Stock Market Today: Nifty, Sensex Extend Gains For A Fifth Day Led By Axis, SBI; Kotak Bank Plunges

Overseas investors stayed net sellers on Thursday for fourth consecutive day.

Foreign portfolio investors sold stocks worth Rs 2,823.33 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors stayed net buyers for the fourth day and mopped up equities worth Rs 6,167.56 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 4,562 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The local currency closed flat at 83.33 against the U.S. Dollar.

Source: Bloomberg

Benchmark equity indices extended gains in the fifth consecutive session on the back of gains in the shares of Axis Bank and State Bank of India even as those of Kotak Mahindra Bank plunged nearly 11%.

The Nifty ended 0.75% or 167.95 points higher at 22,570.35 while the Sensex closed up by 0.66% or 486.50 points at 74,339.44.

"With a bullish engulfing candlestick pattern, the Index has filled the bearish gap zone of 22,430-22,500 and is all set to move toward its previous high of 22,750 while the support level has been shifted higher to 22,450," said Aditya Gaggar, director of Progressive Shares.

Shares of Axis Bank Ltd., State Bank Of India., ICICI Bank Ltd., ITC Ltd., and Reliance Industries Ltd. contributed the most to the gains.

While those of Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., Titan Co Ltd., Bajaj Finance Ltd., and LTIMindtree Ltd capped the upside.

Except, Nifty Realty all sectoral indices ended higher with Nifty PSU Bank rising nearly 4%.

Broader markets ended higher on BSE. The S&P BSE Midcap ended 0.73% up and the S&P BSE Smallcap ended 0.58% up .

On BSE, 18 sectors out of 20 advanced, and two declined. The S&P BSE Services index rose nearly 2% to become the top performer. The S&P BSE Consumer Durables index was the worst performer among peers.

Market breadth was skewed in favour of the buyers. Around 2,079 stock rose, 1,716 stocks declined, and 139 stocks remained unchanged on BSE.

• Revenue at Rs 1,439.67 crore vs Rs 1,380.9 crore, up 4.25%

• Ebitda at Rs 241.49 crore vs Rs 285.54 crore, down 15.43%

• Margin at 16.77% vs 20.67%, down 390 bps

• Net profit at Rs 75.02 crore vs Rs 105.27 crore, down 28.73%

• Revenue at Rs 536.6 crore vs Rs 621.3 crore, down 13.64%

• EBITDA at Rs 141.5 crore vs Rs 206.4 crore, down 31.44%

• Margin at 26.36% vs 33.22%

• Net profit at Rs 97.9 crore vs Rs 146.4 crore, down 33.12%

Unit incorporates JV with Assam Power Distribution Co

Source: Exchange Filing

• Revenue up 13% at Rs 5,409 crore vs Rs 4791 crore

• Ebitda up 79% at Rs 837 crore vs Rs 468 crore

• Margin at 15.5% vs 10%

• Net profit at Rs 945 crore vs Rs 236 crore

Unit Provident Housing gets Rs 1,150 crore investment from HDFC Capital

Source: Exchange Filing

SBI shares rose as much as 5.11% to hits lifetime high. The stock has gained 26.25% on an year to date basis and 40.2% in the last twelve months.

India's benchmark indices were little changed during midday on Thursday as market participants assessed the earnings from top companies. Nifty witnessed another session of trading within a tight range around the 22,400 mark.

At 12:21 p.m., the NSE Nifty 50 was trading 0.45 points or 0.01% lower at 22,401.95, and the S&P BSE Sensex was trading 15.62 points or 0.021% lower at 73,837.32.

The Nifty 50 fell 0.43% to hit an intraday low of 22,305.25, and the Sensex declined 0.40% to touch 73,556.15 so far on Thursday.

"Analysis of option data indicates an increase in open interest for both at-the-money and near ATM call and put strikes, suggesting a continued period of consolidation. However, a clear move beyond the range of 22300 to 22450 will indicate a breakout," said Shrey Jain, founder and chief executive at SAS Online.

