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Share Market Closing Note

Sensex, Nifty ends flat; Tata Motors, PowerGrid, NTPC, L&T top gainers:

On BSE, 2133 stocks advanced, 1661 declined, and 132 remained unchanged. Nifty Oil & Gas led gainers with a 1.7% rise, followed by Nifty Metal and Auto, each up by 1.48%. However, Nifty Private Bank witnessed the steepest decline, down by 0.8%.

Following a morning dip, Indian markets saw a modest recovery, with the Sensex slipping 0.06% (45 points) to close at 73,466.39 points, while the Nifty remained unchanged at 22,302.50 points.

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Topic :- Time:3.00 PM

Nifty spot if manages to close above 22280 level then expect some further upmove in coming sessions and if it closes below above mentioned level then some sluggish move may follow in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.10 PM

Nifty spot if breaks and trade below 22280 level then expect some decline in it and if it manages to trade and sustain above 22320 level then some upmove can be seen in the market.

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Topic :- Time:2.00 PM

Delta Corp to participate in ₹765 crore real estate platform for redevelopment in Mumbai

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Topic :- Time:1.40 PM

Just In:

Bharat Forge net profit surges 59.3%, revenue gains 16% in Q4

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 70940. If it breaks and trade below 70900 level then expect some more decline in it and if it manages to trade and sustain above 70980 level then some upmove can be seen in it.

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Topic :- Time:1.00 PM

Nifty is likely to turn more volatile soon. Nifty spot if manages to trade and sustain above 22350 level then expect some further upmove in the market and if it breaks and trade below 22300 level then some decline can follow. Currently Nifty spot is trading at 22332.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 854.80. If it breaks and trade below 854 level then expect some decline in it and if it manages to trade and sustain above 855.50 level then some upmove can follow in it.

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Topic :- Time:12.00 PM

Nifty spot is trading flat. Nifty spot if manages to trade and sustain above 22320 level then expect some upmove in it and if it breaks and trade below 22280 level then some decline can be seen in it.

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Topic :- Time:11.30 AM

News wrap Up:

1. Sensex falls 200 points, Nifty below 22,300

2. New gold in market? Vedanta boss says these minerals are precious

3. Paytms lenders may cause it severe financial stress

4. Aadhar Housing IPO Opens

5. Chinas solar panel giants say prices near the bottom

6. Voltas bulls get cold burns, money managers queasy about Kalyan, operators serve BHEL, school reopening game in Camlin

7. Sensex, Nifty fall for 4th day, may remain in consolidation as election risk looms

8. Zomato-backed Shiprocket wants to move higher in e-commerce value chain

9. Phase 3 turnout at 64.5% vs 66% in 2019, but gap smaller than first two phases

10. Global car giants seek allies in Chinas EV market

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Share Market Closing Note

Sensex, Nifty end flat; broader indices fall 1% as financials bleed:

After starting higher on Monday, lifted by healthy global cues, Indian equity markets ended flat amid selling in financial shares. READ MORE

The S&P BSE Sensex ended at 73,896, up 17 points or 0.02 per cent, while the Nifty50 closed at 22,443, down 33 points or 0.15 per cent. 

In the broader markets, the BSE MidCap and SmallCap indices declined 0.95 per cent and 1 per cent, respectively. 

The volatility gauge, India VIX, meanwhile, soared nearly 14 per cent.

Among sectors, the Nifty PSU Bank index shed 3.66 per cent, the Nifty Consumer Durables 2.5 per cent, and the Nifty Media 2.16 per cent. On the upside, the Nifty Realty index gained nearly 2.7 per cent. 

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Topic :- Time:3.00 PM

Nifty spot if holds above 22440 level on closing basis then expect some pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish move may follow. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 6600. If it manages to hold above 6575 level then expect it to test 6660 level quite soon and if it breaks and trade below 6575 level then some decline can follow in it. Buy on every dips till it holds above 6575 is recommended in it.

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Topic :- Time:2.25 PM

Just In:

Zen Technologies shares tumble to hit 5% lower circuit �  Management  expects  revenue to double in FY25 .

