GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Friday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 25 points or 0.11% at 22,680 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 ended up by 167.95 points or 0.75% to settle at 22,570.35 while the BSE gained 486.50 points or 0.66% to 74,339.44.
“The market breadth was strong, with oil prices correcting due to easing conflict in the Middle East and weakening US demand. Domestic broader market was buoyed by the PMI data, with an improvement in discretionary spending,” 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 Further, the RBI’s regulatory ecosystem on private banks led the PSU banks to outperform. The global market largely traded on a mixed note and is now focused on earning reports, with initial reports suggesting a disappointing outlook for technology stocks, which led to the US yield inching higher.
Stocks to Watch on April 26, 2024
Bajaj Finance
During the March quarter, the non-banking finance company saw its consolidated net profit surge by 21% to Rs 3,825 crore, compared to Rs 3,158 crore in the corresponding period last year. Total income on a consolidated basis for the January-March period of 2023-24 also witnessed a significant rise, reaching Rs 14,932 crore.
Tech Mahindra
The IT services company, experienced a substantial 41% decline in its consolidated net profit for the March quarter, reaching Rs 661 crore. Similarly, the company’s consolidated net profit for the quarter ended March 2024 plummeted by almost 41% to Rs 661 crore. Furthermore, its revenue for Q4 FY24 dropped by 6.2% year-on-year to Rs 12,871 crore.
IndusInd Bank
On Thursday, a private sector lender announced a 15% increase in its consolidated net profit to Rs 2,349.15 crore for the March quarter, attributed to core income growth. Moreover, the bank’s net profit for the entire FY24 surged by 21% to Rs 8,977 crore from Rs 7,443 crore.
L&T Technology Services
The company revealed a slight 0.2% increase in net profit for the March quarter, amounting to Rs 340 crore. Over the fiscal year FY24, the engineering services company witnessed a 7.6% growth in net profit, reaching Rs 1,303.7 crore. During the reporting quarter, its revenue expanded by 7% to Rs 2,537.5 crore, representing a 5% increase compared to the previous quarter.
IndiGo
The leading airline in India has entered the wide-body aircraft sector with its inaugural order of 30 Airbus A350-900 aircraft. These cutting-edge A350s will be equipped with Rolls Royce’s renowned Trent XWB engines, valued for their efficiency and dependability.
Tata Steel
On Thursday, Tata Steel UK affirmed its plan to shutter two outdated blast furnaces as part of a GBP 1.25-billion investment aimed at transitioning to a modern Electric Arc Furnace at its Port Talbot steelworks in south Wales.
Aster DM Healthcare
Amitabh Johri, the Joint CFO and KMP of the company, has tendered his resignation due to the segregation of the company’s operations in the Gulf Co-operation Council region from its business in India. He will continue to serve as the CFO of the segregated Aster Business within the Gulf Co-operation Council region.
Cyient
In a regulatory filing, the IT solutions provider disclosed a significant 28.5% quarter-on-quarter rise in net profit, amounting to Rs 196.9 crore for the fourth quarter ending March 31, 2024. This marks a notable increase from the net profit of Rs 153.2 crore reported in the December quarter.
Life Insurance Corporation of India
The board has greenlit an infusion of around Rs 14 crore into Life Insurance Corporation (Lanka), pending approval from the Insurance Regulatory and Development Authority of India and the Central Bank of Sri Lanka.
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Tata Motors
The vote on the merger proposal between Tata Motors and Tata Motors DVR is scheduled for Friday, April 26, as per the announcement made by the board of directors in July 2023. The company has stated that it will issue seven (Ordinary) shares of Tata Motors for every 10 Tata Motors DVR (A Ordinary) shares, which will subsequently be nullified.
NHPC
The tribunal has granted Rs 383 crore to L&T in its dispute with the company, and it has received Rs 45.18 crore in counterclaim.
NTC Industries
The company is initiating the commissioning of a 3X660 MW Thermal Power Plant in Uttar Pradesh. Additionally, the Ministry of Coal has given approval for the Pachwara South Coal Block project, with an estimated capital cost of Rs 2,243 crore. This coal block boasts an extractable reserve of 262.84 MT.
Earnings in Focus Today
Maruti Suzuki India, HCL Technologies, SBI Life Insurance Co., Bajaj Finserv, Shriram Finance, SBI Cards and Payment Services, Supreme Industries, Atul, Aditya Birla Sun Life AMC, Mahindra Lifespace Developers, Motilal Oswal Financial Services, KSB, Mahindra Holidays & Resorts India, Bajaj Holdings and Investment, Bank of Maharashtra, Usha Martin, Mastek, Indiabulls Real Estate, Eveready Industries India, VST Industries, and Force Motors.
