GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 112 points or 0.50% at 22,693 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended down by 172.35 points or 0.76% to settle at 22,475.85 while the BSE plunged 732.96 points or 0.98% to 73,878.15.
“Profit booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside,” 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 though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FIIs exposure to the domestic market.
Stocks to Watch on May 6, 2024
Britannia Industries
In Q4FY24, the company reported a marginal growth in revenue, reaching Rs 4,069 crore, a 1.14% increase from the previous period’s Rs 4,023 crore. However, EBITDA declined by 1.67% to Rs 787 crore compared to Rs 801 crore, leading to a 55 basis points reduction in margin to 19.35% from 19.9%. Net profit also saw a decrease of 3.76%, settling at Rs 537 crore compared to Rs 558 crore. Britannia Industries also declared a dividend of Rs 73.5 per share.
Kotak Mahindra Bank
The Net Interest Income stood at Rs 6,909 crore, whereas the private sector bank reported net profit of Rs 4,133.3 crore. During the quarter, provisions worth Rs 157 crore were released for AIF. However, write-offs totaling Rs 1,455 crore in the retail and unsecured book contributed to Gross NPA. The quarter also witnessed a favorable tax credit of Rs 200 crore. Notably, Gross NPA decreased to 1.39% from 1.73% in December, while Net NPA remained flat at 0.34%.
Titan Company
In Q4FY24, the company reported a 20.59% jump in revenue to Rs 12,494 crore, marking a substantial increase from the previous period’s Rs 10,360 crore. EBITDA stood Rs 1,191 crore up by 9.36% compared to Rs 1,089 crore previously. However, the margins declined by 97 basis points to 9.53% from the previous 10.51%. The net profit jumped by 4.75% to Rs 771 crore, up from Rs 736 crore.
Tata Technologies
In Q4FY24, the company’s revenue jumped by just 0.89% increase to Rs 1,301 crore from Rs 1,289 crore in the previous quarter, EBIT stood at Rs 211 crore up by 0.76% compared to Rs 209 crore. However, the margins declined 2 basis points at 16.21% versus the previous 16.23%. The net profit dropped by 7.62% to Rs 157 crore from Rs 170 crore. Whereas the board has recommended a final dividend of Rs 8.
Inox Wind
In Q4FY24,Inox wind’s revenue surged by 176.66% to Rs 528 crore vs Rs 191 crore in the corresponding period. EBITDA stood 102.2 crore vs previous year’s loss of Rs 30.92 crore. The margin stood at 19.36%. The company reported a net profit of Rs 36.7 crore vs loss of Rs 119.04 crore in the previous year.
Adani Energy
Adani Electricity Mumbai’s subsidiary successfully concluded the acquisition of a 100% stake in Pointleap Projects.
HDFC Bank
The Reserve Bank of India (RBI) has granted approval for the re-appointment of Atanu Chakraborty as the part-time chairman for a term of three years, commencing from May 5.
Vodafone Idea
The company plans to prioritize the expansion of its 4G network in 17 key circles as part of its strategy to enhance competitiveness..
Dr Reddy’s
The company has revealed the introduction of Doxycycline capsules in the US market.
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Life Insurance Corp
IRDAI has granted permission for the company to replenish excess expenses from policyholders’ accounts, effective from the first quarter of FY25 across various segments.
Aurobindo Pharma
From April 25 to May 3, the USFDA conducted an inspection of Unit II at the company’s Rajasthan facility and concluded with seven observations.
DCM Shriram
The company has commissioned its Caustic Soda Expansion Project in Gujarat, making the Bharuch complex the largest caustic soda facility in the country, thus driving economies of scale.
Yes Bank
CA Basque Investments divested 59.40 crore shares, equivalent to 2.06% of shares, at Rs 24.27 apiece, whereas Goldman Sachs (Singapore) PTE.- ODI acquired 36.92 crore shares, representing 1.28% of shares, at Rs 24.26 apiece.
Key Earrings Today
Godrej Consumer Products, CG Power and Industrial Solutions, Lupin, Indian Bank, Marico, Gujarat Gas, Gujarat Fluorochemicals, Grindwell Norton, Happiest Minds Technologies, Route Mobile, Arvind, Prudent Corporate Advisory, Fusion Micro Finance, GHCL, Cartrade Tech, Arvind Smartspaces, DCM Shriram.
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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.
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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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