GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded higher as the index was up 39.50 points or 0.18% at 22,128.50 indicating a positive start for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously, on Thursday, the NSE Nifty 50 pulled back 345 points or 1.55% to settle at 21,957.50, while the BSE Sensex tanked 1,062 points or 1.45% to close at 72,404.17.
Stocks to watch on May 10, 2024
TCS
Tata Consultancy Services (TCS) CEO and MD, K Krithivasan drew Rs 25.36 crore in annual compensation in FY24, which is the lowest amongst the large information technology firms. Interestingly, outgoing chief operating officer, NG Subramaniam earned more than Krithivasan in FY24.
Bharti Airtel
Bharti Airtel-owned Airtel Africa on Thursday reported a $104-million loss in the January-March quarter, significantly up from the $6-million loss in the preceding quarter. The loss expanded largely due to foreign exchange losses amid devaluation of Nigeria and Malawi currency. In the year-ago period, the company reported a net profit of $195 million.
Bharat Petroleum (BPCL)
State-owned Bharat Petroleum on Thursday reported a 30.3% decline in its consolidated net profit for the last quarter of FY24, dropping to Rs 4,789.57 crore from Rs 6,870.47 crore in the same period the previous fiscal due to high crude oil prices impacting refining margins of the company. The net profit, however, rose 50% from Rs 3,181.42 crore in the third quarter of FY24. The company’s revenue from operations during the quarter under review declined marginally by 1% to Rs 1.32 trillion.
Asian Paints
Asian Paints on Thursday reported a 1.8% year-on-year (y-o-y) increase in net profit to Rs 1,256 crore in the quarter ended March 31 (Q4FY24) amid weak demand conditions and downtrading seen in the premium segment. The net profit fell short of street estimates of Rs 1,333 crore.
Hindustan Petroleum (HPCL)
Hindustan Petroleum witnessed a 25% decline in its consolidated net profit for the last quarter of FY24, dropping to Rs 2,709.31 crore from Rs 3,608.32 crore in the same period the previous fiscal. The net profit fell due to a decline in the company’s gross refining margins on the back of high crude oil prices coupled with the latest reduction in the retail prices of auto fuels by the corporation.
Larsen & Toubro (L&T)
Larsen & Toubro (L&T) expects its order book position to rise by another Rs 1 trillion in FY25, with the engineering and infrastructure conglomerate being bullish on India and other markets where it has presence, president and chief financial officer R Shankar Raman told FE.
Piramal Enterprises
Piramal Enterprises posted a consolidated net profit of Rs 137 crore in January-March, boosted by proceeds from the sale of the company’s share in Shriram Investment Holdings and income tax related gains, and recoveries from holdings in alternative investment funds. The company had posted a consolidated net loss of Rs 196 crore a year ago.
Abbott India
Abbott India reported a net profit of Rs 287.06 crore in Q4 FY24, an increase of 24% on year from Rs 231.42 crore it posted in the same period a year earlier. Its revenue from operations stood at Rs 1,438.63 crore, up 7.11% on year in Q4 of FY24 in comparison to Rs 1,343.08 crore it reported in Q4 of FY23.
Alembic Pharmaceuticals
Alembic Pharmaceuticals posted an 80% year-on-year growth in its net profit standing at Rs 616 crore in FY24. The company’s net sales rose 10% to Rs 6,229 crore and EBITDA surged 41% to Rs 961 crore. Its India-branded business achieved 3% growth, generating a topline of Rs 503 crore.