In the early trading session on Wednesday, Indian benchmark indices began on a positive note, reflecting the upward trend seen in global markets. This optimism was fueled by easing geopolitical tensions and strong corporate earnings results for the March quarter.
At the opening bell, the Sensex surged 219.12 points, or 0.30%, reaching 73,957.57, while the Nifty climbed 40.05 points, or 0.18%, to 22,408.05.
The market's positive momentum mirrored upbeat global cues, setting a promising tone for the day. Additionally, the Indian rupee opened at 83.37 against the US dollar, slightly up from the previous close of 83.33, further contributing to the positive sentiment in the financial markets.
While the spotlight remains on global cues, attention shifts to the tech behemoths as they gear up to unveil their earnings throughout the week. Additionally, eyes are on the upcoming release of consumption expenditure data for March, a crucial inflation indicator for the US Federal Reserve.
Back on home turf, the earnings season continues to unfold with Hindustan Unilever, Axis Bank, and LTIMindtree among the Nifty 50 companies scheduled to report results tomorrow. Market watchers are also awaiting updates from Tata Group heavyweights like Tata Consumer and Tata Elxsi, along with other key players such as MCX and ICICI Prudential. Wednesday will witness a flurry of earnings announcements from broader market names like Indian Hotels, Macrotech, Dalmia Bharat, Nippon Life AMC, Oracle Financial, and Syngene, among others.
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Apr 24, 2024, 3:37 pm IST
Indian Market On Wednesday's Session Closes In Green
Today Sensex grew more than 130 Points reaching 73,869 Levels, while Nifty 50 holds a grip near the 22,413 Range. Top Gainers in the session were noted as Hindalco, JSW, and Cipla, rising 4.13%, 4%, and 3.75% respectively, since yesterday, while top losers recorded were Tata Consumer, Grasim, and Tech-Mahindra, falling 5.39%, 1.37% and 1.21% respectively. Sectoral indices grew the highest range in Nifty Metal, climbing above 2.7% since Tuesday's closing. As per the past five sessions, the Indian market has risen 1.1%, starting to breach the fresh resistance levels posted earlier this month.
Apr 24, 2024, 3:26 pm IST
DCB Bank Q4 Results
The bank said today that its net profit for Q4FY24 was Rs 156 Cr, up 9% YoY from Rs 142 Cr in Q4FY23. As of March 31, 2024, the Gross NPA was at 3.23%. As of March 31, 2024, net NPA was at 1.11%. As of March 31, 2024, the Provision Coverage Ratio (PCR) was at 77.30%.
Apr 24, 2024, 3:08 pm IST
1:10 Split, 5 Bonus, 70% Dividend: Crorepati Defense PSU Hits New High, 108605% Returns; BUY For Long Term
Defence PSU giant, Bharat Electronics (BEL) is a crorepati-making stock, hitting a new all-time high on Wednesday, giving all-time gains of mind-boggling 108605%. It has turned as little as Rs 10,000 to nearly Rs 1.09 crore in 25 years. BEL's share price has broadly maintained a bullish position in April and has further upside potential. On NSE, BEL's share price traded at Rs 237.30 apiece, up by 1.26%, at the time of writing. It has a market cap of Rs 1,73,461.05 crore
United Breweries Limited was published in the Media by Heineken N.V. (Promoter Group) for their Q1-January-March 2024 - trading update. “In India, net revenue (beia) grew by 20% organically, driven by volume and positive price mix. Beer volume grew in the low teens, ahead of the market, cycling route-to-market changes from last year. To celebrate International Women's Day, we introduced Queenfisher, an all-women initiative. Our premium portfolio grew volume in the low twenties, led by Kingfisher Ultra and Heineken® Silver,” the company said in a generic statement
Apr 24, 2024, 2:40 pm IST
Bharti Airtel Shares In Focus
One of the top telecom service providers in India, Bharti Airtel (or "Airtel"), said today that its consumers in the state of Kerala are using 5G service. Kerala has seen a notable surge in 5G subscribers during the last six months, according to Airtel. Amit Gupta, COO — Kerala, Bharti Airtel said, "We are making significant strides in building the network infrastructure required to facilitate widespread adoption of 5G in Kerala. We express our gratitude to our valued customers who have upgraded to enjoy the power of unlimited 5G service at no additional cost. Our tireless efforts are to keep our customers consistently connected to the state's fastest, most reliable, and cutting-edge network.”
