Produced by: Aseem Thapliyal
The domestic equity market was trading lower in the afternoon session today. Sensex fell 678 points to 73,932 and Nifty sliiped 227 pts to 22,421.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Global and domestic cues are positive for the markets. The decline in dollar index to 105.3, correction in the US 10-year bond yield to around 4.5% and Brent crude below $84 will further strengthen the bulls. The strong pillar of support for this market is the strong buying by DIIs facilitated by the sustained flow of funds. This trend is unlikely to change anytime soon. RBI lifting restrictions on some of Bajaj Finance’s products is highly positive for the stock. Short covering in the stock has the potential to trigger a surge in the stock. Bank Nifty has further room to move up."
Shares of DroneAcharya Aerial Innovations Ltd surged 3% on Friday after the firm said it has secured a work order valued at AED 239,819 (Rs 53 lakh) from Alter Dynamics & Artificial Intelligence. DroneAcharya Aerial shares gained 3.53% to Rs 156.75 against the previous close of Rs 151.35 on BSE. Total 0.91 lakh shares of DroneAcharya Aerial changed hands amounting to a turnover of Rs 1.40 crore. Market cap of DroneAcharya Aerial rose to Rs 375.90 crore on BSE.
Ajanta Pharma shares rose 13 per cent post March quarter (Q4) results and the announcement of Rs 351 crore share buyback, including tax, at Rs 2,770 apiece. This buyback price was at 24 per cent premium to Ajanta Pharma's previous closing price of Rs 2,233.10. Ajanta Pharma stock jumped 13.38 per cent to hit a high of Rs 2,531.95 on BSE.
Shares of multibagger Bharat Heavy Electricals Ltd (BHEL) hit their 14-year high in early deals today. The PSU stock also touched its 52-week high for the sixth straight session, signaling strong investor interest in the multibagger stock. The stock rose 9% to a high of Rs 318.15 on BSE.
Shares of South Indian Bank fell over 2% in early deals after the lender reported a 14 per cent fall in net profit during the fourth quarter of the financial year 2023-24. Profit fell to Rs 287.56 crore in the last quarter against Rs 333.89 crore during the same period in 2022-23. South Indian Bank stock fell to Rs 28.37 on Friday against the previous close of Rs 29.20 on BSE.
Vodafone Idea shares rose 2% to Rs 13.47 after BofA Securities upgraded the rating of the telco. The brokerage believes it offers highest leverage for tariff hike as pure-play telecom operator. BofA believes a 5 per cent average revenue per user (ARPU) jump leads to 12 per cent earnings per share (EPS) increase for Vodafone Idea. Market cap of the firm stood at Rs 87,691 crore. Total 1156.25 lakh shares of the telco changed hands amounting to a high turnover of Rs 153.40 crore.
Shares of IFCI rose 10% to Rs 55.11 on Friday. IFCI market cap climbed to Rs 13,272 on BSE. Total 120.81 lakh shares of the financial firm changed hands amounting to a turnover of Rs 65.20 crore.
REC stock hit a 52 week high of Rs 567.05 on BSE. Market cap of the firm rose to Rs 1.47 lakh crore. It logged a high turnover of Rs 135.42 crore after 24.20 lakh shares of the financial institution changed hands on BSE.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.