GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 50 or 0.22% at 22,370 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 ended up by 34.40 points or 0.15% to settle at 22,402.40 while the BSE gained 114.48 points or 0.16% to 73,852.94.
“Indian markets lagged the Asian peers as Q4 earnings remained largely subdued with weak results from IT and a few index heavyweights results also disappointed. However, buoyed by strong manufacturing and service sectors,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that the Indian composite PMI hit a multi-year high, reflecting domestic resilience bringing some buoyancy in the broad market. Globally, investor sentiment improved with easing tensions in the Middle East and declining oil prices.
Stocks to Watch on April 25, 2024
Kotak Mahindra Bank
The Reserve Bank of India (RBI) has imposed restrictions on Kotak Mahindra Bank, prohibiting the private lender from onboarding new customers via its online and mobile banking channels. Additionally, the bank is barred from issuing fresh credit cards with immediate effect. These actions come after the regulator identified “serious deficiencies” in the bank’s IT risk management.
Axis Bank
During the March 2024 quarter, the private lender disclosed a consolidated net profit of Rs 7,599 crore. Notably, this figure reflects a sequential growth of 17% compared to the preceding quarter of FY24, where the bank reported earnings of Rs 6,071 crore.
Hindustan Unilever
On Wednesday, the FMCG major disclosed a 1.53% decline in consolidated net profit to Rs 2,561 crore for the fourth quarter ended March 31, 2024. This contrasts with the net profit of Rs 2,601 crore posted in the year-ago period.
LTIMindtree
On Wednesday, an Indian IT services company announced a 1.2% year-on-year decline in consolidated net profit for the March quarter, amounting to Rs 1,100.7 crore. The profit attributable to shareholders of the company stood at Rs 1,099.9 crore for the same period, reflecting a year-on-year dip of 1.2%.
IHCL
The Tata Group’s hospitality firm registered a robust 29.4% year-on-year increase in net profit, reaching Rs 438.3 crore for the fourth quarter ending March 31, 2024. Concurrently, the company’s revenue surged by 17.2% to Rs 1,905.3 crore compared to Rs 1,625.4 crore in the corresponding period of the preceding fiscal year.
Macrotech Developers
On Wednesday, a realty firm announced an 11% decline in consolidated net profit to ₹665.5 crore for the March quarter. Nevertheless, for the full fiscal year, the company witnessed a remarkable three-fold increase in profit, soaring to Rs 1,549.1 crore.
Reliance Industries
The company acquired a 100% stake in both MSKVY Nineteenth Solar SPV and MSKVY Twenty-second Solar SPV for a nominal amount of Rs 1 crore.
TCS
TCS has entered into a strategic partnership with Amazon Web Services (AWS) to accelerate its customers’ cloud transformation journey at scale, leveraging AWS’s cutting-edge cloud solutions.
Ask Automotive
The company has announced a joint agreement with Japan-based AISIN Group companies to market and sell auto components in the independent aftermarket for passenger car products, aiming to expand its presence across India, Nepal, Sri Lanka, and Bangladesh.
Rail Vikas Nigam
The company secured the position of the lowest bidder for a railway project valued at Rs 239 crore.
Motilal Oswal
Motilal Oswal Financial Services has appointed Prateek Agrawal as the Managing Director and Chief Executive Officer of Motilal Oswal Asset Management Company.
National Aluminium
Khanij Bidesh India has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – National Geophysical Research Institute to advance geophysical investigations in the critical and strategic minerals sector.
Jubilant Pharmova
Jubilant Pharmova has disclosed that the USFDA inspected its Radiopharmaceuticals manufacturing facility in Canada, resulting in the issuance of 5 observations, indicating areas for improvement and compliance with regulatory standards.
Shyam Metalics
Shyam Metalics And Energy has introduced “SEL Tiger Foil,” aiming to preserve food freshness and promote sustainability, catering to evolving consumer preferences for eco-friendly packaging solutions.
Earnings in Focus Today
Nestle India, Tech Mahindra, Bajaj Finance, IndusInd Bank, Glenmark Life Sciences, Coromandel International, Cyient, L&T Technology Services, Laurus Labs, Mphasis, Schaeffler India, Tanla Platforms, UTI Asset Management Co., and Zensar Technologies.