BSE Sensex ended the day with the decline of 7.65 points to 75,410 and Nifty fell by 11 points to 22,957 in trade on May 24, 2024 as global market cues stayed weak. Earlier, Nifty managed to hit the 23,000 mark and Sensex too touched new high. Nifty Bank surged 203 points to 48,971 and Nifty Midcap zoomed marginally by 6 points to 52,424 on Friday. Bharat Dynamics Ltd shares today surged 12.20% on BSE to Rs 1578.25 per share as today is the ex-split date of the PSU from Rs 10/- to Rs 5/-.
Shares of Aegis Logistics zoomed over 12% today to Rs 710.00 per share
Vodafone Idea shares today jumped over 9% after UBS sought to upgrade the target price to Rs 18. Meanwhile, Timken India shares jumped 10% in trade today on BSE. Earlier, Timken's standalone net profit for Q4 soared by 35.33%
ITC shares were flat in early trading following a lackluster Q4 performance, while IndiGo gained 1% on a 106 per cent rise in Q4 net profit to Rs 1,894.8 crore.
Following the benchmark indices' all-time high on Thursday, the Gift Nifty trend predicted a tame opening for the Nifty and Sensex on Friday. A muted start for the Indian bourses is indicated by the GIFT Nifty, which is down and trading 0.05% higher at 22972 from the Nifty Futures Thursday wrap-up. Because the US Federal Reserve's rate cuts are unclear, Asian stocks declined in early trade today.
On the domestic market, election-related concern prompted the Nifty to reach a record high. However, the primary causes of the trigger may be linked to the RBI's record-breaking Rs 2.1 lakh crore dividend to the government and PM Modi's faith in his victory in the election results ahead of the last two phases. In the domestic market, market watchers are going to give close attention to NTPC, Hindalco Industries, Torrent Pharmaceuticals, Bosch, United Spirits, Suzlon Energy, Ashok Leyland, Housing & Urban Development Corporation, Cochin Shipyard, Hindustan Copper and Glenmark Pharma because of their Q4 & FY24 results announcement today.
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May 24, 2024, 3:42 pm IST
NP Singh Steps Down As MD & CEO of Sony Pictures India After 25 Years Amid Zee-Sony Merger Fallout
Sony Pictures Networks India (SPNI) announced on May 24 that its Managing Director and Chief Executive Officer, NP Singh, has decided to step down after a 25-year tenure with the company. Singh, who has been a pivotal figure in SPNI's growth and success, will now transition to an advisory role for the organization.
NP Singh's career started as the Chief Financial Officer (CFO) in 1999, his strategic acumen and operational expertise saw him rise through the ranks to become the Chief Operating Officer (COO) and eventually the CEO in 2019.
May 24, 2024, 3:07 pm IST
Ratnaveer Precision Engineering FY24 Profit Up 24% To Rs 31 Cr
Ratnaveer Precision Engineering on Friday posted nearly 24 per cent growth in FY24 net profit at Rs 31.04 crore, mainly on the back of higher revenues. The company had logged a net profit of Rs 25.03 crore in FY23, a statement said. Revenue stood at Rs 602.40 crore in FY24, registering an increase of 25.20 per cent year-on- year. Earnings per share (EPS) increased by 4.82 per cent to Rs 7.61 in the fiscal from Rs 7.26 a year ago. "Our strategic investments and capital expenditure in advanced technologies and expansion into new markets have started to yield significant results, positioning us well for sustained growth," Managing Director Vijay Sanghavi said.
May 24, 2024, 2:43 pm IST
Miniratna Bharat Dynamics Gains 18%, Hits 52-Week High
Bharat Dynamics Limited (BDL), a Miniratna defence public sector undertaking (PSU), have surged by 18%, reaching an adjusted 52-week high of Rs 1,658.95. This recent leap marks a continuation of a nine-day rally that has seen the stock climb an impressive 70%. The company's stock split, set to take effect on May 24, has further fueled investor interest, enhancing the stock's appeal by making it more accessible to a broader base of small investors.
Bharat Dynamics recently announced its first-ever stock split, dividing each equity share of face value Rs 10 into two shares of face value Rs 5 each. This decision aligns with the Department of Investment and Public Asset Management's (DIPAM) guidelines on capital restructuring. The split is aimed at encouraging wider participation from small investors and enhancing liquidity in the company's shares. The market has responded positively to this move, as evidenced by the substantial recent gains in the stock price.
