Sensex Today Trades Higher | Nifty Scales 23,000 Mark | Vodafone Idea Jumps 4%

Fri, 24 May 10:30 am

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Asian stocks fell on Friday, while the dollar advanced as strong US economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates, keeping investors away from risky assets.MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5%.

US stocks ended lower on Thursday, even as a strong revenue forecast for Nvidia fuelled a surge in its shares, but that was overshadowed by economic data showing inflation was still a concern that could delay any Federal Reserve rate cuts.

Here's a table showing how US stocks performed on Thursday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	175.06	-2.94	-1.65%	179.91	174.54	179.95	115.83
Apple	186.88	-4.02	-2.11%	191	186.63	199.62	164.08
Meta	465.78	-2	-0.43%	474.36	461.54	531.49	244.95
Tesla	173.74	-6.37	-3.54%	181.9	173.26	299.29	138.8
Netflix	635.67	-4.8	-0.75%	642.71	630	650.88	344.73
Amazon	181.05	-2.08	-1.14%	184.76	180.08	191.7	114.31
Microsoft	427	-3.52	-0.82%	433.6	425.42	433.6	309.45
Dow Jones	39065.26	-605.78	-1.53%	39694.95	39025.51	40077.4	32327.2
Nasdaq	18623.39	-81.82	-0.44%	18907.54	18554.89	18907.54	13520.92

Source: Equitymaster

At present, the BSE Sensex is trading 31 points higher and NSE Nifty is trading 10 points lower.

Hindalco, L&T and SBI are among the top gainers today.

M&M, Shriram Fiannce and Coal India the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive note. The BSE Midcap index ended flat and the BSE Smallcap index is trading 0.3% higher.

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

The rupee is trading at Rs 83.23 against the US dollar.

In commodity markets, gold prices are trading 0.3% lower at Rs 71,385 per 10 grams today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

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

ITC Q4 Results & Final Dividend

ITC Ltd has reported a standalone net profit of Rs 50.2 bn for the March quarter, down 1.3% from the year-ago quarter, hit by flattish cigarette volumes and lower FMCG margins.

Revenue came in at Rs 177.5 bn, rising 1.4%, the tobacco and FMCG major said in a regulatory filing on 23 May.

Revenue was expected to grow 4.9% to Rs 169.5 bn.

The company recommended a final dividend of Rs 7.5 per ordinary share for the financial year ending 31 March 2024. Combined with the interim dividend of Rs 6.25 per share declared on 29 January 2024, the total dividend for the year will be Rs 13.8 per ordinary share.

The FMCG-Others segment performed well despite weak demand and increased competition from local players. The company achieved strong profit growth through premiumisation, cost management, and strategic pricing.

Segment revenue grew by 9.6%, with EBITDA increasing by 19.7% to Rs 23.4 bn, and EBITDA margins improved to 11.2%.

Digital strategies enhanced consumer insights, engagement, and brand loyalty. The product portfolio was strengthened with over 100 new launches focusing on Health & Nutrition, Hygiene, and Convenience. Market coverage doubled compared to pre-pandemic levels, with significant growth in rural areas and digital sales.

The company has invested in 11 Integrated Consumer Goods Manufacturing and Logistics facilities to enhance product freshness, market agility, and cost efficiency. Strategic cost management initiatives, including supply chain optimization and automation, have helped counter input cost pressures and support new initiatives.

Zee Entertainment Seeks Termination Fee

Zee Entertainment Enterprises on 23 May sought a termination fee of US$ 90 million (Rs 7.5 bn) from Sony Pictures Networks India, which is now known as Culver Max Entertainment, and its entity Bangla Entertainment for pulling the plug on a US$ 10 billion merger deal in January.

Sony Group Corporation had said ZEEL failed to satisfy merger conditions and also initiated arbitration proceedings before the Singapore International Arbitration Centre (SIAC), claiming US$ 90 million (around Rs 748.5 crore) as a termination fee.

ZEEL had also initiated legal actions to contest the claims of US$ 90 million filed by Sony Group before SIAC.

Moreover, it had filed a petition before the Mumbai bench of the National Company Law Tribunal (NCLT), seeking a direction to Sony Group to implement the merger scheme. SIAC also denied Sony Group's plea seeking interim relief against ZEEL to restrain it from moving NCLT to enforce the failed merger of its subsidiary Culver Max with the Indian media house.

More than two years after announcing their proposed merger, Sony on 22 January announced the termination of the deal while accusing ZEEL of not meeting closing conditions even after extending their closing period by a month.

Bikaji Foods Q4 Profit Surges 200%

Bikaji Foods International on 23 May posted a massive 200% jump in net profit at Rs 1.2 bn in the quarter ended March 31, compared to Rs 386.7 m in the year-ago period.

Revenue from operations also rose 12.8% to Rs 5.2 bn in the March quarter, from Rs 4.6 bn in the same period last year.

EBITDA was up 10.2% at Rs 675 m in the reported quarter from Rs 613 m in the year-ago period, while the margin stood at 13% in the said quarter.

The board of the company also approved a final dividend of Rs 1 per equity share.

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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