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Suzlon Energy Share Price: Net profit Decreased by 21% to ₹254 Crore due to Strange Products.

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Suzlon Energy Share Price: reported a nearly 21% fall in overall net profit to ₹254 crore in the March quarter compared to ₹1,699.96 crore in the same period a year ago, primarily due to extraordinary events.

Suzlon Energy, a renewable energy solutions provider, reported a nearly 21% fall in consolidated net profit to ₹254 crore in the March quarter, primarily owing to unusual events.

In the previous year, the company’s consolidated net profit was ₹320 crore, according to a BSE filing.

The total income increased to ₹2,207.43 crore in the quarter, up from ₹1,699.96 crore the previous year.

The consolidated net profit in the 2023-24 fiscal year also declined to ₹660 crore from ₹2,887 crore a year earlier.

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Total income in the fiscal rose to ₹6,567.51 crore from ₹5,990.16 crore a year ago.

The company explained that PAT (profit after tax or net profit before exceptional items) for the March quarter increased 411 per cent to ₹281 crore on a year-on-year basis.

The cumulative orders as on May 24, 2024 are 3.3 GW. This includes the order book as on March 31, 2024 of 2,929 MW, plus orders secured subsequently of 402 MW.

“We have been able to create a solid foundation over the last FY across all business verticals of technology, manufacturing, projects, and OMS,” Suzlon Group Vice Chairman Girish Tanti said in the statement.

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This puts the company in a great position to lead the industry in the coming years, he said, adding, “We stacked up our largest ever order book of value-driven orders for more than 3.3GW.”

The board recommended forfeiture of 81,94,063 partially paid-up equity shares of the firm worth ₹2 each issued on rights basis, as the first and final call money of ₹2.50 per share was not paid.

RVNL Shares Surge 8% After Order Win; Stock Nearly Triples in a Year.

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RVNL Shares Surge 8% After Order Win; Stock Nearly Triples in a Year. surged more than 7.65 per cent to Rs 322.50 on Monday, commanding a total market capitalization of more than Rs 67,000 crore.

Tuesday’s trading session saw a roughly 8% increase in Rail Vikas Nigam Ltd. (RVNL) shares as a result of the company receiving an order from South Eastern Railway. On Monday, the exchange filed with the bourses to notify the firm of the order win.

“Rail Vikas Nigam Limited has received letter of acceptance (LoA) from SER HQELECTRICAL/South Easter Railway for designing, supply, erection, testing and commissioning for upgradation of electric traction system from 1×25 KV to 2×25 KV traction system for Kharagpur section of Kharagpur division of South Eastern Railway to meet 3000 MT loading target,” stated RVNL in its filing.

Also Read Meet Indian who once Owned Burj Khalifa Floors, Private Jet, but Sold his Rs 12400 Crore Company for just Rs 74 due to..

Following the announcement of order win, shares of RVNL surged more than 7.65 per cent to Rs 322.50 on Monday, commanding a total market capitalization of more than Rs 67,000 crore. The scrip had settled at Rs 299.65 in the previous trading session on Saturday.

RVNL shares have soared more than 190 per cent from its 52-week low at Rs 110.50 hit on May 31, 2023. The stock has surged more than 80 per cent in the year 2024 so far, while the stock has nearly doubled investors wealth in the last six months period. Even in the last one month, it is up 25 per cent.

Rail Vikas Nigam’s net profit rose 33.2 per cent on year-on-year (YoY) basis to Rs 478.6 crore, with a healthy topline as well as operating numbers. Its revenue from operations during the quarter under review grew 17.4 per cent YoY to Rs 6,714 crore.

At the operating level, the state-run railway company’s ebitda in Q4FY24 rose 21.8 per cent YoY to Rs 456.4 crore over Rs 374.6 crore in a year-ago period, while Ebitda margin came in at 6.8 per cent in the reporting quarter. RVNL’s board also recommended a final dividend of Rs 2.11 per equity share.

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In an separate exchange filing, the company said that the President of India has approved the appointment of NC Karmali as the part-time Government nominee director on the board of Rail Vikas Nigam with immediate effect, till he holds the post of executive director/Gati Shakti, Railway Board or further orders, whichever is earlier.

