 "Stocks to Watch, May 22: Apollo Tyres, Biocon, Gulf Oil, Ircon Int'l")
Stocks to watch on May 22: Indian stock markets may open with muted gains on Wednesday, taking cues from a mixed performance in US and Asian markets.
Asian markets showed a varied picture, with Hong Kong's Hang Seng and Korea's Kospi posting gains of 0.18 per cent and 0.16 per cent respectively, while Japan's Nikkei traded 0.60 per cent lower, at 7:40 AM.
On the other hand, European markets closed on a negative note, with Germany's DAX falling 0.22 per cent and the UK's FTSE dropping 0.09 per cent.
In the domestic sphere, investors will keenly observe the Q4 earnings announcements from major players such as Sun Pharmaceuticals, Grasim, Nykaa, and Paytm.
Given these developments, here are some stocks to track on for May 22
Apollo Tyres: The company will see a block deal of 3.5 per cent equity. Iris Investment Ptd Ltd - a subsidiary of the global PE firm Warburg Pincus, to offload its entire stake of 3.54 per cent.
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Ircon International: the company’s profit decline 3.8 per cent year-on-year (Y-o-Y) to Rs 246.8 crore for Q4FY24. Its revenue fell 1 per cent to Rs 3,742.7 crore.
GSFC: Gujarat State Fertilizers & Chemicals (GSFC) profit plunged 89 per cent drop to Rs 24.43 crore for Q4FY24. The total income fell 16.3 per cent Y-o-Y to Rs 2,017.46 crore in the quarter.
Indoco Remedies: The company secured final approval from the United States Food and Drug Administration (US FDA) for an abbreviated new drug application for pregabalin capsules.
Biocon: Company’s arm, Biocon Biologics, announced that the US FDA has approved the company's first-to-file application for Yesafili.
HG Infra Engineering: The company emerged as the lowest bidder for two MSRDC projects worth Rs 4,142 crore.
Gulf Oil Lubricants: The oil major’s profit rose 38.7 per cent to Rs 86.2 crore while its revenue soared 9.8 per cent to Rs 869.6 crore
Hitachi Energy: The company’s net profit zoomed to Rs 113.7 crore as opposed to Rs 50.8 crore year-on-year. Additionally, revenue surged by 27.1 per cent to Rs 1,695.3 crore from Rs 1,334 crore in the previous year.
Tilaknagar Industries: The liquor manufacturer's profit plunged 46.8 per cent to Rs 31.5 crore compared to Rs 59.1 crore year-on-year, revenue witnessed a modest increase of 7.4 per cent to Rs 770.6 crore from Rs 717.2 crore in the previous year.
Sheela Foam: The company profit rose 49.5 per cent increase in net profit to Rs 64.6 crore from Rs 43.2 crore year-on-year. Its revenue surged 16 per cent to Rs 845.2 crore compared to Rs 729 crore in the previous year.