 "Stocks to watch: Adani Transmission, ONGC, IRCTC, IPCA Labs, Torrent Power")
Stocks to watch on May 30, 2023: Amidst mixed global cues, the SGX Nifty on Tuesday, signaled a flat start as it quoted around 18,703 levels, as of 7:25 am.
Globally, the US markets edged higher overnight after a deadlock in debt ceiling talks ended with a tentative deal. Key indices Dow Jones, NASDAQ Composite, and the S&P 500 indices gained up to 2 per cent.
The US congress is now set to vote on the legislation as early as Wednesday.
Asia-Pacific markets, on the other hand, were mixed this morning as Nikkei 225 rose 0.3 per cent, while Topix slipped 0.1 per cent, and the S&P 200 traded flat.
Meanwhile, back home, here are top stocks to watch in Tuesday's trade:
ONGC: Chairman Arun Kumar Singh said that the oil and gas producer will invest up to Rs 1 trillion by 2030 on energy transition goals as part of its target to go carbon neutral by 2038. The company also plans to raise electricity generation from renewable sources to 10 gigawatt (Gw) by the end of the decade. READ MORE
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Adani Transmission: The company reported 85 per cent increase in its consolidated net profit at Rs 440 crore year-on-year for the quarter ending March, 2023 (Q4FY23). Consolidated revenue from operations during Q4FY23, meanwhile, increased by17 per cent to Rs 3,031 crore. READ MORE
IRCTC: The company registered 30.4 per cent YoY growth in net profit to Rs 278.8 crore in Q4FY23 from Rs 214 crore, in the year-ago period. Operating revenue, too, increased by 39.7 per cent YoY to Rs 965 crore in the March quarter. READ MORE
NBCC (India): The company clocked a 205 per cent YoY rise in consolidated net profit to Rs 108 crore in Q4FY23, as against Rs 35.39 crore, in the year-ago period. That apart, the board of directors also recommended a final dividend of Rs 0.5 per share on the face value of paid-up equity shares.
MOIL: The manganese iron ore company reported a record production of 402,000 tonnes of manganese ore in the fourth quarter of previous financial year (FY23), up 7 per cent from the year-ago period.
HeidelbergCement India: The company reported a 62.64 per cent decline in its net profit to Rs 34.97 crore in Q4FY23, due to rising input prices, and lower sales volume. Total revenue from operations, further, slipped 2.9 per cent to Rs 602.04 crore in Q4FY23.
Torrent Power: Higher revenues helped the company post consolidated net profit of Rs 483.93 crore in Q4FY23, as against consolidated net loss of Rs 487.37 crore in the year-ago period. Total income, meanwhile, rose to Rs 6,133.70 crore in Q4FY23.
WardWizard Innovations & Mobility: The electric two-wheeler maker forged a strategic partnership with start-up incubator iCreate to mentor and fund promising EV startups in the country.
IPCA Laboratories: The company witnessed 41.3 per cent YoY fall in consolidated net profit to Rs 76.52 crore in Q4FY23. Consolidated revenue from operation, however, rose by 17.3 per cent to Rs 1,512 crore for the March quarter.
PG Electroplast: The company would set up a joint venture (JV) which will initially undertake ODM manufacturing of Google-certified LED televisions. The JV will have an option later to expand the partnership to include products like refrigerators, IT hardware, wearables, and hearables.