May 31, 2024, 3:46 pm IST
Top Gainers and Losers Today
Stock Market Live Updates
May 31, 2024, 3:05 pm IST
Praj Industries Shares Surge 7% On Strong Q4 Net Profit And Revenue Growth
Praj Industries shares witnessed a remarkable surge of 7% on Friday, May 31, following the announcement of the industrial biotechnology company's Q4 performance. The company recorded a notable 4.3% increase in its March net profit, reaching ₹91.9 crore compared to the previous year's ₹88.1 crore. At the opening bell on the BSE, the stock started at ₹510.05, marking a 1.67% rise from the preceding close of ₹501.65 per share. As trading progressed, the momentum continued, with the stock rallying up to 7% to reach an intraday high of ₹536.8 apiece.
May 31, 2024, 2:37 pm IST
Morgan Stanley Lifts Target Price On Tata Steel Shares
On May 31, Tata Steel shares saw an uptick of over one percent. This rise follows two days after the domestic steel giant disclosed a 64.59% decrease in its net profit for the January-March quarter of the fiscal year 2023-24, attributed to reduced realizations and specific exceptional items. Total income during this period dwindled to ₹58,863.22 crore from ₹63,131.08 crore in the corresponding period of FY23. Despite a 6% decline in revenues caused by diminished realizations, this was somewhat offset by increased volumes in India.
May 31, 2024, 2:14 pm IST
Adani Group Stocks Soar 6%, Boost Market Cap By Almost ₹60,000 Crore
"Adani Group's stocks, spanning from Adani Enterprises Ltd. to Adani Ports Ltd., are experiencing gains of up to 6% in trading on Friday. Notably, all 10 companies within the conglomerate are witnessing positive movement. This surge has contributed to an impressive addition of almost ₹56,000 crore in market capitalization, pushing the group's overall market capitalization to ₹17.7 lakh crore. However, this figure remains shy of the Pre-Hindenburg high of ₹24 lakh crore."
May 31, 2024, 1:55 pm IST
India's Power Demand Reaches Record 250 GW Due To Heatwave
On May 30, India experienced a peak power demand of 250 gigawatts (GW), driven by soaring temperatures. The Union power ministry reported this historic demand, surpassing the previous day's 246.06 GW. Non-solar demand met on May 29 also reached an all-time high of 234.3 GW.
The northern region recorded its highest demand met at 86.7 GW, while the western region achieved 74.8 GW. Additionally, all-India thermal generation peaked at 176 GW during non-solar hours. This reflects the combined impact of weather-related loads and growing industrial and residential consumption.
May 31, 2024, 1:31 pm IST
Sony Pictures Entertainment Eyes M&A Deals In India Post Merger Fallout With Zee Ent
In the wake of the collapse of its merger deal with Zee Entertainment, Sony Pictures Entertainment (SPE) is actively exploring potential merger and acquisition (M&A) opportunities in India. This came from the company's chairman and CEO, Tony Vinciquerra, during its Business Segment Meeting 2024.
Vinciquerra attributed the failure of the merger between its India unit, Sony Pictures Networks India (SPNI), and Zee to regulatory hurdles and the deteriorating financial health of the Indian entertainment giant. Despite this setback, Vinciquerra expressed optimism about the company's future in the Indian market, citing ongoing discussions for potential M&A deals.
May 31, 2024, 12:56 pm IST
Vipul Organics Sees Over 3-Fold Jump In Q4 Net Profit On Higher Sales
Vipul Organics has posted more than three times jump in consolidated net profit at Rs 1.07 crore for the fourth quarter of FY24 on higher income, the specialty chemicals company said on Friday. The company, which is in the dyes and pigments segment, posted a net profit of Rs 29 lakh in the same quarter of the previous fiscal. Total income increased to Rs 40.54 crore during the January-March quarter of the 2023-24 fiscal, from Rs 31.33 crore in a year earlier, the company said in a statement.
For the full fiscal year 2023-24, the company's consolidated net profit rose sharply to Rs 3.34 crore, compared with Rs 1.87 crore in the previous fiscal. "We have witnessed robust growth and margin expansion QoQ and YoY. Our domestic sales are seeing tailwinds and we expect the coming year to be better as we have focussed on new verticals like paper, cosmetics and seed colouring," said Vipul P Shah, Managing Director, Vipul Organics Ltd.
May 31, 2024, 12:38 pm IST
Gold Price India: Check Latest Yellow Metal Prices, Silver Falls By Rs 2200 In 2-Days
Gold prices in India remain unchanged today as US gold prices edged up on May 31 as investors look for key US inflation data that may throw more insights into Fed Reserve’s policy path. 22k gold price today in India is quoted at Rs 66,700/10 grams and 100 grams of 22 carat yellow metal prices today are retailing at Rs 6,67,000. 24K precious metal prices today remained steady at Rs 72,760/10 grams and 100 grams of 24 carat gold prices today quoted at Rs 7,27,600 in the country.
Meanwhile, 18 carat yellow metal prices too remained unchanged at Rs 54,570/10 grams and 100 grams of 18k gold prices stood at Rs 5,45,700 in the country.
