrew Yule & Co. Limited (A Government of India Enterprises Limited) distributes its package tea to every home in India via the National Agriculture Cooperative Marketing Federation of India Limited (NACOF). As a result, Uttar Pradesh Cooperative Federation Ltd (PCF), which has 246 distribution centres throughout the state of Uttar Pradesh, places an order with Kaizen Agro Infrabuild Limited for 80 metric tonnes of package tea.
May 06, 2024, 8:35 am IST
FPIs Remain Net Buyers In Indian Equities So Far In May
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "In the two days of trading in May FPIs have invested Rs 1156 crores in equity and sold Rs 1726 crores in debt (Source: NSDL). The rising VIX is indicative of potential volatility. Market can turn highly volatile in the short-run. Fed’s decision indicates rate cuts much lower-than-expected earlier this year. Inflation has turned stubborn at lower levels. But the latest jobs data in the US indicates a slowing economy and, therefore, rate cuts may be necessitated. The wage increase falling below 4% also reflects a weakening labour market. From the stock market’s perspective, this is good news. That’s why the US markets rallied sharply on Friday. The market is at record highs. There has been a pre-election rally. It is not as strong as in the past. More than anything else, FPIs will respond to changes in the US bond yields. If the US bond yields fall and the Indian economy and markets do well they will turn aggressive buyers."
May 06, 2024, 8:20 am IST
Concord Control Systems Shares In Focus
The Board of Directors at their meeting held on May 05, 2024, considered and approved the further Investment of upto Rs.5.50 crores in its subsidiary company -Advanced Rail Controls Private Limited by subscribing in the right issue of equity shares made by the company, as per a regulatory filing.
May 06, 2024, 8:14 am IST
Yes Bank Shares In Focus
The board of directors of the Bank, on May 05, 2024, considered and approved the allotment of 127,98,80,909 fully paid up equity shares of face value of Rs. 2/- each of the Bank to Verventa pursuant to the exercise of a same number of share warrants allotted to Verventa on December 13, 2022 at a price of Rs. 14.82 per share warrant.
Pursuant to allotment of the equity shares, the total issued and paid-up share capital of the Bank has increased from Rs. 60,09,95,25,148/- consisting of 30,04,97,62,574 equity shares of face value Rs. 2/- each to Rs. 62,65,92,86,966/- consisting of 31,32,96,43,483 equity shares of face value Rs. 2/- each.
May 06, 2024, 8:03 am IST
Q4 Results Today
Godrej Consumer Products, CG Power and Industrial Solutions, Lupin, Indian Bank, Marico, Gujarat Fluorochemicals Limited, Grindwell Norton, DCM Shriram, Happiest Minds Technologies, Route Mobile, Arvind, Prudent Corporate Advisory Services, Choice International, Fusion Micro Finance, Gujarat Heavy Chemicals, Muthoot Microfin, The Bombay Dyeing Co., CarTrade Tech, Arvind SmartSpaces, Moschip Technologies, Styrenix Performance Materials, Suven Life Sciences, Apcotex Industries, Aeroflex Industries, Punjab Chemicals & Crop Protection, Kamdhenu, Automotive Stampings and Assemblies, Uttam Sugar Mills, ALLSEC Technologies, Selan Exploration Technology, GHCL Textiles, Orbit Exports, Indian Bright Steel Company, Chemcrux Enterprises, KPT Industries, Alphalogic Industries, Capital Trade Links, Syschem (India) RE, Indian Acrylics, Smruthi Organics Limited, Evexia Lifecare, Gujarat Toolroom, Asarfi Hospital, Clara Industries, Gujarat Poly Avx Electronics, Rapicut Carbides, Mishka Exim, Shree Ram Proteins, Rajkamal Synthetics, Adinath Exim Resources
May 06, 2024, 7:55 am IST
Crude oil has been on a declining trajectory since last June when it reached 4 per barrel
According to a Senior Market Analyst of VT Markets, “OPEC+ is presently reducing the supply of crude oil by 5.86 million barrels per day, or around 5.7% of the world's total demand. At the end of June, certain OPEC countries' voluntary cuts of 2.2 million barrels per day will come to an end. The cut, which is valid through the end of 2024, is around 3.66 million barrels per day. Earlier in the week, the price of crude oil was affected by a rise in US crude oil stocks. The week ending April 26 saw a 7.3 million barrel increase in US commercial crude oil stockpiles. In February, the United States produced 13.15 million barrels of crude oil per day. In the previous three and a half years, this was one of the greatest output figures in the US. American oil is a volatile asset given the current interest in crude oil. When conflict is high, markets are erratic, and news events usually take precedence over technical analysis. According to recent sources, the price of crude oil has kept declining. We can see that it has a chance to consolidate upwards at this lower price. It is advisable to examine the price activity at 80.90 first. Price may test 83.00 next if it consolidates once more or disrespects the region. The price does not consolidate at the current area, we think it can come down to 78.15 or 76.30. We can then look for bullish price action here. Today's price action will be crucial.”
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