After opening the day lower, Indian shares continued the momentum as the session progressed and ended the day lower.Equity benchmark indices traded listless on Tuesday and ended on a flat note.At the closing bell, the BSE Sensex stood lower by 53 points (down 0.1%).Meanwhile, the NSE Nifty closed higher by 27 points (up 0.1%).Tata Steel, Coal India, and Hindalco are among the top gainers today.TCS, Nestle, and ICICI Bank on the other hand, were among the top losers today.The GIFT Nifty was trading at 22,616, down by 32 points, at the time of writing.The BSE MidCap index ended 0.3% higher and the BSE SmallCap index ended 0.2% lower.Sectoral indices are trading mixed with stocks in the metal sector, energy sector, and power sector witnessing the most buying. Meanwhile, stocks in the banking sector and auto sector witnessed selling pressure.Shares of Linde India, ABB India, and Siemens hit their respective 52-week highs today.The rupee is trading at 83.31 against the US$.Gold prices for the latest contract on MCX are trading 0.7% lower at Rs 73,874 per 10 grams.Meanwhile, silver prices were trading 1.3% lower at Rs 93,991 per 1 kg.
Delhivery Tumbles 12%. Here’s Why.In news from the logistics sector, shares of Delhivery plunged another 12% to Rs 383 on the afternoon of 21 May, continuing a downward trend from the previous session, where it had already slipped over 4% on 18 May.The stock has tanked 15% in the last two trading sessions and is now back to the level seen in January-end. It has given up all the gains made after the Q3 results report.The sharp fall comes after it slipped into losses again in the March quarter (Q4FY24). The logistics solutions company posted a loss of Rs 685 m against a profit of Rs 117 m in the December quarter. On a year-on-year (YoY) basis, however, the loss narrowed by 57% from Rs 1.6 bn in Q4FY23.Delhivery’s revenue in the March FY24 quarter rose 12% YoY to Rs 20.8 bn, driven by significant growth in the partial truckload (PTL) and full truckload (FTL) segments, which increased by 27% and 60% YoY, respectively, in Q4FY24.The management warned of ‘swings’ in the future, which meant there are still chances the company will incur losses as it stabilizes operations.For the entire FY24, revenue from services stood at Rs 81.4 bn in FY24, a growth of 13% from Rs 72.4 bn recorded in FY23. Similarly, loss after tax narrowed to Rs 2.5 bn in FY24 from Rs 10.1 bn in FY23.
RVNL’s New Order WinMoving on to news from the railway sector, shares of Rail Vikas Nigam Ltd (RVNL) surged 15% on 21 May after the company bagged an order worth Rs 1.5 bn from the South Eastern Railway for designing, supply, erection, testing, and commissioning for the upgradation of an electric traction system for Kharagpur division.Rail Vikas Nigam is a project-executing agency.The Mini Ratna PSU 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 company also informed that the President of India has approved the appointment of NC Karmali as the part-time Government nominee director on the board of RVNL with immediate effect, till he holds the post of executive director/Gati Shakti, Railway Board or further orders, whichever is earlier.RVNL’s board also recommended a final dividend of Rs 2.1 per equity share. So far this year, RVNL shares have soared more than 85%, outpacing Nifty’s 3.6% return during this period.In the last year, shares of IRFC zoomed by over 400%, whereas RVNL and Nifty 50 gave a return of 179% and 26%, respectively.
Shriram Properties Acquires Land ParcelMoving on to news from the realty sector, Shriram Properties’ share price jumped nearly 3% intraday on 21 May after the company signed a joint development agreement for a four-acre land parcel in Bengaluru.The proposed project will comprise 270 apartments with an aggregate saleable area of 3.8 lakh sq ft.The project has an aggregate revenue potential of over Rs 2.5 bn and is expected to be developed over the next 3 years.The company is targeting to launch of this project during the first half of the current financial year (H1FY25).The company has a strong pipeline of 47 projects with 51 msf2 of saleable area, including 25 ongoing projects with an aggregate saleable area of 23.5 msf as of 31 March 2024.More By This Author:Sensex Today Trades Lower; Nifty Below 22,500Sensex Today Ends 253 Points Higher | Nifty Tops 22,450Sensex Today Trades Lower; Nifty Below 22,400
