As per provisional closing, the barometer index the S&P BSE Sensex rose 18.11 points or 0.03% to 61,981.79. The Nifty 50 index added 33.60 points or 0.18% to 18,348. In three consecutive sessions, the Sensex advanced 0.89% while the Nifty climbed 1.20%.
In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.11%.
The market breadth was positive. On the BSE, 1,780 shares rose and 1,725 shares fell. A total of 119 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 2.46% to 5,940.25. The index gained 6.04% in three trading sessions.
Adani Enterprises (up 13.19%), APL Apollo Tubes (up 4.5%), Jindal Stainless (up 3.96%), Ratnamani Metals & Tubes (up 1%), Steel Authority of India (up 0.61%), Hindalco Industries (up 0.6%), Tata Steel (up 0.57%), NMDC (up 0.48%), Vedanta (up 0.23%) and JSW Steel (up 0.11%) advanced.
On the other hand, Jindal Steel & Power (down 0.89%), Hindustan Copper (down 0.58%) and Hindustan Zinc (down 0.42%) declined.
JSW Steel rose 0.11%. The steel major on Monday announced that NCLT-Mumbai has approved Rs 621-crore resolution plan submitted by its subsidiary, JSW Steel Coated Products (JSWSCPL) for National Steel and Agro Industries (NSAIL). JSW Steel through JSWSCPL proposes to acquire 100% equity shareholding in NSAIL. The total consideration for acquisition of the target is Rs 621 crore.
Separately, JSW Steel and JFE Steel, Japan have in‐principle reached an agreement to establish a 50:50 Joint Venture Company (JV). The JV shall be able to manufacture the entire range of CRGO products at its proposed facilities at Vijayanagar, Karnataka.
Stocks in Spotlight:
Bharat Petroleum Corporation (BPCL) gained 1.33% after the company's standalone net profit zoomed 159% to Rs 6,477.74 crore in Q4 FY23 as against Rs 2,501.08 crore posted in Q4 FY22. Net sales (excluding excise duty) grew by 13.3% to Rs 1,18,112.08 crore in Q4 FY23 from Rs 1,04,244.74 crore recorded in the corresponding quarter previous year.
Vedanta added 0.33% after the company said that its board of directors has approved first interim dividend of Rs 18.50 per equity share for the financial year 2023-24, amounting to Rs 6,877 crore.
Shree Cement rose 1.01%. The company's consolidated net profit fell to Rs 525.21 crore in Q4 FY23 as against a net profit of Rs 659.08 crore in Q4 FY22. Total income advanced to Rs 5245.91 crore in the quarter ended 31 March 2023 from Rs 4501.60 crore recorded in Q4 FY22.
Torrent Power rose 0.79% The company's board of directors will meet on 29 May 2023, to consider raising funds by issuing non-convertible debentures (NCDs) up to Rs 3,000 crore through private placement. The board will also consider the audited standalone and consolidated financial results for the quarter and year ended 31 March 2023, and recommend a final dividend, if any.
PB Fintech skid 0.01%. The company reported a net loss of Rs 9 crore in Q4 FY23, which is significantly lower as compared with a net loss of Rs 220 crore recorded in Q4 FY22. Revenue during the quarter increased by 61% YoY to Rs 869 crore.
Escorts Kubota declined 0.61%. The company announced that its Agri Machinery Business Division shall be increasing the prices of tractors effective from 1 June 2023.
Indiabulls Housing Finance fell 1.94%. The company's consolidated net profit fell to Rs 263 crore in Q4 FY23 as against a net profit of Rs 307 crore in Q4 FY22. Total income advanced to Rs 2077 crore in the quarter ended 31 March 2023 from Rs 2191 crore recorded in Q4 FY22.
Welspun Corp shed 0.46%. The company said that its associate company East Pipes Integrated Company for Industry has signed a contract for the supply of steel pipes with Saudi Aramco, for a total value exceeding SAR 1.8 billion (approximately Rs 4,000 crore).
NACL Industries rallied 15.53%. The company's consolidated net profit jumped 64.52% to Rs 33.53 crore in Q4 FY23 as compared with Rs 20.38 crore in Q4 FY22. Revenue from operations increased 27.14% to Rs 598.70 crore in Q4 FY23 as against Rs 470.90 crore posted in corresponding quarter last year.
Varroc Engineering jumped 5.70% after the company reported a consolidated net profit (from continuing operations) of Rs 40.02 crore in Q4 FY23 as compared to a net loss of Rs 32.57 crore posted in Q4 FY22. Revenue from operations in Q4 FY23 was at Rs 1,690.06 crore, up 2.3% to Rs 1,651.99 crore in Q4 FY22.
Indoco Remedies declined 2.70%. The pharmaceutical company's standalone net profit tumbled 37.16% to Rs 25.37 crore in Q4 FY23 from Rs 40.37 crore recorded in Q4 FY22. Revenue from operations grew by 6.94% year on year to Rs 428.05 crore in the quarter ended 31 March 2023.
Garware Technical Fibres rose 0.69% after the company's consolidated net profit rose 10.73% to Rs 59.67 crore on 3.98% increase in net sales to Rs 370.49 crore in Q4 March 2023 over Q4 March 2022.
Capri Global Capital rallied 5.03% after the NBFC's consolidated net profit surged 55.37% to Rs 64.9 crore in Q4 FY23 from Rs 41.77 crore recorded in Q4 FY22. Total income jumped 53.04% year on year to Rs 454.11 crore in the quarter ended 31 March 2023.
Global Markets:
Shares in Europe and Asia traded mostly lower as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.
US stocks ended the session mixed on Monday as talks in Washington resumed to avert a US default. President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. Treasury Secretary Janet Yellen said the chances are ?quite low that the US can pay all its bills by mid-June.
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