Closing Bell: Sensex Ends With 112 Points Gain, Nifty Above 22,100; ABB Gains 12%

BSE Sensex gained 112 points to 72,776 and Nifty zoomed 48 points to 22,104 in trade on Monday ahead of domestic inflation data. Tata Motors and RIL witnessed decline in shares today. Nifty Bank gained 333 points to 47,754 and Nifty Midcap rallied 203 points to 49,735 in trade on May 13. ABB Shares zoomed 12% in trade today. Meanwhile, BEML shares zoomed nearly 12% after robust quarterly results wherein consolidated net profit rose by 63%.

Tata Motors, despite reporting a staggering 222% jump in net profit for Q4, witnessed a 6% decline in its shares. The company's net profit surged to Rs 17,407.2 crore, driven by robust performance across its auto businesses. Its total revenue also witnessed a notable uptick of 14.3%, reaching Rs 1.2 lakh crore. Additionally, the board recommended a final dividend of ₹6 per ordinary share and Rs 6.20 per 'A' ordinary share for FY24. Furthermore, Tata Motors announced plans to streamline operations by separating its vehicle financing subsidiaries and merging them with Tata Capital to mitigate debt.

On the other hand, Cipla experienced a more than 5% increase in its shares following a 78% year-on-year surge in its Q4 net profit. The pharmaceutical giant reported a consolidated net profit of Rs 939.04 crore for the March quarter, driven by heightened demand in key markets. Despite a 7.4% year-on-year rise in consolidated revenue to Rs 6,163.24 crore, it fell short of expectations. Moreover, Cipla is contemplating the marketing of Eli Lilly's weight loss drugs in India.

Adding to the market's unease, India's Volatility Index soared for the 12th consecutive day, nearing levels unseen since October 2022, closing at 18.47 on Friday. Foreign investors persisted as net sellers throughout the week, offloading stocks worth over Rs 21,000 crore or nearly $2.3 billion. Conversely, domestic institutions maintained their position as net buyers.

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May 13, 2024, 3:27 pm IST

Varun Beverages Declares 24.9% Rally In Net

Leading company from the FMCG sector Varun Beverages today announced a surge of 24.9% in its consolidated net profit to Rs 547.9 crore for the March quarter as against the corresponding quarter of last fiscal. The company announced a rally of 11.2% in its revenue to Rs 4,397.9 crore, as per its BSE filing. The company follows the January to December financial year. Current market price of Varun Beverages share on BSE is Rs 1432.80 per share with intraday decline of 2.08%. Varun Beverages Ltd shares declined despite reporting surge in net profit. Varun Beverages shares zoomed 90% in last 1-year. Government of Singapore has 1.26% stake in Varun Beverages.

May 13, 2024, 2:58 pm IST

Gold Price India Falls For 2nd Day: 24K/100 Grams Yellow Metal Down By Rs 4,400

Gold prices India declined on May 13 for second consecutive day. 24K gold prices for 10 grams fell by Rs 110 to Rs 73,250 and 100 grams of 24 carat yellow metal prices declined by Rs 1100 to Rs 7,32,500. 24k gold prices now slipped by Rs 4,400 for second day in a row as investors are looking forward to US inflation data, that may throw more light on the timing of Fed Reserve’s first rate cut. Meanwhile, 22k gold prices dived by Rs 100 in India on May 13 to Rs 67,150/10 grams and 100 grams of 22k yellow metal fell by Rs 6,71,500. On other hand, 10 grams of 18 carat gold prices got cheaper by Rs 80 to Rs 54,940 and 100 grams of 18k precious metal prices are quoted at Rs 5,49,400 after the decline by Rs 800. Silver prices India too witnessed decline on Monday. 1kg silver prices in India today quoted at Rs 86,500 after the fall by Rs 500 and 100 grams of silver prices are retailing for Rs 8,650 after fall by Rs 50. Spot gold continued to hold its ground at ,358.42 per ounce by 0229 GMT. Prices touched a two-week high in the previous session. U.S. gold futures declined 0.4% to ,364.60, according to Reuters.

