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Stocks to watch on May 22: Indian benchmark indices, Sensex and Nifty50, may start the day with a subdued tone, influenced by mixed global cues.
At 7:09 AM, GIFT Nifty futures indicated a modest uptick of 25 points, trading at 22,626 against Nifty futures.
On Tuesday, US equities closed higher, with both the S&P 500 and Nasdaq achieving new record highs. Nasdaq edged up by 0.22 per cent, while the S&P 500 climbed 0.25 per cent. Dow Jones also posted gains, rising 0.17 per cent.
In the domestic market scenario, foreign institutional investors (FIIs) offloaded shares worth Rs 1,874.54 crore on May 21. Conversely, domestic institutional investors (DIIs) bought shares worth Rs 3,548.97 crore.
Meanwhile, here are few stocks to keep an eye on May 22
RIL: Oil-to-telecom conglomerate Reliance Industries (RIL) on Tuesday said Nel Hydrogen Electrolyser AS, a fully owned subsidiary of Nel ASA, has entered into a technology licensing agreement with it for electrolyser manufacturing in India.
Sun Pharma: Pharmaceutical giant will release its Q4FY24 today, May 22. It is set to see a strong financial earnings on a year-on-year (Y-o-Y) basis for Q4FY24, showing a 8-14 per cent Y-o-Y jump in its topline, registering revenues in the range of Rs 11,858 crore and Rs 12,472 crore, according to brokerage estimates. The company recorded a revenue of Rs 10,930 crore in the Q4FY23.
HDFC Bank: Private sector lender HDFC Bank on Tuesday sold its entire 3.20 per cent stake in Protean eGov Technologies Rs 150 crore via open market transaction.
BHEL: Bharat Heavy Electricals Limited (BHEL) net profit plummeted 25.6 per cent to Rs 489.6 crore as opposed to Rs 658 crore in the previous year. Meanwhile, revenue saw a slight uptick of 0.4 per cent to Rs 8,260.3 crore compared to Rs 8,227 crore in the corresponding quarter of the previous fiscal year.
TVS Motor: The two-wheeler manufacturer unveiled the TVS iQube electric scooter in Sri Lanka.
United Spirits: Company has received a notice to pay water charge arrears of Rs 345.45 crore from the Water Resources Department, Maharashtra.
JK Tyre: The tyre maker profit rose 56.2 per cent to Rs 169.3 crore from Rs 108.4 crore in the previous year, alongside a 1.8 per cent rise in revenue to Rs 3,698.5 crore from Rs 3,632.5 crore year-on-year.
Lupin: Company’s subsidiary has reached a settlement agreement with Health Care Service regarding a case involving the diabetes drug Glumetza, agreeing to pay $9 million to Health Care Service as part of the settlement agreement.
Metropolis Healthcare: Metropolis Healthcare's net profit rose 9.3 per cent to Rs 36.4 crore compared to Rs 33.3 crore in the previous year. Revenue surged 17.2 per cent to Rs 331 crore from Rs 282.5 crore year-on-year.
PI Industries: Its net profit zoomed 31.7 per cent to Rs 369.5 crore from Rs 280.6 crore year-on-year, while revenue witnessed an increase of 11.2 per cent to Rs 1,741 crore compared to Rs 1,565.6 crore in the previous year.
PNC Infratech: Company declared lowest bidder for two engineering, Procurement, and construction (EPC) road projects of Rs 4,994 crore of Maharashtra State Road Development Corporation.
