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PRE-MARKET REPORT
The Indian equity market indices, Sensex and Nifty 50, are expected to open higher amid cautiousness on Thursday following mixed global market cues.
Gift Nifty was trading around the 22,745 level, a premium of nearly 30 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.
The US stock market ended mixed on Wednesday after the Federal Reserve’s monetary policy announcement.
The Dow Jones Industrial Average gained 87.37 points, or 0.23%, to 37,903.29, while the S&P 500 fell 17.3 points, or 0.34%, to 5,018.39. The Nasdaq Composite ended 52.34 points, or 0.33%, lower at 15,605.48.
Asian markets traded lower on Thursday tracking overnight moves on Wall Street after the US Federal Reserve kept interest rates unchanged.
Japan’s Nikkei 225 declined 0.70%, while the Topix fell 0.4%. South Korea’s Kospi eased 0.1% and Kosdaq dropped 0.1%. Hong Kong’s Hang Seng index futures indicated a weak opening.
STOCKS TODAY
Adani Total Gas: The city gas distribution company has reported a net profit of Rs 168 crore for the March FY24 quarter, growing 71.5 percent over the corresponding period of the previous fiscal year, backed by strong operating numbers due to the lower cost of natural gas. Revenue from operations (excluding excise duty) grew by 4.7 percent on-year to Rs 1,167 crore for the quarter, with sales volume increasing 20 percent YoY.
Rail Vikas Nigam: The state-owned railway company has emerged as the lowest bidder for a project worth Rs 390.97 crore from Eastern Railway. The company will construct the Sitarampur bye pass line under the Asansol division of Eastern Railway.
Godrej Group stocks: The Godrej family has reached an agreement to split the conglomerate into two branches, with Adi and brother Nadir keeping the listed entities while cousin Jamshyd gets the control of unlisted companies and the land bank, as per the pact shared with the stock exchanges on April 30. The agreement submitted to the exchanges addresses issues of Royalty, Brand Usage, and Land Bank development.
Wipro: The technology services and consulting company has received a contract from Nokia to overhaul its employee service desk and provide seamless, real-time IT support to a global network of employees. The Wipro team will build a bespoke AI-powered, cloud-based solution for Nokia’s workforce, which comprises around 86,700 users globally in 130 countries of operation.
Adani Wilmar: The Adani Group company has recorded a net profit of Rs 156.75 crore for the March FY24 quarter, growing 67.5 percent over a year-ago period despite weak topline and other income, driven by strong operating numbers. Revenue from operations fell 4.6 percent year over year to Rs 13,238 crore for the quarter.
Coal India: The country’s largest coal mining company has registered coal production at 61.8 million metric tons for April 2024, increasing 7.3 percent from 57.6 million metric tons in the same month of the previous fiscal. The offtake during the same period rose by 3.2 percent to 64.3 million metric tons from 62.3 million metric tons.
Adani Energy Solutions: The Adani Group company has reported a consolidated net profit of Rs 381.3 crore for the March FY24 quarter, falling 13.3 percent compared to the year-ago period, partly impacted by a weak operating margin. Revenue from operations grew by 40.2 percent year-on-year to Rs 4,706.9 crore for the quarter.