Closing Bell: Sensex, Nifty at record closing high; auto, IT, banks rally

Indian benchmark indices ended at record closing high on May 23, with Nifty above 22,950. At close, the Sensex was up 1,196.98 points or 1.61 percent at 75,418.04, and the Nifty was up 369.90 points or 1.64 percent at 22,967.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The headline index posted a record gain, with leading sectors such as banking and automotive outperforming. The RBI's record dividend is akin to an indirect rate cut, and is expected to reduce bond yields. The broader market remained buoyant, aided by the composite HSBC PMI data for May, which indicated strong expansion. Early onset of southwest monsoon has provided a boost to the domestic market, which was underperforming in the last 2 months to other emerging markets.

The session turned out to be highly favorable for participants as the Nifty reclaimed its record high, gaining over one and a half percent. After a flat start, the Nifty steadily climbed throughout the day, inching closer to the significant 23,000 mark, primarily driven by substantial buying in select heavyweight stocks.

Sector-wise, the auto, banking, and IT sectors were the top performers, while defensive sectors like pharma and FMCG lagged slightly. Amidst this, the broader indices underperformed the benchmark, closing flat to marginally in the green.

We anticipate the prevailing positive trend to continue, with the alignment of the banking index potentially adding further momentum. We are now targeting the 23,100-23,400 zone for the Nifty, with the 22,600-22,800 zone expected to provide support in case of any pullback. Investors should focus more on heavyweight stocks and remain selective in the midcap and smallcap segments.

Bulls dominated today's trade and the Index kept on compounding its gains to end the weekly expiry trade at a record level of 22,967.65 with gains of 369.85 points. Barring Pharma, all sectors ended the session in green with Auto and BankNifty being the performers. Major buying was witnessed in the Index-based stocks, resulting in an underperformance by the Broader markets.

On the daily chart, Nifty50 has given a breakout from an Ascending Triangle Formation, indicating a continuation of an uptrend with an approximate target of 23,850. Considering today's sharp uptick, we expect a pullback in the Index where a level of 22,780 will be considered as immediate support.

Indian benchmark indices ended at record closing high on May 23, with Nifty above 22,950.

At close, the Sensex was up 1,196.98 points or 1.61 percent at 75,418.04, and the Nifty was up 369.90 points or 1.64 percent at 22,967.70. About 1577 shares advanced, 1761 shares declined, and 112 shares unchanged.

Biggest Nifty gainers included Adani Enterprises, Adani Ports, Axis Bank, L&T, M&M, while losers were Sun Pharma, Power Grid Corp, Hindalco, Coal India and NTPC.

BSE Midcap index up 0.5 percent and Smallcap index up 0.3 percent.

Except metal and pharma, all other sectoral indices ended in the green with auto, bank and capital goods up 2 percent each.

#1 Q4 a mixed bag: strong core; weak Cenexi
#2 Cenexi remained a drag with revenue declining 18 percent QoQ
#3 Company expects Cenexi to get to high-teen EBITDA margin in the medium-term
#4 Management indicates no loss of long-term business
#5 Delay in resolving issues at site can adversely impact customer relationship & order book

The government is likely to set 2022-23 as the new base year for the Consumer Price Index (CPI) and the Index of Industrial Production (IIP), the first ‘normal year’ after the pandemic with many indicators inching close to pre-Covid levels, a senior government official said.

“The year 2022-23 was a normal year. For CPI and IIP, the base year needs to be changed. So, 2022-23 will likely be the base year. The revision will happen within two years, by FY27,” the official told Moneycontrol.

The Advisory Committee on National Accounts will have to be reconstituted to consider any methodology change for both CPI and IIP along with the base-year change, the official said. The panel typically includes representatives from government departments, statistical agencies, academia, and industry experts. Read More

#1 Net profit up 95.2% at Rs 52.3 crore vs Rs 26.8 crore, YoY
#2 Revenue up 16.5% at Rs 679.6 crore vs Rs 583.2 crore, YoY

#1 Standalone adjusted PAT was up 7 percent vs estimate & -6 percent vs consensus
#2 Beat on estimate driven by other income
#3 Consolidated adjusted PAT was +3 percent vs estimate

#1 Company continued its volume push strategy registering 17 percent volume growth & CU of 96 percent for Q4
#2 Unit EBITDA slipped Rs 240/t QoQ, 10 percent miss
#3 FY24 net debt remains elevated with net debt/EBITDA at 3x
#4 Believe consistently higher leverage will continue to weigh on investor sentiment

#1 Net profit up 58.3% at Rs 289.1 crore Vs Rs 182.6 crore, YoY

#2 Revenue up 31.3% at Rs 3,794 crore Vs Rs 2,889 crore, YoY

The Sensex was up 1,040.04 points or 1.40 percent at 75,261.10, and the Nifty was up 329.60 points or 1.46 percent at 22,927.40. About 1580 shares advanced, 1754 shares declined, and 103 shares unchanged.

