Stock Market Today: Nifty, Sensex End Higher Led By HDFC Bank, Powergrid But Kotak Bank Weighs

Overseas investors turned net sellers on Thursday after two days of buying.

Foreign portfolio investors sold stocks worth Rs 964.47 crore, according to provisional data from the National Stock Exchange. Domestic institutional investors stayed net buyers for the eighth day and mopped up equities worth Rs 1,352.44 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 4,073 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 3 paise weaker against the U.S. Dollar at 83.47.

• It closed at 83.44 on Tuesday.

Source: Bloomberg

Benchmark equity indices ended the first session of the week on a positive note with led by gains in HDFC Bank and Powergrid but the upside was limited due to losses in the shares of ICICI Bank and Kotak Mahindra Bank.

The Nifty 50 ended at 22,657.15, up by 52.30 points or 0.23% and the Sensex gained 128.33 points or 0.17% at 74,611.11.

Nifty has been at a consolidation mode and some weakness can be seen in the next one or two sessions, said Nagaraj Shetti, technical and derivative analyst at HDFC Securities Ltd.

He added that 22,800-22,850 will act as the resistance level and 22,300-22,250 will be a support level.

Shares of HDFC Bank Ltd., Power Grid Corp. Of India Ltd., Asian Paints Ltd., Tata Consultancy Services Ltd., and Tata Motors Ltd. contributed the most to the gains.

Meanwhile, those of ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and Infosys Ltd put pressure on the index.

Most sectoral indices ended higher with Nifty Metal, Nifty Auto, and Nifty Energy leading.

Broader markets ended higher on BSE. The S&P BSE Midcap ended 0.91% higher, and the S&P BSE Smallcap settled 0.29% higher.

On BSE, 15 sectors out of 20 advanced, and five declined. The S&P BSE Utilities was the top gainer, and the S&P BSE Bankex declined the most.

Market breadth was evenly split between buyers and sellers. Around 1,913 stocks rose, 1,924 stocks declined, and 120 stocks remained unchanged on BSE.

"The broader market largely traded range bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform," said Vinod Nair, head of research at Geojit Financial Services.

• Approves re-appointment of Rajesh Adani as MD for 5 more years effective June 10, 2025

• Approves re-appointment of Pranav Adani as ED for 5 more years effective April 1, 2025

Source: Exchange filing

• Revenue at Rs 3327.77 crore vs Rs 2623.83 crore, up 26.82%

• Ebitda at Rs 241.9 crore vs Rs 179.16 crore, up 35.01%

• Margin at 7.26% vs 6.82%, up 44 bps

• Net profit at Rs 169.7 crore vs Rs 225.3 crore, down 24.67%

• Revenue at Rs 96,420.98 crore vs Rs 1,27,539.5 crore

• Ebitda at Rs 11,779.38 crore vs Rs 9,154.72 crore, up 28.67%

• Margin at 12.21% vs 7.17%, up 503 bps

• Net profit at Rs 3,335.27 crore vs Rs 2,421.6 crore, up 37.73%

• Revenue at Rs 1023.26 crore vs Rs 891.64 crore, up 14.76%

• EBITDA at Rs 217.46 crore vs Rs 193.99 crore, up 12.09%

• Margin at 21.25% vs 21.75%, down 50 bps

• Net profit at Rs 93.84 crore vs Rs 68.45 crore, up 37.09%

Unit Aurogen South Africa to buyout South African JV Purple Bellflower for Rs 11.9 crore

