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PRE-MARKET REPORT
The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday following gains in global peers.
Gift Nifty was trading around the 22,785 level, a premium of nearly 45 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended higher on Monday ahead of the Federal Reserve’s policy meeting beginning today.
The Dow Jones Industrial Average gained 146.43 points, or 0.38%, to 38,386.09, while the S&P 500 rose 16.21 points, or 0.32%, to 5,116.17. The Nasdaq Composite ended 55.18 points, or 0.35%, higher at 15,983.08.
Asian markets traded higher on Tuesday tracking overnight gains on Wall Street, with investors awaiting key economic data from the region.
Japan’s Nikkei 225 rallied 0.98%, while the Topix rose 1.2%. South Korea’s Kospi gained 0.23% and the Kosdaq rose 0.26%. Hong Kong’s Hang Seng index futures indicated a weaker opening.
STOCKS TODAY
Rail Vikas Nigam: The company said the joint venture KRDCL-RVNL has received a Letter of Acceptance (LoA) from Southern Railway for the redevelopment of Thiruvananthapuram Central Railway Station in engineering, procurement, and construction (EPC) mode. The project cost is Rs 438.96 crore, while RVNL’s share in the project is 49 percent.
NMDC: The state-owned iron ore company has increased the lump ore price by Rs 400 to Rs 6,200 per tonne. The price of fines rose by Rs 200 per tonne to Rs 5,260 per tonne. The previous price of lump ore was Rs 5,800 per tonne, with fines at Rs 5,060 per tonne.
Tata Chemicals: The Tata Group company has posted a net loss of Rs 850 crore for the January–March FY24 quarter against a profit of Rs 709 crore in the year-ago period. The company has recognized a non-cash write-down of assets worth Rs 963 crore concerning the UK (Lostock Plant), which has been disclosed as an exceptional loss. Revenue from operations fell by 21.1 percent year over year to Rs 3,475 crore for the quarter.
UCO Bank: The lender has recorded a net profit of Rs 525.8 crore for the quarter ended March FY24, falling 9.5 percent from last year, partly because of elevated provisions for bad loans and lower pre-provision operating profit. Net interest income increased by 10.9 percent year over year to Rs 2,187.4 crore for the quarter. Asset quality improved for the quarter, with gross NPA declining 39 bps QoQ to 3.46 percent and net NPA falling 9 bps QoQ to 0.89 percent.
Poonawalla Fincorp: The non-banking finance company has reported a standalone net profit of Rs 331.7 crore for the March FY24 quarter, growing sharply by 83.6 percent over the corresponding period of the previous fiscal. Net interest income grew by 57 percent year over year to Rs 641 crore for the quarter. Asset quality improved during the quarter as the gross NPA decreased by 17 bps QoQ to 1.16 percent and the net NPA declined by 11 bps sequentially to 0.59 percent.
Spandana Sphoorty Financial: The microfinance institution has registered net profit at Rs 122.2 crore for the January–March FY24 quarter, growing 5.2 percent over the year-ago period. Net interest income rose by 21.2 percent year over year to Rs 399 crore for the quarter.
KFin Technologies: The tech-driven financial services firm has reported a consolidated net profit of Rs 74.5 crore for the March FY24 quarter, rising 30.6 percent over the same period in the in previous fiscal. Revenue from operations for the quarter, at Rs 228.3 crore, grew by 24.7 percent YoY. The board has recommended a final dividend of Rs 5.75 per share for FY24.