May 13, 2024, 1:07 pm IST

Tata Motors Top Bears

Tata Motors stock witnessed sharp selling pressure on Monday after its Q4 results. Overall, in the latest trading session, the stock nosedived by at least 9.44% to hit an intraday low of Rs 948 apiece. The stock which was the top Nifty 50 gainer in 2023, and traded above Rs 1,000 levels as of last week, was pulled into a bearish tone due to its mixed performance with EBITDA below estimates. This is despite that Tata Motors India's business is now debt-free. Brokerages have given mixed recommendations on Tata Motors.

May 13, 2024, 11:03 am IST

Bank of Baroda Q4FY24 Result Update By Axis Securities - Sequential Margin Improvement With Stable Asset Quality

The margin is expected to remain stable at 3.15% for FY25. Advances growth is anticipated to remain robust, aiding healthy growth in Net Interest Income (NII). Operating expenses are expected to remain elevated, mainly driven by provisions for wage revision. The restructured book is expected to reduce, aiding improvement in asset quality. Credit cost is expected to remain below 1%. Thus, although operating expenses are expected to remain elevated, we believe the same would be offset by strong growth in NII and better asset quality, thereby allowing the bank to maintain Return on Assets (ROA) at 1% or higher over FY24-26E. Gross advances reported robust growth of 12.5% YoY and 3.9% QoQ. The healthy expansion in the loan book was primarily driven by a 20.7% YoY and 5.6% QoQ growth in the retail book (with Personal loans up 51% YoY and 8% QoQ), along with a 12% YoY growth in Agri loans and a 12% YoY growth in the Corporate book. Margins improved, with a 24bps increase in the yield on advances, outpacing the 10bps rise in the cost of funds QoQ. Net Interest Income (NII) reported growth of 2% YoY and 9% QoQ. Asset quality continued to improve, with Gross Non[1]Performing Assets (GNPA) and Net Non-Performing Assets (NNPA) declining by 87bps and 21bps YoY, and by 16bps and 2bps sequentially. Although elevated operating expenses dragged down Pre-Provision Operating Profit (PPOP), improvement in margins, treasury gains, and certain one[1]time gains helped the bank report a 6.7% QoQ growth in Profit After Tax (PAT). BOB currently trades at 1x FY26E ABV which we believe demands a re-rating as consistent stable growth along with well-maintained asset quality and improving fee income to improve the bank's long-term prospects. We maintain our ‘BUY’ rating on the bank with a revised target price of Rs 340/share (SOTP basis core-book at 1.25x FY26E ABV and subsidiaries at Rs 13/share), implying an upside of 33% from the CMP.

May 13, 2024, 10:33 am IST

Indegene IPO Listing View By Shivani Nyati, Head of Wealth, Swastika Investmart Ltd

Indegene, the provider of digital-led commercialization services for the life sciences industry, defied market negativity with a spectacular debut on the stock exchanges. The company's shares are listed at a staggering Rs. 655 per share, translating to a phenomenal 45% gain over its issue price of Rs. 452. This impressive performance comes on the back of a strong investor response, with the IPO receiving an overwhelming 70 times subscription. Indegene boasts a well-established presence in the life sciences sector, serving leading biopharmaceutical companies and demonstrating consistent growth. The company's robust technology portfolio and focus on digital-led services position it well for future success in a rapidly evolving market. Long term investors are suggested to hold their position by keeping stoploss and continue monitoring the company's performance and market conditions.

May 13, 2024, 10:05 am IST

Market Outlook Today By Aditya Gaggar, Director of Progressive Shares

Friday reversal trade helped the Index reclaim the level of 22,000. Mixed view from different timeframes suggests a rangebound trade where a level of 21,800 seems to be a strong support while the higher side is capped at 22,230 for the time being. BankNifty has virtually completed its corrective move in the rising channel. The strong support is placed at 47,200 while a level of 48,100 will act as resistance. From the Auto sector, we continue to remain bullish on Bharat Forge (Consolidation Breakout), Hero Motocorp (Bullish Flag and Pole Breakout), and Tata Motors (Symmetrical Triangle Breakout). The short-term trend has turned negative in the Energy and Realty segment as both have given a trendline breakdown with a bearish divergence in RSI. FMCG segment has given a breakout from the Descending Broadening Wedge pattern which depicts the beginning of a new trend (Britannia- Falling Channel Breakout /GodrejCP- Flag and Pole Breakout).

