Sensex Today Trades Higher | Nifty Nears 22,700 | Trent Jumps 6%, Tata Chemicals Drops 3%

Tue, 30 Apr 10:30 am

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Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve's policy meeting.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.4% higher.

The US stock market ended higher on Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.

Here's a table showing how US stocks performed on Monday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	167.9	-5.79	-3.33%	171.38	167.06	176.42	104.5
Apple	173.5	4.2	2.48%	176.03	173.1	199.62	164.08
Meta	432.62	-10.67	-2.41%	439.76	428.56	531.49	229.85
Tesla	194.05	25.76	15.31%	198.87	184.54	299.29	138.8
Netflix	559.49	-1.74	-0.31%	559.64	554.24	639	315.62
Amazon	180.96	1.34	0.75%	183.53	179.39	189.77	101.15
Microsoft	402.25	-4.07	-1.00%	406.32	399.19	430.82	303.4
Dow Jones	38386.09	146.43	0.38%	38406.2	38215.47	39889.05	32327.2
Nasdaq	17782.72	64.42	0.36%	17820	17671.03	18464.7	12938.45

Source: Equitymaster

At present, the BSE Sensex is trading 173 points higher and NSE Nifty is trading 66 points higher.

M&M, Bajaj Auto and Hero MotoCorp are among the top gainers today.

Bharti Airtel, Titan and Axis Bank the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

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

Broader markets are trading on positive note. The BSE Midcap index is trading 0.8% higher and the BSE Small Cap index are trading 0.6% higher.

Barring banking stocks all other sectoral indices are trading higher, with socks in finance sector and capital goods sector witnessing buying.

The rupee is trading at Rs 83.48 against the US dollar.

In commodity markets, gold prices are trading 0.4% lower at Rs 71,309 per 10 grams today.

Meanwhile, silver prices are trading 0.9% lower at Rs 81,780 per 1 kg.

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...

Speaking of stock markets, Rahul Shah, Co-head of Research at Equitymaster argues that it's better to analyze a company first to determine its intrinsic value before looking at the market price to avoid bias.

We try this technique on a prominent Tata group stock and come away with a surprising result.

Tune in to find out the result.

RVNL Receives Southern Railway LoA

Rail Vikas Nigam Ltd (RVNL) has received a letter of acceptance (LoA) from Southern Railway for the redevelopment of Thiruvananthapuram Central Railway Station in Engineering, Procurement and Construction (EPC) mode.

The project cost is Rs 4.4 bn. RVNL has a 49% share in the JV, while partner Kerala Rail Development Corporation Ltd (KRDCL) will have a 51% share. The order is to be executed in 42 months, an earlier exchange filing had informed.

Separately, RVNL also informed bourses that the meeting of the Board of Directors of the Company is scheduled for 15 May to consider and approve the audited financial results of the company for Q4.

The Board will also consider and recommend the final dividend, if any, for FY2023-24.

Earlier, the rail PSU had declared that it emerged as the lowest bidder for a Southern Railway project worth Rs 2.4 bn. The project entails the provision of an automatic block signalling (ABS) system in the stretch between Jolarpettai junction to Erode junction of the Salem division in Southern Railway.

The government's massive Rs 1 trillion investment to improve railway infrastructure could help this Indian company rise to the top. To know which has better growth prospects, check out Better Railway Stock: RVNL vs IRFC.

NMDC Hikes Iron Ore Prices

State-owned mining major NMDC on 29 April increased iron prices by Rs 400 per tonne for the lump ore variety and Rs 200 for a similar quantity of fines with effect from 27 April.

Consequent to the revision, a tonne of lump ore will now cost Rs 6,200 and fines Rs 5,260.

The revision comes a month after it reduced iron prices by Rs 200 per tonne for the lump ore variety and Rs 250 for a similar quantity of fines.

These are FOR prices inclusive of royalty, DMF, NMET and exclusive of cess, forest permit fee, transit fee, GST, environment cess and other taxes.

NMDC, which is India's largest iron ore producer and focuses on the domestic market, had last reduced iron ore prices in March.

Tata Chemicals Q4 Results

Tata Chemicals Ltd reported a net loss of Rs 8.4 bn in the January-March quarter of FY24.

The Tata Group firm posted a profit of Rs 6.9 bn in the same period a year ago. The firm declared a dividend of Rs 15 per share.

During the year ended 31 March 2024, Tata Chemicals has recognised a non-cash write-down of assets aggregating a total of Rs 9.6 bn which has been disclosed as an exceptional loss, in the Soda ash and Bicarb operations in the United Kingdom.

The soda ash manufacturer's revenue dropped 21.1% to Rs 34.8 bn in the fourth quarter, in comparison with Rs 44.1 bn in the year-ago period, according to an exchange filing issued on 29 April.

The impairment is primarily due to unfavourable market conditions, and reduced demand for soda ash in Europe and the persistently low pricing outlook in the jurisdiction based on which the cash flow projections have been revised downward.

This impairment of Rs 9.6 bn represents the non-cash write-down of the cash-generating unit comprising property, plant and equipment of Rs 8.2 bn, capital work-in-progress of Rs 1.2 bn, Right-of-use assets of Rs 40 m and other assets (net) of Rs 160 m, relating to the UK Group operations.

As you're interested in Tata group stocks, check out the new section in our Stock Screener, where you can view the fundamentals of companies within a business group in one screen, including the Top Tata group stocks.

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!

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