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Stocks to watch on Tuesday, May 28, 2024: Tuesday's trading session is poised for a potentially upbeat start, as suggested by GIFT Nifty, with both the Sensex and Nifty likely to open higher. GIFT Nifty futures were trading 37 points higher at 23,018 compared to Nifty futures.
On Monday, both the Sensex and Nifty reached unprecedented levels, marking new record highs. The S&P BSE Sensex breached the remarkable 76,000-mark for the first time, reaching 76,009.68 levels, while the Nifty50 surged to 23,110.80 levels, further underlining the bullish sentiment in the market.
Meanwhile, here are some stocks to watch on Tuesday:
NMDC: It reported a significant downturn in net profit, which decreased by 37.8 per cent year on year (YoY) to Rs 1,412.7 crore in Q4FY24 compared to Rs 2,271.5 crore in the previous year. However, there was a positive growth trajectory in revenue, which rose by 10.9 per cent to Rs 6,489.3 crore in Q4FY24 from Rs 5,851.4 crore year-on-year. Despite this revenue increase, earnings before interest, tax, depreciation, and amortisation (Ebitda) experienced a slight dip of 2.8 per cent to Rs 2,101.4 crore from Rs 2,162.4 crore. This resulted in a contraction of margin to 32.4 per cent from 37 per cent year-on-year.
Dish TV: The company's earnings showcased a challenging scenario as the company reported a net loss of Rs 1,989.7 crore in Q4FY24 compared to a loss of Rs 1,720.6 crore in the previous year. Revenue declined by 19.4 per cent to Rs 407 crore in Q4FY24 from Rs 504.8 crore year-on-year. However, there was a remarkable improvement in Ebitda, which surged to Rs 165.3 crore from Rs 15 crore in the previous year, leading to a margin increase to 40.6 per cent from 3 per cent year-on-year.
Jubilant Industries: It saw a 17 per cent increase in net profit, amounting to Rs 22 crore in Q4FY24 from Rs 18.8 crore year-on-year. Despite a 12.6 per cent decline in revenue to Rs 300.3 crore in Q4FY24 from Rs 343.4 crore in the previous year, the company saw an 11.5 per cent growth in Ebitda, reaching Rs 22.3 crore from Rs 20 crore year-on-year. Margin also improved to 7.4 per cent from 5.8 per cent year-on-year, reflecting a favorable performance amidst revenue challenges.
SpiceJet: The battle between SpiceJet and Kalanithi Maran took a fresh turn on Monday as KAL Airways and Maran said they will seek over Rs 1,323 crore in damages from SpiceJet and its chief Ajay Singh. This will be in addition to challenging the recent Delhi High Court order, which was in the airline's favour in a protracted share transfer dispute.
Adani Energy: The company’s board has greenlit a fundraising, aiming to secure funds totaling up to Rs 12,500 crore through a Qualified Institutional Placement (QIP) or another permissible mode.
