Gift Nifty Down 65 Points | Axis Bank Q4 Results | Why Telecom Stocks are Falling | Top Buzzing Stocks Today

Thu, 25 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 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 on Monday, the BSE Sensex closed higher by 114 points (up 0.1%).

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

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

HDFC Life, TCS and Bajaj Auto 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 0.9% 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.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 70,835 per 10 grams at the time of Indian market closing hours on Wednesday.

At 7:40 AM today, the Gift Nifty was trading down by 65 points at 22,364 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

ICICI Prudential share price will be in focus today.

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.

Cyient DLM will also be a top buzzing stock.

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.

Why Telecom Stocks are Falling

Shares of telecom companies Indus Towers Ltd and Vodafone Idea fell up to 8% on 24 April after Bharti Airtel denied reports that it was in talks to buy Vodafone Group's stake in Indus Towers.

The telco said it had no plans to raise its stake beyond what is required for financial consolidation of Indus Towers in the company.

A media report claimed that Bharti Airtel was in talks to buy UK-based Vodafone Group's 21% stake in Indus Towers, potentially giving it a controlling stake. If the deal fructifies, the British carrier could infuse some of the proceeds into its debt-ridden Indian arm, Vodafone Idea.

Following the development, the Indus Towers share fell more than 3% to hit an intraday low of Rs 348 on the National Stock Exchange (NSE). Vodafone Idea slumped nearly 8% to hit a low of Rs 13.3. Bharti Airtel was trading flat.

Chennai Petroleum Q4 Results & Interim Dividend

The company's standalone net profit surged 70.1% to Rs 6.1 bn in Q4 FY24 against Rs 3.6 bn recorded in Q3 FY24.

Revenue from operations (excluding excise duty) rose marginally to Rs 177.2 bn in Q4 FY24 from Rs 173.7 bn recorded in Q3 FY24.

On a year-on-year basis, the petroleum refinery company's net profit slipped 39%, and revenue declined 1.6% in Q4 FY24.

Profit before tax was at Rs 8.4 bn in the quarter ended 31 March 2024, up 75.4% QoQ and down 39.2% YoY.

During the quarter, crude throughput stood at 3.087 MMT, registering a growth of 4.6% YoY.

On a full-year basis, the company's net profit dropped 23.3% to Rs 27.1 bn crore on a 13.5% decline in revenue to Rs 663.9 bn in FY24 over FY23.

The average gross refining margin (GRM) for the period April 2023 to March 2024 was US$ 8.64 per barrel as against US$ 11.91 per barrel registered in the same period a year ago.

Meanwhile, the company's board has recommended a final dividend of Rs 55 per equity share for the financial year 2023-24. The record date for the dividend will be intimated in due course.

The said dividend would be paid within 30 days from the date of declaration at the AGM.

Chennai Petroleum Corporation (CPCL), one of the leading group companies of Indian Oil Corporation, is one of the most complex refineries of its kind in the country, producing an array of value-added petroleum products.

Axis Bank Q4 Results

Axis Bank on Wednesday reported a standalone net profit of Rs 71.3 bn for the quarter ended 31 March 2024, against a loss of Rs 57.3 bn reported by the bank in the corresponding quarter of the last financial year.

The net interest income for the reported quarter stood at Rs 292.2 bn, which was up by 22% versus 239.7 bn reported in the year-ago period.

For the full year, the net profit stood at Rs 248.6 bn versus Rs 95.8 bn in FY23. Meanwhile, the NII for FY24 stood at 1,093.7 bn versus Rs 851.6 bn in FY23.

The company's board has also approved the raising of funds by issuing debt instruments in Indian/foreign currency up to an amount of Rs 350 bn. It plans to raise an additional Rs 20,000 crore by issue of equity shares/ depository receipts and/or any other instruments linked to equity shares.

FY24 PAT was up 160% on a YoY basis. The net interest margin (NIM) for the quarter was reported at 4.07%.

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

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