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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Friday tracking a positive momentum in the global peers.
Gift Nifty was trading around the 22,155 level, a premium of nearly 80 points from the Nifty futures’ previous close, indicating a gap-up start for the Indian stock market indices.
The US stock market ended higher on Thursday with the Dow Jones Industrial Average extending gains for the seventh straight daily after weekly jobless claims data raised hopes for interest-rate cuts by the US Federal Reserve.
The Dow Jones Industrial Average rallied 331.37 points, or 0.85%, to 39,387.76, while the S&P 500 gained 26.41 points, or 0.51%, to 5,214.08 points. The Nasdaq Composite ended 43.51 points, or 0.27%, higher at 16,346.27.
Asian markets traded higher on Friday tracking overnight gains on Wall Street amid renewed rate cut hopes.
Japan’s Nikkei 225 rallied 1.52%, while the Topix gained 1.22%. South Korea’s Kospi surged 1% and the Kosdaq rose 0.97%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Bharat Petroleum Corporation Limited: The company reported on May 9 a consolidated net profit of Rs 4,789.57 crore in Q4 FY24, a decline of 30 percent YoY. BPCL’s revenue from operations declined marginally to Rs 1.32 lakh crore in the same period. The company’s board recommended the issue of bonus shares in a ratio of 1:1.
Abott India: The company reported a 24 percent YoY growth in net profit at Rs 287 crore in Q4 FY24. The company’s revenue increased 7 percent to Rs 1,439 crore from Rs 1,343 crore in the year-ago period. Abott India’s board recommended the payment of a final dividend of Rs 410 per equity share of Rs 10 each for the year ending March 31, 2024, subject to shareholders’ approval.
ADF Foods: ADF Foods’ revenue from operations was Rs 153 crore in Q4 FY24 as compared to Rs 123 crore in the same quarter of the previous year. Profit after tax increased to Rs 25 crore in Q4 FY24 as compared to Rs 16 crore in the same quarter the previous year.
Shyam Metallics: Realizations on the sale of stainless steel increased by 54.46 percent as compared to the previous year for Shyam Metallics. Stainless steel volumes increased by 33.68 percent on a year-over-year basis. While stainless steel volumes grew 17.45 percent on a MoM basis.
Solara Active Pharma Sciences: The company approved a rights issue to raise Rs 449.95 crore. The rights shares are priced at Rs 375 per equity share, which includes a premium of Rs 365 per equity share, the company said in a regulatory filing. The issue is scheduled to open on May 28, 2024, and will close on June 11, 2024.
Suryoday Small Finance Bank: The bank reported a 56.3 percent YoY increase in net profit at Rs 60.8 crore in Q4 FY24. The gross non-performing assets (GNPA) stood at 2.94 percent in the March quarter against 3.06 percent in the December quarter. Provisions stood at Rs 48.2 crore against Rs 37.9 crore QoQ and Rs 51.5 crore YoY. The bank’s provision coverage ratio during the quarter was 71.2 percent.
Brigade Enterprises: The company has inked an agreement for a prime land parcel located on Old Madras Road in Bengaluru. The project is spread across 4.6 acres, and the total development potential of the residential project will be around 0.69 million square feet with a gross development value of Rs 660 crore.