Stock Market Movers: The Indian stock market witnessed significant movements on Wednesday, influenced by major corporate developments and quarterly earnings reports.
ITC Shares Slide as BAT Offloads 2.3% Stake
British American Tobacco (BAT), the largest shareholder in ITC Ltd., announced plans to sell approximately 2.3% of its stake in the company through a block trade to institutional investors. The sale, priced at ₹400 per share, represents an 8% discount to ITC’s current market price and is expected to raise around ₹11,600 crore. Following the announcement, ITC shares fell by 5%, impacting benchmark indices.
LIC Reports Strong Q4 Results; Shares Surge
Life Insurance Corporation of India (LIC) reported a 38% year-on-year increase in net profit for Q4 FY25, reaching ₹19,038.7 crore. The insurer declared a dividend of ₹12 per share, boosting investor confidence. Despite a 3.2% decline in net premium income to ₹1.48 lakh crore, the company’s solvency ratio improved to 2.11% from 1.98%.
Tata Steel Seeks ₹757 Crore Compensation Over Coal Block Cancellation
Tata Steel has filed a petition in the Delhi High Court seeking compensation of over ₹757 crore, along with applicable interest, following the Supreme Court’s cancellation of its allocation of the New Paratpara Coal Block in Odisha. The court has requested a response from the central government regarding the matter.
Sonata Software Partners with Qualtrics to Enhance Customer Experience
Sonata Software announced a partnership with Qualtrics to deliver comprehensive, technology-driven customer experience management solutions for global enterprises. The collaboration aims to leverage Qualtrics’ Experience Management suite and Sonata’s system integration services to help businesses deliver personalized experiences and improve operational efficiency.
HBL Engineering Secures ₹102 Crore Order from IRCON International
HBL Engineering received an order worth ₹101.55 crore from IRCON International for the provision of the Kavach system in the Bangalore and Mysore divisions of the South Western Railway. The project covers 85 stations and 778 kilometers, enhancing railway safety infrastructure.
Vedanta Ltd. announced that its board will meet on May 30 to consider the issuance of non-convertible debentures on a private placement basis. The move is part of the company’s strategy to raise funds for ongoing projects and operation.
Bharat Forge Wins Legal Battle in Delhi High Court
The Delhi High Court set aside an arbitral award of ₹77 crore against Bharat Forge Ltd., dismissing the enforcement petition filed by Tarsem Jain. The court’s decision provides relief to the company in the long-standing legal dispute.
Zinka Logistics Rebrands as Blackbuck
Zinka Logistics Solutions announced a name change to ‘Blackbuck’ as part of its rebranding strategy. The move reflects the company’s evolution and aligns with its vision for future growth in the logistics sector.
Other Notable Corporate Developments:
Muthoot Capital will consider a fund-raising proposal via bonds on May 30.
Ramkrishna Forgings plans to mull fundraising through shares and bonds on the same date.
Waaree Energies and Ewaa Renewable Techno Solutions mutually terminated their partnership agreement.
Quarterly Earnings Highlights:
JK Lakshmi Cement reported a 17% year-on-year increase in net profit to ₹183.54 crore for Q4 FY25, with revenue rising 6.6% to ₹1,897.62 crore.
Precision Camshafts posted a net profit of ₹40.44 crore, up from ₹3.34 crore in the same quarter last year, despite a 25.7% decline in revenue to ₹190 crore.
Goodyear India saw a 9.5% increase in revenue to ₹602.70 crore and reported a net profit of ₹4.87 crore, reversing a loss of ₹4.21 crore in the previous year.
Bharat Dynamics experienced a 5.5% drop in net profit to ₹272.77 crore, even as revenue more than doubled to ₹1,800.54 crore.
EID Parry reported a 30% increase in net profit to ₹286 crore, with revenue up 22.56% to ₹6,811 crore.
NMDC posted a 6.6% rise in revenue to ₹7,004.59 crore, while net profit declined 21.8% to ₹1,483.18 crore.
NMDC Steel reported a 34% increase in revenue to ₹2,838 crore, with net loss narrowing to ₹473 crore from ₹758 crore.
Sansera Engineering saw a 28.7% rise in net profit to ₹59 crore, with revenue up 4.8% to ₹782 crore.
DCX Systems reported a 26.3% decline in revenue to ₹550 crore and a 37.2% drop in net profit to ₹20.7 crore.
ITI achieved a 73.9% increase in revenue to ₹1,046 crore, with net loss narrowing to ₹4.4 crore from ₹239 crore.
Time Technoplast posted an 18.6% rise in net profit to ₹109.5 crore, with revenue up 5.3% to ₹1,469 crore.
RCF reported a 24% decline in net profit to ₹72.5 crore, with revenue down 4% to ₹3,730 crore.
Sun Flag saw a 13.7% decrease in net profit to ₹43.3 crore, with revenue down 1% to ₹883 crore.
Medplus Health reported a 53.7% increase in net profit to ₹51.3 crore, with revenue up 1.3% to ₹1,510 crore.
Bosch posted a 1.9% decline in net profit to ₹554 crore, despite a 16% rise in revenue to ₹4,911 crore.
Entero Healthcare Solutions reported a 22.5% increase in net profit to ₹26 crore, with revenue up 29.5% to ₹1,339 crore.
P&G Hygiene saw a 1% rise in net profit to ₹156 crore, with revenue down 1% to ₹992 crore.
Gateway Distriparks reported a net loss of ₹193 crore, with revenue up 42.7% to ₹535 crore.
Triveni Engineering posted a 13.6% increase in net profit to ₹183 crore, with revenue up 24.4% to ₹1,629 crore.
Supriya Lifescience reported a 36.4% rise in net profit to ₹50.4 crore, with revenue up 16.4% to ₹184 crore.
Market Outlook
Investors are advised to monitor these developments closely, as they may influence market dynamics in the coming days. The upcoming board meetings and potential fundraising activities could lead to further stock movements.
