Gift Nifty Down 39 Points | Page Industries Q4 Results | ITC to Seek Demerger Approval | Top Buzzing Stocks Today

Fri, 24 May Pre-Open

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Indian share markets continued the momentum as the session progressed and ended on firm footing.

The Indian stock market experienced strong buying interest on Thursday, 23 May 2024, leading to intraday gains of over 1% for both the Sensex and the Nifty 50 benchmarks.

At the closing bell on Tuesday, the BSE Sensex stood higher by 1,197 points (up 1.5%).

Meanwhile, the NSE Nifty closed higher by 354 points (up 1.6%).

L&T, Axis Bank and Adani Ports were among the top gainers.

Sun Pharma, Hindalco 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 0.5% higher and BSE SmallCap index ended 0.3% higher.

Barring healthcare and metal sector, all other sectoral indices are trading positive with socks in auto sector, banking sector and telecom sector witnessing most buying.

Gold prices for the latest contract on MCX were trading 1% lower at Rs 72,335 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading down by 39 points at 22,976 levels.

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

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks about solar stocks. Tariffs on EV batteries will be raised by over 100%. Duties on semiconductors will be up 50%. On photovoltaic cells used to make solar panels, the duties will be doubled.

The public on twitter can't celebrate this move enough. Companies in the solar ecosystem are in news. Some stocks in the sector have hit upper circuits.

If you are planning to join this frenzy, keep in mind the potential second order effects of this move.

Tune in for more

Top buzzing stocks today

Deepak Nitrite share price will be in focus today.

Speciality chemicals maker Deepak Nitrite extended losses on weak Q4 results.

On 20 May 2024, Deepak Nitrite reported an 8.5% on-year rise in net profit at Rs 2.5 bn for the March quarter of the financial year 2023-24, accounting for a Rs 516 m gain from extraordinary items.

Lupin will also be a top buzzing stock.

Shares of pharmaceutical companies Lupin and Cipla are witnessing profit booking on Thursday. The stocks declined up to 7%, bogged down by increased competition in Albuterol Sulfate Inhalation Aerosol in the US.

This was after US-based Amphastar said that it had received approval from the United States Food and Drugs Administration.

Page Industries Q4 Results

Page Industries on 23 May reported consolidated net profit of Rs 1.1 bn for the March quarter, registering a growth of 38.2% from Rs 783 m in the same quarter of the previous financial year.

The total revenue of the company is Rs 9.9 bn, rising 3.2% from Rs 9.6 bn in the year-ago period.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter were at Rs 1.7 bn, growing by 24.5%. EBITDA margins were at 16.8% YoY.

The Board approved an Interim Dividend of Rs 120 per share the highest Since November 2021.

The company said in a release that the prospects for the innerwear and athleisure industry in India are optimistic, fueled by advancements in fabric technology and a rising preference for health-conscious and active lifestyles.

Anticipating substantial growth in the athleisure market over the next decade, the shift towards high-quality, functional apparel is expected to boost consumer engagement and demand across urban and rural areas.

Page Industries is poised to leverage these trends through strategic investments in brand development, market expansion, and technology integration.

Prioritizing the enhancement of e-commerce platforms and the expansion of distribution networks will be crucial in securing a larger market presence.

Indigo Q4 Profit Doubles

India's leading airline IndiGo's parent InterGlobe Aviation, on Thursday posted a 106% year-on-year (YoY) growth in its consolidated net profit at Rs 18.9 bn for the fourth quarter, compared with Rs 9.9 bn in the last year quarter.

Revenue from operations increased 26% YoY to Rs 178.3 bn in the reporting quarter.

EBITDAR (earnings before interest, tax, depreciation, amortisation and rent) for the reporting quarter increased 49% YoY to Rs 44.1 bn, and profit before tax (PBT) soared 92%YoY to Rs 17.7 bn.

For the reporting quarter, the airline's passenger ticket revenues grew 25% YoY to Rs 156 bn, while ancillary revenues jumped 19% YoY to Rs 17.2 bn.

Other income during the March quarter surged 55% YoY to Rs 6.8 bn.

Total expenses for the quarter ended March 2024 increased 22% YoY to Rs 167.3 bn. Fuel costs rose 6% YoY to Rs 59.8 bn.

There is a reduction in fuel CASK (cost of available seat kilometre) by 6.9% to Rs 1.72 in the reporting period. CASK (ex-fuel) increased by 14.7% to Rs 2.9.

Operationally, the ASK (available seat per kilometre) rose 14% YoY to 34.8 billion, and the RPK (revenue per passenger kilometre) increased 17% to 30 bn.

ITC to Seek Demerger Approval

Kolkata-based cigarettes-to-hotels conglomerate ITC on Thursday said the National Company Law Tribunal (NCLT) has directed convening a meeting of shareholders of the company on 6 June for approval of the demerger of its hotels business into a separate listed entity.

Under the demerger plan, shareholders of ITC will get one share in the demerged hotel business for every 10 shares held in the parent company. The demerger process is expected to be completed in this calendar year after which ITC Hotels will get listed on stock exchanges.

As part of the demerger plan, which will not only unlock value for its 36 lakh shareholders but also improve the capital allocation of the parent company, ITC will own 40% of ITC Hotels. The remaining 60% will be owned by ITC shareholders in proportion to their ownership in the parent entity.

Following the scheme of arrangement, there would be no change in the shareholding pattern of ITC. ITC Hotels would be given a licence to use 'ITC' prefix as part of its corporate name and also as part of its corporate name and also as part of some of its properties or brand name for a royalty fee.

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

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