Stock Market Today: Nifty, Sensex End Higher For Fourth Day As ICICI Bank, Kotak Bank Lead

Overseas investors stayed net sellers on Wednesday for the third consecutive session. Foreign portfolio investors offloaded stocks worth Rs 2,511.7 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the third day and mopped up equities worth Rs 3,809.9 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 335 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 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.

• The local currency strengthened by 2 paise to close at 83.32 against the U.S. Dollar.

• It closed at 83.34 a dollar on Tuesday.

Source: Bloomberg

India's benchmark indices extended gains to fourth session as Kotak Mahindra Bank Ltd., ICICI Bank Ltd., and Tata Steel Ltd. gained.

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

Intraday, the NSE Nifty 50 rose 0.48% to 22,476.45, and the S&P BSE 0.52%.

"Late selling from the higher levels erased the majority of the Index gains to settle at 22,402.40 with gains of 34.40 points. From the sectoral point of view, Metal was the top gainer by ending the session with gains of over 2.50% followed by Realty while pressure was observed in the IT and Media segments. Mid and Smallcaps extended their streak of outperformance. On the technical front, nothing has changed in Nifty50 and we continue to stick to our view i.e. 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." Aditya Gaggar, Director, Progressive Shares.

"Indian markets lagged the Asian peers as Q4 earnings remained largely subdued with weak results from IT and a few index heavyweights results also disappointed. However, buoyed by strong manufacturing and service sectors, the Indian composite PMI hit a multi-year high, reflecting domestic resilience bringing some buoyancy in the broad market. Globally, investor sentiment improved with easing tensions in the Middle East and declining oil prices," said Vinod Nair, head of research, Geojit Financial Services.

Kotak Mahindra Bank Ltd., ICICI Bank Ltd., Larsen & Toubro Ltd., Tata Steel Ltd., and HDFC Bank Ltd. added to the index.

Reliance Industries Ltd., Tata Consultancy Services Ltd., Bharti Airtel Ltd., and Infosys Ltd. limited gains in the index.

On NSE, eight sectors advanced out of 12, and four declined. The NSE Nifty Metal index was the top gainer, while the NSE Nifty IT index was the top loser.

Broader markets outperformed benchmark indices. The S&P BSE Midcap ended 0.92% higher and the S&P BSE Smallcap settled 0.79% up.

On BSE, 18 sectors out of 20 advanced, and two declined. The S&P BSE Metal index was the best performing sector, while the S&P BSE Telecommunication was the worst performing sector.

Market breadth was skewed in favour of the buyers. Around 2,254 stocks rise, 1,561 stocks declined, and 114 stocks remained unchanged on BSE.

• Net profit up 10% at Rs 156 crore vs Rs 142 crore YoY

• NII up 4% at Rs 507 crore vs Rs 486 crore YoY

• Gross NPA at 3.23% vs 3.43% QoQ

• Net NPA at 1.11% vs 1.22% QoQ

• NII up 11% at Rs 786 crore vs Rs 707 crore YoY

• Net profit up 9.3% at Rs 208 crore vs Rs 190 crore YoY

• Gross NPA at 2.61% vs 2.53% QoQ

• Net NPA at 1.17% vs 1.13% QoQ

• Total income up 44.5% on year to Rs 561 crore from Rs 388 crore

• Net profit up 73.2% on year at Rs 343 crore from Rs 198 crore

• Average AUM rose 14% on month to Rs 4.31 lakh crore

• Board recommends final dividend of Rs 11 per share

Source: Exchange filing

India's key equity indices held on to their gains through midday on Wednesday, tracking positive Asian markets, as shares of index heavyweights HDFC Bank Ltd., Larsen & Toubro Ltd., and Reliance Industries Ltd. rose.

The NSE Nifty 50 was trading 79.55 points, or 0.36%, higher at 22,447.55, while the S&P BSE Sensex rose 254.51 points, or 0.35%, to trade at 73,992.96 as of 1:02 p.m.

