The market decline comes amidst lingering uncertainties surrounding global economic conditions, geopolitical tensions, and fluctuations in crude oil prices, contributing to investor nervousness.
The move, aimed at bolstering financial resources for growth, comes as HMPL's shares have delivered remarkable returns, surging over 1,600% in two years.
The company's net profit more than doubled in the March quarter, soaring by 140% to Rs 3.47 crore, while sales stood at Rs 114.60 crore. For the full financial year 2023-24, the net profit surged by nearly 70% to Rs 4.88 crore.
The Eid-uL-Fitr and Ram Navami holidays will be observed on April 11 and 17, 2024. Meanwhile, the Indian stock market witnessed a positive start on Wednesday, with both the benchmark indices, Sensex and Nifty, making significant gains in early trade.
Investors are closely monitoring the market dynamics and key developments to assess the trajectory of the stock market throughout the trading day. The positive start augurs well for market participants, with hopes of continued bullish momentum in the trading sessions ahead.
After a successful rights issue earlier this year, the company aims to further enhance shareholder value and improve market accessibility through these strategic moves
The record date for eligibility is set for April 20, 2024. This dividend declaration comes as the company has witnessed significant growth, yielding over 300% returns in the past year.
In the previous trading session on Monday, the BSE Sensex had recorded a notable increase of 363 points, closing at 74,014. Similarly, the NSE Nifty50 also ended positively, reaching 22,462, up by 135 points.
In an announcement to the Bombay Stock Exchange (BSE), the company revealed plans for its maiden dividend payment. The board is scheduled to convene on April 8 to deliberate on the proposal, which could see dividends ranging from 100% to 165% distributed to shareholders.
On the Sensex, stocks of NTPC, PowerGrid, Tata Steel, IndusInd Bank, and Tata Motors witnessed significant gains, while Airtel, ICICI Bank, Maruti, and Asian Paints ended in the red.
Stock market: Despite external factors and global market conditions, Indian equities demonstrate stability and resilience, providing investors with confidence in the market's long-term prospects.
Several factors likely contributed to today's market rebound, including positive global cues, improved investor sentiment, and strong corporate earnings reports. Additionally, easing concerns over inflation and interest rates may have also played a role in boosting market confidence.
The sudden downturn in the market sent shockwaves throughout the investor community, as concerns over various economic factors, including inflation and geopolitical tensions, fueled uncertainty and contributed to the sell-off.
Indian stock indices surged to record highs on Wednesday, with the Sensex crossing the 74,000 mark for the first time and settling at 74,085.99 points, while the Nifty closed at 22,474.05 points.
Despite achieving fresh closing highs, the market saw relatively modest gains, influenced by mixed global cues and the absence of significant triggers. Analysts attribute the subdued performance to a lack of fresh catalysts in the current market environment.
Equity markets opened with a slow start on Tuesday amidst subdued global trends and foreign fund outflows. Initially, the BSE Sensex fell by 130 points, while the Nifty dropped 36.4 points. However, both indices later recovered, with marginal gains observed.
Indian stock markets are on a strong upward trajectory, with the Nifty hitting a record high of 22,297 points and the Sensex crossing 73,200 points. Various sectors, including auto, IT, banks, pharmaceuticals, and metals, are witnessing positive trends.
The IPO is open for subscription from February 22-26, while the allocation to anchor investors will take place on February 21.
The Sensex and Nifty edged up nearly 3 per cent to 72,627 and 22,103, respectively.
The Sensex rose by 306.34 points, or 0.43 per cent to reach 72,356.72 points, while the Nifty climbed 81.05 points
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