 "Stocks to watch, May 7: Wipro, Bajaj Finserv, Zee Media, Muthoot Microfin")
Stocks to Watch on May 7, 2024: Indian bourses are expected to open with slight gains on Tuesday, following the positive momentum from global peers. The GIFT Nifty futures were up 36 points compared to Nifty 50 futures, indicating a higher start around 22,585 levels.
In Asia-Pacific, stock markets continued their upward trend, buoyed by expectations of a potential interest rate cut by the Federal Reserve. Japan's Nikkei 225 and Topix index were marginally down, while South Korea’s Kospi traded flat, slightly lower by 0.08 per cent.
Meanwhile, back home here are some stocks to watch on Tuesday:
Meanwhile, back home here are some stocks to watch on Tuesday:
Muthoot Microfinance: Muthoot Microfin's net profit surged to Rs 120 crore for the quarter ending March 31, marking a 27 per cent year-on-year increase. This growth was supported by a substantial 47 per cent rise in net interest income, reaching Rs 400 crore. The company's gross loan portfolio expanded by 32.4 per cent year-on-year to Rs 12,194 crore, while it achieved its highest-ever disbursement of Rs 10,661.59 crore.
Wipro: Wipro partnered with Microsoft to introduce a suite of Generative AI-powered virtual assistants for financial services.
Orient Electric: The firm has initiated commercial production at its new greenfield manufacturing plant in Hyderabad, Telangana.
Bajaj Finserv: The company reported that Bajaj Alliance GIC underwrote a Gross Direct Premium of Rs 2,389 crore for April, while Bajaj Allianz Life Insurance registered a new business premium of Rs 689 crore.
Zee Media: The company announced the departure of Abhay Ojha as CEO.
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Arvind SmartSpaces: Realty firm disclosed an 85.7 per cent year-on-year (YoY) increase in net profit, reaching Rs 19.5 crore for the fourth quarter ending March 31, 2024. In the corresponding quarter, the company reported a net profit of Rs 10.5 crore, as stated in a regulatory filing. Additionally, the company's revenue from operations rose by 26.6 per cent to Rs 117.4 crore, compared to Rs 92.7 crore in the corresponding period of the preceding fiscal year.
Gujarat Fluorochemicals: The chemical company, disclosed a consolidated net profit of Rs 101 crore for the March FY24 quarter, marking a significant decline of 70 percent compared to the year-ago period. Revenue from operations for the quarter amounted to Rs 1,133 crore, reflecting a decrease of 23 percent compared to the same period in the previous fiscal year.
Route Mobile: Route Mobile, the cloud communication platform service provider, recorded a net profit of Rs 95.2 crore for the quarter ending March FY24, marking a decline of 8.5 percent compared to the year-ago period due to lower operating numbers.