GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by just 5.50 points or 0.02% at 22,382.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended unchanged or 0.00 points or 0.00% to settle at 22,302.50 while the BSE dropped 45.46 points or 0.06% to 73,466.39.
“The Indian market echoed subdued investor sentiments akin to those of its Asian peers, and on worries about declining voter turnout,” 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 Despite domestic Q4 earnings largely meeting estimates, the earnings landscape appears to be moderating. A sector-specific action was visible in FMCG and auto stocks, aided by an expectation of a revival in rural demand in H1FY25.
Stocks to Watch on May 9, 2024
Tata Power
In Q4FY24, Tata Power reported a 15% year-on-year growth in its consolidated net profit, reaching Rs 895 crore, compared to Rs 778 crore in the same quarter last year. Revenue from operations also surged by 27% year-on-year to Rs 15,846 crore during this period. Additionally, the Board recommended a final dividend of Rs 2 per share for the financial year ending March 2024.
Larsen & Toubro
In Q4FY24, infrastructure giant Larsen and Toubro (L&T) reported a 10% increase in its consolidated net profit, reaching Rs 4,396 crore. During the same period, consolidated revenues witnessed a 15% year-on-year growth, reaching Rs 67,079 crore. Additionally, the Board proposed a final dividend of Rs 28 per share with a face value of Rs 2 each for the financial year ending March 2024.
Hero MotoCorp
In Q4FY24, leading two-wheeler manufacturer Hero MotoCorp disclosed a standalone net profit of Rs 1,016.05 crore for the quarter ended March 31, 2024, marking a growth of over 18% compared to Rs 858.93 crore reported in the year-ago period. Standalone revenue from operations stood at Rs 9,519 crore for the reported quarter, reflecting a 14.6% increase over Rs 8,306.78 crore reported in the corresponding period of the previous financial year. Additionally, the two-wheeler company announced a final dividend of Rs 40 per share for FY24.
TVS Motors
In Q4FY24, two-wheeler manufacturer TVS Motor Company announced a standalone net profit of Rs 485 crore for the quarter ended March 31, 2024, marking an 18% year-on-year increase compared to Rs 410 crore reported in the same period the previous year. Revenue from operations for the reported quarter stood at Rs 8,169 crore, experiencing a nearly 24% uptick over Rs 6,605 crore reported in the corresponding quarter of the previous financial year.
BSE
In Q4FY24, India’s oldest exchange BSE disclosed a net profit of Rs 107 crore for the quarter ended March 31, 2024, marking an 18% increase compared to Rs 91 crore reported in the year-ago period. The company’s board of directors also proposed the payment of a final dividend of Rs 15 per equity share. Consolidated revenue from operations for the reported quarter stood at Rs 488.37 crore, representing a significant 115% year-on-year surge compared to Rs 227 crore reported in the same period the previous year.
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Godrej Properties
The company has increased its ownership in the subsidiary, Godrej One Premises Management, by acquiring an additional 14% stake from its promoter, Godrej and Boyce Manufacturing Company. Consequently, the company’s total stake now stands at 28%.
Reliance Industries
The company purchased a complete stake of 100% in Reliance Chemicals for Rs 314.5 crore.
HDFC Life
IRDAI has approved the appointment of Keki M Mistry as the Chairman of the Board.
NTPC
NTPC Green Energy has entered into a Memorandum of Understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology to collaborate on the development of Renewable Energy Power Parks and Projects in Maharashtra.
Bank of Baroda
The Reserve Bank of India has lifted restrictions on the bank’s mobile app, ‘Bob World.’ Consequently, the company has resumed onboarding customers through the ‘Bob World’ app.
Wipro
The company partnered with Kognitos to implement Gen-AI-based business automation solutions.
Key Earnings To Watch Today
State Bank of India, Asian Paints, Punjab National Bank, Bharat Petroleum Corp, Hindustan Petroleum Corp, Abbott India, Escorts Kubota, Timken India, Relaxo Footwear, Alembic Pharmaceuticals, Computer Age Management, Intellect Design Arena, Mahanagar Gas, Vardhman Textiles, Alkylamines Chemicals, Quess Corp, Orient Electric, Venus Pipes and Tubes, Hikal, VST Tillers Tractors, Indian Overseas Bank.