There is a positive bias in the market, but the momentum is missing, according to Kush Bohra, founder of Kushbohra.com.  "There is a gap somewhere close to the 22,500 mark and the Nifty will try to fill that up," he said. Once that is done, he sees some cool-off and advises traders to take some money home.

The over-19% fall in VIX has something to do with lot size change that's going to come in from the May series, and a rebound is expected, he said.

Shares of Bajaj Finance Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro Ltd. and Reliance Industries Ltd. were contributing the most to the Nifty.

While those of Bharti Airtel Ltd., Hindustan Unilever Ltd., Infosys Ltd., Tata Consultancy Services Ltd. and Tata Consumer Products Ltd. were weighing on the index.

On NSE, most sectoral indices were up, with Nifty Metal rising over 2%. Nifty IT and Nifty PSU Bank fell and Nifty FMCG traded flat.

Broader markets outperformed the benchmarks. The S&P BSE Midcap was 0.73% higher, and the S&P BSE Smallcap was up 0.92%.

On BSE, 17 out of 20 sectors advanced, and three declined. S&P BSE Metal was the top gainer, and S&P BSE Telecommunication was the worst performer.

Market breadth was skewed in the favour of buyers. Around 2,347 stocks rose, 1,453 stocks declined, and 126 stock remained unchanged on BSE.

BSE Ltd. rose 2.03% to Rs 3,264.70, the highest level since its listing on Feb 3, 2017. It was trading 2.50% lower at Rs 3,120 as of 2:13 p.m., as compared to 0.37% advance in the NSE Nifty 50 index.

• Middle Eastern conflict, macro environment to drive commodities

• Positive on base metal companies on high backward integration and domestic sourcing of key raw materials

• Believe Hindalco to be a significant beneficiary of higher aluminium prices

• Believe multi-commodity exposure should bode well for Vedanta

• Spot steel prices now at 5%-7% premium to import parity from China/FTA countries

• See limited spread expansion in MTM analysis for iron ore and coking coal prices against assumptions

• FY26 Ebitda upgrade of 14%/10%/1% for JSPL, Tata Steel and JSW Steel

• United Breweries Ltd.'s Heineken's net revenue in Q1 grew by 20% organically, driven by volume & positive price mix.

• Heineken said premium portfolio grew volume in the low-20s, led by Kingfisher Ultra & Heineken Silver.

Source: Exchange filing

• Railway Vikas Nigam Ltd.'s joint emerges as the lowest bidder for 439 crore project from Southern Railways.

• The company's share in project worth Rs 439 crore stands at 49%.

Source: Exchange filing

Shares of Maruti Suzuki India Ltd. rose 0.60% to Rs 1,3073.95, the highest level since Jul 9, 2003. It erased all gains to trade 0.20% lower at Rs 12,995 as of 12:35 p.m., as compared to 0.40% advance in the NSE Nifty 50 index.

Hindalco Industries Ltd. rose 2.65% Rs 628.00, the highest level since March 29, 2022. It was trading 2.20% higher at Rs 625.25 as of 12:22 a.m., as compared 0.39% advance in the NSE Nifty 50 index.

• Board approves forming 51-49 joint venture with AISIN Group for marketing & selling passenger car parts.

Source: Exchange filing

• Revenue up 2% to Rs 17,720 crore from Rs 17,376 crore

• Ebitda up 53% at Rs 1,042 crore from Rs 680 crore

• Margin up 196 bps at 5.87% from 3.91%

• Net profit up 72% at Rs 628 crore from Rs 365 crore

• Bharti Airtel is looking for fiscal consolidation in Indus Towers.

• Vodafone Plc may look to pare stake and plough back investments in Vodafone Idea

• Vodafone Plc's stake in Indus Towers is valued at Rs 17,431 crore.

• Alert: Bharti Airtel holds 47.95% stake in Indus Towers

Source: Company Statement, People in the know

Shares of Orient Cement Ltd. jumped 14.27% to Rs 233.50, the highest level since March 4. It was trading 14.00% higher at Rs 232.85 as of 11:45 a.m., as compared to 0.37% advance in the NSE Nifty 50 index.

