Sensex ended the day with the gain of 253 points to 73,917 and Nifty went up 60 points to 22,466 on Friday, May 17, 2024. Nifty Bank increased by 142 points to 48,120 and Nifty Midcap zoomed 427 points to 51,604.
IRFC, M&M were among the top gainers whereas Hindustan Aeronautics and Cipla were among the top losers. Overall, ETF, Banking, Finance sectors were on top.
Endurance Technologies witnessed a remarkable surge of over 14% on Friday, May 17th, fostered by the company's strong fourth-quarter performance. The auto ancillary firm reported an impressive 54% growth in net profit for the March quarter compared to the previous year's earnings of ₹136.4 crore.
Indian benchmark indices opened lower on Friday, tracking subdued cues from Asian markets. At the opening bell, the Sensex dipped by 76.87 points, or 0.10%, to 73,586.85, while the Nifty edged up by 22.20 points, or 0.1%, to 22,381.65.
In early trading, the Sensex was down 85 points or 0.12% at 73,578, and the Nifty was down 27 points or 0.12% at 22,376.50. Market breadth favored gainers, with approximately 1,635 shares advancing, 665 shares declining, and 108 shares remaining unchanged. Notably, M&M surged by 5%, while Axis Bank saw a decline of 1%.
Looking ahead to Friday's trading session, investors will be keeping an eye on the market reaction to earnings reports from several prominent companies. Stocks such as Vodafone Idea, Biocon, and Crompton Greaves Consumer, among others, will be in focus as they announced their results post-market hours on Thursday.
A slew of companies are scheduled to report their March quarter earnings on Friday. Expectations are high for stocks like JSW Steel, Astral, and Bandhan Bank, among others, as investors anticipate insights into their financial performance.
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May 17, 2024, 3:14 pm IST
Biocon Q4 Results, Profit Down By 56.74% YOY
On May 16, 2024, Biocon revealed its Q4 results. The company saw a 3.79% increase in revenue, but a significant 56.74% decrease in profits compared to the same period last year. Quarter-on-quarter, revenue dipped by 0.93%, with profits dropping by 79.47%. Selling, general, and administrative expenses surged by 2.89% sequentially and spiked by 30.27% year-on-year. Operating income took a hit, dropping by 11.36% compared to the previous quarter and declining by 20.69% year-on-year..Biocon's recent performance shows a 2.38% return in the past week, while it has yielded a significant 31.85% return over the last six months and a 22.47% return year-to-date. Presently, Biocon commands a market capitalization of ₹36,592.31 Cr, with its 52-week high and low at ₹321.2 and ₹217.5 respectively.
May 17, 2024, 3:13 pm IST
Shares Of Inox Wind Have Skyrocketed By 400% In Just 12 Months.
Shares of Inox Wind Ltd., a provider of wind energy solutions, experienced a 2% decline in trading on Friday, May 17. As of 11:40 am, the stock dropped by 1.60% to reach ₹600.60. This price marks a 9% decrease from its one-year peak of ₹663, observed on April 26 of this year. The relative strength index (RSI) of Inox Wind's stock is at 59.5, suggesting that it is neither in the overbought or oversold zone. Moreover, the stock is currently trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages. With a beta of 1.1, Inox Wind shares exhibit high volatility over the course of a year.
May 17, 2024, 2:29 pm IST
Dixon Tech's Shares Surged By 10% Following An Upgrade From Morgan Stanley.
Shares of Dixon Technologies (India) Ltd. soared by 10%, reaching a new all-time high of ₹9,062 on the NSE on Friday, May 17. This surge followed an upgrade from global brokerage firm Morgan Stanley, who shifted the stock's rating from 'underweight' to 'equal-weight'. Morgan Stanley set a price target of ₹8,696 per share, indicating further potential upside from the stock's previous closing price. Morgan Stanley also projected strong earnings compound annual growth rate (CAGR) of 42% from FY24 to FY28, contributing to the decision to upgrade the stock. In addition, the brokerage highlighted Dixon Technologies' recent on boarding of significant mobile customers over the past six months. Moreover, the company's plans to invest million in manufacturing display modules for mobile devices were noted as positive developments.
May 17, 2024, 12:46 pm IST
Endurance Technologies Jumps 14% Following Over 50% Gains In Net Profit For The March Quarter
On Friday, May 17, Endurance Technologies saw a gain of more than 14%, following a more than 50% increase in profits in the fourth quarter over the same period last year. Compared to Rs 136.4 crore in the same period last year, the auto ancillaries company posted a 54% increase in net profit for the March quarter.
May 17, 2024, 12:44 pm IST
Info Edge Increases 8% As Q4 Net Profit Turns Negative, But Nuvama Has A 20% Increase.