Source: Exchange filing

• Net profit at Rs 288 crore vs Rs 334 crore, down 14% YoY

• Gross NPA at 4.50% vs 4.74% QoQ

• Net NPA at 1.46% vs 1.61% QoQ

• NII at Rs 875 crore vs Rs 857 crore, up 2% YoY

• Total global sales rose 3.3% YoY to 345,840 units

• India total sales rose 10% YoY to 63,701 units

• South Korea sales fell 4.4% to 63,733 units

• Ex-Korea, global sales rose 5.2% to 282,107 units

Source: Company statement

• Revenue up 5% at Rs 2,815 crore vs Rs 2,678 crore

• EBITDA up 14% at Rs 467 crore vs Rs 410 crore

• Margin up 127 bps at 16.58% vs 15.3%

• Net profit up 17% at Rs 341 crore vs Rs 293 crore

• Revenue down 13% at Rs 1,697 crore vs Rs 1,950 crore

• Ebitda up 4.6% at Rs 335 crore vs Rs 320 crore

• Margin up 332 bps at 19.75% vs 16.42%

• Net profit up 2% at Rs 214 crore vs Rs 210 crore

• Sees FY25 cargo volumes at 460-480 MMT

• Sees FY25 revenue at Rs 29,000-31,000 crore

• Sees FY25 EBITDA at Rs 17,000-18,000 crore

• Sees net debt-to-EBITDA in FY25 to be in the range of 2.2-2.5 times

• Sees FY25 capex to be in the range of Rs 10,500-11,500 crore

• Revenue at Rs 6,896.5 crore vs Rs 5,796.85 crore, up 18.96%

• Ebitda at Rs 4,043.85 crore vs Rs 3,271.34 crore, up 23.61%

• Margin at 58.63% vs 56.43%, up 220 bps

• Net profit at Rs 2014.77 crore vs Rs 1139.07 crore, up 76.87%

India's benchmark stock indices were trading higher through midday on Thursday led by gains in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd.

As of 12:55 p.m., the NSE Nifty 50 was 74.55 points, or 0.33%, higher at 22,679.40, and the S&P BSE Sensex gained 223.79 points, or 0.30%, to 74,706.57. The Nifty rose 0.45% to 22,706.90 and Sensex rose 0.44% to 74,812.43 so far in the day.

"Today, the Sensex and Nifty 50 are expected to trend positively, influenced by a blend of global market signals. This comes as Federal Reserve officials opt to maintain interest rates, in line with what the market anticipated," said Shrey Jain, founder and chief executive officer at SAS Online.

During the previous trading session, Nifty briefly reached the 22,800 threshold, but couldn't maintain this elevation, ultimately closing near 22,600. As the week comes to an end, Jain expects Nifty to consolidate around its current levels, fluctuating within a wider spectrum of 22,600 and 22,750.

Shares of HDFC Bank Ltd., Reliance Industries Ltd., Power Grid Corp. of India, ITC Ltd., and Tata Consultancy Services Ltd. were positively contributing to the Nifty.

While those of ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and Infosys Ltd. were weighing on the index.

On NSE, eight sectors advanced and four declined. The NSE Nifty metal rose the most, and the NSE Nifty Realty declined the most.

Broader markets outperformed benchmark indices, with the S&P BSE Midcap rising 0.77% and the S&P BSE Smallcap gaining 0.35% through midday on Thursday.

On BSE, out of 20 sectors, 16 advanced and four declined. The S&P Utilities rose the most, while S&P BSE Realty was the worst performer.

The market breadth was skewed in the favour of the buyers. Around 1,967 stocks advanced, 1,684 stocks declined, and 165 stocks remained unchanged on BSE.

BSE's recent hike in Sensex and Bankex future options contract trading charges is expected to reduce the impact of Securities Exchange Board of India's fees on its earnings, analysts said.

BSE Ltd. rose as much as 3.94% to Rs 2,900, the highest level since April 26. It was trading 2.78% higher at Rs 2,867.85, as of 12:51 p.m., compared to 0.30% advance in the NSE Nifty 50 index.

The scrip gained 414.02% in 12 months, and on year-to-date basis, it has risen 29.02%. Total traded volume so far in the day stood at 0.82 times its 30-day average. The relative strength index was at 54.04.

Out of eight analysts tracking the company, five maintain a 'buy' rating, three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 9.0%.

• NII up 15% at Rs 2,195 crore vs Rs 1,909 crore YoY

• Net profit at Rs 906 crore vs Rs 903 crore YoY

• Net NPA at 0.6% vs 0.64% QoQ

• Gross NPA at 2.13% vs 2.29% QoQ

The stock had hit its lifetime high in the early trade.

