Markets ended slightly higher on Wednesday. The Nifty index is currently experiencing some resistance between the levels of 22,400 and 22,500. However, it has been able to stay above the lower end of this range. Indian stocks will start the day with a neutral to slightly negative tone, but there may be some volatility due to the expiry of the April series.
US Futures trading lower after US market ended flat. Asian markets are also trading in the red zone due to weak signals from other global markets. The price of crude oil has slightly eased because of concerns about US demand, Brent around USD 88 per barrel.
Result Today – Bajaj Finance, Nestle, Vedanta, ACC, LTTS, Lauras Labs, Tech Mahindra
Nifty50 Chart
Stocks to watch
Positive Read through
- Axis Bank – NPAs lowest in nearly 34 quarters, NIM improves vs estimate of a decline.
- HUL – Results in-line, volume growth 2 pct vs poll of 2-3 pct.
- Happiest Minds – To acquire Puresoftware Tech for up to Rs. 7.79 bn.
- Syngene – Earnings improve, FY25 sales growth seen in high single to low double digits.
- RVN – Lowest bidder for a Southern Railway project worth Rs. 2.39 bn.
- Macrotech – FY24 pre-sales in-line with guidance, up 20 pct YoY.
- Indian Hotels – Best Q4 ever, sales jumped 17 pct, margin up nearly 200 bps YoY.
- Mas Fin – Disbursements rsoe 15 pct, AUM surged by 25.12 pct YoY.
- Rites – Agreement with Damodar Valley Corp for Rail Infra Works.
- Narayana Hrudayalaya – Acquires land in Bengaluru for expansion plans.
- STL – cable pdts manufactured in US are BABA provisions compliant.
- Reliance Ind – Jiocinema announces ‘Jiocinema premium’ starting at 29/month.
- Supreme Petro – Sales up by 30 pct, EBIDTA up 58.6 pct QoQ.
- MOFSL – Prateek Agrawal appointed MD & CEO of Motilal Oswal AMC.
- Oracle Fin – Sales grew 11.7 pct, EBIT margin at 44.7 pct vs 44.3 pct.
Negative Read through
- Kotak Mah Bank – Barred from onboarding new online, mobile banking & credit card customers.
- LTIMindtree – Sales & margin lower than estimates, CC sales declines 1.3 pct QoQ.
- AU SFB – NIM at 15-quarter low of 5.1 pct, NII below estimate at Rs. 13.37 bn.
- Dalmia Bharat – Q4 below estimates, margin at 15.18 pct vs poll of 18.8 pct.
- Jubilant Pharmova – 5 observations issued for Radiopharma manufacturing unit at Montreal.
- Vedanta – Company Order of temporary suspension of mining operations in respect of The A. NARRAIN Iron Ore Mine.
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