Top Sectoral Gainers: Auto, Capital Goods up 2% each,
Top Sectoral Losers: Metal and Healthcare down 0.5% each

BSE Midcap index up 0.5% and Smallcap index up 0.2%.

Stocks in Focus:

#1 ITC Q4 net profit at Rs 5,020.2 cr, down 1.4% YoY
#2 GPT Infra declared lowest bidder for a project worth Rs550 cr from RVNL
#3 Page Industries Q4 net profit Rs 108 core
#4 Nucleus Software Q4 profit jumps 26%; shares up 2.5%

#1 Net profit up 66% at Rs 30.4 crore vs Rs18.3 crore, YoY
#2 Revenue up 11.1% at Rs 831.5 crore vs Rs748.1 crore, YoY

At 14:29 hrs Subros was quoting at Rs 645.05, up Rs 5.90, or 0.92 percent.

#1 Net profit up 9% at Rs111.3 crore vs Rs102 crore, YoY
#2 Revenue up 40.4% at Rs1,928.8 crore vs 1,373.8 crore, YoY

Sensex Today | Nifty Auto index up 2%; Tube Investment, M&M, Maruti Suzuki up 2-3%

#1 Cipla announced approval for Gsomatuline
#2 Raise FY25/26F earnings by 3 percent
#3 Stock is currently trading at 31.4/25.8x FY25/26 ex-Grevlimid EPS of Rs 45.9/55.8

At 13:58 hrs Cipla was quoting at Rs 1,490.00, up Rs 8.45, or 0.57 percent.

#1 Increase FY25/26 margin by 109/79 bps on strong commentary
#2 Think company is now moving into a new margin trajectory which is commendable
#3 Company expects revenue growth of 15 percent YoY in FY25 supported by a strong order backlog
#4 Order inflow guidance at Rs 25,000 for FY25 demonstrates continued strength in base orders

The Nifty hitting a new record is the market’s message of political stability after the elections. The rally is healthy since it is led by fairly valued largecaps.

#1 Revenue Rs 995 crore, estimates Rs 1136 crore

#2 Total costs Rs 861 crore, down 1% YoY

#3 Raw material costs Rs 261 crore, down 12% YoY

#4 Other income Rs 10.86 crore, up 53% YoY

#1 Revenue Rs 17750 crore, up 1.4% YoY

#2 Cigarettes revenue Rs 7920 crore, up 7.6% YoY

#3 FMCG Revenue Rs 5300 crore, up 7.3% YoY

#4 Hotels revenue Rs 898 crore, up 15% YoY

#5 Agriculture business revenue Rs 3100 crore, down 13% YoY

#1 Net Profit Up 35% At Rs86.3 Cr Vs Rs64 Cr (YoY)

#2 Revenue Up 10% At Rs700.6 Cr Vs Rs637 Cr (YoY)

#3 EBITDA Down 24.6% At Rs105 Cr Vs Rs139 Cr (YoY)

#4 Margin At 15% Vs 22% (YoY)

The Sensex was up 847.04 points or 1.14 percent at 75,068.10, and the Nifty was up 262.90 points or 1.16 percent at 22,860.70. About 1589 shares advanced, 1714 shares declined, and 110 shares unchanged.

BSE Midcap index up 0.5 percent and Smallcap index up 0.2 percent.

Except FMCG, metal and pharma, all other sectoral indices are trading in the green.

Stocks in Focus

#1 Quess Corp gets income tax refund; shares trade lower
#2 GMM Pfaudler shares fall 5% on weak Q4 earnings
#3 Gandhar Oil Refinery shares dips 7% as Q4 profit sinks 57%
#4 Taj GVK Hotels & Resorts gains 6% on strong Q4 earnings
#5 Jio Financial shares up 4% as company to seek shareholder nod for foreign investments up to 49% of equity

Awfis Space Solutions' IPO kicked off with a promising start on the second day of bidding on May 23 as it was oversubscribed 3.19 times. The offer received bids for 2.75 crore shares as against the 86.29 lakh shares on offer.

