Stock Market LIVE Updates: GIFT Nifty suggests a negative start; US, Asian markets fall

Foreign portfolio investor New World Fund Inc has bought an additional 3,22,554 equity shares in the IT services company at an average price of Rs 5,073.66 per share via an open market transaction, valued at Rs 163.65 crore.

Aditya Birla Capital, Balrampur Chini Mills, Bandhan Bank, Hindustan Copper, Indian Energy Exchange, India Cements, Metropolis Healthcare, National Aluminium Company, Piramal Enterprises, Punjab National Bank, Zee Entertainment Enterprises.

Biocon announced the signing of an exclusive licensing and supply agreement with Handok, a specialty pharmaceutical company in South Korea, for the commercialization of its vertically integrated, complex drug product, Synthetic Liraglutide.

– InterGlobe Aviation: Q4 profit spikes 106.1% to Rs 1,894.8 crore Vs Rs 919.2 crore

– Schneider Electric: Q4 profit plunges 92.7% to Rs 3.28 crore Vs Rs 44.8 crore

– Landmark Cars: Q4 profit plunges 55% to Rs 10.97 crore Vs Rs 24.3 crore

– Orchid Pharma:Q4profit tanks 49.2% to Rs 33.5 crore Vs Rs 65.9 crore

–UPL: The company signs joint venture agreement with Aarti Industries

#1 Q4 saw higher-than-expected results on strong volumes

#2 Volume outlook for FY25 also remains strong

#3 Raise FY25F/ FY26 EBITDA by 7 percent/ 4 percent, on higher volumes in FY25 & lower opex over FY25-26

#1 Q4 beat estimates, with EBITDA growing 45 percent YoY to Rs 4,000 crore versus estimate of Rs 3,700 crore

#2 Q4 beat was led by strong 7 percent YoY uptick in yields offsetting cost pressures

#3 In another surprise move, company talked about launching business class services by CY24-end

#4 Yield & spreads continue to benefit from constrained capacity environment

#5 Believe stellar run in stock factors in positives

The last 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.

Interglobe Aviation Ltd, which runs low-cost airline IndiGo, on May 18 reported a profit of Rs 1894.8 crore for the quarter ended March 31, 2024, flying into its sixth straight quarter in green, as strong demand outweighed fuel price hike.

The company’s revenue from operations grew 26 percent to Rs 17,825.3 crore from Rs 14,161 last fiscal but missed an estimate of Rs 19,452 crore. Read More

#1 Revenue in-line but earnings were higher owing to better margin

#2 Cigarette revenues were better than our estimate while FMCG was in-line

#3 Margin were better across FMCG & hotels business but in-line for cigarettes & paper

ITC Ltd has reported a standalone net profit of Rs 5,020.2 crore for the March quarter, down 1.31 percent from the year-ago quarter, hit by flattish cigarette volumes and lower FMCG margins.

The profit fell short of expectations. A Moneycontrol poll of six brokerages pegged ITC’s consolidated net profit at Rs 5,114 crore, up 0.5 percent.

Revenue came in at Rs 17,752.87crore, rising 1.40 percent. Read More

NTPC, Hindalco Industries, Bosch, Ashok Leyland, Hindustan Copper, Glenmark Pharmaceuticals, Aegis Logistics, Bajaj Healthcare, Cochin Shipyard, Coffee Day Enterprises, DOMS Industries, Easy Trip Planners, Indiabulls Housing Finance, Karnataka Bank, Manappuram Finance, Nazara Technologies, Narayana Hrudayalaya, Suzlon Energy, Torrent Pharmaceuticals, and United Spirits will announce their March quarter earnings on May 24.

Trends on GIFT Nifty indicate a negative start for the broader index in India, with a loss of 42.50 points or 0.18 percent. The Nifty futures were trading around 22,972 level.