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Sensex Today Trades Higher | Nifty Hits Record High | Coforge Down 9%, Cigniti 3%
Fri, 3 May 10:30 am

Sensex Today Trades Higher | Nifty Hits Record High | Coforge Down 9%, Cigniti 3%

Asian markets traded higher on Friday tracking overnight gains on Wall Street ahead of key US employment data.

Stock markets in Japan and mainland China were closed for public holidays, while South Korea's Kospi gained 0.6%.

The US stock market ended higher on Thursday after more dovish-than-expected interest rate guidance by the US Federal Reserve.

Here's a table showing how US stocks performed on Thursday:

Stock/IndexLTPChange ($)Change (%)Day HighDay Low52-Week High52-Week Low
Dow Jones38225.66322.370.85%38295.2937895.6639889.0532327.2
Source: Equitymaster

At present, the BSE Sensex is trading 373 points higher and NSE Nifty is trading 122 points higher.

Bajaj Finance, ONGC, and NTPC are among the top gainers today.

L&T, Bharti Airtel and Maruti Suzuki the other hand are among the top losers today.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets are trading on positive note. The BSE Midcap index is trading 0.5% higher and the BSE Small Cap index are trading 0.3% higher.

Sectoral indices are trading positive, with socks in power sector, energy sector and metal sector witnessing buying.

The rupee is trading at Rs 83.38 against the US dollar.

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In commodity markets, gold prices are trading 0.1% lower at Rs 70,692 per 10 grams today.

Meanwhile, silver prices are trading marginally higher at Rs 81,325 per 1 kg.

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Coal India Q4 Results

State-owned Coal India Ltd (CIL) on Thursday, 2 May reported a 25.8% year-on-year (YoY) increase in net profit at Rs 86.4 bn for the March 2024 quarter.

In the corresponding quarter, Coal India posted a net profit of Rs 68.7 bn, the company said in a regulatory filing. The company's revenue from operations dipped 1.9% to Rs 374.1 bn against Rs 381.5 bn in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 21.5% to Rs 113.4 bn in the fourth quarter of this fiscal over Rs 93.3 bn in the corresponding period of the previous fiscal.

The EBITDA margin stood at 30.3% in the reporting quarter against 24.5% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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The maharatna firm said it posted 25.8% growth in profit after tax (PAT) on a consolidated basis to Rs 86.4 bn.

The board of directors, in its meeting, had recommended payment of the final dividend for the financial year 2023-24 at Rs 5 per share of the face value of Rs 10 and is subject to the approval of the members at the ensuing annual general meeting of the company.

This was in addition to the interim dividend of Rs 20.5 per share CIL had already paid earlier in the fiscal. Thus, the total dividend for the fiscal climbs to Rs 25.5 per share, which is 255% of the face value of a single share.


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Coforge to Acquire Stake in Cigniti

Coforge's board of directors have approved the acquisition of a 54% stake in Cigniti Technologies at a per share price of Rs 1,415, the company on Thursday said in its filing to the exchanges. The acquisition process is expected to be completed by Q2FY25.

Coforge has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti subject to execution of definitive agreements and completion of certain identified conditions precedent.

The acquisition of Cigniti will not only help Coforge grow into a US$ 2 billion (bn) firm by FY27, but the ensuing synergies will help the latter improve its operating margins by 1.5% to 2.5%.

The Mumbai-headquartered IT solutions & technology consulting services company has cited three reasons behind the move.

First, the acquisition will create three new scaled-up verticals - retail, technology and healthcare.

Second, it will help Coforge realise its objective of scaling up its presence across South-West, Mid-West and Western US markets and thirdly it will address significant opportunities that the proliferation of AI is creating for specialised.

The company also announced its March quarter earnings today after market hours, where it reported a consolidated revenue of Rs 23.6 bn, which was up 8.6% from Rs 21.7 bn in the corresponding period of the previous financial year.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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