Stock Market Live: Sensex soars 850 pts; Bank Nifty, ICICI Bk at new high

2:22 PM

Bank shares dazzle; ICICI m-cap hits Rs 8 trn; SBI, Indian Bk soar up to 5%

Stocks of listed bank were in demand, on the stock exchanges, with the Nifty Bank index hitting a new high of 49,320.85 after a strong rally in private and public sector banks amid healthy Q4 results. The banking index surpassed its previous high of 49,057.40 touched on April 10. READ MORE

1:49 PM

Copper, Aluminium at multi-year highs; charts suggest more upside likely

Copper

Current Level: $10,010/ Rs 858

Upside Potential: 3.7%

Copper futures have rallied 23 per cent in the last 11 weeks in the international market. The base metal commodity is presently quoting above the higher-end of the Bollinger Bands on the weekly and monthly charts, thus suggesting that the bullish bias will remain intact as long as the commodity sustains above $9,625 levels, with near support seen at $9,950 levels. READ MORE

1:33 PM

ALERT :: Techno Electric & Engineering bags new orders for Rs 4,063 crore

Co has bagged orders from

Power Grid Corporation of India Ltd.- Rs 241 crore

Aparva Energy Private Limited – Rs 175 crore

Adani Transmission Ltd. – Rs 120 crore

Millenium Challenge Account (MCA), Nepal – Rs 760 crore

IndiGrid Trust – Rs 904 crore

Damodar Valley Corporation (DVC) – Rs 291 crore

REC Power Distribution Company Ltd. – Rs 1,571 crore

NERES XVI, POWER TRANSMISSION LTD – Rs 1,750 crore

1:21 PM

YES Bank shares zoom 9% as profit jumps 123%, asset quality improves

Prashant Kumar, managing director & CEO, YES Bank said, “This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5 per cent. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilised for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1 per cent from 2.4 per cent in FY23. Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20 per cent Y-o-Y for the first time in the last 8 quarters. Importantly, despite the challenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9 per cent.” READ MORE

1:06 PM

AU Small Finance Bank eligible for universal banking licence application

AU Small Finance Bank, the largest lender among the pack, has met all the criteria established by the regulatory authority. AU boasts a net worth of Rs 12,560 crore, has recorded profits for the previous two fiscal years, and maintained gross and net non-performing assets below 3 per cent and 1 per cent, respectively, as mandated by the RBI. READ MORE

12:50 PM

IREDA surges 13% on heavy volumes after govt gives ‘Navratna’ status

In exchange filing, the state-owned financial institution company on Friday after market hours said the Department of Public Enterprises (DPE) vide its letter dated April 26, 2024 has granted the ‘Navratna status’ to IREDA. READ MORE

12:38 PM

Apollo Hospitals slips 8% on stake sale in AHL, Keimed merger

In a two-step deal, which includes merger and stake investment, AHL, the omni-channel pharmacy arm of AHEL, has announced plans to raise Rs 2,475 crore in equity capital from PE firm Advent International for a 12.1 per cent stake. The deal also takes into account merger of promoters-owned Keimed Private Limited, India’s leading wholesale pharmaceutical distributor, over the next two years. READ MORE

12:22 PM

Why is BSE exchange upset about new Sebi order? An Explainer

The letter from Sebi states that BSE has further been advised to pay the differential regulatory fee (including differential regulatory fee, if any) for the past periods along with applicable interest (i.e. 15 per cent per annum on the amount remaining unpaid or belatedly paid or short paid, for every month of delay or part thereof to the Board) within a period of one month. READ MORE

12:10 PM

ALERT :: Orissa Bengal Carrier zooms over 14% on report of entering contract with Ambuja Cement

Report says Co has entered into a contract for transportation of about 180,000 metric tonnes of material for Ambuja Cement.

11:53 AM

ALERT :: Gland Pharma receives USFDA nod for Cetrorelix Acetate Injection

Gland Pharma Limited has received approval from the United States Food and Drug Administration (USFDA) for Cetrorelix Acetate for Injection, 0.25 mg/vial, Single-Dose Vial (Product).

The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Cetrotide for Injection, 0.25 mg/vial, of EMD Serono, Inc.

According to IQVIA, the product had US sales of approximately $129 million for the twelve months ending February 2024.

More details here

11:26 AM

Brokerages bullish on HCLTech despite weak FY25 guidance; stock falls 6%

Analysts attributed the lacklustre performance to seasonal fluctuations in HCL Software, which experienced an 18.5 per cent quarter-on-quarter (Q-o-Q) decline in constant currency (CC) revenue, along with weakness in the Engineering and R&D Strategy, Services & Solutions (ERS) segment READ MORE

11:09 AM

ICICI Bank stock update: Analysts up EPS, target price post Q4; detail here

In Q4FY24, ICICI Bank posted net profit of Rs 10,707 crore, registering a growth of 17 per cent year-on-year (Y-o-Y). Its net interest income (NII) increased by 8 per cent Y-o-Y to Rs 19,093 crore, with net interest margin at 4.4 per cent vs 4.43 per cent Q-o-Q. READ MORE

10:52 AM

Motilal Oswal AMC’s CIO bets on telecom stocks in tariff hike optimism

The likely tariff increase will help inject new life into a sector that has grappled with cut-throat competition and aggressive policy actions in recent years, said Shah. America’s top wireless carrier AT&T Inc.’s average revenue per user is $55, while the measure is as low as $2 in India, he said. READ MORE