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Stocks to watch on May 17: Benchmark indices Sensex, Nifty50 could open with slight gains on Friday, as indicated by GIFT Nifty futures.
At 6:51 AM, GIFT Nifty futures showed a rise of 26 points, trading at 22,478 levels, signaling a subdued start for the stock exchanges.
Equities on Wall Street experienced a downturn amid a mixed bag of economic data. The weekly jobless claims decreased by 10,000 to 222,000, but continuing claims saw an increase of 13,000 to 1.794 million. Additionally, single-family housing starts dipped by 0.4 per cent in April, while import prices surged 0.9 per cent. March data was also revised higher, but manufacturing production witnessed a 0.3 per cent decline.
Back home, foreign Institutional Investors (FIIs) reduced their selling activities slightly. On May 16, FIIs recorded a net selling of Rs 776.49 crore in equities. Conversely, Domestic Institutional Investors (DIIs) made net purchases of Rs 2,127.81 crore.
Meanwhile, here are the key stocks to keep an eye on for May 17
Reliance Industries (RIL): Reliance Industries’ arm, Reliance Retail, has inked a pact with ASOS, a UK-based online fashion retailer, to boost its presence in India's retail market. This exclusive agreement across online and offline channels highlights Reliance's commitment to offering diverse retail experiences to Indian consumers.
Adani Ports: The company was excluded from Norway's Government Pension Fund due to concerns over human rights violations.
Vodafone Idea (Vi): Vodafone Idea's Q4 results show a widened loss, albeit with a marginal increase in revenue. Loss widened to Rs 7,674.6 crore, from a loss of Rs 6,986 crore in previous quarter of the same fiscal year (Q3FY24). Revenue surged marginally to Rs 10,606.8 crore. Its earnings before interest, taxes, depreciation, and amortisation (Ebitda), meanwhile, fell 0.3 per cent to Rs 4,336 crore while margin rose 10 basis points to 40.9 per cent.
Biocon: The pharmaceutical company’s consolidated net profit fell 56 per cent to Rs 135.5 crore for the March quarter of FY24 (Q4FY24), from Rs 313.2 crore in the same quarter a year ago (Q4FY23). Its revenue surged 3 per cent to Rs 3,917 crore, as opposed to Rs 3,774 crore in the same period last year. It Ebitda fell 8 percent on a year-on-year basis (Y-o-Y) to Rs 916 crore. Meanwhile, margin stood at 23.4 per cent in Q4FY24, from 26.4 per cent in Q4FY23.
CONCOR: The state-owned company’s profit climbed 13.5 per cent on a Y-o-Y basis toRs 317 crore, from Rs 279 crore in Q4FY23. The company’s revenue soared 6.5 per cent to Rs 2,325 crore during the same period. Ebitda rose 11.4 per cent to Rs 498 crore. Consequently, margin expanded 90 basis points to 21.4 per cent.
Crompton Greaves: The company’s net profit jumped 5.5 per cent to Rs 138.4 crore compared to Rs 131 crore year-on-year. Revenue showed a positive growth trajectory, rising 9.5 per cent to Rs 1,961 crore from Rs 1,791 crore in the previous year. However, Ebitda witnessed slight decline, down 4 per cent to Rs 203.6 crore compared to Rs 211.8 crore year-on-year, resulting in a margin of 10.4 per cent versus 11.8 per cent in the corresponding period last year.
PBFintech: The company’s promoters will sell up to 1.86 per cent equity via block deals. The funds will be used for tax payment and future ESOP exercises, it said.
JK Paper: The paper manufacturer’s profit dipped 1.7 per cent to Rs 275.6 crore compared to Rs 280 crore in the previous year. Revenue remained stagnant at Rs 1,719 crore year-on-year. However, Ebitda witnessed a significant decline, plummeting by 26 per cent to Rs 358 crore from Rs 483 crore in the corresponding period last year, resulting in a margin of 20.8 per cent compared to 28.1 per cent year-on-year.
Triveni Turbine: The company’s profit rose 36.2 per cent to Rs 75.6 crore, as compared to Rs 55.5 crore year-on-year. Revenue grew 24 per cent to Rs 458.1 crore from Rs 369.8 crore in the previous year. Moreover, Ebitda soared 35.3 per cent to Rs 89.8 crore compared to Rs 66.4 crore year-on-year, resulting in an improved margin of 19.6 per cent as opposed to 18 per cent in the corresponding period last year.