The scrip gained 86.35% advance in the NSE Nifty 50 index. On year-to-date basis, the stock has declined 7.69%. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 62.14.

Out of 13 analysts tracking the company, five maintain a 'buy' rating, five recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.2%.

Shares of Multi Commodity Exchange of India Ltd. fell after the company missed its estimate. The commodity derivatives exchange company which had previously faced losses, managed to turn a profit, recording a net profit of Rs 87.8 crore in the January-March quarter of FY24. That compares to the Rs 95-crore consensus estimate of analysts tracked by Bloomberg.

On the NSE, MCX's stock fell as much as 7.68%, the most since Feb. 12, It was trading 5.82% lower at 11:02 a.m. This compares to a 0.31% advance in the NSE Nifty 50.

The stock has advanced 18.26% year-to-date and risen 159.02% in the last 12 months. Total traded volume so far in the day stood at 7 times its 30-day average. The relative strength index was at 55

Out of 11 analysts tracking the company, six maintain a 'buy' rating, two recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.4%.

Shares of Rama Steel Tubes Ltd. rose as much as 5.49% to Rs 14.40, the highest level since April 2. It was trading 2.93% lower at Rs 14.03 as of 11:32 a.m., as compared to 0.41% advance in the NSE Nifty 50 index.

The scrip gained 35.53% in 12 months, and on year-to-date basis, Rama Steel Tubes rose 16.25%.Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 56.65.

Shares of ICICI Prudential Life Insurance Co. Ltd. declined 6.25% to Rs 556.75, the lowest level since March 21. It pared losses to trade 3.09% lower at Rs 575.50 as of 11:23 a.m., as compared to 0.39% advance in the NSE Nifty 50 index.

The scrip gained 29.97% in 12 months, and on year-to-date basis, it has gained 7.55%. Total traded volume so far in the day stood at 5.2 times its 30-day average. The relative strength index was at 42.56.

Out of 33 analysts tracking the company, 20 maintain a 'buy' rating, 10 recommend a 'hold,' and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside/downside of 14.3%.

Shares of Aegis Logistics Ltd. jumped 13.04% to Rs 607.85, the highest level since its listing on April 3, 1996. It pared gains to trade 9.89% as of 11:13 a.m., as compared to 0.41% advance in the NSE Nifty 50 index.

The scrip gained 44.89% in 12 months, and on year-to-date basis its has risen 67.89%. Total traded volume so far in the day stood at 8.9 times its 30-day average. The relative strength index was at 78.44, which implied the stock is overbought.

Out of nine analysts tracking the company, seven maintain a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies a downside of 23.5%.

• Paisalo Digital Ltd. has approved raising Rs 120 crore via commercial paper and non-convertible debentures.

Source: Exchange filing

• The instructions come into effect today.

• Entities to commence ARC business must have net owned funds of Rs 300 crore.

Source: RBI

Tata Consumer Products' margins beat estimates in the fourth quarter of fiscal 2024. However, its revenue and profit were missed expectations. Despite this, the company's board has recommended a dividend of Rs 7.75 per share.

The scrip declined as much as 5.74% on Wednesday, the biggest intraday slip since Feb 24, 2022. On that day, Tata Consumer Products logged 6.80% fall.

• HDFC Asset Management Co. Ltd. has acquired 2.01% stake in Max Financial Services Ltd. on April 22.

Source: Exchange filing

Shares of Puravankara Ltd marked the fourth day of gains on Wednesday after the company was selected for redeveloping a residential housing society in Pali Hill, Mumbai.

The scrip was locked in its upper circuit limit of 5% at Rs 377 apiece, the highest level since April 18. This compares to a 0.42% advance in the NSE Nifty 50.

The stock price has doubled on a year-to-date basis and jumped 388.98% in the last twelve months. Total traded volume so far in the day stood at 0.09 times its 30-day average. The relative strength index was at 79.53, indicating that the stock may be overbought.

Two analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies a upside of 19.9%.