Apr 24, 2024, 12:58 pm IST
Gold Prices Rally
Gold prices rose on April 24 after a sharp selling pressure. There has been slight volatility in gold prices this week as Iran and Israel have retained from airstrikes, much rather to gold's dismay. Nonetheless, the Rafah border in Gaza is back in the limelight with Israel's IDF soon to carry out a mission against Hamas in that untouched territory. This keeps Middle East tensions at the edge, and hence, the latest price rebounded from the previous session.
Apr 24, 2024, 12:00 pm IST
Axis Bank Q4 Results Preview: Profitability Likely To Drop Led By Higher Opex; Asset Quality May Remain Stable
The private sector lender Axis Bank is going to declare its financial results for the quarter and year ended March 31, 2024. As per a report from KR Choksey Research, Net interest income (NII) growth of 8.7% YoY and 1.9% QoQ is anticipated from the bank. A strong 16.2% rise in advances, which suggests a robust credit demand and increased lending activity, is the main driver of NII growth. The rise in advances suggests that the bank can recognize and take advantage of market lending possibilities, which might result in higher profitability.
GPT Infraprojects Limited Bags Order Valued at 487 Crore From Central Railways
GPT Infraprojects Limited has bagged the order
valued at 487 Crore for the Construction of a new BG line from chainage 52500 to
83200 in Solapur-Osmanabad section of Solapur
Division of Central Railway. The contract is in Joint Venture with GPT’s share
being 26%. The outstanding order book for the Company now stands at approximately 3,309 Crore
with a total order inflow for Fiscal 2025 of 127 Crore.
Apr 24, 2024, 11:33 am IST
India Gold Rates Today Takes A Breather From Recent Falls, Stays 2% Below Record High Range Currently
Today the average 24-carat gold rate in India for 10 grams is Rs. 72,650/- and Rs. 66,600/- for 10 grams of 22-carat gold. The yellow metal prices today have increased since the previous day by Rs. 490/- and Rs. 450/- for 10 grams of both pure gold and standard gold. Likewise, 18-carat gold prices in India today have risen by Rs. 370/- to reach Rs. 54,490/- per 10 grams. The MCX Gold Futures expiring in June are currently moving around Rs 71,049/-, while the international spot gold prices remain stable at $ 2,326.5/- per ounce, a rise of 0.22% or $ 5.2 higher than yesterday's closing.
HIL Limited Acquires 100% Equity Share Capital Of Crestia Polytech
Crestia Polytech Private Limited, along with its four other Group
Entities has been wholly acquired by HIL Limited, a CK Birla Group Company, and execution of the Share Subscription and Purchase
Agreement (“SSPA”) entered into by the Company with Crestia and its existing shareholders.
In this regard, this is to inform that under adjustments for working capital and net debt in
accordance with the provisions of the SSPA, the Company has acquired the entire share capital of
Crestia at an all-cash consideration of INR 158,44,71,000 (Indian Rupees One Hundred Fifty-Eight Crore
Forty-Four Lakh Seventy-One Thousand).
Apr 24, 2024, 10:17 am IST
High Grade Farms & Organic Recycling Systems Ltd. Join Forces For Sustainable Wastewater Management
High Grade Farms, Inc. (HGF), a pioneering company and a leading-edge technology
solutions company based in Canada, offering a patented algae wastewater treatment
(AWWT) technology for sustainably treating liability wastewater and Organic Recycling
System Limited (ORS), headquartered at Navi Mumbai a pioneering engineering firm
specialising in waste valorisation and management, offering solutions to convert waste
into green energy and renewable resources have entered into a Memorandum of
Understanding (MoU) to foster a cohesive and collaborative approach towards their
shared objectives of sustainable technology development.
The partnership between HGF and ORS emerged from mutual business interests
recognizes the potential of HGF's Integrated Technology Platform (ITP) in addressing
India's wastewater challenges sustainably.
Apr 24, 2024, 9:51 am IST
Tata Elxsi Stock Dips More Than 5% Post Q4; Analysts Predict Further 20% Decline
Tata Elxsi's shares experienced a significant drop of over 5% on Wednesday following the company's fourth-quarter results, with some analysts forecasting a potential additional 20% downturn.