Incorporated in 2003 by the Ministry of Railways, Rail Vikas Nigam Limited is a project executing agency. It is engaged in the business of mobilization of financial resources, rail project development, enhancing golden quadrilateral and port connectivity by implementing rail projects and raising extra-budgetary resources for Indian Railway project execution.

The PSU counter raised a total of Rs 481.57 crore via its IPO launched in April, 2019. The company issued its shares at Rs 19 apiece. The stock has zoomed about 1,600 per cent or 16 times from its issue price. Each lot of the PSU counter has delivered a return of more than Rs 2.35 lakh to the investors, if held so far.

Meet Indian who once Owned Burj Khalifa Floors, Private Jet, but Sold his Rs 12400 Crore Company for just Rs 74 due to..

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Rags-to-riches stories of people who achieve great heights by rising from humble backgrounds are often inspiring. One such tale is that of Bavaguthu Raghuram Shetty, popularly known as BR Shetty, an Indian businessman who once led billion-dollar companies. Burj Khalifa However, fate took an unexpected turn when he had to  sell his Rs 12,400 crore company for just Rs 74. Yes, you read that right!

Well, let’s delve into the life of BR Shetty and learn about his fall from grace.

Shetty was born on August 1, 1942 into a Tulu-speaking Bunt family, in Karnataka’s Udupi. He studied in a Kannada medium school and completed his pharmaceutical education from Manipal. He also served as the Vice-Chairman of the Municipal Council in Udupi. He married Chandrakumari Shetty and has four children.

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In 1973, he moved to Abu Dhabi from Karnataka for better opportunities with just about Rs 665. He also worked as a pharma salesman for some time. In 1975, the 81-year-old founded a small pharmaceutical clinic, New Medical Centre (NMC). Initially, his wife was the only doctor at the centre. Over the years, NMC went on to become one of the largest private healthcare providers in the UAE. With this, Shetty became a pioneer in the UAE’s private healthcare sector. 

He was included on the Forbes list of India’s 100 Richest People in 2015 and was listed as the 42nd richest person in 2019. He had a net worth of Rs 18000 crore and used to own floors in the iconic Burj Khalifa, had a fleet of luxury cars and a private jet.

In 2019, a UK-based investment research firm, Muddy Waters alleged that Shetty inflated cash flow to show less debt. Subsequently, the allegations triggered a fall in the company’s shares and as a result, BR Shetty had to sell his Rs 12,478 crore company for just Rs 74 at the time to an Israeli-UAE consortium. This is how his fortunes changed overnight.

In April 2020, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health. Days later, the Central Bank of UAE ordered the freezing of his accounts and the blacklisting of his firms. On 8 April 2020, NMC went into Administration in the UK due to the company’s insolvency.

GIFT Nifty The Trading Setting for the Current Session Displays here; Down 40 Points.

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GIFT Nifty 40 points less The equities markets on Tuesday began the day slowly but gradually picked up steam to close the day higher. Analysts say that domestic equities are consolidating inside a range, showing strength at lower levels with purchases made at each dip.

“We expect range trading and favourable bias in the market overall. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said that consumer confidence statistics from the US and Europe will be of interest to investors worldwide.

“We continue to believe that, unless the Nifty decisively breaks over 21,900 levels, we should adhere to our “buy on dips” strategy. However, the SVP of Technical Research at Religare Broking advises traders to proceed with extra caution when selecting stocks with mixed participation and to avoid high beta counters.

Also Read Is the Indian Stock Market Closed Today due to the Lok Sabha Elections?

State OF The Market

GIFT Nifty Live The previous SGX Nifty is down 40 points, which suggests a good start.
The GIFT Nifty on the NSE IX opened on Wednesday at 22,236.50, up 43.50 points, or 0.20 percent, suggesting that Dalal Street was off to a strong start.

  • Tech View: The market is not strengthening enough to see a clear upside breakthrough of the 22200–22300 levels. According to HDFC Securities’ Nagaraj Shetti, any declines to 22000–21950 could present a buy-on-dip chance. The immediate resistance is located at 22300.India
  • India is the VIX: The VIX, a gauge of market anxiety, increased by 0.82% to close at 15.73 points.