If the Bank Nifty breaks above 48,200, we expect short-covering activity. Until such a move occurs, consolidation is likely to persist within the range of 47,500 to 48,200. Traders are advised to consider buying opportunities during any downward movements in the market," Jain said.

Axis Bank Ltd., State Bank of India, ICICI Bank Ltd., ITC Ltd., and Tata Consultancy Services Ltd. added to the index.

Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., Titan Co. Ltd., Bajaj Finance Ltd., and Bharti Airtel Ltd. weighed on the index.

On NSE, out of 12 sectors, seven sectors advanced and five declined. The NSE Nifty PSU Bank index rose the most, while the NSE Nifty Realty index declined the most.

Broader markets outperformed benchmark indices. The S&P BSE Midcap rose 0.19%, and the S&P BSE Smallcap rose 0.36%.

On BSE, 13 sectors out of 20 rose, and seven sectors fall. The S&P BSE Services rose the most, while the S&P BSE Realty index declined the most among peers.

Market breadth was skewed in favour of the buyers. Around 1,996 stocks advanced, 1,602 stocks declined, and 166 stocks remained unchanged on BSE.

• Revenue up 36.23% to Rs 489.9 crore from Rs 359.6 crore

• Ebitda up 90.96% at Rs 91.51 crore from Rs 47.92 crore

• Margin up 535 bps at 18.67% from 13.32%

• Net profit up 86.81% at Rs 60.23 crore from Rs 32.24 crore

• Revenue up 15.35% to Rs 323 crore from Rs 280 crore

• Ebitda up 8.04% at Rs 141 crore from Rs 130.5 crore

• Margin down 295 bps at 43.65% from 46.6%

• Net loss was at Rs Rs 309.3 crore from Rs 277.1 crore

• Inox Wind Ltd. approved bonus issue of shares in ratio of 3:1.

• Swap ratio of Inox Wind & Inox Wind Energy has been updated to 632:10

Source: Exchange filing

Unit WelcomHotels Lanka launches 352-room hotel ITC Ratnadipa in Colombo

Source: Exchange Filing

• Guiding pre-sales growth of little over 20%

• Volume growth to contribute 5-10% of pre-sales growth

• Will further assess to scale up our presence in Bengaluru beyond the 2 projects

• Saw modest increases in land prices

• Delivered 9000 units last year, targeting 5-digit units delivery this year

  Source: Company's management in conference call

• India showing broadbased growth, aiding global growth path

• See rebound in global economic growth on the back of fading recession

• Kharif crop prospects look bright with the IMD’s prediction of an above-normal monsoon

• Above-normal monsoon in 2024 bodes well for a good harvest, easing inflation concerns

• Record-breaking stock market performance reflects a buoyant domestic economic landscape

• Slowing of trade resulted in merchandise trade deficit narrowing in FY24

• India's forex reserves reached an all-time high, sufficient to cover 11 months of projected imports & more than 100% of total external debt

Source: DEA

Nestle India YoY

• Revenue up 9% at Rs 5,268 crore vs Rs 4831 crore

• Ebitda up 23% at Rs 1349 crore vs Rs 1096 crore

• Margin at 25.6% vs 22.7%

• Net profit up 27% at Rs 934 crore vs Rs 737 crore

• Confectionery delivered strong performance, fuelled by KITKAT. This makes India the second-largest market for the brand globally.

• Milk Products and Nutrition witnessed strong growth despite inflationary pressures.

• India emerged as the largest market worldwide for Maggi

• Nestle India forms JV with Dr. Reddy’s Laboratories to take health science nutraceutical portfolio to consumers

The Indian Hotels Co. declined to near three-week lows on Thursday after the company's profit margin missed analysts' expectations.

The hotel and resort operator's profit margin rose 167 basis points to 34.6% in the quarter ended March 2024, according to an exchange filing. That compares with 35.5% consensus of analysts polled by Bloomberg.

Orient Cement gained as much as 11.34% to Rs 256.65 in two months. The stock has fallen 2.8% year-to-date but risen 91.7% in the last twelve months.

