Bajaj Finserv’s net profit rose to Rs 2,118.53, an increase of almost 20% in the fourth quarter of FY24, compare to Rs 1,768.95 crore it reported in Q4 of FY24. The company’s net interest income rose by 32.8% in Q4 FY24 to Rs 14,649.29 crore Vs Rs 11, 025.45 crore posted last year in the same quarter.

Tech Mahindra, Hindalco Industries, SBI Life Insurance, ITC, and Tata Steel are the top gainers on NSE Nifty 50 index whereas the top laggards include Bajaj Finance, Bajaj Finsrv, Apollo Hospitals, ICICI Bank, and Kotak Mahindra Bank.

Today, on Friday, April 26, the allotment of shares for the JNK India IPO will be finalized. Investors who applied for the issue can check their allotment status on the JNK India IPO registrar portal, managed by Link Intime India Private Ltd. The IPO subscription period commenced on Tuesday, April 23, and concluded on Thursday, April 25.

Read More: JNK India IPO allotment to be finalized today; Here is how to check the allotment

According to a recent report by Motilal Oswal, Vedanta’s performance in the fourth quarter of FY24 was largely in line with expectations across its segments. The decision to extend the maturity of bonds at HoldCo. by three years is seen as providing the company with adequate liquidity comfort in the short term.

Furthermore, the progress of the company’s Capex plans is on track, which is expected to result in further cost savings. As a result of these developments, Motilal Oswal has marginally increased its target price for Vedanta to Rs 360, while maintaining a ‘neutral’ rating.

Vedanta’s share price experienced a significant gain of more than 5% during morning trading on Friday, propelled by the release of its Q4 results on Thursday. Analysts noted that Vedanta’s earnings performance for the March quarter exceeded expectations, driving the surge in share prices.

Courtesy: NSE

Courtesy: NSE

The NSE Nifty 50 was down 40 points or 0.18% at 22,530.85, while the BSE Sensex was down 173 points or 0.23% at 74,166.46.

Key candidates for this round include Rahul Gandhi from the Congress, along with KC Venugopal, Bhupesh Baghel, and Vaibhav Gehlot, son of Ashok Gehlot. From the BJP, notable candidates include Union Minister Rajeev Chandrasekhar, who is facing off against Congress’s Shashi Tharoor in Thiruvananthapuram. Additionally, actors Hema Malini and Arun Govil from the iconic 1980s serial Ramayan are contesting, as well as senior BJP leader Tejasvi Surya and Lok Sabha Speaker Om Birla.

For all the latest information on the ongoing elections log on to Financial Express Online.

In a recent report by Religare Broking on Bajaj Finance, several key points were highlighted. The company experienced robust growth in its Assets under Management (AuM), primarily driven by the secured lending segment. However, there was a continuous decline in margins.

The management remains optimistic about sustaining credit quality and anticipates the removal of restrictions on cards by the Reserve Bank of India (RBI).

From a financial standpoint, Religare Broking expects Net Interest Income (NII),

Pre-Provision Operating Profit (PPOP), and Profit After Tax (PAT) to grow at a Compound Annual Growth Rate (CAGR) of 26%, 24%, and 25% respectively over the period FY24-26E.

Maintaining a positive outlook on Bajaj Finance, Religare Broking recommends a Buy rating with a target price of Rs 8,861. The valuation of the company is pegged at 5.4 times its FY26E Adjusted Book Value (Adj. BV).

Read More: Bajaj Finance share dips over 7% as Q4 earnings missed estimates; Here are top brokerage strategies

The stock of L&T Technologies slumped 9.48% to an intraday low of Rs 4,689.50 after the company reported its Q4 results on April 25. The company reported a flat growth of net profit in the last quarter of FY24, standing at Rs 341 crore. The company’s stock has a 52-week low of Rs 3,500.

“In today’s trading session, the Bank Nifty index exhibited significant bullish strength as it surpassed the immediate hurdle of 48300. This momentum reflects a strong comeback by the bulls. The index remains in a buy mode, with robust support noted at 48000, where the highest open interest is observed on the put side. Additionally, during today’s session, the index found strong support at its 20DMA, leading to a notable reversal, indicating potential further upside towards the 49000/50000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

In a recent report, JM Financials provided insights into Tech Mahindra’s three-year turnaround roadmap presented by its management. The outlined goals include achieving above-peer-average growth, attaining a 15% EBIT margin, and maintaining a 30%+ Return on Capital Employed (ROCE) by FY27.

