After opening the day marginally higher, the Indian shares continued the momentum as the session progressed and ended the day higher.

Benchmark S&P BSE Sensex, and the Nifty50 hit fresh record highs for a third straight day on Monday.

At the closing bell, the BSE Sensex stood higher by 75 points.

Meanwhile, the NSE Nifty closed higher by 42 points (up 0.2%).

Coal India, Adani Ports, and Tata Steel are among the top gainers today.

Nestle, TCS and Maruti Suzuki on the other hand, were among the top losers today.

The GIFT Nifty was trading at 23,683, up by 20 points, at the time of writing.

The BSE MidCap index ended marginally higher and the BSE SmallCap index ended 0.8% higher.

Sectoral indices are trading mixed with stocks in the realty sector, telecom sector, and metal sector witnessing the most buying. Meanwhile, stocks in the media sector and auto sector witnessed selling pressure

Shares of TVS Holdings, Symphony, and Emami hit their respective 52-week highs today.

The rupee is trading at 83.49 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% higher at Rs 72,300 per 10 grams.

Meanwhile, silver prices were trading 0.2% lower at Rs 93,936 per 1 kg.
 

Adani Group Stocks Soar 13%

In the news, Adani Group's shares surged on 31 May amid heightened trading activity, bucking the trajectory of the benchmark indices.

Shares of Adani Enterprises soared by more than 7%, while Adani Ports & SEZ saw a gain of 4%. Adani Total Gas surged by 10%, while Adani Power climbed to 13% and Adani Energy Solutions was trading nearly 3% higher.

Adani Green Energy shares rose by 4.4%, while Adani Wilmar, Ambuja Cements, and ACC recorded gains of 3.6%, 2%, and 2%, respectively. NDTV's shares rose 9%.

Meanwhile, India's benchmark Sensex and Nifty indices were volatile ahead of the outcome of the national elections.

Adani Group's FY24 earnings showcased strong growth, according to a media report. EBITDA surged 45% to Rs 829.2 bn, net profit soared 71% to Rs 401.3 bn, and cash reserves reached close to Rs 600 bn. The conglomerate disclosed these figures in the annual reports of its two companies: Adani Ports and Special Economic Zone and Adani Energy Solutions.

In line with India's drive to reduce carbon emissions, Gautam Adani announced a revised renewable energy target of 50 GW by 2030. Adani Ports handled 420 million tonnes of cargo, with plans for further acquisitions and an ambitious target of 1 billion tonnes by 2030.
 

Wipro Approves Delaporte's Severance

Moving on to news from the IT sector, Wipro shareholders have approved the US$ 4.33-million severance package of former chief executive officer and managing director Thierry Delaporte with over 90% votes in favor.

Only about 10% of the valid votes were cast against the resolution. Wipro's founder-chairman Azim Premji and entities related to him control a majority of the shares in the company, which helped the resolution pass through.

Delaporte resigned on 6 April, and the company appointed a veteran for 32 years, Srinivas Pallia, in his place.

The company incurred severance-related costs of Rs 921 m towards the outgoing CEO for FY24.

According to the latest shareholding pattern, the Bengaluru-based company's promoter and promoter group held over 3.8 bn shares or almost 73% of the total shares. The number of shares held by the public is a little over 141 crore, which accounts for 27% of the total shares.

For the resolution, over 450 m shares were in assent as a percentage of net valid votes, while over 3.9 bn shares were in dissent.

Delaporte earned over US$ 20 m (approximately Rs 166 crore) in FY24, which made him the highest-paid CEO in the IT industry for the second year in a row.

Why Sunteck Realty Share Price is Falling

Moving on to news from realty, Sunteck Realty toppled 5% as investors rushed to take home partial profits after the company released its Q4 results. The stock had surged over 7% earlier this week, giving investors plenty of headroom to book partial profits.

The real estate major was back in the black in Q4FY24 by delivering a net profit of Rs 1 bn as against a net loss of Rs 279 m in the year-ago period. Strong housing demand and robust pre-sales were the major drivers behind the company's healthy earnings performance.

The company's revenue in Q4FY24 also grew manifold YoY to Rs 4.3 bn, a sharp spike from Rs 489 m clocked in the year-ago period. Meanwhile, its operational performance also improved in the March quarter as the EBITDA margin expanded to 35.9%.

Sunteck Realty also delivered its highest-ever annual pre-sales of Rs 19.2 bn in FY24.

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