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PRE-MARKET REPORT
The domestic equity market is expected to open flat to negative amid tracking the weak global cues in US and Asian markets after the US Fed meeting.
The GIFT Nifty is trading 33 points lower compared to the Nifty 50 close on May 22, indicating a negative start for the day. indicating a flat start for the Indian indices.
The Asian markets also fell in trade on May 23 after US Fed minutes showed a patient approach to monetary easing amid sticky inflation.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.57%. Australia’s S&P/ASX 200 index was one of the biggest decliners, slumping 0.8%.
The US stock market did not take the hawkish comments from the April 30-May 1 US Fed meeting minutes.
The Dow Jones Industrial Average fell 201.95 points, or 0.51 percent, to 39,671.04, the S&P 500 lost 14.4 points, or 0.27 percent, to 5,307.01 and the Nasdaq Composite dropped 31.08 points, or 0.18 percent, to 16,801.54.
STOCKS TODAY
Sun Pharma: Pharma major Sun Pharmaceutical Industries Ltd. on May 22 reported a better-than-expected consolidated net profit of Rs 2,654.5 crore for the March quarter, up 34 percent from the year-ago period. Consolidated revenue stood at Rs 11,982.9 crore, up 9 percent as against Rs 1,0930.6 crore a year ago. The company’s board also declared a final dividend of Rs 5 per equity share for the financial year 2023-24.
Gujarat State Fertilizers & Chemicals: Gujarat State Fertilizers & Chemicals shares sank almost nine percent in trade on May 22, after the state-run firm posted a 91 percent fall in net profit for the fourth quarter. GSFC reported a net profit of Rs 21 crore for the three months ended March, down 91.25 percent on-year from Rs 240 crore in the corresponding period last year. The firm’s total revenue fell 18.2 percent on-year to Rs 1,992 crore, down from Rs 2,437 crore in the March quarter of the previous year.
Suzlon Energy: Suzlon Energy 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.
JK Tyre & Industries: 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. Revenue from operations, too, saw a modest rise of 1.8 percent YoY to Rs 3,698 crore in Q4FY24. The board recommended a dividend of Rs 4.5 per share for FY24.
BHEL: 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. The company’s EBITDA, also known as operational profit, dropped by 30.6 percent YoY to Rs 728 crore, whereas EBITDA margins squeezed by 400 basis points (bps) YoY to 8.8 percent. The PSU firm’s board recommended a final dividend of Rs 0.25 per share for FY24.