Stock Market LIVE Updates: Sensex down 570 pts, Nifty below 2,750; realty, banks under pressure

Indian benchmark indices ended on negative note for the fourth straight session on May 29 with Nifty around 22,700. The Sensex was down 667.55 points or 0.89 percent at 74,502.90, and the Nifty was down 183.50 points or 0.80 percent at 22,704.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Indian benchmark indices ended on negative note for the fourth straight session on May 29 with Nifty around 22,700. The Sensex was down 667.55 points or 0.89 percent at 74,502.90, and the Nifty was down 183.50 points or 0.80 percent at 22,704.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Bears remained in control, leading to a sharp fall in Nifty. During the day, heavy call writing activities were seen at the 23,000 and 22,800 strikes, while put writing activities were visible at the 22,800 and 22,700 strikes. The option data suggests that Nifty might expire around 22,800. On the other hand, a fall below 22,700 might trigger additional selling pressure in the market. Immediate resistance is placed at 22,800.

The Bank Nifty index has demonstrated a clear shift in sentiment by opening below its support level at 49,000 and trading beneath it. It closed near its 21-day EMA at 48,400. If Bank Nifty fails to maintain above the 21-day EMA, further selling pressure may drive it down to 48,000. Consequently, 48,400 now serves as the support level for Bank Nifty, with 49,000 acting as the new resistance level.

Markets continued their corrective trend for another session, losing over half a percent. After an initial drop, Nifty fluctuated within a range and ultimately closed near the day's low at 22,704.70 level. Most sectors were under pressure, with banking, financial, and IT sectors being the top losers. Despite the overall decline, broader indices performed relatively better, finishing nearly flat to slightly negative.

The recent decline signals caution among investors, and we anticipate Nifty finding support around the 22,550 level, which corresponds to the 20-day EMA. With the May derivatives contracts expiry approaching, volatility is expected to remain high. We recommend limiting aggressive long positions and adopting a hedged approach.

Weak global cues prompted investors to take profits ahead of the US core PCE data, a key gauge of inflation that is anticipated to rise. Continued soaring of global inflation, like latest trend in Japan and Australia is diminishing investor expectation of a US Fed rate cut in the near term. Broad based weakness is noticed across the sectors with heavy underperformance from financials and IT.

Aditya Gaggar Director of Progressive Shares

The Bears showed their presence with a steep fall in the opening trade itself. In the mid-session, minor recovery was seen but that was quickly fizzled out as another round of selling took place which dragged the Index below 22,700. With a loss of 183.45 points, Nifty50 ended the day at 22704.70.

Among the sectors, Pharma and Metal were the top performers while Banking and IT counters were the major laggards. Selling pressure was seen more towards the Index stocks while Mid and Smallcap segments held their recovery move to outperform the Frontline Index.

On the daily chart, Nifty has breached its immediate support of 22,780 but considering the monthly expiry day tomorrow, we feel that a short covering move will bring the Index above the triangle pattern breakout point i.e. 22,780.

Indian rupee ended 16 paise lower at 83.34 per dollar on Wednesday versus Tuesday's close of 83.18.

Indian benchmark indices ended on negative note for the fourth straight session on May 29 with Nifty around 22,700.

The Sensex was down 667.55 points or 0.89 percent at 74,502.90, and the Nifty was down 183.50 points or 0.80 percent at 22,704.70. About 1473 shares advanced, 1871 shares declined, and 90 shares unchanged.

Biggest Nifty losers included HDFC Life, SBI Life Insurance, ICICI Bank, Tata Consumer Products and Tech Mahindra, while gainers were Hindalco, Power Grid Corp, Divis Labs, Nestle and Sun Pharma.

Mixed trend was seen on the sectoral front, with capital goods, telecom, healthcare, metal, power ended in the green, while auto, bank, FMCG, IT, oil & gas, and realty down 0.3-1 percent.

The BSE midcap index was down 0.4 percent while the smallcap index was up 0.2 percent.

