The shares market experienced a volatile session on May 21, with significant fluctuations leading to a recovery from earlier losses. The Nifty 50 rebounded nearly 200 points from its intraday lows. By the end of the trading day, the Sensex had decreased by 108.82 points, or 0.15 percent, closing at 73,897.12. Meanwhile, the Nifty 50 saw a slight increase, rising by 7.00 points or 0.03 percent to close at 22,509.00.
Shares of the railway PSU, IRFC, saw a notable increase of over 3 percent following the company’s announcement of a 34 percent profit growth to Rs 1,717.3 crore for the March 2024 quarter (Q4FY24), attributed to increased income. The company’s total income for the January-March quarter rose to Rs 6,477.9 crore compared to Rs 6,230.2 crore in FY23.
Delhivery’s stock price, currently at Rs 390, witnessed a sharp decline of over 10 percent following the company’s return to losses in the fourth quarter of FY24. Delhivery reported a loss of Rs 68.5 crore in Q4, contrasting with a surprise profit of Rs 11.7 crore in the preceding quarter.
Shares of Aptus Value Housing Finance declined by 5 percent on May 21 following a significant transaction worth Rs 1,075 crore on the stock exchanges. Approximately 3.6 crore shares, representing a 7.2 percent stake in Aptus Value, were traded in this large deal. Moneycontrol was unable to promptly ascertain the identities of the buyers and sellers participating in the transaction.
Shares that gained
Shares of Hindustan Zinc rose by 20 percent, marking the fifth consecutive session of gains. This surge was fueled by optimism that the substantial increase in metal prices would bolster the company’s profit margins. Furthermore, the expectation of stable production costs coupled with higher selling prices is anticipated to result in increased profitability per unit sold.
Shares of Rail Vikas Nigam, a Mini Ratna PSU, surged by 15 percent following the company’s acquisition of a contract valued at Rs 148 crore from the South Eastern Railway. The contract entails the design, supply, erection, testing, and commissioning for the upgrade of an electric traction system for the Kharagpur division.
Shares of Bharat Electronics (BEL) surged by 5.8 percent, reaching a new all-time high of Rs 283 per share on the NSE. This significant increase came a day after the company announced earnings for the quarter ended March 2024, which surpassed expectations. The impressive performance was attributed to better-than-expected EBITDA margin, profit after tax (PAT), and robust revenue growth. The company also exceeded overall order inflows expectations, primarily due to the up-fronting of order inflows.
Balkrishna Industries saw a notable surge of over 9 percent to reach a new 52-week high. This upward movement continued from the previous session following the release of Q4 earnings that exceeded expectations. The tyre manufacturer reported a substantial 87.4 percent rise in net profit, reaching Rs 486.8 crore compared to Rs 260 crore in the corresponding period last year.
Despite recording a 10 percent year-on-year growth in profit, shares of Data Patterns (India) declined by over 4 percent in trading. Despite this, international brokerage firm Jefferies increased its target price on the defense player, highlighting Data Patterns as its preferred choice in the domestic defense sector.
Solar Industries witnessed a surge of 5.16 percent in its shares following the announcement of its highest-ever net profit in the March quarter. The defense firm reported a 10 percent increase in net profit, reaching Rs 243 crore for the three-month period ended March, compared to Rs 221 crore in the corresponding quarter last year. However, sales experienced a decline of 16 percent year-on-year, dropping from Rs 1,929 crore to Rs 1,611 crore.
Shares of CG Power fell by over 2 percent following a block deal involving a 0.5 percent stake in the company on the exchanges. Moneycontrol was unable to promptly identify the parties involved in the transaction. However, according to sources cited by CNBC Awaaz on May 21, a foreign institutional investor (FII) shareholder was expected to sell a stake worth Rs 425 crore through a block deal.