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Topic :- Time:2.00 PM

Nifty is not showing good movement and giving less opportunities to day traders specially index options traders. Nifty spot if manages to trade and sustain above 22460 level then expect some upmove and if it breaks and trade below 22420 level then some decline can be seen in the market.

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Topic :- Time:1.30 PM

SILVER Trading View:

SILVER is trading at 82506. If it manages to trade and sustain above 82650 level then expect some upmove in it and if it breaks and trade below 82350 level then some decline can be seen in it.

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Topic :- Time:1.10 PM

Just In:

MC EXCLUSIVE Shapoorji Pallonji Group taps Power Finance Corp for $1.2 billion loan.

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Topic :- Time:1.00 PM

Nifty is trading in no trading zone with no movement right now. Traders are advised to wait for the right opportunity and trade as per market trend only.

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Topic :- Time:12.40 PM

Just In:

KKR buys Healthium from Apax Partners for ₹7,000 cr.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 863.80. If it manages to trade and sustain above 865 level then expect some more upmove in it and if it breaks and trade below 861 level then some decline can be seen in it.

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Topic :- Time:12.20 PM

In Mondays session, shares of PSU stocks experienced sharp declines, with some of them plummeting by as much as 13%.

This downward trend followed the Reserve Banks announcement on Friday proposing stricter regulations, governing lending to projects under implementation.

The RBI guidelines stipulate that a 5% general provision must be set aside for all existing and new project loans in the construction phase, i.e., before commercial operations commence. Once the project transitions to the operational phase, these provisions can be reduced to 2.5% of the funding outstanding and further to 1% under certain conditions.

These conditions include the project demonstrating a positive net operating cash flow adequate to cover current repayment obligations to all lenders, along with a minimum 20% decline in the projects total long-term debt with lenders from the outstanding amount at the time of achieving the Date of Commencement of Commercial Operations.

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Topic :- Time:12.00 PM

After positive start nifty is still trading in green zone however some intense profit booking was witnessed in PSU banks. Nifty spot if manages to trade and sustain above 22540 level then expect some upmove and if it breaks and trade below 22480 level then some decline can follow in it.

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Topic :- Time:11.45 AM

Just In:

Kotak Mahindra Bank shares jump 6% after multiple analyst upgrades post Q4.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty off days high; PSU Bank index tumbles over 3%

2. MC EXCLUSIVE Multi-billion-dollar Godrej family settlement wont attract tax

3. REC, PFC, IREDA shares fall up to 11% as RBI proposes tighter project finance rules

4. Paytm slumps 4% as president & COO Bhavesh Gupta resigns; Q4 results eyed

5. Tata Tech shares plunge 5% on subdued Q4 earnings

6. India services PMI falls to 60.8 in April from 61.2 in March

7. ED raid in Ranchi: Huge cash stash recovered from Jharkhand minister aides home

8. Coforges Cigniti acquisition faces valid scepticism

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 06 May,2024:

Nifty is likely to follow global cues and is expected to turn volatile as the day progresses. Downside is limited and should be used as an opportunity to go long. Banking sector is further expected to lead the rally.

Nifty spot if manages to trade and sustain above 22520 level then expect some upmove and if it breaks and trade below 22420 level then some decline can further follow in the market.

Please note this is just opening view and should not be considered as the view for the whole day.

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Share Market Closing Note

Nifty at 22,450, Sensex falls 760 points; metals outshine:

In the volatile session the Indian benchmark indices ended lower with Nifty below 22,500 amid selling across the sectors barring metsls.

Biggest Nifty losers were L&T, Maruti Suzuki, Reliance Industries, Nestle India and Bharti Airtel, while gainers included Coal India, Grasim Industries, ONGC, Dr Reddys Laboratories and Hindalco Industries.

Among sectors, except metal, all other sectoral indices ended in the red with capital goods, oil & gas, realty, telecom and PSU Bank down 1 percent each.

The broader indices also came under pressure after hitting fresh highs in the early part of the session. The BSE midcap and smallcap indices fell 0.5 percent each.

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Topic :- Time:3.00 PM

Nifty spot if holds above 22420 level on closing basis then expect some pull back in the market in coming sessions and if it closes below above mentioned level then some sluggish move may further continue to follow. Avoid open positions for Monday.

