Tuesday, 18 June 2024
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Nifty surpasses 22,000 and the Sensex gains 150 points

  • The profit after tax for the quarter ended in March increased by 38.7% YoY: CAMS.
  • India‘s foreign exchange reserves increased by 0.6% from $637.9 billion to $641.6 billion.
  • As gold fell 1.2% year over year to $54.88 billion, foreign currency holdings increased to $564.2 billion.

The profit after tax for the quarter ended in March increased by 38.7% YoY according to Computer Age Management Services (CAMS). The Q4 net profits of other Indian companies, like Sapphire Foods India, NCL India, and Lal Pathlabs, also increased significantly.

The most recent quarterly results report, which showed a 14% loss in revenue and a 25% drop in profit, sparked a deeper sell-off. India’s foreign exchange reserves increased by 0.6% from $637.9 billion to $641.6 billion on May 3.

Sensex and Nifty

As gold fell 1.2% year over year to $54.88 billion, foreign currency holdings increased to $564.2 billion, up 0.8% year over year. With over half of this investment going toward renewable business, Venkys’ Q4 net profit grew by 33% YoY.

Managing Director and CEO Praveer Sinha said that the efforts and investments made by Tata Power Company across its businesses would begin to pay off in the upcoming 12 to 18 months. Almost half of the Rs 20,000 crore the company expects to invest in FY25 alone would go toward renewable energy. Over the last four years, the company has invested Rs 40,000 crore in capacity.

Due to strong earnings momentum and anticipated growth, strategists at Citigroup Inc. upgraded India and downgraded China in the emerging market allocation. They believe that the development in earnings that is seen in nations such as India should provide further advantages in emerging markets. Additionally, Citigroup upgraded Saudi Arabia to underweight, Poland to neutral, Southeast Asia to neutral, and South Africa to overweight.

After profit more than quadrupled year over year to Rs 3,010 crore in the January–March (Q4FY24) quarter, Punjabi National Bank (PNB) shares increased 1.8% to Rs 124.3 per share on May 10. Nevertheless, because of the high cost of appraisals, brokerages kept “sell” calls on the public lender.

PNB received a “sell” recommendation from Kotak Institutional Equities analysts who noted a strong rally and a target price of Rs 105 per share. Analysts increased their earnings projections for FY26 by 3.5%, while they kept the return on equity (RoE) and return on asset (RoA) for FY26 at 0.8% and 12.0%, respectively.

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