Closing Bell: Sensex, Nifty end with marginal gains; realty, metals gain

Indian benchmark indices ended marginally higher in the volatile session on May 31. At close, the Sensex was up 75.71 points or 0.10 percent at 73,961.31, and the Nifty was up 42.00 points or 0.19 percent at 22,530.70.

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.

Nifty witnessed a volatile day of trade today. It opened the gap up and consolidated for the day to close on a positive note up ~42 points. On the daily charts we can observe that the Nifty consolidated within the range of the previous trading session and has formed an inside bar pattern which makes the extremes of the range 22700 – 22400 crucial levels to watch out for. A breakout on either side shall lead to a treading move in that direction. In terms of levels, 22420- 22313 is the crucial support zone while 22820 – 22900 is the crucial resistance zone from short term perspective.

Bank Nifty continued with the momentum and closed in the positive for the second consecutive trading session. Daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, we expect the momentum to continue. On the upside crucial support is placed at 48600 – 48500 while immediate hurdle is placed at 49700 – 49800.

The Nifty remained volatile within a narrow range during the day as investors awaited the election results. The highest call writing is visible at 23000, while there is significant put writing at 22500, indicating that the Nifty might oscillate between 22500 and 23000 in the next few days. However, a fall below 22500 might trigger a correction towards 22000.

Bank Nifty saw a sharp recovery from its 21-day EMA, closing near the resistance level of 49000. The RSI is making higher lows and heading towards a bullish crossover. A buy-on-dips strategy is advisable with a stop loss at the 21-day EMA, placed at 48500. Thus, 48500 is strong support and 49200 is the first resistance. If Bank Nifty breaks 49200 on the daily chart, it could soon reach 50000.

Market erases gains of last week, Sensex & Nifty fall 2% each

Nifty Bank gives negative returns, but relatively outperforms

Midcap Index falls over 1% & Nifty Bank 0.1% this week

Except PSU Bank, all sectoral indices post losses this week

The pre-election trading strategy has come to an end, and all eyes will be on the release of the exit poll for further action. Regional diversions, marginally low voter turnout and strong resistance at current range are prompting investors to adopt a cautious stance. They are aligning their investments towards fundamentally strong sectors & stocks to safeguard against any abrupt reactions in the market. On the global front, the release of inflation data from the US, which are estimated to be high, could sway global market sentiment in the near-term.

Indian rupee ended 15 paise lower at 83.46 per dollar on Friday against Thursday's close of 83.31.

Indian benchmark indices ended higher in the volatile session on May 31.

Top Nifty gainers included Adani Enterprises, Adani Ports, Shriram Finance, Coal India and Tata Steel, while losers included Divis Labs, Nestle India, Infosys, Maruti Suzuki and TCS.

Among sectors, metal, power, realty up 1-2 percent, while healthcare and Information Technology indices down 0.5 percent each.

The BSE midcap index was up 0.2 percent while the smallcap index gained 0.8 percent.

#1 Q4 consolidated revenue up 15 percent YoY, led by HC services, Apollo HealthCo & AHLL
#2 Consolidated EBITDA after 24x7 cost was Rs 640 crore, in-line with estimate
#3 As of March 2024, company had consolidated net debt of Rs 15,00 crore

Indian Rupee depreciated by 0.11% today on month-end Dollar demand from OMCs and importers. However, positive domestic markets and a decline in crude oil prices cushioned the downside. US Dollar declined on Thursday amid disappointing economic data from the US. US economy grew 1.3% in Q1 2024, at a slower pace compared to previous forecast of 1.6%. Weekly unemployment claims rose to 219,000 vs 216,000 in the previous week. Pending home sales declined by 7.7% in April 2024 vs 3.6% in March 2024. Cooling economy and weaking labour market raised interest rate cut expectations.

