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PRE-MARKET REPORT
The domestic equity indices, Sensex and Nifty 50, are expected to open flat on Thursday tracking mixed cues from global peers.
Gift Nifty was trading around the 22,375 level, a discount of nearly 20 points from the Nifty futures’ previous close, indicating a tepid start for the Indian stock market indices.
The US stock market ended mixed on Wednesday amid a rise in Treasury yields, with the Dow Jones Industrial Average closing above 39,000 level for the first time in five weeks.
The Dow Jones Industrial Average gained 172.13 points, or 0.44%, to 39,056.39, while the S&P 500 eased 0.03 points to 5,187.67. The Nasdaq Composite ended 29.80 points, or 0.18%, lower at 16,302.76.
Asian markets traded mixed tracking similar moves overnight on Wall Street and as investors await key trade data from China.
Japan’s Nikkei 225 rose 0.15% and the Topix gained 0.29%. South Korea’s Kospi fell 0.21%, while the Kosdaq declined 0.13%. Hong Kong’s Hang Seng index futures indicated a weak opening.
STOCKS TODAY
Larsen and Toubro: The infrastructure major has recorded a net profit of Rs 4,396 crore for the quarter ended March FY24, growing 10 percent over the year-ago period with a healthy topline, but the operating margin was weak. Revenue from operations increased by 15 percent year over year to Rs 67,079 crore for the quarter. The board has recommended a final dividend of Rs 28 per share. The order inflow during the quarter fell by 5 percent year-on-year to Rs 72,150 crore, with the order book of the group as of March 2024 at Rs 4,75,809 crore, which grew by 20 percent YoY.
Tata Power Company: The Tata Group company has reported a consolidated net profit of Rs 895.2 crore for the March FY24 quarter, growing 15.1 percent over the corresponding period of the previous fiscal year despite a lower operating margin impacted by the cost of fuel. Revenue from operations jumped 27.2 percent year over year to Rs 15,846.6 crore for the quarter.
TVS Motor Company: The two-and-three-wheeler maker has recorded a standalone net profit of Rs 485.4 crore for the March FY24 quarter, rising 18.3 percent over the same period in the previous fiscal year, with healthy topline and operating numbers. Revenue from operations grew by 23.7 percent YoY to Rs 8,168.8 crore, with total sales volume up 22.4 percent at 10.63 lakh units during the quarter.
Wipro: The technology services and consulting company, has announced a collaboration with Kognitos Inc. to deploy enterprise-ready GenAI-based business automation solutions. In addition, Wipro Ventures, Wipro’s corporate investment arm, invested in Kognitos as part of the firm’s Series A funding round.
Gujarat State Petronet: The natural gas distribution company has recorded a consolidated net profit of Rs 663.1 crore for the January-March quarter of the financial year 2024, growing 22.2 percent over the year-ago period, partly driven by exceptional gains and healthy operating numbers. Revenue from operations increased by 6 percent year over year to Rs 4,532.2 crore for the quarter.
Rail Vikas Nigam: The railway company has received a Letter of Acceptance from SER HQ-Electrical/South Eastern Railway for a project worth Rs 167.3 crore. The company will do design, supply, erection, testing, and commissioning for the upgrade of the electric traction system for the Rajkharsawan-Nayagarh-Bolani section of the Chakradharpur division of South Eastern Railway to meet the 3000 MT loading target.
Piramal Enterprises: The company has reported a consolidated net profit of Rs 137.1 crore for the quarter ended March FY24, against a loss of Rs 195.9 crore in the same period of the previous fiscal. Revenue from operations during the quarter increased by 16 percent year-on-year to Rs 2,473.3 crore. Meanwhile, its subsidiary Piramal Alternatives Trust acquired a 9.85 percent stake in Annapurna Finance for Rs 300 crore and also completed a subscription to Annapurna Finance’s optionally convertible debentures amounting to Rs 300 crore.