Gift Nifty Up 125 Points | Adani Energy Solutions Q4 Results | Manappuram Finance's arm to Go Public | Top Buzzing Stocks Today

Thu, 2 May Pre-Open

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Indian share markets reversed the trend as the session progressed and ended lower.

Indian benchmark indices came off the day's high in late deals on account of profit-taking ahead of the trading holiday on Wednesday.

Both Indian stock exchanges Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) were closed on 1 May in observance of Maharashtra Day.

At the closing bell on Tuesday, the BSE Sensex closed lower by 189 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 39 points (down 0.2%)

Power Grid Corporation, Hero MotoCorp, and Bajaj Auto were among the top gainers.

Tech Mahindra, BPCL and Tata Steel 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.

The BSE MidCap index ended 0.5% higher and BSE SmallCap index ended marginally higher.

Sectoral indices are trading mixed with socks in auto sector, realty sector and power sector witnessing most buying. Meanwhile stocks in metal sector, oil & gas sector and IT sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.9% lower at Rs 70,955 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:35 AM today, the Gift Nifty was trading up by 125 points at 22,745 levels.

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

Speaking of stock markets, Rahul Shah, Co-head of Research at Equitymaster argues that it's better to analyse 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.

Top buzzing stocks today

Gillette India share price will be in focus today.

Gillette India's stock price surged close to 10% on 30 April after the company reported quarterly results for the March quarter on 29 April.

The company's net sales jumped 9.9% to Rs 6.8 bn at the end of March, as compared to Rs 6.2 bn in the same period last year. While its quarterly profit stood at Rs 990.9 m in the fourth quarter, down 3.52% from March 2023, as other income was half of what it was in the year-ago period, the EBITDA stood at around 20%.

Adani Total Gas will also be a top buzzing stock.

Adani Total Gas on 30 April reported an increase of 71% in consolidated net profit at Rs 1.7 bn for the fourth quarter of financial year 2023-24 as compared to Rs 979.1 m a year ago.

The company's revenue from operations came in at Rs 12.6 bn in Q4, slightly higher than Rs 11.9 bn crore last year.

Adani Energy Solutions Q4 Results

Adani Energy Solutions (earlier Adani Transmission) reported a 13.3% fall in net profit to Rs 3.8 bn for the quarter ending March 2024, compared to Rs 4.4 bn in the year-ago period, dragged by one-time bilateral charge and provision of Rs 60 million (m) and Rs 10 m of net impact from one-time income, provision, and tax on dividend income.

However, revenue for the reporting period for Adani Energy Solutions grew 17.4% YoY to Rs 35.6 bn, helped by contribution from the newly operationalised transmission assets, commissioning of elements at North Karanpura and MP-II package lines and an increase in the units sold because of higher energy consumption in the distribution business at Mumbai and Mundra.

Earnings Before Interest Tax Depreciation and Amortisation for the Adani Group company grew 2.4% YoY to Rs 1,565 crore for Q4FY24.

Adani Energy Solutions is one of the largest private-sector power transmission companies in India, with a presence across all 14 states.  It deals with power transmissions, power distribution, smart metering, and cooling solutions.

For more, you could quickly refer to both fundamentals and valuations of Adani group stocks on Equitymaster's Indian stock screener.

Indus Tower Q4 Profit Jumps 32%

Telecom infrastructure company Indus Towers on Tuesday, reported around a 32% jump in its consolidated net profit for the fourth quarter ended March 2024.

It registered a net profit of Rs 1,399.1 crore a year ago.

The company's consolidated revenue from operations grew 6.5% to Rs 71.9 bn during the reported quarter against Rs 6,752.9 crore in the March 2023 quarter.

For the year ended 31 March 2024, Indus Towers posted close to a three-fold jump in consolidated profit to Rs 60.4 bn from Rs 20.4 bn at the end of the financial year (FY) 2023.

The annual revenue from operations of Indus Towers remained almost flat at Rs 286 bn during the reported fiscal compared to Rs 283.8 bn in FY23.

The country's biggest telecom infrastructure company reported an increase of 26,862 mobile towers year-over-year to 2,19,736 towers at the end of March 2024 from 1,92,874 towers at the end of FY23.

Without naming Vodafone Idea (VIL), Indus Towers in its financial report mentioned that it has doubtful receivables of Rs 53.9 bn, comprising all overdue from the debt-ridden telecom firm as of 31 March 2024.

Manappuram Finance's arm to Go Public

Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance, has received Sebi's nod to raise funds through an initial public offer.

The proposed initial public offering is only a fresh issue of equity shares of up to Rs 15 bn with no offer for sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP).

The company may consider issuing fresh shares on a private placement basis worth Rs 3 bn.

The company, which filed preliminary IPO papers with Sebi in October 2023, obtained observations from Sebi on 22 April.

Earlier, the markets regulator put Asirvad Microfinance's IPO on hold in January this year. Sebi's observation means the regulator's approval to float the public issue.

As per draft papers, proceeds from the fresh issue were proposed to be used to augment the capital base of the company to meet future business requirements.

Asirvad Micro Finance was launched in 2008 with just two branches in Tamil Nadu. Over the years, it has expanded its presence across 22 states and 4 Union Territories through a network of 1,684 branches, as of March 31, 2023, which covers 450 districts.

For more information on IPOs, check out the list of upcoming IPOs.

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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