#1 Q4 in-line with formulations division driving growth
#2 API sales in FY24 was impacted due to a few customers shifting their bases
#3 API sale is expected to pick-up in FY25
#4 Injectable facility commissioning has been delayed by couple of quarter
#5 Injectable facility will be online in Q3FY25 & could impact margin in the year
#6 FY24 saw 2 new API launches and management expect similar run rate in coming years

#1 Q4 in-line with formulations division driving growth
#2 API sales in FY24 was impacted due to a few customers shifting their bases
#3 API sale is expected to pick-up in FY25
#4 Injectable facility commissioning has been delayed by couple of quarter
#5 Injectable facility will be online in Q3FY25 & could impact margin in the year
#6 FY24 saw 2 new API launches and management expect similar run rate in coming years

 Sensex Today | Nifty PSU Bank index down 0.5%; Union Bank of India, UCO Bank, IOB among major losers

#1 Q4 earnings ahead of estimates, on better-than-expected EBITDA margin
#2 In weak demand environment, management focussed on improving profitability
#3 Management focussed on rationalising retail network & scaling new businesses
#4 Company met its stated FY24 net debt target

-Nifty sulks for fourth day; slips below 22,700
-Sensex sheds over 600 points to slip below the 75,000 mark
-Broader markets outperform; smallcaps latch on to slim gains
-All sectors barring metals & pharma trade with losses
-Banks & IT among top drags
-India VIX cools slightly after hitting 2-year high on Tuesday

Indian Rupee declined by 0.15% today on a strong US Dollar and weak domestic markets. Dollar demand from importers and OMCs also weighed on the Rupee. However, foreign inflows in the bond markets ahead of inclusion on India’s government bonds in global bond index cushioned the downside. US Dollar rose on hawkish Fed speak and upbeat economic data from the US. US CB consumer confidence rose unexpectedly to 102 in May 2024 vs 97 in April 2024 Fed’s Neel Kashkari (non-voting member) said that the central bank should wait for significant progress on inflation before it cuts interest rates. He also did not rule out a rate hike in inflation fails to fall.

We expect Rupee to trade with a slight negative bias on month end Dollar demand from OMCs and importers to meet their obligations. Risk aversion in global markets and a strong US Dollar may further pressurise the Rupee. However, fresh foreign inflows in FPIs and bond markets may support the Rupee at lower levels. Traders may take cues from Richmond manufacturing index and speeches from Fed officials. Investors may remain cautious ahead of core PCE price index data later this week. USDINR spot price is expected to trade in a range of Rs 83.10 to Rs 83.60.

Markets@3 | Sensex down 610 pts, Nifty below 22,750

The Sensex was down 613.20 points or 0.82 percent at 74,557.25, and the Nifty was down 167.40 points or 0.73 percent at 22,720.80. About 1494 shares advanced, 1836 shares declined, and 92 shares unchanged.

Buying is seen in the capital goods, healthcare, metal and power, while selling is seen in the bank, auto, IT, realty, FMCG, oil & gas.

BSE Midcap index was down 0.3 percent, while smallcap index up 0.2 percent.

Subhash Chand Agrawal has resigned as Chief Financial Officer of the company to pursue professional goals outside the organization. His last working day with the organization will be June 30, 2024.

Sensex Today | Jubilant Pharmova's Q4 losses at Rs 59 crore Versus loss Rs 97.9 crore, YoY

Sensex Today | Nifty Bank index falls 1.3%; ICICI Bank, Axis Bank, HDFC Bank shed 1-2%

NMDC will act as the distributor/stockist for NMDC Steel. It will take up the marketing and sales of HR coils, sheets, and plates of NMDC Steel.

Stock Market LIVE Updates | Sensex, Nifty at day's low; banks under pressure

City Union Bank has received approval from the Reserve Bank of India for the appointment of R Vijay Anandh as Whole-time Director - Executive Director of the bank for three years. Currently, R Vijay Anandh is the Executive President of the bank.

The company has signed an MoU with Hindustan Petroleum Corporation to collaborate on a conventional and alternative energy portfolio.

Sensex Today | BSE Smallcap index up 0.3%; Hawkins Cooker, Campus Activewear up 17% each

#1 S&P Affirms India’s Rating At ‘BBB-/A-3’

#2 S&P expect sound economic fundamentals to underpin the growth momentum over the next 2-3 years

#3 S&P: Expect broad continuity in economic reforms and fiscal policies regardless of election outcome

#4 Continued policy stability, deepening reforms along with cautious fiscal, monetary policies could lead to higher rating over the next 24 months

Earnings Watch | Alkem Lab net profit Rs 294 crore vs Rs 70.98 crore YoY

#1 Revenue Rs 2940 crore, up 1.4% YoY

#2 Total cost Rs 2640 crore, down 0.8% YoY

#3 Finance cost Rs 26.86 crore, down 7.3% YoY

#4 Employee benefits expenses Rs 506 crore, up 0.6% YoY

#5 Other income Rs 88.17 crore, up 28% YoY

The Sensex was down 492.98 points or 0.66 percent at 74,677.47, and the Nifty was down 130.40 points or 0.57 percent at 22,757.80. About 1597 shares advanced, 1705 shares declined, and 97 shares unchanged.