The Rs 599-crore IPO consists of fresh issuance of shares worth Rs 128 crore and an offer-for-sale (OFS) of 1,22,95,699 equity shares by existing shareholders. The price band for the issue is set at Rs 364-383 per share.

Retail investors displayed the highest interest, subscribing 9.61 times their allotted quota. Non-institutional investors, or high net worth individuals, purchased 4.62 times their reserved portion. Qualified institutional buyers (QIBs) acquired 31 percent of the reserved portion, while the section allocated for employees was oversubscribed 5.56 times.

#1 Saw some stabilisation in LFL, although margin contracted to a multi-quarter Low
#2 Delivery trends improved while dine-in was under severe pressure
#3 Growth focus was visible on the call
#4 Management taking calls, including difficult ones to drive growth
#5 DP Eurasia inclusion transforms company from India to one of the largest EM franchise

Quess Corp gets income tax refund including interest aggregating to Rs 107.2 crore for FY19.

The Board of Directors of Starbigbloc Building Material Limited, Wholly owned Subsidiary of Bigbloc Construction at their meeting held today approved fund raising, subject to receipt of requisite approvals, market conditions and other considerations, by way of an Initial Public Offering through route of SME IPO/ preferential issue of its equity shares.

#1 Liked company’s intent to build a more granular retail-focused loan book
#2 Liked company’s focus on higher-yielding loan segments like affordable & emerging markets
#3 Company Is committed to 17 percent loan book CAGR from FY24-27 & RoA of 2.4-2.6 percent by FY27

Sensex Today | Aani Enterprises, M&M, Eicher Motors hit 52-week high

#1 Profit declines 13.9% to Rs 28.7 crore Vs Rs 33.3 crore
#2 Revenue falls 14.5% to Rs 740.7 crore Vs Rs 866 crore

#1 Profit sinks 57.3% to Rs 12.1 crore Vs Rs 28.4 crore
#2 Revenue falls 4.8% to Rs 939.2 crore Vs Rs 986.7 crore

Sensex Today | Nifty PSU Bank index gained 1.5%; Union Bank, Bank of Baroda, Bank of Maharashtra up 2% each

#1 Net profit up 80.6% at Rs 26 crore Vs Rs 14 crore, YoY
#2 Revenue up 12% at Rs 116 crore Vs Rs 103.6 crore, YoY

Sensex Today | Nifty Bank index rose 1.5%; Axis Bank, Bank of Baroda, IndusInd Bank top contributors

#1 Profit falls 8.8% to Rs 87.7 crore Vs Rs 96.1 crore
#2 Revenue rises 10.2% to Rs 913.5 crore Vs Rs 829.2 crore

#1 Standalone EBITDA was above estimate and largely in-line with consensus
#2 The viscose business did well while chemicals were weak
#3 Paints business commenced, and the B2B ecommerce business continues to grow

Still a possibility of some volatility, but we are positive from a one-two year basis.

We have largely steered clear from companies with less than Rs 5,000 crore market cap, which is the frothy end of the market.

Many diverse aspects to the PSU pack, we can't bracket as one bet. As far as election is concerned, it should not be an overhang.

We spend too much time thinking about election, market has its own logic.

#1 Net profit up 23.1% at Rs 53.8 crore Vs Rs 44 crore, YoY
#2 Revenue up 29.2% at Rs 63 crore Vs Rs 203.6 crore, YoY

Commodity Check | Oil prices fall for fourth straight day as US rate hike prospects emerge

Oil prices eased for a fourth straight session on Thursday after the minutes of a U.S. Federal Reserve meeting revealed discussions of a further tightening of interest rates if inflation remained sticky, a move that could hurt oil demand.

