Gift Nifty Up 73 Points | Tata Consumer Q4 Results & Interim Dividend | M&M Finance Delays Q4 Results | Top Buzzing Stocks Today

Wed, 24 Apr Pre-Open

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Indian share markets continued the momentum as the session progressed and ended the higher.

The Indian stock market benchmarks, the Sensex and the Nifty 50 extended their gains as broader market outperformed.

At the closing bell on Monday, the BSE Sensex closed higher by 89 points (up 0.1%).

Meanwhile, the NSE Nifty higher by 25 points (up 0.1%).

Nestle, HCL Tech and Maruti Suzuki were among the top gainers.

Sun Pharma, BPCL and Hindalco on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day higher. The BSE Mid Cap ended 0.5% higher and the BSE Small Cap index ended 1.1% higher.

Sector indices are trading on mixed, with stocks in realty sector, and telecom sector witnessing buying. Meanwhile stocks in metal sector and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 1.3% lower at Rs 70,282 per 10 grams at the time of Indian market closing hours on Tuesday.

At 8:10 AM today, the Gift Nifty was trading up by 73 points at 22,449 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

Speaking of stock markets, Tejas Networks shares gained momentum after Tata Sons acquired a controlling stake in the company.

In the latest video, Research Analyst, Tanushree Banerjee why this Tata Stock outran Tata Elxsi.

Tune in to find out more.

Top buzzing stocks today

Tejas Networks share price will be in focus today.

Shares of the telecom equipment major, Tejas Networks skyrocketed 20% this morning after the company's good Q4 show. The company posted its highest-ever quarterly and annual revenue and profitability.

The company's Q4 revenue soared 343% to Rs 13.3 billion (bn) from Rs 2.9 bn in the previous year.

PSP Projects will also be a top buzzing stock.

Shares of PSP Projects rose around 4% in the opening trade on 23 April after the company launched a qualified institutions placement (QIP) in a bid to raise Rs 2.4 bn.

The company has fixed a floor price of Rs 682.59 per share, though it may offer a discount of up to 5% to investors. The indicative issue price for the QIP is Rs 670.

Tata Consumer Q4 Results & Interim Dividend

Tata Consumer Products Ltd, the owner of Tetley tea and Ching's Secret noodles brands, reported a net profit of Rs 2.2 bn for the fiscal fourth quarter, a fall of 19% from the year-ago period.

Revenue increased 8.5% to Rs 39.3 bn in the three months ended 31 March, Tata Consumer said in an exchange filing on 23 April.

Revenue was largely in line but profit missed estimates.

The EBITDA margin was at 16%, up 1.9%. EBITDA is short for earnings before interest, taxes, depreciation, and amortisation. One basis point is one-hundredth of a percentage point.

The India Packaged Beverages business delivered 2% revenue

growth. The company continued to retain market leadership in tea in the E-commerce channel. Coffee continued its strong performance with a revenue growth of 45% for the quarter. Nourishco (RTD business) recorded revenue growth of 13% during the quarter, bringing FY24 growth to 33%.

The company's sales & distribution infrastructure was further strengthened, expanding total reach to 4 m outlets as of March 2024.

The reach was further deepened through the addition of 1300+ distributors in FY24, primarily in Rurban markets.

Alternate channels continued to fuel our growth and innovation agenda E-commerce channel grew 35%, and Modern Trade recorded 9% growth in FY24. E-commerce accounted for 11% of India's business in FY24, up from 9% last year.

For the quarter, the International business revenue grew 7%.

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M&M Finance Delays Q4 Results

Shares of M&M Financial Services plunged 8% in early trade on 23 April after the company postponed its scheduled board meeting, originally planned for today, to discuss its fourth-quarter results.

This delay comes in light of a fraud discovery at one of the company's branches located in the North East region.

The fraud involved forgery of KYC documents related to retail vehicle loans, resulting in the misappropriation of company funds.

According to M&M Finance's notification to the stock exchange, the fraudulent activity has led to the misappropriation of company funds. The estimated financial impact of this deception is anticipated to be within Rs 1.5 bn.

In response to the situation, the company has promptly initiated necessary corrective measures.

The company has identified necessary corrective actions and has informed exchanges that a few persons involved have been arrested.

The Audit Committee and Board Meeting on the same date will address other agenda items, including discussions on raising aggregate borrowing limits and issuing Non-convertible debentures. Additionally, the annual earnings conference call has been deferred.

JNK India IPO

The Rs 6.5 bn initial public offering (IPO) of JNK India, a heating equipment manufacturer, was subscribed 49% on 23 April, the first day of bidding.

Investors bought 5.4 m equity shares against an issue size of 11 m, subscription data available with the exchanges showed.

Qualified institutional buyers (QIBs) took the lead, picking 67% of the shares set aside for them. Retail investors bought 48% of their allotted quota, while non-institutional investors bid 0.25 times the reserved portion.

The IPO is a fresh issue of Rs 3 bn and an offer-for-sale (OFS) of 8.4 m shares worth Rs 3.5 bn. The price band for the IPO, which closes on 25 April, has been fixed at Rs 395-415 a share.

Natixis International Funds, Kotak Mutual Fund, Goldman Sachs, HDFC Mutual Fund, Allianz Global Investors Fund, DSP Mutual Fund, and LIC Mutual Fund invested through the anchor book.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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