GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening. Here’s a look at the key stocks to watch in trade.

Stocks in Focus: GIFT Nifty traded lower as the index was down 54.50 points or 0.24% at 22,639.50 indicating a red start for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 inched up 68.75 points or 0.31% to settle at 22,597.80, while the BSE Sensex fell 267.75 points or 0.36% to close at 74,221.06.

Stocks to watch on May 23, 2024

Paytm

Paytm parent One97 Communications saw its net loss widening to Rs 550 crore in the January-March quarter from Rs 168 crore a year ago due to a fall in revenue from operations. The operating revenue in Q4 fell 3% y-o-y to Rs 2,267 crore, impacted by temporary disruptions in business operations. The fintech firm warned of job cuts and said it would trim non-core assets as it saw its revenue decline 3% in the quarter to Rs 2,267 crore — the first drop since its listing on the bourses in 2021.

Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Hindustan Zinc, Suzlon Energy, Glenmark Pharma, Hindustan Aeronautics, Vedanta Stocks To Watch: Tata Consumer Products, Varun Beverages, JSW Infra, IOC, Vodafone Idea Stocks To Watch: Tata Steel, Bharti Airtel, HPCL, ACC, RVNL

Airtel

Airtel Payments Bank is targeting around 50% year-on-year (y-o-y) growth in FY25, MD & CEO Anubrata Biswas told FE. The overall deposits stood at Rs 2,801 crore as on March 2024, with monthly transacting users (MTUs) at 80.4 million

Tata Communications 

Tata Communications and Cisco have strengthened their partnership to launch Webex Calling with cloud Public Switched Telephone Network (PSTN) for enterprises in India. The service integrates with Tata Communications’ cloud voice services on the GlobalRapide platform.

Nykaa

FSN E-Commerce Ventures, which operates Nykaa, on Wednesday, recorded fiscal fourth-quarter profit at Rs 9.07 crore, posting a jump of 297.8 per cent in comparison to Rs 2.28 crore during the same period last year. It posted revenue from operations at Rs 1667.98 crore, up 28.1 per cent as against Rs 1301.72 crore during the corresponding quarter of the previous fiscal year. 

Jubilant Foodworks

Jubilant Foodworks, which operates Domino’s restaurants in India, on Wednesday recorded a more than seven-fold jump in profit (627.1 per cent) at Rs 207.52 crore during the fourth quarter of FY24 in comparison to Rs 28.54 crore posted for the quarter ended March 31, 2023, beating estimates. It recorded revenue from operations at Rs 1572.80 crore, up 23.9 per cent as against Rs 1269.85 crore during the corresponding quarter of the previous fiscal year.

Sun Pharmaceutical

Sun Pharmaceutical Industries on Wednesday reported a profit growth of 33.8 per cent on-year to Rs 2654.58 crore in comparison to Rs 1984.47 crore during the corresponding quarter of FY23, surpassing estimates. It posted revenue from operations at Rs 11,982.90 crore, up 9.6 per cent as against Rs 10,930.67 crore during the fourth quarter of previous fiscal year. 

Power Grid Corp

The company’s board has approved raising up to Rs 5,00 crore in debt from a consortium of banks. 

Oil India

The company has signed a new long-term definitive agreement for the transportation of additional petroleum products through the company’s Numaligarh-Siliguri pipeline following the commissioning of the Numaligarh Refinery Expansion project.