Indian Shares End Flat Amid Mixed Trends; Cochin Shipyard Q4 Profit Surges, Jio-Reliance Deal, Cheviot Buyback

Gift Nifty Trades Flat

Indian equity markets turned muted as the session progressed, ending the day flat. Despite hitting fresh record highs for a second consecutive day on Friday, driven by financial shares, the BSE Sensex closed 8 points lower, and the NSE Nifty declined by 17 points (down 0.1%).

Top gainers included HDFC Bank, BPCL, and Bharti Airtel, while M&M, Adani Ports, and Titan were among the top losers. The BSE MidCap index ended 0.2% higher, and the BSE SmallCap index closed 0.2% lower. Sectoral indices showed mixed performance, with capital goods, telecom, and energy sectors seeing the most buying, whereas FMCG and realty sectors faced selling pressure.

At 8:00 AM today, Gift Nifty was trading down by 4 points at 23,036 levels, suggesting a muted start for Indian share markets today.

Top Buzzing Stocks Today

Aurionpro Solutions: Shares of Aurionpro will be in focus following the announcement of a strategic collaboration between its subsidiary, Aurionpro Transit, and Fime, a global leader in transit ticketing solutions.

Hindalco:The aluminium and copper manufacturing giant reported a significant jump in its net profit, which surged over three times to Rs 81.7 billion for the January to March 2024 quarter, compared to Rs 24.1 billion in the same quarter last year.

Cochin Shipyard Q4 Results

State-owned Cochin Shipyard Ltd (CSL) reported a remarkable 558.8% year-on-year (YoY) increase in net profit, reaching Rs 2.6 billion for the fourth quarter ended 31 March 2024. The company’s revenue from operations more than doubled to Rs 12.9 billion, driven by strong performances in shipbuilding and ship repairing segments.

The board has recommended a final dividend of Rs 2.3 per equity share, subject to shareholder approval at the upcoming AGM. The final dividend will be paid within 30 days of the AGM.

Jio Financial Services and Reliance Retail Partnership

Jio Financial Services (JFS) is set to seek shareholder approval for its subsidiary, Jio Leasing Services Limited (JLSL), to acquire telecom equipment and devices worth Rs 360 billion from Reliance Retail. This move marks JFS’s entry into the device leasing business, aiming to provide equipment for broadband wireless connectivity and other services. The transactions will be structured as related party transactions and will follow the necessary regulatory approvals.

Cheviot’s Share Buyback Plan

Cheviot Company Ltd has announced a share buyback plan to repurchase 1.8 lakh equity shares, representing 2.9% of the company’s total outstanding shares, at Rs 1,800 per share. This buyback, carried out via the tender offer route, is priced at a 16.7% premium to the stock’s previous close. The record date for the buyback is set for 14 June, with Cheviot committing Rs 315 million for the program.

This marks Cheviot’s fourth buyback program since 2017, demonstrating a consistent strategy to enhance shareholder value through strong financial performance.