May 24, 2024, 2:42 pm IST
Ashok Leyland Q4 Net Profit Surges 20% To Rs 900 Crore
Ashok Leyland Limited reported a 20% increase in net profit, reaching Rs 900 crore for the fourth quarter of the financial year 2023-24. This rise is attributed to robust demand in both the medium and light commercial vehicle (M&LCV) segments. The Chennai-based automaker’s Profit After Tax (PAT) for Q4FY23 was Rs 751 crore. Despite the profit surge, Ashok Leyland saw a 3% decline in revenue from operations for Q4, which stood at Rs 11,267 crore compared to Rs 11,626 crore in the same period last year.
May 24, 2024, 2:03 pm IST
SME IPO Makes Strong Debut On Dalal Street, HOAC Foods Lists At 206% Premium
Hariom Atta & Spices, a subsidiary of HOAC Foods India, soared to new heights with its shares opening at Rs 147 each on the NSE SME platform. This opening price marked a premium of 206% over its issue price of Rs 48 per share.
The SME IPO, valued at Rs 5.54 crore, captivated the attention of investors during its subscription period from May 16 to May 21, 2024. Priced at Rs 48 per share, the IPO consisted solely of a fresh issue of 11,55,000 shares, with no offer-for-sale component. The company plans to channel the net proceeds from the IPO towards fulfilling its working capital requirements and general corporate purposes.
May 24, 2024, 1:39 pm IST
Bayer CropScience Falls 6% as Q4 Net Profit Tumbles 40%
Bayer CropScience shares tumbled 6% on May 24 on BSE after the chemical manufacturing player's net profit fell 40% for the quarter ended March. The company declared a 39.4% declined in net profit at Rs 96 crore in Q4FY24 as compared to Rs 158.5 crore in Q4FY23. The revenue fell 19.4% year-on-year to Rs 791.5 crore as against Rs 982.5 crore in the March quarter of 2023.
At 1.38pm, Bayer CropScience shares were trading at Rs 5,292.2o apiece on the BSE, down by 5.13%.
May 24, 2024, 1:24 pm IST
Zee Seeks USD 90 Million Termination Fee From Sony For Calling Off Merger
Zee Entertainment Enterprises has sought a termination fee of USD 90 million (around Rs 748.7 crore) from the Sony Group for calling off the USD 10 billion merger deal in January this year. It has sought termination fees from two Sony Group entities -- Sony Pictures Networks India (SPNI), now known as Culver Max Entertainment, and Bangla Entertainment (BEPL), according to a regulatory filing from Zee Entertainment Enterprises Ltd (ZEEL) on Thursday. ZEEL has, on account of Culver Max’s and BEPL's breaches under the Merger Cooperation agreement (MCA), terminated the MCA by issuing a letter dated May 23, 2024.
The company has sought a termination fee from Culver Max and BEPL under the provisions of the MCA, it said. "Culver Max and BEPL have failed to comply with their obligations under the MCA. Therefore, the company has terminated the MCA and called upon Culver Max and BEPL to pay the termination fee i.e. the aggregate amount equal to USD 90 million in accordance with the MCA," it said.
May 24, 2024, 12:47 pm IST
Vodafone Idea Jumps 9% After UBS Upgrades Target Price
Vodafone Idea shares today jumped over 9% after UBS sought to upgrade the target price to Rs 18. Current market price of Vodafone Idea share on BSE is Rs 15.17 per share. UBS upgraded the stock to a 'Buy' rating from 'Neutral', with a revised target price of Rs 18 from previous target price of Rs 13.10.
"VIL is most leveraged to any such relief, yet the stock is trading at a similar 11 times FY26e EV/Ebitda as Airtel and Jio. We believe risk-reward is attractive going into any such announcement and upgrade to Buy," UBS said.
