After opening the day on a high, Indian share markets continued the momentum as the session progressed and ended the day firm.The Indian stock market benchmarks, the Sensex and the Nifty 50 extended their gains into the second consecutive session on Monday, April 22, tracking positive global cues amid easing concerns over geopolitical tensions in West Asia.At the closing bell, the BSE Sensex stood higher by 622 points (up 0.9%).Meanwhile, the NSE Nifty closed higher by 223 points (up 0.9%).BPCL, L&T, and Eicher Motors were among the top gainers today.Titan, Coal India, and Reliance Industries, on the other hand, were among the top losers today.The GIFT Nifty ended at 22,374 up by 263 points or 1.1% higher.Broader markets ended the day higher. The BSE Mid Cap ended 1% higher and the BSE Small Cap index ended 1.3% higher.Sector indices are trading on a positive note, with stocks in the oil & gas sector, and the healthcare sector witnessing buying.KSB, Siemens, and Trent hit their respective 52-week highs today.The rupee is trading at 83.37 against the US$.Gold prices for the latest contract on MCX are trading 1.2% lower at Rs 71,952 per 10 grams.Meanwhile, silver prices are trading 1.9% lower at Rs 81,894 per 1 kg.
NTPC’s Green Energy PartnershipIn news from the energy sector, NTPC shares were trading lower in early trade on 22 April after the company’s wholly-owned subsidiary signed a Memorandum of Understanding (MoU) with Indus Towers.NTPC Green Energy Limited (NGEL) is a wholly owned subsidiary of NTPC.The MoU is to explore the joint development of grid-connected renewable energy-based power projects, including solar, wind, energy storage etc, and solutions thereof.Indus Towers Limited aims to expand its renewable energy portfolio in a phased manner to giga-watt scale capacity for its business operations spread across the country, as a part of its net zero commitments.Earlier this month, the company received an order from the State Tax Officer, Ghatak 57, Range -15, Division – 7, Surat, Gujarat, for collection of interest and penalty under Goods and Service Tax laws for Rs 289.3 m.Also, it received an order from the Deputy Commissioner (ST), State Special Circle-I, Kunchanapalli, Guntur Distt. for Rs 79.1 m.The company will file an appeal before the First appellate authority of the applicable jurisdiction against the said orders within the prescribed timeline.NTPC is a key player in the power sector, producing and distributing large quantities of electricity to various utility providers.The power giant is committed to the development of renewable energy in the country and its potential to decarbonize the .
Why Honasa Consumer Share Price is Rising
Moving on to news from the FMCG sector, shares of Honasa Consumer Limited surged 4% to Rs 404 on 22 April afternoon after its skincare unit Derma Co achieved an annual revenue rate of Rs 5 bn.The Derma Co had earlier crossed the Annual Revenue Rate (ARR) of Rs 350 crore in September 2023 and had also achieved an EBITDA positive status during the December quarter.The company offers skincare products formulated with active ingredients to target skin concerns like acne, sun damage, dullness, and pigmentation. Its products are available through retail stores, online platforms, leading e-commerce sites, and select modern trade partner outlets.Shares of Honasa Consumer – the parent company of Mamaearth – made the stock exchange debut on 7 November last year and listed with a moderate gain of 2% over the issue price of Rs 324. Honasa Consumer claims to be the largest digital-first beauty and personal care company in India in terms of revenue from operations for the fiscal FY23.Mamaearth, which was launched in 2016, has emerged as a fast-growing BPC brand in India to reach an annual revenue of Rs 10 bn within six years.
Why Persistent Systems Slumps 9%Moving on to news from the software sector, shares of Persistent Systems (PSYS) tumbled more than 9% on 22 April, the biggest single-day drop in the stock since March 2018, a day after the IT services company’s reported fourth-quarter earnings. A flat margin guidance for FY25 disappointed the street.Persistent Systems also recommended a dividend of Rs 10 a share.The IT player recorded a total contract value (TCV) of US$ 447.7 million, a slight decrease from the previous quarter’s $475 million, which was its highest-ever deal win, the company said on 21 April.During the earnings call, the company’s management said its objective over the next 12 months is to sustain top-quartile growth in a challenging macro environment while maintaining margins at current levels.The fourth quarter performance was beat on both the top and bottom lines but was a miss on operating margin due to high sub-con costs.Sensex Today Trades Higher; Nifty Above 22,250Sensex Today Rallies 599 Points; Private Banks RallySensex Today Tanks 500 Points Amid Iran-Israel Tensions