SBI Life Insurance, HDFC Life, ICICI Bank, Tech Mahindra and UltraTech Cement are among major losers on the Nifty, while gainers are Hindalco, Sun Pharma, Nestle, Adani Enterprises and Power Grid Corp.

Top Sectoral Gainers: Capital Goods, Pharma, Metal, Power
Top Sectoral Losers: Bank, IT, Oil & Gas, Realty

BSE Midcap index was flat, while smallcap index was up 0.5 percent.

Rangarajan BN has resigned as Chief Risk Officer of the company to pursue opportunities outside his professional life, effective July 15, 2024. The board has approved the appointment of Khushru Sidhwa as Chief Risk Officer of the company, effective July 16.

#1 Net profit down 22.1% at Rs 59.6 crore Vs Rs 76.5 crore, YoY

#2 Revenue up 34.5% at Rs 2,033 crore Vs Rs 1,511.6 crore, YoY

Sensex Today | BSE Bank index down 1%; ICICI Bank, Axis Bank, HDFC Bank among major losers

#1 Novelis announced the price band for its IPO of 45 million shares USD 18-21 per share
#2 Price band implies Novelis’ market cap of USD 10.8-12.6 billion & proceeds of USD 810-945 million for Hindalco
#3 The market cap & proceeds for Hindalco indicates a valuation of 7.7x–8.6x for Novelis
#4 We value Novelis at 6.5x FY26 EV/EBITDA in Hindalco’s SOTP
#5 Key debates around the deal are likely to be on valuation of Hindalco’s stake in Novelis and its SOTP & use of the proceeds from IPO

Awfis Space Solutions, a prominent player in India's booming workspace solutions market, is set for a decent listing despite fluctuating grey market premiums. Currently, the GMP sits at Rs 103 (around 26% above the issue price), reflecting some investor interest. Notably, the IPO attracted a substantial subscription of 108 times.

However, Awfis' financial situation warrants caution. Despite impressive revenue growth, the company struggles with achieving profitability. Negative cash flow and a highly competitive market pose additional challenges. While the high subscription suggests investor interest in the growing workspace sector, Awfis' financials necessitate a neutral stance.

Overall, considering all the factors, we can expect a decent listing for this IPO.

#1 Profit jumps 20.2% to Rs 29 crore Vs Rs 24.2 crore
#2 Revenue rises 4.7% to Rs 400.5 crore Vs Rs 382.6 crore
#3 Board announces a dividend of Rs 22 per share
#4 Board appoints KK Kanoria as Executive Chairman of the company effective October 1, 2024
#5 Company to establish a greenfield facility in Southern India for manufacturing folding cartons

TCPL Packaging was quoting at Rs 2,134.60, up Rs 64.80, or 3.13 percent, on the BSE.

Sensex Today | Hindalco Industries top gainer on the Nfity; shares up 4%

#1 Profit drops 0.5% to Rs 27.5 crore Vs Rs 27.6 crore
#2 Revenue declines 13% to Rs 300.9 crore Vs Rs 346.2 crore

Sensex Today | Nifty Pharma outperforms other sectoral indices

#1 Net profit down 51% at Rs 107.5 crore Vs Rs 220 crore, YoY
#2 Revenue down 8.5% at Rs 298.8 crore Vs Rs 326.7 crore, YoY

#1 Profit increases 6% to Rs 42.2 crore Vs Rs 39.8 crore
#2 Revenue jumps 26.2% to Rs 2.039.1 crore Vs Rs 1,615.7 crore

#1 Profit rises 26.4% to Rs 33.6 crore Vs Rs 26.6 crore
#2 Revenue zooms 19% to Rs 1,490.5 crore Vs Rs 1,253 crore

-Added 5-6 stocks in last few months to give portfolio a growth focus
-Have added Trent, Tube Investment, Narayana Health, Eicher to portfolio
-Included Motilal Oswal in ‘Kings Of Capital’ portfolio given high capital market flows
-HDFC Life could see a decline in earnings growth rate
-Have trimmed position in HDFC Life
-Have lowered positions in small ticket consumption stocks given macro headwinds
-Exited Kotak Mahindra Bank a few weeks ago & replaced it with Chola Finance

Birla Group Holdings Private Limited (BGHPL), one of the key promoters of Grasim Industries, has increased its stake from 19.10% to 23.18% in the company. The increase in stake follows the amalgamation of Umang Commercial Company Private Limited and other entities with BGHPL, as sanctioned by the National Company Law Tribunal (NCLT).

