Gift Nifty Up 60 Points | PVR Inox Q4 Results | Hindalco's Subsidiary Files for IPO | Top Buzzing Stocks Today

Wed, 15 May Pre-Open

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

Indian benchmark indices rose for a third day on Tuesday, driven by auto, metal, and banking shares.

At the closing bell on Tuesday, the BSE Sensex stood higher by 329 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 119 points (up 0.5%).

Adani Enterprises, M&M and L&T were among the top gainers.

Cipla, TCS and Nestle, 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 1.1% higher and BSE SmallCap index ended 1.8% higher.

Sectoral indices are trading mixed with socks in metal sector, telecom sector and power sector witnessing most buying. Meanwhile stocks in FMCG sector and healthcare sector witnessed selling pressure.

Gold prices for the latest contract on MCX were 0.3% higher at Rs 72,061 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading up by 60 points at 22,374 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

Zomato share price will be in focus today.

Shares of Zomato extended losses on 14 May, falling up to 6% in morning deals as the company's costs on account of its employee stock ownership plan are expected to rise soon.

Costs incurred under the ESOPs are non-cash expenses and are likely to increase in the ongoing fiscal on account of the grant of ESOPs to the Blinkit leadership team and senior employees.

Ethos will also be a top buzzing stock.

Shares of luxury watch player Ethos soared over 9% to Rs 2,324 on 14 May after it reported an upbeat January-March quarter (Q4FY24) performance.

So far this year, Ethos has surged over 18%, outpacing the benchmark Nifty 50 that rose 2%.

PVR Inox Q4 Results

The cinema chain operator's consolidated net loss stood at Rs 1.3 bn in Q4 FY24 against Rs 3.3 bn recorded in Q4 FY23.

Revenue from operations jumped 9.9% year on year (YoY) to Rs 12.6 bn in the quarter ended 31 March 2024.

Total income in the fourth quarter of FY24 was at Rs 13.1 bn, registering a growth of 12.1% from Rs 11.6 bn posted in the same quarter last year.

The firm reported a pre-tax loss of Rs 1.8 bn in the March 2024 quarter compared with a pre-tax loss of Rs 2.1 bn recorded in Q4 FY23.

EBITDA grew 14.7% YoY to Rs 3.3 bn during the period under review. EBITDA margin improved to 25.1% in Q4 FY24 against 24.5% posted in the corresponding quarter previous fiscal.

As the PVR Inox merger became effective from 6 February 2023, full-year FY24 reported results for the company are not comparable with earlier periods. The previous year's numbers mentioned below are on a proforma PVR + INOX combined basis for a like-to-like comparison.

During the year, the company opened 130 new screens and closed 85 underperforming screenings, resulting in a net addition of 45 screens during the year. Currently, our screen portfolio includes 1,748 screens in 360 cinemas across 112 cities in India and Sri Lanka.

Hindalco's Subsidiary Files for IPO

Hindalco on Tuesday,14 May, announced that its fully-owned subsidiary and US-based aluminium products maker, Novelis Inc has filed the registration statement with the US securities regulator, Securities and Exchange Commission (SEC), for its proposed initial public offering (IPO).

The number of shares to be offered via the IPO issue and the price range for the same, have not been determined as yet. As per the form details, Novelis is expected to release other details once the SEC completes its review process, subject to market and other conditions.

The common shares are likely to be offered by AV Minerals (Netherlands) NV, the sole shareholder of Novelis and a fully-owned subsidiary of Hindalco.

The statement said Novelis will not get any proceeds from the sale of common shares by its sole shareholder.

Talking about risk factors, Novelis mentions that following this offering, four of the eight members of its board of directors will be employees or affiliates of Hindalco.

Accordingly, Hindalco will be able to influence fundamental and significant corporate matters and transactions, and the interests of Hindalco may supersede the company's.

The company said that the registration statement regarding the securities has been filed with the SEC but it has not yet become effective.

Bharti Hexacom Q4 Results

Bharti Hexacom reported a net profit of Rs 2.2 bn for the March quarter, up 10.2% year-on-year, led by strong 4G/5G customer additions and ARPU increase.

Revenues for the fourth quarter were at Rs 18.7 bn, 7.8% year-on-year, while EBITDA was Rs 9.1 bn, up 14.6% YoY, the company said in a statement. The EBITDA margin improved from 46.0% in Q4'23 to 48.9% in Q4'24 led by operating leverage and cost efficiencies emerging from War on Waste program.

For FY24, the company's Board has recommended a final dividend of Rs 4 per fully paid-up equity share of face value of Rs 5 each.

Mobile revenues grew by 6.8% year-on-year on account of improved realisation as well as strong 4G/5G customer additions during the year.

ARPU for the quarter stood at Rs 204 as compared to Rs 189 in Q4'23 on the back of continued mix improvement and focus on quality acquisitions.

For the whole fiscal, the company's revenues stood at Rs 70.9 bn, up 7.7% YoY on a comparable basis. EBITDA was at Rs 34.9 bn and EBITDA margin at 49.2%, up 5.3% year-on-year.

The company said that its net profit (before exceptional items) at Rs 9.1 bn while its net profit (after exceptional items) at Rs 5 bn for the fiscal.

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

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