US Stocks were Mixed

Tuesday’s finish of U.S. equities was almost unchanged ahead of inflation and other economic statistics that may provide insight into when the Federal Reserve may decide to lower interest rates.
S&P 500 up 0.17%,

Nasdaq up 0.37%, and the Dow down 0.25%

Asian stocks muted

Asian stocks traded within tight ranges on Wednesday after the S&P 500 nudged higher. In New Zealand, the central bank is seen holding interest rates while retaining the threat of a hike amid sticky inflation.

  • S&P 500 futures were little changed as of 9:50 a.m. Tokyo time
  • Hang Seng futures rose 0.2%
  • Nikkei 225 futures (OSE) fell 0.2%
  • Japan’s Topix was little changed
  • Australia’s S&P/ASX 200 fell 0.2%

Dollar firm

The U.S. dollar held steady as traders brushed off durable goods data overnight and awaited the Federal Reserve’s preferred measure of inflation due Thursday for clues on when the U.S. central bank may start cutting interest rates.

Stocks in F&O Ban Today


1) ABFRL

2) Indus Tower

3) Canara Bank

4) SAIL

5) ZEE

Securities in the ban period under the F&O segment include companies in which the s ..

FII/DII action
Foreign portfolio investors were net sellers at Rs 1,509 crore on Tuesday. DIIs bought shares worth Rs 2,861 crore.

Rupee
The rupee slipped by 1 paisa to close at 82.89 against the US dollar in a restricted trade on Tuesday amid withdrawal of foreign funds and increased month-end demand for the American currency

FII data
The net short of FIIs reduced from Rs 29,137 crore on Monday to Rs 27,042 crore on Tuesd ..

Is the Indian Stock Market Closed Today due to the Lok Sabha Elections?

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This month, on May 1, the Stock Market was closed except on May 20 owing to Maharashtra Day, which marks the anniversary of the state of Maharashtra’s creation on May 1, 1960.

On May 20, there will be a notable closure of both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). This is because the second vacation of the month falls on the fifth voting phase of the Lok Sabha Election 2024 in Mumbai. Since all six of the city’s seats are scheduled for polling, the shutdown is consistent with the seven-phase election.

This month, on May 1, the market was closed except on May 20 owing to Maharashtra Day, which marks the anniversary of the state of Maharashtra’s creation on May 1, 1960. This came after the Indian states were reorganised linguistically.

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The Maharashtra Lok Sabha elections are divided into five parts. The dates of the first four phases are April 19, April 26, May 7, and May 13, respectively. The last stage is scheduled for May 20. On June 4, the votes will be counted.

Maharashtra banks will be closed on May 20 due to the general election’s fifth phase. Thirteen of the state’s forty-eight Lok Sabha constituencies—Dhule, Dindori, Nashik, Kalyan, Palghar, Bhiwandi, Thane, Mumbai North, Mumbai North-West, Mumbai North-East, Mumbai North-Central, Mumbai South-Central, and Mumbai South—will be voting in this phase.

Here’s a list of market holidays in 2024 –

  • May 20 – General Elections
  • June 17- Bakrid
  • July 17- Muharram
  • August 15- Independence Day
  • October 2- Gandhi Jayanti
  • November 1- Diwali
  • November 15- Guru Nanak Jayanti
  • December 25- Christmas

Stock Market Update

The Sensex and Nifty 50, which are key domestic stock market indicators, concluded Saturday’s trading session with upward momentum. This extends their recent three-day rally, which was buoyed by fresh foreign investments and favourable global signals. Every sectoral index finished in positive territory, with small and mid-cap indices surpassing the benchmarks in performance.

The 30-share BSE Sensex finished at 74,005.94 during the second special trading session, up 88.91 points, or 0.12%. The NSE Nifty 50 increased by 35.90 points, or 0.16%, to 22,502.00. The Nifty SmallCap 100 increased by 0.82%, while the Nifty Midcap 100 experienced a 0.51% increase in the overall market. The India VIX, a measure of anxiety, had a 3.67% surge in closure on Saturday.

Plans for a specific trading session in the stocks and equity derivative divisions scheduled on May 18 were revealed by the BSE and NSE on May 7. This session assesses their readiness to handle significant disruptions or outages at the main site.