The bank announced that a meeting of the Board of Directors is scheduled to be held on May 31 to consider the capital raising plan for the financial year 2024-25.

Reliance Industries, the operator of the world’s biggest refining complex, has signed a one-year deal with Russia’s Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told Reuters.

Markets@1 | Sensex down 530 points, Nifty at 22,750

The Sensex was down 533.02 points or 0.71 percent at 74,637.43, and the Nifty was down 141.70 points or 0.62 percent at 22,746.50. About 1514 shares advanced, 1761 shares declined, and 95 shares unchanged.

BSE Midcap index was down 0.2 percent, while Smallcap index was up 0.3 percent.

Top Sectoral Gainers: Pharma, Metal
Top Sectoral Losers: Auto, Bank, FMCG, IT, Oil & Gas, Realty

#1 Profit falls 74.1% to Rs 6 crore Vs Rs 23.3 crore
#2 Revenue rises 10.9% to Rs 509.6 crore Vs Rs 459.4 crore

#1 Profit stands at Rs 52.7 crore Vs loss of Rs 4.8 crore
#2 Revenue jumps 87.8% to Rs 236.4 crore Vs Rs 125.8 crore

Company's structural growth story – increasing share of parent’s business (manufacturing molecules for the parent, selling generic molecules to affiliate companies and proprietary product launch domestically) – is intact.

Reduce EBITDA and PAT by 2% each for FY25E to factor in continued subdued prices in FY25E and increase it 2% and 4% for FY26E respectively, led by better margin outlook for FY26E.

Increased the target price to Rs 472 (from Rs 423), on 40x (37x earlier) FY26E EPS of Rs 11.8 – Reiterate Accumulate.

#1 Profit tanks 61.3% to Rs 130 crore Vs Rs 336 crore
#2 Revenue declines 7% to Rs 2,110 crore Vs Rs 2,271 crore
#3 Board announces a dividend of Rs 16.50 per share

#1 Loss widens to Rs 266.4 crore Vs loss of Rs 194.5 crore
#2 Revenue rises 18.3% to Rs 3,406.7 crore Vs Rs 2,879.7 crore

HCLTech has added generative AI (GenAI) capabilities to its maintenance, repair and overhaul (MRO) solution, iMRO/4 to help enterprises raise the performance and efficiency of complex, high-value assets in transportation, technology, energy, and aerospace and defense

#1 Profit spikes 60% to Rs 14.7 crore Vs Rs 9.2 crore
#2 Revenue rises 16.4% to Rs 72.4 crore Vs Rs 62.2 crore

Sensex Today | Nifty Pharma index up 0.6%; Sun Pharma, Torrent Pharma among major gainers

#1 Profit falls 16.5% to Rs 27.8 crore Vs Rs 33.3 crore
#2 Revenue dips 17.7% to Rs 525.7 crore Vs Rs 639 crore

Awfis Space Solutions received an overwhelming response on the last day of the issue from all types of investors despite knowing a complicated business model and continuing to have negative cash flows at present as well as in the future. While the demand has come due to its first of its kind businesses getting into listing space and early mover advantage to grab the investors opportunity, hence the company may command listing gains and considering the strong subscription demand, it is indicating a good room for healthy listing gain in the range of ~25-30% against the issue price of Rs 383 per share and we continue to recommend allotted investors to book profits on listing day eyeing the volatility in the market momentum.

We believe the healthy listing is justified on the back of the company's ranking no 1 among the top 5 benchmarked players in India in the flexible workspace segment. Ranked no 1 among the top 5 benchmarked players in India in the flexible workspace segment. Despite challenges, management is showing confidence that the company can turn net cash positive by the next fiscal year. They anticipate bright prospects ahead, driven by the significant demand and supply gap in the flexible workspace segment in which Awfis operates.

Sensex Today | Nifty Metal index up 0.4%; NALCO, Hindalco, MOIL up 2-3%

Intellect Design Arena announced the launch of two cutting-edge AI-powered platforms: iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange) using eMACH.ai, the largest, most comprehensive and innovative open finance platform.

Shares of NBCC (India) jumped over 5 percent intraday on May 29, a day after the company posted good quarterly results for the quarter ended March 2024.

The state-owned construction firm's net profit jumped 24.6 percent on-year to Rs 141.5 crore and revenue from operations jumped 43 percent YoY to Rs 4,025 crore during the quarter under review.