May 13, 2024, 9:30 am IST

Market Opens Lowe; Tata Motors & Cipla In Focus

Indian stock market saw the Sensex slipping over 100 points, with the Nifty trading below 22,050 at open. The Sensex declined by 141 points, or 0.20%, reaching 72,522, while the Nifty saw a dip of 13 points, or 0.06%, settling at 22,041. Among the stocks, 1,271 shares advanced, 1,386 shares declined, and 1,129 shares remained unchanged.

May 13, 2024, 9:10 am IST

Rupee Stays At 83.50 Per Dollar

Indian rupee opened at 83.54 levels against US dollar at the interbank forex market, at the early hours of Monday. Sentiments in the local currency will be driven by drop in major Asian currency Yuan, and uncertainties in election may escalate outflows from FPIs. Volatility in market will be another key indicator for rupee.

May 13, 2024, 8:52 am IST

Biocon Inks Distribution Agreement With Medix For Liraglutide In Mexico

Biocon has forged a distribution pact with Medix in Mexico, targeting the distribution of Liraglutide for weight management purposes. Under the agreement, Biocon will oversee regulatory approvals, manufacturing, and supply chain operations, while Medix will concentrate on the commercialization of the product within the Mexican market.

May 13, 2024, 8:50 am IST

Crude Prices Slips, Gold Holds Steady After Putin Replaces Defense Minister

President Putin's unexpected decision to replace his defense minister has drawn attention to key commodities such as gold and oil, amid geopolitical tensions. The reshuffling within the Russian government comes amidst heightened military activities in Ukraine, where Russian forces seek to leverage their strategic advantage on the battlefield. Putin's timing, just ahead of his scheduled visit to China and NATO's meeting in Brussels, adds intrigue to the situation. The global market response was mixed, with oil prices experiencing a dip while gold prices remained stable. Meanwhile, the United States is closely monitoring developments in the Middle East, particularly Israel's offensive in Gaza. Concerns are mounting over the potential repercussions of the conflict, with Secretary of State Blinken emphasizing the need for credible Israeli plans to protect civilians in Rafah and to strategize for the post-war scenario.

May 13, 2024, 8:48 am IST

US Market Declines On Friday Amidst Inflation Fears

The US stock market faced challenges on Friday, grappling with indications of an economic slowdown alongside lingering concerns about inflation. Market dynamics were marked by volatility as US consumer sentiment dipped to its lowest point in six months, fueling heightened short-term inflation expectations. Despite mounting pressure for Federal Reserve rate cuts in response to sectoral deceleration, officials reaffirmed their commitment to maintaining higher interest rates as a measure to curb inflationary pressures. The S&P 500 index oscillated around the 5,220 mark, maintaining its longest winning streak since February, while the Dow Jones Industrial Average extended its ascent for an eighth consecutive session. These movements reflect the market's attempt to navigate the complex interplay of economic indicators and inflationary pressures amidst ongoing uncertainty.

May 13, 2024, 8:46 am IST

Asian Markets Slide Amid China Slowdown & Biden's Tariff Plans

Asian markets commenced trading on a downward trajectory, influenced by China's economic sluggishness and reports of US President Joe Biden's intention to escalate tariffs on select Chinese goods. Australia, Japan, and Hong Kong witnessed declines, mirroring the subdued sentiment in US contracts following a lackluster performance of the S&P 500 last week. Concerns intensified as consumer sentiment plummeted to a six-month low while short-term inflation expectations surged. The dollar gained strength against most major currencies amidst the market uncertainty. Biden's proposed tariff hikes, particularly on items like electric vehicles, underscored the escalating trade tensions between the world's two largest economies. In China, industrial prices continued their decline, coupled with a contraction in credit for the first time in April.