Tata Elxi Ltd. shares fell on Wednesday after net profit of the engineering, research and development firm fell 4.6% over the previous three months to Rs 196.9 crore in the quarter ended March 31, 2024. That compares to the Rs 207.37-crore consensus estimate of analysts tracked by Bloomberg.

The scrip fell as much as 5.34% to Rs 7,000 apiece, the most since since Jan 24, 2024. It is trading 3.75% lower at Rs 7,118.00 apiece as of 10:08 a.m. This compares to a 0.31% advance in the NSE Nifty 50.

It has fallen 18.71% on a year-to-date basis and rose 13.83% in the last twelve months. Total traded volume on the NSE so far in the day stood at 10 times its 30-day average. The relative strength index was at 26.81

Out of 10 analysts tracking the company, four maintain a 'buy' rating, and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside 0.4%.

Shares of 360 One Wam Ltd. snapped their three day fall and surged a day after the company's results for the quarter ended March came in much higher than what analysts had estimated.

The scrip rose as much as 13.57% to Rs 870 apiece, the highest level since April 18. It pared gains to trade 6.7% higher at Rs 817.50 apiece as of 09:55 a.m. This compares to a 0.32% advance in the NSE Nifty 50.

It has risen 15.3% on a year-to-date basis and 94.93% in the last twelve months. Total traded volume on the NSE so far in the day stood at 3.84 times its 30-day average. The relative strength index was at 71.21, indicating that the stock may be overbought.

Ten analysts tracking the company have a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies a upside of 1.6%.

Cyient DLM Ltd. has retained a 'Buy' rating from the Motilal Oswal Financial Services Ltd. as its growth momentum is likely to sustain on strong order book.

The brokerage has set the target price for Cyient DLM at Rs 840, which implied an upside of 22.43% from Tuesday's closing price.

The scrip rose as much as 13.26% to Rs 780.00 apiece, the highest level since March 7. It pared gains to trade 5.81% higher at Rs 726.40 apiece, as of 10:00 a.m. This compares to a 0.34% advance in the NSE Nifty 50 Index.

It has risen 72.71% in 12 months. Total traded volume so far in the day stood at 79 times its 30-day average. The relative strength index was at 57.22.

Out of six analysts tracking the company, five maintain a 'buy' rating, and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.6%

India's benchmark indices opened higher for a third day in a row tracking gains in heavyweights Reliance Industries Ltd., HDFC Bank Ltd., and Axis Bank Ltd.

As of 09:17 a.m., the NSE Nifty 50 was trading 44.10 points or 0.20% higher at 22,412.10, and the S&P BSE Sensex was trading 169.59 points or 0.23% up at 73,908.04.

Reliance Securities's Senior Research Analyst Vikas Jain expected the markets to open on a strong note as U.S., Europe, and Asian markets surged up to 2%. Domestic April Manufacturing PMI growth at near 14-year high, overnight India Vix posted biggest drop in 5-year, U.S. Future gained over half percent and falling U.S. Vix by 8%, may be positive sentiment in the market.

HDFC Bank Ltd., Reliance Industries Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., and Tata Consultancy Services Ltd. added to the index.

Tata Consumer Products Ltd., Mahindra & Mahindra Financial Services Ltd., Hindustan Unilever Ltd., Infosys Ltd., and Bharti Airtel Ltd. weighed on the index.

On NSE, 11 out of 12 sectors opened higher with the NSE Nifty Realty rising the most among sectoral indices. The NSE Nifty FMCG index was the worst performing sector.

Broader markets rose in early trade on Wednesday. The S&P BSE Midcap was 0.54% higher, and the S&P BSE Smallcap was 0.85% higher.

On BSE, 18 sectors out of 20 opened higher with the S&P BSE Realty index rose the most among sectoral index. The S&P BSE Telecommunication was the worst performing sector.

Market breadth was skewed in favour of buyers. Around 2,081 stocks advanced, 489 stocks declined, and 82 stocks remained unchanged on BSE.

• Citi Research maintained 'Buy' on the Bharti Airtel Ltd. and raised the target price to Rs.1,520 from Rs 1,305. This implied an upside of 12%.