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Topic :- Time:2.40 PM

Just In:

Firstsource Solutions to acquire QBSS for ₹328 crore; shares slip post Q4 earnings.

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Topic :- Time:2.30 PM

COPPER Trading View:

COPPER is trading at 849.50. One can short copper around 851 with small stoploss of 853.30 for the target 845 however once it crosses 853.30 it will be in buying zone.

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Topic :- Time:1.55 PM

IPO alert

1. SAI SWAMI METALS AND ALLOYS (BSE SME) 

2. Amkay Products Limited (BSE SME)

3. Storage Technologies And Automation Ltd (BSE SME)

All above 3 one can apply for listing gains.

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Topic :- Time:1.50 PM

Just In:

Coal India share price rises up to 4% post Q4 earnings.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 6619. If it manages to trade and sustain above 6635 level then expect some upmove in it and if it breaks and trade below 6600 level then some decline can follow in Crudeoil.

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Topic :- Time:1.20 PM

Just In:

Heavyweight stocks weigh Sensex, Nifty down over 1% each.

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Topic :- Time:1.10 PM

Just In:

MRF announces its highest-ever dividend payout post-Q4 results of 1,940% 

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Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 81143. If it breaks and trade below 81100 level then expect some further decline in it and if it manages to trade and sustain above 81200 level then some pull back can follow however trend will remain sell from rise for now.

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Topic :- Time:12.00 PM

Nifty is trading with deep losses now as it declined from its day highs. Nifty spot if breaks and trade below 22480 level then expect some further fall in the market and if it manages to trade and sustain above 22520 level then some upmove can be seen. Currently Nifty spot is trading at 22490.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex tumbles over 900 pts from days high, Nifty below 22,600

2. Max Estates stock jumps 8% today, extends yesterdays 20% gain as co inks mega development deal

3. Carlyle Group dumps Yes Bank shares yet again, offloads 2.2% stake

4. Bajaj Finance soars 7% on RBI ban reversal; brokerages retain buy rating

5. Adani Power targets long-term growth with expansion strategy

6. Adani Group faces Sebi scrutiny; show-cause notices issued to 6 firms

7. India buys more Russian oil lured by better deals

8. Premji eyes stake in Bank of Barodas Nainital Bank

9. Reliances warehousing assets get $1.5 bn investment

10. Real estate loans triple the pace in FY 23

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Topic :- Time:11.00 AM

After positive opening nifty slide in red zone however overall market is still bullish and banking sector is likely to lead further rally. Nifty spot if manages to trade and sustain above 22620 level then expect some further upmove in the market and if it breaks and trade below 22560 level then some decline can be seen.

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The land holdings owned by Godrej & Boyce Manufacturing Company, part of Jamshyd Godrej-controlled Godrej Enterprises Group (GEG), in Vikhroli area of Mumbai can generate sales of over Rs 3 trillion if it goes for residential property development in the area.

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Residential properties are selling at upwards of Rs 30,000 per sq ft in Godrej’s projects in the vicinity. About 100 million sq ft of real estate could be developed on the land owned by Godrej & Boyce, according to estimates of industry experts.  Of the 3,400 acres owned by Godrej & Boyce in Vikhroli, about 1,000 acres can be developed while 1,750 acres has mangroves and cannot be developed because of environmental concerns. The balance 300 acres has been encroached upon.

One acre costs between Rs 70 crore and Rs 80 crore in Vikhroli. Hence, the land value of the Godrej & Boyce land parcel comes to Rs 80,000 crore.

The land parcel was acquired by the Godrej family in early 1940s from the Bombay High Court receiver. It was originally given by the East India Company to a Parsi merchant, Framjee Banaji, in the 1830s and came up for sale in 1941-42.

On Tuesday, the Godrej family announced the family settlement agreement between family members and division of assets and business between patriarch Adi Godrej and cousin Jamshyd Godrej.

After the split of businesses on Tuesday, Godrej Boyce and Godrej Properties, on Wednesday announced that the two companies will continue their memorandums of understanding executed from time to time, for development of land in Vikhroli owned by Godrej & Boyce, as and when Godrej & Boyce is desirous of developing the said land.

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Rohit Sharma will lead Team India in the upcoming ICC Men's T20 World Cup while Hardik Pandya will be the Vice Captain, the BCCI announced on Tuesday.