In pact for JV to set up polymer manufacturing facility in India

Soruce: Exchange filing

Gets LoI from Honda Cars India for acquiring existing dealership operations in Jaipur, Alwar and Bhiwadi in Rajasthan

Source: Exchange filing

• April iron ore sales at 3.53 MT, up 3% YoY

• April iron ore output at 3.48 MT, down 1% YoY

Source: Exchange filing

The stock snapped a two-day fall and rose as the company turned profitable and reported a standalone net profit of Rs 198.85 crore as against a net loss of Rs 239.22 crore a year ago and Rs 26.21 crore in the December quarter.

Neogen Chemicals Ltd. rose to the highest level in over six months Thursday after the company recorded a rise in its net profit.

The chemical producers' net profit grew 18.3% to 16.93 crore in January-March, from 14.31 crore in the corresponding period of the previous financial year.

The stock rose 5.58% to Rs 1,628.50, the highest level since 23 Oct, 2023. It was trading 2.86% higher at Rs 1,586.28 as of 11:26, compared to 0.15% advance in the NSE Nifty 50 index.

The scrip has risen 2.69% in 12 months, and on year-to-date basis, it has risen 7.14%. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 74.15.

Out of nine analysts tracking the company, six maintain a 'buy' rating, three recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.7%.

Shares of Indiamart Intermesh jumped to hit its highest level in over two months as its net profit for the quarter ended March was higher than what the analysts had estimated.

Manufacturing PMI falls to 58.8 in April vs 59.1 in March

Source: S&P Global

Out of the Nifty Energy constituents, only two fell. Shares of Power Grid Corp. Of India and Bharat Petroleum Corp. Ltd. were the top gainers.

The stock has risen nearly 8% in the three-day rally.

Adi Godrej and family have made an open offer to acquire a 26% stake in
Astec LifeSciences Ltd. Nadir Godrej is leading the offer to buy more than 50.99 lakh shares at a price of Rs 1,069.75 per share, aggregating to Rs 545.5 crore, the company told the exchanges on Thursday. This is at a discount of 17% to the last closing price of the stock.

The company announced it will split the 125-year-old conglomerate to “maintain harmony and better align ownership.”

• Consolidated total income at Rs 12,707 crore vs Rs 10,255 crore, up 24% YoY

• Net profit at Rs 4,079 crore vs Rs 3,065 crore, up 33% YoY

• CLSA Reiterates BUY on REC, raises target to Rs 595 from Rs 560 previosuly

• Management guides 15-18% AUM growth over next 3-4 years

• View higher ROE, capex-led growth outlook as positive

• Q4 credit cost of -0.6% a big positive

• Company expects thermal capex to pick up, aims 50% market share in non-NTPC thermal projects

• Does not expect write backs in FY25 due to more liquidation projects

• Adjust loan growth, credit cost estimates, leading to 4% rise in FY25 EPS

Shares of Gravita India Ltd. declined to the lowest level in over one month after the company's profit margin declined.

The recycling company's margin fell 11 bps to 8.35% in January-March, compared 8.46% in the corresponding period of previous financial year

Kotak Mahindra Bank Ltd.'s Joint Managing Director, KVS Manian, has resigned from his post, which has analysts concerned that recent key managerial personnel changes would weigh on the private lender's growth outlook.

The scrip declined as much as 4.41% to Rs 1,552.40, the lowest level since Nov 20, 2024. It was trading 3.80% down at Rs 1,562.50 as of 10:49 a.m., as compared to 0.32% advance in the NSE Nifty 50 index.

The stock has declined 18.68% in 12 months, and on year-to-date basis, it has fallen 18.01%. Total traded volume so far in the day stood at 7.6 times its 30-day average. The relative strength index was at 28.94, which implied the stock is oversold.

Out of 43 analysts tracking the company, 22 maintain a 'buy' rating, 14 recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 28.3%.

The GIFT Nifty recorded a new milestone and achieved a record monthly turnover of 18,66,728 contracts worth $82.04 billion or Rs 6,85,187.4 crore. This surpasses its previous record of $78.09 billion set in February 2024.