Spot Gold, Spot Silver Prices Today: Spot gold was up 0.2% at ,346.18 per ounce, as of 0141 GMT. Bullion prices surged 0.5% so far this week. Spot silver slipped 0.2% to .11 per ounce, platinum fell 0.2% at ,022.70 and palladium fell 0.2% to 6.25.
Silver Prices Today: Silver prices in India today declined by Rs 1000 to Rs 95,500/kg. In last 2-days, silver prices fell by Rs 2200. 100 grams silver prices in India today stood at Rs 9550 after the decline by Rs 100 on Friday.
May 31, 2024, 11:55 am IST
JEM Achieves Milestone with ARAI Certification for its Innovative Electric Vehicles
Jupiter Electric Mobility Pvt. Ltd. (JEM), a subsidiary of Jupiter Wagons Ltd., has achieved a notable milestone. The company received approval from the Automotive Research Association of India (ARAI). The certification, No. AATB 0182, was granted on May 29, 2024.
This recognition signifies JEM's compliance with the Central Motor Vehicles Rules. It marks an important step as JEM prepares to start commercial production of its Battery Operated Light Commercial Vehicles. These vehicles will be marketed under the brand name JEM TEZ.
May 31, 2024, 11:42 am IST
Rs 37 Dividend, 1:2 Split: Defence PSU Falls 4.42%, Buy For TP Rs 5,725 Post Q4: Jefferies
Brokerage firm Jefferies appears bullish on aerospace & defence sector public sector undertaking (PSU) Hindustan Aeronautics Ltd shares and recommended buy call with target price of Rs 5725 per share. Current market price of Hindustan Aeronautics share on BSE is Rs 4913.60 per share with intraday fall of 1.24%.
May 31, 2024, 11:39 am IST
Nifty and Sensex: Top Gainers & Losers
Top Gainers & Losers
May 31, 2024, 11:36 am IST
India's Power Demand Soars To 250 GW Amid Scorching Heat
India's Power Demand Hits Record 250 GW Amid Heatwave On May 30, India experienced a peak power demand of 250 gigawatts (GW), driven by soaring temperatures. The Union power ministry reported this historic demand, surpassing the previous day's 246.06 GW. Non-solar demand met on May 29 also reached an all-time high of 234.3 GW.
May 31, 2024, 11:31 am IST
S&P BSE SmallCap Jewellery Stock In Focus After Q4 Net Profit Soars 40% YoY
Manoj Vaibhav Gems 'N' Jewellers Limited, popularly known as Vaibhav Jewellers, witnessed a significant uptick in its stock price on Friday. Early morning trading saw the stock open at Rs 242, swiftly climbing to a high of Rs 247.20, marking a near 2% increase. This positive movement was fueled by the company's announcement of robust Q4 FY2024 results the previous day.
May 31, 2024, 11:11 am IST
Wipro Shareholders Approve Delaporte's Severance Package
Wipro shareholders have approved the .33-million severance package of former CEO and managing director Thierry Delaporte. According to data from the BSE, over 90 percent of votes were in favour.
Only about 10 percent of the valid votes were cast against the resolution. Wipro's founder-chairman Azim Premji and entities related to him control a majority of the shares in the company, which helped the resolution pass.
May 31, 2024, 10:46 am IST
Market Regulator SEBI Imposes Rs 50 Lakh Penalty & Bars 5 Entities For 3 Years For Stock Manipulation
In a crackdown on fraudulent trading practices, the Securities and Exchange Board of India (SEBI) has imposed penalties totalling Rs 50 lakh on five entities and barred them from the securities market for three years. The regulatory action comes in the wake of serious violations concerning the stock trading of Bhatia Communications and Retail (India) Ltd.
May 31, 2024, 10:33 am IST
MSCI Rejig Unveiled: A New Era for Torrent Power, PB Fintech, and Indus Towers
MSCI's quarterly reshuffle will start after the market closes on May 31. This rebalancing may result in potential inflows of about billion into the Indian equity markets.
New Additions and Exclusions
The rejig will see 13 new stocks added the MSCI Global Standard Index. Three stocks will be removed from the index. This change could impact market dynamics significantly.
May 31, 2024, 10:27 am IST
Bank Frauds Up Nearly 300% in Last 2 Years, Digital Frauds Up 708%: RBI
Bank frauds in India have surged to 36,075 cases in FY24, marking a near 300% increase from the 9,046 cases reported in FY22. Despite the rise in cases, the total amount involved has sharply declined from Rs 45,358 crore to Rs 13,930 crore, according to the Reserve Bank of India's (RBI annual report for FY24.
Significant Drop in Fraud Amounts
There was a notable 46.7% decrease in the amount involved in total frauds during FY24. This suggests that while the frequency of fraud cases has increased, the monetary value of these frauds has significantly dropped.
Digital Frauds See Major Spike
Digital frauds have seen an alarming increase of 708% over the same period. This sharp rise underscores the growing challenges in securing digital transactions.
Impact on Banking Sector
The banking sector faces a growing threat from fraud, requiring enhanced security measures. The RBI's report highlights the need for banks to adopt more robust fraud detection and prevention systems.
