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PRE-MARKET REPORT
The domestic market benchmark indices Sensex and Nifty 50, are expected to open in green on Wednesday amid mixed global cues.
Gift Nifty was trading around the 22,410.50 level, a premium of nearly 36 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
US equities remained stable on Tuesday, according to an AP news report, as Wall Street trade eased after some recent major swings.
The Nasdaq Composite fell 16.69 points, or 0.10%, to 16,332.56, while the S&P 500 increased 6.96 points, or 0.13%, to 5,187.70 points. To reach 38,884.26, the Dow Jones Industrial Average increased by 31.99 points, or 0.08%.
Stocks in Asia struggled to find direction after a slow US session, with investors divided on whether the market can maintain this month’s advance given the prevailing economic conditions, according to a Bloomberg news report.
Australia’s and South Korea’s stocks increased while those in Japan declined. Hong Kong futures indicated a flat open.
STOCKS TODAY
PB Fintech: The Policybazaar operator has recorded a profit of Rs 60.19 crore for the quarter ended March FY24, against a loss of Rs 9.34 crore in the corresponding period of the previous fiscal. Revenue during the quarter grew by 25 percent year over year to Rs 1,090 crore, and premium increased by 43 percent to Rs 5,127 crore during the same period.
JSW Energy: The JSW Group company recorded a consolidated net profit of Rs 345.3 crore for the March FY24 quarter, increasing 22.4 percent over the same period in the previous fiscal year despite muted topline, driven by strong operating numbers and lower fuel costs. Revenue from operations grew by 3.2 percent year over year to Rs 2,755.9 crore for the quarter. The company has received approval from the board of directors for raising funds to Rs 10,000 crore via QIP.
Voltas: The Tata Group company recorded a consolidated net profit of Rs 110.6 crore for the March FY24 quarter, declining 22.8 percent compared to the year-ago period on lower operating numbers with higher input costs. Revenue from operations grew by 42.1 percent year-on-year to Rs 4,202.9 crore for the quarter, with strong growth in unitary cooling products and electro-mechanical projects and services segments. The board has recommended a dividend of Rs. 5.50 per share.
LTIMindtree: The global technology consulting and digital solutions company, has announced a collaboration with IBM to establish a global, joint Generative AI Center of Excellence (CoE) in India, combining the power of the IBM Watsonx AI and data platform with the engineering skills of LTIMindtree.
Tata Elxsi: The technology and design services company, has collaborated with Arm (the global semiconductor design and software platform company) to offer advanced solutions on the latest Arm processors. This will help automotive OEMs and Tier-1s fast-track their transition to software-defined vehicles (SDVs).
Jindal Saw: The OP Jindal Group company has registered 61.5 percent on-year growth in net profit at Rs 480.4 crore for the fourth quarter of financial year 2024, with strong operating numbers. Revenue from operations grew by 4.6 percent year over year to Rs 5,425.2 crore for the quarter. The board has recommended a dividend of Rs. 4 per share.
Sonata Software: The company has reported a net profit of Rs 110.4 crore for the March FY24 quarter, against a loss of Rs 46.2 crore in the previous quarter. Profit was partly boosted by other income in Q4 FY24, and the loss in Q3 FY24 was due to an exceptional loss of Rs 174.66 crore. Revenue from operations fell 12.1 percent QoQ to Rs 2,191.6 crore for the quarter.