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PRE-MARKET REPORT
The domestic market benchmark indices Sensex and the Nifty 50, are expected to open in green on Wednesday amid positive global cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,370.50 level, a premium of 58.5 points from the Nifty futures’ previous close.
In the first of two highly anticipated US pricing reports, investors dismissed data showing April wholesale inflation above forecasts, which led to Wall Street stocks rising on Tuesday, with the Nasdaq closing at an all-time high, according to an AFP report.
The S&P 500 index increased by 0.5%, or 25.26 points, to 5,246.68. It was at its lowest point since late March, down around 0.1%. The Dow Jones Industrial Average reached 39,558.11 up 126.60 points, or 0.3%.
Following a notable tech-driven spike in US benchmarks, Asia’s stocks gained. Investors are now anticipating key inflation data later on Wednesday to gauge the Federal Reserve’s next move.
Due to public holidays, the financial markets in South Korea and Hong Kong are closed on Wednesday.
STOCKS TODAY
Bharti Airtel: The country’s second-largest telecom operator has recorded a 31.1 percent on-year decline in consolidated net profit at Rs 2,072 crore for the quarter ended March FY24, due to an exceptional loss of Rs 2,455.5 crore (against nil in Q4 FY23). Revenue from operations grew by 4.4 percent year-on-year to Rs 37,599 crore and was impacted by currency devaluation in Africa. Consolidated EBITDA at Rs 19,590 crore increased by 4.2 percent over the corresponding period of the previous fiscal, with the margin falling 12 bps YoY at 52.1 percent. Average revenue per user (ARPU) for the quarter was Rs 209, against Rs 193 in the year-ago period.
Mahindra and Mahindra: Mahindra Holdings (MHL), a wholly-owned subsidiary of the company, has executed a Share Purchase Agreement with Space Investments, Defati Investments Holdings BV and Infinity Partners, and New Delhi Centre for Sight (NDCFS) and the promoters of NDCFS. As per the agreement, MHL will sell its entire 30.83 percent stake in NDCFS for Rs 425.39 crore.
Colgate Palmolive (India): The oral care company recorded a net profit of Rs 379.8 crore for the March FY24 quarter, growing 20.1 percent over the corresponding period of the previous fiscal year, with strong growth in topline as well as operating numbers. Revenue from operations increased by 10.3 percent year over year to Rs 1,490 crore. Meanwhile, the board has declared an interim dividend of Rs 26 per share and a one-time special dividend of Rs 10 per share.
Shree Cement: The cement company has recorded a 21 percent on-year growth in net profit at Rs 662 crore for the quarter ended March FY24, with robust growth in operating numbers. Revenue from operations grew by 7 percent year-on-year to Rs 5,101 crore, with sales volume increasing by 8 percent to 9.53 million metric tons during the quarter. On the operating front, EBITDA jumped 49 percent to Rs 1,327 crore, which is the highest ever, with a margin expansion of 740 bps at 26 percent for Q4 FY24.
Cipla: The promoter family and Okasa Pharma are likely to sell as much as a 2.53 percent stake worth Rs 2,637 crore via a block deal, CNBC-Awaaz reliably learns from sources. The price at which the Cipla block is expected to happen is between Rs 1,289.50-1,357.35 per share.
Apollo Tyres: The tire manufacturing company recorded a net profit of Rs 354 crore for the fourth quarter of the financial year 2024, falling 13.7 percent compared to the year-ago period, impacted by an exceptional loss of Rs 36.8 crore (against an exceptional gain of Rs 22.6 crore YoY) and higher tax costs. Muted topline growth also impacted the bottomline as revenue from operations grew by 0.2 percent year over year to Rs 6,258 crore for the quarter.