GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a negative opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded down by 73.50 points or 0.33% at 22,055.50 indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 97.70 or 0.44% to settle at 22,055.20 while the BSE jumped 260.30 points or 0.36% to 72,664.47.
“Indian markets largely remained positive; however, a trend of sell-on rally is emerging given domestic premium valuation and election jitters creeping in the minds of investors given lower voter turnout. Financials remained weak on account of signs of contraction in NIMs and the RBI’s regulatory actions,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that FIIs continue to remain sellers given delays in rate cuts, inflationary concerns, moderation in corporate earnings, and premium valuation. Apart from US consumer and inflation data, the possibility of US tariff actions on Chinese EV companies will attract market attention.
Stocks to Watch on May 13, 2024
Tata Motors
Tata Motors’ consolidated net profit soared by 222% to Rs 17,407.18 crore, a substantial increase from Rs 5,407.79 crore reported in the same period last year. Meanwhile, the company’s revenue from operations grew by 13% to Rs 119,986.31 crore for the quarter under review, compared to Rs 105,932.35 crore recorded a year ago.
State Bank Of India
India’s largest state-owned bank, the State Bank of India (SBI), reported a standalone net profit of Rs 20,698.35 crore, up by 24% year-on-year (Y-o-Y), fueled by heightened interest income and reduced provisions. Operationally, SBI’s net interest income (NII) saw a modest 3% Y-o-Y uptick to Rs 41,656 crore, up from Rs 40,392.5 crore recorded in Q4FY23. Additionally, the net interest margin (NIM) unexpectedly rose to 3.30% from 3.22% quarter-on-quarter (Q-o-Q), compared to 3.60% in Q4FY23.
Piramal Pharma
For the fourth quarter ending March 31, 2024, Piramal Pharma recorded 102.1% year-on-year (YoY) rise in net profit, totaling Rs 101.3 crore. Meanwhile, its revenue from operations also showed a notable 18% increase to Rs 2,552.4 crore, compared to Rs 2,163.6 crore in the same period of the previous fiscal year.
Union Bank Of India
On Friday, May 10, the state-owned Union Bank of India revealed a 19% year-on-year (YoY) upturn in net profit, reaching Rs 3,310.6 crore for the fourth quarter ending March 31, 2024. Moreover, the net interest income (NII), representing the disparity between interest earned from lending activities and interest paid to depositors, escalated by 14.4%, totaling Rs 9,436.6 crore compared to Rs 8,250.5 crore in the corresponding quarter of FY23.
Kalyan Jewellers
On May 10, Kalyan Jewellers disclosed a consolidated net profit of Rs 1,374.93 crore for the March quarter, nearly doubling from Rs 697.99 crore in the corresponding quarter of the previous financial year. The company’s total revenue surged by 34%, reaching Rs 45,349.30 crore compared to Rs 33,818.20 crore in the year-ago quarter. Additionally, the quarter’s profit after tax (PAT) rose by 76% to Rs 9.9 crore, up from Rs 5.6 crore in the corresponding quarter of the previous year.
Housing & Urban Development Corp
The company’s subsidiary, Clothing Retail, allocated shares valued at Rs 100 crore. Consequently, the company’s ownership stake in the subsidiary has increased to 85.54% from the previous 80%.
Lupin
The temporary restraining order for Mirabegron ER Tablets has been lifted by the US Court, allowing the resumption of product shipments.
Vedanta
The company’s subsidiary, CIHL, purchased an additional 46.57% stake in AvanStrate for JPY 12.2 billion.
Wipro
The company has named Vinay Firake as the CEO for the Asia Pacific, India, Middle East, and Africa strategic market unit.
Nuvama Wealth Management
Mihir Nanavati stepped down from the CFO position, effective May 14. Bharat Kalsi has been appointed as the new CFO, effective May 15.
Andhra Paper
The company has entered into an agreement with Sweden-based Valmet AB for the supply and commissioning of a tissue paper production line.
Indegene
The company’s shares are set to make their debut on the stock exchanges on Monday. The IPO, valued at Rs 1,841.76 crore, was oversubscribed 69.91 times on its third and final day.
Key Results to Watch Today
Aarti Pharmalabs, Aditya Birla Capital, Alembic, Bombay Burmah Trading Corp, BLS E-Services, Cera Sanitaryware, Chalet Hotels, DLF, Ethos, Electrosteel Castings, GIC Housing Finance, INOX India, Jindal Steel and Power, C.E. Info Systems, Sanofi India, Tube Investments of India, UPL, Varun Beverages, Zomato.