GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Wednesday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 58 points or 0.26% at 22,372 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 113.80 or 0.51% to settle at 22,217.85 while the BSE jumped 328.47 points or 0.45% to 73,104.61.
“The domestic market has sustained its recovery path from recent lows, aided by a moderation in India’s CPI and favourable signals from its Asian peers. However, investors are cautious ahead of the upcoming U.S. CPI data, which is anticipated to show a slight increase from the previous month and could raise concerns about rate cut expectations,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout.
Stocks to Watch on May 15, 2024
Cipla
On Wednesday, May 15th, the pharmaceutical major is poised for a substantial block deal valued at ₹2,637 crore. The deal involves the promoter family, including Shirin Hamied, Samina Hamied, and Rumana Hamied, as well as Okasa Pharma, selling up to a 2.53% stake in the company through the block deal.
Siemens
The telecom operator recorded a 31% year-on-year decline in net profit, amounting to Rs 2,071.6 crore for the fourth quarter. In the same quarter last year, it achieved a net profit of Rs 3,006 crore.
Bharti Airtel
The telecom operator recorded a 31% year-on-year decline in net profit, amounting to Rs 2,071.6 crore for the fourth quarter. In the same quarter last year, it achieved a net profit of Rs 3,006 crore.
Oberoi Realty
The company recorded a 64% year-on-year increase in net profit, reaching Rs 788 crore for the fourth quarter. In the same quarter of the previous year, it reported a net profit of Rs 480.3 crore. Additionally, the company’s revenue surged by 36.8% to Rs 1,314.8 crore compared to Rs 961.4 crore in the corresponding period of the previous fiscal.
Shree Cement
The cement manufacturer witnessed a 21% year-on-year rise in profit after tax, reaching Rs 662 crore for the quarter ending March 2024. Revenue from operations for the fourth quarter increased by 7% year-on-year to Rs 5,101 crore. Furthermore, the cement maker’s annual turnover expanded by 16% to Rs 19,586 crore.
Hero MotoCorp
The world’s leading manufacturer of scooters and motorcycles has recently become a member of the ONDC Network, marking the first entry of an automotive company in the country. Initially, the open network will provide two-wheeler parts, accessories, and merchandise.
Colgate Palmolive
The prominent manufacturer of oral care products recorded a 20.1% year-on-year growth in net profit, totaling Rs 379.8 crore for the fourth quarter. In the same quarter of the previous year, it achieved a net profit of Rs 316.2 crore.
Welspun Corp
Priyaranjan Kumar has tendered his resignation from the role of Chief Human Resource Officer of the company citing personal reasons, effective July 30, 2024. Bindu Nambiar has been appointed as the new Head of HR, effective May 13.
Anant Raj Industries
Axis Mutual Fund’s Axis Small Cap Fund acquired 26 lakh equity shares of the company through open market transactions, representing 0.76% of the paid-up equity. The shares were purchased at an average price of Rs 368 per share, totaling Rs 95.68 crore.
MSCI Index Inclusion
Bosch, Canara Bank, Indus Towers, Jindal Stainless, JSW Energy, Mankind Pharma, NHPC, PB Fintech, Phoenix Mills, Solar Industries India, Sundaram Finance, Thermax, and Torrent Power
