Stock Market Highlights, April 4: Sensex ends 351 pts higher, Nifty tops 22,500; HDFC Bank gains 3%, DMart 4%

Stock market Update on Thursday, April 04: In the broader markets, the BSE MidCap and SmallCap indices ended mixed with the former down 0.1 per cent but the latter up 0.56 per cent

2:15 PM

ONGC, Oil India dip 4% on profit booking after hike in windfall tax

Shares of state-owned oil exploration & production companies Oil and Natural Gas Corporation (ONGC) and Oil India slipped 4 per cent on the BSE in Thursday’s intra-day trade after the government hiked the windfall tax on petroleum crude to Rs 6,800 a metric ton from Rs 4,900 with effect from April 4.

The windfall tax, which is revised fortnightly, remains at zero for diesel and aviation turbine fuel. Read more

1:50 PM

OMCs in focus: HPCL, IOCL fall up to 3% as Brent crude nears $90/bbl

Shares of oil marketing companies were under pressure in Thursday's trade amid a persistent rally in oil prices. Among individual shares, Hindustan Petroleum Corporation (HPCL) declined 3 per cent to Rs 460 per share, while those of Indian Oil Corporation (IOCL) shed 2.7 per cent to Rs 169 per share.

\Bharat Petroleum Corporation (BPCL), too, fell 2.5 per cent to Rs 595.5 per share in the intraday trade. By comparison, the S&P BSE Sensex was up 0.27 per cent, but the S&P BSE Oil and Gas index was down 1.5 per cent at 1:15 PM. Read more

1:22 PM

Why are Tesla shares falling since January 2024? Here are 4 reasons

The Tesla stock price has plummeted by more than 33 per cent in calendar year 2024 (CY24) to around $170 levels now, marking the electric vehicle giant as the worst performer in the Nasdaq 100 Index and the second worst in the S&P 500 Index.

Technical analysts suggest that the stock has support at $150 levels. A fall below that, they said, can take the counter down further. Read more

1:14 PM

HAL, BEL, Data Patterns: Why is Jefferies bullish on these defence stocks?

Global brokerage firm, Jefferies in its report on India's aerospace and defence electronics related stocks this month, has reiterated its positive view on Bharat Electronics (BEL) and initiated coverage on Hindustan Aeronautics (HAL) and Data Patterns with a 'Buy' rating.

The report states that ongoing global geo-political tensions and India's rising focus on self-reliance has been fueling order flow and revenue growth for Indian firms in the defence space. Read more

1:01 PM

Market Check :: Benchmarks swing back in the green; Nifty tops 22,450

12:47 PM

Stock of AU Small Finance Bank soars over 5% on strong loan book, deposits

The bank reported a 26 per cent increase in total deposits, amounting to Rs 87,182 crore as of March 31, 2024, compared to Rs 69,365 crore in the year ago period. Within deposits the company’s CASA deposits grew 9 per cent YoY to Rs 29,126 crore. However the CASA ratio in total deposits came down from 38 per cent in Q4FY23 to 33 per cent in Q4FY24. READ MORE

12:34 PM

March Quarter Results :: GM Breweries posts net profit of Rs 86.6 crore vs Rs 35.1 crore YoY

>> Profit in Q3FY24 was Rs 22.6 crore

>> Revenue from Ops stands ar Rs 623.24 crore vs Rs 603.33 crore YoY

>> Ebitda at Rs 25.2 crore vs Rs 31.3 crore YoY

>> Ebitda margin at 4.04% vs 5.19% YoY

>> Board recommends issue of bonus shares in the ratio of 1:4

12:24 PM

Ex-BofA veteran overseeing Vedanta Group's restructuring steps down

Davis, who was named as president for strategy at Vedanta Resources Ltd. last year, was working closely with the group’s lenders and shareholders to oversee its mega overhaul announced in September, they said, asking not to be named as the information isn’t public. The group had clinched a deal with creditors in January to extend the maturities of three dollar bonds. READ MORE

12:09 PM

Forbes billionaires list: Ambani richest Asian with net worth of $116 bn

According to a report in the Hindustan Times, Mukesh Ambani, chairman of Reliance Industries, is at the top of the list in India with a net worth of $116 billion, an increase of 39.76 per cent to $83 billion last year, making him the first Asian to break into the $100 billion club. Ambani retained his position as the ninth richest person in the world and both India's and Asia's richest person. READ MORE

11:54 AM

Suryoday Small Finance Bank zooms 12% on healthy deposits and disbursements

On April 3, Suryoday Small Finance Bank (SFB) released its business update for the fourth quarter of financial year 2023-24 (FY24). The lender's gross advances stood at Rs 8,650 crore up 14 per cent quarter-on-quarter (q-o-q) and 41 per cent compared to the same period last year. READ MORE

11:39 AM

IPO Update :: Bharti Hexacom subscription nears half way mark

11:25 AM

Forbes list: Byju Raveendran no longer a billionaire, now has $0 net worth

This dramatic decline follows a series of crises that have severely impacted the once-thriving edtech startup, representing a notable downfall for the iconic figure in India's startup ecosystem. READ MORE

 

11:12 AM

NFTs lag amid crypto surge: Hope to revive interest lies in tokenisation?

NFTs, launched in 2014, are digital assets that are “non-fungible”, meaning unique. These may be photos, videos, audio files (such as Bachchan’s rendition of Madhushala) or any other collectibles in digital form. Unlike physical currency and cryptocurrency, these tokens have a digital signature that makes each of them unique. Put simply, it is a collectible in digital format that belongs to a unique owner. Another person may have a similar collectible, but it will have a different signature. READ MORE

11:00 AM

Market Check :: Losers trump gainers as Sensex falls nearly 300 pts

10:50 AM

Avenue Supermarts regains Rs 3-trillion m-cap; stock zooms 23% in 1 month

DMart, in the Q4FY24 pre-quarter update, said the company reported 20 per cent growth in standalone revenue from operations at Rs 12,393 crore, as against Rs 10,337 crore in Q3FY23, driven by a 7 per cent growth in revenue per store and a robust 13 per cent year-on-year (Y-o-Y) increase in store additions.  READ MORE

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