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Stocks to watch on May 23: Global cues hint at a possible lower start for Indian benchmark indices, Sensex and Nifty50, on Thursday.
At 6:53 AM, GIFT Nifty futures were trading down 13 points at 22,644.50 against Nifty futures.
On Wednesday, US markets closed in the red. The Dow Jones fell 0.51 per cent, the S&P 500 declined 0.27 per cent, and the Nasdaq ended 0.18 per cent lower, despite Nvidia's Q1 results surpassing street estimates, and the stock crossing $1,000-mark for the first time.
Nvidia reported adjusted earnings per share of $6.12 and revenue of $26.04 billion, with its data centre revenue surging 427 per cent from a year ago to $22.6 billion.
Additionally, Nvidia announced a 10-for-1 stock split scheduled for after the market close on June 7.
Back home, foreign institutional investors (FIIs) sold shares worth Rs 686.04 crore on May 22, while domestic institutional investors (DIIs) purchased shares worth Rs 961.91 crore.
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Meanwhile, here are few stocks to keep an eye on May 23
Jubilant FoodWorks: Jubilant Foodworks Ltd (JFL) on Wednesday reported a multi-fold increase in its consolidated net profit to Rs 208.2 crore for the fourth quarter ended March 2024, helped by exceptional item gains. The company, which operates fast-food chains - Domino's Pizza and Dunkin' Donuts, had posted a net profit of Rs 28.5 crore in the January-March quarter of the previous fiscal.
Nykaa: FSN E-Commerce Ventures (Nykaa) reported a consolidated net profit of Rs 90.7 crore in Q4FY24, steeply higher than Rs 22.7 crore posted in Q4FY23. Revenue from operations soared 28 per cent to Rs 1,667.98 crore in Q4 FY24 as opposed to Rs 1,307.7 crore in Q4FY23.
Oil India: India signs agreement with Numaligarh Refinery for transportation of additional petroleum products through Numaligarh-Siliguri Product Pipeline
Ramco Cements: Ramco Cements missed analysts' estimates for fourth-quarter profit on Wednesday, hurt by weak cement prices, especially in its core market in South India. Its standalone net profit after tax dropped over 20 per cent annually to Rs 121 crore.
Torrent Power: The company reported its second straight fall in quarterly profit on Wednesday, due to higher fuel prices. Its consolidated net profit dropped 4.2 per cent to Rs 430 crore in Q4FY24, from Rs 449 crore a year ago.
Metro Brands: The company’s net profit more than doubled to Rs 155.2 crore, from Rs 68.5 crore in the same quarter a year ago (YoY). Its revenue rose 7.1 per cent to Rs 583 crore, from Rs 544.1 crore in the same quarter a year ago.
Gland Pharma: The pharmaceutical company’s net profit zoomed to Rs 192.4 crore in Q4FY24, from Rs 78.7 crore in the same quarter a year ago (Q4FY23). The company’s revenue soared 95.8 per cent to Rs 1,537.5 crore. The Board also recommended a final dividend of Rs 20 per share.