Rishabh Pant, Sanju Samson and Yuzvendra Chahal will be part of the squad. Notably, KL Rahul has been dropped from the side.

Pant will make his return to international cricket after recovering from a life-threatening car accident in 2022. He is currently representing Delhi Capitals in IPL.

All-rounder Hardik Pandya has been retained as vice-captain despite his poor run as Mumbai Indians captain in the ongoing IPL.

Samson, who has had a good IPL both as a batter and captain for Rajasthan Royals, was included as the second wicketkeeper-batter behind Rishabh Pant, pipping the likes of K L Rahul and Ishan Kishan.

Hard-hitting batter Shivam Dube also made the cut on the back of a strong IPL showing.

Leg-spinner Chahal, who previously represented India in August 2023, will be the second wrist spinner in the team alongside 'chinaman' Kuldeep Yadav.

Jaiswal, who had a slow start in IPL with Rajasthan Royals but regained touch later, has also made it to the squad.

The World Cup will be co-hosted by West Indies and US from June 1 to June 29, 2024.

Earlier, BCCI's chief selector Ajit Agarkar and BCCI Secretary Jay Shah attended the selection committee meeting in Ahmedabad to finalise the Indian squad.

Here is the full T20 World Cup squad: Rohit Sharma (c), Yashasvi Jaiswal, Virat Kohli, Suryakumar Yadav, Rishabh Pant (wk), Sanju Samson (wk), Hardik Pandya (VC), Shivam Dube, Ravindra Jadeja, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Arshdeep Singh, Jasprit Bumrah and Mohammed Siraj.

Shubman Gill, Rinku Singh, Khaleel Ahmed and Avesh Khan have been kept as reserves.

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Share Market Closing Note

Nifty at 22,450, Sensex falls 440 pts; financials major drag

Except auto, bank, metal, all other sectoral indices are trading in the red.

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Topic :- Time:3.00 PM

Nifty spot if manages to close above 22380 level then expect some further upmove in coming sessions and if it breaks and closes below above mentioned level then some sluggish move may follow. Avoid open short positions for Monday.

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Topic :- Time:2.30 PM

SILVER Trading View:

SILVER is trading at 81199. If it manages to trade and sustain above 81240 level then expect some upmove in the market and if it breaks and trade below 81100 level then some decline may follow in it.

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Topic :- Time:2.10 PM

Just In:

Bank of Maharashtras net profit jumps 45%, dividend declared

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 22440 level then expect some upmove and if it breaks and trade below 22400 level then some further decline can be seen in the market.

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Topic :- Time:1.00 PM

Nifty spot is trading at 22502. If it manages to trade and sustain above 22520 level then expect some upmove and if it breaks and trade below 22480 level then some decline can be seen. Avoid big trades due to very less movement in market right now.

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Topic :- Time:12.40 PM

Just In:

Maruti share price down over 1% ahead of Q4 numbers.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 861.60. If it manages to trade and sustain above 862 level then expect some upmove in it and if it breaks and trade below 860 level then some decline can be seen in Copper.

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Topic :- Time:12.00 PM

Nifty spot is trading at 22531. If it manages to trade and sustain above 22560 level then expect some upmove in it and if it breaks and trade below 22480 level then some decline can follow in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex gives up early gains, down 150 pts, Nifty above 22,500

2. Raymond board ousts Nawaz Modi-Singhania amid splitsville saga

3. Bajaj Finance shares fall 7% after Q4 results

4. Adani seeks $400 mn loan for green capex push

5. IndiGo is in for long haul, orders 30 A350s

6. Ambani wants ₹1/day for latest disruption

7. Maruti Q4 preview: PAT seen rising 52% YoY

8. Indias services exports grow 11.4% in 2023

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 26 April, 2024:

Nifty is likely to turn volatile and is expected to follow global cues. 

Nifty spot if manages to trade and sustain above 22640 level then expect some upmove and if it breaks and trade below 22520 level then some decline can follow. Please note this is just opening view and should not be considered as the view for the whole day.

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Share Market Closing Note

Sensex up 470 pts, Nifty at 22,550 on another day of gains; PSU Bank outshines:

Indian benchmark indices ended higher for the fifth consecutive session on April 25 led by buying across the sectors barring realty.