• Citi Research sees 3% increase in FY26E India mobile ARPU

• More favorable policy and regulatory backdrop on the back of Voda Idea’s fund raise

• Improved visibility of tariff hikes

• Upside to ARPU and downside to AGR debt

The NSE Nifty 50 was trading 53.55 points or 0.24% higher at 22,421.55, and the S&P BSE Sensex was trading 89.84 points or 0.12% higher at 73,738.45

• The yield on the 10-year bond opened flat at 7.16%.

Source: Bloomberg

• The local currency strengthened by 4 paise to open at 83.30 against the U.S. Dollar.

• It closed at 83.34 a dollar on Tuesday.

Source: Bloomberg

• JP Morgan Chase & Co maintained 'Underweight' and raised a target price Rs. 5,800 from Rs.6,000, which implied a downside of 22%.

• 4Q miss across revenue, margins, and earnings, the brokerage said.

• Growth impacted by ramp down in Media and telecom client

• Management believes demand has bottomed out in Media and telecom

• Management aims to go back to FY23 margins of 28%

• We remain skeptical on the margin target

• We continue to find valuations expensive

• JP Morgan maintains 'Underweight' with a target price Rs. 5,800 from Rs.6000. The target price implied a downside of 22%.

• 4Q miss across Revenue, margins and earnings

• Growth impacted by ramp down in Media and telecom client

• Management believes demand has bottomed out in Media and telecom

• Management aims to go back to FY23 margins of 28%

• We remain skeptical on the margin target

• We continue to find valuations expensive

• Morgan Stanley rated Tata Consumer Products stock as 'Overweight' with a target price of Rs. 1,305, which implied an upside potential of 11%.

• Progress on strategic priorities, including scaling growth businesses

• DIP (Distribution, Innovation, Premiumization) agenda continues

• Growth businesses (except Nourishco) performed well during Q4

• Share in India branded business rose to 18% in FY24

• Market share improved in salt business, while the declining trend in tea continued

• CLSA rated Tata Consumer Products 'Underperform' with a target price of Rs 1,288, which implied an upside of 10%.

• Ebitda margins beat estimates due to higher coffee prices.

• Higher margins in unbranded business due to rise in coffee prices

• India business grew 10% on year (7% on a like-to-like basis), the brokerage said.

• India Beverages grew 3%, with flat tea volumes on year.

• Salt grew by 5% with volume growth of 3%

• Tata starbucks revenue grew by 7% YoY

• Welspun Corp Ltd. has received a letter of award worth Rs 611 crore for supply of pipes, coating and bends in Latin America.

Source: Exchange filing

• Nuvama kept a 'Buy' on Tata Consumer Products with a target price Rs 1,400, which implied an upside of 19%.

• TCPL continues to drive growth via innovation, distribution expansion, the brokerage said.

• Premium and sub-premium brands accounted for over two-third of the revenue in tea.

• Premium salt salience is now at 42% for FY24.

• Growth business accounted for 18% of the India business.

• Sampann portfolio recorded a robust growth of 42% for Q4FY24.

• NourishCo recorded revenue growth of 13% YoY in Q4FY24.

• E-commerce channel grew 35% accounting for 11% of India business

• Modern Trade recorded 9% growth in FY24

• BofA re-iterated 'Buy' rating on Mahindra & Mahindra Financial Services Ltd. with a target price Rs 300, which implied an 14% upside.

• Estimated fraud quantum of Rs 150 crore is 8% of FY24 PAT and 15 bps of March 24 AUM.

• Fraud quantum is 3.7x FY24 disbursement per branch, the brokerage said.

• The company awaits clarity on risk of similar frauds at other branches, impairment taken, process changes.

• BofA expressed concerns on efficacy of process transformation.

• Investors will need more confidence in efficacy of re-rating to sustain.

