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PRE-MARKET REPORT
The domestic equity market may open on a cautious note Tuesday following mixed cues from global peers.
Gift Nifty was trading around the 22,245 level, a premium of nearly 20 points from the Nifty futures’ previous close, indicating a flat-to-positive start for the Indian stock market indices.
The US stock market ended mixed on Monday as investors awaited key inflation readings and earnings later this week.
The Dow Jones Industrial Average fell 81.33 points, or 0.21%, to 39,431.51, while the S&P 500 eased 1.26 points, or 0.02%, to 5,221.42. The Nasdaq Composite ended 47.37 points, or 0.29%, higher at 16,388.24.
Asian markets traded mostly higher as investors assessed inflation data from India and Japan.
Japan’s Nikkei 225 rose 0.7%, while the Topix gained 0.6%. South Korea’s Kospi added 0.18%, and the Kosdaq gained 5%. Hong Kong’s Hang Seng index futures indicate a positive opening.
STOCKS TODAY
DLF: The real estate major has recorded a massive 61.5% on-year growth in consolidated net profit at Rs 920.7 crore for the quarter ended March FY24, with strong topline and operating numbers. Revenue from operations grew 46.6% on-year to Rs 2,135 crore for the quarter. On the operating front, EBITDA increased 89.3% on-year to Rs 754 crore for the quarter, with a margin expansion of 790 bps at 35.3%.
Jindal Steel & Power: The company has reported a consolidated net profit of Rs 933.5 crore for the March FY24 quarter, growing 100.5% over the corresponding period of the previous fiscal despite a lower topline, aided by the operating margin that was boosted by lower input cost. The profit in Q4FY23 was impacted by an exceptional loss of Rs 153.5 crore. Revenue from operations declined 1.5% on-year to Rs 13,487 crore for the quarter, with sales volume falling to 2.01 million tonnes, from 2.03 million tonnes during the same period.
Sanofi India: The pharma company has recorded a standalone net profit of Rs 136.6 crore for the first quarter of calendar year 2024, falling 28.3% compared to the year-ago period, impacted by the exceptional loss of Rs 26.7 crore (against exceptional gain of Rs 17.8 crore in Q12023) and lower topline. Revenue from operations fell 0.55% on-year to Rs 732.4 crore during the quarter.
Cochin Shipyard: The company has bagged a large order (in the range of Rs 500-1,000 crore) from a European client, for the design and construction of a hybrid service operation vessel (Hybrid SOV) with an option for two more such vessels. The vessel is equipped with hybrid battery systems to improve energy efficiency and reduce carbon footprints. The project is expected to be completed by the end of 2026.
Hero MotoCorp: The world’s largest manufacturer of scooters and motorcycles has joined the ONDC Network, becoming the first auto company in the country to join the network. The open network will initially offer two-wheeler parts, accessories, and merchandise.
JBM Auto: The automotive components maker has recorded a consolidated net profit of Rs 55.75 crore for the January-March FY24 quarter, growing 99% over the same period of the previous fiscal, with strong topline and operating numbers. Revenue from operations grew by 47.11% YoY to Rs 1,486 crore for the quarter, while EBITDA surged 60.4% on-year to Rs 172.3 crore with margin expansion of 100 bps at 11.6% for the quarter.
Nelcast: The ductile and grey iron castings producer has reported a consolidated net profit of Rs 5.07 crore for the March FY24 quarter, rising 13% over the corresponding period of the previous fiscal despite weak topline and operating numbers. Revenue from operations fell 5.65% on-year to Rs 295.5 crore during the quarter.
Results on May 14: Bharti Airtel, Shree Cement, Siemens, Apollo Tyres, Bajaj Electricals, Colgate-Palmolive (India), Bharti Hexacom, PVR Inox, BLS International Services, Devyani International, Ideaforge Technology, Oberoi Realty, Patanjali Foods, and Radico Khaitan will release March FY24 quarter earnings on May 14.