Equity benchmark indices jumped nearly 1 per cent on Monday amid a rally in Asian and European markets, a fall in Brent crude oil prices, and buying by foreign investors.
The BSE Sensex surged 560.29 points or 0.77 per cent to settle at 73,648.62. The NSE Nifty jumped by 189.40 points or 0.86 per cent to 22,336.40. The majority of sectors ended in green with PSU Banks rallying 3%, followed by consumer durable. Capital goods, pharma, auto, and fertilizer stocks were other major gainers.
"The Indian market extended last Friday's relief rally as Middle East tension saw some respite, though the situation remains fluid. The recovery was broad-based across sectors, with renewed interest in mid- and small-caps. Gold and oil prices showed some relief but are still at elevated levels. Hawkish remarks from the US FED, driven by persistent inflation and robust economic data, spurred a rally in bond yields. The prevailing higher interest rate environment is expected to persist longer than expected which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near term," said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key stocks to watch on April 23:
Reliance Industries: The oil-to-telecom-to-retail conglomerate reported a net profit of Rs 21,243 crore for the quarter ended March 2024, up by 0.1 per cent YoY, dented by higher tax costs. Gross revenue for the reported quarter stood at Rs 2,64,834 crore increased 10.8 per cent YoY, supported by double-digit growth in oil-to-chemical (O2C) and consumer business. EBITDA jumped 14.3 per cent to Rs 47,150 crore, with a margin expansion of 50 bps at 17.8 per cent.
Patel Engineering: The company has launched a qualified institutional placement (QIP) and set a floor price for the QIP at Rs 59.50 per share. The company in a board meeting had approved the resolution to raise not more than Rs 500 crore through QIP. It can offer a discount of up to 5 per cent on the floor price.
Mahindra Logistics: The company reported a net loss of Rs 11.9 crore for the quarter ended March 2024, compared to a profit of Rs 0.20 crore in the same quarter of the previous fiscal. Consolidated revenue from operations jumped 14 per cent YoY to Rs 1,450.8 crore. The board has approved the reappointment of Rampraveen Swaminathan as the managing director and CEO of the company for five years, with effect from February 4, 2025.
Tejas Networks: The domestic telecom equipment manufacturer reported a net profit of Rs 146.8 crore for the March quarter, as against a net loss of Rs 11.5 crore in the year-ago period. The company’s revenue climbed 343.4 per cent to Rs 1,326.9 crore compared to Rs 299.3 crore in the year-ago quarter.
PSP Projects: The company announced the launch of its qualified institutional placement (QIP) to raise Rs 244 crore on April 22. The company has fixed the floor price for the QIP at Rs 682.59 per share, though it may offer a discount of up to 5 per cent on the floor price.
