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 down by 6.50 points or 0.04% at 23,025.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended down by 24.65 or 0.11% to settle at 22,932.10 while the BSE ends marginally lower by just 19.89 points or 0.03% to 75,390.50.
“The bulls are facing stiff resistance at 23,000 levels as investors start booking profit at higher levels to avoid any knee jerk reaction in the market ahead of the election result. Better earnings growth, the expectation of a revival in private capex, and a moderation in FIIs selling intensity are the key positive triggers in the market,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nair also added that Meanwhile, The release of India’s Q4 GDP and US inflation figures this week will also influence investors to get a direction in the near term.
Stocks to Watch on May 28, 2024
Nalco
The state-owned company reported a two-fold increase in consolidated profit, reaching Rs 996.74 crore for the March quarter, compared to Rs 495 crore in the same quarter of FY23. However, the consolidated total income for the quarter decreased to Rs 3,663.09 crore from Rs 3,726.76 crore in the previous year.
LIC
The insurance giant reported a slight 2% rise in net profit, reaching Rs 13,763 crore for the fourth quarter ending in March 2024, up from Rs 13,428 crore in the same quarter the previous year. During the reporting quarter, the insurer’s income increased to Rs 2,50,923 crore, compared to Rs 2,00,185 crore in the corresponding period last year.
AstraZeneca Pharma
The pharma major reported a net profit of Rs 39.47 crore for the March quarter of FY24, marking a 128% increase from the R 17.27 crore profit in the same quarter of the previous year. The company’s board has recommended a final dividend of Rs 24 per equity share for the financial year 2023–24.
Concord Biotech
Ontario Inc plans to sell 3.4% of its equity stake in Concord Biotech through a block deal. The shares, valued at Rs 468.4 crore, are being offered at a floor price of Rs 1,320 each. Citigroup is acting as the sole book runner for the transaction. This strategic sale includes a 90-day lock-in period for the remaining stake.
Adani Energy Solutions
The company led by billionaire Gautam Adani has announced plans to raise Rs 12,500 crore through a qualified institutional placement (QIP) or other permissible methods, in one or more tranches. This capital-raising plan was approved during the company’s board meeting on Monday, May 27.
NMDC
The state-owned firm reported a 37.8% year-on-year decline in net profit, totaling Rs 1,412.7 crore for the fourth quarter, compared to Rs 2,271.5 crore in the same quarter last year. However, the company’s revenue increased by 10.9%, reaching Rs 6,489.3 crore, up from Rs 5,851.4 crore in the corresponding period of the previous fiscal.
