Gift Nifty Up 25 Points | Tech Mahindra Q4 Results | ACC Declares Interim Dividend | Top Buzzing Stocks Today

Fri, 26 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 benchmark snubbed weak cues from global peers, and staged a smart recovery in Thursday's trading sessions.

At the closing bell on Thursday, the BSE Sensex closed higher by 487 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 156 points (up 0.7%).

Axis Bank, SBI and Nestle were among the top gainers.

HUL, Titan and Kotak Mahindra 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 0.7% higher and the BSE Small Cap index ended 0.5% higher.

Sector indices are trading on mixed, with stocks in metal sector, auto sector and healthcare sector witnessing buying. Meanwhile stocks in consumer durables sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading flat at Rs 71,060 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:20 AM today, the Gift Nifty was trading up by 25 points at 22,680 levels.

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

Speaking of stock markets, Asian Paints had been one of the earliest companies to buy a supercomputer.

But the company's capex plans did end up be ill timed during economic meltdowns.

In the latest video, Research Analyst, Tanushree Banerjee talks about can it repeat its history.

Tune in to find out more.

Top buzzing stocks today

Nestle share price will be in focus today.

Nestle India shares jumped 2.6% on 25 April after the FMCG giant reported better-than-expected earnings for the March quarter, cheering investors spooked by a probe against the FMCG major for alleged high sugar content in its baby food.

Nestle India's standalone net profit was up 27% at Rs 9.3 bn from the year-ago quarter. The Maggi maker's revenue rose 9% to Rs 52.7 bn in the March quarter.

Orient Cement will also be a top buzzing stock.

Shares of Orient Cement surged over 11% after a media report reported that the Aditya Birla Group is in an advanced stage of negotiation to buy the promoter's stake in the company.

The promoter stake in Orient Cement - held by the Birla family and private investment vehicles - is 37.9%, with a current market value of Rs 19.2 bn.

RITES Partners Damodar Valley Crop

The company signed a MoU with Damodar Valley Corporation to collaborate for project management consultancy for rail infra works.

The partnership aims to find novel infrastructure solutions for upgrading, renovating and developing rail connectivity for power plants and surrounding areas.

As part of this collaboration, RITES will work closely with DVC to develop rail infrastructure facilities and associated civil, structural, S&T, and OHE works.

This development follows closely after the company signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Madras (IIT-Madras) on 5 April to collaborate on green energy projects focused on transport and mobility. The partnership aims to find novel infrastructure solutions for the transportation and storage of green hydrogen and green ammonia.

Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.

ACC Q4 Results & Interim Dividend

Cement manufacturer ACC on 25 April reported a 216% rise in standalone net profit for the March quarter at Rs 7.5 bn as against Rs 2.4 bn in the year-ago period, on a standalone basis.

Its revenue came in at Rs 53.9 bn on a standalone basis, up 13% from a year ago.

On a consolidated basis, net profit rose 300% to Rs 9.5 bn in the quarter, compared to Rs 236 in the same quarter last year. Consolidated revenue from operations rose to Rs 54.1 bn from Rs 47.9 bn recorded last year.

The Adani Group company declared a dividend of Rs 7.5 per equity share with a face value of Rs 10.

ACC said its consolidated EBIT was at Rs 7.2 bn for the quarter against Rs 4.1 bn in the same quarter last year. EBIT margin also improved from 8.6% in Q4 FY23 to 13.3% in Q4 FY24.

Cement volume growth recovered to a healthy 7-8% on-year in the last quarter of fiscal 2024, on an aggressive volume push, after growing ~15% on-year in the first half and logging a moderate slowdown in the third quarter due to regional hindrances.

Cement sales have benefitted from increased government spending on infrastructure, rural development and rising demand from the housing sector.

Although, companies in various regions have announced price hikes ranging from Rs 10-15 per bag in the north to Rs 40 per bag in the central and east, dealers are cautious about whether the announced price hikes will hold.

The war for market share in the cement industry is heating up and analysts expect that the big boys of the cement industry will continue to take over smaller companies and consolidate to protect and gain market share.

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Tech Mahindra Q4 Results

IT services major Tech Mahindra reported a 40.9% fall in net profit to Rs 6.6 bn year-on-year for the fourth quarter that ended 31 March, driven by continued slowdown in key verticals, including telecom, communications, media and entertainment.

Sequentially, net profit was up by 29.5%. Consolidated revenue for Q4FY24 decreased 6.2% YoY at Rs 128.7 bn.

The company's EBIT margin or operating margin came in at 7.4%, which is an improvement from the previous quarter's 5.4%.

Full-year FY24 revenue came in at Rs 519.9 bn, decreasing by 2.4% YoY, and net profit stood at Rs 23.6 bn, down by 51.2% YoY.

The board recommended a final Dividend of Rs 28 per equity share of the face value of Rs 5/- each (560%) for the financial year ended 31 March 2024.

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

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