Gift Nifty Up 87 Points | L&T To Exit Hyderabad Metro | Va Tech Wabag Wins Repeat Order | Top Buzzing Stocks Today

Tue, 14 May Pre-Open

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Indian share markets pared losses as the session progressed and ended the day higher.

Indian benchmark indices -- S&P BSE Sensex, and Nifty50 -- rebounded into the positive zone in the latter half of Monday's trading session led by renewed buying interest in HDFC Bank, Larsen & Toubro and other key index heavyweights.

At the closing bell on Monday, the BSE Sensex higher by 112 points (up 0.2%).

Meanwhile, the NSE Nifty closed higher by 65 points (up 0.3%).

Cipla, Asian Paints and Adani ports were among the top gainers.

Tata Motors, BPCL and NTPC, 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 0.3% higher and BSE SmallCap index ended 0.2% lower.

Sectoral indices are trading mixed with socks in capital goods sector, realty sector and power sector witnessing most buying. Meanwhile stocks in auto sector and energy sector witnessed selling pressure.

Gold prices for the latest contract on MCX were down by 1% at Rs 71,945 per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the Gift Nifty was trading up by 87 points at 22,253 levels.

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

Speaking of stock market, the prospects of pharma stocks globally are tied to what is called the patent lifecycle of drugs.

The last phase of this lifecycle in the US generics market is known as 'Patent Cliff'. This is when products go off-patent i.e. they lose the regulatory exclusivity on selling a particular drug.

After this phase the drugs become 'generics', a category that Indian pharma companies have developed expertise in.

Drug makers in India have been making generic versions of the off-patent drugs for decades, at a fraction of the cost.

Tanushree Banerjee, Research Analyst at Equitymaster talks about what is new upside now in her latest video.

Top buzzing stocks today

Varun Beverages share price will be in focus today.

Varun Beverages on 13 May reported a consolidated net profit of Rs 5.5 bn for the March quarter, a growth of 24.9% from the same quarter of the previous financial year.

PepsiCo bottler's revenue came in at Rs 43.9 bn, rising 11.2%.

BEML will also be a top buzzing stock.

Shares of BEML Ltd rose over 12% on 13 May as the company reported 62.9% year-on-year growth in consolidated net profit at Rs 2.6 bn for the quarter ended March 2024, led by healthy operating numbers. Its revenue from operations grew by 9% YoY to Rs 15.1 bn.

The company's EBITDA surged 29.2% to Rs 3.7 bn, with an improvement in margins to 24.5% from 20.7% YoY.

L&T To Exit Hyderabad Metro

Construction major Larsen & Toubro is planning to sell its stake in Hyderabad Metro after its ridership declined due to the Telangana government's free bus ride scheme for women, said whole-time director & chief financial officer R Shankar Raman.

The company owns 90% of the metro project, while 10% is with the state government.

The daily passenger count of the metro has declined from its peak of 550,000 in November 2023 to 480,000 now.

The financials of the metro have been a concern for the company and it will look at monetizing the asset after FY26 as part of its non-core business plans.

The Congress government launched the free bus scheme in December 2023 after coming to power in the state. Other promises made by the Revanth Reddy-led government include health insurance of Rs 10 lakh, financial assistance of Rs 2,500 for women, and gas cylinders at Rs 500.

The company also said it plans to monetize some of the real estate attached to the metro. L&T, which has a 65-year concession to run the system, received a Rs 3,000-crore soft loan from the state government.

Larsen & Toubro will slow down its divestment plans in 2024-25 and will primarily focus on restructuring the debt and improving ridership in Hyderabad Metro.

Va Tech Wabag Wins Repeat Order

From Kathmandu Upatyaka Khanepani

Va Tech Wabag secured a repeat order of about US$ 49 Million (m) from Kathmandu Upatyaka Khanepani (KUKL), funded by the Asian Development Bank (ADB).

The order entails the Design, Building, and Operate (DBO'), towards three Waste Water Treatment Plants (WWTP) in Nepal at Sallaghari, Kodku and Dhobighat to treat about 69 MLD of Waste Water, and is expected to be completed throughout twenty-four (24) months, followed by a five (5) year operation and maintenance (O&M).

These plants when complete, will reduce ingression of untreated Waste Water into the Bagmati, Manohara and Hanumante rivers, thereby restoring the water quality and improving the whole ecosystem. As part of this project, Green Fuel (Biogas) will be generated through Activated Sludge Treatment, producing Green Energy which will be captively used in the operation of the WWTPs, thereby reducing Green House Gas (GHG) emissions and optimising the cost of operations.

Aditya Birla Capital Q4 Results

Aditya Birla Capital's consolidated net profit for the quarter ended March 2024 grew 33% (excluding one-off items) to Rs 8.1 bn against Rs 6.1 bn recorded in the previous fiscal. Consolidated revenue grew 32% to Rs 120.8 bn from Rs 91.5 bn in Q4FY23.

The company reported a 31% year-on-year increase in the overall lending portfolio at Rs 1.2 tn. Total AUM for the reporting period grew by 21% year-on-year to Rs 4.4 bn.

In terms of the housing finance business, disbursements grew by 64% year-on-year to Rs 29.3 bn in Q4 FY24 and 59% year-on-year to Rs 84.5 bn in FY2024. The loan portfolio also grew by 33% year-on-year to Rs 184.2 bn.

In terms of the insurance business, for the life insurance business, individual first-year premiums grew by 2% year-on-year to Rs 30.7 bn in FY2024, while for the health insurance business, market share among standalone health insurers increased by 0.8% year-on-year to 11.2% in FY2024.

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

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