 "Swan Energy, Suven Pharma, Jio Fin among eight stocks to watch on May 31")
Stocks to watch on Friday, May 31, 2024: The sentinment for Indian bourses on Friday appears optimistic with GIFT Nifty futures signaling a higher opening, trading 63 points above Nifty futures at 22,690.50.
This morning, Asian markets largely showed positive momentum, with Japan's Nikkei 225 rising by 0.37 per cent, and the broad-based Topix index also experiencing a gain of 0.84 per cent.
South Korea's Kospi index witnessed a rise of 0.68 per cent, while the smaller-cap Kosdaq slipped by 0.23 per cent. Meanwhile, Australia's S&P/ASX 200 index edged up by 0.46 per cent.
Back home, investors today will keenly observe the release of Q4FY24 GDP data. Additionally, they are expected to adjust their portfolios in anticipation of the release of exit polls tomorrow.
Moreover, below are some hot stocks to keep on your radar:
Moreover, below are some hot stocks to keep on your radar:
Swan Energy: The company reported a decline in profit by 10.5 per cent year on year (Y-o-Y) to Rs 55.5 crore as against Rs 62.1 crore in Q4FY23. Its revenues saw a significant spike of 50 per cent to Rs 1,407 crore from Rs 937 crore in Q4FY23.
Suven Pharmaceuticals: It witnessed a plunge in profit by 58 per cent Y-o-Y to Rs 52.4 crore, accompanied by a decrease in revenue by 31.5 per cent to Rs 252.9 crore.
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Lux Industries: The firm experienced a substantial surge in profit by 84.6 per cent Y-o-Y to Rs 55.1 crore in Q4FY24, although revenue dipped slightly by 1.3 per cent to Rs 707.6 crore.
Gujarat Alkalies & Chemicals: The company faced a loss of Rs 46.2 crore in Q4FY24, in contrast to a profit of Rs 71 crore in Q4FY23, with revenue falling by 12 per cent to Rs 1,001.6 crore in the March quarter of FY24.
Praj Industries: The firm saw a marginal growth in profit by 4.3 per cent Y-o-Y to Rs 91.9 crore in Q4FY24, alongside a slight increase in revenue by 1.5 per cent Y-o-Y to Rs 1,018.6 crore.
Kewal Kiran Clothing: It witnessed a rise in profit by 20.2 per cent Y-o-Y to Rs 37.8 crore in Q4FY24, with revenue growing by 10 per cent Y-o-Y to Rs 219.4 crore. The company also announced an acquisition of 50 per cent stake in Kraus Casuals for Rs 166.51 crore
Jio Financial Services: The company announced the launch of its JioFinance app in Beta version. This app integrates digital banking, UPI transactions, bill settlements, insurance advisory, and offers a consolidated view of accounts and savings.
ICICI Prudential Life Insurance: The Insurance Regulatory and Development Authority of India (IRDAI) approved the appointment of Sandeep Batra as Chairman of the board of directors. The said appointment will be effective June 30, 2024.