Sensex Today Ends 114 Points Higher | Metal Stocks Shine | VI Tanks 9%

Wed, 24 Apr Closing

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After opening the day on high, Indian share markets continued the momentum as the session progressed and ended the higher.

The Indian stock market benchmark ended Wednesday's range-bound session with slim gains as selling pressure in information technology (IT) stocks intesified in the fag-end.

At the closing bell, the BSE Sensex stood higher by 114 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 34 points (up 0.1%).

Hindalco, Cipla and JSW Steel were among the top gainers today.

HDFC Life, TCS and Bajaj Auto 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 22,413 down by 37 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 0.9% higher and the BSE Small Cap index ended 0.8% higher.

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

Dixon Technologies, Eicher Motors and CAMS 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 0.3% lower at Rs 70,835 per 10 grams.

Meanwhile, silver prices are trading 0.2% lower at Rs 80,496 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 Aditya Birla Capitals Hit 52-Week High

In news from the finance sector, Shares of Aditya Bila Capital witnessed a remarkable surge in its share prices, rallying by 6.9% yesterday and climbing an additional 7% today, reaching a 52-week high.

This upward trajectory can be attributed to its robust expansion strategy, particularly with the launch of a new digital platform. Aditya Birla Capital aims to onboard 30 m new customers over the next three years through this platform, streamlining the customer acquisition process.

Currently, Aditya Birla Capital serves a substantial customer base of over 35 m across various sectors, including lending, insurance, and asset management.

The conglomerate boasts a vast small business ecosystem of 250,000 and caters to over 250 m customers through diverse products and services such as telecom, fashion, and retail.

With a comprehensive suite of 22 products and services spanning across its offerings, Aditya Birla Capital aims to solidify its position in the top three across its core businesses.

Projections indicate promising growth in its insurance, credit, and investment segments, with a compounded annual growth rate of 19-21% over the next 3-5 years.

Moreover, the broader financial services sector is anticipated to expand at twice the rate of the annual GDP growth.

Why ICICI Prudential Share Price is Falling

Moving on to news from the insurance sector, Shares of ICICI Prudential Life Insurance.

Company tumbled over 6% to Rs 556.75 following a significant decline in the Value of New Business (VNB).

The VNB plummeted over 26% on-year to Rs 7.7 bn in the March quarter.

The drop in the VNB margin to 24.6% for FY24, down from 32% the previous year, was attributed to a shift in the product mix towards unit-linked business and a higher expense ratio.

VNB, also known as new business profit, is a key metric used to assess the profitability of newly written business contracts.

The company's net profit for the March quarter also took a hit, dropping by 26% year-on-year to Rs 1.7 bn due to increased expenses.

ICICI Prudential's net premium income surged 17% to Rs 147.9 bn in Q4FY24, compared to Rs 126.3 bn in Q4FY23. Additionally, the insurer's annual premium equivalent (APE) saw a 9.5% year-on-year increase to Rs 36.2 bn.

ICICI Prudential's board approved a final dividend of 60 paise per equity share of face value Rs 10 each to its shareholders.

ICICI Prudential reported a mixed performance in Q4 FY24, where the slight miss in VNB margins was offset by a minor beat in APE, which led to VNB in line with our estimates.

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Cyient DLM spurts on strong Q4 numbers

Moving on to news from the electronic manufacturing sector, Cyient DLM jumped 7.1% to Rs 736.1 after the company's net profit surged 80.6% to Rs 227.4 m on a 30.5% rise in revenue from operations to Rs 3.6 bn in Q4 FY24 over Q4 FY23.

Profit before tax climbed 78.3% year on year to Rs 307 m in the quarter ended 31 March 2023.

Total expenses spiked 31.14% YoY to Rs 3.4 bn during the quarter. The cost of materials consumed stood at Rs 271.80 crore (up 28.15% YoY), and employee benefits expenses stood at Rs 357 m (up 33.86% YoY) during the quarter.

EBITDA stood at Rs 380 m in the March quarter, up 19.2% from Rs 319 m posted in Q4 FY23. EBITDA margin reduced to 10.5% in Q4 FY24 as compared to 11.5% registered in the same period a year ago.

The order book was at Rs 21.7 bn in the quarter ended 31 March 2024, down 10.8% as against Rs 24.3 bn recorded in the corresponding quarter last fiscal.

On a full-year basis, the company's net profit zoomed 92.8% to Rs 612 m on a 43.3% jump in revenue to Rs 11.9 bn in FY24 over FY23.

The robust growth for this year was led by the aerospace and defence (A&D) segments. Large deals in A&D constitute a major portion of the order book and pipeline and are expected to contribute towards FY25 & FY26 growth.

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

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