In pact with Sun & Sun Inframetric, Mosaic Infra for construction of hospital in Raipur

Source: Exchange Filing

NCLT orders on Subhash Chandra to not have any impact on company

Alert: Clarifies on report of NCLT order against Subhash Chandra

Source: Exchange Filing

In pact to launch 300-room hotel in Hyderabad

Source: Exchange Filing

• The shareholders of Swiggy have given their nod for a Rs 10,400-Crore IPO to be launched

• IPO to have an offer-for-sale portion of shares worth up to Rs 6,664 crore and and a fresh issue of shares worth up to Rs 3,750 crore

• Swiggy could also raise up to Rs 750 crore in a pre-IPO anchor round

Source: RoC filings

• Plans capacity addition at its manufacturing facility at an investment of Rs 650-700 crore

• Capacity addition at manufacturing facility to be funded via internal accruals

• Proposed facility to be operational by Jan 2027

Source: Exchange Filing

Approves re-appointment of Amitabh Chaudhry as MD & CEO for 3 years effective Jan 1, 2025

Source: Exchange Filing

Shares of Dalmia Bharat Ltd. fell to over one-month low after the company reported decline in its net profit during January-December.

The cement producer's consolidated net profit dropped 47.45% to Rs 320 crore in fourth quarter from Rs 609 crore in the corresponding period in the last financial year.

The scrip fell 6.00% to Rs 1,845, the lowest level since March 14. It was trading 5.33% lower at Rs 1,858 as of 10:42 a.m., as compared 0.17% advance in the NSE Nifty 50 index.

The scrip declined 3.27% in 12 months, and year to date basis it has fallen 18.69%. Total traded volume so far in the day stood at 6.5 times its 30-day average. The relative strength index was at 33.65.

Out of 33 analysts tracking the company, 28 maintain a 'buy' rating, two recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside

In pact to offer exclusive duty-free shopping benefits

Source: Exchange Filing

The index hit its lifetime high in the second session.

Mas Financial Services jumps to near two-month high on NSE after its net profit rose and beat Bloomberg's estimates.

The stock rose as much as 11.11% to Rs 331.50 apiece, the highest level since March 1. It erased gains to trade 6.45% higher at Rs 317.60 apiece, as of 10:24 a.m. This compares to a 0.23% advance in the NSE Nifty 50 Index.

It has risen 36.68% in 12 months. Total traded volume so far in the day stood at 35 times its 30-day average. The relative strength index was at 66.94.

Three analysts tracking the company maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.7%.

Brokerages have slashed their target price for Kotak Mahindra Bank Ltd. as the private lender's growth and interest margins could be adversely impacted due to the Reserve Bank of India's recent crackdown. Citi Research said that this led to earnings being hit in the medium term.

Hindustan Unilever's fourth-quarter profit missed estimates amid sustained demand woes and increasing competition from local peers.

The standalone net profit of India's largest consumer goods maker declined 5.7% to Rs 2,406 crore in the January-March quarter, according to an exchange filing. That compares with the Rs 2,479-crore consensus estimate of analysts tracked by Bloomberg.

Hindustan Unilever Ltd. fell as much as 1.9% to Rs 2,217.50 apiece, the lowest level since April 19. It was trading 1.68% lower at Rs 2,222.25 apiece, as of 10:08 a.m. This compares to a 0.02% advance in the NSE Nifty 50 Index.

It has declined 16.67% on year to date basis, and declined 9.64% in 12 months. Total traded volume so far in the day stood at 0.44 times its 30-day average. The relative strength index was at 38.25.

Out of 43 analysts tracking the company, 25 maintain a 'buy' rating, 13 recommend a 'hold,' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 15.8%.

Goldman Sachs On HUL

• Maintains Neutral and reduces target price to Rs2475 from Rs2550

• FY25 price growth is likely to be flat YoY

• Volume recovery in our view will be gradual, as weakness in categories like soaps

• They lower their FY25/26 EPS estimates by 2.7% and 4.2% respectively

Morgan Stanley On HUL

• Rates equal weight with a target price of Rs. 2,350 (4% upside)

• Numbers were below their estimates for the fifth quarter in a row

• Weaker top-line growth expected in the near term due

• Weaker topline due to to negative pricing growth and lower volume growth

• Gradual demand improvement to continue

• Expectation of better monsoons and improving macro-economic indicators augurs well for demand recovery

Jefferies Maintains HOLD on HUL, lowers target to Rs 2530 from Rs 2750

• Q4 results in line with estimates, with near flat revenue growth and ebitda decline

• Portfolio disparity: Half grew mid single digit, while soaps, tea & mass skin declined

• Price growth to remain slightly negative in near-term, denting revenue growth.

