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POST-MARKET REPORT
Indian benchmark indices ended in the green for the fourth straight session on Wednesday, buoyed by companies reporting somewhat mixed Q4 results.
At close, the Sensex was up 114.49 points, or 0.16%, at 73,852.94 while the Nifty was up 34.40 points, or 0.15%, at 22,402.40.
Gainers and Losers on Nifty
Half of the 50 stocks on the Nifty 50 were in the red. Cipla, Hindalco, JSW Steel, Tata Steel, and Power Grid Corp., were the top gainers, while Tata Consumer Products, Grasim Industries, Tech Mahindra, HDFC Life, and TCS, were the top drags.
Gainers and Losers on Sensex
14 of the 30 stocks on the BSE Sensex were in the red. Tech Mahindra, TCS, Infosys, Titan, and Reliance Industries, were the top drags, while JSW Steel, Tata Steel, Power Grid Corp., Kotak Mahindra Bank, and NTPC, were the top gainers.
Sectoral indices performance
Among the sectors, barring IT, Media, PSU Bank, and Auto, all other sectoral indices ended in the green on Wednesday, with gains led by the Metal index, which had gained 2.69% by the close.
The healthcare index closed up 1.26%, while the Consumer Durables index closed up 0.90%, the Oil & Gas index ended 0.67% higher, and the Pharma index closed up 0.66%.
The Bank and Financial Services indices closed up 0.46% and 0.51%, respectively, while the FMCG index was up 0.05% at close.
The broader market outperformed the benchmark indices, with the BSE SmallCap gaining 0.79%, while the BSE MidCap closed up 0.92%.
STOCKS TODAY
Zydus Lifesciences: Shares of Zydus Lifesciences declined 2 percent after the US Food and Drug Administration (FDA) issued 10 observations for the drugmaker’s injectables manufacturing unit in Gujarat’s Vadodara. The company will not be able to file new drugs from the facility until it resolves issues flagged by the FDA and it also faces delays in the timeline of drug launches.
Crafts Automation: Crafts Automation stock surged 7 percent after the company announced that its board would consider the proposal for a fund-raise in its upcoming meeting on April 27. The board will also approve the Q4 FY24 earnings of Craftsman Automation in the same meeting.
Cyient DLM: Shares of Cyient DLM zoomed 5 percent after the company reported robust results in Q4. Its net profit (PAT) surged 80 percent on-year to Rs 22.7 crore and revenue jumped 30 percent YoY to Rs 361.84 crore, backed by significant traction from the defense, med-tech, and aerospace verticals.
Thomas Cook (India): Shares of Thomas Cook (India) jumped over 3 percent as Brokerage B&K Securities initiated a ‘buy’ rating on the company and increased the target price to Rs 250 a share, up 20 percent from the current market price. B&K Securities said efficiencies and leverage to boost EBIT margins to 6.5 percent by FY26. Operating on low margins with negative working capital is a key strength.
Tata Elxsi: Tata Elxsi stock fell over 4 percent after the company’s results for the March quarter disappointed the street. Net profit fell 4.6 percent on-quarter to Rs 196.93 crore while revenue from operations was down 1 percent QoQ to Rs 905.9 crore.
Purvankara: Purvankara stock rose 5 percent and got locked in the upper circuit after the company emerged as the preferred developer for the redevelopment of a residential housing society in Mumbai’s Pali Hill locality. According to the company, the project will have a potential gross development value (GDV) of more than Rs 2,000 crore.
GSPL: Shares of Gujarat State Petronet fell over 1 percent after UBS downgraded the stock to ‘sell’ and cut the target price saying the tariff cut by the regulator was a negative surprise. The stock fell 25 percent in the last 5 sessions after the regulator slashed the tariff for its high-pressure network.