GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 12.50 points or 0.06% at 22,406 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 140.20 points or 0.62% to settle at 22,302.50 while the BSE plunged 383.69 points or 0.52% to 73,511.85.
“Despite positive global cues, the domestic market continued to consolidate. The domestic market is witnessing profit booking due to various factors, including a low turnout in the ongoing election and premium valuations,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Reliance Industries, L&T, Ola Electric, Cyient DLM, Petronet LNG, Genus Power Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility Stocks To Watch: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Nair also added that FMCG remained the biggest sectoral gainer in today’s trading session, driven by expectations of improving volume growth from rural areas aided by favorable monsoon expectations.
Stocks to Watch on May 8, 2024
Dr. Reddy’s Lab
In the March quarter of FY24, Dr. Reddy’s Laboratories surpassed expectations with a net profit of Rs 1,307 crore, marking a 36 percent increase from the previous year’s corresponding period. This is compared to a profit of Rs 960 crore in the same quarter of the prior year. Revenue also saw a rise, reaching Rs 7,083 crore, up by 12 percent from the year-ago quarter’s figure of Rs 6,297 crore. Additionally, the company’s board announced a final dividend of Rs 40 (800%) per equity share of Rs 5 each for the financial year 2023-24.
Pidilite Industries
Pidilite Industries, renowned for its Fevicol adhesives and Dr. Fixit waterproofing products, recorded a 6.2% surge in fourth-quarter profit on Tuesday, attributed to reduced input costs. Consolidated net profit for the quarter ending March 31, traditionally its weakest, climbed to 3.01 billion rupees ($36.07 million) from 2.83 billion rupees in the previous year. Revenue also saw a 7.9% uptick to 29.02 billion rupees, marking the sixth consecutive quarter of single-digit percentage growth.
JSW Energy
In the March quarter, JSW Energy witnessed a significant 22.4% year-on-year surge in consolidated net profit, reaching Rs 345.27 crore. Revenue from operations also experienced growth, rising to Rs 2,755.87 crore from Rs 2,669.97 crore in Q4 FY24 compared to the previous year. Earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter soared by 47% to Rs 1,292 crore, with an EBITDA margin of 45% as opposed to 31% in the corresponding quarter last year. Additionally, the board proposed a dividend of Rs 2.0 per share, subject to shareholder approval, as stated by the company.
IRB Infrastructure
IRB Infrastructure Developers announced a 45% increase in consolidated net profit to Rs 188.87 crore for the March 2024 quarter, primarily attributable to higher income. According to a regulatory filing, the company’s net profit stood at Rs 130.15 crore in the quarter ended March 2023. Total income surged to Rs 2,504.49 crore from Rs 1,698.91 crore in the year-ago period, while total expenses also increased to Rs 2,060.15 crore from Rs 1,456.65 crore a year ago. Furthermore, the consolidated net profit for fiscal 2023-24 rose to Rs 605.81 crore compared to Rs 720.01 crore in FY23.
Mahindra and Mahindra
The National Company Law Tribunal (NCLT) has given approval for the merger of subsidiaries Mahindra Heavy Engines, Mahindra Two Wheelers, and Trringo.com with the parent company.
Dixon Technologies
Dixon Electro Appliances, a subsidiary of the company, has entered into an agreement with Nokia for the development and manufacturing of telecom products.
Patel Engineering
The company, along with its joint venture partner, has secured the lowest bid for an irrigation project valued at Rs 343 crore. The company’s portion of the project amounts to Rs 120 crore.
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Tata Elxsi
The company partnered with its subsidiary to expedite the software-defined vehicle journey for OEMs.
LTIMindtree
The company has joined hands with IBM to establish a collaborative center of excellence for generative AI in India.
Key Earnings To Watch Today
Larsen and Toubro, Tata Power, Canara Power, TVS Motor, Hero MotoCorp, Bharat Forge, SKF India, Gujarat State Petronet, Piramal Enterprises, Kalpataru Projects International, Kirloskar Oil Engines, Westlife Food world, Godrej Agrovet, Home First Finance, HG Infra Engineering, Balaji Amines, Vijaya Diagnostic Centre.