• Cut FY25-26 EPS estimates by 5-6%

LTIMindtree Ltd. declined to near one-week low after its net profit declined missing Bloomberg's estimates on slow down worries during January-March quarter.

LTIMindtree Ltd.'s net profit fell 5.86% on sequential basis to Rs 1,100 crore, compared to Rs 1,154 crore analysts estimated in a Bloomberg's survey.

• To acquire PureSoftware Technologies for up to Rs 779 crore

• PureSoftware is a focused product digital engineering services company which also provides BFSI solutions

Source: Exchange filing

-- Launches premium plans with introductory pricing of Rs 29 per month for a single device and family plan at Rs. 89 per month for up to 4 devices

-- IPL and select entertainment content to remain free to view and with ads

Source: Company

• Upgrade to Buy from Underperform, TP of 1450 from 1000 earlier, upside 19%

• Widely expected downturn in US Truck Market remains elusive

• Large Global truck OEMs point to steady demand fundamentals

• ISM, Spot Truck Rentals, Used Truck Values starting to relect upside

• Upcoming EPA emission norms in 2027 will trigger pre-buy demand from CY25

• Truck downcycle, if any in H225 will be short lived

• Company's underperformance vs truckmakers and indian suppliers make relative risk reward better

• Solid scale up in Defence and Industrial bearing fruit

• Estimate upped by 7-15%; raise multiple to 18x FY26 EV/EBITDA

Vodafone Idea hit a lower circuit of 10% at Rs 11.80 after the listing of fresh shares that were allotted in the follow-on public offer (FPO). It, however, pared the losses quickly to trade 1.53% lower at Rs 12.90, which is above its issue price of Rs 11 per share.

It is noteworthy that the Vodafone Idea board approved the issue price of Rs 11 per share for its Rs 18,000-crore follow on public offer. The FPO issue was subscribed 6.36 times with qualified institutional buyers leading with subscription of 17.56 times, according to the exchanges. The face value of the equity shares is Rs 10 each.

Read at

Axis Bank Ltd. is likely to maintain a strong profitability and growth acceleration over the medium term, and the rise in fees will help the lender maintain its healthy return on assets, according to brokerages.

Kotak Mahindra's stock fell as much as 10% during the day to hit a lower circuit of Rs 1,658.55 apiece on the NSE. It was trading 9.59% lower at Rs 1,666 apiece, compared to a 0.31% decline in the benchmark Nifty 50 as of 9:20 a.m.

It has fallen 11.82% in the last 12 months. The total traded volume so far in the day stood at 389 times its 30-day average. The relative strength index was at 33.

Twenty-five out of the 44 analysts tracking the company have a 'buy' rating on the stock, 15 recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 2.4%.

Benchmark equity indices snapped their four day rally as shares of Kotak Mahindra Bank weighed on them after RBI's action against the bank.

At pre-open, the S&P BSE Sensex Index was at 73,572.34, down 280.6 points or 0.38% while the NSE Nifty 50 was down 85.50 points or 0.38% at 22,316.90.

"On the technical front, nothing has changed in Nifty50 and we continue to stick to our view that is need to fill the 22,430-22,500 gap zone to extend its uptrend while a level of 22,200 (50DMA) will continue to act as support," said Aditya Gaggar, director of Progressive Shares.

Shares of Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., and Titan Co. Ltd dragged the index.

Shares of Axis Bank Ltd., HDFC Bank Ltd., ITC Ltd., HCL Technologies Ltd., and Power Grid Corp Of India cushioned the fall.

Sectoral indices were mixed. Nifty Media gained the most and Nifty Financial Services was the top loser.

