GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a subdued opening. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded lower as the index was down 8.50 points or 0.04% at 22,609.50 indicating a muted start for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 inched up 27.05 points or 0.12% to settle at 22,529.05, while the BSE Sensex fell 52.63 points or 0.07% to close at 73,953.31.
Stocks to watch on May 22, 2024
ONGC
Oil and Natural Gas Corporation plans to increase its cumulative production of crude oil and natural gas by 20% to 47 Million Metric Ton of oil equivalent (MMtoe) comprising about 21.8 MMT of crude oil and about 25.5 BCM of gas from the current 39.45 MMtoe over the next three years.
BHEL
Bharat Heavy Electricals Ltd (BHEL) posted its fiscal fourth-quarter profit at Rs 489.62 crore, down 25.6 per cent on-year in comparison to Rs 658.02 crore during the corresponding quarter of FY23. It recorded revenue from operations at Rs 8260.25 crore, marginally above the Rs 8226.99 crore recorded during the fourth quarter of the previous fiscal year. The company’s EBITDA stood at Rs 727.9 crore, down 30.6 per cent on-year.
Arvind Fashions
Arvind Fashions on Tuesday reported profit for the quarter ended March 31, 2024 at Rs 24.32 crore, recording a growth of 122.9 per cent from Rs 10.91 crore during the fourth quarter of FY23. It posted revenue from operations at Rs 1093.85 crore, up 3.7 per cent as against Rs 1055.20 crore during the corresponding quarter of previous fiscal year.
Welspun Enterprises
Welspun Enterprises recorded its fiscal fourth-quarter profit at Rs 77.35 crore, posting a fall of 50.3 per cent on-year in comparison to Rs 155.60 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 821.11 crore, down 2.8 per cent as against Rs 845.08 crore during the same period last year. The company’s EBITDA stood at Rs 111 crore, up 17 per cent on-year.
Biocon
Biocon’s subsidiary Biocon Biologics said that the US FDA approved the Indian group’s first-to-file application for Yesafili, an interchangeable biosimilar of aflibercept.
United Spirits
United Spirits said it had received a notice to pay water charge arrears of Rs 345.45 crore from the Water Resources Department, Maharashtra.
Reliance Industries
Reliance Industries and Nel ASA signed an agreement through its fully owned subsidiary Nel Hydrogen Electrolyser on technology licensing for manufacturing electrolysers in India. “The agreement provides RIL with an exclusive license for Nel’s alkaline electrolysers in India and also allows RIL to manufacture Nel’s alkaline electrolysers for captive purposes globally,” said an exchange filing.
GR Infraprojects
The company has emerged as the lowest bidder for two road projects in Maharashtra one worth Rs 1,997 crore and the other one for Rs 2,350 crore.