M&M Shares Hit Fresh 52-Week High on Complete Stake Sale in New Delhi Centre for Sight for ₹425 Crore.

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M&M Shares: On May 14, 2024, Mahindra Holdings signed the share purchase agreement with the three bidders, NDCFS, and the eye care chain’s promoters. A total of ₹425.39 crore has been paid for the entire stake selling transaction.

On Wednesday, May 15, Mahindra & Mahindra Ltd. shares reached a new 52-week high of ₹2,306.95 per share on the NSE following the company’s announcement that its whole investment in the eye care business New Delhi Centre for Sight Limited (NDCFS) had been successfully sold for ₹425.39 crore.

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Mahindra Holdings Limited (MHL), the firm’s wholly-owned subsidiary, entered a Share Purchase Agreement (SPA) with three bidders on Tuesday to sell its entire investment of 30.83% of the paid-up capital of NDCFS on a fully diluted basis, according to a filing the company made with the markets.

The buyers in this sale include Space Investments Limited, Defati Investments Holdings BV and Infinity Partners, and neither of them belongs to the Promoter or Promoter Group Companies of Mahindra Holdings Ltd, M&M informed the stock exchanges.

The SPA was executed by Mahindra Holdings on May 14, 2024, with the three buyers and NDCFS, along with the promoters of the eye care chain. The entire stake sale deal has been conducted for an aggregate consideration of ₹425.39 crore.

Space Investments bought 25.7% of the stake offered for sale on a fully diluted basis for a consideration of ₹354.56 crore, while Defati Investments Holdings BV picked a 2.85% stake in New Delhi Centre for Sight Limited for ₹39.4 crore, along with Infinity Partners purchasing a small 2.28% stake in NDCFS for a consideration of ₹31.43 crore.

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As per the Companies Act, 2013, NDCFS is an associate company of Mahindra Holdings as well as a wholly owned subsidiary of MHL and ‘that of the Company under Indian Accounting Standards’, Mahindra & Mahindra stated in its latest exchange filing.

However, on the completion of the aforestated stake sale, the shareholding of MHL has become ‘Nil’ in NDCFS, and the latter no longer is an Associate Company of MHL, along with a joint venture.

In April 2024, the company’s domestic sales across vehicle categories grew by 13% to 68,614 vehicles against 60,481 vehicles in the year-ago period. The company’s domestic sales of vans and utility vehicles grew by 32% in April 2024 to 41,008 vehicles from 34,698 vehicles in the corresponding month of the previous year.

Mahindra and Mahindra Ltd shares were trading 1.06% higher at ₹2,294 per piece at 1:06 pm on the NSE.

TBO Tek Share Price Makes a Bumper Debut, Stock Opens with 55% Premium at ₹1,426 Piece on NSE.

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TBO Tek share price debuts impressively, with NSE opening at ₹1,426 per share and BSE at ₹1,380, significantly higher than the issue price of ₹920. The IPO was subscribed 86.70 times, with QIBs oversubscribed at 125.51 times, NIIs at 50.60 times, and RIIs at 25.74 times.

TBO Tek share price made a stellar debut on the bourses today. On NSE, TBO Tek share price opened at Rs1,426 per share, 55% higher than the issue price of ₹920. On BSE, TBO Tek share price today opened at ₹1,380 apiece, up 50% than the issue price.

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Market experts anticipated TBO Tek share price to open in the range of ₹1,360 to ₹1,400 per share.

On Friday, the final day of subscriptions, TBO Tek’s initial public offering was subscribed 86.70 times, according to NSE data. The segment allocated for qualified institutional buyers (QIBs) received 125.51 times subscriptions, but the non-institutional investor group received 50.60 times as many subscribers. The section for retail individual investors (RIIs) received 25.74 times subscriptions.

The price band for each equity share in the offering, which has a face value of Re 1, has been set between ₹875 and ₹920. 16 equity shares make up each lot in the IPO, and more lots of 16 equity shares will be issued in the future. The IPO set aside 75% of the net offer for QIBs, 15% for NIIs, and 10% for retail investors. Employees have reserved equity shares worth up to ₹3 crore.