We expect Rupee to trade with a slight negative bias on overall strength in the US Dollar amid safe haven demand on the back of geopolitical tensions in the Middle East. Volatility in the domestic markets amid uncertainty over election results may also put downside pressure on the Rupee. However, positive tone in global markets today may support the Rupee at lower levels. Any intervention by the RBI may also support the Rupee. Traders may take cues from India’s fiscal deficit and GDP data. Traders may also take cues from core PCE deflator and personal income data from the US. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.70.

#1 Cautiously optimistic on margin sustainability
#2 Raise FY25F/FY26F EPS by 2/4 percent
#3 Neutral on expensive valuations
#4 Domestic demand intact, while exports likely to bottom out by Q1FY25
#5 High-margin segments growing at a faster pace; RM volatility is key monitorable

Markets@3 | Sensex, Nifty erase intraday gains

The Sensex was up 109.18 points or 0.15 percent at 73,994.78, and the Nifty was up 40.60 points or 0.18 percent at 22,529.30.

Adani Enterprises, Adani Ports, L&T, Tata Steel, Shriram Finance were among the top gainers on the Nifty, while losers were Bharti Airtel, Divis Labs, Hero MotoCorp, Kotak Mahindra Bank, Maruti Suzuki.

Among sectors, buying was seen in the capital goods, oil & gas, power, realty, metal, while selling was seen in the auto, FMCG, IT, healthcare.

BSE Midcap index was flat, while smallcap index up 0.5 percent.

Sensex Today | Nifty FMCG index slips 0.6%; Varun Beverages, Jubilant FoodWorks among major losers

The Reserve Bank of India (RBI), in its annual report, projected Indian economy to grow at 7 percent in the current financial year. The central bank said that the Indian economy expanded at a robust pace in 2023-24, with real GDP growth accelerating to 7.6 percent from 7 percent in the previous year – the third successive year of 7 percent or above growth.

Real GDP growth is robust on the back of solid investment demand, which is supported by healthy balance sheets of banks and corporates, the government’s focus on capital expenditure and prudent monetary, regulatory and fiscal policies, the report added.

#1 Bank's board approved QIP on a preferential basis of Rs 3,200 crore at Rs 80.63
#2 Estimate CET-1 ratio will increase by 1.4ppt (on Q4FY24 RWA) to 14.7 percent
#3 Back of-the-envelope calculation suggests a 3 percent rise in FY25 book value, to Rs 53
#4 Estimate pro-forma FY25 P/B at 1.48x versus 1.53x prior to issuance

India's economy is expected to have grown at a slower pace in the January-March quarter than the previous three months, dampened by a moderation in manufacturing and urban spending, but economists see economic momentum remaining strong in Asia's third-largest economy.

The median forecast from a survey of 54 economists by news agency Reuters put GDP growth at 6.7% year-on-year for the three months, the fourth quarter of India's 2023/24 fiscal year, lower than the higher- than-expected 8.4% expansion in the previous quarter.

#1 Management guided for some improvement in spreads in Q1FY25 across businesses
#2 Closure of heavy-end assets in the UK is in sight
#3 Kalinganagar capacity will ramp-up in H2FY25
#4 FY25 will be a year of transition & deleveraging will take a back seat

In response to record-breaking demand driven by intense heat waves, shares of Adani Power, NLC India, and RattanIndia Power spearhead a 2.5% surge in India's power sector, outperforming the BSE Sensex.

#1 Order classified as notable, valued Rs1 billion-2.5 billion

Markets@2 | Sensex, Nifty recover; bank, metals gain

The Sensex was up 357.95 points or 0.48 percent at 74,243.55, and the Nifty was up 114.10 points or 0.51 percent at 22,602.80. About 1676 shares advanced, 1639 shares declined, and 71 shares unchanged.

Top Sectoral Gainers: Bank, Capital Goods, Metal, Power, Realty
Top Sectoral Losers: Pharma, IT

BSE Midcap and Smallcap indices were trading in the green.