Havells India Ltd. rose to the highest level since its listing on Thursday after the company's net profit grew more than expectation during January-March. The scrip rose as much as 2.58% to Rs 1,706.85.

The index gained consecutively in the second session with shares of Mahindra & Mahindra and Tata Motors contributing the most.

Benchmark equity indices recovered from Tuesday's fall and opened higher on gains in heavyweights Reliance Industries and HDFC Bank.

At pre-open, the Nifty 50 was at 22,567.85, down 37.00 points or 0.16% and Sensex was at 74,402.44, lower by 91.05 points or 0.12%.

Given the market dynamics, traders and investors are advised to seize buying opportunities during Nifty dips while implementing effective stop-loss strategies below the mentioned support levels, said Mandar Bhojane, research analyst at Choice Broking. "This cautious approach can help mitigate risks and capitalize on potential gains in today's trading session."

Shares of HDFC Bank Ltd., Reliance Industries Ltd., State Bank Of India, Mahindra & Mahindra Ltd., and Axis Bank Ltd. contributed the most to the gains.

While those of Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., Infosys Ltd., Maruti Suzuki Ltd., and Hindalco Industries Ltd. capped the upside.

Except Nifty Realty and Nifty IT, all sectoral indices open higher with Nifty Oil & Gas and Nifty Auto leading.

Broader markets were mixed. The S&P BSE Midcap was 0.52% up, and the S&P BSE Smallcap was 0.23% higher.

On BSE, twelve sectoral indices advanced, and six declined out of 20.

Market breadth was skewed in favour of the buyers. Around 1,989 stocks 1,801 stocks rose, 1016 declined and 126 stocks remained unchanged on BSE.

Signs €45 million pact with auto tech supplier Forvia for engineering development activities in clean mobility sector

Source: Exchange filing

• Target of Rs 1,560 (earlier Rs 1,325); 6.4% potential downside

• Q4 results ahead of estimates on better margins, but top line was lower

• Margin improvement led by cost savings, better efficiencies and higher utilisations

• Lloyd margins improved but growth was soft at 6% YoY, indicating market share loss

• Key to watch: strategy on Lloyd, given surplus capacity

• Pick-up in summer products is encouraging, while B2B remains buoyant

• Per Havells, fans could see price increase in May, while deflation in lighting largely over

• Cautious given seasonality and input cost headwinds

• Forecast FY25/26CL Ebitda margin of 10.2%/11.2% vs 10% in FY24

At pre-open, the Nifty 50 was at 22,567.85, down 37.00 points or 0.16% and Sensex was at 74,402.44, lower by 91.05 points or 0.12%.

• April cargo volume at 36.2 MMT, up 12% YoY

• April dry cargo volume up 7% YoY; Liquid & Gas cargo volume up 29% YoY & container volume up 14%

• April rail volume at 49,430 TEUs, up 5% YoY

Source: Exchange filing

• The yield on the 10-year bond opened 2 bps lower at 7.17%.

• It closed at 7.19% on Tuesday.

Source: Bloomberg

• The local currency opened 2 paise stronger against the U.S. Dollar at 83.42.

• It closed at 83.44 on Tuesday.

Source: Bloomberg

• Maintains Buy with raised TP to Rs 725 from Rs 665 earlier, upside 16%

• 4QFY24 Results, strong revenue growth drives estimate beat

• Outlook is Cautious

• Overall industry-wide outlook is muted, especially for India and US off-highway segment tractors

• India CV segment and India E2W segment uncertainty regarding govt incentives

• Given cautious stance on underlying demand, cut our FY25/26E earnings estimates slightly

Maintains 'Buy' On Hero With Target Rs 5,500, Upside 20%

• Hero MotoCorp’s total 2W volumes in April’24 rose 35%YoY (+9%MoM)

• Management noted volume growth was aided by greater traction in 125cc and 400+cc

