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Closing Bell: Sensex Soars 599 Points, Nifty Gains 0.70%; Bank, Metal Stocks Shine
Domestic benchmark indices traded higher on Friday and managed to snap the 4-day losing streak despite escalating tensions in Middle East. In the world market, most markets traded on a weak note. BSE Sensex ended the day with the gain of 599 points to 73,088 and Nifty jumped 151 points to 22,147 on April 19, 2024. Nifty Bank rallied 504 points to 47,574 and Nifty Midcap fell 298 points to 48,696 on Friday. Bajaj Finance, M&M, HDFC Bank, Maruti Suzuki and JSW Steel emerged as top gainers on the Nifty, while the laggards were Bajaj Auto, HCL Technologies, TCS, and Nestle India.
Shares of Elecon Engineering Company soared nearly 10% after the company declared dividend and stock split.
Make Your Mark, Vote Today
Talk is cheap, voting is free; take it to the polls-Nanette L. Avery
Lok Sabha Elections 2024
The Lok Sabha elections of 2024 are scheduled to begin on April 19 and run for 44 days, ending on June 1. The majority of Indians find great significance in this once-every-five-year political event since it affects many aspects of their lives, especially their investments and money.
Up to twenty-one states and union territories will be included in it: Arunachal Pradesh (2), Assam (5), Bihar (4), Chhattisgarh (1), Madhya Pradesh (6), Maharashtra (5), Manipur (2), Meghalaya (2), Mizoram (1), Nagaland (1), Rajasthan (12), Sikkim (1), Tamil Nadu (39), Tripura (1), Uttar Pradesh (8), Uttarakhand (5), West Bengal (3), Andaman and Nicobar (1), J&K (1), Lakshadweep (1), and Puducherry (1) would all be covered.
Those slated to test their electoral fate in this phase include eight Union ministers, two former chief ministers, and one ex-governor.
Oil Markets
Oil was on course for its first consecutive weekly decline of the year as ongoing tensions in the Middle East were offset by a broader risk-off sentiment sparked by hawkish remarks from Federal Reserve governors.
Despite Iran's strike on Israel last weekend, Brent traded near $87 a barrel after falling in each of this week's sessions. The West Texas Intermediate was more over $82. Because Fed members have hinted that a shift to looser policy is still some time off, investors are growing more apprehensive that US interest rates may stay higher for longer. This has strengthened the dollar, which is bad news for commodities.
April 19 Q4 Results
On April 19, the quarterly results scorecards of Wipro, HDFC Asset Management Company, Jio Financial Services, Hindustan Zinc, Elecon Engineering, and KP Green Engineering will be made public.
Asian Markets
Friday saw lower trading on Asian markets, which gave up gains from the previous day and followed Wall Street's overnight losses.
The benchmark Nikkei 225 in Japan dropped 2.7%, while the Kospi had a 1.7% decline.
Varyaa Creations IPO Set To Shine: Boasts Robust GMP Of Rs 100
As Varyaa Creations Limited prepares to go public, the buzz surrounding its Initial Public Offering (IPO) is palpable, especially evident in its impressive Gray Market Premium (GMP) of Rs. 100. Based in the bustling markets of Mumbai, Varyaa Creations has carved a niche in the jewellery sector, transitioning seamlessly from a trader to a manufacturer and retailer of high-quality jewellery. This IPO not only marks a significant milestone for the company but also presents a promising opportunity for investors keen on tapping into India's burgeoning jewellery market. Varyaa Creations Limited is set to launch its Initial Public Offering (IPO) on April 22, 2024, with the issue closing on April 25, 2024.
Motilal Oswal Financial To Recommend Bonus Share
Mid cap company from the NBFC sector, Motilal Oswal Financial Services shares soared by huge 8.85% in trade today at the time of writing the story to Rs 2266.30 per share. Earlier, Motilal Oswal Financial Services declared Rs 14/share interim dividend for the financial year 2023-24 on January 24, 2024. Motilal Oswal Financial Services shares offered eye-popping returns of 126% in just last 6-months-span and rallied 269% in last 1-year. Today the company informed about its upcoming meeting of Board of Directors to consider financial results and proposal of bonus share.
Khoobsurat Shares In Focus
With great pleasure, the company announces today that the Right Issue of Rs. 35.00 Crore has received In-Principle Approval from both the BSE and MSEIL Exchanges.
Canara Bank Fixes 15th May As The Record Date For 1:5 Stock Split
The bank today announced that it has fixed Wednesday, 15th May 2024 as the “Record Date” for determining entitlement of equity shareholders for the purpose of sub-division/ split of existing equity shares of the bank, such that 1 equity share having face value of Rs. 10/- each, fully paid up, will be sub-divided into 5 equity shares having face value of Rs. 2/- each, as per a regulatory filing.
