Stock Market Highlights, April 9: Sensex drops 440 pts from record high, ends 59 pts down; Nifty below 22,650; RIL, TCS, Titan weigh

Stock market updates on Tuesday, April 09: Among sectors, the Nifty Media, and PSU Bank indices settled in the negative zone (down up to 1 per cent), while the Nifty Metal index added 1.1 per cent

SI Reporter New Delhi

Photo: Bloomberg

10:26 AM

Godrej Properties surges 8%, hits new high on strong Q4 business update

This is the highest-ever quarterly sales announced to date by any publicly listed real estate developer in India, the company said in an exchange filing. This was achieved through the sale of 5,331 homes with a total area of over 8 million sq. ft, it added. READ MORE

10:13 AM

ALERT :: Natco Pharma receives Warning Letter from the USFDA

>> Letter received for Kothur (Pharma Division) manufacturing facility

>> The Company does not believe that the Warning Leter will have an impact on disruption of supplies or existing revenues from this facility.

>> It may cause delay/withholding of pending product approvals from this site.

10:03 AM

ALERT :: Ajmera Realty posts total sales of Rs 1,000 crore in FY24; stock up 5%

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9:52 AM

Comment :: 'There is valuation comfort in large-cap banking stocks'

The pattern of ‘higher highs and higher lows’ is a distinct bullish signal and this has been the standout pattern in the Indian market this year. Consequently, the buy on dips strategy has consistently worked for investors.

The new records set by the market yesterday confirms the bullish market undertone. A healthy and desirable trend in the market movement yesterday was the outperformance of the largecaps. This trend is likely to continue.

It is important to understand the fact that in this richly valued market, there is valuation comfort in largecap banking stocks. More importantly, Q4 results of the banking majors are likely to be very good. Sectors like capital goods, autos, cement and hospitality are likely to remain resilient.

Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

9:41 AM

Sula Vineyards rises 3% as Q4 biz update shows revenue grew 10% YoY

>> The wine maker recorded 10 per cent growth in net revenue for Q4 as well as FY24.

>> In absolute terms, net revenue for Q4FY24 stood at Rs 131.8 crore, while full-year revenue came in at Rs 608.6 crore

9:38 AM

Q4 result reaction :: Cupid freezes at 5% upper circuit

>> Cupid's Q4 net profit soared 185 per cent to Rs 23.70 crore on a year-on-year basis; Revenue rose 51.5 per cent at Rs 62.90 crore in the March quarter.

9:36 AM

Dilip Buildcon gains nearly 3% on order win worth Rs 1,092 crore

>> The company won an order worth of Rs 1,092 crore from Haryana Rail Infrastructure Development Corp on EPC mode.

9:33 AM

Gland Pharma declines over 5% after large trade

>> Around 9 illion shares chnage hands on NSE, BSE for Rs 1,590 crore

>> According to reports, Nicomac Machinery & RP Advisory Services were looking to sell up to 4.4% equity in Gland Pharma at a floor price of Rs 1,725/share.

9:30 AM

Tata Motors gains 1% on healthy JLR sales

>> The auto major’s Jaguar Land Rover (JLR) sales rose 11 per cent YoY in Q4 to 114,038 units, driven by increased production and sustained global demand. For the full year FY24, sales grew by 22 per cent to 431,733 units.

9:27 AM

Axis Bank volatile after bulk deal; Over 30 mn shares change hands in early deals

>> According to a Reuters report, Bain Capital was looking to sell stake worth $429 million in the private lender

>> Bain Capital will sell about 33.40 million shares of the lender, representing an over 1% stake, at an offer price in the range of Rs 1,071 to Rs 1,076.05 per share, the term sheet showed.