Morning Update :–Bajaj Finance, Bajaj Finserv, Shriram Finance, Hindalco, and ICICI Bank were among the Nifty’s top gainers, while Power Grid Corp, Maruti Suzuki, Eicher Motors, Dr Reddys Labs, and Divis Labs fell.
Sensex – Rise 440 Points at 75,052
Nifty 50 – Rise 131 Points at 22,779
Indian Market
FII AND DII
| FII Sold | Â 964.47Â Cr |
| DII Bought | 1,352.44 Cr |
Indian Market News
- Wall Street closes higher as Fed signals dovish bias; jobs report expected.
- Asian markets track Wall Street’s gains.
- Gold remains flat ahead of US payrolls data, which is expected to fall for the second consecutive week.
- Oil prices remain stable and are expected to fall weekly due to concerns about the US economy
- Yen on track for best week in over a year.
- Bajaj Finance, Titan, and Yes Bank are the top stocks to watch today.
- India’s services exports declined marginally in March to $30 billion.
- The US 10-Year Treasury Yield trades flat at 4.58.
- Coforge will buy 54% of Cigniti Technologies at Rs 1,415 per share.
- Coal India’s Q4 net profit rises by 26% to Rs 8,640.5 crore.
- Adani Enterprises received two show cause notices from Sebi.
- Bayer acquired the remaining 25% stake in Bayer Zydus Pharma.
Global Markets updates
GIFT Nifty
The GIFT Nifty has gained 104.50 points, or 0.45 percent, suggesting that the wider index in India is off to a strong start. The 22,888 level was the trading range for the Nifty futures.
US Market
US stocks rose on Thursday due to the Federal Reserve’s dovish-than-expected interest rate guidance and mixed earnings and economic data. The Dow Jones Industrial Average rose 322.37 points, the S&P 500 gained 45.81 points, and the Nasdaq Composite added 235.48 points.
Asian Market
Asian markets rose on Friday, following Wall Street gains ahead of U.S. employment data. South Korea’s Kospi and Kosdaq rose 0.60% and 0.77% respectively, while Japan and China closed for public holidays.
Crude
Oil prices increased in early trade due to OPEC+ output cuts, but crude benchmarks are expected to experience weekly losses due to U.S. economic uncertainty and limited supply disruptions from the Israel-Hamas war. Brent crude futures for July rose 16 cents to $83.83 a barrel, while U.S. West Texas Intermediate crude rose 19 cents to $79.14 per barrel.
Gold
Gold fell 0.7% to $2,301.59 per ounce on Thursday, with spot gold falling to $2,301.59, while U.S. gold futures for June delivery remained steady at $2,311.10.
News Updates
India’s services exports declined marginally in March to $30 billion.
India’s service exports fell 1.3% to USD 30 billion in March, while imports fell 2.1% to USD 16.61 billion, according to Reserve Bank data released on Thursday. According to RBI data on India’s international trade in services, the trade surplus for March 2024 was USD 13.4 billion.
Over the previous two months, both service exports and imports were positive. According to commerce ministry data, service exports are expected to total USD 339.62 billion in fiscal 2023-24, while imports are expected to total USD 177.56 billion.
The trade surplus, or difference between exports and imports, totaled USD 162 billion for the year. Despite persistent global challenges, overall exports (merchandise and services) are expected to total USD 776.68 billion in 2023-24, up from USD 776.40 billion in 2022-23.
Bayer acquired the remaining 25% stake in Bayer Zydus Pharma.
Pharmaceutical majors On May 2, Bayer Pharmaceuticals Private Limited and Zydus Lifesciences Limited (formerly Cadila Healthcare) announced the end of their joint venture (JV), Bayer Zydus Pharma Private Limited (BZPPL). The announcement came after Bayer acquired the remaining 25% stake in Bayer Zydus Pharma, securing full ownership.
The 50:50 joint venture was formed on January 28, 2011, to sell and market pharmaceutical products in India. Bayer now has full ownership of the entity, as per the pre-agreed JV terms.
According to a press release, the joint venture successfully leveraged both companies’ strengths to better serve the fast-growing Indian market.
Adani Enterprises received two show cause notices from Sebi.
Adani Enterprises Ltd announced on Thursday that it has received two show cause notices from market regulator Securities and Exchange Board of India (Sebi) as part of its ongoing investigation into Hindenburg’s report against the conglomerate.
In its Q4 earnings release, Adani Enterprises stated that during the quarter ended March 31, 2024, the company received notices from Sebi alleging non-compliance with provisions of the Listing Agreement and LODR (Listing Obligations and Disclosure Requirements) Regulations pertaining to related-party transactions with respect to certain transactions with third parties, as well as the validity of peer review certificates of statutory auditors for previous years.
Coal India’s Q4 net profit rises by 26% to Rs 8,640.5 crore.
On May 2, Coal India Ltd (CIL) reported a 26 percent increase in consolidated net profit to Rs 8,640.5 crore for the quarter ended March 31, 2024. The government-owned company reported a net profit of Rs 6,869.5 crore in the previous year period.
CIL’s bottom line increased despite its operating revenue falling nearly 2% to Rs 37,410.4 crore in the quarter under review, down from Rs 38,152.3 crore in the same quarter last year.
Furthermore, CIL’s consolidated sales fell to Rs 39,654.4 crore in January-March from Rs 40,371.5 crore in the same period last fiscal year, a 1.8% decrease.
The state-owned company also announced that the board has declared the third interim dividend for fiscal year 2023-24 at Rs 5 per share.
Coforge will buy 54% of Cigniti Technologies at Rs 1,415 per share.
The share price of Rs 1,415 represents a 3% premium to Cigniti’s BSE closing price of Rs 1,372.65 on May 2.
The firm, which has signed a definitive agreement with the IT services management company, believes the acquisition will increase the company’s operating margins by 150-200 basis points by FY27, allowing it to grow to a $2 billion company.
Stocks in news
Coal India: The country’s largest coal mining firm reported consolidated net profit of Rs 8,640.5 crore for the quarter ended March FY24, up 25.8 percent year on year despite a weak topline, aided by strong operating numbers with lower input costs and employee expenses. Revenue from operations fell 1.9 percent year on year to Rs 37,410.4 crore in the quarter.
Coforge: The IT services company reported a consolidated net profit of Rs 229.2 crore for the March FY24 quarter, down 5.6 percent from the previous quarter due to weak operating numbers. Revenue from operations increased by 1.5 percent sequentially to Rs 2,358.5 crore in the quarter.
Ajanta Pharma: The specialty pharmaceutical formulation company reported a consolidated net profit of Rs 203 crore for the quarter ended March FY24, up 66 percent from the same period the previous fiscal. Operating revenue increased by 20% to Rs 1,054 crore during the same period.
MOIL: In April 2024, the company’s manganese ore production increased by 22% year on year to 1.60 lakh tonnes, while sales increased by 17% to 1.15 lakh tonnes.
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