The decline in Tata Elxsi's stock value comes in the wake of the company's revenue growth falling short of street expectations for the March quarter. Despite reporting a constant currency revenue decline of 0.6% compared to the December quarter, the figure fell below the 3.5% sequential growth projections put forth by JPMorgan.
Apr 24, 2024, 9:38 am IST
Rupee Falls 0.36 paise against US Dollar
Indian rupee declined of 0.36 paise against US dollar in morning trade on Wednesday.
Apr 24, 2024, 9:26 am IST
Market Opens With Healthy Gains; Nifty Breaks Above 22,400
In the early trading session on Wednesday, Indian benchmark indices began on a positive note, reflecting the upward trend seen in global markets. This optimism was fueled by easing geopolitical tensions and strong corporate earnings results for the March quarter.
At the opening bell, the Sensex surged 219.12 points, or 0.30%, reaching 73,957.57, while the Nifty climbed 40.05 points, or 0.18%, to 22,408.05.
Apr 24, 2024, 9:16 am IST
Puravankara Chosen As Top Developer For Rs 2,000 Crore Pali Hill Venture
Puravankara Ltd, a Bengaluru-based real estate developer, has secured unanimous selection as the primary developer for a residential housing project located in Mumbai's prestigious Pali Hill area.
According to an exchange filing, the project boasts an estimated development potential of 4.1 lakh square feet carpet area, with more than 2.15 lakh square feet available for sale. Puravankara anticipates the Gross Development Value (GDV) for this venture to reach Rs 2,000 crore, signaling significant growth potential in the bustling Mumbai real estate market.
Oil prices held steady, buoyed by a combination of factors including shrinking US crude stockpiles and ongoing discussions regarding potential sanctions against Iran.
Brent crude remained stable above a barrel following a 1.6% increase on Tuesday, while West Texas Intermediate hovered above . The American Petroleum Institute's report indicating a 3.2 million barrel decline in nationwide crude inventories last week contributed to market optimism. If validated by official data expected later on Wednesday, this would mark the first decrease in five weeks, further supporting the upward trend in oil prices.
Apr 24, 2024, 9:13 am IST
Asian Equities Climb On Tesla's Optimism Amid US Tech Surge
Asian stocks saw gains following a surge in US tech giants, with investors closely watching the high-stakes earnings reports considered pivotal for the ongoing bullish trend in equities.
Equity markets in Japan and South Korea witnessed upward momentum, while Hong Kong futures pointed towards a positive opening. In early Asian trading, US futures also indicated gains.
Tesla Inc. notably surged during late US trading hours, buoying market sentiment as the electric-vehicle giant maintained an optimistic outlook despite falling short on sales expectations. This marked the first of the "Magnificent Seven" megacap companies to report earnings, with Tesla's rebound halting a seven-day decline and prompting gains across the group.
Apr 24, 2024, 9:11 am IST
RBI Warns Of Inflation Risks Due To Extreme Weather, Geopolitical Tensions
In its recent bulletin released on Tuesday, the Reserve Bank of India (RBI) highlighted potential threats to India's inflation trajectory arising from extreme weather events and prolonged geopolitical tensions. Despite an upward trend in the nation's growth, the RBI cautioned about the impact of these factors on the economy.
According to a 'State of the Economy' article within the bulletin, the RBI staff expressed concerns over food price pressures disrupting the ongoing disinflation process. They also underscored the uncertainties stemming from adverse climate events and geopolitical tensions, which could further exacerbate the situation.
Earlier this month, India's weather office forecasted an increase in the number of heat-wave days between April and June, signaling additional challenges for the country's economic stability.
Apr 24, 2024, 9:10 am IST
Dollar Struggles After Euro Rebound; Yen Stuck At 34-Year Low
Amidst significant movements in currency markets, the dollar faced continued pressure on Wednesday, particularly following substantial declines against the euro and sterling. This downward trend was attributed to a combination of surprisingly strong European economic data and a slowdown in US business growth.
Despite the dollar's struggles, the Japanese yen remained entrenched near a 34-year low against the US currency, despite intensified warnings from Japanese officials regarding potential intervention.
In early Asian trading, the dollar index, which gauges the greenback against a basket of six major currencies including the euro, sterling, and yen, remained flat at 105.64. This followed a decline of 0.4% overnight, reaching its lowest level since April 12 at 105.23.
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