Thursday, 30 May 2024
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In the afternoon session, the Sensex and Nifty fall

  • In Friday afternoon trade, the benchmark indexes Sensex and Nifty experienced a decline.
  • Tech Mahindra’s objective to drive a balanced portfolio mix with less reliance on communications is commendable.
  • A dividend of ₹7 per equity share of ₹10 each has been recommended by the Ponni Sugars (Erode) board for the FY 2023–2024.

In Friday afternoon trade, the benchmark indexes Sensex and Nifty experienced a decline, with the latter closing at 73,831.24 and the former at 22,448.70.

Along with Divis Lab, LTIM, Bajaj Auto, and Wipro, Tech Mahindra’s stock increased 7.71% on the Nifty. Bajaj FinServ, Apollo Hospitals, Nestle India, Bajaj Finance, and Shriram Finance were the laggards.

Sensex and Nifty

Tech Mahindra’s objective to drive a balanced portfolio mix with less reliance on communications is commendable, according to Prabhudas Lilladher, but the cyclicality of its portfolio business and weaknesses across its business units make it appear difficult.

In FY25e and FY26e, respectively, the company plans on 1.8% and 6.0% YoY CC revenue growth and an adjusted margin increase of 70bps and 300bps. The P/E of the company, which has a target price of ₹1,135 and is now trading at 20x FY26e, is 19x for FY26e.

3.55% less than the previous quarter, at ₹2,118.53 crore, was Bajaj Finserv’s consolidated net profit for the quarter that ended in March 2024.

A dividend of ₹7 per equity share of ₹10 each has been recommended by the Ponni Sugars (Erode) board for the fiscal year 2023–2024. The dividend is scheduled to be paid on or before June 12, 2024.

Though the weekly chart indicates that the price range of ₹1,760-1,850 is a strong support band, indicating a potential for a corrective rally or positive trend reversal, Dalmia Bharat (₹1,825) has been in a decline since the beginning of 2024.

Asian Hotels (North) trading at ₹146.80 on the NSE, up 1.94%, and HG Solar Projects Private Limited, two owned subsidiaries of Jayshree Chemicals, approved by NCLT Kolkata.

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