Nifty50: 18,398 ▲ 84 (+0.4%)
Sensex: 62,345 ▲ 317 (+0.5%)
Hello, friends !
In an exceptionally unusual and rare occurrence, a New Jersey family was surprised to discover that a meteorite had crashed through their roof. The rock, about the size of a potato, broke through the roof, smashed into the hardwood floor, and bounced around a bedroom before eventually being discovered by the family in a corner while it was still warm.
The homeowners intend to have the object examined by an astrophysicist for further analysis. Fortunately, the crash did not cause any significant damage or injuries to the homeowners. Now, shifting our focus to something that did not crash (thankfully) – the markets – which today moved upwards. Let’s get into the details.
- Markets opened in the green and continued their upward trajectory to breach 18,400 intraday
- In all, 33 of the Nifty50 stocks closed in the green
- India's wholesale price index inflation turned negative (-0.92%) for the first time since July 2020
Among the Nifty sectoral indices, Realty (+4.3%) and Media (+2.0%) were the top gainers, while Oil & Gas (-0.0%) closed flat.
| Top gainers | Today's change |
| Hero MotoCorp | 2,685 ▲ 79 (+3.0%) |
| Tata Motors | 530 ▲ 14 (+2.8%) |
| ITC | 428 ▲ 7 (+1.8%) |
| Top losers | Today's change |
| Adani Enterprises | 1,910 ▼ 54 (-2.7%) |
| Cipla | 921 ▼ 16 (-1.7%) |
| BPCL | 356 ▼ 5 (-1.3%) |
What’s trending
⭐ Adani companies to raise ₹21,000 crore through QIP
Two Adani Group companies, Adani Enterprises (-2.7%) and Adani Transmission (-5.0%), filed board approvals with exchanges to raise ₹12,500 crore and ₹8,500 crore, respectively, through qualified institutional placements (QIPs). The fundraising exercise will be conducted through the issue of shares or other eligible securities. The companies will seek the approval of shareholders for this through a postal ballot.
⭐ Berger Paints’ net profit falls
Berger Paints (-0.8%) reported a decline of 15.5% YoY in its net profit to ₹186 crore for Q4FY23, as against ₹220.2 crore earned in the same quarter last year. The company attributes a substantial part of the losses (₹25.3 crore) to a fire in a Goa facility. In the same period, its revenue from operations grew 11.71% YoY to ₹2,443.6 crore from ₹2,187.5 crore in the corresponding quarter last year. The company's board has recommended a dividend of ₹3.20 per share.
⭐ Tube Investments’ Q4 profit shows robust growth
Bicycle and auto parts manufacturer, Tube Investments (-3.9%), reported consolidated profit growth of 74.3% to ₹311.8 crore in the quarter ended 31 March 2023, compared to ₹178.8 crore earned in the same quarter last year. Its consolidated revenue for the quarter stood at ₹3,778.2 crore, up 11.3% YoY. The company said Engineering and Metal Formed Products businesses continued their good performance in Q4. Its board has recommended a final dividend of ₹1.50 per share.
⭐ Century Plyboards’ net profit up
Plywood and laminate maker Century Plyboards (+0.8%) reported a growth of 29.4% in its consolidated net profit to ₹114.6 crore for Q4FY23. This was against ₹88.5 crore earned in Q4FY22. During the same period, its consolidated revenue from operations rose 7.1% YoY to ₹965.4 crore from ₹901 crore in the same quarter last year. The company has declared a dividend of ₹1 per share.
In Focus
The resurgence of Indian residential real estate
The Indian residential real estate sector is experiencing an unprecedented rise in demand. Housing sales in FY23 surged by 48% to ₹3.47 lakh crore, pushing the Nifty Realty Index to a near 52-week high.
Notable performers include DLF (+7.3%), Macrotech Developers (+3.3%), Godrej Properties (+6%),and Oberoi Realty (+7%).
Why this sudden investor interest? Let’s find out.
Increase in sales bookings
Companies such as DLF, Macrotech, and Godrej Properties reported a substantial rise in sale bookings, indicating robust demand. DLF reported sale bookings of ₹15,058 crore, Macrotech’s pre-sales bookings were ₹12,000 crore, while Godrej Properties’ bookings stood at ₹12,232 crore for FY23.
Expansion plans
Godrej Properties, in particular, has planned for the future by acquiring 18 additional land parcels. With a post-development sales potential of ₹32,000 crore, this move signals confidence in the continued growth of the real estate sector.
Interest rates
The expectation of a pause in interest rates also provides a conducive environment for the real estate market. Steady interest rates make housing loans more affordable, which can stimulate demand.
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Phrase of the day
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