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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open higher on Monday tracking a rally in global peers amid improved sentiment.
Gift Nifty was trading around the 22,690 level, a premium of nearly 115 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
The US stock market ended sharply higher on Friday as a softer-than-expected employment report bolstered the case for US Fed rate cuts.
The Dow Jones Industrial Average rallied 450.02 points, or 1.18%, to 38,675.68, while the S&P 500 surged 63.59 points, or 1.26%, to 5,127.79. The Nasdaq Composite ended 315.37 points, or 1.99%, higher at 16,156.33.
Asian markets traded higher tracking a rally on Wall Street after US jobs data.
Japan and South Korea’s markets are shut for a public holiday. Hong Kong’s Hang Seng index futures indicated a higher opening. Meanwhile, Australia’s S&P/ASX 200 gained 0.46%.
STOCKS TODAY
Titan Company: The jewelry and watchmaker recorded a standalone net profit of Rs 786 crore for the quarter ended March FY24, growing 7.1 percent over the corresponding period of the previous fiscal year, impacted by a weak operating margin. Revenue from operations for the quarter, at Rs 11,257 crore, increased by 16 percent over the same period in the previous fiscal. The company announced a dividend of Rs 11 per share for FY24.
Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement with PSU company SJVN to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project. The plant will generate nearly 3,000 million units (MUs) of power and offset 2,200 million kg of CO2 emissions annually, while FDRE enables round-the-clock power supply, assisting distribution companies in fulfilling renewable purchase obligations, and energy storage obligations.
Force Motors: The automobile company has reported total sales for April 2024 at 2,624 units, growing 43.5 percent over 1,828 units sold in the same month in the previous fiscal year. Its domestic sales grew by 36.46 percent YoY to 2,268 units, and exports increased by 114.5 percent YoY to 356 units in April.
Dr. Reddy’s Laboratories: The pharma company launched Doxycycline capsules, 40 mg, in the US market. The drug is a therapeutic generic equivalent of Oracea capsules approved by the US Food and Drug Administration. Doxycycline capsules are used for the treatment of infections caused by bacteria.
Tata Technologies: The global product engineering and digital services company has reported a consolidated net profit of Rs 157.2 crore for the March FY24 quarter, declining 27.4 percent over the same period in the previous fiscal year despite a healthy operating margin impacted by weak topline. Revenue from operations fell 7.2 percent on-year to Rs 1,301 crore for the quarter, while EBITDA during the same period declined 1.1 percent to Rs 240 crore and margin expanded 110 bps to 18.4 percent. The company announced a total dividend of Rs 10.05 per share, including a special dividend of Rs 1.65 per share.
IDBI Bank: The lender has recorded a net profit of Rs 1,628 crore for the quarter ended March FY24, growing 44 percent over the year-ago period on a 58 percent decline in provisions. Net interest income grew by 12 percent year over year to Rs 3,688 crore for the quarter, with net interest margin declining 10 basis points to 4.91 percent. Asset quality was stable during the quarter, with gross NPA falling 16 bps sequentially to 4.53 percent and net NPA unchanged at 0.34 percent QoQ.
Inox Wind Energy: The company has reported a consolidated net profit of Rs 38.88 crore for the March FY24 quarter, against a loss of Rs 109.5 crore in the corresponding period of the previous fiscal year, with a strong topline. Revenue from operations surged by 184 percent YoY to Rs 528.5 crore for the quarter.