Manappuram Finance Shares In Focus
The Financial Resources and Management Committee of the Board of Directors of Manappuram Finance at its meeting held on April 19 ,2024, has approved the issuance of US$ 500,000,000 (United States Dollars five hundred million), in one or more tranches, by way of external commercial borrowings in the form of US Dollar bonds and/ or any other form as per the applicable guidelines issued by the Reserve Bank of India.
Mahindra Logistics Shares In Focus
To address the lack of trained people in the logistics industry, Mahindra Logistics Limited and the Logistics Skill Council, a not-for-profit organisation established by the Ministry of Skill Development & Entrepreneurship, plan to establish Community Centres of Excellence (CCoE) across the country. In addition to generating employment opportunities for the recipients, these centres will offer skill development training and certification in transportation, storage, and other supply chain activities. Mahindra Logistics started its first CCoE in Bhiwandi during the first phase, and in Q1FY25, it will establish another one in Guwahati. Together, the two centres hope to educate more than 500 people in FY25.
Rupee Falls To Record Low Against US Dollar As Israel Strikes Iran
Amid the deteriorating Middle East situation, the Indian rupee on Friday opened to a record low after reports surfaced that Israel conducted air strikes against Iran that led investors to exit risk assets and resort to safe havens. The rupee on April 19, 2024, opened at 83.55 against the US Dollar thus falling beyond 83.54, its earlier record low, and down from 83.53 on Thursday. Meanwhile, US equity futures and Asian shares witnessed a fall as safe-haven demand lifted US Treasuries, according to Reuters.
Dixon’s Wholly Owned Subsidiary, Padget Electronics Enters Into An Agreement with Longcheer
Dixon’s Wholly-owned subsidiary- Padget Electronics Private Limited has entered into an Agreement with Longcheer has commenced the production/ manufacturing and sale of smartphones for large global brands with Longcheer’s design and technology. The company provides integrated smart product services to leading global consumer electronics brands & tech enterprises across multiple countries & regions with global delivery capabilities & has approximately 28% share of ODM at Global Level. Mr. Atul B. Lall, Vice Chairman & Managing Director, Dixon Technologies (India) Limited said, “It gives us immense pleasure to partner with ‘Longcheer’ for manufacturing and selling smart phones for large global brands with Longcheer’s design and technology. This association will give a strong impetus to India’s manufacturing competitiveness.
India Gold Prices Rises Again Slightly On 19th April Staying At All-Time High Range
Today gold prices in India for 24-carat gold are Rs. 74,340/- per 10 grams and Rs. 68,150/- for 10 grams of 22-carat gold. The yellow metal prices have risen by Rs. 540/- and Rs. 500/- per 10 grams for pure gold and standard gold respectively. Likewise, 18-carat gold rate in India today have increased by Rs. 410/- to reach Rs. 55,760/- per 10 grams. US Spot gold rates today stands firmly around $ 2,382/- per ounce, a rise of 0.17% or $ 4.1/- since yesterday's closing, while the MCX Gold Futures maturing in June are currently trading at Rs. 72,590/-.
Happist Minds All Set To Acquire Macmillan Learning India Private Limited
Happiest Minds has executed a Share Purchase Agreement (“the Agreement”) to acquire 100% equity interest in Macmillan Learning India Private Limited. The company has a paid-up Capital of Rs.1,00,000/- , with Current Turnover of $ 9.25 Crores and Current Net worth of 4.45 Crores. Total Revenues gained in past by Macmillan Learning India Private Ltd is Rs. 6.9 crores for FY 2022-23, Rs. 5.5 crores for FY 2021-22, Rs. 5.3 crore for FY 2020-21. The acquisition is expected to be completed by April 30, 2024 and Cost of acquisition is Rs. 4.5 crores.
Man Industries Ltd Receives Approval From Shell Global Project At Anjar, Gujarat
Man Industries Limited has received approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat. The company has undergone stringent technical assessment of coating mill at Anjar, Gujarat in the form of performance testing of external, internal, and concrete coating for steel pipeline and the same is confirmed by Shell Global Solutions International BV, one of the renowned global oil and gas company for 3-layer Polyethylene external coating of line pipe for buried and immersion service, anti-buoyancy concrete coating for the external surface of submerged steel pipeline, and Liquid epoxy internal coating of line pipe for non-corrosive gas transmission.
Top 5 Gainers and Losers Today
Stock Market Live Updates
Rupee Holds Steady Against US Dollar
The Indian rupee traded steady against the US dollar despite explosion reports in Iran. The local unit stood at 83.5 per dollar in the early trade, appreciating slightly from the previous print. Escalation of Middle East conflict has been concerning and all it needed was a buzz of explosion in Iran to scatter a bloodbath in stock markets. Rupee is also in focus, as Lok Sabha Election polling starts from Apil 19.
