GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 52 points or 0.23% at 22,865 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended down by 44.30 or 0.19% to settle at 22,888.15 while the BSE ended lower 220.04 points or 0.29% to 75,170.46.
“Nifty’s woes deepened as it fell for the third consecutive day, mirroring investor anxiety surrounding upcoming events like exit polls and US GDP data. This nervousness sent the volatility index, India VIX, soaring to a two-year high, indicating a jittery market,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
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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Tapse also added that While most sectors felt the heat, a few stocks like Divis Labs defied the trend and emerged as gainers. On the flip side, Adani Ports found itself at the bottom of the pile, leading the pack of losers.
Stocks to Watch on May 29, 2024
Reliance Industries
Reliance Industries has entered into a one-year contract with Russia’s Rosneft to acquire a minimum of 3 million barrels of oil each month, with payments to be made in roubles. This agreement, aligned with President Putin’s initiative for alternative financial systems amidst Western sanctions, ensures Reliance access to discounted oil and highlights India’s significant role as a major purchaser of Russian crude.
IRCTC
The railway PSU reported a 1.9% year-on-year increase in net profit, reaching Rs 284.2 crore for the fourth quarter, compared to Rs 278.8 crore in the same quarter last year. IRCTC’s revenue from operations saw a 19.7% rise, climbing to Rs 1,154.8 crore from Rs 965 crore in the corresponding period of the previous fiscal year.
Amara Raja Energy
The automotive battery maker reported a 61.4% year-on-year surge in net profit, reaching Rs 229.8 crore for the fourth quarter, compared to Rs 142 crore in the same quarter last year. The company’s revenue from operations grew by 19.5%, rising to Rs 2,908 crore from Rs 2,433.2 crore in the corresponding period of the previous fiscal year.
NBCC
The state-owned construction firm reported a 24.6% year-on-year increase in net profit, reaching Rs 141.5 crore for the fourth quarter, compared to Rs 113.6 crore in the same quarter of FY23. Revenue from operations surged 43%, rising to Rs 4,025 crore from Rs 2,814 crore in the corresponding period of the previous fiscal year.
Wockhardt
The pharmaceuticals firm reported a net loss of Rs 177 crore for the fourth quarter ending March 31, 2024, compared to a net loss of Rs 237 crore in the same quarter last year. The company’s revenue from operations increased by 3.2%, rising to Rs 700 crore from Rs 678 crore in the corresponding period of the previous fiscal year.
Hindalco Industries
Novelis Inc has filed with the Securities and Exchange Commission (SEC) to offer 45 million (4.5 crore) shares in an initial public offering (IPO). The estimated price band for the IPO is between $18 and $21 per share. At the upper end of this range, Novelis aims for a valuation of up to $12.6 billion in its US IPO.
Adani Enterprises
At its meeting on May 28, the Board of Directors of Adani Enterprises approved raising ₹16,600 crore through the issuance of equity shares and other eligible securities, or a combination thereof. This will be done via qualified institutional placement (QIP) or other permissible modes, in one or more tranches, according to a regulatory filing by Adani Enterprises.
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PNB Housing Finance
Two shareholders of the housing finance company have been offered a 2.68% stake, equivalent to 6.96 million shares. The floor price for the offer has been set at Rs 717 per share, representing a 5% discount to the last closing price, according to sources. The shareholders aim to raise nearly ₹500 crore through the share sale.
Aditya Birla Fashion & Retail
The company reported a net loss of Rs 266.4 crore for the fourth quarter ending March 31, 2024, compared to a net loss of Rs 194.5 crore in the same quarter last fiscal year. Revenue from operations increased by 18.3%, rising to Rs 3,406.7 crore from Rs 2,879.7 crore in the corresponding period of the previous year.
Brigade Enterprises
The realty firm reported a 234.3% year-on-year surge in net profit, reaching Rs 210.9 crore for the fourth quarter, compared to Rs 63.1 crore in the same quarter of FY23. The company’s revenue from operations soared by 102.04%, climbing to Rs 1,702.4 crore from Rs 842.6 crore in the corresponding period of the previous year.
Gujarat Narmada Valley
The state-run company reported a 61.3% year-on-year decline in net profit, dropping to Rs 130 crore for the fourth quarter, compared to Rs 336 crore in the same quarter last year. The company’s revenue decreased by 7.1%, falling to Rs 2,110 crore from Rs 2,271 crore in the corresponding period of the previous fiscal year.