At the operating level, NBCC's EBITDA climbed to Rs 240.2 crore in the fourth quarter of FY24 as against Rs 104.5 crore in the fourth quarter of FY23. The EBITDA margin stood at 6 percent, up from 3.7 percent in the corresponding period in the previous fiscal. Read More

Markets@12 | Sensex, Nifty at day's low

The Sensex was down 563.44 points or 0.75 percent at 74,607.01, and the Nifty was down 154.50 points or 0.68 percent at 22,733.70. About 1492 shares advanced, 1730 shares declined, and 102 shares unchanged.

Except Healthcare and media all other sectoral indices are trading in the red with bank, IT, realty down 0.5-1 percent.

BSE Midcap index was down 0.3 percent and Smallcap index trades with marginal gains.

Stocks In Focus:

Campus Activewear shares gain 15% as Motilal Oswal reiterates 'buy' rating
MTAR Tech stocks down 8% as Q4 net profit falls 53%
Power Mech Projects bags contract worth Rs 563 crore
Concord Biotech rallies 8% as Kotak upgrades stock to 'add'

#1 Prolonged macro headwinds, particularly in the value segment, in the northern belt, as evident from the performances of all players

#2 Increased competitive intensity as other players are offering low-ASP products and high channel commissions, which have led to distributor churn.

#3 Campus’s premiumization strategy, focusing on the Rs 1,000-2,000 ASP segment, could see headwinds in the current weak environment

#4 The ongoing weak environment, coupled with the churn in distributors and decline in O2O business partners, has hurt revenue growth.

#5 Soft growth in the TD channel offset the O2O/B2B business declines. Elevated SG&A expense will be a headwind for EBITDA margin improvement.

#6 Broadly retain estimates, and reiterate buy with a Target Price of Rs 295

MTAR Technologies shares declined 16 percent in trade on May 29 after the defence player reported a sharp fall in net profit for March qaurter.

On May 28, the company announced 53.4 percent decline in Q4 consolidated net profit at Rs 4.9 crore as against Rs 10.4 crore in the year-ago period. Read More

Power Mech Projects has secured its first construction project in the critical nuclear power sector.

The company has been awarded a significant order valued at Rs 563.23 crore from BHEL - Power Sector Southern Region for Civil, Structural, and Architectural works of Turbine Island package of 2 x 700 MWe, PHWR, Kaiga Atomic Power Project (Units 5 and 6) in Uttar Kannada Dt., Karnataka.

#1 Profit declines 10.9% to Rs 40.97 crore Vs Rs 46 crore
#2 Revenue rises 16.9% to Rs 624.09 crore Vs Rs 533.8 crore
#3 Finance cost doubles to Rs 13.38 crore Vs Rs 6.46 crore

Sensex Today | BSE Realty index down nearly 1%; Macrotech Developers sheds 3.5%

Pharma firm Concord Biotech's shares scaled eight percent in trade on May 29, after Kotak Institutional Equities upgraded the stock to 'add' as the brokerage sees further scope for margins to expand. "Primed with its proficiency in the high entry barrier fermentation API segment, strong client connects and robust execution track record, Concord is in a sweet spot," said Kotak. READ MORE

The company's profit declined to Rs 160 crore in Q4FY24 vs Rs 558 crore in Q4FY23

Realty firm Brigade Enterprises share price surged five percent in early trade on May 29 after the real estate developer reported a 3x jump in net profit for the quarter ended March.

Brigade Group has posted profit after tax of Rs 211 crore in the fourth quarter of FY24, up by 234 percent YoY. During the quarter, the firm reported revenue of Rs 1,763 crore, an increase of 102 percent over Q4 FY23, according to a regulatory filing on May 28. Read More

Markets@11 | Sensex down 490 pts, Nifty below 22,750

The Sensex was down 491.19 points or 0.65 percent at 74,679.26, and the Nifty was down 144.20 points or 0.63 percent at 22,744.00.

Power Grid Corp, Hindalco, Nestle, Eicher Motors and Sun Pharma are among the top gainers on the Nifty, while losers are HDFC Life, SBI Life Insurance, UltraTech Cement, Axis Bank and ICICI Bank.

Except Media, all other sectoral indices wer trading in the red with IT, Oil & Gas, Auto, Bank down 0.5-1 percent.

BSE Midcap index down 0.3 percent, while smallcap index up 0.2 percent.

