Asian share markets are mixed today as investors await China trade data to gauge the health of the Chinese economy.The yen steadied after three days of declines as Japan talked up a potential currency intervention.In US stock markets, Wall Street indices fell on Wednesday, dragged by losses in Tesla and Uber, while a rebound in bond yields further pressured megacap stocks as investors sought clarity on the Federal Reserve’s rate path.Uber lost 5.4% after the ride-hailing platform forecast second-quarter gross bookings below expectations and posted a surprise first-quarter loss.Among other megacap stocks, Microsoft, Nvidia, and Alphabet fell between 0.3% and 1.1%, following a rise in the 10-year Treasury yield.Back home, Indian share markets are trading on a negative note.At present, the BSE Sensex is trading down by 233 points while the NSE Nifty is down by 70 points.M&M, Titan, and Tata Motors are among the top gainers today.L&T, TCS, and Tech Mahindra, on the other hand, are among the top losers today.Broader markets are trading on a flat note.Sectoral indices are trading mixed, with stocks in the auto sector and consumer durables sector witnessing buying.Meanwhile, stocks in the energy sector and FMCG sector witnessed selling pressure.The rupee is trading at Rs 83.45 against the US dollar.In commodity markets, gold prices are trading flat at Rs 71,115 per 10 grams today.
Hero MotoCorp Q4 ResultsTwo-wheeler major Hero MotoCorp on Wednesday reported a standalone net profit of Rs 10.2 bn for the quarter ended March 2024, which was up by over 18% versus Rs 8.6 bn reported by the company in the year-ago period. The profit was broadly in line with the Street’s estimates of Rs 10.3 bn.The standalone revenue from operations stood at Rs 95.2 bn for the reported quarter, 14.6% higher than Rs 83.1 bn reported in the corresponding period of the last financial year.The two-wheeler company also announced a final dividend of Rs 40 per share for FY24.This was also its highest-ever revenue and profit after tax (PAT) for any financial year.The company sold 1.4 m units of motorcycles and scooters in Q4FY24 versus 1.2 m units in Q4FY23. For the full financial year, the number of units sold stood at 5.6 m versus 5.3 m units FY23.Net profit for the full financial year stood at Rs 39.7 bn, a growth of 36% on a YoY basis. The revenue from operations for the full year stood at Rs 374.6 bn, an 11% growth over the previous year.Moving forward, the company expects macroeconomic factors to aid the industry’s growth. With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, it sees multiple tailwinds for the sector over the upcoming quarters.With strong household spending and increased demand for two-wheelers, two wheeler stocks are racing.
Tata Power Q4 Net Profit Jumps 15%Tata group company Tata Power on Wednesday reported a 15% year-on-year (YoY) growth in its consolidated net profit at Rs 8.9 bn for the fourth quarter, compared with Rs 7.8 bn in the last year quarter.Revenue from operations in the reporting period rose 27% YoY to Rs 158.5 bn.The Board has also recommended a final dividend of Rs 2 per share for the financial year ending March 2024.The dividend recommended by the Board is subject to the approval of the members at the forthcoming AGM. The company has 4 July as the record date for the dividend.EBITDA for the March quarter increased 15% YoY to Rs 23.3 bn against Rs 20.3 bn in the same quarter of last year. Meanwhile, margins contracted 1.5% to 14.7% in the reporting period.The company reported yet another quarter of stellar results, with Q4FY24 being the 18th consecutive quarter of PAT growth.
The Ministry of New and Renewable Energy has reimposed its list of approved solar modules and manufacturers and Tata Power stands among the top 3 stocks to benefit from ALMM.More By This Author:Sensex Today Tanks 609 Points; Auto Stocks DragSensex Today Trades Flat; Nifty At 22,600Sensex Today Ends 487 Points Higher; Metal Stocks Shine
Sensex Today Trades Lower; L&T Share Price Falls 5%