• Price target of Rs 930, implying a potential upside of 21%

• Strong Q4 earnings led by sustained momentum in core ARR revenues, one-off jump in TBR

• Wealth business remains in fast late with 35% YoY growth in active ARR AUM and better yields

• AUM scale-up by newly added teams should bring down C/I ratio, drive PAT CAGR of 20% over FY24-27

• Jefferies maintains a 'Buy' with a target price Rs 680 which implied an upside of 15% from Rs 590.

• VNB missed estimates due to fall in margin, Jefferies said.

• Higher opex, mortality costs, guaranteed returns and weaker mix dragged margins, the brokerage said on a note.

• Jefferies expects growth to improve from FY25

• Lower sensitivity of VNB to mortality costs and opex, Jefferies said.

• Jefferies expects 16% CAGR ON VNB from FY24-27.

• Increased target price due to roll forward of estimates

• Valued the company at 1.7x June26 EV

• Motilal Oswal reiterated 'Buy' with target price Rs 840, which implied an Upside of 22%.

• Strong revenue growth is seen jumping 30% on an annualised basis; traction in defence, aerospace.

• Ebitda was down 100 bps. The fall is primarily due to increase in SG&A expenses, the brokerage said.

• Order book at Rs 2,170 crore as of 4QFY24 down 11% YoY.

• Management is targeting 30% revenue CAGR over next 3 years.

• Improving margin trajectory and return ratio target of 15% in 2 years

• Expect growth momentum, supported by:

• 1) strong order book coupled with healthy order inflows;

• 2) high customer stickiness;

• 3) a strong promoter heritage

• Revenue/EBITDA/Adj. PAT CAGR of 33%/49%/68% over FY24-26

• US Dollar Index at 105.63

• US 10-year bond yield at 4.61%

• Brent crude down 0.08% at $88.34 per barrel

• Nymex crude down 0.02% at $83.34 per barrel 

• Bitcoin was up 0.76% at $66,855.50.

The Indian currency strengthened 3 paise to close at Rs 83.34 against the US Dollar.

• Nifty April futures up by 0.06% to 22,371.05 at a premium of 3.05 points.

• Nifty April futures open interest down by 8.8%.

• Nifty Bank April futures down by 0.06% to 47,962.2 at a discount of 8.25 points.

• Nifty Bank April futures open interest down by 28.6%.

• Nifty Options April 25 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,000.

• Bank Nifty Options April 24 Expiry: Maximum call open interest at 48,000 and maximum put open interest at 47,000.

• Securities in ban period: Hindustan Copper, Vodafone Idea and Zee Entertainment Enterprises.

• Waaree Technologies: Camellia Tradex bought 59,150 shares (0.54%) at Rs 1,804.1 apiece.

• Bandhan Bank: Marshall Wace Investment Strategies - Eureka Fund sold 1.21 crore shares (0.75%) at Rs 180.8 apiece, while Societe Generale bought 1.21 crore shares (0.75%) at Rs 180.8 apiece.

• Bank of Baroda: Societe Generale bought 3.26 crore shares (0.63%) at Rs 261.3 apiece, while Marshall Wace Investment Strategies sold 3.26 crore shares (0.63%) at Rs 261.3 apiece.

• Manappuram Finance: Societe Generale bought 73.58 lakh shares (0.86%) at Rs 191 apiece, while Marshall Wace Investment Strategies sold 73.58 lakh shares (0.86%) at Rs 191 apiece.

• Moved into short-term ASM framework: Automotive Stampings and Assemblies, Bajel Projects, IRM Energy, VA Tech Wabag.

• Price Band change from 20% to 10%: Tejas Networks.

• Price Band change from 10% to 5%: Sterling and Wilson Renewable Energy.

• Ex/record special dividend:  Huhtamaki India.

• Ex/ record stock split: Bharat Bijlee.

• JNK India: The public issue was subscribed to 0.49 times on day 1. The bids were led by institutional investors (0.67 times), followed by retail investors (0.48 times) and non-institutional investors (0.25 times).

• Mahindra and Mahindra Financial Services: The company approved raising the borrowing limit to Rs 1.3 lakh crore from 1.1 lakh crore by way of the issue of NCDs or any other securities or instrument in one or more tranches, subject to the approval of the shareholders of the company.

