GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 46.50 points or 0.21% at 22,213 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 48.85 or 0.22% to settle at 22,104.05 while the BSE jumped 111.67 points or 0.15% to 72,776.14.
“Though the market reversed from the day’s low and ended up with a marginal gain, investors remain concerned over the progressing general election and high valuation. An absence of major positive triggers and the flight of FIIs from the domestic market will keep the short-term trend weak,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that Investors remain watchful ahead of the release of India and US inflation data and the FED chair’s speech to get a near-term direction.
Stocks to Watch on May 14, 2024
JSPL
In the fourth quarter, the steel major’s net profit jumped by 100.21% year-on-year at Rs 933.5 crore up from Rs 466 crore during the same period last year. However, the company experienced a slight decline in revenue, dropping by 1.5% to Rs 13,487 crore compared to Rs 13,692 crore in the corresponding period of the previous fiscal year.
DLF
In the quarter ending March, India’s largest real estate firm witnessed a notable 62% rise in its net profit, reaching Rs 920.71 crore compared to R 570.01 crore in the same period last year. Total income for the fourth quarter also saw an increase, climbing to Rs 2,316.70 crore from Rs 1,575.70 crore in the corresponding period of the previous year.
Zomato
On Monday, Zomato, the food delivery platform, reported net profit of Rs 175 crore for the quarter concluding on March 31, 2024. Revenue from operations during the reviewed quarter amounted to Rs 3,562 crore, marking a significant increase from Rs 2,056 crore reported in the corresponding quarter of the prior fiscal year. This represents a 73% year-on-year jump in revenue.
Sanofi
During the fourth quarter, the drug firm saw a 77.3% year-on-year decline in net profit, reaching Rs 136.6 crore. Furthermore, the company’s revenue from operations saw a substantial decrease of 74.3%, dropping to Rs 732.4 crore compared to Rs 2,851.1 crore in the previous year.
UPL
Agrochemical major UPL reported a significant 95% decrease in profits, with a net profit of Rs 40 crore for Q4 FY24, contrasting with Rs 792 crore in the corresponding period last year. Additionally, revenue for the quarter decreased by 15% to Rs 14,078 crore compared to the previous year’s ₹16,569 crore.
Shriram Finance
A non-banking financial company announced that its board has given the green light to sell its housing finance subsidiary, Shriram Housing Finance, to private equity giant Warburg Pincus. The proposed deal is estimated at Rs 4,630 crore for equity and convertible instruments of SHFL.
Cochin Shipyard
A state-run company announced securing a substantial order from a European client for hybrid service operation vessels. The value of this sizable order falls within the range of Rs 500-1,000 crore, as stated by the company. The project is slated for completion by the end of 2026, according to the company’s release.
RVNL
The state-run entity announced securing a contract worth Rs 239 crore from Southern Railway. The letter of acceptance (LoA) received by RVNL delineates the implementation of an automatic block signalling system between the Jolarpettai and Erode junctions within the Salem division of Southern Railway.
Vedanta
The mining conglomerate announced its intention to hold a board meeting on May 16 to discuss diverse fundraising approaches, which may include issuing equity shares or other convertible securities. Additionally, the meeting will explore the potential declaration of a first interim dividend for the financial year 2024-25.
Key Earnings To Watch Today
Bharti Airtel, Siemens, Shree Cement, Colgate Palmolive (India), Oberoi Realty, AIA Engineering, Apollo Tyres, Apar Industries, Radico Khaitan, Devyani International, Shyam Metalics and Energy, PVR Inox, Bajaj Electricals, Zydus Wellness, Safari Industries India, Archean Chemical Industries, Jubilant Ingrevia, VMART Retail, Thyrocare Technologies, Sagar Cements, Repco Home Finance, Patanjali Foods BASF India, BLS International, Kirloskar Brothers.