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PRE-MARKET REPORT
The domestic equity market indices, Sensex and Nifty 50, are expected to have a positive start on Friday.
Gift Nifty was trading around 22,670.00 level, a premium of nearly 24.65 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US equities ended a three-day winning run on Thursday, according to Reuters, as the tech industry was battered by disappointing projections from Meta, the owner of Facebook and Instagram. Equities were impacted by tepid US GDP data and Meta’s decline.
The S&P 500 dropped 23.21 points, or 0.46%, to 5,048.42, the Nasdaq Composite lost 100.99 points, or 0.64%, to 15,611.76, and the Dow Jones Industrial Average slid 375.12 points, or 0.98%, to 38,085.80.
Shares in Asia opened mixed following a decline on Wall Street on Thursday. The Hang Seng Index increased by 51.66 points, or 0.30%, to 17,336.20. While the Shenzhen Composite Index on China’s second exchange decreased by 0.13%, or 2.24 points, to 1,696.09, the Shanghai Composite Index increased by 0.07%, or 2.08 points, to 3,054.98.
STOCKS TODAY
Tech Mahindra: The global IT services company recorded a consolidated net profit of Rs 661 crore for the quarter ended March FY24, rising sharply by 29.5 percent over the previous quarter despite a weak topline, boosted partly by other income. Revenue from operations fell by 1.8 percent sequentially to Rs 12,871.3 crore for the quarter, with dollar revenue increasing 1.6 percent and constant currency revenue reducing 0.8 percent on a sequential basis. The board has recommended a final dividend of Rs 28 per equity share for FY24.
Tata Steel: After seven months of formal and informal national-level discussions with the UK trade unions, Tata Steel has decided that it will proceed with its 1.25-billion-pound investment to build an electric arc furnace in Port Talbot, in South Wales. It would also commence the closure of the existing heavy-end assets in the following months. The company informed the trade unions that Port Talbot’s two blast furnaces, No 5 and No 4, will close by the end of June and by the end of September. A voluntary redundancy aspiration process will be launched across Tata Steel UK on May 15, 2024.
Bajaj Finance: The leading non-banking finance company has reported a net profit of Rs 3,825 crore for the March FY24 quarter, growing 21 percent over the corresponding period of the last fiscal. Net interest income grew by 28 percent year-on-year to Rs 8,013 crore for the quarter, with the number of new loans booked rising 4 percent to 7.87 million and customer franchises increasing 21 percent to 83.64 million during the same period. Assets under management jumped 34 percent YoY to Rs 3,30,615 crore for the quarter. The board has recommended a dividend of Rs 36 per share for FY24.
IndusInd Bank: The private sector lender has registered a 15 percent on-year growth in standalone net profit at Rs 2,347 crore for the quarter ended March FY24, driven by lower provisions for bad loans and higher pre-provision operating profit. Net interest income increased by 15.1 percent year-on-year to Rs 5,376.44 crore for the quarter. Asset quality remained steady as the gross NPA and net NPA were unchanged at 1.92 percent and 0.57 percent for the quarter compared to the previous quarter.
Cyient: The engineering and technology solutions company has reported a consolidated net profit of Rs 196.9 crore for the quarter ended March FY24, growing 28.5 percent over the previous quarter due to a low base. The profit in Q3 FY24 was impacted by an exceptional loss of Rs 50.3 crore. Revenue from operations grew by 2.2 percent QoQ to Rs 1,860.8 crore for the quarter.
InterGlobe Aviation: IndiGo has placed an order for 30 firm Airbus A350-900 aircraft for further expansion of its network. The aircraft will be powered by Rolls-Royce’s Trent XWB engine. Currently, IndiGo operates over 350 aircraft. In addition to the 30 Firm A350-900 order, it has purchase rights for an additional 70 Airbus A350 Family aircraft.
Schaeffler India: The motion technology company has registered consolidated net profit at Rs 219.7 crore for the January–March 2024 quarter, rising 0.16 percent over a year-ago period, impacted by a weak operating margin. Revenue from operations grew by 10.6 percent year-on-year to Rs 1,873.1 crore for the quarter.