GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a lacklustre opening on Tuesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by just 5.50 points or 0.02% at 22,770.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 223.45 points or 1% to settle at 22,643.40 while the BSE soared 941.13 points or 1.28% to 74,671.28.
“The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that An ease in Middle East tensions, coupled with stable earnings, is expected to maintain positive market sentiment. Moving forward, FED policy and US non-farm payroll data will dictate the overall market dynamics.
Stocks to Watch on April 30, 2024
Tata Chemicals
The company recorded a consolidated net loss of Rs 850 crore for the quarter ending March 31, marking a significant contrast to the Rs 709 crore profit reported previously. This loss represents the company’s first quarterly deficit in nine years, primarily attributed to a one-time write-down in its UK operations, as well as reduced prices and demand for soda ash.
Jana Small Finance Bank
The Bengaluru-based lender disclosed a substantial 297.5% year-on-year increase in net profit, reaching Rs 321.7 crore for the fourth quarter ending March 31, 2024. This contrasts sharply with the net profit of Rs 81 crore reported in the corresponding quarter, as stated by Jana Small Finance Bank in a regulatory filing.
Spandana Sphoorty
The microfinance lender announced a 5.2% year-on-year (YoY) growth in net profit, reaching Rs 122.2 crore for the fourth quarter ending March 31, 2024. This compares to a net profit of Rs 116.2 crore reported in the corresponding quarter by Spandana Sphoorty Financial.
Poonawalla Fincorp
The non-bank lender declared a significant 83.6% year-on-year surge in net profit, amounting to Rs 331.7 crore for the fourth quarter concluding on March 31, 2024. This contrasts with the net profit of Rs 180.7 crore reported in the corresponding quarter by Poonawalla Fincorp, as disclosed in a regulatory filing.
KEC International
The engineering firm announced the acquisition of new orders worth Rs 1,036 crore across its various business verticals. Particularly, the Transmission & Distribution (T&D) segment clinched orders for projects in the Middle East and Americas regions.
NMDC
The company has raised the prices of lump ore by Rs 400 per tonne to Rs 6,200 per tonne and fines by Rs 200 per tonne to Rs 5,260 per tonne.
Wipro
The IT major has introduced its own Lab45 Think Tank, aimed at assisting enterprise leaders and Wipro customers in navigating the future with emerging technologies. Lab45’s Think Tank will analyze the impact of technologies like generative AI, space technology, spatial and quantum computing, IoT, etc., on business, people, and the environment.
Rail Vikas Nigam
The KRDCL-RVNL joint venture has been awarded a letter of acceptance worth Rs 439 crore for the redevelopment of Thiruvananthapuram station.
Rashtriya Chemicals and Fertilizers
The Ministry of Chemicals has sanctioned the revised investment of Rs 2,170 crore by the company in Talcher Fertilizers. Talcher Fertilizers is a joint venture between Rashtriya Chemicals and Fertilizers, GAIL, Coal India, and Fertilizer Corp.
JNK India
The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 415 apiece. The Rs 649.47 crore IPO was oversubscribed 28.13 times on its third and final day.
Key Earnings To Watch Today
Indian Oil Corp, REC, Havells India, Indus Towers, Cholamandalam Investment and Finance Co, Procter & Gamble Hygiene & Health Care, Sona BLW and Precision Forgings, Star Health and Allied Insurance, Exide Industries, Vedant Fashion, Five-Star Business Finance, Castrol India, IndiaMART InterMESH, Nuvoco Vistas, Newgen Software Technologies, Gravita India, Symphony, Neogen Chemicals, Adani Total Gas, Central Bank Of India, and IFCI.