May 24, 2024, 12:31 pm IST
Gold Price Drops In India: 24k/100 Grams Yellow Metal FALLS By Rs 20,700 In 2-Days
Gold prices in India declined for 2nd consecutive day today as US gold witnessed rally on Friday as investors lowered hopes of a US interest rate cut post the Federal Reserve’s recent meeting signaling that there would a be delay in monetary policy easing. Today 24k per 100 grams gold fell by Rs 9800 and yesterday it witnessed decline by Rs 10,900. In 2-days, 24 carat yellow metal prices slipped by Rs 20,700. 10 grams of 24 carat yellow metal prices today got cheaper by Rs 980 to Rs 72,440.
22k gold prices today in India fell by Rs 900 to Rs 66,400/10 grams and 100 grams of 22 carat precious metal dived by Rs 9000 to Rs 6,64,000 in the country. On the other hand, 18K yellow metal prices are quoted at Rs 54,330/10 grams and 100 grams of 18 carat gold prices are retailing at Rs 5,43,300 today.
Spot gold & Spot Silver Prices Today: Spot gold surged by 0.2% at ,332.14 per ounce, as of 0119 GMT. Gold prices declined 3.4% so far this week, after touching a record high of 2,449.89 on Monday. Spot silver surged 0.5% to .25 per ounce, platinum was up 0.3% at ,021.75 and palladium gained 0.1% at 0.75.
May 24, 2024, 12:03 pm IST
Finolex Cables Stock Surges 14% To All-Time High On Q4 Earnings
On Friday (May 24), the shares of Finolex Cables Ltd., the leading entity of the Finolex Group, soared by up to 14%. This surge, propelling the stock to a record high of Rs 1,309, marks the company's best performance of the year so far. The impressive rally was fueled by the company's quarterly earnings report, which met street expectations, instilling confidence among investors and driving the stock price to new heights.
May 24, 2024, 11:46 am IST
Awfis Space Solutions IPO Oversubscribed 5 Times On Day 3
The IPO of Awfis Space Solutions has witnessed strong investor interest, as subscription figures surged on the third day of bidding. Retail investors, in particular, have shown remarkable enthusiasm, with their portion oversubscribed by a staggering 14.63 times.
Commencing with promising momentum on May 24, the final day of subscription, the IPO attracted bids totaling 5.46 times the offered shares. Investors displayed interest, submitting bids for 4.7 crore shares against the 86.29 lakh shares available for subscription.
The IPO, valued at Rs 599 crore, comprises a fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by existing shareholders. The price band for the IPO has been set at Rs 364-383 per share.
May 24, 2024, 11:42 am IST
Adani Enterprises Rebounds To Pre-Hindenburg Levels After 16 Months
The shares of Adani Enterprises Ltd, the flagship company of the Adani Group, soared to an intraday high of Rs 3,449 on Friday, marking a significant milestone in its recovery journey. This surge signifies a complete recuperation from the Hindenburg saga, which commenced in January 2023. Notably, Adani Enterprises shares had closed at Rs 3,442 on January 24, 2023, the day the Hindenburg report was unveiled. Within a mere seven trading sessions following the report's release, the stock plummeted to a 52-week low of Rs 1,017, before staging a turnaround.
May 24, 2024, 10:55 am IST
HOAC Foods India Lists At 206% Premium From IPO Price
The shares of Hariom Atta & Spices, popularly known as HOAC Foods, made an impressive debut on the NSE SME platform. The debut of HOAC Foods witnessed a start as it commenced trading at Rs 147 per share, commanding a staggering premium of 206% over the issue price of Rs 48.
With a public offer worth Rs 5.54 crore, comprising a fresh issue of 11.55 lakh shares, HOAC Foods garnered exceptional traction from investors, with the issue oversubscribed over 2,000 times. Notably, retail individual investors emerged as enthusiastic participants, exhibiting a remarkable appetite by oversubscribing their allotted quota by 2,556 times. Similarly, non-institutional investors displayed significant interest, subscribing to their portion reserved for them 1,433 times over.
