Stocks news update:
The GIFT Nifty forecast suggests that the Indian equity benchmarks, BSE Sensex and NSE Nifty 50, might experience a subdued start on Tuesday. Let’s delve into the key stocks to keep an eye on during the trading session.
Market Focus: GIFT Nifty exhibited a marginal increase of 15.50 points or 0.07% at 22,605, hinting at a tepid beginning for the domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. In the previous session, on Monday, the NSE Nifty 50 concluded with a decline of 33.15 points or 0.15%, settling at 22,442.70, while the BSE Sensex edged up by a mere 17.39 points or 0.02% to reach 73,895.54
“The domestic indices traded in a range-bound manner influenced by PSU banks’ underperformance due to the RBI’s tighter norms on lending to projects under development. The broader stocks indices also witnessed major selling pressure due to valuation concerns and profit booking,” said Vinod Nair, Head of Research, Geojit Financial Services
Stocks update:
Lupin, headquartered in Mumbai, has unveiled robust financial results for Q4 FY24. The firm posted a substantial 52% year-on-year surge in consolidated net profit, reaching Rs 359.43 crore. Moreover, revenue witnessed a notable uptick, climbing by 13% to Rs 4,895.11 crore. Additionally, Lupin’s EBITDA stocks skyrocketed by 66% to Rs 1,026.1 crore, leading to an enhanced margin of 14.2%.
Gujarat Gas reported an 11% rise in net profit to Rs 409.54 crore for the quarter ended March 31, up from Rs 369.22 crore in the same period last year. Sequentially, the profit surged by 85.9% from Rs 220.34 crore in the December quarter. The company’s revenue from stocks operations grew by 5.4% to Rs 4,293.86 crore in the March quarter compared to Rs 4,073.82 crore in the corresponding period last year. EBITDA for the quarter stood at Rs 591 crore, with a net margin of 14.3%, as per the company statement. Additionally, Gujarat Gas announced a dividend of Rs 5.66 per equity share.
Route Mobile witnessed a marginal 0.82% increase in revenue to Rs 1,017 crore compared to Rs 1,008 crore previously. However, EBITDA experienced a decline of 4.94%, at Rs 125 crore, down from Rs 132 crore in the corresponding period. Consequently, the margin decreased by 74 basis points, dropping to 12.33% from the previous 13.08%. Net profit stood at Rs 95.16 crore, down by 8.54% from Rs 104.05 crore. Additionally, the board proposed a final dividend of Rs 2 per share. Furthermore, an exceptional item of Rs 1.8 crore was noted.
Godrej Consumer Products reported a consolidated net loss of Rs 1,893 crore for the March quarter, in stark contrast to the net profit of Rs 452 crore reported previously. This quarter’s results include a one-time exceptional loss of Rs 2,376 crore. Despite this setback, the company’s total revenue showed a 6% increase to Rs 3,385.61 crore from Rs 3,200.16 crore a year ago, as per a regulatory filing. Additionally, the board recommended an interim dividend of Rs 10 per share for the financial year 2023-24.
In April, Bajaj Allianz General Insurance Company (BAGIC) recorded a Gross Direct Premium underwritten of Rs 2,389 crore, while Bajaj Allianz Life Insurance Company’s new business premium reached Rs 689 crore.
Wipro collaborated with Microsoft to introduce a suite of Generative AI-powered virtual assistants customized for the financial services sector.