#1 Profit tanks 67% to Rs 32.9 crore Vs Rs 99.7 crore
#2 Revenue declines 11.3% to Rs 546.9 crore Vs Rs 616.88 crore

Sensex Today | Nifty Midcap index at record high

#1 Company is a play on doubling natural gas penetration in India's primary energy mix
#2 Company ticks a lot of boxes as it grows capacity & utilisation rates
#3 Q4 core earnings of Rs 850 crore slightly missed estimates

Nifty hits record high, crosses earlier level of 22,794.7
Nifty Midcap index at record high
Nifty rises above 22,800 for the first time ever

#1 Profit falls 7.6% to Rs 447 crore Vs Rs 484 crore
#1 Revenue rises 8.1% to Rs 6,529 crore Vs Rs 6,038 crore
#2 Board approves issuance of non-convertible debenture of upto Rs 3,000 crore
#3 Board approves funds raising via QIP of upto Rs 5,000 crore

A meeting of board of directors of G R Infraprojects is scheduled to be held on Wednesday, 29th May 2024, to consider and approve audited standalone and consolidated financial results/statements for quarter and financial year ended 31st March 2024 and raising of funds by issuance of non- convertible debentures (NCDs) on private placement basis.

Gold prices fell for a third straight session on Thursday after minutes from the most recent Federal Reserve meeting indicated that some officials were inclined to raise interest rates.

Spot gold fell 0.6% at $2,365.49 per ounce. Bullion hit a record high of $2,449.89 on Monday.

U.S. gold futures were down 1.1% at $2,367.60.

#1 Profit drops 91.3% to Rs 3.3 crore Vs Rs 38.2 crore
#2 Net Interest income falls 8.9% to Rs 104.86 crore Vs Rs 115.1 crore
#3 Operating loss at Rs 17.44 crore Vs operating profit at Rs 38.56 crore
#4 Provisions write-back at Rs 28.15 crore Vs provisions at Rs 18.14 crore
#5 Tax expenses Rs 7.4 crore Vs tax write back at Rs 17.75 crore
#6 Gross NPA drops to 4.05% Vs 4.81% (QoQ)
#7 Net NPA declines to 1.25% Vs 1.27% (QoQ)

Sensex Today | Essar Shipping, Dredging Corp locked at upper circuit

Subsidiary ECU Worldwide N V has acquired the remaining 25% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik for 2.9 million euros. With this acquisition, ECU Worldwide N V now holds 100% stake in Fair Trade, having previously acquired 75% stake in November 2022.

Allcargo Logistics was quoting at Rs 71.29, up Rs 0.74, or 1.05 percent on the BSE.

#1 Q4 earnings missed expectations on weaker margin
#2 Current operating deleverage cycle has resulted in significant cuts to estimates
#3 Improved underlying demand remains key to a recovery
#4 LFL turned positive on a weak base, dine-in continues to decline
#5 Management believes Domino's has gained market share within the Pizza format
#6 India business in investment mode for next few years

The Sensex was up 546.32 points or 0.74 percent at 74,767.38, and the Nifty was up 159.80 points or 0.71 percent at 22,757.60. About 1654 shares advanced, 1580 shares declined, and 114 shares unchanged.

Top Sectoral Gainers: Bank, Telecom, Capital Goods up 1% each
Top Sectoral Losers: Metal down 1%, Healthcare down 0.5%

BSE Midcap and Smallcap indices were trading in the green.

Adani Enterprises stock is expected to replace Wipro on BSE Sensex in the upcoming rejig of the benchmark index, said IIFL Alternative Research in a note.

The official announcement is anticipated on Friday, May 24, aligning with the semi-annual rebalancing exercise for the BSE indices.

This would mark the first inclusion of any company owned by the Gautam Adani-led conglomerate in the 30-share BSE Sensex index. Read More

Lupin shares down 5% on increased competition in Albuterol Sulfate Inhalation Aerosol in the US after US-based Amphastar gets the US FDA nod for the said drug

#1 Profit drops 32.3% to Rs 65.8 crore Vs Rs 97.3 crore
#2 Exceptional loss at Rs 51.86 crore Vs Rs 4.98 crore
#3 Revenue grows 7% to Rs 251.3 crore Vs Rs 234.7 crore
#4 Tejpreet Singh Chopra resigns as Chairman
#5 Board appoints Samir Chaturvedi as Chairman

#1 Profit surges 73.1% to Rs 69.6 crore Vs Rs 40.2 crore
#2 Revenue jumps 30% to Rs 1,076.6 crore Vs Rs 828.2 crore
#3 Board approves stock split in the ratio of 1:10

#1 Company’s Q4 revenue declined 20 percent QoQ & will shrink another 30 percent in Q1FY25
#2 Q1FY25 revenue will shrink as full impact of RBI actions come through
#3 Payment & Commerce revenues can recover faster on higher marketing spend
#4 Scale-up of lending will be gradual for the company
#5 Expect topline recovery & cost control to drive positive cashflow
#6 Believe valuations (1.8x Jun'26 EV/Sales) capture near term pressure

The company said the meeting of the board of directors will be held on May 27 to consider raising of funds via private placement, qualified institutions placement, preferential issue, or any other method.