May 24, 2024, 9:46 am IST
Market Outlook Today By Mr. Aditya Gaggar, Director of Progressive Shares
A strong move in heavyweight counters cleared the path to surpass the immediate hurdle of 22,780 to end the session at a fresh record level of 22,968. On the daily chart, Nifty50 has given a breakout from an Ascending Triangle Formation, indicating a continuation of an uptrend with an approximate target of 23,850. Considering yesterday's sharp uptick, we expect a pullback in the Index where a level of 22,780 will be considered as immediate support. BankNifty has also contributed to the Index rally and formed a strong bullish candle on the daily chart indicating an extension of the momentum. As indicated yesterday, the Auto sector has given a range breakout and thus, we continue to remain bullish (Eicher Motors- Range Breakout, Maruti- Symmetrical Triangle Breakout, Motherson Sumi- Record Breakout). From the Energy segment, we continue to hold our positive stance on OMC's counters (BPCL and HPCL). The IT sector has given a breakout from a Rounding Bottom Formation but we will wait for a confirmation. From the Metal space, Tata Steel looks strong as the stock has completed its pullback move after giving a breakout from an Ascending Triangle Formation. Defense and Ship Building stocks such as BEL, BDL, HAL, Cochin Shipyard, and GRSE are overstretched and entered into extremely overbought territory and thus warranted a correction (Profit booking) to normalize the overbought condition.
May 24, 2024, 9:19 am IST
Pre-Opening Bell
Nifty opens 36 pts lower at 22,930.75, while Sensex slips 80 pts.
May 24, 2024, 9:11 am IST
Rupee Vs Dollar
Rupee opens 3 Paise stronger at 83.25 against US Dollar versus yesterday's close of 83.28/$.
May 24, 2024, 9:04 am IST
Market Outlook Today By Hrishikesh Yedve, AVP Technical And Derivatives Research At Asit C. Mehta Investment Interrmediates Ltd
Technically, Nifty has crossed the barrier of 22,800 and managed to sustain above it, suggesting strength. Thus, as long as the index holds 22,800, we expect the rally to extend towards 23,100-23,200.
Bank Nifty index opened with a gap up and remained buoyant throughout the day, settling on a positive note at 48,769 levels. Technically, the Bank Nifty has broken short-term resistance of 48,260 levels and managed to close above it, indicating strength. As long as the index holds above 48,000 levels, we expect it to test the levels of 49,000-49,500. Thus, a buy-on-dips approach should be adopted in Bank Nifty.
May 24, 2024, 8:55 am IST
Bank Nifty Technical Outlook By Siddhartha Khemka Head - Retail Research, Motilal Oswal
Bank Nifty support is at 48250 then 48000 zones while resistance at 49250 then 49500 zones. Now it has to continue to hold above 48500 zones for an up move towards 49250 then 49500 zones while on the downside the support has shifted higher at 48250 then 48000 levels.
May 24, 2024, 8:55 am IST
Nifty Technical Outlook By Siddhartha Khemka Head - Retail Research, Motilal Oswal
Nifty immediate support at 22850 then 22700 zones while resistance at 23200 then 23350 zones. Now it has to hold above 22850 zones for an up move towards 23200 then 23350 zones whereas supports are shifting higher at 22850 then 22700 zones.
May 24, 2024, 8:53 am IST
Bank Nifty Outlook Today By Om Mehra, Technical Analyst, SAMCO Securities
Bank Nifty closed the session at 48,768.60, marking a solid gain of 2.06%. Previously, it struggled to close above 48,200 but successfully crossed this hurdle, forming a strong bullish candle on the daily timeframe. The Bank Nifty has risen above its 9 and 20-day moving averages (DMA). The bullish sentiment in Bank Nifty was further confirmed by all hourly candles closing in the green during today's session, indicating a firm grip by the bulls. The immediate support remains at 48,500 followed by 48,400, providing a cushion in case of pullbacks. On the upside, crossing the 48,900 mark would likely lead to attempts to reach levels around 49,200-49,300.
May 24, 2024, 8:39 am IST
Nifty Outlook Today By Om Mehra, Technical Analyst, SAMCO Securities
A strong bullish candle was formed on the daily chart, signalling continued upward momentum. As long as prices remain above the middle line of the rising channel, the uptrend is likely to persist. The immediate support has now shifted to 22,780, suggesting a "buy on dip" strategy for the next trading day.
On May 23, 2024, the market value of Indian companies listed on the NSE topped USD 5 trillion (Rs 416.57 trillion). The Nifty 50 Index reached an all-time high of 22,993.60 on the same day. Reliance Industries Limited, TATA Consultancy Services Limited, HDFC Bank Limited, ICICI Bank Limited, and Bharti Airtel Limited are the top 5 corporations in terms of market capitalization.
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