Stocks In Focus:

#1 Adani Group stocks rally
#2 CLSA keeps 'underperform' rating on Muthoot Finance, target raises to Rs 1,700
#3 Praj Industries shares gain 5% as Q4 profit jumps
#4 Waaree Renewable Technologies bags solar power project

Sensex Today | Nifty Midcap 100 recovers 500 points from day's low

The Indian equity market remained in a bullish trajectory so far this month with Nifty50 hitting a fresh all-time high at 23,110.80 on 27th May. As we approach close to the election results, the Sensex and Nifty indices are likely to witness a heightened volatility. As the overall sentiment of the market is bullish hence any correctional fall may accompanied by fresh buying. Historically, market sentiment ahead of election outcomes tends to be influenced by factors such as political stability, and economic policies of the leading party.

On June 4, the day of the election results, the Sensex and Nifty benchmarks could experience substantial movements, with both high and declines remaining on the cards. The Indian market is currently trading at a premium, having largely discounted the growing likelihood of the continuation of the Modi era. Consequently, we cannot rule out the possibility of profit booking in the second half of the trading session following an initial upward movement. Historical trends from the previous two election outcomes in 2014 and 2019 have shown similar patterns, where the market closed with minimal change after experiencing significant volatility during the early trading hours. From a technical perspective, the 22,400 level, near the 50-day EMA, is critical on the downside, while the 23,400 level will be crucial on the higher side.

#1 Growth outlook positive
#2 Q4 NII & PPoP 8 percent above estimates
#3 PAT was in-line due to higher credit costs & tax
#4 Key driver of beat was strong gold loan growth of 7 percent QoQ, better than many banks as well
#5 Company saw a 70 bps expansion in its margin, which is in contrast to Manappuram
#6 Managememt is optimistic of delivering +15 percent gold loan growth in FY25
#8 Separately, it guided for an increase in its cost of funds

Sensex Today | BSE Metal index gains 1%; Jindal Stainless, NMDC, Vedanta top contributors

#1 Profit grows 4.3% to Rs 91.9 crore Vs Rs 88.1 crore
#2 Revenue rises 1.5% to Rs 1,018.6 crore Vs Rs 1,004 crore

Sensex Today | Nifty Bank index up 0.5%; AU Small Finance Bank, ICICI Bank, Federal Bank top gainers

#1 Profit stands at Rs 3.6 crore Vs loss of Rs 7.7 crore
#2 Revenue jumps 53% to Rs 296 crore Vs Rs 193.4 crore

The specialty chemicals company has appointed Suyog Kotecha as Chief Executive Officer (CEO) and Executive Director with effect from June 17, replacing Rajendra V Gogri.

Gogri will relinquish his role as CEO of the company effective June 17; however, he will continue to be the Chairman and Managing Director of the company.

Aarti Industries was quoting at Rs 616.90, up Rs 5.75, or 0.94 percent.

Krishna Institute of Medical Sciences' subsidiary KIMS Hospital Bengaluru entered into a lease agreement for setting up a super specialty hospital in Bengaluru, at Peoples Education Society (PES) campus, Electronic City. The subsidiary also entered into a management agreement with PES to exclusively manage the proposed under-construction hospital unit.

Krishna Institute of Medical Sciences was quoting at Rs 1,826.90, down Rs 2.35, or 0.13 percent on the BSE.

Waaree Renewable Technologies has received a Letter of Award (LOA) for the execution of Engineering, Procurement and Construction (EPC) works for solar power project of 26.4 MW DC capacity on turnkey basis, worth Rs 65.22 crore.

The project is scheduled to be completed in the financial year 2024-25.

#1 Profit rises 20.2% to Rs 37.8 crore Vs Rs 31.5 crore
#2 Revenue grows 10% to Rs 219.4 crore Vs Rs 199.5 crore
#3 Announces acquisition of 50% stake in Kraus Casuals for Rs 166.51 crore

Markets@1 | Sensex, Nifty trade higher amid volatility

The Sensex was up 185.95 points or 0.25 percent at 74,071.55, and the Nifty was up 56.30 points or 0.25 percent at 22,545.00. About 1492 shares advanced, 1794 shares declined, and 76 shares unchanged.