Rating Suspended on Tata Motors

• Tata Motors Weak Base Aids YoY Volume Growth in CVs; MoM Decline

• Domestic CV volumes rose 33%YoY due to a weak base of April’23

• Maintain Buy on Eicher Motors with TP 4600, 1% downside

• Steady April’24 Volumes for Royal Enfield, up 12%

• Part of YoY growth would have been driven by new Himalayan

• VECV business saw volumes declining 18% YoY and 52% MoM

Maintains 'Buy' On Maruti, Target Rs 15,100, Upside 18%

• Steady volumes, Some Destocking Possible in the Swift

• UV volumes were up 54%YoY;sharp 24%YoY decline in compact cars

• Company announced opening of bookings for new Swift refresh on 1st May

Maintains 'Sell' On TVS Motors, Target Rs 1,450, Downside 30%

• Strong April’24 Wholesale Volumes up 27% yoy

• Scooters up 34%, Motorcycles up 24%, EV UP 14% MoM

• Citi Maintains neutral on Kotak; unchanged target at Rs 2040

• Investors monitoring management strategy / execution and management changes

• Resignation of Mr. Manian set to bring back focus on management attrition

• Resignation unlikely due to RBI action

• Manian, instrumental in transforming many businesses during his tenure

• Manian has been spearheading corporate since April 2014, also looks at private banking and had oversight on investment banking

• Target price raised to Rs 1,814 from Rs 1,544 earlier

• Q4FY24 results beat on margin and PAT; revenue growth in line

• Growth led by improvement in Lloyd margin

• Key negative was muted 6% YoY growth in Lloyd revenue

• Strong growth in ECD was led by fans

• Signs of real-estate led demand pick-up also visible

• Q1FY25 will see broad-based price hikes to pass on commodity cost inflation

IT Department rectifies demand of Rs 2,763 crore for AY 2022-23 to Rs 1,505 crore

Source: Exchange filing

Gets tax demand and penalty order worth Rs 212.5 crore from Uttar Pradesh tax authority

Source: Exchange filing

• Target Rs 4065

• Latest airbus order to help enhance connectivity from India to Southern Europe, US and EU

• Domestic growth potential, expanding airport infra to make India 3rd largest aviation market globally

• A321XLR aircraft to arrive in CY25; to help strengthen international market position

• Expects intense competition in sector on resurgence of Air India

• Total sales up 35% YoY at 5.33 lakh units

• Motorcycle sales up 35% YoY at 4.96 lakh units

• Scooter sales up 36% YoY at 37,043 units

• Domestic sales up 33% YoY at 5.13 lakh units

• Exports up 104% YoY at 20,289 units

Source: Exchange filing

Citi Maintains 'Buy' On Indian Oil; Raises Target To Rs 205

• Drop in Q4 gross refining margins on unexpected inventory loss

• Implied marketing Ebitda below expectations despite reversal to positive territory

• OMC valuations remain undemanding, at discounts to historical levels

• Expect integrated margins to be above historical averages over FY25-26

• Expects dynamic fuel prices to return post elections

• Expect Q1FY25 to disappoint on higher crude prices, fuel rate cuts, weaker GRMs

Emkay Maintains 'Add' On Indian Oil; Raises Target By 13% To Rs 180

• Q4 adjusted Ebitda missed estimates by 27% on weaker refining

• Marketing segment posted steady performance

• Petchem EBIT losses expanded sequentially on weak deltas

• Expect marketing business to improve post elections

• Tweak FY25-26 EPS estimates by 2-3% each

• Maintain base case for 25 bps rate cuts at each meeting starting in July, for a total of 100 bps this year

• Fed will proceed to lower rates as soon as either core inflation data softens or labor market data weakens

• Core inflation will cooperate in the near term - could be sufficient for to start cutting rates in July

• Expect a sharper deterioration in labor market data

• US Dollar Index at 105.71

• US 10-year bond yield at 4.62%

• Brent crude up 0.37% at $83.75 per barrel

• Nymex crude up 0.38% at $79.30 per barrel 

• Bitcoin was up 0.12% at $57,361.5

• Nifty May futures down 0.19% to 22,718.3 at a premium of 113.45 points.

• Nifty May futures open interest up 0.37%.

