GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 111.50 points or 0.49% at 22,895 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 43.35 points or 0.19% to settle at 22,648.20 while the BSE gained 128.33 points or 0.17% to 74,611.11.
“Benchmark indices saw moderate gains, mirroring global trends after the FED decided to maintain its interest rate, as widely accepted. The US central bank hinted at potential rate cuts while remaining cautious about sustaining the high inflation trend,” 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: Maruti Suzuki India, GMR Airports Infra, Brightcom Group, Hindustan Zinc, Adani Enterprises, Kolte-Patil Developers 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
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Nair also added that The broader market largely traded range bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform.
Stocks to Watch on May 3, 2024
Bajaj Finance
The non-banking financial company announced that the Reserve Bank of India has removed the restrictions on sanctioning and disbursing new loans in the ‘eCOM’ and online/digital Insta EMI card segments. This move follows the company’s implementation of corrective measures in response to concerns raised by the regulatory authority.
Coal India
The coal behemoth recorded a 26.2% increase in its consolidated net profit to Rs 8,682.20 crore for the March quarter, compared to Rs 6,875.07 crore in the corresponding period last year. However, its consolidated income for the January-March period decreased to Rs 39,654.50 crore from Rs 40,371.51 crore a year ago.
Coforge
The IT solutions company announced its intention to purchase a stake of up to 54% in Cigniti Technologies at a price of Rs 1,415 per share. Additionally, it disclosed a substantial 94.86% year-on-year surge in net profit, reaching Rs 229.2 crore for the fourth quarter ending on March 31, 2024. Furthermore, the company’s board approved an interim dividend of Rs 19 per equity share.
Ajanta Pharma
On Thursday, the company announced its board’s approval of its fourth equity share buyback since 2020, coinciding with its March quarter results. The drug-maker intends to repurchase up to 10.28 lakh equity shares, equivalent to 0.82% of the total outstanding shares of the company.
Ceat
The tyre maker announced a 23% decrease in its consolidated net profit to Rs 102 crore for the fourth quarter ending March 2024. This contrasts with a net profit of Rs 132 crore reported in the January-March quarter of 2022-23. However, its revenue from operations increased to Rs 2,992 crore in the period under review from Rs 2,875 crore in Q4 of FY23.
KEI Industries
In Q4FY24, the company’s profit surged by 22.1% to Rs 168.5 crore from Rs 138 crore in the corresponding period last year. Revenue jumped 18.8%, reaching Rs 2,319.2 crore compared to Rs 1,952.9 crore in the preceding year. Additionally, the EBITDA jumped at Rs 244.5 crore, up 21% from Rs 202.1 crore in the fourth quarter of FY23.
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Adani Energy
The company has entered into an agreement with Windson Project to purchase Pointleap Projects for a total of Rs 13.15 crore.
Mazagon Dock Shipbuilders
The company has been awarded an international shipbuilding contract valued at $42 million for the construction of three hybrid-powered vessels.
Indian Energy Exchange
In April, the company attained an overall volume of 9,044 MU, reflecting a year-on-year increase of 14.1%. Additionally, the REC volume surged to 618 MU, marking a remarkable 211% year-on-year growth.
Hindustan Unilever
HUL has appointed Vipul Mathur as the Executive Director of Personal Care, effective from June 1st.
Birla Corporation
The company has given the green light for restructuring the second phase expansion plans for its grinding cement plant in Uttar Pradesh. This expansion project will involve an investment of Rs 425 crore.
Wipro
The company plans to deploy Wipro’s Medicare Prescription Payment Plan platform for the forthcoming open enrollment period.
Key Earnings Today
Titan, Britannia Industries, Adani Green Energy, Godrej Properties, MRF, Mangalore Refinery and Petrochemicals, Carborundum Universal, Inox Wind, Aptus Value Housing Finance, First Source Solutions, Raymond, Go Fashion India, Aarti Drugs, Tatva Chintan Pharma Chemical, and HFCL.
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The benchmark equity indices ended Thursday’s trading session in the positive territory. The NSE Nifty 50 gained 187.85 points or 0.76% to settle at 24,800.85, while the BSE Sensex jumped 626.91 points or 0.78% to 81,343.46.
The broader indices ended in mixed territory, with gain led by Large-cap stocks. IT and FMCG stocks outperformed among the other sectoral indices while Media stocks and Metal stocks shed.
Sectoral Index
Bank Nifty index ended higher by 223.90 points or 0.43% to settle at 52,620.70. The Nifty Midcap 100 dropped by 552.90 points, or 0.96%, ending the day’s trading at 57,111.10. In the broader markets, small-cap and mid-cap stocks finished in the red.
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