GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 15.50 points or 0.07% at 22,605 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 33.15 points or 0.15% to settle at 22,442.70 while the BSE gained just 17.39 points or 0.02% to 73,895.54.
“The domestic indices traded in a range-bound manner influenced by PSU banks’ underperformance due to the RBI’s tighter norms on lending to projects under development. The broader indices also witnessed major selling pressure due to valuation concerns and profit booking,” 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: 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: Hindalco, Godrej Consumer Product, Apollo Tyres, Radico Khaitan, NHPC, Maruti Suzuki, Eicher Motors, LIC
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Nair also added that Globally, weaker US payroll data has increased expectations of potential FED rate cuts. Investors are closely monitoring this week’s FED speakers for insights on future monetary policy.
Stocks to Watch on May 7, 2024
Lupin
Lupin, headquartered in Mumbai, has announced robust financial results for Q4 FY24. The company reported a 52% year-on-year increase in consolidated net profit, reaching Rs 359.43 crore. Revenue also saw a significant uptick, rising by 13% to Rs 4,895.11 crore. Additionally, Lupin’s EBITDA surged by 66% to Rs 1,026.1 crore, resulting in an improved margin of 14.2%.
Gujarat Gas
Gujarat Gas reported an 11% increase in net profit to Rs 409.54 crore for the quarter ended March 31, up from Rs 369.22 crore in the same period last year. Sequentially, the profit surged by 85.9% from Rs 220.34 crore in the December quarter. The company’s revenue from operations rose by 5.4% to Rs 4,293.86 crore in the March quarter compared to Rs 4,073.82 crore in the corresponding period last year. EBITDA for the quarter stood at Rs 591 crore, with a net margin of 14.3%, according to the company statement. Additionally, Gujarat Gas announced a dividend of Rs 5.66 per equity share.
Route Mobile
The company reported revenue jumped by just 0.82% to Rs 1,017 crore compared to Rs 1,008 crore previously. However, EBITDA witnessed a decline of 4.94%, at Rs 125 crore, down from Rs 132 crore in the corresponding period. This resulted in a decrease in margin by 74 basis points, dropping to 12.33% from the previous 13.08%. Net profit stood at Rs 95.16 cr down by 8.54% from Rs 104.05 crore. Additionally, the board has recommended a final dividend of Rs 2 per share. Furthermore, an exceptional item of Rs 1.8 crore was noted.
Godrej Consumer Products
The company announced a consolidated net loss of Rs 1,893 crore for the March quarter, a stark contrast to the net profit of Rs 452 crore reported previously. This quarter’s results include a one-time exceptional loss of Rs 2,376 crore. Despite this setback, the company’s total revenue showed a 6% increase to Rs 3,385.61 crore from Rs 3,200.16 crore a year ago, as per a regulatory filing. Additionally, the board recommended an interim dividend of Rs 10 per share for the financial year 2023-24.
Bajaj FinServ
In April, Bajaj Allianz General Insurance Company (BAGIC) recorded a Gross Direct Premium underwritten of Rs 2,389 crore, while Bajaj Allianz Life Insurance Company’s new business premium reached Rs 689 crore.
Wipro
The company teamed up with Microsoft to introduce a suite of Generative AI-powered virtual assistants tailored for the financial services sector.
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Bajaj Healthcare
The company has appointed Dayashankar Patel as its Chief Financial Officer (CFO) and Key Management Personnel (KMP), effective immediately.
Lupin
The company has obtained approval from the US Food and Drug Administration (FDA) for Travoprost Ophthalmic Solution USP. This solution is utilized for reducing elevated intraocular pressure.
Adani Total Gas
The company clarified that Dharma LNG is not included in its corporate structure.
Key Earnings Today
Dr. Reddy’s Laboratories, JSW Energy, Pidilite Industries, SRF, PB Fintech, United Breweries, Voltas, IRB Infrastructure developer, Max Financial Services, Indraprastha Gas, CreditAccess Grameen, Sonata Software, Kajaria Ceramics, KEC International, Jupiter Wagons, Navin Fluorine International, Chambal Fertilizers, Graphite India, Century Textiles, and Industries, IDFC, Jindal Saw, Latent View Analytics.