The company has signed a new long-term definitive agreement with its subsidiary Numaligarh Refinery for the transportation of additional petroleum products through its Numaligarh-Siliguri Product Pipeline (NSPL) following the commissioning of Numaligarh refinery expansion project.

Sensex Today | BSE Bank index up 1%; Bank of Baroda, Axis Bank, AU Small Finance Bank up 2% each

#1 Profit jumps 15.5% to Rs 2,722 crore Vs Rs 2,355.7 crore
#2 Revenue rises 12.7% to Rs 37,727.1 crore Vs Rs 33,462.1 crore

Shares of Garden Reach Shipbuilders & Engineers surged over 18 percent to hit a fresh all-time high of Rs 1,411 apiece on May 23 as investors cheered the company's robust fourth quarter results.

In Q4, the company's revenue crossed Rs 1,000 crore, marking an increase of 69 percent compared to the year-ago quarter. The company's net profit also doubled to Rs 112 crore during the quarter on an annual basis. Read More

Oil prices eased for a fourth straight session on Thursday after the minutes of a U.S. Federal Reserve meeting revealed discussions of a further tightening of interest rates if inflation remained sticky, a move that could hurt oil demand.

Brent crude futures fell 46 cents, or 0.6%, to $81.44 a barrel. U.S. West Texas Intermediate crude (WTI) futures were down 54 cents, or 0.7%, at $77.03. Both benchmarks fell more than 1% on Wednesday.

#1 Q4 earnings missed expectations on weaker margin
#2 Current operating deleverage cycle has resulted in significant cuts to estimates
#3 Improved underlying demand remains key to a recovery
#4 LFL turned positive on a weak base, dine-in continues to decline
#5 Management believes Domino's has gained market share within the Pizza format
#6 India business in investment mode for next few years

#1 Standalone EBITDA was above estimate and largely in-line with consensus
#2 The viscose business did well while chemicals were weak
#3 Paints business commenced, and the B2B ecommerce business continues to grow

Share Market Today: Nifty up 0.5%, hits 22,700 on weekly options expiry day; Bank Nifty jumps 1.2%

At 10:30 hrs IST, the Sensex was up 355.01 points or 0.48 percent at 74,576.07, and the Nifty was up 99.10 points or 0.44 percent at 22,696.90.

Sensex Today | Nifty Bank outperorms Nifty50 index

JSW Infrastructure and A.P. MØLLER CAPITAL, have signed a non-binding Memorandum of Understanding (MOU) to explore and evaluate the possibility of collaborating and cooperating with each other to value accretive organic and inorganic opportunities in the port and related infrastructure sector.

Piramal Pharma has informed that the US FDA has issued an Establishment Inspection Report (EIR) for the manufacturing facility located at Lexington, USA and the
inspection has now been successfully closed by the US FDA.

At 10:17am, Piramal Pharma was quoting at Rs 152.85, up Rs 5.90, or 4.01 percent on the BSE.

Go Digit General Insurance made a quiet debut on the stock exchanges on May 23 after listing at Rs 286. That's a premium of just 5.14 percent over the issue price of Rs 272.

The listing gains are largely in line with grey market estimates where shares were trading at a premium of 3 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Read More

Shares of Quest Laboratories Limited made an impressive stock exchange debut on the NSE SME platform on May 23, listing at Rs 155, a premium of 60 percent over the issue price of Rs 97.

However, the listing gains missed grey market estimates where shares were trading at a premium of 82 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. Read More

Swedish telecom gear maker Ericsson is in talks to secure fresh 4G and 5G equipment orders from Vodafone Idea, which will kick off a network expansion exercise in the next two to three months following a successful follow-on offer, a top executive said. Read More

Sensex Today | BSE Capital Goods index up 1%; RVNL, BEL, Schaeffler India up 3-8%

The Sensex was up 284.40 points or 0.38 percent at 74,505.46, and the Nifty was up 83.50 points or 0.37 percent at 22,681.30. About 1800 shares advanced, 1194 shares declined, and 117 shares unchanged.

BSE Midcap and Smallcap indices up 0.4% each.

