Sensex Today Ends 277 Points Higher; Realty Stocks Shine

After opening the flat, Indian share markets turned positive as the session progressed and ended the day higher.

After staying listless for the first half of the session, equity benchmark indices picked momentum and ended up 0.4% higher on Tuesday.

At the closing bell, the BSE Sensex stood higher by 277 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 76 points (up 0.3%).

TCS, Tata Motors, and Sun Pharma were among the top gainers today.

Bajaj Finance, SBI, and UPL on the other hand, were among the top losers today.

The GIFT Nifty ended at 22,208 up by 29 points.

Broader markets ended the day lower. The BSE Mid Cap ended flat and the BSE Small Cap index ended 0.3% lower.

Sectoral indices are trading mixed, with the socks realty sector, auto sector, and IT sector witnessing the most buying. Meanwhile, stocks in the oil & gas and finance sector witnessed selling pressure.

Shares of Bosch, CAMS, and HDFC AMC hit their respective 52-week highs today.

The rupee is trading at 82.9 against the US$.

Gold prices for the latest contract on MCX are trading 0.3 higher at Rs 62,339 per 10 grams.

Meanwhile, silver prices are trading 0.2% higher at Rs 69,580 per 1 kg.
 

Whirlpool Sinks to 52-week low. Here's why.

In the news from the consumer durables sector, Whirlpool has no plans to exit the Indian market but its recent stake sale in the India unit was due to high valuations and disparity against the global parent.

The reassurance didn't seem to have done much as Whirlpool India shares fell 5% to sink to a 52-week low of Rs 1,186 on 27 February 2024.

Last week, Whirlpool Corp, through its wholly-owned subsidiary, Whirlpool Mauritius, sold a 24% stake in the India arm, reducing it holding to 51%. SBI Mutual Fund emerged as the largest buyer, picking up a 7.2% stake.

Even Whirlpool's management in its conference call to discuss the third-quarter results, guided a high single-digit revenue growth over the medium to long term with market share gains.

It also said that days of double-digit margins are over for now due to heightened competition.

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However, the company is a strong contender to come back and regain its mojo as it has already started capturing market share with its new launches and portfolio premiumisation.

The company is also deploying more manpower, aggressively expanding its reach.

It recently acquired a majority stake in Elica India business, taking its stake up to 87% from 49%.
 

Devyani International Shares Plunge 6%

Moving on to news from the consumer products sector, Shares of Devyani International plunged 6% on Tuesday to the day's low of Rs 152.7 on the NSE, following a likely block deal where 0.6% equity changed hands.

The price action was amid significant volumes as more than 11.4 m shares changed hands on the NSE around 10 am. The traded value of the shares stood at Rs 1.8 bn.

The stock has been a market laggard with returns of nearly 7% over the past year, which is a significant underperformance in comparison to Nifty, which has delivered nearly 27% returns during this period.

Devyani International reported weak numbers for the December quarter, with consolidated profit plunging 87% to Rs 96 m. The company's revenue rose only 7% YoY to Rs 8.4 bn. The reported EBITDA, post-IND-AS, closed at Rs 1.5 bn, resulting in an EBITDA margin of 17.4%.

The company demonstrated robust expansion and fortified its growth strategy in FY24, positioning itself among the leading Quick Service Restaurant (QSR) players by acquiring 283 KFC stores in Thailand.

With this, the total store count for DIL stands at 1,735 stores across all geographies. DIL is positioned to meet its goal of achieving 2,000 stores by the end of 2024, ahead of the initially projected target of 2026.
 

Happiest Minds Announces New Vertical Organisation

Moving on to news from the IT sector, IT firm Happiest Minds Technologies Limited saw its stock price rise 2.5% on Tuesday after it announced a new vertical organisation structure comprising six new industry groups.

The new industry groups are Industrial, Manufacturing and Energy & Utilities, Healthcare & Life Sciences, Retail, CPG and Logistics, Banking, Financial Services and Insurance (BFSI), Hi-Tech and Media & Entertainment, and EdTech.

The verticalization marks a pivotal moment in the evolution and expansion of Happiest Minds, reshaping the foundational structure of the organization.

This strategic move significantly strengthens its sales capabilities, propelling growth. With dedicated teams possessing profound domain expertise within each Industry Group (IG), Happiest Minds aims to deliver tailored solutions, ensuring swifter response times.

This approach enhances organizational agility, fosters innovation, and ultimately contributes to heightened customer satisfaction and sustained growth.


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Sensex Today Trades Flat; IT Stocks Shine
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Sensex Today Trades Higher; Nifty Hits Record High

Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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