Produced by: Aseem Thapliyal
The domestic equity market was trading higher in the afternoon session today. Sensex rose 293 points to 74,775 and Nifty rose 91 pts to 22,695.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The domestic cues are very positive. The GST collection for April setting a record of Rs 2.1 trillion indicates a booming economy. India’s GDP is estimated to have grown by 7.6% in FY24 and is expected to continue the growth momentum with above 7% growth in FY25, too. It appears that the market is discounting India’s growth outperformance. In April while the S&P 500 is down by 4.2%, Nifty is up by 0.7%. This outperformance can continue."
Shares of IndiaMart InterMesh rose 9% in early deals after the online retailer reported a 78.49 per cent rise in consolidated net profit for the quarter ended March 2024.IndiaMart InterMesh stock gained 9.09% to Rs 2888.95 against the previous close of Rs 2648.20 on BSE. Market cap of the firm rose to Rs 17,239 crore
Shares of Tata Power Company hit a record high in early deals. Tata Power shares surged 1.87% to a high of Rs 457.50 against the previous close of Rs 449.10 on BSE. Market cap of Tata Power climbed to Rs 1.45 lakh crore on BSE. A total of 3.17 lakh shares of the firm changed hands amounting to a turnover of Rs 14.38 crore.
Shares of Neogen Chemicals rose over 5% in early deals on Thursday after the firm announced its Q4 earnings. The specialty chemicals maker reported a profit of Rs 17 crore in Q4, up 18% year-on-year. Neogen Chemicals stock rose 5.43% to Rs 1626 against the previous close of Rs 1542.20 on BSE. Market cap of the firm climbed ot Rs 4197.59 crore.
Shares of REC zoomed 9% today after the firm announced its Q4 earnings. REC stock rose 9% to the high of Rs 555.45 against the previous close of Rs 507.25 on BSE. Market cap of the firm rose to Rs 1.44 lakh crore. The firm reported a 33% rise in net profit for the quarter ended March 2024. The board of the firm also announced a final dividend of Rs 5 per share. On April 30, the stock gained 8% intraday to Rs 500.50 after results.
Waaree Renewable Technologies stock hit an upper circuit of 5% at Rs 2604. Total 4.13 lakh shares of Waaree Renewable changed hands amounting to a turnover of Rs 103.24 crore on BSE. The market cap of the firm climbed to Rs 27,125 crore.
Shares of Adani Enterprises zoomed nearly 2% today ahead of the firm's Q4 earnings set to be announced today. Adani Enterprises stock rose 1.81% to the high of Rs 3109 against the previous close of Rs 3054.30 on BSE. Market cap of the firm rose to Rs 3.53 lakh crore.
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