Parent company of Naukri, Info Edge, had an 8% increase in trading on May 17 following the company's first-quarter profit. During that time, Info Edge's total income increased by 9% to Rs 657 crore. In Q4, it reported a net profit of Rs 162 crore, up from a loss of Rs 447 crore in the same period last year. Info Edge's income from its recruitment business increased to Rs 481 crore in the March quarter, a little year-over-year increase of 5%.
May 17, 2024, 11:34 am IST
Karur Vysya Bank Shares In Focus
The bank has announced the opening of a new branch at Old No. 5/3/5, New No.5/13/9, Swami Dayanand Marg, Rampath, Ayodhya – 224 001 Uttar Pradesh on 22nd May.
May 17, 2024, 11:05 am IST
L&T Shares In Focus On Order Win For Its Buildings & Factories Business
Larsen & Toubro Construction's (L&T) Buildings & Factories (B&F) business division has received several orders. The reputable healthcare provider Institute of Neurosciences Kolkata has given the Health Business Unit an order to build a Medical College and Hospital Campus on a Design & Build Mode in Rajarhat, Kolkata. This includes a medical college with an annual admission capacity of 150 students, a hospital with 605 beds, and dorms for residents, interns, nurses, and students. The area is 1.21 million square feet total built up. Over the course of 60 months, the project will be carried out in two stages.
May 17, 2024, 10:30 am IST
BEML Shares In Focus
BEML Limited has bagged an order from M/s. Northern Coal Fields Limited for dump trucks contract worth Rs.250 Crores.
May 17, 2024, 10:00 am IST
Mahindra & Mahindra Surges Over 6% On Strong Q4 Earnings
Mahindra & Mahindra witnessed a surge of more than 6% in its share price following the company's strong fourth-quarter financial results.
M&M reported a 32% year-on-year increase in net profit, reaching Rs 2,038.21 crore. Additionally, revenue from operations saw a rise of 11.24% to Rs 25,108.97 crore. The company's EBITDA also witnessed a healthy growth of 12% to Rs 3,119 crore, with the EBITDA margin remaining steady at 12.4%.
The board of M&M recommended a dividend of Rs 21.10 per share. Moreover, it approved a substantial investment of Rs 12,000 crore in its electric vehicle unit, Mahindra Electric Automobile Ltd (MEAL).
May 17, 2024, 9:22 am IST
Market Opens With Mild Cuts
Indian benchmark indices opened lower on Friday, tracking subdued cues from Asian markets. At the opening bell, the Sensex dipped by 76.87 points, or 0.10%, to 73,586.85, while the Nifty edged up by 22.20 points, or 0.1%, to 22,381.65.
May 17, 2024, 9:07 am IST
Rupee Opens Flat
Rupee opens at 83.49/$ versus Thursday’s close of 83.50/$
May 17, 2024, 9:03 am IST
FII And DII Activity
Institutional investment trends in Indian equities persisted on May 16th, as foreign institutional investors (FIIs) maintained their selling streak, offloading shares worth Rs 776 crore. In contrast, domestic institutional investors (DIIs) bucked the trend, purchasing equities worth Rs 2128 crore during the same timeframe.
May 17, 2024, 9:00 am IST
JSW Steel, Zydus Lifesciences, And More To Announce Q4 Results Today
A lineup of companies are set to announce their fourth-quarter results on May 17th, including JSW Steel, Zydus Lifesciences, NHPC, Astral, and several others. Joining them in the earnings spotlight are Rail Vikas Nigam, Phoenix Mills, Balkrishna Industries, Global Health, Glaxosmithline Pharmaceuticals, Delhivery, Bandhan Bank, Pfizer, Vinati Organics, Poly Medicure, Sobha, Zee Entertainment Enterprises, Amber Enterprises, Varroc Engineering, Kirloskar Ferrous Industries, Balrampur Chini Mills, Dhanuka Agritec, Sudarshan Chemical, Godrej Industries, and Shipping Corporation of India.
May 17, 2024, 8:34 am IST
Oil Eyes Weekly Gain Amidst Supply And Inflation Concerns
Oil markets are on track to secure a modest weekly gain as futures maintain a tight range, with supply and inflation concerns taking center stage. Brent crude hovered above a barrel following a two-day uptick that saw futures climb approximately 1%, while West Texas Intermediate remained below . Recent sessions have witnessed contrasting forces, with lower US crude inventories and indications of easing US inflation competing against subdued demand growth forecasts from entities like the International Energy Agency.
May 17, 2024, 8:32 am IST
Asian Markets Slide Amidst Reconsideration Of Interest Rate Policies
Asian markets kicked off Friday on a downward trajectory as traders reevaluated their expectations regarding interest rate adjustments. While equities in Hong Kong anticipated continued growth fueled by positive corporate outcomes, shares in Japan and Australia faced declines. Futures for Hong Kong hinted at early advances following the Golden Dragon index's robust 2.5% climb in New York on Thursday.
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