• Nifty Bank May futures down 0.32% to 49,450.55 at a premium of 53.8 points.

• Nifty Bank May futures open interest up 4.66%.

• Nifty Options May 2 Expiry: Maximum call open interest at 23,000 and maximum put open interest at 22,000.

• Bank Nifty Options May 8 Expiry: Maximum call open interest at 49,500 and maximum put open interest at 49,000.

• Securities in ban period: Biocon, Vodafone Idea.

• Moved into short-term ASM framework: Exicom Tele-Systems, Sun Pharma Advanced Research.

• Moved out of short-term ASM framework: Dhani Services, Likhitha Infrastructure, Solara Active Pharma Sciences.

• Price Band change from 20% to 10%: GPT Infraprojects.

• Ex/record dividend: 360 One WAM.

• Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge of 36 lakh shares on April 29.

• Veranda Learning Solutions: Promoter Kalpathi S Aghoram, Kalpathi S Ganesh, Kalpathi S Suresh each created a pledge of 1.72 lakh shares between April 26 and 29.

Usha Martin: Promoter Peterhouse Investments India sold 5 lakh shares on April 30.

• Cartrade Tech: CMDB II sold 3.75 lakh shares (0.8%) at Rs 700.15 apiece.

• SBFC Finance: Arpwood Capital sold 1.1 crore shares (1.03%) at Rs 88.03 apiece, Arpwood Partners Investment Advisors LLP sold 4.51 crore shares (4.23%) at Rs 88 apiece, while Custody Bank of Japan Re Rb Amundi India Small Cap Equity Mother Fund bought 1.13 crore shares (1.06%) at Rs 88 apiece, Morgan Stanley Asia Singapore Pte bought 68.74 lakh shares (0.64%) at Rs 88 apiece, SBI Mutual Fund bought 1.93 crore shares (1.81%) at Rs 88 apiece.

• Nirlon: Albula Investment Fund sold 30 lakh shares (3.32%), while Lotus Global Investments bought 3.78 lakh shares (0.42%) ICICI Prudential Fund bought ICICI Prudential Mutual Fund bought 33.78 lakh shares (3.74%) at Rs 430 apiece.

• Godrej Group: The Godrej family is set to split the 127-year-old conglomerate into two branches. Adi and Nadir Godrej will keep Godrej Industries with its five listed companies, while cousins Jamshyd Godrej and Smita Crishna will receive the unlisted Godrej & Boyce.

• Jindal Stainless: The company announced plans to invest Rs 5,400 crore across three major organic and inorganic capacity expansion decisions.

• BSE: The company has revised equity derivatives transaction charges from May 13.

• Wipro: The company received a multi-million-dollar deal with Nokia to overhaul the employee service desk.

• Rail Vikas Nigam: The company emerged as the lowest bidder for a construction project worth Rs 391 crore.

• Mold-Tek Technologies: The company appointed Donti Reddy Sarveswar Reddy as the chief financial officer.

• Paradeep Phosphates: The Central Pollution Control Board has conditionally revoked the closure of the Odisha plant for 90 days from April 29. Accordingly, the plant will resume its operation shortly.

• Mishra Dhatu Nigam: The company received an order worth Rs 139 crore.

• Kotak Mahindra Bank:  KVS Manian, joint managing director of the company, has resigned with immediate effect.

• Mahindra and Mahindra Financial: The company has appointed whole-time director Raul Rebello as executive director and chief executive officer from May 1.

Indiamart Intermesh (Consolidated, YoY)

• Revenue up 17.07% at Rs 315 crore vs Rs 269 crore (Bloomberg estimate Rs 316 crore).

• Ebitda up 33.73% at Rs 88.4 crore vs Rs 66.1 crore (Bloomberg estimate Rs 83.29 crore).

• Margin at 28.09% vs 24.59% (Bloomberg estimate 26.3%).

• Net profit up 78.49% at Rs 100 crore vs Rs 56 crore (Bloomberg estimate Rs 80.8 crore).

• Board recommends a final dividend of Rs 20 per share.

