After opening the day marginally higher, Indian share markets reversed the trend as the session progressed and ended the day lower.

Indian equities, which started with decent gains on Wednesday, took a sharp U-turn within an hour of opening.

At the closing bell, the BSE Sensex stood higher by 253 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 61 points (up 0.3%).

M&M, Grasim Industries, BPCL are among the top gainers today.

TCS, Cipla, and HCL Tech on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,517, up by 45 points, at the time of writing.

The BSE MidCap index ended 1.2% higher and the BSE SmallCap index ended 1.4% higher.

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

Shares of Polycab, ABB India, and SKF India hit their respective 52-week highs today.

The rupee is trading at 83.34 against the US$.

Gold prices for the latest contract on MCX are trading marginally lower at Rs 72,943 per 10 grams.

Meanwhile, silver prices were trading 0.3% higher at Rs 87,577 per 1 kg.
 

Why Container Corporation Share Price is Falling

In news from the PSU sector, Container Corporation of India's share price fell over 2% in early trade on 17 May after the public sector company reported a 5.5% on-year uptick in net profit.

Its March quarter profit jumped 5.5% to Rs 3.2 bn from the year-ago period, aided by volume growth and increased market share, the public sector company said on 16 May.

Sequentially, profit after tax (PAT) came in lower than Rs 3.3 bn in the December quarter.

Revenue rose 6.4% YoY to Rs 23.3 bn due to an 11.2% YoY growth in total volumes in the quarter under review.

CONCOR's total volumes increased by 11% on-year to 1.24 million TEUs, with export-import (EXIM) and domestic volumes at 0.93 million and 0.31 million TEUs, respectively, marking a 10% and 16% year-over-year growth, in line with expectations.

Price realization rose as rail freight expenses increased only 10.8% to Rs 1,344 crore despite an 11.2% rise in volumes, as the company stopped discounts after the festive period.

An industry-wide increase in exports and imports benefitted the cargo operator, whose two-thirds of revenue comes from this segment.
 

Why Kaynes Technology Share Price is Rising

Moving on to news from the defense sector, shares of Kaynes Technology India surged 16% on Friday.

The surge came after the company announced a strong set of numbers. Notably, the stock has zoomed almost 339% from its listing price of Rs 578 and 121% in the last year.

In the March quarter of the financial year 2024 (Q4FY24), Kaynes Tech's consolidated net profit soared 96.8% to Rs 8.1 bn, from Rs 4.1 bn posted in the same quarter last year (Q4FY23).

Kaynes Technology India's revenue from operations increased by 74.8% year-over-year to Rs 6.4 bn in the fourth quarter of FY24.

Ramesh Kunhikannan, managing director and promoter of Kaynes Technology India stated that the company achieved an impressive 60.3% revenue growth in FY24, driven by robust demand across all verticals, particularly in the Industrial & EV, Aerospace, Outerspace & Strategic Electronics, and Railways sectors.

Kaynes Tech's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose over 60% to Rs 950 m in the March quarter of FY24, from Rs 590 m in the same quarter a year ago. Margin, however, squeezed to 14.9 percent during the same period.

The company's order book soared to Rs 41.2 bn in FY24, compared to Rs 26.5 bn in FY23.

Kaynes Technology India (KTI) is an end-to-end and Internet of Things (IoT) solutions-enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (ESDM) services.

Triveni Turbine Hits 52-week High

Moving on to news from the engineering sector, Triveni Turbine's shares rose over 8% to hit a 52-week high of Rs 654.4 after the company posted strong earnings for the quarter that ended March.

The company reported Q4 results on 16 May with consolidated net profit up 37% on year to Rs 762 m in January-March. The revenue from operations for the March quarter grew 24% on year to Rs 4.6 bn.

The turbine manufacturer's earnings before interest, tax, depreciation, and amortization (EBITDA) jumped 35.7%on year to Rs 1.1 bn.

The EBITDA margin of Triveni Turbine rose to 23.3% from 21.3% in the year-ago period.

Triveni Turbine recorded its highest-ever annual order booking of Rs 18.8 bn during FY24, an increase of 17% year-on-year. The company's carry forward order book as of 31 March 2024 was 15.5 bn, an increase of 17% on year.

The company also announced a final dividend of Rs 1.3 per share.

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