The strategy entails detailed plans for identified investment areas, optimizing the organizational structure, exploring cost-saving opportunities, and implementing these initiatives within a realistic timeframe. Growth prospects are expected to be fueled by top accounts, securing large multi-tower deals, and focusing on high-growth service areas.

Margin expansion plans are supported by targeted average cost savings of USD 250 million annually. With the company currently operating at approximately 6% EBIT margin (based on a USD 5.7 billion cost base), achieving this target appears feasible.

JM Financials noted that these cost-saving and investment figures align with the company’s goal of a 15% EBIT margin. The report highlighted the strategy’s well-defined deliverables with measurable metrics, along with the already established organizational structure and key personnel.

While execution will ultimately determine success, JM Financials deemed the plan robust on paper. The three-year timeline suggests ample opportunity for management to execute, which could improve the probability of success.

Consequently, JM Financials upgraded the stock to BUY, revising the target price to Rs 1,430 from INR 1,320, based on FY27E EPS (20x multiple) discounted at a 12% Weighted Average Cost of Capital (WACC).

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said The Bulls finally had their day as the Nifty ended with a significant green candle following a series of small candles, suggesting meaningful buying activity during the day. Moreover, the index continues to stay above the 21-day Exponential Moving Average (EMA), which is a critical near-term moving average. Additionally, the momentum indicator RSI is showing a bullish crossover, indicating positive momentum in the index value. Over the short term, the index might remain strong with an upside potential ranging between 22750-22800. On the lower end, support is placed at 22450.

Polling for the second phase is underway for 20 seats in Kerala, 14 seats in Karnataka, 13 in Rajasthan, eight each in Uttar Pradesh and Maharashtra, seven in Madhya Pradesh, five each in Assam and Bihar, three each in West Bengal and Chhattisgarh, and one each in Jammu and Kashmir, Manipur, and Tripura.

The shares of Bajaj Finance plunges over 6% to intra day low of Rs 6,872.70 despite the non-banking finance company saw its consolidated net profit surge by 21% to Rs 3,825 crore, compared to Rs 3,158 crore in the corresponding period last year. Total income on a consolidated basis for the January-March period of 2023-24 also witnessed a significant rise, reaching Rs 14,932 crore.

The share of Tech Mahindra jumps 10% to intra-day high of Rs 1309.30 despite IT services company, experienced a substantial 41% decline in its consolidated net profit for the March quarter, reaching Rs 661 crore. Similarly, the company’s consolidated net profit for the quarter ended March 2024 plummeted by almost 41% to Rs 661 crore. Furthermore, its revenue for Q4 FY24 dropped by 6.2% year-on-year to Rs 12,871 crore.

Tech Mahindra, Hindalco, SBI Life Insurance, ITC, and Tata Steel are the top gainers on NSe Nifty 50index whereas the top laggards include Bajaj Finance, Bajaj FinServ, Apollo Hospitals, ICICI Bank, and Kotak Mahindra Bank.

The NSE Nifty 50 opens up by 0.22% at 22,620.40, while the BSE Sensex jumps 0.23% to 74,509.31 in the opening trade.

Shares in the Asia-Pacific region are experiencing mixed trading activity on Friday morning. The Asia Dow is down by 1.60%, while Japan’s Nikkei 225 is trading in the red, declining by 0.07%. Conversely, Hong Kong’s Hang Seng index has risen by 0.48%, and the benchmark Chinese index Shanghai Composite has ended up by 0.27%.

The NSE has added Vodafone Idea in F&O on April 26, 2024.

Foreign institutional investors (FII) offloaded shares worth net Rs 2,823.33 crore, while domestic institutional investors (DII) bought shares worth net Rs 6,167.56 crore on April 25, 2024, according to the provisional data available on the NSE.

WTI crude prices are currently trading at $83.92, marking a 0.19% increase, while Brent crude prices stand at $89.33, showing a 0.25% uptick, as of Friday morning.

The US Dollar Index (DXY), gauging the dollar’s value against a basket of six foreign currencies, recorded a slight increase of 0.01%, reaching 105.61 in trading.

Bloomberg reported that Wall Street was unsettled by data revealing precisely what stock traders were hoping to avoid: a notable deceleration in the world’s largest economy coupled with enduring inflationary pressures. The tech-heavy Nasdaq Composite closed down by 100.99 points or 0.64% at 15,611.76. The S&P 500 experienced a decline of 23.21 points or 0.46%, settling at 5,048.42, while the Dow Jones Industrial Average concluded the session lower by 375.12 points or 0.98%, ending at 38,085.80.