Amber Enterprises zooms, ITC Q4 preview, Triveni Turbine surged on robust Q4

Indian Markets:

• Domestic equity benchmarks witnessed a consecutive day of moderate losses on Wednesday, reflecting the impact of weak global sentiment on the market. Investors adopted a cautious approach, driven by concerns over the possibility of a recession in the United States, which was amplified by the unresolved US debt ceiling issue.
• However, the automotive and FMCG sectors managed to perform well, displaying resilience in the face of market downturn. Conversely, realty and IT stocks experienced a decline, facing the brunt of the overall market sentiment.
• Notably, small-cap stocks continued their impressive performance for the second day in a row. 

Global Markets:

• Markets in Europe and Asia were mixed on Wednesday as investors keep an eye on debt ceiling negotiations in the U.S.
• Japans economy grew 1.6% in the first quarter of the year on an annualized basis, economic data showed on Tuesday. Quarter-on-quarter, the economy grew 0.4%, also higher than forecasts to see 0.1% growth.
• US stocks declined on Tuesday with a disappointing forecast from Home Depot, mixed economic data and worries over the debt ceiling impasse keeping investors nervous.
• Treasury Secretary Janet Yellen on Tuesday warned that a US default on government debt would leave millions of Americans without income payments, potentially triggering a recession that destroys many American jobs and businesses.
• US retail sales rose by 0.4% in April after falling by a revised 0.7% in March.
• A separate report from the Federal Reserve showed industrial production climbed by 0.5% in April, while revised data showed production was unchanged in each of the two previous months.

Stocks in Spotlight:

• The stock of Amber Enterprises witnessed an impressive surge of more than 14 percent following the release of their financial results. Amber Enterprises, renowned as a leading contract manufacturer of air conditioners, reported a remarkable 82 percent year-on-year growth in consolidated profit.
• ITC is anticipated to announce robust financial results for the March quarter. According to a survey conducted among brokerages, ITC is expected to unveil a remarkable 14 percent year-on-year increase in standalone consolidated net profit, amounting to Rs 4,764.4 crore. This surge in profit is primarily attributed to the company’s strong performance in various sectors, particularly the impressive growth of 13 percent in cigarette volumes, which accounts for more than a third of ITC’s overall revenue. 
• Triveni Turbine stock price rallied today. This boost came as the company announced remarkable achievements, including its highest-ever annual revenue, EBITDA (earnings before interest, taxes, depreciation, and amortization), and order booking. The company’s exceptional performance has also led to a record-breaking closing order book, providing substantial visibility for the fiscal year 2024. In FY23, Triveni Turbine achieved a remarkable annual order booking of Rs 16.05 billion, marking a notable 36 percent year-on-year increase.

News from the IPO world🌐

• IDBI, BOB, SBI Capital to manage IREDA IPO
• Hero Electric IPO: CEO Sohinder Gill reveals listing plans
• Crayons Advertising, an Integrated marketing and communications agency, will launch its IPO on May 22

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