Adani Enterprises, Shriram Finance, L&T, Adani Ports and Bajaj Finance were among major gainers on the Nifty, while losers included Hero MotoCorp, Bharti Airtel, LTIMindtree, Eicher Motors, Maruti Suzuki.

BSE Midcap index was down 0.3 percent, while Smallcap index was up 0.3 percent.

Sensex Today | Nifty Midcap 100 outperforms Nifty50

The board has given approval for sub-division of 1 equity share of the company (face value of Rs 10 each) into 10 equity shares (face value of Re 1 each).

A subsidiary of the company, Tl Clean Mobility, has acquired 5,024 equity shares (equivalent to 23.69% of share capital) of IPLTech Electric from the founders for Rs 185 crore. Consequently, Tl Clean Mobility's shareholding in IPLTech has increased from 65.77% to 89.46%.

Desh Deepak Khetrapal has resigned as Vice Chairman and MD of the company effective May 30. The board has appointed Ravindra Singh Negi as Managing Director and CEO of the company for 5 years effective May 31.

#1 Management guided for some improvement in spreads in Q1FY25 across businesses
#2 Closure of heavy-end assets in the UK is in sight
#3 Kalinganagar capacity will ramp-up in H2FY25
#4 FY25 will be a year of transition & deleveraging will take a back seat

Sensex Today | BSE Healthcare index slips 1%; Dishman Carboge sheds 8%

Sunteck Realty shares toppled 5 percent in early trade on May 31 as investors rushed to take home partial profits after the company released its Q4 results. The stock had surged over 7 percent earlier this week, giving investors plenty headroom to book partial profits.

The real estate major was back in black in Q4FY24 by delivering net profit of Rs 101.3 crore as against net loss of Rs 27.9 crore in the year-ago period. Strong housing demand and robust pre-sales were the major drivers behind the company's healthy earnings performance.

The Insurance Regulatory and Development Authority of India (IRDAI) approved the appointment of Sandeep Batra as Chairman of the board of directors. The said appointment will be effective June 30, 2024.

The company announced the launch of its JioFinance app in Beta version. This app integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings.

The pharma company has accepted the preferential offer to acquire 14.28% shares of the Indian Foundation for Quality Management, for Rs 12.5 crore.

The Inspection Department, Division of Production & Distribution Control, National Organisation for Medicines, GREECE, inspected the General Tablets and Liquid Orals Formulation facility of Medicamen Biotech Limited located at SP 1192 A & B, Phase IV, Industrial Area, Bhiwadi – 301019 from May 28th, 2024 and concluded on May 30th, 2024.

The inspection closed with some procedural observations which will be well responded within Stipulated time. However, the Final approval (EU GMP Certification) is expected after submission of formal response to Greece Authorities.

Shares of Mrs Bectors Food Specialities surged over 3 percent intraday to Rs 1,264 apiece on May 31 after it reported strong results for the January-March quarter (Q4FY24).

Mrs Bectors revenue climbed by 17.4 percent year-on-year (YoY) to Rs 406 crore in Q4FY24 from Rs 346 crore in the year-ago period. The company's profit-after-tax (PAT) rose by 21.6 percent YoY to Rs 33 crore in the March quarter. Read More

Zomato shares fell over 5 percent on May 31 after foreign brokerage Macquarie forecast nearly 50 percent decline in the food delivery platform's share price in the next 12 months owing to increased competition in the quick commerce sector.

The brokerage reiterated its "underperform" stance on Zomato, assigning its stock a price target of Rs 96, implying a potential downside of 46 percent from Thursday's close. Read More

Sensex Today | BSE Power index up 0.5%; NHPC, Adani Power, JSW Energy among major gainers

Tilaknagar Industries announced the unveiling of a new flavour innovation under its Flandy (premium flavoured Brandy) range. Mansion House Flandy has now been launched in an all-new Green Apple flavour in the state of Telangana, to begin with.

