 "Vedanta, Cochin Shipyard, JSPL among five stocks to track on May 14")
Stocks to watch on May 14: Indian equities may start on an upward trajectory on Tuesday, buoyed by a confluence of global and domestic indicators.
Across Asia, market sentiment is predominantly positive, with investors assessing inflation figures from both India and Japan.
At 7:59 AM, Japan's Nikkei edged 0.07 per cent higher, while Hong Kong's Hang Seng rose 0.18 per cent. Korea's Kospi, meanwhile, surged 0.09 per cent.
In the United States, the Dow Jones concluded with a slight 0.21 percent decrease, while the S&P 500 saw marginal declines. Conversely, the Nasdaq settled 0.29 per cent higher.
Domestically, India’s Consumer Price Index (CPI) inflation dipped to an 11-month low of 4.83 percent in April. This favourable economic indicator is expected to bolster investor confidence further.
Additionally, investor focus remains attuned to the forthcoming Wholesale Price Index (WPI) data and the market performance of various companies including Zomato, Sanofi and DLF following the disclosure of their Q4 results.
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Here are the stocks to watch
Vedanta: The board will consider and approve the first Interim dividend on equity shares, if any, for the FY25, on May 16. The record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is fixed as Saturday, May 25, 2024. The company will also approve consider and fundraising by issue of equity shares or any other securities convertible into equity shares or a combination of such securities by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, preferential issue.
JSPL: Jindal Steel & Power (JSPL)’s profit doubled from a year earlier as input costs declined. Consolidated profit after tax for the steelmaker increased to Rs 933 crore in Q4Fy24, from Rs 466 crore a year ago (Q4FY23). The company’s net revenue fell 1.4 per cent to Rs 13,521 crore on lower steel prices. Its input costs eased nearly 15 per cent to Rs 5,265 crore in the period.
Cochin Shipyard: The company secured an order ranging from Rs 500-1000 crore from a European client for Hybrid SOVs, strengthening its position in the international market.
Coromandel International: The company has upped its stake in drone company Dhaksha. It has invested Rs 150 crore to support research & expansion projects.
RVNL: Rail Vikas Nigam Limited (RVNL) has secured a letter of award (LoA) for an order worth Rs 239 crore from Southern Railway.