 "Stocks to Watch, April 23: RIL, Paytm, Adani Ent, Patel Engg, Inox Wind")
Stocks to Watch on Tuesday, April 23: The Indian stock market's focus may shift to stock-specific action on Tuesday amid lack of major global triggers.
At 7:25 AM, Gift Nifty futures were suggesting a flat start for the bourses as the index was up barely 12 points at 22,371 level.
Globally, all but the Shanghai Composite were trading in the positive zone. The Hang Seng index gained 0.8 per cent, followed by 0.5 per cent rise in ASX200. Nikkei, and Kospi held marginal gains of 0.15 per cent each.
Overnight, the S&P 500 and Nasdaq Composite gained 0.87 per cent and 1.11 per cent, respectively, while the Dow Jones Industrial Average climbed 0.67 per cent.
Here's a list of stocks to watch out for today:
Q4FY24 earnings on April 23: Tata Consumer Products, ICICI Prudential Life Insurance Company, Tata Elxsi, Mahindra & Mahindra Finance, MCX, Huhtamaki India, Cyient DLM, and 360 One WAM are scheduled to announce their March quarter results today.
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Reliance Industries: Missing analysts' estimate, Mukesh Ambani-promoted Reliance Industries reported a 1.8 per cent year-on-year (Y-o-Y) decline in its consolidated net profit for Q4FY24 because of higher tax expenses. At Rs 18,951 crore, the net profit, however, was nearly 10 per cent higher sequentially.
The energy-to-entertainment conglomerate’s revenue in Q4 increased by 11.1 per cent from a year ago to Rs 2.37 trillion, which was up 5.1 per cent quarter-on-quarter.
Other result reactions: Aarti Surfactants, Aditya Birla Money, Tejas Networks, Hatsun Agro Product, Mahindra Logistics, Tanfac Industries, Rallis India, and Tamilnad Mercantile Bank.
Adani Enterprises: According to a Reuters' report, market regulator Sebi has discovered that twelve offshore funds, which had invested in Adani group companies, had violated disclosure regulations and exceeded investment limits.
According to the report, eight of these offshore funds have submitted a written request to the regulator, seeking to resolve the charges by paying a penalty without admitting guilt.
Paytm: The fintech giant, on Monday, launched two Made-in-India soundboxes for UPI and credit card on UPI payments.
HDFC Bank: Japan's Mitsubishi UFJ Financial Group (MUFG) is considering sweetening its $1.7 billion offer for a minority stake in HDFC Bank's non-banking unit, a Bloomberg report said on Monday.
Both the sides are looking to reach an agreement for a 20 per cent stake in HDB Financial Services in about a month.
Wipro: The company's step-down unit Synchrony Global has been voluntarily dissolved.
Hero MotoCorp: CTO Arun Jaura resigned from his position effective April 30.
CFO resignations: The respective chief financial officers of Nibe, Arvind SmartSpaces, and SRM Contractors have resigned effective April 22.
Patel Engineering: Patel Engineering launched its qualified institutional placement (QIP) to raise up to Rs 500 crore. The floor price has been set at Rs 59.50 per share.
PSP Projects: The company opened its QIP issue on April 22. The floor price has been fixed at Rs. 682.59 per share.
Inox Wind: Inox Wind has secured an order to supply 210 MW of its wind turbines for a project in South India. The order was placed Indian independent power producer Hero Future Energies (HFE).
KP Energy: KP Energy has received an order for development of 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat. The project was awarded by Bhathwari Technologies.
Indian Overseas Bank: The company to raise up to Rs 1,000 crore via debt and Rs 5,000 crore via equity