Market breadth was skewed in favour of the buyers. Around 1,556 stocks rise, 957 stocks declined, and 156 stocks remained unchanged on BSE.

Incorporates JV Delta Penland Private as a wholly owned subsidiary

Delta Penland is the JV between Peninsula Land and Delta Corp for real estate development

Source: Exchange filing

Petroleum & Natural Gas Regulatory Board regularises gas pipeline laid in Mundra SEZ

PNGRB declaration will pave way for enabling co to operate the pipeline and generate revenues

Source: Exchange filing

- Q4 results in line with brokerage estimates

- Volume growth led by mid-single-digit growth in homecare

- Struggle to revive growth, recoup margin reflected in valuation

- Mgmt commentary suggests actions are in place, but with a lag

- Concerns on demand slum, inability to drive in-time innovation

- Build 7% sales and 10% earnings CAGR over FY24-26

- FY25/26 Earnings expectations 5-6% below consensus

• Estimates company RAC segment market share to have grown to 22%

• Believe RAC to be long-term structural play, given low penetration in India

• Expect RAC industry to register 15% CAGR over FY24-26

• Expect RAC sales volumes to rise 25% YoY in FY24 and cross 10m unit mark

• EMPS segment to recover, aided by strong order book

• Raise EPS estimates by 20%/16%/11% for FY24/FY25/FY26

Note: RAC- Room air conditioner

At pre-open, the S&P BSE Sensex Index was at 73,572.34, down 280.6 points or 0.38% while the NSE Nifty 50 was down 85.50 points or 0.38% at 22,316.90.

• The yield on the 10-year bond opened flat at 7.19%.

Source: Bloomberg

• The local currency opened 3 paise Weaker at 83.35 against the U.S. Dollar.

• It closed at 83.32 on Wednesday.

Source: Bloomberg

• US Dollar Index at 105.77

• US 10-year bond yield at 4.64%

• Brent crude down 0.20% at $87.84 per barrel

• Nymex crude down 0.23% at $82.62 per barrel

• GIFT Nifty down nine points at 22,356.50. 

• Bitcoin was down 0.23% at $63,904.42

• Nifty April futures up by 0.22% to 22,414.7 at a premium of 12.3 points.

• Nifty April futures open interest down by 15.5%.

• Nifty Bank April futures up by 0.41% to 48,190.95 at a premium of 1.95 points.

• Nifty Bank April futures open interest down by 39.61%.

• Nifty Options April 25 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 22,000.

• Bank Nifty Options April 30 Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 48,000.

• Securities in ban period: Aditya Birla Fashion, Hindustan Copper, SAIL.

• Moved into short-term ASM framework: Amara Raja Energy and Mobility, Hind Rectifiers, Suraj Estate Developers, Tejas Networks, Authum Investment, and Infrastructure.

• Moved out of short-term ASM framework: Hindustan Zinc, Ramco Systems.

• Price Band change from 10% to 5%: MIC Electronics.

• Waaree Technologies: Camellia Tradex sold 56,000 shares (0.52%) at Rs 1,995 apiece.

• Cyient DLM: BNP Paribas Financial Markets sold 7.03 lakh shares (0.88%) at Rs 740.78 apiece.

• Delhivery: Canada Pension Plan Investment Board sold 2.04 crore shares (2.78%), while Capital group Fund bought 1.59 crore shares (2.16%), Fidelity group bought 37.5 lakh shares (0.48%) and among others, at Rs 444.3 apiece.

• JNK India: The public issue was subscribed to 1.03 times on day 2. The bids were led by institutional investors (0.68 times), non-institutional investors (1.25 times), retail investors (1.13 times).

Nestle India Ltd., Tech Mahindra Ltd., Bajaj Finance Ltd., Indusind Bank Ltd., Glenmark Life Sciences Ltd., Coromandel International Ltd., Cyient Ltd., L&T Technology Services, Laurus Labs Ltd., Mphasis Ltd., Schaeffler India Ltd., Tanla Platforms Ltd., UTI Asset Management Co. and Zensar Technologies Ltd.

