Gift Nifty Trades Flat | Cochin Shipyard Q4 Results | Cheviot's Share Buyback Plan | Top Buzzing Stocks Today

Mon, 27 May Pre-Open

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Indian share turned muted as the session progressed and ended the day flat.

Equity markets hit fresh record highs for a second straight day on Friday, lifted by financial shares.

At the closing bell on Friday, the BSE Sensex stood lower by 8 points.

Meanwhile, the NSE Nifty closed lower by 17 points (down 0.1%).

HDFC Bank, BPCL and Bharti Airtel were among the top gainers.

M&M, Adani Ports and Titan, 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 0.2% higher and BSE SmallCap index ended 0.2% lower.

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

Gold prices for the latest contract on MCX were trading 0.1% lower at Rs 71,510 per 10 grams at the time of Indian market closing hours on Friday.

At 8:00 AM today, the Gift Nifty was trading down by 4 points at 23,036 levels.

Indian share markets are headed for a muted 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

Aurionpro share price will be in focus today.

Fime and Aurionpro Transit, an Aurionpro subsidiary and a global leader in transit ticketing solutions, have announced a strategic collaboration to explore opportunities in the field of transit ticketing, Hindalco will also be a top buzzing stock.

Aluminium and copper manufacturing company Hindalco reported a more than three times jump in its net profit at Rs 81.7 bn for the January to March 2024 quarter, the firm said in a regulatory filing on 24 May. In the fourth quarter of the previous fiscal, the firm's profit was recorded at Rs 24.1 bn.

Cochin Shipyard Q4 Results

State-owned Cochin Shipyard Ltd (CSL) on Friday (24 May) reported a 558.8% year-on-year (YoY) jump in net profit at Rs 2.6 bn for the fourth quarter that ended 31 March 2024.

In the corresponding quarter, Cochin Shipyard posted a net profit of Rs 393 m, the company said in a regulatory filing. The company's revenue from operations increased 114.3% to Rs 12.9 bn against Rs 6 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped to Rs 2.9 bn in the fourth quarter of this fiscal over a loss of Rs 671 m in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board has recommended a final dividend of Rs 2.3 per equity share of face value of Rs 5 each, for the financial year 2023-24 subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the company. The final dividend will be paid within 30 days from the AGM.

The company earned a revenue of Rs 9.8 bn from the shipbuilding segment against Rs 4.5 bn in Q4 FY23. From ship repairing, it has registered a revenue of Rs 3 bn compared to Rs 1.5 bn a year ago.

Jio Financial Services Partners Reliance Retail

Jio Financial Services (JFS) is set to seek shareholder approval for its leasing subsidiary to acquire telecom equipment and devices worth Rs 360 bn (US$ 4.3 bn) from the retail arm of Reliance Industries - Reliance Retail.

Jio Leasing Services Limited (JLSL) - a wholly-owned subsidiary of JFS - plans to enter the device leasing business, and the equipment will be deployed in broadband wireless connectivity and other services.

DaaS typically includes installation, maintenance, support, and sometimes additional services like updates.

Reliance Retail is a step-down subsidiary of Reliance Industries holds 83.6% in Reliance Retail Ventures Ltd, which has a 100% stake in Reliance Retail. Reliance Retail is in the business of dealing in devices and related equipment.

JLSL will purchase customer premises equipment/devices and telecom equipment from Reliance Retail Ltd (RRL).

JLSL will provide devices and telecom equipment on operating lease to the customers of Reliance Jio Infocomm.

The above transactions will be at cost plus margin, and arrangements are proposed to be like continuing business transactions.

The split of purchases across the two years would depend on the uptake of services and the pace of deployment of broadband wireless devices.

The listed companies have to seek shareholders' nod for related party transactions, which in a financial year, exceed Rs 10 bn and 10% of the annual consolidated turnover.

Cheviot's Share Buyback Plan

The company plans to repurchase 1.8 lakh equity shares, representing 2.9% of the company's total outstanding shares.

The buyback price is fixed at Rs 1,800, offering a 16.7% premium to the stock's previous close.

The buyback will be carried out via the tender offer route, meaning that the company will repurchase the shares at a fixed price. Cheviot will spend Rs 315 million (m) to carry out the share buyback.

Cheviot has fixed 14 June as the record date for the share buyback. The company is yet to announce a timeline for the buyback.

According to the regulation, the board of directors can increase the maximum buyback price and decrease the number of securities proposed to be brought back till one day before the record date so that there is no change in the aggregate size of the buyback.

Cheviot is no stranger to the buyback strategy. The recent announcement marks its fourth buyback program since 2017, showcasing a consistent commitment to rewarding shareholders through strong financial performance.

For more details, check out This Smallcap Stock with History of Regular Bonuses Declares Share Buyback at 16% Premium.

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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