 "Dr Reddy's, Pidilite, UB, HZL, Voltas among six stocks to watch today")
Stocks to Watch on May 8, 2024:Indian equities are poised to open with modest gains on Wednesday, mirroring a mixed trend in global markets.
At 7:31 AM, the GIFT Nifty futures indicated a slight uptick of 18 points, reaching 22,400 levels compared to Nifty 50 futures, suggesting a subdued start to the day.
In Asia-Pacific, stock markets exhibited a mixed performance, echoing the varied outcome seen in Wall Street's Tuesday session. Japan's Nikkei 225 declined by 1 percent, while the broader Topix index slipped by 0.88 percent. South Korea's Kospi showed marginal downward movement. In contrast, Australia's ASX200 edged up by 0.08 percent
Domestically, however, below are some equities to keep a watch on Wednesday:
Dr Reddy’s Labs: The company reported a robust net profit of Rs 1,307 crore for the March quarter of FY24, up 36 per cent from the previous year. Revenue increased to Rs 7,083 crore, a 12 per cent rise from the year-ago quarter's revenue of Rs 6,297 crore, slightly below brokerage estimates of Rs 7,136 crore.
Pidilite: The company's consolidated net profit increased to 3.01 billion rupees ($36.07 million) in the quarter ending March 31, its traditionally weakest quarter, compared to 2.83 billion rupees a year earlier. Revenue also saw growth, rising by 7.9 per cent to 29.02 billion rupees, marking the sixth consecutive quarter of single-digit percentage growth.
United Breweries: United Breweries announced a more than five-fold increase in net profit to Rs 80.15 crore for the January-March period of 2023-24 compared to the same period last year. The beverages maker had reported a net profit of Rs 13.05 crore for the April-March quarter of 2022-23, as per an exchange filing. Additionally, revenue from operations rose by 17 per cent to Rs 4,788.68 crore in the last quarter of FY24, up from Rs 4,081.01 crore in the year-ago quart
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JSW Energy: Private power producer JSW Energy on Tuesday reported a 29 per cent rise in profit after tax (PAT) for the quarter ended March 31, 2024. For the quarter under review, it reported a consolidated PAT of Rs 351.34 crore up from Rs 272.05 crore a year ago. Revenue from operations, the company said, was at Rs 2,755.87 crore, up three per cent from a year ago.
Voltas: AC manufacturer Voltas Ltd. reported a 19 per cent fall in consolidated net profit (attributable to owners) to Rs 116 crore for the quarter ended March 31, 2024. This compares to a consolidated net profit of Rs 144 crore in the year-ago period. The Tata group company's consolidated revenue from operations surged by 42 per cent to Rs 4,203 crore in Q4FY24, up from Rs 2,957 crore in Q4FY23.
Hindustan Zinc: Hindustan Zinc Ltd (HZL), a Vedanta group firm, announced on Tuesday that its board has approved an interim dividend of Rs 10 per share, totaling Rs 4,225.32 crore for the current financial year. The record date for the dividend payment has been set for May 15.