The company streamlines the travel industry for suppliers including lodging facilities, airlines, rental cars, transfers, cruise lines, insurance, and rail companies, among others. Travel agencies and independent travel advisers are examples of retail clients; corporate clients include tour operators, travel management organisations, online travel agencies, super apps, and loyalty apps. The seamless communication made possible by the two-sided technology platform benefits each of these parties equally.

TBO Tek ipo

Also Read Canara Bank Share Price Today Live Updates: Canara Bank Jumps 5% Post Stock Split; up 8% in Last Three Sessions.

TBO Tek IPO details

TBO Tek IPO, which is worth ₹1,550.81 crore, comprises a fresh issue of ₹400 crore, and an offer-for-sale (OFS) of up to 12,508,797 equity shares of face value of Re 1 each by the promoters and other investors.

52.12 lakh shares will be offered through OFS, according to announcements made by the company’s promoters, Manish Dhingra, LAP Travel, and Gaurav Bhatnagar. The company’s two investors, Augusta TBO and TBO Korea, who own respective holdings of 19.53 percent and 11.06 percent, will sell 72.96 lakh shares.

According to the Red Herring Prospectus for TBO Tek’s IPO, corporate promoters own 51.26 percent of this online travel distributor, while public shareholders own 46.43 percent of the company.

Augusta TBO is the company’s biggest public investor, holding 19.53% of the shares. General Atlantic owns 15,635,994 company shares, or 15% of the company’s total paid-up capital.

TBO Korea owns 11,523,854 shares, or 11.06 percent of the company overall. Promoters and public shareholders own 98.54 percent of the company; the TBO ESOP Trust, an entity that is neither a promoter nor a public shareholder, owns the remaining 2.31%.

The company intends to use the offering’s net proceeds to finance the following objectives: expanding the network of buyers and suppliers; increasing the platform’s value by adding new business categories; utilizing acquired data to offer our suppliers and buyers customized travel solutions; and pursuing inorganic development through wise acquisitions and the creation of synergies with our current platform.

Axis Capital Limited, Jefferies India Private Limited, Goldman Sachs (India) Securities Private Limited, and Jm Financial Limited are the book running lead managers of the TBO Tek IPO. Kfin Technologies Limited is the issue registrar.

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TBO Tek IPO GMP today

TBO Tek IPO grey market premium is +350. This indicates TBO Tek share price were trading at a premium of ₹350 in the grey market, according to investorgain.com.

The expected listing price for the TBO Tek IPO is ₹1,270 per share, which is 38.04% greater than the IPO price of ₹920, given the upper end of the IPO price band and the existing premium on the grey market.

Based on the last 16 sessions of grey market activity, the IPO GMP for today indicates an increasing trajectory and a strong listing. The experts at investorgain.com state that the GMP ranges from ₹0 to ₹540.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Canara Bank Share Price Today Live Updates: Canara Bank Jumps 5% Post Stock Split; up 8% in Last Three Sessions.

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Canara Bank Live Share Price: A total of 7,39,996 retail investors owned 6 per cent stake in the bank while 337 HNIs including Rekha Rakesh Jhunjhuwala (1.45 per cent stake) owned a combined 4.65 per cent stake in the PSU lender.

119.50 INR+6.20 (5.47%)today

Open116.25
High119.55
Low116.00
Mkt cap21.70KCr
P/E ratio1.42
Div yield13.47%
52-wk high126.58
52-wk low58.27

Canara Bank Share Price Today Live Updates: Canara Bank’s stock opened at ₹557.4 and closed at ₹549.15 on the last trading day. The high for the day was ₹568.95, and the low was ₹554. The market capitalization stood at ₹102,725.13 crore. The 52-week high and low were ₹632.65 and ₹291.3, respectively. The BSE volume for the day was 487,986 shares traded.

Canara Bank Share Price Live Updates: Consensus analysts rating is Buy

Canara Bank Share Price Live Updates: The analyst recommendation trend is shown below with the current rating as Buy.