Stocks In Focus:

Suzlon secures new 551.25 MW order
Dynamatic Technologies shares fall despite 3-fold profit surge
ITI shares fall 3% as losses widen in Q4
Man Industries receives new orders of approximately Rs 490 crore

Ontario Inc sold 35,48,211 equity shares (equivalent to 3.39% of paid-up equity) in the company at an average price of Rs 1,361.26 per share via open market transactions, valuing the sale at Rs 483 crore.

However, Norges Bank on behalf of the Government Pension Fund Global bought 6 lakh shares at an average price of Rs 1,386.95 per share.

#1 Target cut to Rs 17 from Rs 24
#2 FY24 revenue fell 18 percent YoY to Rs 1,860 crore, 5 percent below estimate
#3 To limit subscribers’ churn company launched ‘Dish TV Smart+’
#4 Dish TV Smart+ gives choice of six OTTs from available apps on every recharge of DTH
#5 Dish TV turned debt free in FY24 from a peak of Rs 3,150 crore in FY18
#6 Cut FY25/26 revenue and EBITDA by 3-10 percent
#7 Company’s challenge is low promoter ownership in the aftermath of the pledging crisis

Aditya Birla-subsidiary Novelis Inc has filed for an IPO in the US, offering 45 million shares in a price band of $18-21 per share. The company plans to raise $945 million at the upper end of the price band, targeting a valuation of up to $12.6 billion. Novelis has applied to list its common shares on the New York Stock Exchange under the ticker ‘NVL’.

Sensex Today | Nifty50 underperforms broader indices

#1 Profit rises 24.5% to Rs 141.5 crore Vs Rs 113.6 crore
#2 Revenue increases 43% to Rs 4,024.5 crore Vs Rs 2,813.4 crore

Sensex Today | BSE Bank index down 1%; ICICI Bank, Axis Bank, HDFC Bank top losers

In the last three sessions, the market has shown a bullish trend in the first half, followed by profit booking in the second half. Additionally, India VIX continued to rise, gaining 4% yesterday to surpass 24. This stock market turbulence may persist until the election results are announced.

For the Bank Nifty, we believe the 49000 level will act as immediate support, given the substantial open interest in the 49000 Put, which holds approximately 26 lakh shares. On the upside, 49500 is expected to serve as a resistance area, with the 49500 Call strike holding a nominal open interest of around 36 lakh shares.

For the Nifty, we anticipate that consolidation around the 23000 level will continue, as both the 23000 Call and Put options hold significant open interest.

Sensex Today | Bal Pharma, Amines and Plasticizers gain on large volumes

#1 Loss widens to Rs 238.8 crore Vs Rs 72 crore
#2 Revenue declines 22.4% to Rs 601.3 crore Vs Rs 775.3 crore
#3 EBITDA loss rises to Rs 173.8 crore Vs loss Rs 6.2 crore

#1 Profit surges over 3-fold to Rs 57.11 crore Vs Rs 17.56 crore
#2 Revenue grows 0.7% to Rs 370.4 crore Vs Rs 367.9 crore
#3 Exceptional gain at Rs 44.68 crore Vs Nil

Suzlon Group today announced a new order win for the development of 551.25 MW wind power project for the Aditya Birla Group.

Suzlon will install 175 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at sites in the Barmer district in Rajasthan and Bhuj district in Gujarat.

Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields held firm ahead of key inflation data, which could offer more clarity on the Federal Reserve's interest rate trajectory.

Spot gold eased 0.2% to $2,356.92 per ounce as of 0334 GMT. Prices had hit an all-time high of $2,449.89 on May 20.

U.S. gold futures rose 0.1% to $2,357.80.

Markets@10 | Sensex down 270 pts, Nifty at 22,800

The Sensex was down 275.33 points or 0.37 percent at 74,895.12, and the Nifty was down 78.90 points or 0.34 percent at 22,809.30. About 1561 shares advanced, 1407 shares declined, and 109 shares unchanged.

Top Sectoral Gainers: Metal, Capital Goods, Telecom, Power, Media
Top Sectoral Losers: Auto, Bank, IT, Oil & gas, 

BSE Midcap index trade flat, while Smallcap index was up 0.3 percent.

Stocks In Focus:
RR Kabel shares gain after Q4 profit rises 20%
Tata Steel shares trade higher ahead of Q4 earnings
Brigade Enterprises jumps 7% as Q4 profit rises
Aster DM Healthcare shares fall on posting losses in Q4
IRCTC shares fall 4% post Q4 earnings
PNB Housing shares fall post block deal