Markets@12 | Sensex, Nifty trade with marginal gains

The Sensex was up 160.33 points or 0.22 percent at 74,045.93, and the Nifty was up 36 points or 0.16 percent at 22,524.65.

Top Sectoral Gainers: Capital Goods, Metal, Realty, Power
Top Sectoral Losers: Oil & Gas, Healthcare, Information Technology

BSE Midcap index was down 0.4 percent and Smallcap index was flat.

Stocks In Focus:

#1 PVR Inox opens 3-screen multiplex at Machilipatnam, Andhra Pradesh
#2 CRISIL Ratings reaffirms A1+ rating for Tata Chemicals' Commercial Paper of Rs 100 crore
#3 Jupiter Wagons arm get ARAI certification

PVR INOX has announced the launch of its first multiplex at Varam Central Mall in the city of Machilipatnam, Andhra Pradesh. With a seating capacity of 872 guests, this marks company's first establishment in Andhra Pradesh, post the merger.

Jupiter Electric Mobility Private Limited (JEM), a subsidiary of Jupiter Wagons Limited, received the approval from The Automotive Research Association of India (ARAI) vide Certificate No. AATB 0182 dated May 29th, 2024.

This certification ensures compliance with the Central Motor Vehicles Rules, marking a significant milestone for JEM, as it prepares to commence the commercial production of its innovative Battery Operated Light Commercial Vehicles under the brand name JEM TEZ.

Sensex Today | Nifty Media index slips 1%; Zee Entertainment, Network 18 Media, Dish TV down 2% each 

India's GDP in the fourth quarter of the financial year 2023-24 is anticipated to have grown between 6.1% and 6.7%, a decline from the over 8% growth rate observed in the previous three quarters, PTI reported citing projections by various economists. The government is set to release the GDP figures for the fourth quarter (January-March 2024) and the provisional estimates for the 2023-24 fiscal year on May 31. READ MORE

#1 Analysts believe that the competitive intensity is rising
#2 JioMart will start delivering groceries in 30 minutes from next month
#3 JioMart will initially provide these services in 8 cities & expand to top 20-30 cities in phase 1
#4 Continue to see downside to consensus forecasts & margins for Blinkit

Here are the key takeaways from the conversation

#1 Domestic Retail Investors Adequately Positioned From A Near-term Perspective
#2 Mid & Smallcaps May Take A Bit Of A Breather Post Election Outcome
#3 Total Domestic BuyingAt $7 Bn A Month, May See It Unwind In Near Term
#4 Comfortable Majority For BJP Is Priced-in For The Near Term
#5 Only Segment Which Is Not Well Positioned In India Is Foreign Investors
#6 See 12-13% Earnings Growth In FY25 & FY26
#7 Export Services Like IT May See Slower Growth; Domestic Facing Cyclicals Might Outperform
#8 Expect Only A Slight Tinkering In July Budget
#9 May See A Few Housing Scheme Announcements in Budget
#10 Waiting For Clarity On Electricity Amendment Act; Power Sector Will Stay In Focus

Stock Market LIVE Updates | Nifty Realty index top sectoral performer at this hour

Market2@11 | Sensex, Nifty off day's high

The Sensex was up 88.66 points or 0.12 percent at 73,974.26, and the Nifty was up 18.50 points or 0.08 percent at 22,507.20. 

Top Sectoral Gainers: Auto, Capital Goods, Realty
Top Sectoral Losers: Bank, Pharma, IT, Metal, Oil & Gas

BSE Midcap index was down 0.5 percent and Smallcap index was down 0.2 percent.

