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Join UsNIFTY Bank on Monday hit a fresh record high amid robust January-March quarter results from ICICI Bank, HDFC Bank, and Axis Bank.
At 2 pm, the index was trading at 49,354. Intraday, NIFTY Bank, which opened at 48,359, hit a record high of 49,388.Top gainers were ICICI Bank (4.7%), AU Bank (3.7%), State Bank of India (3.6%), Axis Bank (2.8%), and IndusInd Bank (2.6%), while IDFC First Bank (4.4%) and Bandhan Bank (0.4%).
ICICI Bank’s market capitalization (m-cap) increased to 8,15,227 crore, while its free float m-cap was 8,15,578 crore. Its consolidated net profit rose 18.5% to Rs 11,672 crore in the March quarter, up from Rs 9,853 crore a year earlier. Its standalone net profit climbed to 40,888 crore from 31,896 crore in FY24.
A 37.1% increase in HDFC Bank’s net profit for Q4 FY24 was achieved as compared to Q4 FY24’s net profit of $12,047 crore. Besides growing by 15% in its consolidated net profit for the quarter ended March 31, 2024, IndusInd Bank’s net profit for FY24 also went up by 21% to Rs 8,977 crore from Rs 7,443 crore.Axis Bank’s standalone profit for the January-March quarter was 7,129 crore, compared with a net loss of 5,728 crore a year earlier.The shares of IDFC First Bank declined as the lender reported a 10% decline in its net profit for Q4 FY24, compared with Q4 FY23.
On Monday, Blue Cloud Softech Solutions hit a 20% upper circuit while Shakti Pumps (India) and Jaiprakash Power Ventures hit 5% upper circuits. Waaree Renewable Technologies shares were locked at a lower circuit limit.The BSE Sensex opened in the green on Monday and traded at 74,241.36, up 0.70 percent. Currently, most companies are trading positively, with the BSE Midcap index hovering at 41,784.75, up 0.39 %. The BSE Smallcap index was trading around 47,301.96, up 0.13%.
In the morning session, these four stocks hit the upper and lower circuits. The stock market hit the upper circuit on Monday (April 29, 2024).
Jaiprakash Power Ventures soared to a 5% upper circuit today, closing at ₹19.04. The company’s financial performance for the fourth quarter and fiscal year ended 2024, announced on April 27, was impressive. It recorded a net profit of ₹588.34 crore in Q4FY24, a significant increase from the net loss of ₹43.08 crore in Q4FY23. Operating in sectors such as coal mining, sand mining, cement grinding, thermal and hydroelectric electricity production, Jaiprakash Power Ventures has a market capitalization of ₹13,050 crore. Notably, its share price has seen a remarkable surge of 224.91% over the last 12 months.
Shares of Blue Cloud Softech Solutions have been locked in the 20% upper circuit on Monday, following a week where the stock jumped 45.36%. Today, it continued this trend by reaching the upper circuit at ₹80.02. This uptrend was fueled by the company’s recent announcement that it has received recognition for its efforts in enhancing cybersecurity expertise through the Indo-Dutch challenge. At the same event, the Executive Director emphasized that the global cybersecurity market is expected to grow at a CAGR of 10.56%, reaching USD 273 billion by 2028. It is worth noting that Blue Cloud Softech Solutions operates as a holding company with a focus on software- related activities.
Today, Shakti Pumps (India) Ltd reached the 5% upper circuit at ₹1,880.65. The company’s financials for Q4FY24 and the fiscal year ending in 2024 proved to be strong. Notably, a net profit of ₹89.7 crore was reported for Q4FY24, showing significant growth from the previous year’s ₹2.2 crore. Similarly, in Q3FY24, the company saw a profit of ₹45.2 crore. This resulted in an impressive increase in PAT margin by 1,348 bps to 14.7% compared to the same quarter last year. Primarily focused on manufacturing pumps and motors of various types, Shakti Pumps (India) Ltd has seen its stock value rise by over 300% in the past year.
On Monday (April 29, 2024), stocks hit a lower circuit.
Waaree Renewable Technologies Ltd’s shares continuously experienced back-to-back 5% upper circuits, resulting in record highs. This surge was primarily due to their parent company’s IPO plans and stock split proposal announced earlier this year, leading to a staggering 495% rise on a YTD basis. However, in Friday’s trading session, the stock hit a 5% lower circuit. Today, it remained locked at ₹2,611.05 with another 5% lower circuit. Waaree Renewables Technologies operates in the renewable energy sector and holds a market capitalisation of ₹27,194 crore.
