The BSE Sensex dipped 220.05 points, closing at 75,170.45, while the NSE Nifty50 index saw a decline of 44.30 points, ending the session at 22,888.15. This trend of profit booking comes as investors brace for the upcoming election results, injecting a dose of volatility into the market.
But, Several stocks have emerged in the spotlight, with substantial developments and quarterly results shaping investor sentiment. Leading the news, Reliance Industries has signed a one-year deal with Russia’s Rosneft. According to media reports, the agreement entails the purchase of at least 3 million barrels of oil monthly, with transactions conducted in roubles.
This strategic move not only fortifies Reliance’s oil supply chain but also provides a hedge against currency fluctuations, potentially enhancing its operational efficiency and stability.
Tata Steel is also in focus, as it gears up to announce its quarterly results today. Investors are particularly attentive to the company’s financial health, given the current market volatility. Observers are keen to analyze Tata Steel’s support and resistance levels, which could offer insights into its near-term market performance.
Hindalco Industries has made headlines with its subsidiary Novelis Inc. filing for an IPO in the US. The company aims to raise up to $945 million by offering 45 million shares within a price range of $18-21 per share. This move targets a valuation of up to $12.6 billion and is a significant step for Hindalco in bolstering its capital for future growth and operational enhancements.
In the public sector, IRCTC has reported a consolidated profit after tax of Rs 284 crore, reflecting a 1.8% year-on-year increase. The company’s revenue from operations saw a robust 20% growth, reaching Rs 1,155 crore. In a positive sign for shareholders, IRCTC announced a final dividend of Rs 4 per share for the financial year 2023-24.
Aditya Birla Fashion and Retail faced a challenging quarter, reporting a widened net loss of Rs 266.35 crore for the fourth quarter ended March 2024. Despite an increase in revenue to Rs 3,406.65 crore, the company struggles with operational inefficiencies, reflected in its financial performance.
Aster DM Healthcare reported a net loss of Rs 24 crore for the March 2024 quarter, down from a net profit of Rs 170.8 crore in the previous year. However, the company’s revenue grew by 20.65% to Rs 973.6 crore, with an impressive EBITDA increase of 28.5%, suggesting operational improvements despite the net loss.
Gujarat Narmada Valley Fertilisers & Chemicals reported a steep 61.3% decline in net profit, amounting to Rs 130 crore, with a 7.1% drop in revenue to Rs 2,110 crore. The significant fall in EBITDA highlights the operational challenges facing the company.
On a more positive note, NBCC (India) reported a 24.6% increase in net profit to Rs 141.5 crore, alongside a 43% rise in revenue to Rs 4,025 crore. The company’s board has recommended a final dividend of Rs 0.63 per share, reflecting confidence in its sustained profitability.
In the pharmaceutical sector, Wockhardt reported a consolidated net loss of Rs 177 crore for the fourth quarter ended March 31, 2024, an improvement from the previous year’s net loss of Rs 237 crore. Revenue from operations increased by 3.2% to Rs 700 crore.
Engineers India saw a 39.3% decline in consolidated net profit to Rs 115.5 crore, with an 8.5% drop in revenue to Rs 805.1 crore. Despite the downturn, the company’s board recommended a dividend of Re 1 per share, pending approval.