Stocks In Focus:

#1 BoFA upgrades M&M to 'buy', raises target to Rs 3,050
#2 Suzlon secures a new order of 81.9 MW
#3 Gujarat Alkalies shares falls on posting losses in Q4

Wipro shareholders have approved the $4.33-million severance package of former chief executive officer and managing director Thierry Delaporte with over 90 percent votes in favour, according to data from the BSE.

Only about 10 percent of the valid voted were cast against the resolution. Wipro's founder-chairman Azim Premji and entities related to him control a majority of the shares in the company, which helped the resolution pass through. Read More

International brokerage Macquarie slashed its target price on Eris Lifesciences as the pharma player's earnings show fell under expectations.

Macquarie noted that while the firm's revenue for the fourth quarter beat its estimate by ten percent, the EBITDA and PAT came in meaningfully below its projections.

Eris Lifesciences reported a net profit of Rs 79.6 crore for the March quarter of FY24, up 29.5 percent from the year-ago period. The pharma firm reported a profit of Rs 61 crore in the same quarter of the previous year. Read More

#1 Loss stands at Rs 46.2 crore Vs profit of Rs 71 crore

#2 Revenue falls 12% to Rs 1,001.6 crore Vs Rs 1,138.1 crore

Sensex Today | Nifty Midcap 100 index shed 0.4%; Ipca Labs, Mazagon Dock down 4-5%

The domestic market has experienced a five-day decline due to negative global sentiment and concerns over election results. Today, we anticipate a volatile trading session for Nifty. The 22200 level is expected to serve as major support, while 22700 is likely to act as a resistance area.

For Nifty, the 22500 Call strike has significant open interest (OI) of approximately 16 lakh shares, and the 22500 Put strike holds substantial OI of around 20 lakh shares.

Regarding Bank Nifty, the immediate resistance area is expected at 49000. If Bank Nifty manages to sustain above this level, it is likely to move towards the 49700 level.

Sensex Today | Healthcare, IT underperform other sectoral indices

MSCI's quarterly rejig will come into effect following the market close on May 31, leading to potential inflows of around $2 billion into the Indian equity markets.

MSCI's quarterly rebalancing will lead to 13 new stocks being added to the MSCI Global Standard Index, while three stocks will be excluded.

Bosch, Canara Bank, Indus Towers, Jindal Stainless, JSW Energy, Mankind Pharma, NHPC, PB Fintech, Phoenix Mills, Solar Industries, Sundram Finance, Thermax and Torrent Power are among the new stocks which will be added. Read More

#1 Profit stands at Rs 101.3 crore Vs loss of Rs 27.9 crore

#2 Revenue spikes nearly 9-fold to Rs 426.9 crore Vs Rs 48.9 crore

Suzlon Group today announced a new order win for the development of an 81.9 MW wind energy project for Oyster Green Hybrid One Private Limited.

Suzlon will install 26 Wind Turbine Generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at the client’s site in Agar in Madhya Pradesh.

#1 See multiple growth catalysts playing out in the next 12-18 months
#2 Core business remains steady; market share gains in SUV segment
#3 Subsidiaries should have a bigger contribution going forward
#4 At current prices, consolidated price-to-earnings multiple of 19x is 'favourable

Markets@10 | Sensex, Nifty trade higher

The Sensex was up 323.86 points or 0.44 percent at 74,209.46, and the Nifty was up 73.50 points or 0.33 percent at 22,562.20. About 2010 shares advanced, 997 shares declined, and 124 shares unchanged.

Top Sectoral Gainers: Auto, Bank, FMCG, Metal, Realty, Power
Top Sectoral Losers: Healthcare, IT

BSE Midcap and Smallcap indices were trading flat.

Stocks In Focus:

#1 Morgan Stanley keeps 'overweight' rating on Prestige Estate, target raises to Rs 1,770
#2 Bharat Rasayan surges 15% as profit rises 122%
#3 Black Box shares down 4% despite YoY profit jumps 77%
#4 Apollo Hospitals shares gain on strong earnings

The trading in equity shares of the company will commence on the NSE Emerge effective May 31. Its equity shares will be available in the Trade-for-Trade surveillance segment.