Havells India (Consolidated, YoY)

• Revenue up 12% to Rs 5,442 crore (Bloomberg estimate Rs 5,495 crore).

• Ebitda rose 20.4% to Rs 635 crore (Bloomberg estimate Rs 570 crore).

• Ebitda margin expands to 11.66% (Bloomberg estimate 10.4%).

• Net profit up 24.8% at Rs 447 crore (Bloomberg estimate Rs 401 crore).

• Board recommends a final dividend of Rs 6 per share.

Sona BLW Precision Forgings (Consolidated, YoY)

• Revenue up 19.05% at Rs 884 crore vs Rs 743 crore (Bloomberg estimate Rs 841 crore).

• Ebitda up 23.17% at Rs 248 crore vs Rs 201 crore (Bloomberg estimate Rs 240 crore).

• Margin at 28.05% vs 27.11% (Bloomberg estimate 28.5%).

• Net profit up 23.62% at Rs 148 crore vs Rs 120 crore (Bloomberg estimate Rs 138 crore).

• Board recommends a final dividend of Rs 1.53 per share.

Castrol India (Q1) (YoY)

• Revenue up 2.42% at Rs 1,325 crore vs Rs 1294 crore.

• Ebitda up 1.1% at 294 crore vs Rs 291 crore.

• Margin at 22.16% vs 22.45%.

• Net profit up 6.78% at Rs 216 crore vs Rs 202 crore.

Gravita India (Consolidated, YoY)

• Revenue up 15.28% at Rs 863 crore vs Rs 749 crore.

• Ebitda up 13.78% at Rs 72.15 crore vs Rs 63.41 crore.

• Margin at 8.35% vs 8.46%.

• Net profit up 8.48% at Rs 69.42 crore vs Rs 63.99 crore.

• Board approves interim dividend of Rs 5.2 per share.

Vedant Fashions (Consolidated, YoY)

• Revenue up 6.3% at Rs 363 crore vs Rs 342 crore (Bloomberg estimate Rs 369 crore).

• Ebitda up 4.28% at Rs 175.06 crore vs Rs 168 crore, (Bloomberg estimate Rs 176 crore).

• Margin at 48.2% vs 49.13%, (Bloomberg estimate 47.8%).

• Net profit up 6.36% at Rs 116 crore vs Rs 109 crore, (Bloomberg estimate 108 crore).

• Board recommends dividend of Rs 8.5 per share.

Adani Total Gas (Consolidated, YoY)

• Revenue up 5.09% at Rs 1,167 crore vs Rs 1,115 crore.

• Ebitda up 47.57% at Rs 288.02 crore vs Rs 195.17 crore.

• Margin at 24.68% vs 17.5%.

• Net profit up 71.54% at Rs 168 crore vs Rs 97.91 crore.

• Board recommends dividend of Rs 0.25 per share.

Indus Towers (Consolidated, YoY)

• Revenue up 6.52% at Rs 7,193 crore vs Rs 6,753 crore (Bloomberg estimate Rs 7,311 crore).

• Ebitda up 19.03% at Rs 4,103 crore vs Rs 3,447 crore (Bloomberg estimate Rs 3,667 crore).

• Margin at 57.03% vs 51.03% (Bloomberg estimate 50.2%).

• Net profit up 32.44% at Rs 1,853.1 crore vs Rs 1,399 crore (Bloomberg estimate 1,460 crore).

Adani Energy Solutions (Consolidated, YoY)

• Net Profit up 9.48% at Rs 381.29 crore vs Rs 348.25 crore.

• Revenue up 3.15% at Rs 4,706.85 crore vs Rs 4,562.73 crore.

• Ebitda up 2.49% at Rs 1,565.52 crore vs Rs 1,527.35 crore.

• Ebitda margin at 33.26% vs 33.47%.

Neogen Chemicals (Consolidated, YoY)

• Revenue at Rs 199.65 crore vs Rs 203.92 crore down 2.1%.

• Ebitda at Rs 35.79 crore vs Rs 32.59 crore up 9.81%.

• Margin at 17.92% vs 15.98%.