Focus on Security Measures
In light of these findings, banks are expected to strengthen their cybersecurity frameworks. Enhanced employee training and better customer awareness are crucial steps in combating fraud.
May 31, 2024, 10:12 am IST
Suzlon Group Secures New Order For A Wind Energy Project
Suzlon Group has secured a new order for an 81.9 MW wind energy project. This project is commissioned by Oyster Green Hybrid One Private Limited.
Project Specifications
Suzlon will install 26 Wind Turbine Generators (WTGs) at the project site.
The wind turbines will feature Hybrid Lattice Tubular (HLT) towers.
Each turbine will have a rated capacity of 3.15 MW.
Location and Implementation
The wind energy project will be developed in Agar, Madhya Pradesh.
Suzlon will oversee the installation and commissioning of the project.
Client and Order Details
The client for this project is Oyster Green Hybrid One Private Limited.
The new order marks another milestone for Suzlon Group in the renewable energy sector.
This development highlights Suzlon's continued focus on sustainable energy solutions in India.
May 31, 2024, 10:07 am IST
India Q4 GDP Numbers Today
India's GDP growth in January-March is expected to mirror the previous quarter's impressive 8.4% expansion, according to an official from the statistics ministry. This growth rate had surprised many economists.
"The last quarter's figures had surprised everyone. This time again the numbers will shock all forecasters," the official informed Informist anonymously.
May 31, 2024, 10:02 am IST
Welspun Corp Shares Drop Over 6% Despite Positive Q4 Earnings Report
Welspun Corp shares fell by over 6% in response to its Q4 earnings report. The company announced a 19.7% increase in net profit to Rs 287.3 crore and a 9.6% rise in revenue to Rs 4,461.2 crore. However, EBITDA decreased by 21.9% to Rs 330.2 crore, with the EBITDA margin shrinking to 7.4% from 10.3%.
Despite the mixed financial results, Welspun Corp sees significant growth potential both domestically and internationally in its core segments, including oil & gas, water, infrastructure, defence, power, and plastics. The company remains optimistic about sustained growth over the next 5-7 years.
Welspun Corp's current order book includes Rs 6,100 crore for Line Pipes, Rs 2,741 crore for DI Pipes, and Rs 215 crore for SS Bars & Pipes. The company has provided FY25 guidance with an expected topline of Rs 17,000 crore, EBITDA of Rs 1,700 crore, and a Return on Capital Employed at 20%. Additionally, net debt has been reduced to Rs 387 crore from Rs 1,138 crore the previous year.
May 31, 2024, 9:37 am IST
Recommendations By Aditya Gaggar, Director of Progressive Shares
"The bears dominated a monthly expiry day, and the Index ended the session at 22,489. Near its 50DMA support, the Index has made a bearish candle but on the lower time frame i.e. hourly chart indicates a high probability of a reversal as it is placed in oversold territory. The immediate support is placed at 22,390 while 22,700 will be considered a strong hurdle. An early indication from GIFT Nifty suggests a moderate opening of the Indian equities around 22,560, sustainability at the higher levels will be a key factor to watch out for. BankNifty has shown an outperformance in yesterday's trade and formed a bullish piercing candlestick pattern. A level of 48,240 will be considered a strong support point while the higher side seems to be capped at 49,100. FII's continue selling in the context of the election outcome; almost all the sectors are in secondary correction and we so are we in the wait-and-watch mode."
May 31, 2024, 9:29 am IST
Market Opens With Gains
Despite mixed global signals, Indian indices opened higher on May 31. The Sensex rose by 255.25 points, or 0.35%, to 74,140.85, while the Nifty gained 75.70 points, or 0.34%, to reach 22,564.40. Approximately 1,656 shares advanced, 606 shares declined, and 113 shares remained unchanged.
May 31, 2024, 9:25 am IST
Rupee Opens Higher
Indian Rupee opens at 83.26 versus Thursday's close of 83.32 against US Dollar.
May 31, 2024, 8:19 am IST
GIFT Nifty Signals Positive Opening For Indian Markets
Trends on GIFT Nifty suggest a flat to positive start for the broader Indian market, with an indicated gain of 18.5 points, or 0.08%. Nifty futures were trading around the 22,681.50 level.
May 31, 2024, 8:18 am IST
Oil Prices Dip Amid Fed Rate Cut Remarks, Unexpected Gasoline Inventory Build
Oil prices fell early on Friday as investors reacted to comments from US Federal Reserve officials suggesting that it was too early to consider rate cuts. This, coupled with an unexpected increase in US gasoline stocks, exerted downward pressure on the market.
Brent futures decreased by 12 cents, or 0.15%, trading at .74 per barrel by 0008 GMT. Meanwhile, US West Texas Intermediate (WTI) crude dropped 17 cents, or 0.22%, to .74 per barrel.
Contrary to expectations for higher demand ahead of the long Memorial Day weekend, which marks the start of the summer driving season, US gasoline inventories rose. Stocks increased by 2 million barrels to 228.8 million barrels for the week, according to the Energy Information Administration (EIA), compared to the anticipated 400,000-barrel draw.
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