Opening Bell:
Gift Nifty is up by 35.0 points in the early morning trade, indicating a positive opening for Indian stock market
On Tuesday, Asian markets saw upward momentum, following the positive performance of Wall Street overnight. Investors were keeping an eye on crucial economic data from the region. Japan’s Nikkei 225 surged by 0.98%, accompanied by a 1.2% rise in the Topix index. South Korea’s Kospi experienced a modest gain of 0.23%, while the Kosdaq climbed by 0.26%. However, Hong Kong’s Hang Seng index futures suggested a slightly weaker start.
On Monday, US stocks made significant gains, while the yen strengthened, possibly due to intervention efforts, as investors geared up for a busy week ahead. The Dow Jones Industrial Average climbed by 147.4 points, or 0.39 percent, reaching 38,387.06. Meanwhile, the S&P 500 saw an increase of 16.19 points, or 0.32 percent, closing at 5,116.15, and the Nasdaq Composite rose by 55.18 points, or 0.35 percent, to 15,983.08.
Stocks News:
š Tata Chemicals: Reporting a significant shift from the previous year’s profit of ā¹709 crore, the Tata group company posted a net loss of ā¹850 crore for the quarter ending March FY24. This loss was attributed to a non-cash asset write-down of ā¹963 crore related to the UK’s Lostock Plant, categorized as an exceptional loss. The company’s revenue from operations for the quarter decreased by 21.1% YoY, amounting to ā¹3,475 crore.
š UltraTech Cement reported a 36% year-on-year surge in consolidated profit after tax for Q4FY24, reaching ā¹2,258 crore, surpassing expectations. This growth was fueled by reduced fuel costs and a double-digit volume increase. Consolidated revenue from operations rose by 9.4% YoY to ā¹20,419 crore. Bloomberg had projected a PAT of ā¹2,123 crore and revenue of ā¹20,084 crore. Ebitda stood at ā¹4,250 crore, with a margin of 20.81%. Effective capacity utilization was 98% for the quarter and 85% for the full year. For the fiscal year ending 31 March, UltraTech reported a consolidated net profit of ā¹7,005 crore, up by 38%, with revenue climbing 12% to ā¹70,908 crore, and Ebitda reaching ā¹13,586 crore, with a margin of 19.16%.
š Poonawalla Fincorp: Demonstrating strong growth, the non-banking finance company reported a standalone net profit of Rs 331.7 crore for the March FY24 quarter, marking an 83.6 percent increase over the previous year. Net interest income also surged by 57 percent year over year to Rs 641 crore for the quarter. Asset quality improved with gross NPA decreasing by 17 bps QoQ to 1.16 percent and net NPA declining by 11 bps sequentially to 0.59 percent.
š Mahindra & Mahindra: Introducing its latest model, the XUV 3XO subcompact SUV, Mahindra & Mahindra aims to compete in a fiercely competitive market segment. Priced at ā¹7.49 lakh for the base MX1 variant and ā¹13.99 lakh for the high-end AX7L model, the SUV enters direct competition with popular models like the Tata Nexon and Hyundai Venue. Bookings start from May 15, with deliveries scheduled to commence from May 26.
š Foreign institutional investors (FIIs) net bought Rs 169.09 crore shares, while domestic institutional investors (DIIs) pumped in Rs 692.05 crore on April 29, provisional data from the NSE showed.
Domestic and International Events
- Japan’s factory output for March exceeded market expectations, rising by 3.8% from the previous month. Additionally, Japanese retail sales expanded by 1.2% year-on-year in March, marking the 25th consecutive month of growth. However, compared to February, retail sales declined by 1.2% in March.
- China’s manufacturing activity in April showed a slower expansion, according to an official factory survey. The official purchasing managersā index (PMI) dropped to 50.4 in April from 50.8 in March, slightly beating the median forecast of 50.3 in a Reuters poll.
- Gold prices dipped on Monday amid expectations of prolonged higher US interest rates, with attention turning to the Federal Reserve policy meeting and US non-farm payrolls data this week for insights into the rate trajectory. Spot gold decreased by 0.2 percent to $2,333.29 per ounce, while US gold futures were down 0.1 percent at $2,344.60.
- Crude oil prices experienced a decline amidst ceasefire talks between Israel and Hamas in Cairo. Brent crude futures fell by 0.11% to $88.30 a barrel, while US West Texas Intermediate crude futures dropped by 0.18% to $82.48 a barrel. Both benchmarks’ front-month contracts lost over 1% on Monday.
| EMERGING | LATEST | % 1D |
| Hang Seng | 17,747 | 0.5 % |
| Shanghai Composite | 3,113 | 0.8 % |
| DEVELOPED | LATEST | % 1D |
| Dow Jones | 38,386 | 0.4 % |
| DAX | 18,118 | (0.2) % |
| FTSE 100 | 8,147 | 0.1 % |
| Nikkei | 37,935 | 0.8 % |
| Straits Times | 3,282 | 0.1 % |