Axis Bank (Standalone, YoY)

• NII at up 11% Rs 13,089 crore vs Rs 11,742 crore.

• Gross NPA at 1.43% vs 1.58% (QoQ).

• Net NPA at 0.31% vs 0.36% (QoQ).

• Net profit at Rs 7,130 crore vs loss of Rs 5,728 crore (Bloomberg estimate Rs 6,261 crore).

• Recommended the final dividend of Rs 1 per share.

• Approves raising up to Rs 20,000 crore via shares and Rs 35,000 crore via bonds.

HUL (Consolidated, YoY)

• Revenue down 0.04% at Rs 15,210 crore vs Rs 15,215 crore (Bloomberg estimate Rs 15,145 crore).

• Ebitda down 1.06% at Rs 3,535 crore vs Rs 3,573 crore (Bloomberg estimate Rs 3,476 crore).

• Margin down 24 bps at 23.24% vs 23.48% (Bloomberg estimate 23%).

• Net profit down 1.53% at Rs 2,561 crore vs Rs 2,601 crore (Bloomberg estimate Rs 2,517 crore).

• Recommended a dividend of Rs 24 per share.

LTIMindtree (Consolidated, QOQ)

• Revenue down 1.38% at Rs 8,893 crore vs Rs 9,017 crore (Bloomberg estimate Rs 8,975 crore).

• Ebit down 5.62% at Rs 1,309 crore vs Rs 1,387 crore (Bloomberg estimate Rs 1,388 crore).

• Margin down 66 bps at 14.71% vs 15.38%, (Bloomberg estimate 15.41%).

• Net profit down 5.81% at Rs 1,101 crore vs Rs 1,169 crore (Bloomberg estimate Rs 1,154 crore).

AU Small Finance Bank (Standalone, YoY)

• NII up 10% at Rs 1,337 crore vs Rs 1,213 crore.

• Net profit down 12.69% at Rs 371 crore vs Rs 425 crore (Bloomberg estimate: Rs 401 crore).

• Gross NPA at 1.67% vs 1.98% QoQ.

• Net NPA at 0.55% vs 0.68% QoQ.

Syngene International (Consolidated, YoY)

• Revenue down 7.8% at Rs 917 crore vs Rs 994 crore (Bloomberg estimate Rs 1,025 crore).

• Ebitda up 2.7% at Rs 327 crore vs Rs 318 crore (Bloomberg estimate Rs 314 crore).

• Margin up 364 bps at 35.65% vs 32% (Bloomberg estimate 30.7%).

• Net profit up 5.54% at Rs 189 crore vs Rs 179 crore (Bloomberg estimate Rs 156 crore).

Indian Hotels (Consolidated, YoY)

• Revenue up 17.23% at Rs 1,905 crore vs Rs 1,625 crore (Bloomberg estimate Rs 1,914 crore).

• Ebitda up 23.2% at Rs 659.2 crore vs Rs 535.06 crore (Bloomberg estimate Rs 679.5 crore).

• Margin up 167 bps at 34.6% vs 32.92% (Bloomberg estimate 35.5%).

• Net profit up 29.27% at Rs 438 crore vs Rs 339 crore (Bloomberg estimate Rs 428 crore).

• Board recommends dividend of Rs 1.75 per share.

Macrotech Developers (Consolidated, YoY)

• Revenue up 23.44% at Rs 4,018.5 crore vs Rs 3,255.4 crore (Bloomberg estimate Rs 3,824 crore).

• Ebitda up 35.66% at Rs 1,047 crore vs Rs 772 crore (Bloomberg estimate Rs 965 crore).

• Margin up 234 bps at 26.05% vs 23.7% (Bloomberg estimate 25.2%).

• Net profit down 10.61% at Rs 667 crore vs Rs 746.2 crore (Bloomberg estimate Rs 631 crore).

• Recommended final dividend of Rs 2.25 per share.

Supreme Petrochem (Consolidated, YoY)

• Revenue up 12.68% at Rs 1,563 crore vs Rs 1,387 crore.

• Ebitda down 15.92% at Rs 175 crore vs Rs 208 crore.

• Margin down 381 bps at 11.2% vs 15.02%.