• Net profit at Rs 16.93 crore vs Rs 14.31 crore up 18.3%.

 Ambuja Cements (Standalone, YoY)

• Revenue at Rs 4780.32 crore vs Rs 4256.31 crore, up 12.31%.

• Ebitda at Rs 797.79 crore vs Rs 788.26 crore, up 1.2%.

• Margin at 16.68% vs 18.51%.

• Net profit at Rs 532.29 crore vs Rs 502.4 crore up 5.94%.

• Board recommends a final dividend of 2/share.

 Orient Cement (YoY)

• Revenue at Rs 888.02 crore vs Rs 876.03 crore up 1.36%.

• EBITDA at Rs 148.09 crore vs Rs 139.45 crore, up 6.19%.

• Margin at 16.67% vs 15.91%.

• Net profit at Rs 68.19 crore vs Rs 67.37 crore, up 1.21%.

• Board recommends a final dividend of 1.5/share.

 Adani Wilmar (Consolidated, YoY)

• Revenue at Rs 13238.04 crore vs Rs 13872.64 crore, down 4.58%.

• Ebitda at Rs 363 crore vs Rs 178.1 crore, up 103.81%.

• Margin at 2.74% vs 1.28%.

• Net profit at Rs 156.75 crore vs Rs 93.61 crore, up 67.45%.

Greenpanel Industries (Consolidated, YoY)

• Revenue at Rs 396.59 crore vs Rs 441.41 crore, down 10.16%.

• Ebitda at Rs 51.27 crore vs Rs 76.22 crore, down 32.73%.

• Margin at 12.92% vs 17.26%.

• Net profit at Rs 29.8 crore vs Rs 68.92 crore, down 56.76%.

Adani Power (Consolidated, YoY)

• Revenue at Rs 13363.69 crore vs Rs 10242.06 crore up 30.47%.

• Ebitda at Rs 4849.74 crore vs Rs 1907.41 crore up 154.25%.

• Margin at 36.29% vs 18.62%.

• Net profit at Rs 2,737.24 crore vs Rs 5242.48 crore down 47.78%.

Adani Ports and Special Economic Zone, Adani Enterprises, Coal India, Dabur India, Federal Bank, Coforge, KEI Industries, KPR Mills, Ajanta Pharma, Blue Star, CIE Automotive India, Blue Dart Express, Ramkrishna Forgings, Railtel, Ceat, Voltamp Transformers, South Indian Bank, Ugro Capital, Astec Lifesciences, JBM Auto.

Most markets in the Asia-Pacific region were trading lower on Thursday morning as the Federal Reserve held rate steady at the current levels and signalled for a higher-for-longer stance.

Hong Kong's Hang Seng and Australia's S&P ASX 200 were the only sectoral indices that rose.

The US stock market got hit after the latest batch of economic data showed a plunge in consumer confidence and persistent wage pressures in the run-up to the Federal Reserve decision, reported Bloomberg.

The S&P 500 and the Nasdaq 100 fell 0.34% and 0.33% respectively as of Wednesday. The Dow Jones Industrial Average was up 0.23%.

Brent crude was trading up 0.37% at $83.75 per barrel. Gold was higher by 0.12% at $2,322.34 an ounce.

The GIFT nifty was 60.5 points or 0.27% higher at 22,742.50 as of 07:55 a.m.

India’s benchmark stock indices erased all gains and ended lower on Tuesday as heavyweights HDFC Bank Ltd. and ICICI Bank Ltd. dragged. Decline in metal and information technology stocks also pressured the benchmarks.

The NSE Nifty 50 ended 45.60 points, or 0.20%, lower at 22,597.80, and the S&P BSE Sensex closed 188.50 points down, or 0.25%, at 74,482.78.

Overseas investors remained net buyers of Indian equities for the second consecutive session on Tuesday. Foreign portfolio investors mopped up stocks worth Rs 1,071.9 crore and domestic institutional investors stayed net buyers as well and bought equities worth Rs 1,429.1 crore, the NSE data showed.

The Indian rupee closed 3 paise stronger against the US dollar at Rs 83.44.