GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Monday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 92.50 or 0.42% at 22,203.60 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Previously, on Friday, the NSE Nifty 50 ended up by 151.15 points or 0.69% to settle at 22,147, while the BSE soared 599.34 points or 0.83% to 73,088.33.
“Despite global weakness, Indian markets staged a strong recovery driven by large-cap stocks, buoyed by the expectation of limited prospects of escalation following Israel’s actions against Iran. However, fragility persists with elevated oil prices, posing inflation risks. Gold prices were rising on account of safe heaven demand,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that FIIs continued to remain risk-averse, a trend seen since last week. Global sentiment remains subdued due to a robust US economy and persistent inflation, dampening hopes of a near-term Fed rate cut. Mid & small caps saw weakness as Q4 earnings expectations remained muted.
Stocks to Watch on April 22, 2024
HDFC Bank
HDFC Bank, one of India’s leading private lenders, has reported net profit of Rs 16,511.9 crore for the March quarter. The bank’s gross NPA has slightly improved to 1.25% from 1.26%, while net NPA stands at 0.33% from 0.31% in December. HDFC Bank has made floating provisions worth Rs 10,900 crore and recommended a dividend of Rs 19.5 per share. Additionally, the bank intends to raise Rs 60,000 crore through debt instruments.
Wipro
Wipro reported its fifth consecutive quarter of revenue decline for the March quarter. The company ended FY24 with a constant currency revenue decline of 4.4%. Its Q1 guidance suggests a further decline of -1.5% to 0.5%. Wipro continues to observe positive developments in Capco, which saw a 44% sequential growth in order bookings. However, its headcount has decreased for the sixth consecutive quarter.
Jio Financial Services
Jio Financial Services has witnessed marginal growth in income, reaching Rs 418.2 crore, up 0.9% sequentially. However, the company’s cost-to-income ratio has slightly increased to 24.23%, with operating profit standing at Rs 316.9 crore. Notably, net profit has jumped by 5.7% to Rs 310.6 crore, and the profit of associates has increased by 17.4% quarter-on-quarter to Rs 77.6 crore.
Aditya Birla Fashion
Aditya Birla Fashion has approved the demerger of Madura Fashion & Lifestyle into a newly incorporated entity called Aditya Birla Lifestyle Brands. Shareholders of Aditya Birla Fashion will receive one share of the demerged entity for every one share held. Post-demerger, Aditya Birla Fashion plans to raise up to Rs 2,500 crore within a 12-month period.
Dr. Reddy’s Laboratories
Dr. Reddy’s Laboratories has launched DailyBloom IBS, India’s first integrated care plan for irritable bowel syndrome.
Laurus Labs
The USFDA concluded an inspection of the company’s API manufacturing facilities in Andhra Pradesh from April 15 to April 19. The inspection concluded successfully without any 483 observations.
NTPC
NTPC’s arm, NTPC Green Energy, has signed a pact with Indus Towers to create a joint venture aimed at exploring renewable energy projects. The company aims to achieve 60 GW of renewable energy capacity by 2032.
Central Bank of India
Central Bank of India has signed an agreement with Aditya Birla Sun Life AMC for the distribution of mutual fund products.
IREDA
IREDA has reported its highest-ever annual net profit of Rs 1,252 crore, reflecting a remarkable growth of 45% compared to the previous year. The net NPA has decreased to 0.99% from 1.66% at the end of the financial year 2023. Additionally, the company’s loan book has expanded by 27% to reach Rs 59,6898 crore. Notably, loan disbursements have surged by 16% to Rs 21,639.21 crore.
Persistent Systems
Persistent Systems has recorded a 3.4% growth in US Dollar revenue and a 3.7% growth in revenue in rupee terms. The board has recommended a final dividend of Rs 10 per share, with total order bookings for the quarter standing at $447.7 million.
Earnings in Focus
Reliance Industries, Rallis India, Mahindra Logistics, Hatsun Agro Product, Tejas Networks.