UltraTech Cement Q4 profit rises 35%: Daily Market Update - 30 April 2024 | Globe Capital Market LTD.
UltraTech Cement Q4 profit rises 35%: Daily Market Update – 30 April 2024

UltraTech Cement Ltd's consolidated net profit jumped 35.23% in the fourth quarter of fiscal 2024. The cement manufacturer's profit soared to Rs 2,258.58 crore in the quarter-ended March, according to an exchange filing on Monday. The company's board also recommended a dividend of Rs 70 per share. The company achieved volume growth of 13% year-on-year for fiscal 2024. This was backed by 11% year-on-year growth in volume for the fourth quarter.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on a flat to positive note.
  • European equity markets settled on a flat note.
  • Asian equity markets are trading in green.
  • GIFT Nifty is little changed, Nifty futures likely to open around 22800 levels (as on 8:30AM).


News highlights from across the globe

  • Markets in Asia-Pacific region are trading higher on Tuesday, taking cues from overnight gains on Wall Street. Investors await China’s manufacturing activity data.
  • U.S. stocks rose as a solid earnings season kept the market afloat despite bets the Federal Reserve will be forced to leave interest rates higher for longer.
  • Brent crude was trading 0.10% lower at $88.30 a barrel.


Important news updates from the domestic front

  • Tata Chemicals (Consolidated, YoY) – Revenue down 21.15% at Rs 3475 crore vs Rs 4407 crore. Ebitda down 54.09% at Rs 443 crore vs Rs 965 crore. Margin down 914 bps at 12.74% vs 21.89%. Net loss at Rs 841 crore vs profit of Rs 692 crore . Approved funds raise worth Rs 2,000 crore via bonds. Recommended dividend of Rs 15 per share.
  • Birlasoft (Consolidated, QoQ) – Revenue up 1.45% at Rs 1,363 crore vs Rs 1343 crore. EBIT up 3.82% at Rs 201 crore vs Rs 193 crore. Margin up 33 bps at 14.72% vs 14.38%. Net profit up 11.81% at Rs 180.08 crore vs Rs 161.05 crore. Board recommends final dividend of Rs 4 per share.
  • Wipro announced the launch of its own Lab45 Think Tank to help enterprise leaders and Wipro customers prepare for a future with emerging technologies. Lab45’s Think Tank will study the impact of emerging technologies such as generative AI, space technology, spatial and quantum computing, IoT, etc. on business, people, and the planet.
  • Tata Elxsi: Tata Power Community Development Trust has partnered with the company to drive its “Pay Autention” initiative forward.
  • NMDC increased prices of lump ore by Rs 400 per tonne to Rs 6,200 per tonne and fines by Rs 200 per tonne to Rs 5,260 per tonne.
  • KEC International received new orders worth Rs 1,036 crore across various businesses. The company has received transmission and distribution projects in the Middle East and the US.
  • Rail Vikas Nigam: The KRDCL-RVNL Joint Venture received a letter of acceptance worth Rs 439 crore for the redevelopment of Thiruvananthapuram station.
  • Bajel Projects redesignated MD Rajesh Ganesh as MD and CEO.
  • PC JEWELLER: SBI seeks to withdraw the petition against the company on account of agreed settlement terms.
  • Rites received a letter of acceptance worth $111 million from Bangladesh Railway for the supply of passenger carriages.


Nifty Overview & Outlook

Benchmark Nifty index opened with a gap on the higher side, kept the bullish momentum rolling till the end, and settled higher at 22643 levels after adding over 200 points to its previous closing values.

Nifty index outperformed the broader markets as it ended higher by 1% while Midcap & Small cap index settled on a flat to positive note.

Majority of sectoral indices, tracked at NSE, settled higher. Amongst them, Banking and financial pack was at the top of the tally, up over 2% followed by Nifty Pharma, Metal and Oil & Gas index that settled higher in range 0.5% to 1%. On the other hand, Nifty IT and Realty index led the decline, fell 0.26% and 1 % respectively.

Technically, Nifty index is well placed on multiple chart frames. Going ahead, we expect it to trade with sideways to positive bias and suggest traders to maintain buy on dips trading approach till it is trading above 22300 levels on closing basis.


Derivatives Overview & Outlook

Yesterday, long buildup was seen in Nifty, Banknifty and Finnifty futures with increase in open interest by 3.4%, 26.1% and 34.7% respectively.

On sectoral front, long buildup was seen in Power and Finance stocks and some short buildup was seen in Infrastructure, Technology and Automobile stocks.

On options front, put writing was seen at multiple strikes maximum positions are at 22500 PE and 22850 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 169 Cr in the cash segment, sold stocks futures worth Rs 77 Cr and bought index futures worth Rs 3631 Cr. DIIs were net buyer in the cash segment to the tune of Rs 692 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22820-22950; Supports 22650-22570

Banknifty – Resistances 49700-50060; Supports 49080-48700

Finnifty – Resistances 21880-22020; Supports 21600-21480


F&O Securities in Ban Today – BIOCON, IDEA.



Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX, ICEX and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited  are associates of GCML.

This report has been prepared by GCML and published in accordance with the provisions of Regulation 19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the recipient as information only and is not for general circulation or public distribution. This report is not to be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others, in any form, in whole or in part, for any purpose without prior written permission from GCML. The projections and the forecasts described in this report are based on estimates and assumptions and are inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily speculative in nature, and it can be expected that one or more of the estimates on which the projections are forecasts were based may not materialize or may vary significantly from actual results and such variations will likely increase over the period of time. This report should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report nor anything contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. It does not constitute a personal recommendation or take into account the particular investment objective, financial situation or needs of any individual in particular. The research analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make their own investment decisions, based on their own investment objectives, financial situation or needs and other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/ her/their particular circumstances and if necessary, seek professional / financial advice as there is substantial risk of loss. GCML does not take any responsibility thereof.

Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of the information contained or referred to in this report and of evaluating the merits and risks involved in securities forming the subject matter of this report. The price and value of the investment referred to in this report and income from them may go up as well as down, and investors may realize profit/loss on their investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in the projection.

This report has been prepared by GCML based on the information available in the public domain and other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and completeness, no representation or warranty, express or implied is made by GCML that such information is accurate or complete and/or is independently verified. The contents of this report represent the assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any projection, assurances or advice made herein. Nothing in this report constitutes investment, legal, accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate to recipients’ specific circumstances.

Since GCML or its associates are engaged in various financial activities, they might have financial interest or beneficial ownership in various companies including subject company/companies mentioned in the report. GCML or its associates have not received any compensation for investment banking or merchant banking from the subject company in the past 12 months.  GCML or its associates might have received any compensation including brokerage services and for products or services other than investment banking or merchant banking from the subject company in the past 12 months. It is confirmed that GCML or research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past 12 months.

Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of publication of this report. Neither research analyst nor GCML are engaged in market making activity for the subject company. It is confirmed that research analysts do not serve as an officer, director or employee of the subject company. It is also confirmed that research analyst have not received any compensation from the subject company in the past 12 months. GCML or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.

No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity Research Analysis activities.

The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change, as per applicable law, without any prior notice. GCML reserves the right to make modifications and alternations to this statement, as may be required, from time to time.

Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.

Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.