ONGC, Cairn India gains as oil rises
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Shares of oil exploration companies such as Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India are trading higher by over 5% each after oil prices jumped by more than 10% on Thursday, posting their biggest one-day rally in over six years.
Cairn India rallied 6% to Rs 148, ONGC surged 5% to Rs 243, while Oil India was up 4% at Rs 472 on the Bombay Stock Exchange (BSE) in early morning trades.
The front month Brent crude LCOc1 for October more than reversed a week's worth of losses, rising $4.42 to settle at $47.56 a barrel, marking a 10.25% rise, a Reuters report suggests.
Higher crude prices will result in higher realisation for these oil exploration companies and result in increased profitability for them.
Meanwhile, both these stocks have corrected sharply and quoting more than 50% below their 52-weeek highs on the bourses.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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