 "Stocks to Watch, May 23: Grasim, GMM Pfaudler, Petronet LNG, Star Cement")
Stocks to watch on May 23: Indian stock markets may kickoff on a lower note, on Thursday, influenced by a lacklustre performance in both US and Asian markets.
Across Asia, market movements were mixed; Hong Kong's Hang Seng and Korea's Kospi saw declines of 1.28 per cent and 0.40 per cent respectively, while Japan's Nikkei traded 0.66 per cent higher, at 7:26 AM.
In the US, investors are awaiting crucial manufacturing data alongside jobless claims.
Meanwhile, European markets concluded on a negative trajectory, with Germany's DAX slipping 0.22 per cent and the UK's FTSE declining 0.55 per cent.
On the domestic front, investor attention is focused on forthcoming manufacturing data and the Q4 results of major players such as ITC, IndiGo, and Fortis Healthcare.
Given these developments, here are some stocks to track on for May 23
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Grasim Industries: The company’s Q4 profit zoomed 15.5 per cent to Rs 2,722 crore in Q4FY24 against Rs 2,355.7 crore in the same quarter a year ago. Revenue, meanwhile, soared nearly 13 per cent to Rs 37,727 crore
GMM Pfaudler: Its consolidated Q4FY24 profit dropped 14 per cent to to Rs 28.7 crore while revenue declined 14.5 per cent to Rs 740.7 crore.
Petronet LNG: Petronet LNG’s net profit surged 24.1 per cent to Rs 734.1 crore from Rs 591.2 crore year-on-year (Y-o-Y). However, revenue saw a slight decline, down 0.6 per cent to Rs 13,793.2 crore compared to Rs 13,873.9 crore in the same period last year.
Star Cement: Star Cement profit dropped 10.3 per cent to Rs 87.6 crore from Rs 96.1 crore year-on-year (Y-o-Y), while revenue rose 9.2 per cent to Rs 913.5 crore compared to Rs 829.1 crore in the same period last year.
HEG: Its net profit plummeted 67 per cent to Rs 32.9 crore from Rs 99.7 crore year-on-year (Y-o-Y). Revenue decreased 11.3 per cent to Rs 546.9 crore compared to Rs 616.9 crore in the same period last year.
PG Electroplast: the company’s net profit surged 73.1 per cent to Rs 69.6 crore from Rs 40.2 crore year-on-year (YoY). Revenue rose 30 per cent to Rs 1,076.6 crore compared to Rs 828.2 crore in the same period last year.
Keystone Realtors: Reports indicate that KeystoneRealtors is set to raise up to Rs 1,000 crore through a Qualified Institutional Placement (QIP),with an indicative price of Rs 660 per share.