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PRE-MARKET REPORT
The benchmark Sensex and Nifty indices are likely to open on a positive note on April 24 as led by positive global market cues.
Trends in the GIFT Nifty indicate a positive start for the Indian stock indices, with a gain of 78 points or 0.35 percent.
US stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other mega-cap growth stocks.
The Dow Jones Industrial Average rose 263.71 points, or 0.69 percent, to 38,503.69, the S&P 500 gained 59.95 points, or 1.20 percent, to 5,070.55 and the Nasdaq Composite gained 245.34 points, or 1.59 percent, to 15,696.64.
Asian markets traded higher on Wednesday following the overnight rally on Wall Street.
Japan’s Nikkei 225 surged 1.27%, while the Topix gained 0.71%. South Korea’s Kospi rallied 1.85% and the Kosdaq gained 1.25%. Hong Kong’s Hang Seng index futures indicated a stronger opening.
STOCKS TODAY
Tata Consumer Products: The FMCG company recorded a consolidated net profit of Rs 268 crore for the quarter ended March FY24, declining sharply by 23 percent compared to the same period last fiscal despite healthy operating numbers, and topline, impacted by an exceptional loss of Rs 216 crore. Revenue from operations grew by 9 percent year over year to Rs 3,927 crore for the quarter. EBITDA increased by 22 percent year-on-year to Rs 631 crore, with a margin expansion of 180 bps to 16.1 percent for the quarter. The company has recommended a dividend of Rs. 7.75 per share.
NHPC: The state-owned entity has signed a supplementary joint venture agreement with JV partners for the sale of a partial stake in the National High Power Test Laboratory (NHPTL). The joint venture partners are NHPC, NTPC, Power Grid Corporation of India, DVC, CPRI, and NHPTL. NHPC holds a 20 percent stake in NHPTL.
Dr. Reddy’s Laboratories: The pharma company has voluntarily recalled six lots of Sapropterin Dihydrochloride powder for oral solution 100 mg due to powder discoloration in some packets, leading to decreased potency. The issue was discovered during an accelerated stability test, in addition to customer complaints.
Lupin: The US Food and Drug Administration (US FDA) has issued an establishment inspection report for the company’s Aurangabad manufacturing facility. The US FDA has determined that the inspection classification of the facility is voluntary action indicated (VAI). The inspection of the said facility was conducted on March 6–15, 2024.
Bandhan Bank: Europe-based financial services company Societe Generale has bought 1,21,16,098 equity shares (equivalent to 0.75 percent of paid-up equity) in the lender at an average price of Rs 180.8 per share, valued at Rs 219.06 crore. However, UK-based hedge fund Marshall Wace Investment Strategies – Eureka Fund sold 1,17,48,919 equity shares in the bank at the same price, amounting to Rs 212.42 crore.
Huhtamaki India: The packaging solutions provider has recorded a net profit of Rs 26 crore for the quarter ended March FY24, falling 26.7 percent compared to the year-ago period, dented by weak topline and operating numbers. Revenue from operations declined 7.8 percent year-on-year to Rs 610 crore for the quarter.
Tata Elxsi: The Tata Group company has reported a 4.6 percent on-year decline in net profit at Rs 196.9 crore for the quarter ended March FY24 on lower topline and weak operating numbers. Revenue from operations fell 0.9 percent year-on-year to Rs 905.9 crore during the quarter. The board has announced a dividend of Rs. 70 per share.
Cyient DLM: The electronics manufacturing solutions provider has recorded a consolidated net profit of Rs 22.7 crore for the March FY24 quarter, growing significantly by 80.7 percent over the same period in the previous fiscal year despite weak operating margins driven by other income and topline. Revenue from operations increased by 30.5 percent year-on-year to Rs 361.8 crore during the quarter.