• NHPC: The company signed a supplementary joint venture agreement with JV Partners of the National High Power Test Laboratory, i.e., NTPC, Powergrid, DVC, CPRI, and NHPTL, for the sale of a partial stake in NHPTL for a consideration of Rs 1.31 crore.

• Puravankara: The company received bids to redevelop a residential project in Mumbai, Project GDV, estimated at Rs 2,000 crore.

• Ambuja Cement: The company completed the acquisition of a 1.5 MTPA grinding unit in Tamil Nadu.

• Rama Steel Tubes: The board approved the raising of funds up to Rs 500 crore by way of a further public offer.

• Shakti Pumps: The company further invested Rs 5.08 crore in its wholly owned subsidiary, Shakti EV Mobility. The consolidated investment is Rs 32 crore.

• Dr Reddy's Laboratories: The company issued a voluntary recall of six lots of sapropterin dihydrochloride powder due to decreased potency.

• Lupin: The USFDA classified the company’s Aurangabad facility as voluntary action indicated on its inspection from March 6–15.

• Sudarshan Chemical Industries: The company introduced a new product, Sumica Gold 42631, for domestic and international markets.

• Gokaldas Exports: The company approved the issue price of Rs 775 per share, which is a discount of 1.9% on the floor price of Rs 789.99 per equity share.

• Century Plyboards: The company completed the disposal and transfer of the entire stake in Singapore-based unit CSPL. Century Ply Laos and Century Huesoulin Plywood Lao, both subsidiaries of CSPL, will also cease to be step-down subsidiaries of the company from the said date.

• SBI Cards: The company launched the retail credit card SBI Card MILES.

• Seamec: The company entered into an MoU with Zamil Offshore Services Co. for an extension of the charter hire of vessel Seamec Swordfish for a further period of 30 days, with effect from April 24, 2024.

• Summit Securities: The company entered into an agreement with Kojak Knits to sell Instant's entire shareholding in wholly owned subsidiary Sudarshan Electronics and TV for Rs 2.27 crore.

• UCO Bank: The company’s board will meet on April 29 to consider fund-raising.

• Sakuma Exports: The company successfully entered into a significant contract worth Rs 150 crore for the supply of sugar to the Northeast, West Bengal, and Bihar regions.

Tata Consumer Products (Consolidated, YoY)

• Revenue up 8.51% at Rs 3,927 crore vs Rs 3,619 crore (Bloomberg estimate: Rs 4,003 crore).

• Ebitda up 23.04% at Rs 630 crore vs Rs 512 crore (Bloomberg estimate: Rs 614 crore).

• Margin expands 189 bps at 16.03% vs 14.13% (Bloomberg estimate: 15.30%).

• Net profit down 22.53% at Rs 268 crore vs Rs 346 crore (Bloomberg estimate: Rs 343 crore).

• Board recommends a dividend of Rs 7.75 per share.

• Exceptional loss of Rs 216 crore.

ICICI Prudential (Consolidated, YoY)

• Net premium income up 17.09% at Rs 14,788 crore vs Rs 12,629 crore.

• VNB margin at 21.46% vs 31.97%.

• VNB down 26.45% Rs 776 crore vs 1,055 crore.

• APE up 9.6% Rs 3,616 crore vs 3,299 crore.

• Net profit down 25.95% at Rs 174 crore vs Rs 235 crore (Bloomberg estimate: Rs 231 crore).

• Board approved the final dividend of Rs 0.6 per share.

Tata Elxsi (Consolidated, QoQ)

• Revenue down 0.91% at Rs 906 crore vs Rs 914 crore (Bloomberg estimate: Rs 940 crore).

• EBIT down 4.49% at Rs 234 crore vs Rs 245 crore (Bloomberg estimate: Rs 279 crore).

• Margin contracts 96 bps at 25.79% vs 26.76% (Bloomberg estimate Rs 29.7%).

• Net profit down 4.6% at Rs 197 crore vs Rs 206 crore (Bloomberg estimate: Rs 207 crore).

• Board declared a dividend of Rs 70 per share.