Indo Count Acquires US Premium National Brand WAMSUTTA
Indo Count, the largest global bed linen manufacturer and exporter from India, announces its strategic acquisition of the international home fashions brand WAMSUTTA from Beyond, Inc. Mohit Jain, Executive Vice Chairman of Indo Count, expressed his enthusiasm about the acquisition, stating, "Wamsutta, with its 178-year brand heritage – resonates strongly in the marketplace. We will explore multiple channels of distribution to reach the core Wamsutta consumer and also introduce an entire new generation to the exceptional quality and luxury of the Wamsutta brand.”
Bajaj Auto's Q4 earnings exceeded forecasts, with a 35% increase in profit
Bajaj Auto recorded a stand-alone net profit of Rs 1,936 crore for the March FY24 quarter, a significant 35% increase over the same period last year. Sales volume grew 24% to 10.62 lakh units during the same time, translating into a 29% increase in operating revenue, or Rs 11,485 crore. The quarter's EBITDA of Rs 2,306 crore increased 34.4% over the same period in the previous fiscal year, with an 80 basis point increase in margin at 20.1%. A dividend of Rs 80 per share has been issued by Bajaj Auto. Ramtilak Ananthan has been appointed Chief Technology Officer and Abraham Joseph has been named Managing Director of the company's subsidiary Chetak Technology, both effective April 1.
Q4 income for TV18 Broadcast soars 66% YoY.
TV18 Broadcast's consolidated income for the March FY24 quarter was Rs 2,330 crore, up 66% from the same time in the previous fiscal year due to growth in the sports and movie segments. TV News saw a 28% increase to Rs 461 crore, while the entertainment segment saw a 79% increase to Rs 1,868 crore. Due to operating losses in the sports and digital sectors, the operating EBITDA loss for the quarter was Rs 161 crore as opposed to Rs 77 crore over the same period last year.
Today is Wipro's Q4 results announcement.
Given the lacklustre growth in discretionary demand, Wipro Ltd. is probably going to release muted Q4 financial results, with a slight decline in sales and a slight increase in net profit. Wipro's revenue for the quarter ending in March is predicted to drop by 0.4 percent to Rs 22,117 crore, based on the average estimate submitted by Moneycontrol from 13 brokerage firms. To reach Rs 2,747 crore, net profit is predicted to rise by 2% year over year. However, revenue and net profit are also expected to decline by 4.8 percent and 10%, respectively, on a year-over-year (YoY) basis.
Blazeclan Technologies will be purchased by an ITC subsidiary for Rs 485 crore
A wholly-owned subsidiary of ITC, ITC Infotech, has entered into a share purchase agreement to acquire Blazeclan Technologies' whole shareholding for Rs 485 crore, per an exchange filing dated April 18. According to the statement, "We write to advise that, in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations"), our wholly owned subsidiary, ITC Infotech India Limited, has notified us that, at 1:45 p.m. today, they entered into a share purchase agreement for the acquisition of 100% of Blazeclan Technologies Private Limited's share capital." Subject to the fulfilment of the standard closing conditions, the deal is expected to conclude within the next six to eight weeks, according to the filing.
Inox Wind obtains a reorder from Hero Future Energies for 210 MW of 3 MW WTGs
One of the top suppliers of renewable energy in India, Hero Future Energies (HFE), has placed an order with Inox Wind for 210 MW of wind turbine generators (WTGs). Modern 3 MW wind turbine generators (WTGs) from IWL are the subject of the order, which also includes equipment supply and a few add-on services. Furthermore, Inox Wind will offer multi-year operations and maintenance (O&M) services following commissioning. The WTGs will be deployed in South India and supplied to HFE starting in Q3 of FY25.
Japan's March inflation rate drops to 2.6%
According to figures released on Friday, Japanese inflation inched down to 2.6 percent in March, mostly in line with market expectations. Prices excluding volatile fresh food increased year over year in February, 2.8 percent higher than the market forecast of 2.7 percent. This increase was partly offset by decreased petrol prices.
US and UK impose more sanctions against Iran following an Israeli missile and drone strike
U.S. President Joe Biden stated that the G7 leaders were determined to work together to put more economic pressure on Tehran. The United States placed fresh sanctions on Iran on Thursday, aimed at its manufacture of unmanned aerial vehicles following its attack on Israel. In coordination with Washington, Britain declared that it would also be imposing sanctions on Iran. Following Israel's successful counteroffensive against the missile and drone strike on April 13, Biden stated that the US and its allies were now holding Iran responsible for the new sanctions and export restrictions.
Data from FII and DII
On April 18, provisional data from the NSE revealed that domestic institutional investors (DIIs) purchased equities worth Rs 2,285.52 crore, while foreign institutional investors (FIIs) net sold shares worth Rs 4,260.33 crore.
The Government Begins to Revise the Direct Tax Code
If the Narendra Modi government gets re-elected, official sources stated that the long-delayed Direct Taxes Code (DTC) will be implemented as soon as possible. They also mentioned that the finance ministry has already started talking about this. The sources, who asked to remain anonymous, stated that the prime minister's orders led to the inclusion of the law-making process in the Modi 3.0 government's agenda.
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