Stocks to watch on May 10: Mahanagar Gas, Brigade Ent, Paytm, Adani, LIC

Stocks to watch on May 10, 2024: Paytm has denied media reports about its lending partners invoking loan guarantees due to repayment defaults

Stocks to watch on Friday, May 10, 2024: Benchmark indices Sensex and Nifty50 could open higher on Friday, on the back of Wall Street surge. 

At 7:00 AM, GIFT Nifty futures were trading 78 points higher at 22,154.50 compared to Nifty50 futures.

In the US stock markets, the Dow Jones rose by 0.85 per cent, extending its winning streak to seven days. Similarly, the S&P 500 gained 0.51 per cent, and the Nasdaq Composite edged up by 0.27 per cent. Investor sentiment has improved amid indications from the Federal Reserve indicating a probable delay in the next interest rate hike.

Meanwhile, domestically following are the scrips to track on Friday:

 

Mahanagar Gas: In Q4, the company experienced a 20.46 per cent decline in net profit, amounting to Rs 252.26 crore, while revenue increased by 2.76 per cent to reach Rs 1,612.61 crore. Ebitda was down 11.95 per cent YoY at Rs 395 crore versus Rs 449 crore.

Relaxo Footwears: Firm reported a consolidated net profit of Rs 61.4 crore for the March quarter, registering a decline of three percent from Rs 63.3 crore in the same quarter of the previous financial year. The total revenue of the company came at Rs 747.2 crore, falling 2.3 percent from Rs 764.9 crore in the year-ago quarter

One 97 Communications: Paytm has denied media reports about its lending partners invoking loan guarantees due to repayment defaults, stating that it acts only as a loan distributor without providing first-loss default guarantees.

Brigade Enterprises: The real estate company is set to develop a residential project in Bengaluru, with an estimated gross development value of Rs 660 crore.

Adani Enterprises: Its Mauritius-based subsidiary, Adani Global, has acquired a 49 per cent stake in UAE-based Sirius Digitech for $24,500.

Shyam Metallics: The firm reported a 34 per cent increase in stainless steel sales in April, with aluminium foil sales rising by 22 per cent and pellet sales declining by 62 per cent year-on-year.

Tata Steel: The Tata company has raised its stake in the arm of Indian Steel & Wire to 98.61 per cent.

Life Insurance Corp: The life insurer received a GST, interest, and penalty order worth Rs 127 crore, including Rs 114 crore in interest.

Solara Active: The firm plans to raise Rs 450 crore through a rights issue.