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India's Third Giant Leap
This Could be One of the Biggest Opportunities for Investors
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- Todays Market
- Indian Stock Market News April 23, 2024
Sensex Today Ends 89 Points Higher | Telecom Stocks Shine | Cochin Shipyard Surges 13% Tue, 23 Apr Closing
After opening the day on high, 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, the BSE Sensex stood higher by 89 points (up 0.1%).
Meanwhile, the NSE Nifty closed higher by 25 points (up 0.1%).
Nestle, HCL Tech and Maruti Suzuki were among the top gainers today.
Sun Pharma, BPCL and Hindalco on the other hand, were among the top losers today.
For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.
The GIFT Nifty ended at 22,341 down by 43 points or 0.2% lower.
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.% 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.
Cummins India, Grasim and Eicher Motors hit their respective 52-week highs today.
Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...
The rupee is trading at 83.3 against the US$.
Gold prices for the latest contract on MCX are trading 1.3% lower at Rs 70,282 per 10 grams.
Meanwhile, silver prices are trading 1.4% lower at Rs 79,463 per 1 kg.
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.
Why Tejas Network's Share Price is Rising
In news from the telecom sector, 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.
FY24 net revenue also showed strong growth at Rs 24.7 bn, reflecting a 168% increase, showed the company's call highlights.
The company also achieved profitability, with Q4 net profit at Rs 1.5 bn and FY24 profit after tax at Rs 630 m.
In the corresponding quarter last year, Tejas Networks posted a net loss of Rs 115 m.
Order book stood at Rs 82.2 bn by the end of Q4. The India order book made up Rs 79.6 bn while international business consisted of Rs 2.6 bn.
In Q4, Tejas Networks witnessed an increase in inventory, which surged to Rs 37.4 bn.
This rise was attributed to acquiring crucial long-lead components to expedite the delivery of several critical large orders, notably for BSNL 4G RAN.
Moreover, the company reported trade receivables amounting to Rs 14.6 bn, with Rs 6.5 bn successfully collected during the same quarter. As a result, the working capital saw a notable increase of Rs 15.2 bn.
Why PSP Projects Share Price is Rising
Moving on to news from the realty sector, 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.
The floor price is the minimum price at which a company can offer its shares in a QIP. It is determined based on regulatory guidelines and is set in place to ensure that the company does not undervalue its shares.
The indicative price, however, is the price at which the company intends to offer its shares during QIP. It is an initial estimate to give potential investors an idea of the likely pricing of the offering.
PSP Projects board gave the go-ahead to QIP on 9 February, and shareholders' approval, through a postal ballot, came in on 4 April. PSP's fund-raising committee met on 22 April and approved the opening of the issue, the floor price, and the preliminary placement document.
The company is yet to reveal how it plans to use the proceeds from the fund raise.
Why Gold Prices are Falling
Moving on, gold prices fell on Tuesday to their lowest levels in more than two weeks on easing concerns of an escalation in the Middle East crisis, and as investors booked profits while awaiting key US data for fresh clues on the Federal Reserve's rate trajectory.
Spot gold was down nearly 1% at US$ 2,304.99 per ounce, as of 0336 GMT. US gold futures fell 1.2% to US$ 2,318.8.
Gold dipped more than 2% in the previous session, marking its biggest intraday fall in more than a year, as fears of a wider regional conflict eased after Iran said it had no plan to retaliate following an apparent Israeli drone attack.
Gold hit a record high of US$ 2,431.3 on 12 April.
This week's main economic focus will be on gross domestic product (GDP) data on Thursday and Personal Consumption Expenditures (PCE) print on Friday.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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