GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 11 points or 0.05% at 22,460 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 203.30 or 0.92% to settle at 22,403.85 while the BSE soared 676.69 points or 0.93% to 73,663.72.
“The domestic market experienced a late surge, driven by strong global trends that pointed to lower-than-expected US consumer inflation figures, which suggests at least two interest rate cuts in 2024, Geojit Financial Services.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Berger Paints, Vodafone Idea, ONGC, IRFC, Wipro Stocks To Watch: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC Stocks To Watch: Realty Stocks, Lupin, Tata Power, PB Fintech, SBI, Suzlon Energy, Godrej Consumer, ABFRL
Also Read
Nair also added that Further, buoyancy in the broader market continues with exports increasing despite global economic uncertainties, leading the heavyweights’ sectors such as banking, IT, and industrials to outperform.
Stocks to Watch on May 17, 2024
Vedanta
The company announced its first interim dividend of Rs 11 per share for the financial year 2025. The record date for this dividend payout has been set for May 25, 2024. In the financial year 2023, Vedanta paid a record Rs 37,730 crore in dividends, amounting to Rs 101.50 per share.
Vodafone Idea
The telecom major reported a net loss of Rs 7,674.6 crore for the fourth quarter, compared to a net loss of Rs 6,419 crore in the same quarter of the previous year. The company’s revenue was Rs 10,606.8 crore, up from Rs 10,532 crore in the corresponding period of the preceding fiscal.
Concor
The state-owned Navratna firm reported a nearly 10% year-on-year increase in consolidated net profit to Rs 301.25 crore in Q4 FY24, driven by volume growth and a higher market share. The company had posted a net profit of Rs 274.14 crore in the same quarter last year, according to a regulatory filing by the PSU.
Biocon
The biotechnology firm reported a 56.77% year-on-year decline in net profit, totaling Rs 135.5 crore for the fourth quarter. In the same quarter of the previous year, it had posted a net profit of Rs 313.2 crore.
Crompton Greaves
The electrical consumer durables firm reported a 5.5% year-on-year rise in net profit, reaching Rs 138.4 crore for the fourth quarter, compared to Rs 131 crore in the same quarter last year. The company’s revenue grew by 9.5% to Rs 1,961 crore, up from Rs 1,791 crore in the corresponding period of the previous fiscal.
Also Read
PB Fintech
The promoter plans to sell up to a 1.86% stake in the company through a block deal valued at Rs 1,053 crore. The floor price for the deal is set at Rs 1,258 per share, representing a 6% discount to Thursday’s closing price. Additionally, there will be a 365-day lock-in period for the next tranche of the promoter’s stake sale.
JK Paper
The paper and packaging board company reported a 1.7% year-on-year decline in net profit to Rs 275.6 crore for the fourth quarter, compared to Rs 280 crore in the same quarter last year. The company’s revenue from operations remained unchanged at Rs 1,719 crore.
Triveni Turbine
The company’s net profit reached Rs 75.6 crore, marking a 36.2% increase from Rs 55.5 crore in the same period last year. Revenue from operations for the March quarter grew by 24% to Rs 458.1 crore, up from Rs 369.8 crore in the corresponding period of FY23. Additionally, the company announced a final dividend of Rs 1.3 per share.
Akzo Noble
The paints and coatings maker reported a 14% year-on-year rise in net profit to Rs 108.7 crore for the fourth quarter, compared to Rs 95.4 crore in the same quarter last year. The company’s revenue from operations increased by 2.3% to Rs 973.4 crore, up from Rs 951.4 crore in the year-ago period.
