Stock Market Highlights, April 24: RIL, IT shares cap gains on Sensex, Nifty; metals shine

Stock market highlights on Wednesday, April 24: n the broader markets, the BSE MidCap and SmallCap indices outperformed the benchmarks by settling 0.92 per cent and 0.79 per cent higher, respectively

2:09 PM

JP Morgan CEO Dimon commends Modi govt for Aadhaar, poverty alleviation

'He has taken 400 million people out of poverty', says American as he berates US liberal press's coverage of Indian leader. READ MORE

1:56 PM

BSE Metal index surges 3% as base metals climb to multi-year highs

Metal stocks top performers: Here's why metal stocks were in demand on the Dalal Street on Wednesday. READ MORE

1:42 PM

This PSU defence stock has zoomed over 100% in 7 months post split

In the past seven months, the share price of public sector undertaking (PSU) defence company has zoomed 112 per cent after the stock split in the ratio of 1:1. READ MORE

1:29 PM

MCX down 8% as Morgan Stanley predicts 48% downside in stock post Q4 result

Shares of Multi-Commodity Exchange (MCX) slumped 7.7 per cent to Rs 3,715.15 on the BSE in Wednesday's intraday trade after the commodity exchange's March quarter (Q4FY24) results missed Street's estimates. Given this, global brokerage Morgan Stanley has maintained an 'Underweight' rating on the stock with a target price of Rs 2,085. This implies a massive 48.2 per cent downside from current levels. READ MORE

1:16 PM

Motilal Oswal is bullish on Sun Pharma; check outlook, upside

Sun Pharma, the brokerage said, is building an interesting specialty pipeline (under development) for addressing patient’s needs in areas of dermatology, ophthalmology, and onco-dermatology. READ MORE

1:03 PM

Puravankara locked at 5% upper circuit on securing redevelopment project

In an exchange filing, Puravankara said, “We write to inform you that the company has been unanimously selected as the preferred developer  for redeveloping a residential housing society in Pali Hill, Mumbai.”  READ MORE

12:44 PM

Cyient DLM stock surges 13% on strong Q4 show; upbeat FY25 outlook

The management is targeting a 30 per cent revenue CAGR over the next three years with an improving margin trajectory. Cyient DLM's RoCE is likely to reach 15 per cent in a couple of years and ~25 per cent over the next five years. The management is expecting an order win in Q1FY25, which will significantly increase the order backlog. The orders will be from existing as well as new logos added during FY24. READ MORE

12:30 PM

March Quarter Results :: Chennai Petroleum posts Q4 PAT of Rs 610 crore

>> PAT was Rs 360 crore QoQ

>> Ebitda stands at Rs 1,041 crore vs Rs 680 crore QoQ

>> Ebitda margin at 5% vs 3.3% QoQ 

12:20 PM

Strong signal for telecom sector after successful Vodafone Idea FPO

VIL intends to raise around Rs 25,000 crore from the market. If it can utilise the funds to roll out 5G and strengthen its 4G presence (around Rs 12,700 crore is allotted to network capex), the threat of India’s telecom services market turning into a duopoly recedes. Among the other private telecom service providers, Reliance Jio (Jio) did well in FY24 with results in line with consensus, while Bharti Airtel is also estimated to do well (first three quarters have been good). READ MORE

12:05 PM

5 Smallcap stocks that will help you mint money in markets on April 24

The S&P BSE Sensex has surged 3.1 per cent or 2,244 points from its low of 71,816 touched last week. Its counterpart, the NSE Nifty 50 index has rallied 670 points from its low. Both the indices are around 1.5 per cent shy from their respective all-time highs. READ MORE

11:50 AM

RIL to boost homegrown Wyzr brand in Indian consumer electronics market

Reliance Retail, the retail arm of the conglomerate, plans to expand the product range to include televisions, washing machines, refrigerators, air conditioners, small appliances, and LED bulbs. The company aims to develop and design these products internally, seeking to establish a homegrown brand in a market predominantly controlled by foreign labels. READ MORE

11:37 AM

Is the worst over for microcap, smallcap, midcap stocks? What analysts say

The smallcap index is trading higher for the third straight day and gained 3.3 per cent during the period. The index has surpassed its previous high of 46,821.39 touched on February 7. The smallcap index has recovered 15 per cent from its low of 40,641.67 hit on March 13. READ MORE

11:19 AM

Zydus Life stock sheds 5% as USFDA issues 10 observations for Vadodara unit

"The USFDA conducted an inspection at the Injectable Manufacturing site situated at Jarod, near Vadodara, between April 15 and April 23, 2024. The inspection was closed with 10 observations," the company said in an exchange filing. READ MORE

11:05 AM

Global investors sell Unilever India stock as sales growth falters

Investors have sold Hindustan Unilever and its consumer-giant peers as they found it hard to justify the expensive valuations of the companies amid faltering sales growth. The firm has been facing competition from new-age brands, while lower agricultural yields have sapped demand among its rural customer base. READ MORE

10:51 AM

ALERT :: Welspun Corp receives binding LoA for export of line pipes from India

The contract, valued at Rs 611 crore is for supply of LSAW Pipes, Coating and Bends in Latin America.