  • The median price target is ₹506.0, 325.93% higher than current market price.
  • The lowest target price among analyst estimates is ₹360.0
  • The highest target price among analyst estimates is ₹670.0
RatingsCurrent1 Week Ago1 Month Ago3 Months Ago
Strong Buy6665
Buy3445
Hold1222
Sell2221
Strong Sell2000

TASVA, the Designer Wedding Wear Brand for Men, by Aditya Birla Fashion & Retail Ltd and ace Designer Tarun Tahiliani, Unveils its First Mall Store in Mumbai

Canara Bank Share Price Today Live: Hourly Price Movement Update

Canara Bank Share Price Today Live: Canara Bank’s stock price reached a peak of 118.85 and a low of 118.15 in the previous trading hour. During that time, the stock price surpassed the hourly resistance of 118.58 (Resistance level 1), suggesting a positive upward trend.
The hourly support and resistance levels to watch out in the next hour are mentioned below.

Resistance LevelsPriceSupport LevelsPrice
Resistance 1119.02Support 1118.32
Resistance 2119.28Support 2117.88
Resistance 3119.72Support 3117.62

Canara Bank Share Price Live Updates: Simple Moving Average

DaysSimple Moving Average
5 Days111.11
10 Days117.33
20 Days118.44
50 Days116.90
100 Days107.50
300 Days90.39

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Canara Bank Share Price Live Updates: Canara Bank trading at ₹118.65, up 4.77% from yesterday’s ₹113.25

Canara Bank Share Price Live Updates: Canara Bank share price is at ₹118.65 and has crossed the key daily support price level of ₹543.87. This indicates that stock is experiencing significant selling pressure and the price can decline further.

Earlier this year on April 19, 2024 the public sector lender had set Wednesday, 15th May 2024 as the record date for determining entitlement of equity shareholders for the purpose of split of existing equity shares of the bank. The stock split arrangement was such that 1 equity share having face value of Rs. 10 each, will be subdivided into 5 equity shares having face value of Rs. 2 each.

A stock split makes the shares more affordable for retail investors, and the move is likely to increase trading activity on the counter. This could be particularly beneficial for smaller investors who may have been previously deterred by the higher share price.

Moreover, the stock split has the potential to broaden the bank’s retail investor base. Prior to the split, a significant portion of the bank’s ownership was held by a relatively small number of High Net Worth Individuals (HNIs), including notable investors like Rekha Rakesh Jhunjhunwala. 

It’s important to note that a stock split differs from a bonus share issue. In a stock split, existing shares are divided into multiple shares with smaller face values, while in a bonus share issue, additional shares are distributed to existing shareholders based on their current holdings. Therefore, while a stock split increases the number of shares outstanding, it does not directly impact the share capital of the company.

Canara Bank recorded a 18.33 per cent year-on-year growth to Rs 3,757 crore in January-March quarter of fiscal year 2023-24 (Q4FY24). The bank’s net interest income (NII), increased by 11.18 per cent to Rs 9,580 crore during the fourth quarter of FY24. The bank registered NII of Rs 8,617 crore in the same period of the previous year.
At 11:17 AM; the stock of the company was trading 4.55 per cent higher at Rs 118.40 per share. By comparison the S&P BSE Sensex was down mariginally by 0.04 per cent.

Also Read cannes-2024-live-updates

Nikhil Kamath, Bombay is Known for its Popular People: “What Bengaluru has is.”

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Nikhil Kamath of Zerodha claims that while Bengaluru has attractive individuals, Bombay is known for having…

Nikhil Kamath, a co-founder of Zerodha, stated that despite certain difficulties, Bengaluru remains his favourite city. Bengaluru is home to several startups. He heaped praise on the citizens of Bengaluru. “The big, big differentiator at the end of the day– scr** all the roads, the traffic… those things don’t matter — the people of Bengaluru are second to none (because of) the love they have for the city, how nice they are as people.”

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He added that Hyderabad is famous for its Biryani, Mumbai for its “good-looking people”, Delhi for “people who have a lot of money and they know it”, and “Bengaluru is famous for nice people”.

Nikhil Kamath also said in the podcast that he finds the people in Bengaluru to be welcoming, “normal”, understated and subtle. For startups, he said, the city offers immense talent.

“If you have to build something, if you have to start a company, the access to talent at the cost you get in Bengaluru, I don’t think you get that anywhere in the world,” he said.

He also said that he meets several business leaders in Bengaluru including Biocon executive chairperson Kiran Mazumdar-Shaw.

“We are constantly working on projects to… how do we make Bangalore cooler in actual and from a narrative standpoint,” he said.

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