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Gift Nifty Up 103 Points | Federal Bank Q4 Results | L&T Technology Partner's FORVIA | Top Buzzing Stocks Today

Fri, 3 May Pre-Open

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   10:30 am   

   Closing   

Indian share markets continued the momentum as the session progressed and ended higher.

Indian benchmark indices ended a range-bound session with a positive bias on Thursday, a day after the US Federal Reserve kept key interest rates unchanged at 5.5%.

At the closing bell on Thursday, the BSE Sensex closed higher by 128 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 52 points (up 0.2%).

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

Bharti Airtel, Axis Bank and Kotak Mahindra 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 0.9% higher and BSE SmallCap index ended marginally higher.

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

Gold prices for the latest contract on MCX were trading flat at Rs 70,739 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading up by 103 points at 22,887 levels.

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

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Top buzzing stocks today

Netweb Technologies share price will be in focus today.

Netweb Technologies India Ltd's shares were locked in a 5% upper circuit at Rs 1,764.5 after the company posted strong results for the quarter that ended March. The company's net profit rose 14% on quarter to Rs 297 m, while revenue from operations gained 5% to Rs 2.7 bn.

The profit margin of Netweb rose by 0.9% in the quarter to 11% in Q4 FY24.

Bajaj Auto will also be a top buzzing stock.

Shares of Bajaj Auto Limited advanced 2.5% to Rs 9,124 in mid-day trade on 2 May after the company reported robust monthly sales for April.

The Pune-headquartered company reported a 17% year-on-year rise in sales to 3,88,256 units in April. During the same period last year, the two-wheeler major sold 3,31,256 units.

Federal Bank Q4 Results

Federal Bank reported a nearly flat net profit of Rs 906 crore for the March quarter.

Sequentially, the net profit fell 10% from Rs 10.1 bn in Q3FY24.

The company also declared a dividend of Rs 1.2 per equity share for FY24.

The bank's net interest income at Rs 21.9 bn was its highest ever, recording a jump of 15%, while the asset quality improved marginally. The gross non-performing assets improved 0.2% YoY to 2.1%, while the net non-performing assets to 0.6%.

The company further said that the bank's branches are not spread out across the country after a 10% increase in its footprint.

L&T Technology Partner's FORVIA

L&T Technology Services (LTTS) has won a deal from France-based automotive supplier FORVIA worth €45 million to deliver engineering services in the clean mobility space.

As part of this five-year partnership, approximately 300 engineers from FORVIA's Germany and Bangalore sites, have been transferred to LTTS.

These engineers will continue for FORVIA from their current locations, and support collaboration for end customers across digital product lifecycle management initiatives.

LTTS said that under a key part of the agreement it will train and reskill these engineers who, supported by the LTTS Global Engineering Academy, will be placed to work in other fields within the LTTS network over time.

FORVIA is addressing the evolving automotive landscape on ultra-low emissions while ensuring high-quality engineering support and providing opportunities for maintaining employment.

The partnership will deliver engineering services for FORVIA. Additionally, not only will it secure the career path of transferred employees, but it will also enrich their skillsets with exposure to LTTS' extensive portfolio. A key part of the agreement is the capacity given by FORVIA to LTTS to train and reskill these engineers who, supported by the LTTS Global Engineering Academy, will be repositioned over time to work in other fields within the LTTS commercial network.

Why Oil Marketing Stocks are Rising

Shares of oil marketing companies Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp surged 2-7% in early trade on 2 May, tracking a slump in prices of Brent crude to its lowest levels in two months.

Brent oil prices slipped below $84 per barrel, falling over 7% in the last three sessions amid a spike in US crude inventories along, with growing hopes of a ceasefire in the Middle East. A rise in US crude inventories hints at softness in demand in the world's largest economy, which weighs on the prices of Brent oil.

This comes after Brent oil prices hit the US$ 90 mark last month, its highest since October last year and remained elevated on the back of concerns of supply disruptions due to geopolitical tensions in the Middle East.

A fall in Brent crude prices bodes well for oil marketing companies as it lowers their input costs, giving them more headroom to keep competitive prices, which eventually aids their margins.

While Indian Oil Corp released its Q4FY24 earnings on 30 April, Hindustan Petroleum and Bharat Petroleum are slated to announce their quarterly numbers on 9 May.

Crude oil prices rose 16% in the first three months of 2024 amid growing geopolitical instability in the Middle East.

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

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