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Stocks to Watch on Tuesday, May 7: Indian equities are expected to open with modest gains on Tuesday, following the positive momentum from Wall Street. At 7:25 AM, 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.
Conversely, Wall Street's indices closed higher, reflecting bullish sentiment. Nasdaq surged 1.19 per cent, S&P 500 jumped 1.10 per cent, and the Dow Jones rose nearly 0.50 per cent.
Meanwhile, back home following are the stocks to track:
IndiGo: On Monday, IndiGo finalised a firm order for 30 wide body Airbus A350 aircraft. The airline had previously announced on April 25, 2024, that it had "agreed to" order 30 planes and retained an option for 70 additional aircraft of this type.
Lupin: Lupin Limited posted a 52 per cent year-on-year (Y-o-Y) surge in its consolidated net profit, reaching Rs 359.43 crore for Q4FY24 compared to Rs 235.96 crore reported in Q4FY23. Additionally, the company's revenue from operations experienced a notable uptick, rising by 12 per cent to Rs 4,960.8 crore from Rs 4,430.1 crore in the corresponding quarter of the previous year.
Gujarat Gas: The company reported an 11 percent increase in net profit to Rs 409.54 crore for the quarter ended March 31, compared to Rs 369.22 crore in the year-ago period, as per an exchange filing issued on May 6. Sequentially, the profit surged by 85.9 percent from Rs 220.34 crore in the December quarter. The company's revenue from operations also rose by 5.4 percent to Rs 4,293.86 crore in the March quarter from Rs 4,073.82 crore.
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DCM Shriram: The company reported its Q4FY24 earnings with its net profit dipping 36.9 per cent at Rs 117.8 crore versus Rs 186.7 crore (YoY). Revenue is down 11.8 per cent at Rs 2,399.3 cr as against Rs 2,720 crore (YoY). EBITDA down 22.7 per cent at Rs 313.1 cr compared to Rs 405.3 crore (YoY). Margins also dipped and came in at 13.1 per cent versus 14.9 per cent (YoY).
Godrej Consumer Products: Godrej Consumer Products (GCPL) disclosed a consolidated net loss of Rs 1,893 crore for the March quarter, contrasting with a net profit of Rs 452 crore in the corresponding period. The company's total revenue stood at Rs 3,385.61 crore, marking a 6 percent increase from Rs 3,200.16 crore a year ago.
The board recommended an interim dividend of Rs. 10 per share for the financial year 2023-24.
