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POST-MARKET REPORT
Indian benchmark indices closed higher on Wednesday, led higher by positive cues from global peers, coupled with a raft of positive Q4 earnings reports from some major companies.
At close, the Sensex was up 267.75 points or 0.36 percent at 74,221.06, while the Nifty was up 68.80 points or 0.31 percent at 22,597.80.
Gainers and Losers on Nifty: 20 of the 50 stocks on the Nifty 50 were trading in the red. Shriram Finance, Hindalco, Apollo Hospital Enterprise, Hero MotoCorp, and Axis Bank were the top drags, while Cipla, Hindustan Unilever, Tata Consumer Products, Coal India, and Reliance Industries were the top gainers.
Gainers and Losers on Sensex: 11 of the 30 stocks on the BSE Sensex were trading in the red. SBI, Axis Bank, JSW Steel, ICICI Bank, and Sun Pharma, were the top drags, while Hindustan Unilever, Reliance Industries, and Infosys. Asian Paints and ITC, were the top gainers.
Sectoral Indices today: The FMCG, Realty, and IT indices were the top sectoral gainers, while the Metal index lost the most, followed by Bank and Financial Services. The Pharma, Health, and Oil & gas were trading in the green, while Auto and Consumer Durables were trading under pressure.
Broader market indices today: The broader market indices were trading mixed, with the BSE MidCap down by 0.04%, and the BSE SmallCap up 0.23%.
STOCKS TODAY
Granules India: Shares surged nearly 5 percent in early trade after a block deal worth Rs 252.40 crore took place on the exchanges on May 22. Around 62 lakh shares, representing a 1.8 percent stake in the company, changed hands in the block deal.
JK Tyre: Shares of JK Tyre & Industries rallied 5 percent to Rs 446 per share on May 22 after the company delivered a strong January-March quarter performance. The company reported a 56 percent year-on-year (YoY) increase in consolidated net profit to Rs 169 crore in Q4FY24, driven by upbeat demand.
BHEL: Shares of Bharat Heavy Electricals Limited (BHEL) tumbled as much as 5 percent to Rs 295 per share on May 22 after January-March quarter (Q4FY24) results missed Street expectations. BHEL’s net profit fell 26 percent YoY to Rs 489 crore in Q4FY24, while revenue rose marginally by 0.4 percent YoY to Rs 8,260 crore.
Weslpun Enterprises: Shares surged over 7 percent after emerging as the lowest bidder to construct an access-controlled multi-modal corridor from Navghar to Balavali, Maharashtra. “The quoted amount is Rs 1,864.71 crore and will be constructed within 36 months from the date of notice,” it said.
Suzlon Energy: Suzlon shares hit the upper circuit on May 22 after securing an order for the development of 402 MW wind energy projects for Juniper Green Energy. For this project, Suzlon will install 134 wind turbine generators (WTGs) that have a rated capacity of 3 MW each, taking the total to 402 MW.
PI Industries: Shares surged 3 percent after the agrochemicals maker posted a 32 percent on-year rise in net profit. International brokerage Jefferies reiterated its buy call on the firm, with a price target of Rs 4,165 per share. This indicates an upside of around 16 percent from the previous session’s closing price.
Metropolis Healthcare: Shares surged 3 percent after the company reported healthy earnings for the January-March quarter of FY24. Net profit in the March quarter rose 9 percent year-on-year to Rs 36 crore aided by network expansion and a focus on volume growth. Revenue also grew 11 percent year-on-year to Rs 313 crore.