Sensex Today | BSE Information Technology index down 0.3%; Black Box, 3i Infotech top losers

Gold and silver exhibited a mixed trend in international markets following the release of U.S. GDP data, which aligned with market expectations. The second estimate for first-quarter GDP showed a year-on-year growth of 1.3%, slightly above the anticipated 1.2%. The dollar index and U.S. 10-year bond yields eased after the GDP data release, which supported precious metal prices. However, hawkish comments from Fed member Kashkari regarding interest rate cuts exerted downward pressure on prices. While gold prices rebounded from their lows, a sell-off in industrial metals led to a decline in silver prices. Today's U.S. personal consumption expenditure data could further influence the bullion market.

We expect gold and silver prices to remain volatile in today’s session ahead of the U.S. personal consumption expenditure data and European inflation data. Gold has support at $2334-2320 and resistance at $2360-2372. Silver has support at $30.82-30.60 and resistance at $31.40-31.64.

In INR terms, gold has support at Rs 71,640-71,420 and resistance at Rs 72,180-72,480. Silver has support at Rs 93,450-92,780 and resistance at Rs 94,850-95,550.

#1 Target raised based on a strong pre-sales outlook in FY25, despite a high base in FY24
#2 Outlook driven by strong launch pipeline & ready inventory
#3 High gearing & low margin are concerns

#1 Q4 EBITDA fell 9 percent YoY but was up 5 percent QoQ & 7 percent above estimate
#2 Standalone EBITDA/tonne fell 12 percent QoQ, pulled down by lower ASP
#3 However, TSE EBITDA/t loss narrowed sharply QoQ
#4 India volume should rise at 11 percent CAGR over FY24-26 w/start of new 5 mtpa capacity
#5 Weak Asian steel prices & imports from China pose some risk to Indian steel price
#6 Lower coking coal prices should provide cushion to margins

#1 Profit plunges 58% to Rs 52.4 crore Vs Rs 124 crore

#2 Revenue sinks 31.5% to Rs 252.9 crore Vs Rs 369.4 crore

#1 Profit surges 122% to Rs 67.1 crore Vs Rs 30.3 crore

#2 Revenue rises 1.2% to Rs 309.6 crore Vs Rs 305.9 crore

Sensex Today | BSE Realty index up 2%; Prestige Estate, Phoenix Mills gain 3% each

#1 Profit spikes 77.5% to Rs 258.4 crore Vs Rs 145.6 crore
#2 Revenue rises 14.9% to Rs 4,944 crore Vs Rs 4302.2 crore
#3 Board announces final dividend of Rs 10 per share

Sensex Today | Nifty Bank index up 0.7%; IndusInd Bank, Bank of Baroda, IDFC First Bank top contributors

India's economy is expected to have grown at a slower pace in the January-March quarter than the previous three months, dampened by a moderation in manufacturing and urban spending, but economists see economic momentum remaining strong in Asia's third-largest economy.

The median forecast from a survey of 54 economists put GDP growth at 6.7% year-on-year for the three months, the fourth quarter of India's 2023/24 fiscal year, lower than the higher- than-expected 8.4% expansion in the previous quarter.

In the October-December quarter, growth was boosted by a sharp fall in subsidies, while gross value added (GVA), seen by economists as a more stable measure of growth, rose 6.5%.

In the March quarter, GVA growth is seen at 6.2%. Read More

#1 Profit surges 84.6% to Rs 55.1 crore Vs Rs 29.8 crore
#2 Revenue falls 1.3% to Rs 707.6 crore Vs Rs 716.9 crore

#1 Profit rises 17% to Rs 1,056.3 crore Vs Rs 902.7 crore

#2 Revenue increases 15.2% to Rs 2,134.8 crore Vs Rs 1,853.3 crore