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Ajanta Pharma shares surged by 13.70% to reach a new high of ₹2,540 apiece following a strong performance in Q4 and full fiscal year. The company reported a 66% YoY jump in consolidated net profit in Q4 to ₹122 crore. For the full fiscal year (FY24), the net profit surged to ₹816 crore.
Juniper Hotels, promoted by the Saraf Group and Hyatt Hotels Corporation, and backed by its positioning in the luxury hotel development segment is the largest owner of Hyatt-affiliated hotels, said Elara.
Banks, the biggest component of the Indian equity market, are now trading at a big discount to the benchmark indicesThe BSE Bankex index, which tracks the share price of the 10 top listed banks, is trading at a trailing price to earnings (P/E) multiple of 15.3X, nearly a 40 per cent discount to the BSE Sensex current P/E of 24.37X. This is the biggest valuation gap between the two indices in at least 10 years. Similarly, the BSE Bankex price to book ratio (P/B) of 2.22X is 40 per cent lower than the current Sensex P/B ratio of 3.61X.
Indian IT companies have seen an upward trend in the last three months, particularly in December, following the Federal Reserve's December 2023 release, which hints at the possibility of three rate cuts in the calendar year 2024, implying a reversal in the rate cycle.
After a sharp fall in the share prices of HDFC Bank and other private sector lenders in the past three days, the BFSI (banking, financial services and insurance) sector weighting in the Nifty50 has slipped to a seven-year low of 32.03 per cent, down from nearly 36.6 per cent at the end of March 2023 and 34.5 per cent at the end of December 2023.