Biggest gainers on the Nifty were Axis Bank, SBI, Dr Reddys Labs, JSW Steel and Nestle India, while losers included Kotak Mahindra Bank, LTIMindtree, HUL, SBI Life Insurance and Titan Company.

Among sectors, except realty, all other indices ended in the green with PSU Bank index rose nearly 4 percent.

The BSE midcap and the smallcap indices gained 0.5 percent each.

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Topic :- Time:3.00 PM

Nifty spot if holds above 22550 level on closing basis then expect some further spikes in the market and if it breaks and closes below 22550 level then some decline may follow in the market in coming sessions. Avoid open positions for tomorrow as Nifty is already too high.

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Topic :- Time:2.30 PM

SILVER Trading View:

SILVER is trading at 80813. If it manages to trade and sustain above 80860 level then expect some upmove in it and if it breaks and trade below 80760 level then some decline can follow in Silver.

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Topic :- Time:2.00 PM

Nifty spot is trading at 22508 and is moving upwards on its monthly expiry day. Nifty spot if manages to trade and sustain above 22520 level then expect some further upmove in the market and if it breaks and trade below 22470 level then only some dips can be seen however trend is still up for now.

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Topic :- Time:1.45 PM

Just In:

Nestle India net profit rises 27% to Rs 934 cr in March qtr, declares Rs 8.50 dividend.

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Topic :- Time:1.00 PM

Sudden spike in Nifty witnessed in last 10 minutes. Nifty spot is now trading at 22443. If it manages to trade and sustain above 22460 level then expect some further upmove in the market and if it breaks and trade below 22420 level then some decline can follow in the Nifty.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 851.75. If it manages to trade and sustain above 852.50 level then expect some upmove in it and if it breaks and trade below 850 level then some decline may follow in it.

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Topic :- Time:12.00 PM

Nifty spot is trading at 22400. If it manages to trade and sustain above 22420 level then expect some further upmove and if it breaks and trade below 22380 level then some decline can be seen in the market.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty at days high; Bank Nifty recovers 560 pts from days low

2. Kotak shows how banks are caught between targets & strict RBI

3. Swiggy gets shareholder nod for likely $1.2 bn IPO

4. Kumar Mangalam Birla thanks govt for its commitment to preserving a competitive 3-player market

5. Indian Hotels falls 2% as Q4 EBITDA misses estimate but brokerages bullish on strong demand outlook

6. Vodafone Idea shares list at 7% premium over FPO price, extend gains

7. Meta to spend billions more on AI; CEO Mark Zuckerberg vows long-term gains

8. Bharat Forge jumps 5% on double upgrade from BofA Securities, analysts see 18% upside

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For Today:

F&O expiry today. Expect Nifty to turn highly volatile as the day progresses. Nifty is likely to show flat opening.

Nifty spot if manages to trade and sustain above 22440 level then expect some upmove and if it breaks and trade below 22360 level then some decline may follow. Please note this is just opening view and should not be considered as the view for the whole day.

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Byju's has been accused by four of its investors of using some of the funds raised during the recently concluded rights issue in violation of an National Company Law Tribunal order, a charge denied by the embattled edtech company.

The Bengaluru bench of the tribunal on April 23 deferred to June 6 the hearing of the “oppression and mismanagement plea” filed against the company by investors Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative and Prosus.

Byju's had not deposited the money it received from rights issue prior to February 27 in the escrow account, the investors alleged during the hearing.

Byju's  also allotted shares to those who participated in the rights issue, overlooking the tribunal’s order to maintain status quo as far as the share holding was concerned.

The company vehemently denied the claims and said everything had be done in accordance with law.

In its order on February 27, NCLT directed Byju's not to allot shares to investors participating in the rights issue without increasing its authorised share capital. The company was also asked to keep the proceeds of the rights issue in an escrow account to protect investors’ right.

While the tribunal initially showed inclination to direct Byju's to file an affidavit, it did not do so since the investors had not filed any application. The investors were directed to file either an application or an affidavit to put their claims on record in a week's time. Byju's lawyers said they would file a response in two weeks from then.