• Net profit down 17.46% at Rs 131.5 crore vs Rs 159.33 crore.

• Board recommended dividend of Rs 7 per share.

Dalmia Bharat (Consolidated, YoY)

• Revenue up 10.01% at Rs 4,307 crore vs Rs 3,915 crore (Bloomberg estimate Rs 4,174 crore).

• Ebitda down 7.88% at Rs 654 crore vs Rs 710 crore (Bloomberg estimate Rs 803.3 crore).

• Margin down 295 bps at 15.18% vs 18.13% (Bloomberg estimate 19.2%).

• Net profit down 47.45% at Rs 320 crore vs Rs 609 crore (Bloomberg estimate Rs 295 crore).

Mas Financial Services (Standalone, YoY)

• Total income up 23.04% at Rs 330 crore vs Rs 268 crore.

• Net profit up 22.5% at Rs 68.05 crore vs Rs 55.55 crore (Bloomberg estimate Rs 66.3 crore).

• Kotak Mahindra Bank: The Reserve Bank of India directed the company to cease and desist the issue of fresh credit cards and the onboarding of new customers through its online and mobile banking channels with immediate effect.

• Reliance Industries: The company acquired a 100% stake in MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV for Rs 1 crore.

• TCS: The company entered a strategic partnership with Amazon Web Services to accelerate its customers’ cloud transformation journey at scale.

• Ask Automotive: The company announced a joint agreement with Japan-based AISIN Group companies to market and sell the auto components in independent aftermarkets for passenger car products. With this strategic collaboration, the company endeavours to expand its footprints across India, Nepal, Sri Lanka, and Bangladesh for independent aftermarkets of passenger car products.

• Rail Vikas Nigam: The company emerged as the lowest bidder for a railway project worth Rs 239 crore.

• Shyam Metalics and Energy: The company introduced "SEL Tiger Foil” to preserve food freshness and promote sustainability.

• Motilal Oswal Financial Services: Prateek Agrawal has been appointed as Managing Director and Chief Executive Officer of Motilal Oswal AMC.

• National Aluminium: Khanij Bidesh India has signed a MoU with the Council of Scientific and Industrial Research and the National Geophysical Research Institute for advancing geophysical investigations in the critical and strategic minerals sector.

• Jubilant Pharmova: The USFDA inspected the radiopharmaceuticals manufacturing facility of a Canada-based unit and ended with five observations.

The benchmark stock indices in Asia were trading lower during early trade on Thursday as US Treasury yields rose, with a focus on the Bank of Japan's policy meeting.

The Nikkei 225 fell nearly 2%. Investors will monitor the outcomes from the Bank of Japan due tomorrow, especially for any action to restrict the yen weakness.

The KOSPI index fell over 1% after South Korea reported 1.3% sequential growth in its first quarter GDP advance estimates, beating analysts' forecast of 0.6% growth, Bloomberg reported.

Wall Street ended on a mixed note on Wednesday as traders assessed a bleak outlook from Meta Inc., one of the magnificent seven, and as Treasury yields rose following sales of 5-year US Treasury notes.

The S&P 500 index and Nasdaq Composite rose by 0.02% and 0.10%, respectively, as of Wednesday. The Dow Jones Industrial Average settled 0.11% down.

Brent crude was trading 0.13% higher at $88.15 per barrel. Gold rose 0.13% to $2,319.22 an ounce.

The GIFT Nifty's April futures contract traded nine points lower, at 22,356.50.

India's benchmark stock indices ended higher for the fourth session on Wednesday, led by gains in Kotak Mahindra Bank Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd.

The NSE Nifty 50 ended 34.40 points, or 0.15%, higher at 22,402.40, and the S&P BSE Sensex gained 114.48 points, or 0.16%, to close at 73,852.94.

Overseas investors remained net sellers on Wednesday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 2,511.7 crore, and domestic institutional investors stayed net buyers for the third day and mopped up equities worth Rs 3,809.9 crore, according to provisional data from the National Stock Exchange.

The Indian currency strengthened by 2 paise to close at Rs 83.32 against the US dollar.