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 47 points or 0.21% at 22,710 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended down by 216.05 or 0.95% to settle at 22,488.15 while the BSE Sensex plunged 617.30 points or 0.83% to 73,885.60.
“The benchmark index is taking cues from the US market as treasury yields continue to climb following the stickiness of global inflation, delaying the central bank’s interest rates cut policy,” 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: Bharti Airtel, ONGC, BEML, Adani Energy Solutions, Bharti Hexacom, Lupin, Shree Cement
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Nair also added that, Meanwhile, the broader market continued the weak trend, led by profit booking, due to feeble closing of monthly expiry owing to lack of interest to hold short-term positions, as exit poll is slated in the weekend.
Stocks to Watch on May 31, 2024
EV Stocks
The National Stock Exchange of India’s index services subsidiary, NSE Indices, has launched India’s first electric vehicle index, aimed at tracking the performance of companies within the EV ecosystem. Named the Nifty EV & New Age Automotive Index, it will include companies involved in the development of new-age automotive vehicles or related technologies.
Bharat Dynamics
The defense public sector company reported a significant 89% year-on-year increase in net profit, reaching Rs 288.8 crore for the fourth quarter. This is a substantial rise compared to the net profit of Rs 152.8 crore in the corresponding quarter of FY23. Additionally, the company’s revenue from operations grew by 7%, totaling Rs 854.1 crore, up from Rs 798.3 crore in the same period last year.
Apollo Hospitals
The leading hospital chain company, reported a 77% increase in its consolidated net profit, reaching Rs 258 crore for the fourth quarter ended March 2024. During the January-March 2024 period, the company’s revenue from operations rose by 15% year-on-year to Rs 4,944 crore.
Muthoot Finance
A gold loan financier reported a 17% year-on-year increase in net profit, reaching Rs 1,056.3 crore for the fourth quarter. This is up from a net profit of Rs 902.6 crore in the same quarter last fiscal. Additionally, net interest income (NII) rose by 15.2% to Rs 2,134.8 crore, compared to Rs 1,853.3 crore in the corresponding quarter of FY23.
Welspun Corp
The flagship company of the Welspun Group reported a 19.7% year-on-year increase in net profit, reaching ₹287.3 crore for the fourth quarter. This compares to a net profit of Rs 240.1 crore in the same quarter of FY23. Additionally, the company’s revenue rose by 9.6% to Rs 4,461.2 crore, up from Rs 4,070.2 crore in the year-ago period.
Praj Industries
An industrial biotechnology firm reported a 4.3% year-on-year increase in net profit, reaching Rs 91.9 crore for the fourth quarter, compared to Rs 88.1 crore in the same quarter of the previous fiscal year. The company’s revenue grew by 1.5%, amounting to Rs 1,018.6 crore, up from Rs 1,003.9 crore in the corresponding period of the preceding fiscal year.
Sunteck Realty
A real estate company reported a net profit of Rs 101.3 crore for the fourth quarter ended March 31, 2024, compared to a net loss of Rs 27.9 crore in the same quarter of the previous year. The company’s revenue from operations surged 773.01% to Rs 426.9 crore, up from Rs 48.9 crore in the corresponding period of the preceding fiscal year.
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Aarti Industries
The specialty chemicals company has appointed Suyog Kotecha as Chief Executive Officer (CEO) and Executive Director, effective June 17, replacing Rajendra V. Gogri. Gogri will step down as CEO on June 17 but will continue to serve as Chairman and Managing Director of the company.
Tube Investments of India
A subsidiary of the company, Tl Clean Mobility, has acquired 5,024 equity shares (equivalent to 23.69% of the share capital) of IPLTech Electric from the founders for Rs 185 crore. As a result, Tl Clean Mobility’s shareholding in IPLTech has increased from 65.77% to 89.46%.
Jio Financial Services
The company announced the launch of the Beta version of its JioFinance app. This app integrates digital banking, UPI transactions, bill payments, insurance advisory, and provides a consolidated view of accounts and savings.
Sun Pharmaceutical Industries
The pharma company has accepted a preferential offer to acquire a 14.28% stake in the Indian Foundation for Quality Management for Rs 12.5 crore.
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In a bullish turn of events during Thursday’s trading session, benchmark equity indices exhibited robust performance. The NSE Nifty 50 surged by 1.23% to settle at 21,182.70, while the BSE Sensex gained 929.60 points to conclude at 70,514.20. In intraday trading, the Nifty 50 reached a record high of 21,210.90 with a 1.35% increase, and the Sensex added 1018 points, peaking at 70,602.89.
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