MCX (Consolidated, YoY)

• Total income up 29.22% at Rs 199 crore vs Rs 154 crore.

• Net profit up 1,512.29% at Rs 87.87 crore vs Rs 5.45 crore.

360 ONE WAM (Consolidated, YoY)

• Total income up 97.92% at Rs 1,051 crore vs Rs 531 crore (Bloomberg estimate: Rs 477 crore).

• Net profit up 56.77% at Rs 243 crore vs Rs 155 crore (Bloomberg estimate: Rs 191 crore).

• The board approved the interim dividend of 3.5 per share for financial year 2024‐25.

Cyient DLM (Consolidated, YoY)

• Revenue up 30.42% at Rs 362 crore vs Rs 277 crore (Bloomberg estimate: 361 crore).

• Ebitda up 18.96% at Rs 38.01 crore vs Rs 31.95 crore (Bloomberg estimate: Rs 37.2 crore).

• Margin contracts 101 bps at 10.5% vs 11.51% (Bloomberg estimate: Rs 10.3%).

• Net profit up 71.7% at Rs 7.95 crore vs Rs 4.63 crore (Bloomberg estimate: Rs 23.85 crore).

Huhtamaki (Consolidated, YoY)

• Revenue down 7.79% at Rs 610 crore vs Rs 661.5 crore (Bloomberg estimate: Rs 643.5 crore).

• Ebitda down 19.33% at Rs 41.29 crore vs Rs 51.19 crore (Bloomberg estimate: Rs 37.2 crore).

• Margin down 96 bps at 6.76% vs 7.73% (Bloomberg estimate: 9.7%).

• Net profit down 26.73% at Rs 26 crore vs Rs 35.49 crore (Bloomberg estimate: Rs 39.2 crore).

Axis Bank Ltd., Hindustan Unilever Ltd., LTIMindtree Ltd., Dalmia Bharat Ltd., Macrotech Developers Ltd., the Indian Hotels Co., AU Small Finance Bank Ltd., Oracle Financial Services Software Ltd., Equitas Small Finance Bank Ltd., Syngene International Ltd., DCB Bank Ltd., Nippon Life India Asset Management Ltd., Supreme Petrochem Ltd., Chennai Petroleum Corp. and Anant Raj Ltd.

Markets in the Asia-Pacific region rose, tracking overnight gains on Wall Street and as declining business activity in the world's largest economy supported hopes of rate cuts by the US Federal Reserve this year.

The Nikkei 225 was trading 736.35 points or 1.96% higher at 38,288.51 and the KOSPI index was trading 44.76 points or 1.71% up at 2,667.78 as of 06:48 a.m.

Investors also wait for Australia's inflation figure, which is due to be published later on Wednesday.

A rally in tech heavyweights lifted the broader US stock market, with the group’s high-stakes earnings seen by Wall Street investors as a major test of the bull run in equities, Bloomberg said.

The S&P 500 Index and Nasdaq Composite rose 1.20% and 1.59% respectively as of Tuesday. The Dow Jones Industrial Average rose 0.69%.

The Brent crude was trading 0.09% higher at $88.51 a barrel. Gold fell 0.09% to $2,319.87 an ounce.

The GIFT Nifty was trading 25.5 points or 0.11% higher at 22,450.00 as of 07:09 a.m.

India's benchmark equity indices ended a little higher on Tuesday as shares of Bharti Airtel Ltd. led the gains, but the upside was limited due to losses in Reliance Industries Ltd.

The NSE Nifty 50 closed 31.60 points or 0.14%, up at 22,368.00, while the S&P BSE Sensex was 89.83 points or 0.12%, higher at 73,738.45.

Overseas investors stayed net sellers on Tuesday for the second consecutive day. Foreign portfolio investors sold stocks worth Rs 3,044.54 crore and domestic institutional investors stayed net buyers for the second day and mopped up equities worth Rs 2,918.9 crore, according to provisional data from the National Stock Exchange.

The Indian currency strengthened three paise to close at Rs 83.34 against the US dollar.