Gift Nifty Up 70 Points | FIIs Turn Net Seller | SBI Q4 Results & Dividend | Top Buzzing Stocks Today

Fri, 10 May Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Indian equity markets fell sharply on Thursday, 9 May, amid a widespread selling in index heavyweights, coupled with FII selling, and rising US bond yields.

At the closing bell on Thursday, the BSE Sensex closed 1,062 points (down 1.5%).

Meanwhile, the NSE Nifty closed lower by 335 points (down 1.5%).

Tata Motors, M&M and SBI were among the top gainers.

Asian Paints, ONGC and L&T 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 lower. The BSE Mid Cap ended 2% lower and the BSE Small Cap index ended 2.4% lower.

Sectoral indices are trading on negative note with socks energy sector, metal sector and power sector witnessing selling pressure.

Gold prices for the latest contract on MCX were marginally lower at Rs 70,992 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:30 AM today, the Gift Nifty was trading up by 70 points at 22,155 levels.

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

Speaking of stock markets, with advancements in artificial intelligence (AI) and large language models (LLM), India's indigenous tech sector is at an inflection point.

AI breakthroughs will profoundly augment how we work and live.

Tanushree Banerjee, Research Analyst at Equitymaster talks about how should one find the best deep tech stocks in her latest video

Tune in to find out more.

Top buzzing stocks today

Asian Paints share price will be in focus today.

Asian Paints, the largest paints company in India reported volume growth of 10% for its decorative business.

However, the stock declined as much as 4% as most of the other parameters were a miss compared to estimates. Revenue for the quarter stood at Rs 87.3 bn, which was a decline of 0.6% compared to the year-ago quarter. The figure was also lower compared to the estimate of Rs 90.5 bn.

Sula Vineyards will also be a top buzzing stock.

Shares of Sula Vineyards fell over 7% after the company posted weak results for the quarter ended 31 March 2024.

The company's consolidated net profit fell to Rs 135.5 m from Rs 429.8 m a quarter ago and the revenue from operations of the company also fell to Rs 1.3 bn from Rs 2.2 bn a quarter ago.

FIIs Turn Net Seller

Amid Reserve Bank of India (RBI) Governor Shaktikanta Das' crackdown on several listed banks, NBFCs and fintechs in recent months, foreign institutional investors (FIIs) have pulled out nearly Rs 460 bn from financial stocks in the first four months of 2024.

After offloading financials worth over Rs 300 bn in January, and nearly Rs 100 bn in February, FIIs were net buyers in the sector in March before pressing the sell button once again in April. Last month's selling was around Rs 93 bn.

In the March quarter, HDFC Bank saw the highest selling by FIIs as they offloaded 290 m shares of India's largest private sector lender. FIIs also sold 42.6 m shares of Kotak Mahindra Bank and 28 m shares of Axis Bank.

In recent months, a spate of regulatory actions against NBFCs like Bajaj Finance, IIFL Finance and JM Finance, banks like Kotak Mahindra Bank, Bank of Baroda, Federal Bank and South Indian Bank and fintechs like Paytm have left investors worried about increases in cost of capital and impact on credit growth.

SBI Q4 Results

State Bank of India (SBI), India's largest state-owned bank, reported a standalone net profit of Rs 206.9 bn, up 24% year-on-year (Y-o-Y), on the back of higher interest income and low provisions.

The bank had reported a net profit of Rs 166.9 bn in the March quarter of the previous fiscal (Q4FY23).

Sequentially, SBI's net profit more-than-doubled, zooming 125% from Rs 91.6 bn posted in the December quarter of FY24 (Q3FY24).

For the entire financial year, net profit came in at Rs 610.8 bn, witnessing a growth of 21.6% Y-o-Y after accounting for wage settlement and one-time exceptional items of Rs 71 bn.

Meanwhile, operationally, net interest income (NII) of SBI rose 3% YoY to Rs 416.6 bn, up from Rs 403.9 bn posted in Q4 last year.

The Board of the Bank has declared a dividend of Rs 13.7 per equity share for the financial year 2024.

The record date for determining the eligibility of shareholders, entitled to the dividend, has been fixed as Thursday, 22 May 2024. The dividend payment date is fixed as 5 June 2024.

SBI's total provisions for the March quarter declined to Rs 16.1 bn from Rs 33.2 bn in the year-ago period. These, however, increased sequentially from Rs 6.9 bn set aside in Q3FY24.

L&T Guides WC Rise

L&T's net working capital (NWC) has seen a drastic decline from Rs 31,603 crore (24% NWC/Revenue) in FY20 to Rs 248.7 bn (12%) in FY24 and the infrastructure giant does not see it going beyond 20% shortly.

Net working capital (NWC) is a measure of a company's liquidity, operational efficiency, and short-term financial health.

In an analyst call after the Q4FY24 results, L&T management said when the working capital hovered around 24-26%, they were concerned because the generated margins weren't adequate for generating returns.

The management attributed the decline in working capital to the aggressive pursuit and successful collection of legacy outstanding debts.

In terms of efficiency, the organization has stuck to the belief that you have to spend out of cash collected.

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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