Top Sectoral Gainers: Bank, Capital Goods, IT, Oil & Gas, Realty
Top Sectoral losers: Metal, Healthcare, Power

Stocks in Focus:

#1 Nykaa gains 2% as Q4 profit surges 298%
#2 Jubilant Foodworks shares gain on strong earnings
#3 Ramco Cements gains despite Q4 profit declines
#4 Gland Pharma shares jump 5% as Q4 profit rises 144%

Sensex Today | BSE Information Technology index up 0.6%; Tata Elxsi, Netweb Technologies up 4% each

#1 Profit falls 3.6% to Rs 4,166 crore Vs Rs 4,323 crore
#2 Revenue from operations declines 2.5% to Rs 11,978 crore Vs Rs 12,286 crore
#3 Announced final dividend at Rs 2.75 per share

Around 4.1 crore shares of Star Health and Allied Insurance, representing a 7.05 percent stake in the company changed hands in block deals on the exchanges on May 23. The three block deals, done at a floor price of Rs 535 apiece, were worth a cumulative total of Rs 2,210.50 crore.

Moneycontrol could not immediately ascertain the parties involved in the transaction. However, CNBC-TV18 reported citing sources that three FDI investors of the company Apis Partners, Madison (MIO) and ROC Capital were looking to offload stake.

As per the insurance company's recent shareholding data, Apis Partners held a 2.61 percent stake, Madison owned 2.39 percent and ROC Capital had 1.01 percent ownership.

According to the report, the three FDI investors were eyeing to raise $250-270 million through the block deals. Read More

Brokerages were left unimpressed with Dominoes-operator Jubilant FoodWorks' quarterly show, leading to target prices being cut.

Jubilant FoodWorks reported a consolidated net profit of Rs 208.2 crore for the March quarter, seven times more than Rs 28.5 crore in the year-ago period. The company has reported an exceptional gain of Rs 170 crore.

The Domino's Pizza operator's revenue came in at Rs 1,572.7 crore, a 23.8 percent rise from Rs 1,269.8 crore in the year-ago quarter, the company said. The EBITDA margin dipped 210 bps on-year to 6.9 percent. Read More

Sensex Today | Gland Pharma, DB Corp gain on higher volumes

#1 Net profit up 5.6% at Rs 133.5 crore Vs Rs 126 crore, YoY
#2 Revenue up 1.3% at Rs 1,466.5 crore Vs Rs 1,448 crore, YoY

Sensex Today | Nifty Bank index up 0.4%; Bank of Baroda, AU Small Finance, PNB up 1% each

Godrej Properties has sold ~ 650 homes worth over Rs 2,000 crore in its project, Godrej Jardinia, located in Sector 146, Noida, launched in May 2024.

ITC, InterGlobe Aviation, Honasa Consumer, Bayer Cropscience, Cello World, CESC, Concord Biotech, Finolex Cables, Page Industries, Tata Investment Corporation, and Zaggle Prepaid Ocean Services will release March quarter earnings on May 23.

#1 Profit surges 126.3% to Rs 155.6 crore Vs Rs 68.7 crore
#2 Revenue increases 7.1% to Rs 583 crore Vs Rs 544.1 crore
#3 Tax write-back at Rs 50.8 crore Vs tax expenses Rs 26.65 crore

#1 Profit spikes 144.6% to Rs 192.4 crore Vs Rs 78.7 crore
#2 Revenue jumps 96% to Rs 1,537.5 crore Vs Rs 785 crore
#3 EBITDA margin expands to 23% Vs 21%
#4 Board recommends final dividend at Rs 20 per share

L&T Technology Services announced the inauguration of the Simulation Centre of Excellence for Airbus, strategically located at the LTTS state of-the-art campus in Bangalore.

This Centre of Excellence is designed to bolster engineering support for Airbus aircraft structural simulation activities across its diverse business units in Europe spanning France, Germany, the UK, and Spain.

#1 Profit declines 20.3% to Rs 121.4 crore Vs Rs 152.4 crore
#2 Revenue rises 4% to Rs 2,673.3 crore Vs Rs 2,569.7 crore

Sensex Today | BSE Metal index sheds 1.3%; Vedanta, Hindalco, JSW Steel down 2% each

#1 Profit surges over 7-fold to Rs 207.5 crore Vs Rs 28.5 crore
#2 Exceptional gain of Rs 170.1 crore Vs Nil
#3 Revenue grows 24% to Rs 1,572.8 crore Vs Rs 1,269.8 crore