The case has been adjourned to June 6. The Karnataka high court is closed for summer holidays from April 27 to May 26 and lawyers might not be available on these days.

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Vodafone's Idea (VI's) mega Rs 18,000 crore follow-on public offer (FPO) was successfully subscribed before bidding closed on April 22. The FPO is part of the debt-laden telecom operator's broader plan to raise Rs 45,000 crore through debt and equity, and may help it challenge the duopoly in the sector.

With the completion of the first part of the fund raise, analysts at Ambit Capital said the company may well be able to raise Rs 45,000 crore through  government backing , anchor investors, and a gamut of qualified institutional buyers (QIBs).

The government holds a little over 32 percent stake in the company.

In addition to the strong institutional support for Vodafone Idea, industrialist Kumar Mangalam Birla’s return to the company’s board and the equity fundraise will prompt banks to lend money to the telecom company, Ambit Capital believes. This will help Vodafone Idea expand its 4G network and roll out 5G services, and give it another chance to improve its market competitiveness.

Buoyed by the completion of the FPO, Ambit Capital placed its "sell" stance on Vodafone Idea as well as Indus Towers under review. Indus Towers also stands to benefit from Vodafone Idea's ability to grow, as new site rollouts will see higher utilisation of its tower network. Vodafone Idea owes around ₹7,000 crore to Indus Towers.

If Vodafone Idea uses the funds effectively to enhance its competitiveness, it could lead to an increase in its share price and cash flow generation, Ambit Capital added.

"With improved financial health, Vodafone Idea may then have the option to either pay off its spectrum and AGR dues, or negotiate with the government to convert unpaid dues into equity at prevailing share prices. This strategic decision would depend on VI's assessment of its financial strength and the most beneficial approach for its long-term sustainability," the brokerage stated.Vodafone Idea's improved health would also help end the duopoly currently seen in the telecom sector, which underwent a disruption after the entry of Reliance Jio.

According to analysts at Ambit, things could change if Vodafone Idea is able to move fast and deploy funds in its network, where it lags on 4G coverage.

Vodafone Idea will also help change the growth trajectory for Indus Towers, if the telecom company does manage to stage a comeback, Ambit said.

Though it is still too early to turn optimistic about VI, it will be interesting to see how Reliance Jio and  Bharti Airtel respond to the rise of the competitor, which lags them by a mile on subscriber base as well as reach.

Vodafone Idea ended the day flat at Rs 12.9, while Indus Towers closed the day at Rs 349.05 on the National Stock Exchange, down 0.67 percent from the previous session.

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Wipro Ltd said net profit fell 8 percent to Rs 2,835 crore for the fiscal fourth quarter, beating estimates. The company reported a profit of  Rs 3,074.5 crore in the year-ago period.

The software services company's revenue fell to Rs 22,208.3 crore in the three months ended March 31, according to an exchange filing on April 19. It reported consolidated revenue of Rs 23,190.3 crore in the year-ago period.

Analysts projected a profit of Rs 2,748 crore on revenue of Rs 22,117 crore, based on an average of 13 brokerage estimates.

IT services segment revenue was at $2,657.4 million, an increase of 0.1% sequentially and a decrease of 6.4% from a year earlier.

For the quarter ending June 30, the company has guided for a sequential revenue of (-)1.5 percent to 0.5 percent in constant currency terms.

On April 19, Wipro's shares on BSE closed 1.74% higher at Rs 452.1 apiece.

Srini Pallia, the new CEO and managing director said FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. "However, I am optimistic about the opportunities that lie ahead."

Pallia further said the company is on the brink of a major technological shift. "Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value."

Pallia said Wipro has been gearing up for this moment. "We have the capabilities, leadership, and the strength of over 2,30,000 Wiproites around the world to help us realize our goals. Although there’s a considerable amount of work ahead of us, I am confident that together, with our collective effort, we can pave the way for the next chapter of growth.”

This is the first time that Wipro is reporting under its new chief executive officer Srinivas Pallia. On April 6, the then-CEO Thierry Delaporte abruptly resigned, paving the way for Pallia to helm the top role.

Delaporte resigned a year earlier than his scheduled term, after reports that promoters were unhappy with his performance and that he might not get an extension for his tenure next year.